Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Taxes [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Income Tax Expense

	2025			2024			2023
Federal income tax at the statutory rate	$	272		$	340		$	376
State income taxes, net of federal benefit		52			57			63
Change in unrecognized tax benefits		(5)			(6)			(45)
Expense (benefit) from foreign operations		3			(5)			(2)
Tax credits		(23)			(13)			(8)
Goodwill impairments (non-deductible)		63			-			-
Other		10			8			(14)
Income tax expense	$	372		$	381		$	370
Effective income tax rate		28.7	%		23.5	%		20.7	%

Earning Before Income Tax Expense and Equity in Income of Affiliates

	2025		2024		2023
United States	$	1,095	$	1,389	$	1,533
Foreign		200		232		255
Earnings before income tax expense and equity in income of affiliates	$	1,295	$	1,621	$	1,788

Income Tax Expense (Benefit)

	2025		2024		2023
Current:
Federal	$	341	$	452	$	213
State		67		104		64
Foreign		23		39		42
		431		595		319
Deferred:
Federal		(55)		(177)		33
State		(7)		(37)		19
Foreign		3		-		(1)
		(59)		(214)		51
Income tax expense	$	372	$	381	$	370

Deferred Income Tax Assets and Liabilities

	February 1, 2025		February 3, 2024
Deferred revenue	$	125	$	127
Compensation and benefits		75		91
Stock-based compensation		29		32
Other accrued expenses		46		45
Operating lease liabilities		758		730
Loss and credit carryforwards		163		173
Property and equipment		57		-
Other		48		42
Total deferred tax assets		1,301		1,240
Valuation allowance		(172)		(175)
Total deferred tax assets after valuation allowance		1,129		1,065
Inventory		(92)		(45)
Property and equipment		-		(49)
Operating lease assets		(734)		(701)
Goodwill and intangible assets		(61)		(81)
Other		(19)		(22)
Total deferred tax liabilities		(906)		(898)
Net deferred tax assets	$	223	$	167

Reconciliation of Changes in Unrecognized Tax Benefits

	2025		2024		2023
Balances at beginning of period	$	140	$	163	$	235
Gross increases related to prior period tax positions		13		10		28
Gross decreases related to prior period tax positions(1)		(10)		(11)		(75)
Gross increases related to current period tax positions		20		20		21
Settlements with taxing authorities		1		(3)		-
Lapse of statute of limitations		(19)		(39)		(46)
Balances at end of period	$	145	$	140	$	163

(1)Represents multi-jurisdiction, multi-year resolutions of certain discrete tax matters.