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Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

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			January 30, 2021			February 1, 2020			February 2, 2019
United States			$	642,482		$	3,742,227		$	3,463,785
Foreign			(553,219)			663,956			709,426
Income before income taxes			$	89,263		$	4,406,183		$	4,173,211

Provision for Income Taxes

The (benefit) provision for income taxes includes the following:

			Fiscal Year Ended
In thousands			January 30, 2021			February 1, 2020			February 2, 2019
Current:
Federal			$	189,854		$	708,508		$	711,369
State			36,246			250,830			251,187
Foreign			4,985			181,061			238,692
Deferred:
Federal			(97,705)			9,409			(62,278)
State			(25,406)			(8,203)			(27,831)
Foreign			(109,181)			(7,615)			2,274
(Benefit) provision for income taxes			$	(1,207)		$	1,133,990		$	1,113,413

Net Deferred Tax (Liabilities) Assets

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

			Fiscal Year Ended
In thousands			January 30, 2021			February 1, 2020
Deferred tax assets:
Net operating loss carryforward			$	171,568		$	57,886
Pension, stock compensation, postretirement and employee benefits			272,872			290,144
Operating lease liabilities			2,409,392			2,384,486
Accruals and reserves			239,696			125,022
Other			14,750			16,349
Total gross deferred tax assets			$	3,108,278		$	2,873,887
Valuation allowance			(76,682)			(60,086)
Net deferred tax asset			$	3,031,596		$	2,813,801
Deferred tax liabilities:
Property, plant and equipment			$	530,675		$	557,848
Capitalized inventory			47,769			46,778
Operating lease right of use assets			2,321,733			2,315,690
Tradename / intangibles			17,391			15,705
Undistributed foreign earnings			4,789			1,806
Other			19,212			6,012
Total deferred tax liabilities			$	2,941,569		$	2,943,839
Net deferred tax asset (liability)			$	90,027		$	(130,038)
Non-current asset			$	127,191		$	12,132
Non-current liability			(37,164)			(142,170)
Total			$	90,027		$	(130,038)

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 30, 2021			February 1, 2020			February 2, 2019
U.S. federal statutory income tax rate			21.0		%	21.0		%	21.0		%
Effective state income tax rate			28.1			4.6			4.5
Impact of foreign operations			21.4			0.8			1.2
Excess share-based compensation			(59.4)			(1.3)			(1.2)
Tax credits			(8.9)			—			—
Nondeductible / nontaxable items			(3.3)			—			—
Impact of 2017 Tax Act			—			—			1.5
All other			(0.3)			0.6			(0.3)
Worldwide effective income tax rate			(1.4)		%	25.7		%	26.7		%

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			January 30, 2021			February 1, 2020			February 2, 2019
Balance, beginning of year			$	259,359		$	244,195		$	61,704
Additions for uncertain tax positions taken in current year			11,751			21,559			7,406
Additions for uncertain tax positions taken in prior years			834			722			177,741
Reductions resulting from lapse of statute of limitations			(2,352)			(4,022)			(1,388)
Settlements with tax authorities			(221)			(3,095)			(1,268)
Balance, end of year			$	269,371		$	259,359		$	244,195

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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.

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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.

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

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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.

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