Taxes (Tables)

12 Months Ended

Jan. 31, 2024

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)	2024		2023		2022
U.S.	$	20,092	$	15,089	$	15,536
Non-U.S.	1,756		1,927		3,160
Total income before income taxes	$	21,848	$	17,016	$	18,696

Schedule of Income Tax Provision

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

	Fiscal Years Ended January 31,
(Amounts in millions)	2024		2023		2022
Current:
U.S. federal	$	3,215	$	2,030	$	3,313
U.S. state and local	762		610		649
International	1,772		2,654		1,553
Total current tax provision	5,749		5,294		5,515
Deferred:
U.S. federal	(438)		608		(671)
U.S. state and local	141		119		41
International	126		(297)		(129)
Total deferred tax expense (benefit)	(171)		430		(759)
Total provision for income taxes	$	5,578	$	5,724	$	4,756

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,
	2024		2023		2022
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
U.S. state income taxes, net of federal income tax benefit	3.0	%	3.1	%	2.8	%
Income taxed outside the U.S.	0.1	%	1.1	%	(1.5)	%
Separation, disposal and wind-down of certain business operations	—	%	6.3	%	0.5	%
Valuation allowance	1.2	%	1.7	%	4.4	%
Net impact of repatriated international earnings	(0.4)	%	(0.4)	%	(0.3)	%
Federal tax credits	(1.5)	%	(1.3)	%	(1.1)	%
Change in unrecognized tax benefits	0.6	%	0.3	%	0.2	%
Other, net	1.5	%	1.8	%	(0.6)	%
Effective income tax rate	25.5	%	33.6	%	25.4	%

Schedule of Deferred Tax Balances

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

	January 31,
(Amounts in millions)	2024		2023
Deferred tax assets:
Loss and tax credit carryforwards	$	7,136	$	7,690
Accrued liabilities	3,066		3,312
Share-based compensation	238		237
Lease obligations	4,831		4,653
Other	1,124		839
Total deferred tax assets	16,395		16,731
Valuation allowances	(7,485)		(7,815)
Deferred tax assets, net of valuation allowances	8,910		8,916
Deferred tax liabilities:
Property and equipment	4,813		4,352
Acquired intangibles	898		932
Inventory	3,035		3,032
Lease right of use assets	4,941		4,727
Mark-to-market investments	322		1,390
Other	486		249
Total deferred tax liabilities	14,495		14,682
Net deferred tax liabilities	$	5,585	$	5,766

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)	2024		2023
Balance Sheet classification
Assets:
Other long-term assets	$	1,663	$	1,503
Liabilities:
Deferred income taxes and other	7,248		7,269
Net deferred tax liabilities	$	5,585	$	5,766

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)	2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	3,307	$	3,245	$	3,135
Increases related to prior year tax positions	336		79		170
Decreases related to prior year tax positions	(74)		(248)		(97)
Increases related to current year tax positions	102		357		75
Settlements during the period	(102)		(89)		(5)
Lapse in statutes of limitations	(29)		(37)		(33)
Gross unrecognized tax benefits, end of year	$	3,540	$	3,307	$	3,245