Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

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 3, 2024		January 28, 2023		January 29, 2022
	(53 weeks)
United States	$	5,077	$	4,029	$	3,934
Foreign	890		607		464
Income before income taxes	$	5,967	$	4,636	$	4,398

Summary of Provision for Income Taxes

The provision for income taxes includes the following:

	Fiscal Year Ended
In millions	February 3, 2024		January 28, 2023		January 29, 2022
	(53 weeks)
Current:
Federal	$	982	$	656	$	766
State	344		233		271
Foreign	175		185		122
Deferred:
Federal	6		52		(32)
State	(34)		0		(26)
Foreign	20		12		14
Provision for income taxes	$	1,493	$	1,138	$	1,115

Summary of Net Deferred Tax (Liabilities) Assets

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

	Fiscal Year Ended
In millions	February 3, 2024		January 28, 2023
Deferred tax assets:
Net operating loss carryforward	$	137	$	156
Pension, stock compensation, postretirement and employee benefits	388		326
Operating lease liabilities	2,589		2,500
Accruals and reserves	274		245
Other	17		14
Total gross deferred tax assets	$	3,405	$	3,241
Valuation allowance	(63)		(86)
Total deferred tax asset	$	3,342	$	3,155
Deferred tax liabilities:
Property, plant and equipment	$	701	$	628
Capitalized inventory	68		61
Operating lease right of use assets	2,492		2,404
Tradename/intangibles	23		21
Undistributed foreign earnings	29		5
Other	5		5
Total deferred tax liabilities	$	3,318	$	3,124
Net deferred tax asset	$	24	$	31
Non-current asset	$	172	$	158
Non-current liability	(148)		(127)
Total	$	24	$	31

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 3, 2024		January 28, 2023		January 29, 2022
	(53 weeks)
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Effective state income tax rate	4.2		4.3		4.6
Impact of foreign operations	0.9		1.1		0.9
Excess share-based compensation	(0.8)		(1.0)		(1.2)
Tax credits	(0.2)		(0.3)		(0.3)
Nondeductible/nontaxable items	0.1		(0.1)		0.2
All other	(0.2)		(0.5)		0.2
Worldwide effective income tax rate	25.0	%	24.5	%	25.4	%

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	February 3, 2024		January 28, 2023		January 29, 2022
Balance, beginning of year	$	266	$	280	$	269
Additions for uncertain tax positions taken in current year	6		8		10
Additions for uncertain tax positions taken in prior years	—		7		3
Reductions for uncertain tax positions taken in prior years	—		(2)		—
Reductions resulting from lapse of statute of limitations	(19)		(18)		(2)
Settlements with tax authorities	(27)		(9)		—
Balance, end of year	$	226	$	266	$	280