Income Taxes

9 Months Ended

Oct. 29, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

	39 weeks ended
	October 29, 2022		October 30, 2021
Estimated annual effective tax rate before discrete items	19.7	%	22.1	%
Discrete items recognized	(37.5)	%	(15.5)	%
Effective tax rate recognized in statements of operations	(17.8)	%	6.6	%

During the 39 weeks ended October 29, 2022, the Company’s effective tax rate 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 of $14.7 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 due to the reversal of the valuation allowance recorded against certain state deferred tax assets.

As of October 29, 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.