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Income Taxes (Tables)

12 Months Ended

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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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.

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