Income Taxes |
9 Months Ended |
|---|---|
Oct. 27, 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 provision and an income tax benefit during the thirteen and thirty-nine weeks ended October 27, 2024 of $25.6 million and $215.6 million, respectively. The Company recorded an income tax provision during the thirteen and thirty-nine weeks ended October 29, 2023 of $1.7 million and $4.0 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 thirty-nine weeks ended October 27, 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 of $275.7 million. As of October 27, 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 thirty-nine weeks ended October 27, 2024, the Company paid $95.0 million, net of refunds received, 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 $6.6 million and $108.9 million as of October 27, 2024 and January 28, 2024, respectively.
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