Note 17 - Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Notes Tables

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

($ in millions)	2023			2022		2021
Domestic	$	(381	)	$	440	$	1,244
International		(42	)		84		(4	)
Total pre-tax (loss) income	$	(423	)	$	524	$	1,240

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

($ in millions)	2023			2022			2021
Current:
Federal	$	8		$	64		$	192
State and local		2			27			66
International		33			68			16
Total current tax provision		43			159			274
Deferred:
Federal		(88	)		23			49
State and local		(24	)		4			15
International		(24	)		(6	)		10
Total deferred tax provision		(136	)		21			74
Total income tax provision	$	(93	)	$	180		$	348

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

	2023			2022			2021
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Increase in valuation allowance		(0.6	)		2.6			0.7
State and local income taxes, net of federal tax benefit		5.4			5.0			5.4
International income taxed at varying rates		(4.4	)		8.4			2.4
Foreign tax credits		1.4			(3.6	)		(1.4	)
Domestic/foreign tax settlements		1.0			(0.5	)		(0.3	)
Federal tax credits		0.5			(0.4	)		(0.1	)
Foreign deferred adjustment		(2.0	)		—			—
Other, net		(0.3	)		1.8			0.4
Effective income tax rate		22.0	%		34.3	%		28.1	%

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

	February 3,			January 28,
($ in millions)	2024			2023
Deferred tax assets:
Tax loss/credit carryforwards and capital loss	$	166		$	123
Employee benefits		32			42
Operating leases - liabilities		668			725
Other		62			61
Total deferred tax assets	$	928		$	951
Valuation allowance		(95	)		(93	)
Total deferred tax assets, net	$	833		$	858

	February 3,			January 28,
($ in millions)	2024			2023
Deferred tax liabilities:
Merchandise inventories	$	97		$	87
Operating leases - assets		611			667
Goodwill and other intangible assets		118			123
Net investment gains		—			115
Property and equipment		24			6
Other		9			7
Total deferred tax liabilities	$	859		$	1,005
Net deferred tax liability	$	(26	)	$	(147	)
Balance Sheet caption reported in:
Deferred taxes	$	114		$	90
Other liabilities		(140	)		(237	)
	$	(26	)	$	(147	)

Summary of Income Tax Contingencies [Table Text Block]

($ in millions)	2023			2022			2021
Unrecognized tax benefits at beginning of year	$	52		$	41		$	47
Foreign currency translation adjustments		—			(1	)		(2	)
Increases related to current year tax positions		5			9			3
Increases related to prior period tax positions		2			7			2
Decreases related to prior period tax positions		—			—			(3	)
Settlements		(5	)		—			(1	)
Lapse of statute of limitations		(4	)		(4	)		(5	)
Unrecognized tax benefits at end of year	$	50		$	52		$	41