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v3.25.4

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]
 

Schedule of Income before Income Tax, Domestic and Foreign
The following table provides the components of the Company’s Income Before Income Taxes for 2025, 2024 and 2023:

2025 2024 2023
(in millions)
U.S. $ 817  $ 962  $ 937 
Non-U.S. 65  66  84 
Income Before Income Taxes $ 882  $ 1,028  $ 1,021 

Provision for Income Taxes
The following table provides the components of the Company’s Provision for Income Taxes for 2025, 2024 and 2023:

2025 2024 2023
  (in millions)
Current:
U.S. Federal $ 127  $ 281  $ 214 
U.S. State 35  54  49 
Non-U.S. 8  8  7 
Total 170  343  270 
Deferred:
U.S. Federal 41  (121) (19)
U.S. State 2  (6) (2)
Non-U.S. 20  14  (106)
Total 63  (113) (127)
Provision for Income Taxes $ 233  $ 230  $ 143 

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate
The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2025:

2025
(in millions) %
Provision for Income Taxes at U.S. Federal Statutory Tax Rate $ 185  21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect (a) 34  3.8 %
Foreign Tax Effects 14  1.6 %
Effect of Cross-Border Tax Laws (3) (0.3 %)
Tax Credits (3) (0.3 %)
Changes in Valuation Allowances 1  0.1 %
Nontaxable or Nondeductible Items 5  0.5 %
Changes in Unrecognized Tax Benefits —  — %
Effective Tax Rate $ 233  26.4 %
 ________________
(a) State and local taxes in California, New York, Illinois, New Jersey, Tennessee, Florida, and Pennsylvania contributed to the majority of the tax effect in this category.
The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2024 and 2023:

2024 2023
Federal Income Tax Rate 21.0 % 21.0 %
State Income Taxes, Net of Federal Income Tax Effect 4.4 % 4.0 %
Impact of Non-U.S. Operations 0.9 % 0.2 %
Change in Valuation Allowance (4.2 %) (11.0 %)
Share-based Compensation — % 0.1 %
Uncertain Tax Positions 0.3 % — %
Other Items, Net — % (0.4 %)
Effective Tax Rate 22.4 % 13.9 %

Effect of Temporary Differences that Cause Deferred Income Taxes
The following table provides the effect of temporary differences that cause deferred income taxes as of January 31, 2026 and February 1, 2025:

  January 31, 2026 February 1, 2025
Assets Liabilities Total Assets Liabilities Total
(in millions)
Loss Carryforwards $ 338  $ —  $ 338  $ 367  $ —  $ 367 
Leases 248  (236) 12  260  (247) 13 
Capitalized Research and Development —  —  —  37  —  37 
Share-based Compensation 8  —  8  8  —  8 
Property and Equipment 10  (130) (120) 7  (122) (115)
Trade Names —  (38) (38) —  (38) (38)
Other, Net 62  (12) 50  55  (11) 44 
Valuation Allowance (203) —  (203) (210) —  (210)
Total Deferred Income Taxes $ 463  $ (416) $ 47  $ 524  $ (418) $ 106 

Schedule of Cash Flow, Supplemental Disclosures
The following table provides the components of the Company's income tax payments (net of refunds received) for 2025, 2024 and 2023:

2025 2024 2023
(in millions)
U.S. Federal $ 177  $ 294  $ 181 
U.S. State 36  50  45 
Non-U.S. 10  7  5 
Income Tax Payments $ 223  $ 351  $ 231 

Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2025, 2024 and 2023, without interest and penalties:

2025 2024 2023
(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year $ 149  $ 145  $ 149 
Increases to Unrecognized Tax Benefits for Prior Years —  1  1 
Decreases to Unrecognized Tax Benefits for Prior Years —  (3) (7)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity 4  12  5 
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities (14) —  (1)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations (8) (6) (2)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year $ 131  $ 149  $ 145 

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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