v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Jan. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (benefit)
The income tax expense (benefit) applicable to income before income taxes consists of the following:
 Year Ended
 Jan 28, 2024Jan 29, 2023Jan 30, 2022
 (In millions)
Current income taxes:   
Federal$5,710 $1,703 $482 
State335 46 42 
Foreign502 228 71 
Total current6,547 1,977 595 
Deferred income taxes:   
Federal(2,499)(2,165)(420)
State(206)— — 
Foreign216 1 14 
Total deferred(2,489)(2,164)(406)
Income tax expense (benefit)$4,058 $(187)$189 
Schedule of Income Before Income Tax
Income before income tax consists of the following:
 Year Ended
 Jan 28, 2024Jan 29, 2023Jan 30, 2022
 (In millions)
U.S.$29,495 $3,477 $8,446 
Foreign4,323 704 1,495 
Income before income tax$33,818 $4,181 $9,941 
Schedule of Effective Income Tax Rate Reconciliation
The income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21% to income before income taxes as follows:
 Year Ended
 Jan 28, 2024Jan 29, 2023Jan 30, 2022
 (In millions, except percentages)
Tax expense computed at federal statutory rate$7,102 21.0 %$878 21.0 %$2,088 21.0 %
Expense (benefit) resulting from:
State income taxes, net of federal tax effect120 0.4 %50 1.2 %42 0.4 %
Foreign-derived intangible income(1,408)(4.2)%(739)(17.7)%(520)(5.2)%
Stock-based compensation(741)(2.2)%(309)(7.4)%(337)(3.4)%
Foreign tax rate differential(467)(1.4)%(83)(2.0)%(497)(5.0)%
U.S. federal research and development tax credit(431)(1.3)%(278)(6.6)%(289)(2.9)%
Acquisition termination cost— — %261 6.2 %— — %
IP domestication— — %— — %(244)(2.5)%
Other(117)(0.3)%33 0.8 %(54)(0.5)%
Income tax expense (benefit)$4,058 12.0 %$(187)(4.5)%$189 1.9 %
Schedule of Deferred Tax Assets and Liabilities
The tax effect of temporary differences that gives rise to significant portions of the deferred tax assets and liabilities are presented below:
 Jan 28, 2024Jan 29, 2023
 (In millions)
Deferred tax assets: 
Capitalized research and development expenditure$3,376 $1,859 
GILTI deferred tax assets1,576 800 
Accruals and reserves, not currently deductible for tax purposes1,121 686 
Research and other tax credit carryforwards936 951 
Net operating loss and capital loss carryforwards439 409 
Operating lease liabilities263 193 
Stock-based compensation106 99 
Property, equipment and intangible assets4 66 
Other deferred tax assets179 91 
Gross deferred tax assets8,000 5,154 
Less valuation allowance(1,552)(1,484)
Total deferred tax assets6,448 3,670 
Deferred tax liabilities:  
Unremitted earnings of foreign subsidiaries(502)(228)
Operating lease assets(255)(179)
Acquired intangibles(74)(115)
Gross deferred tax liabilities(831)(522)
Net deferred tax asset (1)$5,617 $3,148 
(1) Net deferred tax asset includes long-term deferred tax assets of $6.1 billion and $3.4 billion and long-term deferred tax liabilities of $462 million and $247 million for fiscal years 2024 and 2023, respectively. Long-term deferred tax liabilities are included in other long-term liabilities on our Consolidated Balance Sheets.
Schedule of Gross Unrecognized Tax Benefits
A reconciliation of gross unrecognized tax benefits is as follows:
 Jan 28, 2024Jan 29, 2023Jan 30, 2022
 (In millions)
Balance at beginning of period$1,238 $1,013 $776 
Increases in tax positions for current year616 268 246 
Increases in tax positions for prior years87 1 14 
Decreases in tax positions for prior years(148)(15)(4)
Settlements(104)(9)(8)
Lapse in statute of limitations(19)(20)(11)
Balance at end of period$1,670 $1,238 $1,013