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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2020
Income Tax Disclosure [Abstract] |
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 1, 2020 | February 2, 2019 | February 3, 2018
|  |  | (53 weeks)
United States | $ | 3,742,227 |  | $ | 3,463,785 |  | $ | 3,255,057 |
Foreign | 663,956 |  | 709,426 |  | 601,531 |
Income before provision for income taxes | $ | 4,406,183 |  | $ | 4,173,211 |  | $ | 3,856,588 |
Provision for Income Taxes | The provision for income taxes includes the following:
| Fiscal Year Ended |  |
In thousands | February 1, 2020 | February 2, 2019 | February 3, 2018
|  |  | (53 weeks)
Current: |  |  |
Federal | $ | 708,508 |  | $ | 711,369 |  | $ | 1,063,141 |
State | 250,830 |  | 251,187 |  | 160,650 |
Foreign | 181,061 |  | 238,692 |  | 161,974 |
Deferred: |  |  |
Federal | 9,409 |  | (62,278) |  | (164,523) |
State | (8,203) |  | (27,831) |  | 27,595 |
Foreign | (7,615) |  | 2,274 |  | (197) |
Provision for income taxes | $ | 1,133,990 |  | $ | 1,113,413 |  | $ | 1,248,640 |
Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax (liabilities) assets as follows:
| Fiscal Year Ended |
In thousands | February 1, 2020 | February 2, 2019
Deferred tax assets: |  |
Net operating loss carryforward | $ | 57,886 |  | $ | 49,489 |
Reserves for lease obligations | 3,114 |  | 2,799 |
Pension, stock compensation, postretirement and employee benefits | 290,144 |  | 273,482 |
Leases(a) | — |  | 45,740 |
Operating lease liabilities(a) | 2,384,486 |  | — |
Accruals and reserves | 54,550 |  | 42,709 |
Other | 83,707 |  | 65,776 |
Total gross deferred tax assets | $ | 2,873,887 |  | $ | 479,995 |
Valuation allowance | (60,086) |  | (51,711) |
Net deferred tax asset | $ | 2,813,801 |  | $ | 428,284 |
Deferred tax liabilities: |  |
Property, plant and equipment | $ | 557,848 |  | $ | 497,906 |
Capitalized inventory | 46,778 |  | 42,981 |
Operating lease right of use assets(a) | 2,315,690 |  | — |
Tradename/intangibles | 15,705 |  | 14,019 |
Undistributed foreign earnings | 1,806 |  | 1,856 |
Other | 6,012 |  | 23,246 |
Total deferred tax liabilities | $ | 2,943,839 |  | $ | 580,008 |
Net deferred tax (liability) | $ | (130,038) |  | $ | (151,724) |
Non-current asset | $ | 12,132 |  | $ | 6,467 |
Non-current liability | (142,170) |  | (158,191) |
Total | $ | (130,038) |  | $ | (151,724) |
(a) See Leases in Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for impact of lease accounting changes.
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 1, 2020 | February 2, 2019 | February 3, 2018
|  |  | (53 weeks)
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | 33.7 | %
Effective state income tax rate | 4.6 |  | 4.5 |  | 3.6 |
Impact of foreign operations | 0.8 |  | 1.2 |  | (0.1) |
Excess share-based compensation | (1.3) |  | (1.2) |  | (1.3) |
Impact of 2017 Tax Act | — |  | 1.5 |  | (2.3) |
All other | 0.6 |  | (0.3) |  | (1.2) |
Worldwide effective income tax rate | 25.7 | % | 26.7 | % | 32.4 | %
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 1, 2020 | February 2, 2019 | February 3, 2018
Balance, beginning of year | $ | 244,195 |  | $ | 61,704 |  | $ | 49,092 |
Additions for uncertain tax positions taken in current year | 21,559 |  | 7,406 |  | 6,504 |
Additions for uncertain tax positions taken in prior years | 722 |  | 177,741 |  | 7,990 |
Reductions for uncertain tax positions taken in prior years | — |  | — |  | (587) |
Reductions resulting from lapse of statute of limitations | (4,022) |  | (1,388) |  | (1,295) |
Settlements with tax authorities | (3,095) |  | (1,268) |  | — |
Balance, end of year | $ | 259,359 |  | $ | 244,195 |  | $ | 61,704 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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