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Income Taxes (Tables)

12 Months Ended

Jan. 28, 2017

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 28, 2017				January 30, 2016				January 31, 2015
United States		$	3,196,370			$	3,102,304			$	2,943,745
Foreign			526,673				555,996				606,139
Income before provision for income taxes		$	3,723,043			$	3,658,300			$	3,549,884

Provision for Income Taxes

The provision for income taxes includes the following:

		Fiscal Year Ended
In thousands		January 28, 2017				January 30, 2016				January 31, 2015
Current:
Federal		$	1,068,778			$	992,094			$	896,672
State			213,505				208,357				180,616
Foreign			148,367				149,408				155,398
Deferred:
Federal			(3,107	)			34,620				87,057
State			(10,583	)			(9,979	)			14,231
Foreign			7,849				6,142				782
Provision for income taxes		$	1,424,809			$	1,380,642			$	1,334,756

Net Deferred Tax (Liabilities) Assets

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

		Fiscal Year Ended
In thousands		January 28, 2017				January 30, 2016
Deferred tax assets:
Net operating loss carryforward		$	27,396			$	18,872
Reserves for lease obligations			5,107				7,623
Pension, stock compensation, postretirement and employee benefits			412,391				380,523
Leases			57,223				51,823
Accruals and reserves			67,662				60,498
Other			48,463				31,077
Total gross deferred tax assets		$	618,242			$	550,416
Valuation allowance			(29,273	)			(11,998	)
Net deferred tax asset		$	588,969			$	538,418
Deferred tax liabilities:
Property, plant and equipment		$	569,377			$	539,818
Capitalized inventory			51,077				47,374
Tradename/intangibles			51,976				49,111
Undistributed foreign earnings			213,948				167,968
Other			10,398				5,418
Total deferred tax liabilities		$	896,776			$	809,689
Net deferred tax (liability)		$	(307,807	)		$	(271,271	)
Non-current asset		$	6,193			$	13,831
Non-current liability			(314,000	)			(285,102	)
Total		$	(307,807	)		$	(271,271	)

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 28,             2017				January 30,             2016				January 31,             2015
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
Effective state income tax rate			3.5				3.5				3.6
Impact of foreign operations			(0.2	)			(0.7	)			(0.9	)
All other			—				(0.1	)			(0.1	)
Worldwide effective income tax rate			38.3	%			37.7	%			37.6	%

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 28, 2017				January 30, 2016				January 31, 2015
Balance at beginning of year		$	43,326			$	55,619			$	48,680
Additions for uncertain tax positions taken in current year			7,018				2,248				4,771
Additions for uncertain tax positions taken in prior years			327				11,707				5,278
Reductions for uncertain tax positions taken in prior years			(334	)			(23,874	)			(2,747	)
Reductions resulting from lapse of statute of limitations			(1,245	)			(389	)			—
Settlements with tax authorities			—				(1,985	)			(363	)
Balance at end of year		$	49,092			$	43,326			$	55,619

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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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.

+ References

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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

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

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-SubTopic 10
-Section S99
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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

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