Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

TJX Cos. Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Federal	982)	656)	766)	190)	709)	711)
State	344)	233)	270)	36)	251)	251)
Foreign	175)	185)	122)	5)	181)	239)
Current	1,501)	1,074)	1,159)	231)	1,140)	1,201)
Federal	6)	52)	(33)	(98)	9)	(62)
State	(34)	—)	(26)	(25)	(8)	(28)
Foreign	20)	12)	14)	(109)	(8)	2)
Deferred	(8)	64)	(44)	(232)	(6)	(88)
Provision (benefit) for income taxes	1,493)	1,138)	1,115)	(1)	1,134)	1,113)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	TJX Cos. Inc. current decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	TJX Cos. Inc. deferred increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Provision (benefit) for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	TJX Cos. Inc. provision (benefit) for income taxes increased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., effective income tax rate (EITR) reconciliation

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
Effective state income tax rate	4.20%	4.30%	4.60%	28.10%	4.60%	4.50%
Impact of foreign operations	0.90%	1.10%	0.90%	21.40%	0.80%	1.20%
Excess share-based compensation	-0.80%	-1.00%	-1.20%	-59.40%	-1.30%	-1.20%
Tax credits	-0.20%	-0.30%	-0.30%	-8.90%	0.00%	0.00%
Nondeductible/nontaxable items	0.10%	-0.10%	0.20%	-3.30%	0.00%	0.00%
All other	-0.20%	-0.50%	0.20%	-0.30%	0.60%	-0.30%
Worldwide effective income tax rate, before impact of 2017 Tax Act	25.00%	24.50%	25.40%	-1.40%	25.70%	25.20%
Impact of 2017 Tax Act	0.00%	0.00%	0.00%	0.00%	0.00%	1.50%
Worldwide effective income tax rate	25.00%	24.50%	25.40%	-1.40%	25.70%	26.70%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Worldwide effective income tax rate, before impact of 2017 Tax Act	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	TJX Cos. Inc. worldwide effective income tax rate, before impact of 2017 Tax Act decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

TJX Cos. Inc., components of deferred tax assets and liabilities

US$ in millions

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net operating loss carryforward	137)	156)	159)	172)	58)	49)
Reserves for lease obligations	—)	—)	—)	—)	3)	3)
Pension, stock compensation, postretirement and employee benefits	388)	326)	368)	273)	290)	273)
Leases	—)	—)	—)	—)	—)	46)
Operating lease liabilities	2,589)	2,500)	2,379)	2,409)	2,384)	—)
Accruals and reserves	274)	245)	237)	240)	55)	43)
Other	17)	14)	13)	15)	84)	66)
Gross deferred tax assets	3,405)	3,241)	3,156)	3,108)	2,874)	480)
Valuation allowance	(63)	(86)	(85)	(77)	(60)	(52)
Deferred tax assets	3,342)	3,155)	3,071)	3,032)	2,814)	428)
Property, plant and equipment	(701)	(628)	(553)	(531)	(558)	(498)
Capitalized inventory	(68)	(61)	(48)	(48)	(47)	(43)
Operating lease right of use assets	(2,492)	(2,404)	(2,289)	(2,322)	(2,316)	—)
Tradename/intangibles	(23)	(21)	(19)	(17)	(16)	(14)
Undistributed foreign earnings	(29)	(5)	(9)	(5)	(2)	(2)
Other	(5)	(5)	(12)	(19)	(6)	(23)
Deferred tax liabilities	(3,318)	(3,124)	(2,930)	(2,942)	(2,944)	(580)
Net deferred tax asset (liability)	24)	31)	141)	90)	(130)	(152)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	TJX Cos. Inc. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	TJX Cos. Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	TJX Cos. Inc. net deferred tax asset (liability) decreased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., deferred tax assets and liabilities, classification

US$ in millions

		Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
	Non-current deferred tax assets	172)	158)	185)	127)	12)	6)
	Non-current deferred tax liabilities	148)	127)	44)	37)	142)	158)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Non-current deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	TJX Cos. Inc. non-current deferred tax assets decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Non-current deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	TJX Cos. Inc. non-current deferred tax liabilities increased from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., adjustments to financial statements

US$ in millions

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Adjustment to Total Assets
Total assets (as reported)	29,747)	28,349)	28,461)	30,814)	24,145)	14,326)
Less: Noncurrent deferred tax assets, net	172)	158)	185)	127)	12)	6)
Total assets (adjusted)	29,575)	28,191)	28,276)	30,686)	24,133)	14,320)
Adjustment to Total Liabilities
Total liabilities (as reported)	22,445)	21,985)	22,458)	24,981)	18,197)	9,277)
Less: Noncurrent deferred tax liabilities, net	148)	127)	44)	37)	142)	158)
Total liabilities (adjusted)	22,297)	21,858)	22,414)	24,944)	18,055)	9,119)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	7,302)	6,364)	6,003)	5,833)	5,948)	5,049)
Less: Net deferred tax assets (liabilities)	24)	31)	141)	90)	(130)	(152)
Shareholders’ equity (adjusted)	7,278)	6,333)	5,862)	5,743)	6,078)	5,200)
Adjustment to Net Income
Net income (as reported)	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Add: Deferred income tax expense (benefit)	(8)	64)	(44)	(232)	(6)	(88)
Net income (adjusted)	4,466)	3,562)	3,239)	(142)	3,266)	2,972)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

