Income Taxes (Tables)

12 Months Ended

Feb. 01, 2014

Components of Income Before Income Taxes from Continuing Operations

The components of income before income taxes from continuing operations were:

	For the Years Ended
(In thousands)	February 1, 2014			February 2, 2013		January 28, 2012
U.S.	$	157,669		$	381,131	$	256,352
Foreign		(15,592	)		20,907		18,857
Total	$	142,077		$	402,038	$	275,209

Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities were as follows:

(In thousands)	February 1, 2014			February 2, 2013
Deferred tax assets:
Rent	$	27,458		$	27,208
Deferred compensation		22,654			38,770
Capital loss carryforward		16,207			15,986
Foreign tax credits		13,436			16,874
Inventories		11,234			8,575
Accruals not currently deductible		9,059			3,098
State tax credits		6,215			5,770
Net operating loss		4,226			985
Foreign and state income taxes		3,255			3,959
Loyalty reserve		3,196			2,253
Employee compensation and benefits		2,799			18,738
Other		968			3,901
Gross deferred tax assets		120,707			146,117
Valuation allowance		(20,601	)		(15,986	)
Total deferred tax assets	$	100,106		$	130,131
Deferred tax liabilities:
Property and equipment	$	(23,595	)	$	(35,130	)
Prepaid expenses		(4,544	)		(3,068	)
Other		(1,654	)		(2,421	)
Total deferred tax liabilities	$	(29,793	)	$	(40,619	)
Total deferred tax assets, net	$	70,313		$	89,512
Classification in the Consolidated Balance Sheet:
Current deferred tax assets	$	45,478		$	58,230
Noncurrent deferred tax assets		24,835			31,282
Total deferred tax assets	$	70,313		$	89,512

Components of Provision for Income Taxes from Continuing Operations

Significant components of the provision for income taxes from continuing operations were as follows:

	For the Years Ended
(In thousands)	February 1, 2014			February 2, 2013			January 28, 2012
Current:
Federal	$	29,794		$	143,612		$	76,389
Foreign taxes		(50	)		6,939			6,621
State		9,162			18,845			12,801
Total current		38,906			169,396			95,811
Deferred:
Federal	$	20,611		$	(26,063	)	$	7,077
Foreign taxes		695			(1,486	)		(1,120	)
State		(1,118	)		(3,907	)		(1,838	)
Total deferred		20,188			(31,456	)		4,119
Provision for income taxes	$	59,094		$	137,940		$	99,930

Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:

	For the Years Ended
(In thousands)	February 1, 2014			February 2, 2013			January 28, 2012
Unrecognized tax benefits, beginning of the year balance	$	17,250		$	31,578		$	31,108
Increases in tax positions of prior periods		440			—			932
Decreases in tax positions of prior periods		(4,930	)		(10,385	)		(2,106	)
Increases in current period tax positions		2,294			2,458			2,782
Settlements		—			(4,809	)		(1,073	)
Lapse of statute of limitations		(453	)		(1,592	)		(65	)
Unrecognized tax benefits, end of the year balance	$	14,601		$	17,250		$	31,578

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

A reconciliation between the statutory federal income tax rate and the effective income tax rate from continuing operations follows:

	For the Years Ended
	February 1, 2014			February 2, 2013			January 28, 2012
Federal income tax rate		35	%		35	%		35	%
State income taxes, net of federal income tax effect		4			3			3
Valuation allowance changes, net		4			(1	)		(1	)
Tax settlements		(2	)		(3	)		(1	)
Other		1			—			—
		42	%		34	%		36	%