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INCOME TAXES (Tables) | 12 Months Ended
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Feb. 02, 2025
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
2024 |  | 2023 |  | 2022
United States | $ | 18,119 |  |  | $ | 18,681 |  |  | $ | 20,990 |
Foreign | 1,287 |  |  | 1,243 |  |  | 1,487 |
Total | $ | 19,406 |  |  | $ | 19,924 |  |  | $ | 22,477 |
Components of Provision for Income Taxes | The following table presents our provision for income taxes:
in millions | Fiscal |  | Fiscal |  | Fiscal
2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 3,417 |  |  | $ | 3,764 |  |  | $ | 3,918 |
State | 836 |  |  | 882 |  |  | 880 |
Foreign | 386 |  |  | 365 |  |  | 436 |
Total current | 4,639 |  |  | 5,011 |  |  | 5,234 |
Deferred: |  |  |  |  |
Federal | (67) |  |  | (228) |  |  | 102 |
State | 25 |  |  | 12 |  |  | 61 |
Foreign | 3 |  |  | (14) |  |  | (25) |
Total deferred | (39) |  |  | (230) |  |  | 138 |
Provision for income taxes | $ | 4,600 |  |  | $ | 4,781 |  |  | $ | 5,372 |
Reconciliation of Provision for Income Taxes | The following table presents our combined federal, state, and foreign effective tax rates:
| Fiscal |  | Fiscal |  | Fiscal
| 2024 |  | 2023 |  | 2022
Combined federal, state, and foreign effective tax rates | 23.7 | % |  | 24.0 | % |  | 23.9 | %
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
2024 |  | 2023 |  | 2022
Income taxes at federal statutory rate | $ | 4,075 |  |  | $ | 4,184 |  |  | $ | 4,720 |
State income taxes, net of federal income tax benefit | 680 |  |  | 706 |  |  | 743 |
Other, net | (155) |  |  | (109) |  |  | (91) |
Total | $ | 4,600 |  |  | $ | 4,781 |  |  | $ | 5,372 |
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 | February 2, 2025 |  | January 28, 2024
Assets: |  |  |
Deferred compensation | $ | 230 |  |  | $ | 237 |
Accrued self-insurance liabilities | 271 |  |  | 258 |
State income taxes | 133 |  |  | 209 |
Merchandise inventories | — |  |  | 110 |
Non-deductible reserves | 475 |  |  | 474 |
Net operating losses | 92 |  |  | 99 |
Lease liabilities | 2,255 |  |  | 2,034 |
Deferred revenue | 259 |  |  | 191 |
Other | 77 |  |  | 46 |
Total deferred tax assets | 3,792 |  |  | 3,658 |
Valuation allowance | (4) |  |  | (67) |
Total deferred tax assets, net of valuation allowance | 3,788 |  |  | 3,591 |
Liabilities: |  |  |
Merchandise inventories | (12) |  |  | — |
Property and equipment | (854) |  |  | (988) |
Goodwill and other intangibles (1) | (2,200) |  |  | (1,000) |
Lease right-of-use assets | (2,178) |  |  | (1,956) |
Tax on unremitted earnings | (54) |  |  | (53) |
Other | (183) |  |  | (144) |
Total deferred tax liabilities | (5,481) |  |  | (4,141) |
Net deferred tax liabilities | $ | (1,693) |  |  | $ | (550) |
————— (1) Increase year over year primarily results from the difference in book and tax basis related to identifiable intangible assets from the SRS acquisition (See Note 13).
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 |  | February 2, 2025 |  | January 28, 2024
Deferred tax assets | Other assets |  | $ | 269 |  |  | $ | 313 |
Deferred tax liabilities | Deferred income taxes |  | (1,962) |  |  | (863) |
Net deferred tax liabilities |  |  | $ | (1,693) |  |  | $ | (550) |
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
2024 |  | 2023 |  | 2022
Unrecognized tax benefits balance at beginning of fiscal year | $ | 689 |  |  | $ | 643 |  |  | $ | 570 |
Additions based on tax positions related to the current year | 71 |  |  | 74 |  |  | 75 |
Additions for tax positions of prior years | 3 |  |  | 13 |  |  | 22 |
Reductions for tax positions of prior years | (42) |  |  | (14) |  |  | (7) |
Reductions due to settlements | (51) |  |  | — |  |  | (1) |
Reductions due to lapse of statute of limitations | (43) |  |  | (27) |  |  | (16) |
Unrecognized tax benefits balance at end of fiscal year | $ | 627 |  |  | $ | 689 |  |  | $ | 643 |

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