Note 18 - Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Notes Tables

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

($ in millions)	2024			2023			2022
Domestic	$	100		$	(381	)	$	440
International		(49	)		(42	)		84
Total pre-tax income (loss)	$	51		$	(423	)	$	524

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

($ in millions)	2024			2023			2022
Current:
Federal	$	21		$	8		$	64
State and local		13			2			27
International		27			33			68
Total current tax provision		61			43			159
Deferred:
Federal		12			(88	)		23
State and local		(1	)		(24	)		4
International		(39	)		(24	)		(6	)
Total deferred tax provision		(28	)		(136	)		21
Total income tax provision	$	33		$	(93	)	$	180

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

	2024			2023			2022
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Increase in valuation allowance		36.0			(0.6	)		2.6
State and local income taxes, net of federal tax benefit		15.2			5.4			5.0
International income taxed at varying rates		(11.6	)		(4.4	)		8.4
Foreign tax credits		0.6			1.4			(3.6	)
Domestic/foreign tax settlements		—			1.0			(0.5	)
Federal tax credits		(4.4	)		0.5			(0.4	)
Foreign deferred adjustment		—			(2.0	)		—
Compensation based adjustments		7.6			(0.3	)		1.2
Other, net		0.2			—			0.6
Effective income tax rate		64.6	%		22.0	%		34.3	%

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

	February 1,			February 3,
($ in millions)	2025			2024
Deferred tax assets:
Tax loss/credit carryforwards and capital loss	$	208		$	166
Employee benefits		26			32
Operating leases - liabilities		627			668
Other		66			62
Total deferred tax assets	$	927		$	928
Valuation allowance		(112	)		(95	)
Total deferred tax assets, net	$	815		$	833

	February 1,			February 3,
($ in millions)	2025			2024
Deferred tax liabilities:
Merchandise inventories	$	101		$	97
Operating leases - assets		578			611
Goodwill and other intangible assets		111			118
Property and equipment		20			24
Other		11			9
Total deferred tax liabilities	$	821		$	859
Net deferred tax liability	$	(6	)	$	(26	)
Balance Sheet caption reported in:
Deferred taxes	$	143		$	114
Other liabilities		(149	)		(140	)
	$	(6	)	$	(26	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

($ in millions)	2024			2023			2022
Unrecognized tax benefits at beginning of year	$	50		$	52		$	41
Foreign currency translation adjustments		(1	)		—			(1	)
Increases related to current year tax positions		1			5			9
Increases related to prior period tax positions		2			2			7
Decreases related to prior period tax positions		(8	)		—			—
Settlements		—			(5	)		—
Lapse of statute of limitations		(5	)		(4	)		(4	)
Unrecognized tax benefits at end of year	$	39		$	50		$	52