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Income Taxes (Tables)

12 Months Ended

Jan. 28, 2018

Income Tax Disclosure [Abstract]

Components of Earnings before Provision for Income Taxes

Our earnings before the provision for income taxes follow.

in millions	Fiscal				Fiscal				Fiscal
	2017				2016				2015
U.S.	$	12,682			$	11,568			$	10,207
Foreign	1,016				923				814
Total	$	13,698			$	12,491			$	11,021

Components of Provision for Income Taxes

Our provision for income taxes follows.

in millions	Fiscal				Fiscal				Fiscal
	2017				2016				2015
Current:
Federal	$	4,128			$	3,870			$	3,228
State	499				462				466
Foreign	331				315				296
Total current	4,958				4,647				3,990
Deferred:
Federal	(67		)		(102		)		21
State	89				13				10
Foreign	88				(24		)		(9		)
Total deferred	110				(113		)		22
Provision for income taxes	$	5,068			$	4,534			$	4,012

Reconciliation of Provision for Income Taxes

Our combined federal, state, and foreign effective tax rates follow.

	Fiscal			Fiscal			Fiscal
	2017			2016			2015
Combined federal, state, and foreign effective tax rates	37.0	%		36.3	%		36.4	%

The reconciliation of our provision for income taxes at the federal statutory rates of 34% for fiscal 2017, 35% for fiscal 2016, and 35% for fiscal 2015 to the actual tax expense follows.

in millions	Fiscal				Fiscal				Fiscal
	2017				2016				2015
Income taxes at federal statutory rate	$	4,648			$	4,372			$	3,857
State income taxes, net of federal income tax benefit	369				309				309
Tax on mandatory deemed repatriation	400				—				—
Other, net	(349		)		(147		)		(154		)
Total	$	5,068			$	4,534			$	4,012

Tax Effects of Temporary Differences

The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities follow.

in millions	January 28, 2018				January 29, 2017
Assets:
Deferred compensation	$	185			$	284
Accrued self-insurance liabilities	295				440
State income taxes	109				152
Non-deductible reserves	220				328
Net operating losses	19				33
Other	124				268
Total deferred tax assets	952				1,505
Valuation allowance	—				(3		)
Total deferred tax assets after valuation allowance	952				1,502
Liabilities:
Merchandise inventories	(9		)		(64		)
Property and equipment	(770		)		(1,128		)
Goodwill and other intangibles	(243		)		(368		)
Other	(251		)		(147		)
Total deferred tax liabilities	(1,273		)		(1,707		)
Net deferred tax liabilities	$	(321	)		$	(205	)

Tax Balance Sheet Accounts

Our noncurrent deferred tax assets and noncurrent deferred tax liabilities, netted by tax jurisdiction, follow.

in millions	January 28, 2018				January 29, 2017
Other assets	$	119			$	91
Deferred income taxes	(440		)		(296		)
Net deferred tax liabilities	$	(321	)		$	(205	)

Unrecognized Tax Benefits

Reconciliations of the beginning and ending amount of our gross unrecognized tax benefits follow.

in millions	Fiscal				Fiscal				Fiscal
	2017				2016				2015
Unrecognized tax benefits balance at beginning of fiscal year	$	659			$	689			$	765
Additions based on tax positions related to the current year	74				147				169
Additions for tax positions of prior years	15				14				126
Reductions for tax positions of prior years	(93		)		(161		)		(350		)
Reductions due to settlements	(1		)		(16		)		(14		)
Reductions due to lapse of statute of limitations	(17		)		(14		)		(7		)
Unrecognized tax benefits balance at end of fiscal year	$	637			$	659			$	689

Summary of Income Tax Examinations

Our total accrued interest and penalties follow.

in millions	January 28, 2018				January 29, 2017
Total accrued interest and penalties	$	134			$	109

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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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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