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Income Taxes (Tables)

12 Months Ended

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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