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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Components of Income Before Income Taxes

For financial reporting purposes, components of income before income taxes are as follows:

		Fiscal Year Ended
In thousands		January 31, 2015				February 1, 2014				February 2, 2013
		(53 weeks)
United States		$	2,943,745			$	2,746,925			$	2,517,696
Foreign			606,139				572,564				559,655
Income before provision for income taxes		$	3,549,884			$	3,319,489			$	3,077,351

Provision for Income Taxes

The provision for income taxes includes the following:

		Fiscal Year Ended
In thousands		January 31, 2015				February 1, 2014				February 2, 2013
		(53 weeks)
Current:
Federal		$	896,672			$	815,811			$	842,149
State			180,616				177,009				162,200
Foreign			155,398				136,626				153,083
Deferred:
Federal			87,057				73,206				22,394
State			14,231				5,928				1,583
Foreign			782				(26,487	)			(10,745	)
Provision for income taxes		$	1,334,756			$	1,182,093			$	1,170,664

Net Deferred Tax (Liabilities) Assets

TJX had net deferred tax (liabilities) assets as follows:

		Fiscal Year Ended
In thousands		January 31, 2015				February 1, 2014
Deferred tax assets:
Net operating loss carryforward		$	18,305			$	25,711
Reserves for lease obligations and computer intrusion			16,242				29,108
Pension, stock compensation, postretirement and employee benefits			351,171				280,381
Leases			47,464				43,966
Other			74,451				66,984
Total gross deferred tax assets			507,633				446,150
Valuation allowance			(5,122	)			(4,359	)
Net deferred tax asset		$	502,511			$	441,791
Deferred tax liabilities:
Property, plant and equipment		$	474,179			$	432,262
Capitalized inventory			50,536				48,612
Tradename/intangibles			47,443				45,528
Undistributed foreign earnings			181,822				217,916
Other			8,884				10,397
Total deferred tax liabilities		$	762,864			$	754,715
Net deferred tax (liability)		$	(260,353	)		$	(312,924	)
Current asset		$	137,617			$	101,639
Non-current asset			24,546				31,508
Non-current liability			(422,516	)			(446,071	)
Total		$	(260,353	)		$	(312,924	)

Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate

The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below:

		Fiscal Year Ended
		January 31,             2015				February 1,             2014				February 2,             2013
										(53 weeks)
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
Effective state income tax rate			3.6				3.6				3.5
Impact of foreign operations			(0.9	)			(0.8	)			(0.3	)
All other			(0.1	)			(2.2	)			(0.2	)
Worldwide effective income tax rate			37.6	%			35.6	%			38.0	%

Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:

		Fiscal Year Ended
In thousands		January 31, 2015				February 1, 2014				February 2, 2013
Balance at beginning of year		$	48,680			$	148,777			$	144,505
Additions for uncertain tax positions taken in current year			4,771				4,212				1,949
Additions for uncertain tax positions taken in prior years			5,278				5,096				3,009
Reductions for uncertain tax positions taken in prior years			(2,747	)			(69,292	)			—
Reductions resulting from lapse of statute of limitations			—				(317	)			(129	)
Settlements with tax authorities			(363	)			(39,796	)			(557	)
Balance at end of year		$	55,619			$	48,680			$	148,777

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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