Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v2.4.0.8
Taxes (Tables)
12 Months Ended
Feb. 01, 2014
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2013
 
2012
 
2011
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
859

 
$
(98
)
 
$
761

 
$
697

 
$
2

 
$
699

 
$
519

 
$
144

 
$
663

State and local
107

 
(64
)
 
43

 
70

 
(2
)
 
68

 
43

 
6

 
49

 
$
966

 
$
(162
)
 
$
804

 
$
767

 
$

 
$
767

 
$
562

 
$
150

 
$
712

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2013
 
2012
 
2011
 
(millions)
Expected tax
$
801

 
$
736

 
$
689

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

 
47

 
34

Historic rehabilitation tax credit
(16
)
 

 

Change in valuation allowance
(16
)
 
(2
)
 
(3
)
Other
(10
)
 
(14
)
 
(8
)
 
$
804

 
$
767

 
$
712

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 1,
2014
 
February 2,
2013
 
(millions)
Deferred tax assets
 
 
 
Post employment and postretirement benefits
$
392

 
$
476

Accrued liabilities accounted for on a cash basis for tax purposes
289

 
237

Long-term debt
90

 
96

Unrecognized state tax benefits and accrued interest
84

 
71

State operating loss and credit carryforwards
79

 
60

Other
160

 
177

Valuation allowance
(23
)
 
(39
)
Total deferred tax assets
1,071

 
1,078

Deferred tax liabilities
 
 
 
Excess of book basis over tax basis of property and equipment
(1,569
)
 
(1,665
)
Merchandise inventories
(587
)
 
(577
)
Intangible assets
(263
)
 
(230
)
Post employment benefits
(28
)
 

Other
(297
)
 
(251
)
Total deferred tax liabilities
(2,744
)
 
(2,723
)
Net deferred tax liability
$
(1,673
)
 
$
(1,645
)
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 1,
2014
 
February 2,
2013
 
January 28,
2012
 
(millions)
Balance, beginning of year
$
170

 
$
179

 
$
205

Additions based on tax positions related to the current year
37

 
18

 
23

Additions for tax positions of prior years

 
18

 

Reductions for tax positions of prior years
(1
)
 
(19
)
 
(21
)
Settlements
(1
)
 
(9
)
 
(15
)
Statute expirations
(16
)
 
(17
)
 
(13
)
Balance, end of year
$
189

 
$
170

 
$
179

Amounts recognized in the Consolidated Balance Sheets at
   February 1, 2014, February 2, 2013 and January 28, 2012
 
 
 
 
 
Current income taxes
$
31

 
$
20

 
$
18

Long-term deferred income taxes
11

 
23

 
27

Other liabilities
147

 
127

 
134

 
$
189

 
$
170

 
$
179