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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Summary of Components of Income Before Income Taxes | For financial reporting purposes, components of income before income taxes are as follows:
| Fiscal Year Ended
In millions | February 1, 2025 | February 3, 2024 | January 28, 2023
|  | (53 weeks) |
United States | $ | 5,541 |  | $ | 5,077 |  | $ | 4,029 |
Foreign | 942 |  | 890 |  | 607 |
Income before income taxes | $ | 6,483 |  | $ | 5,967 |  | $ | 4,636 |
Summary of Provision for Income Taxes | The provision for income taxes includes the following:
| Fiscal Year Ended
In millions | February 1, 2025 | February 3, 2024 | January 28, 2023
|  | (53 weeks) |
Current: |  |  |
Federal | $ | 1,009 |  | $ | 982 |  | $ | 656 |
State | 338 |  | 344 |  | 233 |
Foreign | 244 |  | 175 |  | 185 |
Deferred: |  |  |
Federal | 9 |  | 6 |  | 52 |
State | 14 |  | (34) |  | 0 |
Foreign | 5 |  | 20 |  | 12 |
Provision for income taxes | $ | 1,619 |  | $ | 1,493 |  | $ | 1,138 |
Summary of Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax (liabilities) assets as follows:
| Fiscal Year Ended
In millions | February 1, 2025 | February 3, 2024
Deferred tax assets: |  |
Net operating loss carryforward | $ | 104 |  | $ | 137 |
Pension, stock compensation, postretirement and employee benefits | 392 |  | 388 |
Operating lease liabilities | 2,634 |  | 2,589 |
Accruals and reserves | 300 |  | 274 |
Other | 20 |  | 17 |
Total gross deferred tax assets | $ | 3,450 |  | $ | 3,405 |
Valuation allowance | (51) |  | (63) |
Total deferred tax asset | $ | 3,399 |  | $ | 3,342 |
Deferred tax liabilities: |  |
Property, plant and equipment | $ | 742 |  | $ | 701 |
Capitalized inventory | 73 |  | 68 |
Operating lease right of use assets | 2,540 |  | 2,492 |
Tradename/intangibles | 24 |  | 23 |
Undistributed foreign earnings | 23 |  | 29 |
Other | 5 |  | 5 |
Total deferred tax liabilities | $ | 3,407 |  | $ | 3,318 |
Net deferred tax (liability) asset | $ | (8) |  | $ | 24 |
Non-current asset | $ | 148 |  | $ | 172 |
Non-current liability | (156) |  | (148) |
Total | $ | (8) |  | $ | 24 |
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, 2025 | February 3, 2024 | January 28, 2023
|  | (53 weeks) |
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
Effective state income tax rate | 4.5 |  | 4.2 |  | 4.3 |
Impact of foreign operations | 1.0 |  | 0.9 |  | 1.1 |
Excess share-based compensation | (1.3) |  | (0.8) |  | (1.0) |
Tax credits | (0.2) |  | (0.2) |  | (0.3) |
Nondeductible/nontaxable items | 0.1 |  | 0.1 |  | (0.1) |
All other | (0.1) |  | (0.2) |  | (0.5) |
Worldwide effective income tax rate | 25.0 | % | 25.0 | % | 24.5 | %
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 | February 1, 2025 | February 3, 2024 | January 28, 2023
Balance, beginning of year | $ | 226 |  | $ | 266 |  | $ | 280 |
Additions for uncertain tax positions taken in current year | 4 |  | 6 |  | 8 |
Additions for uncertain tax positions taken in prior years | 61 |  | — |  | 7 |
Reductions for uncertain tax positions taken in prior years | (20) |  | — |  | (2) |
Reductions resulting from lapse of statute of limitations | (2) |  | (19) |  | (18) |
Settlements with tax authorities | (8) |  | (27) |  | (9) |
Balance, end of year | $ | 261 |  | $ | 226 |  | $ | 266 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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