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Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2023
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 millions | January 28, 2023 | January 29, 2022 | January 30, 2021
United States | $ | 4,029 |  | $ | 3,934 |  | $ | 642 |
Foreign | 607 |  | 464 |  | (553) |
Income before income taxes | $ | 4,636 |  | $ | 4,398 |  | $ | 89 |
Provision for Income Taxes | The provision (benefit) for income taxes includes the following:
| Fiscal Year Ended
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021
Current: |  |  |
Federal | $ | 656 |  | $ | 766 |  | $ | 190 |
State | 233 |  | 271 |  | 36 |
Foreign | 185 |  | 122 |  | 5 |
Deferred: |  |  |
Federal | 52 |  | (32) |  | (98) |
State | 0 |  | (26) |  | (25) |
Foreign | 12 |  | 14 |  | (109) |
Provision (benefit) for income taxes | $ | 1,138 |  | $ | 1,115 |  | $ | (1) |
Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax assets (liabilities) as follows:
| Fiscal Year Ended
In millions | January 28, 2023 | January 29, 2022
Deferred tax assets: |  |
Net operating loss carryforward | $ | 156 |  | $ | 159 |
Pension, stock compensation, postretirement and employee benefits | 326 |  | 368 |
Operating lease liabilities | 2,500 |  | 2,379 |
Accruals and reserves | 245 |  | 237 |
Other | 14 |  | 13 |
Total gross deferred tax assets | $ | 3,241 |  | $ | 3,156 |
Valuation allowance | (86) |  | (85) |
Total deferred tax asset | $ | 3,155 |  | $ | 3,071 |
Deferred tax liabilities: |  |
Property, plant and equipment | $ | 628 |  | $ | 553 |
Capitalized inventory | 61 |  | 48 |
Operating lease right of use assets | 2,404 |  | 2,289 |
Tradename/intangibles | 21 |  | 19 |
Undistributed foreign earnings | 5 |  | 9 |
Other | 5 |  | 12 |
Total deferred tax liabilities | $ | 3,124 |  | $ | 2,930 |
Net deferred tax asset | $ | 31 |  | $ | 141 |
Non-current asset | $ | 158 |  | $ | 185 |
Non-current liability | (127) |  | (44) |
Total | $ | 31 |  | $ | 141 |
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 28, 2023 | January 29, 2022 | January 30, 2021
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
Effective state income tax rate | 4.3 |  | 4.6 |  | 28.1 |
Impact of foreign operations | 1.1 |  | 0.9 |  | 21.4 |
Excess share-based compensation | (1.0) |  | (1.2) |  | (59.4) |
Tax credits | (0.3) |  | (0.3) |  | (8.9) |
Nondeductible/nontaxable items | (0.1) |  | 0.2 |  | (3.3) |
All other | (0.5) |  | 0.2 |  | (0.3) |
Worldwide effective income tax rate | 24.5 | % | 25.4 | % | (1.4) | %
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 millions | January 28, 2023 | January 29, 2022 | January 30, 2021
Balance, beginning of year | $ | 280 |  | $ | 269 |  | $ | 259 |
Additions for uncertain tax positions taken in current year | 8 |  | 10 |  | 12 |
Additions for uncertain tax positions taken in prior years | 7 |  | 3 |  | 1 |
Reductions for uncertain tax positions taken in prior years | (2) |  | — |  | — |
Reductions resulting from lapse of statute of limitations | (18) |  | (2) |  | (3) |
Settlements with tax authorities | (9) |  | — |  | 0 |
Balance, end of year | $ | 266 |  | $ | 280 |  | $ | 269 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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