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Income Taxes (Tables)

12 Months Ended

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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