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Income Taxes
 9 Months Ended
Nov. 02, 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 third quarter of 2024, the Company’s effective tax rate was 26.7% compared to 25.3% in the third quarter of 2023. The 2024 third quarter rate was higher than the Company’s combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits. The 2023 third quarter rate was consistent with the Company’s combined estimated federal and state statutory rates.
For year-to-date 2024, the Company’s effective tax rate was 17.2% compared to 24.9% for year-to-date 2023. The 2024 year-to-date rate was lower than the Company's combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the second quarter of 2024, which resulted in the release of a valuation allowance on a deferred tax asset. The 2023 year-to-date rate was consistent with the Company’s combined estimated federal and state statutory rates.
Income taxes paid were $81 million and $45 million for the third quarters of 2024 and 2023, respectively. Income taxes paid were $285 million and $213 million for year-to-date 2024 and 2023, respectively.