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Income Taxes (Tables)
 12 Months Ended
Feb. 03, 2024
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
Income tax expense is summarized as follows (in thousands):
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Federal:   
Current$7,876 $8 $149,811 
Deferred2,270 10,577 9,859 
State:   
Current1,546 (1,963)10,433 
Deferred1,211 85 2,443 
Foreign:   
Current30,071 28,844 13,592 
Deferred(17,556)(1,049)(112,458)
Total$25,418 $36,502 $73,680 
Schedule of effective income tax rate reconciliation
Actual income tax expense differs from expected income tax expense obtained by applying the statutory federal income tax rate to earnings before income taxes as follows:
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Computed “expected” tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit0.7 %1.1 %1.6 %
Intra-entity intellectual property transfer tax rate difference1
3.1 %— %1.6 %
GILTI2.2 %2.4 %0.6 %
Unrecognized tax liabilities (benefits)0.7 %2.5 %(0.6 %)
Tax Reform - repatriation tax adjustment0.4 %0.4 %0.2 %
Tax settlements0.3 %— %— %
Subpart F Income0.2 %— %4.5 %
Valuation reserve2
0.2 %(4.0 %)0.7 %
Non-deductible participation loss— %— %1.8 %
Foreign derived intangible income3
— %— %(1.5 %)
Share-based compensation(0.2 %)(0.2 %)(0.4 %)
Prior year income tax adjustments(0.8 %)(1.2 %)0.4 %
Non-deductible permanent differences(1.1 %)1.6 %0.6 %
Non-U.S. tax expense versus U.S. federal statutory tax rate4
(2.7 %)(4.8 %)(2.4 %)
Basis step up(13.6 %)— %— %
Other, net0.4 %(0.4 %)0.9 %
Effective income tax rate10.8 %18.4 %29.0 %
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1During fiscal 2022, the Company completed an intra-entity transfer of intellectual property rights from a U.S. entity to a wholly-owned Swiss subsidiary, resulting in an income tax rate difference of $4.0 million as of January 29, 2022. As of February 3, 2024, the updated rate difference is $11.0 million.
2Amounts relate primarily to the release of the valuation reserve offset by valuation reserves on net operating losses, other deferred income tax assets arising during the respective period jurisdictions where there have been cumulative net operating losses, limiting the Company’s ability to consider other subjective evidence to continue to recognize the existing deferred income tax assets.
3During fiscal 2022, the Company recognized an additional foreign-derived intangible income tax benefits of $37.0 million related to the intra-entity transfer of intellectual property rights.
4The jurisdictional location of pre-tax income (loss) may represent a significant component of the Company’s effective income tax rate as earnings (loss) in foreign jurisdictions are taxed at rates different from the U.S. statutory income tax rate. These amounts exclude the impact of net changes in valuation allowances, audit and other adjustments related to the Company’s non-U.S. operations, as they are reported separately in the appropriate corresponding line items.
Schedule of total income tax expense allocation Total income tax expense is allocated as follows (in thousands):
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Operations$25,418 $36,502 $73,680 
Stockholders’ equity627 450 2,264 
Convertible debt(9,378)(6,207)— 
Total income tax expense$16,667 $30,745 $75,944 
Schedule of tax effects of components of other comprehensive income (loss)
The income tax effects of the components of OCL are allocated as follows (in thousands):
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Derivative financial instruments designated as cash flow hedges$37 $(945)$1,627 
Defined benefit plans590 1,395 637 
Total income tax expense$627 $450 $2,264 
Schedule of total earnings before income tax and noncontrolling interest
Total earnings before income tax expense and noncontrolling interests are comprised as follows (in thousands):
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Domestic operations$61,157 $45,317 $141,920 
Foreign operations174,978 152,729 111,809 
Earnings before income tax expense and noncontrolling interests$236,135 $198,046 $253,729 
Schedule of tax effects of temporary differences
The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows (in thousands):
Feb 3, 2024Jan 28, 2023
Deferred income tax assets:  
Operating lease liabilities$156,689 $156,234 
Intangible assets77,354 95,119 
Net operating losses43,849 45,384 
Goodwill amortization34,594 2,019 
Impairment basis difference12,703 — 
Convertible senior notes hedge transactions9,666 3,919 
Defined benefit plans9,620 10,186 
Deferred compensation7,838 7,177 
Inventory valuation3,828 4,025 
Deferred income3,614 5,076 
Sales return and other reserves1,691 1,615 
Accrued bonus1,581 1,046 
Excess of financial accounting over tax depreciation/amortization1,454 649 
Account receivable reserve1,386 1,454 
Lease incentives1,233 1,438 
Uniform capitalization840 919 
Other, net18,200 13,449 
Total deferred income tax assets386,140 349,709 
Deferred income tax liabilities:  
Operating right-of-use assets(151,871)(146,243)
Convertible senior notes debt discount(128)— 
Valuation allowances(55,231)(45,063)
Net deferred income tax assets$178,910 $158,403 
Schedule of reconciliation of unrecognized tax benefit
A reconciliation of the beginning and ending amount of gross unrecognized income tax benefit (excluding interest and penalties) is as follows (in thousands):
Year Ended
Feb 3, 2024Jan 28, 2023Jan 29, 2022
Beginning balance$56,074 $51,736 $34,246 
Additions:
Income tax positions related to the prior year47 3,954 280 
Income tax positions related to the current year324 454 21,616 
Reductions:
Income tax positions related to the prior year(4,046)(70)(2,405)
Income tax positions related to the current year(756)— (2,001)
Ending balance$51,643 $56,074 $51,736