Note 9. Taxes (in part)
Income from Continuing Operations
(Amounts in millions)
Current:
U.S. federal
Fiscal Year Ended January 31,
2014
2013
2012
$6,377
$5,611
$4,596
U.S. state and local
719
622
743
International
1,523
1,743
1,383
Total current tax provision
8,619
7,976
6,722
Deferred:
U.S. federal
(72)
38
1,444
U.S. state and local
37
(8)
57
International
(479)
(48)
(299)
Total deferred tax expense (benefit)
(514)
(18)
1,202
Total provision for income taxes
$8,105
$7,958
$7,924
Deferred Taxes
The significant components of the Company's deferred tax account balances are as follows:
(Amounts in millions)
January 31,
2014
2013
Deferred tax assets:
Loss and tax credit carryforwards
$ 3,566
$ 3,525
Accrued liabilities
2,986
2,683
Share-based compensation
126
204
Other
1,573
1,500
Total deferred tax assets
8,251
7,912
Valuation allowances
(1,801)
(2,225)
Deferred tax assets, net of valuation allowance
$ 6,450
$ 5,687
Deferred tax liabilities:
Property and equipment
$ 6,295
$ 5,830
Inventories
1,641
1,912
Other
1,827
1,157
Total deferred tax liabilities
9,763
8,899
Net deferred tax liabilities
$ 3,313
$ 3,212
