Company: TJX
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0000109198-25-000010
Chunk: 79

Company: TJX COMPANIES INC /DE/
Filing Date: 2025-04-02
Form: 10-K
Item: Item 8
Chunk 79
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 communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 

Income Tax Provision

As described in Note K to the consolidated financial statements, the Company recorded a provision for income taxes of $1.6 billion for the year ended February 1, 2025 and has a deferred tax liability net of deferred tax assets of $8 million, including a valuation allowance of $51 million, as of February 1, 2025. The Company is subject to taxation in the United States, as well as multiple state, local and foreign jurisdictions. The use of estimates and judgments, as well as the interpretation and application of complex tax laws is required by management to determine its provision for income taxes. 

The principal considerations for our determination that performing procedures relating to the provision for income taxes is a critical audit matter are (i) the significant judgment by management when determining the provision for income taxes, which led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures relating to the provision for income taxes.  

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the provision for income taxes. These procedures also included, among others, testing the provision for income taxes, including the rate reconciliation, current and deferred tax provision, and the application of tax laws and regulations. 

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 2, 2025 

We have served as the Company’s auditor since 1962.

F-3

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

IN MILLIONS EXCEPT PER SHARE AMOUNTS

  Fiscal Year EndedFebruary 1,2025February 3,2024January 28,2023(53 weeks)Net sales$56,360 $54,217 $49,936 Cost of sales, including buying and occupancy costs39,112 37,951 36,149 Selling, general and administrative expenses10,