XML 42 R22.htm IDEA: XBRL DOCUMENT
v3.26.1

Income Taxes | 12 Months Ended
--- | ---
Jan. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a reconciliation of the federal statutory tax rate to the effective tax rate:
|  | Years Ended
(In millions, except percentage data) |  | January 30, 2026 |  | January 31, 2025 |  | February 2, 2024
Statutory federal income tax rate |  | $ | 1,837 |  | 21.0 | % |  | $ | 1,922 |  | 21.0 | % |  | $ | 2,137 |  | 21.0 | %
State income taxes, net of federal tax benefit 1 |  | 333 |  | 3.8 |  |  | 343 |  | 3.7 |  |  | 389 |  | 3.8 |
Other, net |  | (77) |  | (0.9) |  |  | (69) |  | (0.7) |  |  | (77) |  | (0.7) |
Effective tax rate |  | $ | 2,093 |  | 23.9 | % |  | $ | 2,196 |  | 24.0 | % |  | $ | 2,449 |  | 24.1 | %
1 State taxes in CA, FL, PA, NY, VA, NC, TN, NJ, and SC contributed to the majority of the tax effect in this category. The components of the income tax provision are as follows:
| Years Ended
(In millions) | January 30, 2026 |  | January 31, 2025 |  | February 2, 2024
Current: |  |  |  |  |
Federal | $ | 1,443 |  |  | $ | 1,764 |  |  | $ | 1,955 |
State | 386 |  |  | 424 |  |  | 489 |
Total current 1 | 1,829 |  |  | 2,188 |  |  | 2,444 |
Deferred: |  |  |  |  |
Federal | 236 |  |  | — |  |  | 3 |
State | 28 |  |  | 8 |  |  | 2 |
Total deferred 1 | 264 |  |  | 8 |  |  | 5 |
Total income tax provision | $ | 2,093 |  |  | $ | 2,196 |  |  | $ | 2,449 |
1 Amounts applicable to foreign income taxes were insignificant for all periods presented. The tax effects of cumulative temporary differences that gave rise to the deferred tax assets and liabilities were as follows:
(In millions) | January 30, 2026 |  | January 31, 2025
Deferred tax assets: |  |  |
Self-insurance | $ | 240 |  |  | $ | 233 |
Share-based payment expense | 49 |  |  | 46 |
Operating lease liabilities | 1,266 |  |  | 1,143 |
Capital loss carryforwards | 691 |  |  | 645 |
Net operating losses | 283 |  |  | 261 |
Other, net | 559 |  |  | 390 |
Total deferred tax assets | 3,088 |  |  | 2,718 |
Valuation allowance | (1,072) |  |  | (1,003) |
Net deferred tax assets | 2,016 |  |  | 1,715 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | (1,136) |  |  | (1,012) |
Goodwill and Other Intangibles | (1,089) |  |  | (37) |
Property | (731) |  |  | (315) |
Other, net | (99) |  |  | (107) |
Total deferred tax liabilities | (3,055) |  |  | (1,471) |
Net deferred tax (liabilities)/assets | $ | (1,039) |  |  | $ | 244 |
As of January 30, 2026, and January 31, 2025, the Company had Canadian net operating loss carryforwards of $1.1 billion and $1.0 billion, respectively. The net operating losses expire in 2026 through 2043. As of January 30, 2026, and January 31, 2025, the Company had capital loss carryforwards of $2.7 billion and $2.5 billion, respectively, for Canadian tax purposes which do not expire. A valuation allowance of $1.1 billion and $1.0 billion was recorded as of January 30, 2026, and January 31, 2025, respectively. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:
| Years Ended
(In millions) | January 30, 2026 |  | January 31, 2025 |  | February 2, 2024
Unrecognized tax benefits, beginning of year | $ | 37 |  |  | $ | 37 |  |  | $ | 37 |
Additions for tax positions of prior years | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |
Unrecognized tax benefits, end of year | $ | 37 |  |  | $ | 37 |  |  | $ | 37 |
The unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate were $37 million as of January 30, 2026, and January 31, 2025. The net interest expense recognized by the Company related to uncertain tax positions was $3 million for 2025, $1 million for 2024, and $1 million for 2023. The Company had $18 million and $15 million of accrued interest related to uncertain tax positions as of January 30, 2026, and January 31, 2025, respectively. No penalties were recognized related to uncertain tax positions for 2025, 2024, and 2023. The Company had $4 million of accrued penalties related to uncertain tax positions as of January 30, 2026, and January 31, 2025, respectively. The Company is subject to examination by various foreign and domestic taxing authorities. There are ongoing U.S. state audits coverin g tax years 2017 to 2024. Audits performed by the Canada Revenue Agency for fiscal years 2021 and 2022 are on-going. The Company remains subject to income tax examinations for fiscal years 2015 through 2024. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477617/942-740-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478822/944-740-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration