XML 32 R14.htm IDEA: XBRL DOCUMENT v3.23.2
Income Taxes
 6 Months Ended
Jul. 29, 2023
Income Tax Disclosure [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 second quarter of 2023, the Company’s effective tax rate was 21.9% compared to 23.9% in the second quarter of 2022. The 2023 and 2022 second quarter rates were lower than the Company's combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the quarters.
For year-to-date 2023, the Company’s effective tax rate was 24.7% compared to 21.4% for year-to-date 2022. The 2023 and 2022 year-to-date rates were lower than the Company's combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the periods.
Income taxes paid were $161 million and $144 million for the second quarters of 2023 and 2022, respectively. Income taxes paid were $168 million and $152 million for year-to-date 2023 and 2022, respectively.