TJ Maxx 2014 Annual Report Download - page 91

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TJX had net deferred tax (liabilities) assets as follows:
Fiscal Year Ended
In thousands
January 31,
2015
February 1,
2014
Deferred tax assets:
Net operating loss carryforward $ 18,305 $ 25,711
Reserves for lease obligations and computer intrusion 16,242 29,108
Pension, stock compensation, postretirement and employee benefits 351,171 280,381
Leases 47,464 43,966
Other 74,451 66,984
Total gross deferred tax assets 507,633 446,150
Valuation allowance (5,122) (4,359)
Net deferred tax asset $ 502,511 $ 441,791
Deferred tax liabilities:
Property, plant and equipment $ 474,179 $ 432,262
Capitalized inventory 50,536 48,612
Tradename/intangibles 47,443 45,528
Undistributed foreign earnings 181,822 217,916
Other 8,884 10,397
Total deferred tax liabilities $ 762,864 $ 754,715
Net deferred tax (liability) $(260,353) $(312,924)
Current asset $ 137,617 $ 101,639
Non-current asset 24,546 31,508
Non-current liability (422,516) (446,071)
Total $(260,353) $(312,924)
TJX has provided for deferred U.S. taxes on all undistributed earnings through January 31, 2015 from its
subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong, and Australia. For all other foreign subsidiaries, no
income taxes have been provided on the approximately $566.6 million of undistributed earnings as of January 31,
2015 because such earnings are considered to be indefinitely reinvested in the business. A determination of the
amount of unrecognized deferred tax liability related to the undistributed earnings is not practicable because of the
complexities associated with the hypothetical calculations.
As of January 31, 2015, TJX had available for state income tax purposes net operating loss carryforwards of
$61.5 million which expire, if unused, in the years 2016 through 2034. As of February 1, 2014, TJX had available for
state income tax purposes net operating loss carryforwards of $35.9 million. TJX has analyzed the realization of the
state net operating loss carryforwards on an individual state basis. For those states where the Company has
determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation
allowance of $5.1 million has been provided for the deferred tax asset as of January 31, 2015, and $4.4 million as of
February 1, 2014.
As of January 31, 2015, TJX had available for foreign income tax purposes (primarily related to Germany and
Poland) net operating loss carryforwards of $48.3 million, of which $2.8 million will expire, if unused, in the years 2016
through 2018. The remaining loss carryforwards do not expire. As of February 1, 2014, TJX had available for foreign
income tax purposes (primarily related to Germany and Poland) net operating loss carryforwards of $77.1 million.
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