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Income taxes | 6 Months Ended
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Aug. 03, 2024
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes
| 26 weeks ended
| August 3, 2024 |  | July 29, 2023
Estimated annual effective tax rate before discrete items | 17.1 | % |  | 18.0 | %
Discrete items recognized | (38.2) | % |  | (4.6) | %
Effective tax rate recognized in statements of operations | (21.1) | % |  | 13.4 | %
During the 26 weeks ended August 3, 2024, the Co mpany’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 items recognized in the 26 weeks ended August 3, 2024, including impairment charges of $166 million, of which $123 million relates to non-deductible goodwill, and the excess tax benefit for share-based compensation which vested during the year of $5.0 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 favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefits related to the reclassification of the remaining pension settlement loss 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. As of August 3, 2024, 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 February 3, 2024.

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