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Income taxes
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
39 weeks ended
November 2, 2024October 28, 2023
Estimated annual effective tax rate before discrete items16.6 %19.1 %
Discrete items recognized
(48.4)%(5.7)%
Effective tax rate recognized in statements of operations
(31.8)%13.4 %
During the 39 weeks ended November 2, 2024, the Company’s effective tax rate was different than the US federal income tax rate, primarily as a result of discrete tax items recognized in the 39 weeks ended November 2, 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. These discrete impacts were partially offset by the favorable impact of foreign rate differences and benefits from global reinsurance arrangements.
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 $9.4 million.
As of November 2, 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.