Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v2.4.0.6
Taxes (Tables)
12 Months Ended
Jan. 28, 2012
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense is as follows:
 
 
2011
 
2010
 
2009
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
Current
 
Deferred
 
Total
 
(millions)
Federal
$
519

 
$
144

 
$
663

 
$
217

 
$
234

 
$
451

 
$
48

 
$
84

 
$
132

State and local
43

 
6

 
49

 
12

 
10

 
22

 
9

 
37

 
46

 
$
562

 
$
150

 
$
712

 
$
229

 
$
244

 
$
473

 
$
57

 
$
121

 
$
178

Schedule of Effective Income Tax Reconciliation
The reasons for this difference and their tax effects are as follows:
 
 
2011
 
2010
 
2009
 
(millions)
Expected tax
$
689

 
$
462

 
$
177

State and local income taxes, net of federal income tax benefit
31

 
14

 
30

Settlement of federal tax examinations

 

 
(21
)
Other
(8
)
 
(3
)
 
(8
)
 
$
712

 
$
473

 
$
178

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,
2012
 
January 29,
2011
 
(millions)
Deferred tax assets:
 
 
 
Post employment and postretirement benefits
$
559

 
$
473

Accrued liabilities accounted for on a cash basis for tax purposes
227

 
195

Long-term debt
109

 
117

Unrecognized state tax benefits and accrued interest
77

 
91

State operating loss carryforwards
52

 
61

Other
155

 
144

Valuation allowance
(34
)
 
(35
)
Total deferred tax assets
1,145

 
1,046

Deferred tax liabilities:
 
 
 
Excess of book basis over tax basis of property and equipment
(1,733
)
 
(1,793
)
Merchandise inventories
(531
)
 
(483
)
Intangible assets
(195
)
 
(162
)
Other
(235
)
 
(217
)
Total deferred tax liabilities
(2,694
)
 
(2,655
)
Net deferred tax liability
$
(1,549
)
 
$
(1,609
)
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,
2012
 
January 29,
2011
 
(millions)
Balance, beginning of period
$
205

 
$
207

Additions based on tax positions related to the current year
23

 
19

Additions for tax positions of prior years

 

Reductions for tax positions of prior years
(21
)
 
(8
)
Settlements
(15
)
 
(4
)
Statute expirations
(13
)
 
(9
)
Balance, end of period
$
179

 
$
205

Amounts recognized in the Consolidated Balance Sheets at
   January 28, 2012 and January 29, 2011
 
 
 
Current income taxes
$
18

 
$
11

Long-term deferred income taxes
27

 
24

Other liabilities
134

 
170

 
$
179

 
$
205