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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2021
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
2020 |  | 2019 |  | 2018
United States | $ | 16,013 |  |  | $ | 13,770 |  |  | $ | 13,456 |
Foreign | 965 |  |  | 945 |  |  | 1,100 |
Total | $ | 16,978 |  |  | $ | 14,715 |  |  | $ | 14,556 |
Components of provision for income taxes | Our provision for income taxes follows:
in millions | Fiscal |  | Fiscal |  | Fiscal
2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 3,462 |  |  | $ | 2,370 |  |  | $ | 2,495 |
State | 928 |  |  | 572 |  |  | 544 |
Foreign | 329 |  |  | 340 |  |  | 372 |
Total current | 4,719 |  |  | 3,282 |  |  | 3,411 |
Deferred: |  |  |  |  |
Federal | (404) |  |  | 259 |  |  | 67 |
State | (209) |  |  | (72) |  |  | 1 |
Foreign | 6 |  |  | 4 |  |  | (44) |
Total deferred | (607) |  |  | 191 |  |  | 24 |
Provision for income taxes | $ | 4,112 |  |  | $ | 3,473 |  |  | $ | 3,435 |
Reconciliation of provision for income taxes | Our combined federal, state, and foreign effective tax rates follow:
| Fiscal |  | Fiscal |  | Fiscal
| 2020 |  | 2019 |  | 2018
Combined federal, state, and foreign effective tax rates | 24.2 | % |  | 23.6 | % |  | 23.6 | %
The reconciliation of our provision for income taxes at the federal statutory rate of 21% to the actual tax expense follows:
in millions | Fiscal |  | Fiscal |  | Fiscal
2020 |  | 2019 |  | 2018
Income taxes at federal statutory rate | $ | 3,565 |  |  | $ | 3,090 |  |  | $ | 3,057 |
State income taxes, net of federal income tax benefit | 568 |  |  | 395 |  |  | 443 |
Tax on mandatory deemed repatriation | — |  |  | — |  |  | (62) |
Other, net | (21) |  |  | (12) |  |  | (3) |
Total | $ | 4,112 |  |  | $ | 3,473 |  |  | $ | 3,435 |
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 31, 2021 |  | February 2, 2020
Assets: |  |  |
Deferred compensation | $ | 472 |  |  | $ | 169 |
Accrued self-insurance liabilities | 291 |  |  | 285 |
State income taxes | 117 |  |  | 100 |
Merchandise inventories | 41 |  |  | — |
Non-deductible reserves | 199 |  |  | 156 |
Net operating losses | 144 |  |  | 70 |
Lease liabilities | 1,605 |  |  | 1,536 |
Other | 155 |  |  | 135 |
Total deferred tax assets | 3,024 |  |  | 2,451 |
Valuation allowance | (8) |  |  | — |
Total deferred tax assets, net of valuation allowance | 3,016 |  |  | 2,451 |
Liabilities: |  |  |
Merchandise inventories | — |  |  | (26) |
Property and equipment | (1,061) |  |  | (1,107) |
Goodwill and other intangibles | (1,030) |  |  | (195) |
Lease right-of-use assets | (1,555) |  |  | (1,458) |
Tax on unremitted earnings | (119) |  |  | (100) |
Other | (77) |  |  | (132) |
Total deferred tax liabilities | (3,842) |  |  | (3,018) |
Net deferred tax liabilities | $ | (826) |  |  | $ | (567) |
Schedule of tax balance sheet accounts | Our noncurrent deferred tax assets and noncurrent deferred tax liabilities, netted by tax jurisdiction, follow:
in millions | January 31, 2021 |  | February 2, 2020
Other assets | $ | 305 |  |  | $ | 139 |
Deferred income taxes | (1,131) |  |  | (706) |
Net deferred tax liabilities | $ | (826) |  |  | $ | (567) |
Schedule of unrecognized tax benefits | Reconciliations of the beginning and ending amount of our gross unrecognized tax benefits follow:
in millions | Fiscal |  | Fiscal |  | Fiscal
2020 |  | 2019 |  | 2018
Unrecognized tax benefits balance at beginning of fiscal year | $ | 473 |  |  | $ | 494 |  |  | $ | 637 |
Additions based on tax positions related to the current year | 75 |  |  | 96 |  |  | 91 |
Additions for tax positions of prior years | 72 |  |  | 82 |  |  | 100 |
Reductions for tax positions of prior years | (53) |  |  | (147) |  |  | (245) |
Reductions due to settlements | (22) |  |  | (13) |  |  | (66) |
Reductions due to lapse of statute of limitations | (5) |  |  | (39) |  |  | (23) |
Unrecognized tax benefits balance at end of fiscal year | $ | 540 |  |  | $ | 473 |  |  | $ | 494 |
Summary of income tax examinations | Our total accrued interest and penalties follow:
in millions | January 31, 2021 |  | February 2, 2020
Total accrued interest and penalties | $ | 97 |  |  | $ | 87 |

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