Income Taxes (Tables)

12 Months Ended

Jan. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (benefit)

The income tax expense (benefit) applicable to income before income taxes consists of the following:

	Year Ended
	Jan 28, 2024		Jan 29, 2023		Jan 30, 2022
	(In millions)
Current income taxes:
Federal	$	5,710	$	1,703	$	482
State	335		46		42
Foreign	502		228		71
Total current	6,547		1,977		595
Deferred income taxes:
Federal	(2,499)		(2,165)		(420)
State	(206)		—		—
Foreign	216		1		14
Total deferred	(2,489)		(2,164)		(406)
Income tax expense (benefit)	$	4,058	$	(187)	$	189

Schedule of Income Before Income Tax

Income before income tax consists of the following:

	Year Ended
	Jan 28, 2024		Jan 29, 2023		Jan 30, 2022
	(In millions)
U.S.	$	29,495	$	3,477	$	8,446
Foreign	4,323		704		1,495
Income before income tax	$	33,818	$	4,181	$	9,941

Schedule of Effective Income Tax Rate Reconciliation

The income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21% to income before income taxes as follows:

	Year Ended
	Jan 28, 2024				Jan 29, 2023				Jan 30, 2022
	(In millions, except percentages)
Tax expense computed at federal statutory rate	$	7,102	21.0	%	$	878	21.0	%	$	2,088	21.0	%
Expense (benefit) resulting from:
State income taxes, net of federal tax effect	120		0.4	%	50		1.2	%	42		0.4	%
Foreign-derived intangible income	(1,408)		(4.2)	%	(739)		(17.7)	%	(520)		(5.2)	%
Stock-based compensation	(741)		(2.2)	%	(309)		(7.4)	%	(337)		(3.4)	%
Foreign tax rate differential	(467)		(1.4)	%	(83)		(2.0)	%	(497)		(5.0)	%
U.S. federal research and development tax credit	(431)		(1.3)	%	(278)		(6.6)	%	(289)		(2.9)	%
Acquisition termination cost	—		—	%	261		6.2	%	—		—	%
IP domestication	—		—	%	—		—	%	(244)		(2.5)	%
Other	(117)		(0.3)	%	33		0.8	%	(54)		(0.5)	%
Income tax expense (benefit)	$	4,058	12.0	%	$	(187)	(4.5)	%	$	189	1.9	%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that gives rise to significant portions of the deferred tax assets and liabilities are presented below:

	Jan 28, 2024		Jan 29, 2023
	(In millions)
Deferred tax assets:
Capitalized research and development expenditure	$	3,376	$	1,859
GILTI deferred tax assets	1,576		800
Accruals and reserves, not currently deductible for tax purposes	1,121		686
Research and other tax credit carryforwards	936		951
Net operating loss and capital loss carryforwards	439		409
Operating lease liabilities	263		193
Stock-based compensation	106		99
Property, equipment and intangible assets	4		66
Other deferred tax assets	179		91
Gross deferred tax assets	8,000		5,154
Less valuation allowance	(1,552)		(1,484)
Total deferred tax assets	6,448		3,670
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries	(502)		(228)
Operating lease assets	(255)		(179)
Acquired intangibles	(74)		(115)
Gross deferred tax liabilities	(831)		(522)
Net deferred tax asset (1)	$	5,617	$	3,148

(1) Net deferred tax asset includes long-term deferred tax assets of $6.1 billion and $3.4 billion and long-term deferred tax liabilities of $462 million and $247 million for fiscal years 2024 and 2023, respectively. Long-term deferred tax liabilities are included in other long-term liabilities on our Consolidated Balance Sheets.

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of gross unrecognized tax benefits is as follows:

	Jan 28, 2024		Jan 29, 2023		Jan 30, 2022
	(In millions)
Balance at beginning of period	$	1,238	$	1,013	$	776
Increases in tax positions for current year	616		268		246
Increases in tax positions for prior years	87		1		14
Decreases in tax positions for prior years	(148)		(15)		(4)
Settlements	(104)		(9)		(8)
Lapse in statute of limitations	(19)		(20)		(11)
Balance at end of period	$	1,670	$	1,238	$	1,013