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Income Taxes
 3 Months Ended
May 04, 2024
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 first quarter of 2024, the Company’s effective tax rate was 26.8% compared to 27.7% in the first quarter of 2023. The 2024 and 2023 first quarter rates are higher than the Company’s combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits.
Income taxes paid were $6 million and $7 million for the first quarters of 2024 and 2023, respectively.