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Income Taxes (Tables)

12 Months Ended

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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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 of the change in unrecognized tax benefits.

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