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Income taxes
 6 Months Ended
Jul. 29, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
26 weeks ended
July 29, 2023July 30, 2022
Estimated annual effective tax rate before discrete items18.0 %20.1 %
Discrete items recognized
(4.6)%(66.4)%
Effective tax rate recognized in statements of operations
13.4 %(46.3)%
During the 26 weeks ended July 29, 2023, the Company’s effective tax rate was lower than the US federal income tax rate, primarily as a result of the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefits recognized in the 26 weeks ended July 29, 2023. The discrete tax benefits relate to the reclassification of remaining taxes on the pension settlement out of AOCI of $4.1 million and the excess tax benefit for share-based compensation which vested during the year of $7.7 million.

The Company’s effective tax rate for the same period during the prior year was lower than the US federal income tax rate primarily as a result of the discrete tax benefits related to litigation charges of $47.7 million, the reclassification of the pension settlement loss out of AOCI of $25.2 million and the excess tax benefit for share-based compensation which vested during the year $13.0 million.
As of July 29, 2023, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of January 28, 2023.