THE TJX COMPANIES, INC. Consolidated Statements of Income
Compute NOPAT Using Tax Rates from Tax Footnote THE TJX COMPANIES, INC. | |
Fiscal Year Ended ($ thousands) | January 29, 2011 |
Net sales | $21,942,193 |
Cost of sales, including buying and occupancy costs | 16,040,461 |
Selling, general and administrative expenses | 3,710,053 |
Provision (credit) for computer intrusion related costs | (11,550) |
Interest expense (revenue), net | 39,137 |
Income from continuing operations before provision for income taxes | 2,164,092 |
Provision for income taxes | 824,562 |
Income from continuing operations | 1,339,530 |
Gain from discontinued operations, net of income taxes | 3,611 |
Net income | $ 1,343,141 |
U.S. federal statutory income tax rate | 35.0% |
Effective state income tax rate | 4.1% |
Impact of foreign operation | -0.5% |
All other | -0.5% |
Worldwide effective income tax rate | 38.1% |
Compute TJX's NOPAT for 2011 using its income tax footnote disclosure. (The Federal and State tax rate for 2011 as reported by TJX's tax footnote is: 39.1%). Round to the nearest whole number.
2011 NOPAT = $Answer
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Solution: THE TJX COMPANIES, INC. Consolidated Statements of Income