Income Taxes |
6 Months Ended |
|---|---|
Jul. 28, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Chewy is subject to taxation in the U.S. and various state, local, and foreign jurisdictions. The Company recorded an income tax benefit during the thirteen and twenty-six weeks ended July 28, 2024 of $252.6 million and $241.1 million, respectively. The Company had a current income tax provision during the thirteen and twenty-six weeks ended July 30, 2023 of $1.3 million and $2.3 million, respectively. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence. The realizability of the Company’s net deferred tax assets is dependent on its ability to generate sufficient future taxable income prior to the expiration of tax attributes to support the utilization of these assets. During the thirteen weeks ended July 28, 2024, based on all available evidence, the Company determined that it was appropriate to release the valuation allowance on the Company’s U.S. federal and other state deferred tax assets resulting in a $275.7 million tax benefit. As of July 28, 2024, the Company maintained a full valuation allowance against its foreign net deferred tax assets. In connection with the Transactions, Chewy assumed $1.9 billion in income taxes which were fully indemnified by affiliates of BC Partners. During the twenty-six weeks ended July 28, 2024, the Company paid $98.9 million and affiliates of BC Partners paid $7.3 million directly in federal and state income taxes relating to the preceding. The Company had an income tax payable of $2.7 million and $108.9 million as of July 28, 2024 and January 28, 2024, respectively.
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