INCOME TAXES |
6 Months Ended |
|---|---|
Jul. 31, 2022 | |
| Notes to Financial Statements [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective income tax rates for the thirteen weeks ended July 31, 2022 and August 1, 2021 were 26.4% and 28.1%, respectively. The effective income tax rate for the thirteen weeks ended July 31, 2022 reflected a $41.4 million income tax expense recorded on $156.7 million of pre-tax income. The effective income tax rate for the thirteen weeks ended August 1, 2021 reflected a $70.9 million income tax expense recorded on $252.7 million of pre-tax income. The effective income tax rates for the twenty-six weeks ended July 31, 2022 and August 1, 2021 were 28.0% and 33.1%, respectively. The effective income tax rate for the twenty-six weeks ended July 31, 2022 reflected a $96.8 million income tax expense recorded on $345.2 million of pre-tax income. The effective income tax rate for the twenty-six weeks ended August 1, 2021 reflected a $139.2 million income tax expense recorded on $420.7 million of pre-tax income. The effective income tax rates for the thirteen and twenty-six weeks ended July 31, 2022 and August 1, 2021 were higher than the United States statutory income tax rate primarily due to the tax on foreign earnings in excess of a deemed return on tangible assets of foreign corporations (known as “GILTI”) and the mix of foreign and domestic pre-tax results. The Company files income tax returns in more than 40 international jurisdictions each year. A substantial amount of the Company’s earnings are in international jurisdictions, particularly in the Netherlands and Hong Kong SAR, where the income tax rates, when coupled with special rates levied on income from certain of the Company’s jurisdictional activities, have historically been lower than the United States statutory income tax rate. In 2022, the Company no longer benefits from these special rates.
|