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INCOME TAXES (Tables) | 12 Months Ended
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Jan. 28, 2024
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
2023 |  | 2022 |  | 2021
United States | $ | 18,681 |  |  | $ | 20,990 |  |  | $ | 20,320 |
Foreign | 1,243 |  |  | 1,487 |  |  | 1,417 |
Total | $ | 19,924 |  |  | $ | 22,477 |  |  | $ | 21,737 |
Components of Provision for Income Taxes | The following table presents our provision for income taxes:
in millions | Fiscal |  | Fiscal |  | Fiscal
2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 3,764 |  |  | $ | 3,918 |  |  | $ | 4,066 |
State | 882 |  |  | 880 |  |  | 981 |
Foreign | 365 |  |  | 436 |  |  | 511 |
Total current | 5,011 |  |  | 5,234 |  |  | 5,558 |
Deferred: |  |  |  |  |
Federal | (228) |  |  | 102 |  |  | (155) |
State | 12 |  |  | 61 |  |  | (11) |
Foreign | (14) |  |  | (25) |  |  | (88) |
Total deferred | (230) |  |  | 138 |  |  | (254) |
Provision for income taxes | $ | 4,781 |  |  | $ | 5,372 |  |  | $ | 5,304 |
Reconciliation of Provision for Income Taxes | The following table presents our combined federal, state, and foreign effective tax rates:
| Fiscal |  | Fiscal |  | Fiscal
| 2023 |  | 2022 |  | 2021
Combined federal, state, and foreign effective tax rates | 24.0 | % |  | 23.9 | % |  | 24.4 | %
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
2023 |  | 2022 |  | 2021
Income taxes at federal statutory rate | $ | 4,184 |  |  | $ | 4,720 |  |  | $ | 4,565 |
State income taxes, net of federal income tax benefit | 706 |  |  | 743 |  |  | 766 |
Other, net | (109) |  |  | (91) |  |  | (27) |
Total | $ | 4,781 |  |  | $ | 5,372 |  |  | $ | 5,304 |
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 28, 2024 |  | January 29, 2023
Assets: |  |  |
Deferred compensation | $ | 237 |  |  | $ | 236 |
Accrued self-insurance liabilities | 258 |  |  | 276 |
State income taxes | 209 |  |  | 149 |
Merchandise inventories | 110 |  |  | 30 |
Non-deductible reserves | 474 |  |  | 318 |
Net operating losses | 99 |  |  | 115 |
Lease liabilities | 2,034 |  |  | 1,879 |
Deferred revenue | 191 |  |  | 148 |
Other | 46 |  |  | 56 |
Total deferred tax assets | 3,658 |  |  | 3,207 |
Valuation allowance | (67) |  |  | (5) |
Total deferred tax assets, net of valuation allowance | 3,591 |  |  | 3,202 |
Liabilities: |  |  |
Property and equipment | (988) |  |  | (992) |
Goodwill and other intangibles | (1,000) |  |  | (953) |
Lease right-of-use assets | (1,956) |  |  | (1,799) |
Tax on unremitted earnings | (53) |  |  | (63) |
Other | (144) |  |  | (95) |
Total deferred tax liabilities | (4,141) |  |  | (3,902) |
Net deferred tax liabilities | $ | (550) |  |  | $ | (700) |
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 | Consolidated Balance Sheet Classification |  | January 28, 2024 |  | January 29, 2023
Deferred tax assets | Other assets |  | $ | 313 |  |  | $ | 319 |
Deferred tax liabilities | Deferred income taxes |  | (863) |  |  | (1,019) |
Net deferred tax liabilities |  |  | $ | (550) |  |  | $ | (700) |
Schedule of Unrecognized Tax Benefits | The following table reconciles the beginning and ending amount of our gross unrecognized tax benefits:
in millions | Fiscal |  | Fiscal |  | Fiscal
2023 |  | 2022 |  | 2021
Unrecognized tax benefits balance at beginning of fiscal year | $ | 643 |  |  | $ | 570 |  |  | $ | 540 |
Additions based on tax positions related to the current year | 74 |  |  | 75 |  |  | 80 |
Additions for tax positions of prior years | 13 |  |  | 22 |  |  | 24 |
Reductions for tax positions of prior years | (14) |  |  | (7) |  |  | (40) |
Reductions due to settlements | — |  |  | (1) |  |  | (29) |
Reductions due to lapse of statute of limitations | (27) |  |  | (16) |  |  | (5) |
Unrecognized tax benefits balance at end of fiscal year | $ | 689 |  |  | $ | 643 |  |  | $ | 570 |

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