v3.22.4
Income Taxes (Tables)
 12 Months Ended
Jan. 29, 2023
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
 January 29,
2023		January 30,
2022		January 31,
2021
 (In millions)
Current income taxes:   
Federal$1,703 $482 $197 
State46 42 1 
Foreign228 71 161 
Total current1,977 595 359 
Deferred taxes:   
Federal(2,165)(420)(246)
Foreign1 14 (36)
Total deferred(2,164)(406)(282)
Income tax expense (benefit)$(187)$189 $77 
Schedule of Income Before Income Tax Income before income tax consists of the following:
 Year Ended
 January 29,
2023		January 30,
2022		January 31,
2021
 (In millions)
U.S.$3,477 $8,446 $1,437 
Foreign704 1,495 2,972 
Income before income tax$4,181 $9,941 $4,409 
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
 January 29,
2023		January 30,
2022		January 31,
2021
 (In millions, except percentages)
Tax expense computed at federal statutory rate$878 21.0 %$2,088 21.0 %$926 21.0 %
Expense (benefit) resulting from:
Acquisition termination cost261 6.2 %— — %— — %
State income taxes, net of federal tax effect50 1.2 %42 0.4 %10 0.2 %
Foreign-derived intangible income(739)(17.7)%(520)(5.2)%— — %
Stock-based compensation(309)(7.4)%(337)(3.4)%(136)(3.1)%
U.S. federal research and development tax credit(278)(6.6)%(289)(2.9)%(173)(3.9)%
Foreign tax rate differential(83)(2.0)%(497)(5.0)%(561)(12.7)%
IP domestication— — %(244)(2.5)%— — %
Other33 0.8 %(54)(0.5)%11 0.2 %
Income tax expense (benefit)$(187)(4.5)%$189 1.9 %$77 1.7 %
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: 
 January 29,
2023		January 30,
2022
 (In millions)
Deferred tax assets: 
Capitalized research and development expenditure (1)$1,859 $508 
Research and other tax credit carryforwards951 798 
GILTI deferred tax assets800 378 
Accruals and reserves, not currently deductible for tax purposes686 258 
Net operating loss and capital loss carryforwards409 118 
Operating lease liabilities193 125 
Stock-based compensation99 86 
Property, equipment and intangible assets66 22 
Other deferred tax assets91 22 
Gross deferred tax assets5,154 2,315 
Less valuation allowance(1,484)(907)
Total deferred tax assets3,670 1,408 
Deferred tax liabilities:  
Unremitted earnings of foreign subsidiaries(228)(150)
Operating lease assets(179)(113)
Acquired intangibles(115)(169)
Gross deferred tax liabilities(522)(432)
Net deferred tax asset (2)$3,148 $976 
(1) Capitalized research and development deferred tax assets were previously included in Property, equipment and intangible assets.
(2) Net deferred tax asset includes long-term deferred tax assets of $3.40 billion and $1.22 billion and long-term deferred tax liabilities of $247 million and $245 million for fiscal years 2023 and 2022, 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:
 January 29,
2023		January 30,
2022		January 31,
2021
 (In millions)
Balance at beginning of period$1,013 $776 $583 
Increases in tax positions for current year268 246 158 
Increases in tax positions for prior years1 14 60 
Decreases in tax positions for prior years(15)(4)(11)
Settlements(9)(8)(5)
Lapse in statute of limitations(20)(11)(9)
Balance at end of period$1,238 $1,013 $776