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Income Taxes (Tables) | 12 Months Ended
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Jan. 30, 2022
Income Tax Disclosure [Abstract] |
Components of earnings before provision for income taxes | The following table presents our earnings before the provision for income taxes:
in millions | Fiscal |  | Fiscal |  | Fiscal
2021 |  | 2020 |  | 2019
United States | $ | 20,320 |  |  | $ | 16,013 |  |  | $ | 13,770 |
Foreign | 1,417 |  |  | 965 |  |  | 945 |
Total | $ | 21,737 |  |  | $ | 16,978 |  |  | $ | 14,715 |
Components of provision for income taxes | The following table presents our provision for income taxes:
in millions | Fiscal |  | Fiscal |  | Fiscal
2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 4,066 |  |  | $ | 3,462 |  |  | $ | 2,370 |
State | 981 |  |  | 928 |  |  | 572 |
Foreign | 511 |  |  | 329 |  |  | 340 |
Total current | 5,558 |  |  | 4,719 |  |  | 3,282 |
Deferred: |  |  |  |  |
Federal | (155) |  |  | (404) |  |  | 259 |
State | (11) |  |  | (209) |  |  | (72) |
Foreign | (88) |  |  | 6 |  |  | 4 |
Total deferred | (254) |  |  | (607) |  |  | 191 |
Provision for income taxes | $ | 5,304 |  |  | $ | 4,112 |  |  | $ | 3,473 |
Reconciliation of provision for income taxes | The following table presents our combined federal, state, and foreign effective tax rates:
| Fiscal |  | Fiscal |  | Fiscal
| 2021 |  | 2020 |  | 2019
Combined federal, state, and foreign effective tax rates | 24.4 | % |  | 24.2 | % |  | 23.6 | %
The following table presents the reconciliation of our provision for income taxes at the federal statutory rate of 21% to the actual tax expense:
in millions | Fiscal |  | Fiscal |  | Fiscal
2021 |  | 2020 |  | 2019
Income taxes at federal statutory rate | $ | 4,565 |  |  | $ | 3,565 |  |  | $ | 3,090 |
State income taxes, net of federal income tax benefit | 766 |  |  | 568 |  |  | 395 |
Other, net | (27) |  |  | (21) |  |  | (12) |
Total | $ | 5,304 |  |  | $ | 4,112 |  |  | $ | 3,473 |
Tax effects of temporary differences | The following table presents the tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities:
in millions | January 30, 2022 |  | January 31, 2021
Assets: |  |  |
Deferred compensation | $ | 471 |  |  | $ | 472 |
Accrued self-insurance liabilities | 272 |  |  | 291 |
State income taxes | 138 |  |  | 117 |
Merchandise inventories | — |  |  | 41 |
Non-deductible reserves | 250 |  |  | 199 |
Net operating losses | 150 |  |  | 144 |
Lease liabilities | 1,528 |  |  | 1,605 |
Deferred revenue | 121 |  |  | 51 |
Other | 67 |  |  | 104 |
Total deferred tax assets | 2,997 |  |  | 3,024 |
Valuation allowance | (10) |  |  | (8) |
Total deferred tax assets, net of valuation allowance | 2,987 |  |  | 3,016 |
Liabilities: |  |  |
Merchandise inventories | (14) |  |  | — |
Property and equipment | (902) |  |  | (1,061) |
Goodwill and other intangibles | (985) |  |  | (1,030) |
Lease right-of-use assets | (1,473) |  |  | (1,555) |
Tax on unremitted earnings | (74) |  |  | (119) |
Other | (104) |  |  | (77) |
Total deferred tax liabilities | (3,552) |  |  | (3,842) |
Net deferred tax liabilities | $ | (565) |  |  | $ | (826) |
Schedule of tax balance sheet accounts | The following table presents our noncurrent deferred tax assets and noncurrent deferred tax liabilities, netted by tax jurisdiction, as presented on the consolidated balance sheets:
in millions | January 30, 2022 |  | January 31, 2021
Other assets | $ | 344 |  |  | $ | 305 |
Deferred income taxes | (909) |  |  | (1,131) |
Net deferred tax liabilities | $ | (565) |  |  | $ | (826) |
Schedule of unrecognized tax benefits | The following table presents reconciliations of the beginning and ending amount of our gross unrecognized tax benefits:
in millions | Fiscal |  | Fiscal |  | Fiscal
2021 |  | 2020 |  | 2019
Unrecognized tax benefits balance at beginning of fiscal year | $ | 540 |  |  | $ | 473 |  |  | $ | 494 |
Additions based on tax positions related to the current year | 80 |  |  | 75 |  |  | 96 |
Additions for tax positions of prior years | 24 |  |  | 72 |  |  | 82 |
Reductions for tax positions of prior years | (40) |  |  | (53) |  |  | (147) |
Reductions due to settlements | (29) |  |  | (22) |  |  | (13) |
Reductions due to lapse of statute of limitations | (5) |  |  | (5) |  |  | (39) |
Unrecognized tax benefits balance at end of fiscal year | $ | 570 |  |  | $ | 540 |  |  | $ | 473 |

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