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Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Components of Income Before Income Taxes

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

		Fiscal Year Ended
In thousands		February 3, 2018				January 28, 2017				January 30, 2016
			(53 weeks	)
United States		$	3,255,057			$	3,196,370			$	3,102,304
Foreign			601,531				526,673				555,996
Income before provision for income taxes		$	3,856,588			$	3,723,043			$	3,658,300

Provision for Income Taxes

The provision for income taxes includes the following:

		Fiscal Year Ended
In thousands		February 3, 2018				January 28, 2017				January 30, 2016
			(53 weeks	)
Current:
Federal		$	1,063,141			$	1,068,778			$	992,094
State			160,650				213,505				208,357
Foreign			161,974				148,367				149,408
Deferred:
Federal			(164,523	)			(3,107	)			34,620
State			27,595				(10,583	)			(9,979	)
Foreign			(197	)			7,849				6,142
Provision for income taxes		$	1,248,640			$	1,424,809			$	1,380,642

Net Deferred Tax (Liabilities) Assets

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

		Fiscal Year Ended
In thousands		February 3, 2018				January 28, 2017
Deferred tax assets:
Net operating loss carryforward		$	40,088			$	27,396
Reserves for lease obligations			3,637				5,107
Pension, stock compensation, postretirement and employee benefits			232,887				412,391
Leases			42,999				57,223
Accruals and reserves			51,281				67,662
Other			25,599				48,463
Total gross deferred tax assets		$	396,491			$	618,242
Valuation allowance			(42,332	)			(29,273	)
Net deferred tax asset		$	354,159			$	588,969
Deferred tax liabilities:
Property, plant and equipment		$	437,621			$	569,377
Capitalized inventory			45,125				51,077
Tradename/intangibles			12,628				51,976
Undistributed foreign earnings			65,013				213,948
Other			20,271				10,398
Total deferred tax liabilities		$	580,658			$	896,776
Net deferred tax (liability)		$	(226,499	)		$	(307,807	)
Non-current asset		$	6,558			$	6,193
Non-current liability			(233,057	)			(314,000	)
Total		$	(226,499	)		$	(307,807	)

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
		February 3,             2018				January 28,             2017				January 30,             2016
		(53 weeks)
U.S. federal statutory income tax rate			33.7	%			35.0	%			35.0	%
Effective state income tax rate			3.6				3.5				3.5
Impact of foreign operations			(0.1	)			(0.2	)			(0.7	)
Excess share-based compensation			(1.3	)			—				—
Impact of 2017 Tax Act			(2.3	)			—				—
All other			(1.2	)			—				(0.1	)
Worldwide effective income tax rate			32.4	%			38.3	%			37.7	%

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		February 3, 2018				January 28, 2017				January 30, 2016
Balance at beginning of year		$	49,092			$	43,326			$	55,619
Additions for uncertain tax positions taken in current year			6,504				7,018				2,248
Additions for uncertain tax positions taken in prior years			7,990				327				11,707
Reductions for uncertain tax positions taken in prior years			(587	)			(334	)			(23,874	)
Reductions resulting from lapse of statute of limitations			(1,295	)			(1,245	)			(389	)
Settlements with tax authorities			—				—				(1,985	)
Balance at end of year		$	61,704			$	49,092			$	43,326

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=84230637&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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-Name Accounting Standards Codification
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-SubTopic 10
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- Definition

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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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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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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-Publisher FASB
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