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v3.22.1

Taxes (Tables) | 12 Months Ended
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Jan. 29, 2022
Taxes Payable Current And Noncurrent [Abstract] |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | Current |  |  | Deferred |  |  | Total |  |  | Current |  |  | Deferred |  |  | Total |  |  | Current |  |  | Deferred |  |  | Total |
|  | (millions) |
Federal |  | $ | 369 |  |  | $ | (21 | ) |  | $ | 348 |  |  | $ | (520 | ) |  | $ | (179 | ) |  | $ | (699 | ) |  | $ | 137 |  |  | $ | 4 |  |  | $ | 141 |
State and local |  |  | 48 |  |  |  | 40 |  |  |  | 88 |  |  |  | 1 |  |  |  | (148 | ) |  |  | (147 | ) |  |  | 33 |  |  |  | (10 | ) |  |  | 23 |
|  | $ | 417 |  |  | $ | 19 |  |  | $ | 436 |  |  | $ | (519 | ) |  | $ | (327 | ) |  | $ | (846 | ) |  | $ | 170 |  |  | $ | (6 | ) |  | $ | 164 |
Schedule of Effective Income Tax Reconciliation | The reasons for this difference and their tax effects are as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (millions) |
Expected tax |  | $ | 392 |  |  | $ | (1,006 | ) |  | $ | 153 |
State and local income taxes, net of federal income taxes |  |  | 84 |  |  |  | (140 | ) |  |  | 13 |
CARES Act carryback benefit |  |  | (29 | ) |  |  | (205 | ) |  |  | — |
Goodwill impact |  |  | — |  |  |  | 492 |  |  |  | — |
Tax impact of equity awards |  |  | — |  |  |  | 8 |  |  |  | 1 |
Federal tax credits |  |  | (3 | ) |  |  | (5 | ) |  |  | (3 | )
Change in valuation allowance |  |  | (15 | ) |  |  | 24 |  |  |  | 5 |
Other |  |  | 7 |  |  |  | (14 | ) |  |  | (5 | )
|  | $ | 436 |  |  | $ | (846 | ) |  | $ | 164 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
|  | January 29, |  |  | January 30, |
|  | 2022 |  |  | 2021 |
|  | (millions) |
Deferred tax assets |  |  |  |  |  |  |  |
Post employment and postretirement benefits |  | $ | 48 |  |  | $ | 126 |
Accrued liabilities accounted for on a cash basis for tax purposes |  |  | 100 |  |  |  | 103 |
Lease liabilities |  |  | 917 |  |  |  | 937 |
Unrecognized state tax benefits and accrued interest |  |  | 38 |  |  |  | 39 |
State operating loss and credit carryforwards |  |  | 152 |  |  |  | 194 |
Other |  |  | 95 |  |  |  | 95 |
Valuation allowance |  |  | (89 | ) |  |  | (104 | )
Total deferred tax assets |  |  | 1,261 |  |  |  | 1,390 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Excess of book basis over tax basis of property and equipment |  |  | (914 | ) |  |  | (937 | )
Right of use assets |  |  | (751 | ) |  |  | (766 | )
Merchandise inventories |  |  | (300 | ) |  |  | (300 | )
Intangible assets |  |  | (116 | ) |  |  | (115 | )
Other |  |  | (163 | ) |  |  | (180 | )
Total deferred tax liabilities |  |  | (2,244 | ) |  |  | (2,298 | )
Net deferred tax liability |  | $ | (983 | ) |  | $ | (908 | )
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | January 29, |  |  | January 30, |  |  | February 1, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (millions) |
Balance, beginning of year |  | $ | 113 |  |  | $ | 133 |  |  | $ | 149 |
Additions based on tax positions related to the current year |  |  | 12 |  |  |  | 9 |  |  |  | 18 |
Additions for tax positions of prior years |  |  | — |  |  |  | — |  |  |  | 11 |
Reductions for tax positions of prior years |  |  | (11 | ) |  |  | (13 | ) |  |  | (20 | )
Settlements |  |  | (2 | ) |  |  | (4 | ) |  |  | (16 | )
Statute expirations |  |  | (10 | ) |  |  | (12 | ) |  |  | (9 | )
Balance, end of year |  | $ | 102 |  |  | $ | 113 |  |  | $ | 133 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |
Current income taxes |  | $ | 14 |  |  | $ | 6 |  |  | $ | 12 |
Deferred income taxes |  |  | 3 |  |  |  | 3 |  |  |  | 4 |
Other liabilities (a) |  |  | 85 |  |  |  | 104 |  |  |  | 117 |
|  | $ | 102 |  |  | $ | 113 |  |  | $ | 133 |
(a) | Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets.
Summary of Income Tax Contingencies | Additional information regarding unrecognized benefits and related interest and penalties is as follow:
|  | January 29, |  |  | January 30, |
|  | 2022 |  |  | 2021 |
|  | (millions) |
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate |  | $ | 81 |  |  | $ | 90 |
Accrued federal, state and local interest and penalties |  |  | 65 |  |  |  | 60 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Current income taxes |  |  | 32 |  |  |  | 3 |
Other liabilities |  |  | 33 |  |  |  | 57 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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