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Income Taxes (Tables)

12 Months Ended

Feb. 02, 2020

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
	2019				2018				2017
U.S.	$	13,770			$	13,456			$	12,682
Foreign	945				1,100				1,016
Total	$	14,715			$	14,556			$	13,698

Components of provision for income taxes

Our provision for income taxes follows:

in millions	Fiscal				Fiscal				Fiscal
	2019				2018				2017
Current:
Federal	$	2,370			$	2,495			$	4,128
State	572				544				499
Foreign	340				372				331
Total current	3,282				3,411				4,958
Deferred:
Federal	259				67				(67		)
State	(72		)		1				89
Foreign	4				(44		)		88
Total deferred	191				24				110
Provision for income taxes	$	3,473			$	3,435			$	5,068

Reconciliation of provision for income taxes

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

	Fiscal			Fiscal			Fiscal
	2019			2018			2017
Combined federal, state, and foreign effective tax rates	23.6	%		23.6	%		37.0	%

The reconciliation of our provision for income taxes at the federal statutory rates of 21% for fiscal 2019, 21% for fiscal 2018, and approximately 34% for fiscal 2017 to the actual tax expense follows:

in millions	Fiscal				Fiscal				Fiscal
	2019				2018				2017
Income taxes at federal statutory rate	$	3,090			$	3,057			$	4,648
State income taxes, net of federal income tax benefit	395				443				369
Tax on mandatory deemed repatriation	—				(62		)		400
Other, net	(12		)		(3		)		(349		)
Total	$	3,473			$	3,435			$	5,068

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	February 2, 2020				February 3, 2019
Assets:
Deferred compensation	$	169			$	183
Accrued self-insurance liabilities	285				298
State income taxes	100				96
Non-deductible reserves	156				231
Net operating losses	70				17
Lease liabilities	1,536				—
Other	135				116
Total deferred tax assets	2,451				941
Valuation allowance	—				—
Total deferred tax assets after valuation allowance	2,451				941
Liabilities:
Merchandise inventories	(26		)		(9		)
Property and equipment	(1,107		)		(893		)
Goodwill and other intangibles	(195		)		(179		)
Right-of-use assets	(1,458		)		—
Other	(232		)		(230		)
Total deferred tax liabilities	(3,018		)		(1,311		)
Net deferred tax liabilities	$	(567	)		$	(370	)

Schedule of tax balance sheet accounts

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

in millions	February 2, 2020				February 3, 2019
Other assets	$	139			$	121
Deferred income taxes	(706		)		(491		)
Net deferred tax liabilities	$	(567	)		$	(370	)

Schedule of unrecognized tax benefits

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

in millions	Fiscal				Fiscal				Fiscal
	2019				2018				2017
Unrecognized tax benefits balance at beginning of fiscal year	$	494			$	637			$	659
Additions based on tax positions related to the current year	96				91				74
Additions for tax positions of prior years	82				100				15
Reductions for tax positions of prior years	(147		)		(245		)		(93		)
Reductions due to settlements	(13		)		(66		)		(1		)
Reductions due to lapse of statute of limitations	(39		)		(23		)		(17		)
Unrecognized tax benefits balance at end of fiscal year	$	473			$	494			$	637

Summary of income tax examinations

Our total accrued interest and penalties follow:

in millions	February 2, 2020				February 3, 2019
Total accrued interest and penalties	$	87			$	101

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