INCOME TAXES	3 Months Ended
Apr. 29, 2018
INCOME TAXES
INCOME TAXES	NOTE 6 — INCOME TAXES For the three months ended April 29, 2018, the Company’s combined federal, state, and foreign effective tax rate for continuing operations was 24.6%. The effective rate for continuing operations for the three months ended April 30, 2017 was 24.7%. The effective rate in first quarter 2017 was meaningfully impacted by the exercise and vesting of stock-based awards, which lowered the effective rate by approximately 1,450 basis points. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. The Tax Act lowered the Company’s federal statutory rate from 35% to 21%. The Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and the related tax rates in the jurisdictions where it operates, restructuring and other one-time charges, as well as discrete events, such as settlements of future audits. The Company continues to evaluate the impact of the Tax Act on its election to indefinitely reinvest certain of its non-U.S. earnings. As of April 29, 2018 and January 28, 2018, the Company’s unrecognized tax benefits in accordance with the income taxes principles of GAAP (ASC 740, “Income Taxes”) were $16 million. The Company’s ending net accrual for interest and penalties related to unrecognized tax benefits as of April 29, 2018 and January 28, 2018 was zero. As of April 29, 2018 and January 28, 2018, the Company’s valuation allowance on its U.S. deferred tax assets was approximately $7 million. Each reporting period, the Company assesses available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets.

NOTE 6 — INCOME TAXES

For the three months ended April 29, 2018, the Company’s combined federal, state, and foreign effective tax rate for continuing operations was 24.6%. The effective rate for continuing operations for the three months ended April 30, 2017 was 24.7%. The effective rate in first quarter 2017 was meaningfully impacted by the exercise and vesting of stock-based awards, which lowered the effective rate by approximately 1,450 basis points.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. The Tax Act lowered the Company’s federal statutory rate from 35% to 21%. The Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and the related tax rates in the jurisdictions where it operates, restructuring and other one-time charges, as well as discrete events, such as settlements of future audits. The Company continues to evaluate the impact of the Tax Act on its election to indefinitely reinvest certain of its non-U.S. earnings.

As of April 29, 2018 and January 28, 2018, the Company’s unrecognized tax benefits in accordance with the income taxes principles of GAAP (ASC 740, “Income Taxes”) were $16 million. The Company’s ending net accrual for interest and penalties related to unrecognized tax benefits as of April 29, 2018 and January 28, 2018 was zero. As of April 29, 2018 and January 28, 2018, the Company’s valuation allowance on its U.S. deferred tax assets was approximately $7 million. Each reporting period, the Company assesses available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets.