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Income Taxes (Tables)

12 Months Ended

Jan. 30, 2016

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 30, 2016				January 31, 2015				February 1, 2014
United States		$	3,102,304			$	2,943,745			$	2,746,925
Foreign			555,996				606,139				572,564
Income before provision for income taxes		$	3,658,300			$	3,549,884			$	3,319,489

Provision for Income Taxes

The provision for income taxes includes the following:

		Fiscal Year Ended
In thousands		January 30, 2016				January 31, 2015				February 1, 2014
Current:
Federal		$	992,094			$	896,672			$	815,811
State			208,357				180,616				177,009
Foreign			149,408				155,398				136,626
Deferred:
Federal			34,620				87,057				73,206
State			(9,979	)			14,231				5,928
Foreign			6,142				782				(26,487	)
Provision for income taxes		$	1,380,642			$	1,334,756			$	1,182,093

Net Deferred Tax (Liabilities) Assets

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

		Fiscal Year Ended
In thousands		January 30, 2016				January 31, 2015
Deferred tax assets:
Net operating loss carryforward		$	18,872			$	18,305
Reserves for lease obligations and computer intrusion			7,623				16,242
Pension, stock compensation, postretirement and employee benefits			380,523				351,171
Leases			51,823				47,464
Other			91,575				74,451
Total gross deferred tax assets		$	550,416			$	507,633
Valuation allowance			(11,998	)			(5,122	)
Net deferred tax asset		$	538,418			$	502,511
Deferred tax liabilities:
Property, plant and equipment		$	539,818			$	474,179
Capitalized inventory			47,374				50,536
Tradename/intangibles			49,111				47,443
Undistributed foreign earnings			167,968				181,822
Other			5,418				8,884
Total deferred tax liabilities		$	809,689			$	762,864
Net deferred tax (liability)		$	(271,271	)		$	(260,353	)
Non-current asset		$	13,831			$	22,532
Non-current liability			(285,102	)			(282,885	)
Total		$	(271,271	)		$	(260,353	)

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 30,             2016				January 31,             2015				February 1,             2014
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
Effective state income tax rate			3.5				3.6				3.6
Impact of foreign operations			(0.7	)			(0.9	)			(0.8	)
All other			(0.1	)			(0.1	)			(2.2	)
Worldwide effective income tax rate			37.7	%			37.6	%			35.6	%

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 30, 2016				January 31, 2015				February 1, 2014
Balance at beginning of year		$	55,619			$	48,680			$	148,777
Additions for uncertain tax positions taken in current year			2,248				4,771				4,212
Additions for uncertain tax positions taken in prior years			11,707				5,278				5,096
Reductions for uncertain tax positions taken in prior years			(23,874	)			(2,747	)			(69,292	)
Reductions resulting from lapse of statute of limitations			(389	)			—				(317	)
Settlements with tax authorities			(1,985	)			(363	)			(39,796	)
Balance at end of year		$	43,326			$	55,619			$	48,680

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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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.

+ References

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-Publisher FASB
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-SubTopic 10
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