TJX Cos. Inc., Financial Data: Reported vs. Adjusted

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TJX Cos. Inc., adjusted financial ratios

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net Profit Margin
Reported net profit margin	8.25%	7.00%	6.76%	0.28%	7.84%	7.85%
Adjusted net profit margin	8.24%	7.13%	6.67%	-0.44%	7.83%	7.63%
Total Asset Turnover
Reported total asset turnover	1.82	1.76	1.71	1.04	1.73	2.72
Adjusted total asset turnover	1.83	1.77	1.72	1.05	1.73	2.72
Financial Leverage
Reported financial leverage	4.07	4.45	4.74	5.28	4.06	2.84
Adjusted financial leverage	4.06	4.45	4.82	5.34	3.97	2.75
Return on Equity (ROE)
Reported ROE	61.27%	54.97%	54.69%	1.55%	55.01%	60.61%
Adjusted ROE	61.36%	56.25%	55.25%	-2.47%	53.73%	57.15%
Return on Assets (ROA)
Reported ROA	15.04%	12.34%	11.53%	0.29%	13.55%	21.36%
Adjusted ROA	15.10%	12.64%	11.45%	-0.46%	13.53%	20.75%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	TJX Cos. Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	TJX Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	TJX Cos. Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	TJX Cos. Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	TJX Cos. Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Net sales	54,217)	49,936)	48,550)	32,137)	41,717)	38,973)
Profitability Ratio
Net profit margin¹	8.25%	7.00%	6.76%	0.28%	7.84%	7.85%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	4,466)	3,562)	3,239)	(142)	3,266)	2,972)
Net sales	54,217)	49,936)	48,550)	32,137)	41,717)	38,973)
Profitability Ratio
Adjusted net profit margin²	8.24%	7.13%	6.67%	-0.44%	7.83%	7.63%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Net sales
= 100 × 4,474 ÷ 54,217 = 8.25%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 4,466 ÷ 54,217 = 8.24%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	TJX Cos. Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales	54,217)	49,936)	48,550)	32,137)	41,717)	38,973)
Total assets	29,747)	28,349)	28,461)	30,814)	24,145)	14,326)
Activity Ratio
Total asset turnover¹	1.82	1.76	1.71	1.04	1.73	2.72
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales	54,217)	49,936)	48,550)	32,137)	41,717)	38,973)
Adjusted total assets	29,575)	28,191)	28,276)	30,686)	24,133)	14,320)
Activity Ratio
Adjusted total asset turnover²	1.83	1.77	1.72	1.05	1.73	2.72

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 54,217 ÷ 29,747 = 1.82

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 54,217 ÷ 29,575 = 1.83

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	TJX Cos. Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	29,747)	28,349)	28,461)	30,814)	24,145)	14,326)
Shareholders’ equity	7,302)	6,364)	6,003)	5,833)	5,948)	5,049)
Solvency Ratio
Financial leverage¹	4.07	4.45	4.74	5.28	4.06	2.84
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	29,575)	28,191)	28,276)	30,686)	24,133)	14,320)
Adjusted shareholders’ equity	7,278)	6,333)	5,862)	5,743)	6,078)	5,200)
Solvency Ratio
Adjusted financial leverage²	4.06	4.45	4.82	5.34	3.97	2.75

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 29,747 ÷ 7,302 = 4.07

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 29,575 ÷ 7,278 = 4.06

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	TJX Cos. Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Shareholders’ equity	7,302)	6,364)	6,003)	5,833)	5,948)	5,049)
Profitability Ratio
ROE¹	61.27%	54.97%	54.69%	1.55%	55.01%	60.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	4,466)	3,562)	3,239)	(142)	3,266)	2,972)
Adjusted shareholders’ equity	7,278)	6,333)	5,862)	5,743)	6,078)	5,200)
Profitability Ratio
Adjusted ROE²	61.36%	56.25%	55.25%	-2.47%	53.73%	57.15%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 4,474 ÷ 7,302 = 61.27%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 4,466 ÷ 7,278 = 61.36%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	TJX Cos. Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Total assets	29,747)	28,349)	28,461)	30,814)	24,145)	14,326)
Profitability Ratio
ROA¹	15.04%	12.34%	11.53%	0.29%	13.55%	21.36%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	4,466)	3,562)	3,239)	(142)	3,266)	2,972)
Adjusted total assets	29,575)	28,191)	28,276)	30,686)	24,133)	14,320)
Profitability Ratio
Adjusted ROA²	15.10%	12.64%	11.45%	-0.46%	13.53%	20.75%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 4,474 ÷ 29,747 = 15.04%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,466 ÷ 29,575 = 15.10%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	TJX Cos. Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc. (NYSE:TJX)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

TJX Cos. Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

TJX Cos. Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)