Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

For financial reporting purposes, components of income (loss) before income taxes are as follows:

	Fiscal Year
($ in millions)	2023		2022		2021
United States	$	463	$	(280)	$	217
Foreign	93		141		106
Income (loss) before income taxes	$	556	$	(139)	$	323

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The tax expense for income taxes consists of the following:

	Fiscal Year
($ in millions)	2023		2022		2021
Current:
Federal	$	63	$	(35)	$	46
State	12		6		38
Foreign	43		50		44
Total current	118		21		128
Deferred:
Federal	(40)		24		(50)
State	(6)		15		(23)
Foreign	(18)		3		12
Total deferred	(64)		42		(61)
Total tax expense	$	54	$	63	$	67

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The difference between the effective tax rate and the U.S. federal statutory tax rate is as follows:

	Fiscal Year
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.5		(13.7)		5.3
Tax impact of foreign operations	(0.7)		(28.1)		(2.5)
Impact of the CARES Act of 2020	—		—		(5.6)
Valuation allowances (1)	(11.0)		(3.6)		7.4
Impact of divestiture activity	(1.6)		(21.6)		(6.4)
Other	(0.5)		0.7		1.5
Effective tax rate	9.7	%	(45.3)	%	20.7	%

__________

(1)Beginning in fiscal 2022, we have made a change for all periods presented to separately disclose valuation allowances as its own line item. Previously, the impact of valuation allowances was grouped within various line items in fiscal 2021.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets (liabilities) consist of the following:

($ in millions)	February 3, 2024		January 28, 2023
Gross deferred tax assets:
Operating lease liabilities	$	1,021	$	1,126
Accrued payroll and related benefits	86		44
Accruals	176		180
Inventory capitalization and other adjustments	75		93
Deferred income	53		51
Federal, state, and foreign net operating losses	197		290
Other	22		95
Total gross deferred tax assets	1,630		1,879
Valuation allowances	(233)		(369)
Total deferred tax assets, net of valuation allowances	1,397		1,510
Deferred tax liabilities:
Depreciation and amortization	(154)		(246)
Operating lease assets	(802)		(881)
Other	(11)		(12)
Total deferred tax liabilities	(967)		(1,139)
Net deferred tax assets	$	430	$	371

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The activity related to our unrecognized tax benefits is as follows: 

	Fiscal Year
($ in millions)	2023		2022		2021
Balance at beginning of fiscal year	$	344	$	359	$	340
Increases related to current year tax positions	12		11		26
Prior year tax positions:
Increases	21		1		7
Decreases	(30)		(24)		(9)
Lapse of Statute of Limitations	(1)		—		(1)
Cash settlements	(3)		(2)		(2)
Foreign currency translation	—		(1)		(2)
Balance at end of fiscal year	$	343	$	344	$	359