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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The following table provides the components of the Company’s provision for income taxes for 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
| (in millions)
Current: |  |  |  |  |
U.S. Federal | $ | 281 |  |  | $ | 214 |  |  | $ | 180 |
U.S. State | 54 |  |  | 49 |  |  | 48 |
Non-U.S. | 8 |  |  | 7 |  |  | 8 |
Total | 343 |  |  | 270 |  |  | 236 |
Deferred: |  |  |  |  |
U.S. Federal | (121) |  |  | (19) |  |  | 10 |
U.S. State | (6) |  |  | (2) |  |  | — |
Non-U.S. | 14 |  |  | (106) |  |  | 5 |
Total | (113) |  |  | (127) |  |  | 15 |
Provision for Income Taxes | $ | 230 |  |  | $ | 143 |  |  | $ | 251 |
Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate | The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Federal Income Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State Income Taxes, Net of Federal Income Tax Effect | 4.4 | % |  | 4.0 | % |  | 4.1 | %
Impact of Non-U.S. Operations | 0.9 | % |  | 0.2 | % |  | 0.1 | %
Change in Valuation Allowance | (4.2 | %) |  | (11.0 | %) |  | — | %
Share-based Compensation | — | % |  | 0.1 | % |  | (0.7 | %)
Uncertain Tax Positions | 0.3 | % |  | — | % |  | (0.7 | %)
Other Items, Net | — | % |  | (0.4 | %) |  | 0.2 | %
Effective Tax Rate | 22.4 | % |  | 13.9 | % |  | 24.0 | %
Effect of Temporary Differences that Cause Deferred Income Taxes | The following table provides the effect of temporary differences that cause deferred income taxes as of February 1, 2025 and February 3, 2024:
| February 1, 2025 |  | February 3, 2024
| Assets |  | Liabilities |  | Total |  | Assets |  | Liabilities |  | Total
| (in millions)
Loss Carryforwards | $ | 367 |  |  | $ | — |  |  | $ | 367 |  |  | $ | 390 |  |  | $ | — |  |  | $ | 390 |
Leases | 260 |  |  | (247) |  |  | 13 |  |  | 280 |  |  | (266) |  |  | 14 |
Capitalized Research and Development | 37 |  |  | — |  |  | 37 |  |  | 30 |  |  | — |  |  | 30 |
Share-based Compensation | 8 |  |  | — |  |  | 8 |  |  | 9 |  |  | — |  |  | 9 |
Property and Equipment | 7 |  |  | (122) |  |  | (115) |  |  | 5 |  |  | (146) |  |  | (141) |
Trade Names | — |  |  | (38) |  |  | (38) |  |  | — |  |  | (38) |  |  | (38) |
Other Assets | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (59) |  |  | (59) |
Other, Net | 55 |  |  | (10) |  |  | 45 |  |  | 56 |  |  | (11) |  |  | 45 |
Valuation Allowance | (210) |  |  | — |  |  | (210) |  |  | (253) |  |  | — |  |  | (253) |
Total Deferred Income Taxes | $ | 524 |  |  | $ | (418) |  |  | $ | 106 |  |  | $ | 517 |  |  | $ | (520) |  |  | $ | (3) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2024, 2023 and 2022, without interest and penalties:
| 2024 |  | 2023 |  | 2022
| (in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year | $ | 145 |  |  | $ | 149 |  |  | $ | 147 |
Increases to Unrecognized Tax Benefits for Prior Years | 1 |  |  | 1 |  |  | 14 |
Decreases to Unrecognized Tax Benefits for Prior Years | (3) |  |  | (7) |  |  | (12) |
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity | 12 |  |  | 5 |  |  | 6 |
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities | — |  |  | (1) |  |  | (2) |
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations | (6) |  |  | (2) |  |  | (4) |
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year | $ | 149 |  |  | $ | 145 |  |  | $ | 149 |

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