Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v3.3.1.900
Taxes (Tables)
12 Months Ended
Jan. 30, 2016
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2015
 
2014
 
2013
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
536

 
$

 
$
536

 
$
743

 
$
28

 
$
771

 
$
834

 
$
(76
)
 
$
758

State and local
72

 

 
72

 
92

 
1

 
93

 
105

 
(59
)
 
46

 
$
608

 
$

 
$
608

 
$
835

 
$
29

 
$
864

 
$
939

 
$
(135
)
 
$
804

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2015
 
2014
 
2013
 
(millions)
Expected tax
$
588

 
$
836

 
$
801

State and local income taxes, net of federal income tax benefit
43

 
59

 
45

Historic rehabilitation tax credit
(12
)
 
(20
)
 
(16
)
Change in valuation allowance
3

 
1

 
(16
)
Other
(14
)
 
(12
)
 
(10
)
 
$
608

 
$
864

 
$
804

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 30,
2016
 
January 31,
2015
 
(millions)
Deferred tax assets
 
 
 
Post employment and postretirement benefits
$
536

 
$
586

Accrued liabilities accounted for on a cash basis for tax purposes
340

 
305

Long-term debt
73

 
83

Unrecognized state tax benefits and accrued interest
79

 
76

State operating loss and credit carryforwards
82

 
80

Other
206

 
175

Valuation allowance
(27
)
 
(24
)
Total deferred tax assets
1,289

 
1,281

Deferred tax liabilities
 
 
 
Excess of book basis over tax basis of property and equipment
(1,485
)
 
(1,510
)
Merchandise inventories
(606
)
 
(585
)
Intangible assets
(345
)
 
(294
)
Other
(330
)
 
(335
)
Total deferred tax liabilities
(2,766
)
 
(2,724
)
Net deferred tax liability
$
(1,477
)
 
$
(1,443
)
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 30,
2016
 
January 31,
2015
 
February 1,
2014
 
(millions)
Balance, beginning of year
$
172

 
$
189

 
$
170

Additions based on tax positions related to the current year
30

 
33

 
37

Additions for tax positions of prior years

 

 

Reductions for tax positions of prior years
(7
)
 
(15
)
 
(1
)
Settlements
(3
)
 
(23
)
 
(1
)
Statute expirations
(14
)
 
(12
)
 
(16
)
Balance, end of year
$
178

 
$
172

 
$
189

Amounts recognized in the Consolidated Balance Sheets at
   January 30, 2016, January 31, 2015 and February 1, 2014
 
 
 
 
 
Current income taxes
$
12

 
$
11

 
$
31

Long-term deferred income taxes
5

 
6

 
11

Other liabilities
161

 
155

 
147

 
$
178

 
$
172

 
$
189