Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v2.4.1.9
Taxes (Tables)
12 Months Ended
Jan. 31, 2015
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2014
 
2013
 
2012
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
767

 
$
5

 
$
772

 
$
859

 
$
(98
)
 
$
761

 
$
697

 
$
2

 
$
699

State and local
95

 
(3
)
 
92

 
107

 
(64
)
 
43

 
70

 
(2
)
 
68

 
$
862

 
$
2

 
$
864

 
$
966

 
$
(162
)
 
$
804

 
$
767

 
$

 
$
767

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2014
 
2013
 
2012
 
(millions)
Expected tax
$
836

 
$
801

 
$
736

State and local income taxes, net of federal income tax benefit
59

 
45

 
47

Historic rehabilitation tax credit
(20
)
 
(16
)
 

Change in valuation allowance
1

 
(16
)
 
(2
)
Other
(12
)
 
(10
)
 
(14
)
 
$
864

 
$
804

 
$
767

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 31,
2015
 
February 1,
2014
 
(millions)
Deferred tax assets
 
 
 
Post employment and postretirement benefits
$
586

 
$
392

Accrued liabilities accounted for on a cash basis for tax purposes
320

 
289

Long-term debt
83

 
90

Unrecognized state tax benefits and accrued interest
76

 
84

State operating loss and credit carryforwards
80

 
79

Other
160

 
160

Valuation allowance
(24
)
 
(23
)
Total deferred tax assets
1,281

 
1,071

Deferred tax liabilities
 
 
 
Excess of book basis over tax basis of property and equipment
(1,510
)
 
(1,569
)
Merchandise inventories
(585
)
 
(587
)
Intangible assets
(294
)
 
(263
)
Post employment benefits

 
(28
)
Other
(335
)
 
(297
)
Total deferred tax liabilities
(2,724
)
 
(2,744
)
Net deferred tax liability
$
(1,443
)
 
$
(1,673
)
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 31,
2015
 
February 1,
2014
 
February 2,
2013
 
(millions)
Balance, beginning of year
$
189

 
$
170

 
$
179

Additions based on tax positions related to the current year
33

 
37

 
18

Additions for tax positions of prior years

 

 
18

Reductions for tax positions of prior years
(15
)
 
(1
)
 
(19
)
Settlements
(23
)
 
(1
)
 
(9
)
Statute expirations
(12
)
 
(16
)
 
(17
)
Balance, end of year
$
172

 
$
189

 
$
170

Amounts recognized in the Consolidated Balance Sheets at
   January 31, 2015, February 1, 2014 and February 2, 2013
 
 
 
 
 
Current income taxes
$
11

 
$
31

 
$
20

Long-term deferred income taxes
6

 
11

 
23

Other liabilities
155

 
147

 
127

 
$
172

 
$
189

 
$
170