Taxes (Tables)

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income before income taxes

The components of income before income taxes are as follows:

	Fiscal Years Ended January 31,
(Amounts in millions)	2022		2021		2020
U.S.	$	15,536	$	18,068	$	15,019
Non-U.S.	3,160		2,496		5,097
Total income before income taxes	$	18,696	$	20,564	$	20,116

Schedule of income tax provision

A summary of the provision for income taxes is as follows:

	Fiscal Years Ended January 31,
(Amounts in millions)	2022		2021		2020
Current:
U.S. federal	$	3,313	$	2,991	$	2,794
U.S. state and local	649		742		587
International	1,553		1,127		1,205
Total current tax provision	5,515		4,860		4,586
Deferred:
U.S. federal	(671)		2,316		663
U.S. state and local	41		23		35
International	(129)		(341)		(369)
Total deferred tax expense (benefit)	(759)		1,998		329
Total provision for income taxes	$	4,756	$	6,858	$	4,915

Schedule of income tax rate

A reconciliation of the significant differences between the U.S. statutory tax rate and the effective income tax rate on pre-tax income from continuing operations is as follows:

	Fiscal Years Ended January 31,
	2022		2021		2020
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
U.S. state income taxes, net of federal income tax benefit	2.8	%	2.9	%	2.2	%
Income taxed outside the U.S.	(1.5)	%	(0.1)	%	(1.0)	%
Disposal and wind-down of certain business operations	0.5	%	7.1	%	—	%
Valuation allowance	4.4	%	2.3	%	2.3	%
Net impact of repatriated international earnings	(0.3)	%	(0.4)	%	0.4	%
Federal tax credits	(1.1)	%	(0.9)	%	(0.8)	%
Enacted change in tax laws	—	%	—	%	(1.9)	%
Change in reserve for tax contingencies	0.2	%	0.8	%	2.5	%
Other, net	(0.6)	%	0.6	%	(0.3)	%
Effective income tax rate	25.4	%	33.3	%	24.4	%

Schedule of deferred tax balances

The significant components of the Company's deferred tax account balances are as follows:

	January 31,
(Amounts in millions)	2022		2021
Deferred tax assets:
Loss and tax credit carryforwards	$	9,456	$	9,179
Accrued liabilities	2,752		2,582
Share-based compensation	231		224
Lease obligations	4,320		4,450
Other	893		589
Total deferred tax assets	17,652		17,024
Valuation allowances	(9,542)		(8,782)
Deferred tax assets, net of valuation allowances	8,110		8,242
Deferred tax liabilities:
Property and equipment	4,414		4,802
Acquired intangibles	1,065		1,071
Inventory	1,588		1,235
Lease right of use assets	4,355		4,390
Mark-to-market investments	1,825		2,678
Other	307		675
Total deferred tax liabilities	13,554		14,851
Net deferred tax liabilities	$	5,444	$	6,609

Schedule of deferred tax classification in the balance sheet

The deferred taxes noted above are classified as follows in the Company's Consolidated Balance Sheets:

	January 31,
(Amounts in millions)	2022		2021
Balance Sheet classification
Assets:
Other long-term assets	$	1,473	$	1,836
Liabilities:
Deferred income taxes and other	6,917		8,445
Net deferred tax liabilities	$	5,444	$	6,609

Reconciliation of unrecognized tax benefits from continuing operations

A reconciliation of gross unrecognized tax benefits from continuing operations is as follows:

	Fiscal Years Ended January 31,
(Amounts in millions)	2022		2021		2020
Gross unrecognized tax benefits, beginning of year	$	3,135	$	1,817	$	1,305
Increases related to prior year tax positions	170		92		516
Decreases related to prior year tax positions	(97)		(264)		(15)
Increases related to current year tax positions	75		1,582		66
Settlements during the period	(5)		(64)		(29)
Lapse in statutes of limitations	(33)		(28)		(26)
Gross unrecognized tax benefits, end of year	$	3,245	$	3,135	$	1,817