Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v3.7.0.1
Taxes (Tables)
12 Months Ended
Jan. 28, 2017
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2016
 
2015
 
2014
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
433

 
$
(125
)
 
$
308

 
$
536

 
$

 
$
536

 
$
743

 
$
28

 
$
771

State and local
37

 
(4
)
 
33

 
72

 

 
72

 
92

 
1

 
93

 
$
470

 
$
(129
)
 
$
341

 
$
608

 
$

 
$
608

 
$
835

 
$
29

 
$
864

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2016
 
2015
 
2014
 
(millions)
Expected tax
$
333

 
$
587

 
$
836

State and local income taxes, net of federal income tax benefit
12

 
43

 
59

Historic rehabilitation tax credit
(1
)
 
(12
)
 
(20
)
Change in valuation allowance
9

 
3

 
1

Other
(12
)
 
(13
)
 
(12
)
 
$
341

 
$
608

 
$
864

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 28,
2017
 
January 30,
2016
 
(millions)
Deferred tax assets
 
 
 
Post employment and postretirement benefits
$
405

 
$
536

Accrued liabilities accounted for on a cash basis for tax purposes
379

 
340

Long-term debt
63

 
73

Unrecognized state tax benefits and accrued interest
76

 
79

State operating loss and credit carryforwards
79

 
82

Other
347

 
206

Valuation allowance
(36
)
 
(27
)
Total deferred tax assets
1,313

 
1,289

Deferred tax liabilities
 
 
 
Excess of book basis over tax basis of property and equipment
(1,381
)
 
(1,485
)
Merchandise inventories
(604
)
 
(606
)
Intangible assets
(380
)
 
(345
)
Other
(391
)
 
(330
)
Total deferred tax liabilities
(2,756
)
 
(2,766
)
Net deferred tax liability
$
(1,443
)
 
$
(1,477
)
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
January 28,
2017
 
January 30,
2016
 
January 31,
2015
 
(millions)
Balance, beginning of year
$
178

 
$
172

 
$
189

Additions based on tax positions related to the current year
16

 
30

 
33

Additions for tax positions of prior years

 

 

Reductions for tax positions of prior years
(12
)
 
(7
)
 
(15
)
Settlements
(4
)
 
(3
)
 
(23
)
Statute expirations
(11
)
 
(14
)
 
(12
)
Balance, end of year
$
167

 
$
178

 
$
172

Amounts recognized in the Consolidated Balance Sheets at
   January 28, 2017, January 30, 2016 and January 31, 2015
 
 
 
 
 
Current income taxes
$
6

 
$
12

 
$
11

Long-term deferred income taxes
4

 
5

 
6

Other liabilities
157

 
161

 
155

 
$
167

 
$
178

 
$
172