TJ Maxx 2015 Annual Report Download - page 90

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Note K. Income Taxes
For financial reporting purposes, components of income before income taxes are as follows:
Fiscal Year Ended
In thousands
January 30,
2016
January 31,
2015
February 1,
2014
United States $3,102,304 $2,943,745 $2,746,925
Foreign 555,996 606,139 572,564
Income before provision for income taxes $3,658,300 $3,549,884 $3,319,489
The provision for income taxes includes the following:
Fiscal Year Ended
In thousands
January 30,
2016
January 31,
2015
February 1,
2014
Current:
Federal $ 992,094 $ 896,672 $ 815,811
State 208,357 180,616 177,009
Foreign 149,408 155,398 136,626
Deferred:
Federal 34,620 87,057 73,206
State (9,979) 14,231 5,928
Foreign 6,142 782 (26,487)
Provision for income taxes $1,380,642 $1,334,756 $1,182,093
TJX had net deferred tax (liabilities) assets as follows:
Fiscal Year Ended
In thousands
January 30,
2016
January 31,
2015
Deferred tax assets:
Net operating loss carryforward $ 18,872 $ 18,305
Reserves for lease obligations and computer intrusion 7,623 16,242
Pension, stock compensation, postretirement and employee benefits 380,523 351,171
Leases 51,823 47,464
Other 91,575 74,451
Total gross deferred tax assets $ 550,416 $ 507,633
Valuation allowance (11,998) (5,122)
Net deferred tax asset $ 538,418 $ 502,511
Deferred tax liabilities:
Property, plant and equipment $ 539,818 $ 474,179
Capitalized inventory 47,374 50,536
Tradename/intangibles 49,111 47,443
Undistributed foreign earnings 167,968 181,822
Other 5,418 8,884
Total deferred tax liabilities $ 809,689 $ 762,864
Net deferred tax (liability) $(271,271) $(260,353)
Non-current asset $ 13,831 $ 22,532
Non-current liability (285,102) (282,885)
Total $(271,271) $(260,353)
In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740), Balance Sheet Classification of
Deferred Taxes.” This guidance requires deferred tax liabilities, deferred tax assets and valuation allowances be
classified as non-current in a classified balance sheet. This ASU is effective for annual reporting periods beginning
after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted and may be
F-29