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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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