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Income Taxes | 9 Months Ended
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Nov. 02, 2019
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] |
Income Taxes | Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the third quarter of 2019, the Company’s effective tax rate was 9.1% compared to (3.9%) in the third quarter of 2018. The third quarter rates were lower than the Company's combined estimated federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generate no tax benefit for certain foreign subsidiaries. For year-to-date 2019, the Company’s effective tax rate was 0.4% compared to 29.0% year-to-date 2018. The 2019 year-to-date rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generate no tax benefit for certain foreign subsidiaries. The 2018 year-to-date rate was higher than the Company's estimated federal and state statutory rate primarily due to losses related to certain foreign subsidiaries. Income taxes paid were $27 million and $40 million for the third quarter of 2019 and 2018, respectively. Income taxes paid were $208 million and $306 million for year-to-date 2019 and 2018, respectively. Uncertain Tax Positions The Company had unrecognized tax benefits of $114 million as of February 2, 2019, of which $104 million, if recognized, would reduce the effective income tax rate. Through November 2, 2019, the Company had a net decrease to gross unrecognized tax benefits of $24 million, primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in an $18 million benefit to the Company’s Provision for Income Taxes year-to-date. Of the total unrecognized tax benefits as of November 2, 2019, it is reasonably possible that $66 million could change in the next 12 months due to audit settlements, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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