INCOME TAXES (Tables)

12 Months Ended

Jan. 28, 2024

Income Tax Disclosure [Abstract]

Components of Earnings Before Provision for Income Taxes

The following table presents our earnings before the provision for income taxes:

in millions	Fiscal		Fiscal		Fiscal
	2023		2022		2021
United States	$	18,681	$	20,990	$	20,320
Foreign	1,243		1,487		1,417
Total	$	19,924	$	22,477	$	21,737

Components of Provision for Income Taxes

The following table presents our provision for income taxes:

in millions	Fiscal		Fiscal		Fiscal
	2023		2022		2021
Current:
Federal	$	3,764	$	3,918	$	4,066
State	882		880		981
Foreign	365		436		511
Total current	5,011		5,234		5,558
Deferred:
Federal	(228)		102		(155)
State	12		61		(11)
Foreign	(14)		(25)		(88)
Total deferred	(230)		138		(254)
Provision for income taxes	$	4,781	$	5,372	$	5,304

Reconciliation of Provision for Income Taxes

The following table presents our combined federal, state, and foreign effective tax rates:

	Fiscal		Fiscal		Fiscal
	2023		2022		2021
Combined federal, state, and foreign effective tax rates	24.0	%	23.9	%	24.4	%

The following table presents the reconciliation of our provision for income taxes at the federal statutory rate of 21% to the actual tax expense:

in millions	Fiscal		Fiscal		Fiscal
	2023		2022		2021
Income taxes at federal statutory rate	$	4,184	$	4,720	$	4,565
State income taxes, net of federal income tax benefit	706		743		766
Other, net	(109)		(91)		(27)
Total	$	4,781	$	5,372	$	5,304

Tax Effects of Temporary Differences

The following table presents the tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities:

in millions	January 28, 2024		January 29, 2023
Assets:
Deferred compensation	$	237	$	236
Accrued self-insurance liabilities	258		276
State income taxes	209		149
Merchandise inventories	110		30
Non-deductible reserves	474		318
Net operating losses	99		115
Lease liabilities	2,034		1,879
Deferred revenue	191		148
Other	46		56
Total deferred tax assets	3,658		3,207
Valuation allowance	(67)		(5)
Total deferred tax assets, net of valuation allowance	3,591		3,202
Liabilities:
Property and equipment	(988)		(992)
Goodwill and other intangibles	(1,000)		(953)
Lease right-of-use assets	(1,956)		(1,799)
Tax on unremitted earnings	(53)		(63)
Other	(144)		(95)
Total deferred tax liabilities	(4,141)		(3,902)
Net deferred tax liabilities	$	(550)	$	(700)

Schedule of Tax Balance Sheet Accounts

The following table presents our noncurrent deferred tax assets and noncurrent deferred tax liabilities, netted by tax jurisdiction, as presented on the consolidated balance sheets:

in millions	Consolidated Balance Sheet Classification	January 28, 2024		January 29, 2023
Deferred tax assets	Other assets	$	313	$	319
Deferred tax liabilities	Deferred income taxes	(863)		(1,019)
Net deferred tax liabilities		$	(550)	$	(700)

Schedule of Unrecognized Tax Benefits

The following table reconciles the beginning and ending amount of our gross unrecognized tax benefits:

in millions	Fiscal		Fiscal		Fiscal
	2023		2022		2021
Unrecognized tax benefits balance at beginning of fiscal year	$	643	$	570	$	540
Additions based on tax positions related to the current year	74		75		80
Additions for tax positions of prior years	13		22		24
Reductions for tax positions of prior years	(14)		(7)		(40)
Reductions due to settlements	—		(1)		(29)
Reductions due to lapse of statute of limitations	(27)		(16)		(5)
Unrecognized tax benefits balance at end of fiscal year	$	689	$	643	$	570