Income Taxes |
3 Months Ended |
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May 02, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes have not had a material impact on the Company’s income tax provision for the first quarter of fiscal 2027. A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. A comprehensive Side-by-Side Package was released in January 2026, introducing additional safe harbors and options for companies headquartered in jurisdictions with a qualified Side-by-Side regime. Member countries must enact local legislation or update existing regulations to adopt and incorporate the Pillar Two Side-by-Side Package. We continue to evaluate the impacts of proposed and enacted legislation for the jurisdictions in which TJX operates. The effective income tax rate was 22.6% for the first quarter of fiscal 2027 and 23.0% for the first quarter of fiscal 2026. The decrease in the effective income tax rate for the first quarter of fiscal 2027 was primarily due to the increase in an excess tax benefit from share-based compensation and a benefit from the acquisition of federal tax credits, partially offset by a reduction of benefits from audit settlements. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. For the U.S. federal income tax purposes, fiscal years through 2010 are no longer subject to examination. The Company is under examination in various jurisdictions, including the U.S. (federal, state, and local) as well as foreign, and believes it has adequately provided for all tax positions in such jurisdictions.
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