Income Taxes

3 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

	13 weeks ended
	April 30, 2022		May 1, 2021
Estimated annual effective tax rate before discrete items	20.6	%	18.6	%
Discrete items recognized	19.2	%	(2.5)	%
Effective tax rate recognized in statements of operations	39.8	%	16.1	%

During the 13 weeks ended April 30, 2022, the Company’s effective tax rate was higher 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 $25.0 million and the excess tax benefit for share-based compensation which vested during the year of $13.0 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 due to the favorable impact of foreign rate differences and benefits from global reinsurance arrangements.

As of April 30, 2022, 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 29, 2022.