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Income Taxes | 9 Months Ended
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Nov. 02, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The effective income tax rate was 26.2% for the third quarter of fiscal 2020 and 27.2% for the third quarter of fiscal 2019. The effective income tax rate was 25.7% for the first nine months of fiscal 2020 and 25.9% for the first nine months of fiscal 2019. The decrease in the effective income tax rate was primarily due to the reduced impact of foreign operations and jurisdictional mix of income. TJX had net unrecognized tax benefits of $245.8 million as of November 2, 2019, $233.4 million as of February 2, 2019 and $65.3 million as of November 3, 2018. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy classifies interest and penalties related to income tax matters as part of income tax expense. The total accrued amount on the Consolidated Balance Sheets for interest and penalties was $29.3 million as of November 2, 2019, $23.6 million as of February 2, 2019 and $13.8 million as of November 3, 2018. Based on the outcome of tax examinations or judicial or administrative proceedings, or as a result of the expiration of statutes of limitations in specific jurisdictions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those presented in the Consolidated Financial Statements. During the next 12 months, it is reasonably possible that tax examinations of prior years’ tax returns or judicial or administrative proceedings that reflect such positions taken by TJX may be finalized. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings, by a range of zero to $33 million.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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