Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v2.4.0.6
Taxes (Tables)
12 Months Ended
Feb. 02, 2013
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2012
 
2011
 
2010
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
697

 
$
2

 
$
699

 
$
519

 
$
144

 
$
663

 
$
217

 
$
234

 
$
451

State and local
70

 
(2
)
 
68

 
43

 
6

 
49

 
12

 
10

 
22

 
$
767

 
$

 
$
767

 
$
562

 
$
150

 
$
712

 
$
229

 
$
244

 
$
473

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2012
 
2011
 
2010
 
(millions)
Expected tax
$
736

 
$
689

 
$
462

State and local income taxes, net of federal income tax benefit
45

 
31

 
14

Settlement of federal tax examinations

 

 

Other
(14
)
 
(8
)
 
(3
)
 
$
767

 
$
712

 
$
473

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:
 
 
February 2,
2013
 
January 28,
2012
 
(millions)
Deferred tax assets
 
 
 
Post employment and postretirement benefits
$
476

 
$
559

Accrued liabilities accounted for on a cash basis for tax purposes
237

 
227

Long-term debt
96

 
109

Unrecognized state tax benefits and accrued interest
71

 
77

State operating loss and credit carryforwards
60

 
63

Other
177

 
151

Valuation allowance
(39
)
 
(41
)
Total deferred tax assets
1,078

 
1,145

Deferred tax liabilities
 
 
 
Excess of book basis over tax basis of property and equipment
(1,665
)
 
(1,733
)
Merchandise inventories
(577
)
 
(531
)
Intangible assets
(230
)
 
(195
)
Other
(251
)
 
(235
)
Total deferred tax liabilities
(2,723
)
 
(2,694
)
Net deferred tax liability
$
(1,645
)
 
$
(1,549
)
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:
 
 
February 2,
2013
 
January 28,
2012
 
January 29,
2011
 
(millions)
Balance, beginning of year
$
179

 
$
205

 
$
207

Additions based on tax positions related to the current year
18

 
23

 
19

Additions for tax positions of prior years
18

 

 

Reductions for tax positions of prior years
(19
)
 
(21
)
 
(8
)
Settlements
(9
)
 
(15
)
 
(4
)
Statute expirations
(17
)
 
(13
)
 
(9
)
Balance, end of year
$
170

 
$
179

 
$
205

Amounts recognized in the Consolidated Balance Sheets at
   February 2, 2013, January 28, 2012 and January 29, 2011
 
 
 
 
 
Current income taxes
$
20

 
$
18

 
$
11

Long-term deferred income taxes
23

 
27

 
24

Other liabilities
127

 
134

 
170

 
$
170

 
$
179

 
$
205