Question
Compute NOPAT using tax rates from tax footnote The income statement for the TJX Companies, inc., follows. THE TJX COMPANIES, INC. Consolidated Statements of IncomeFiscal
Compute NOPAT using tax rates from tax footnote The income statement for the TJX Companies, inc., follows.
THE TJX COMPANIES, INC. Consolidated Statements of IncomeFiscal Year Ended ($ thousands) February 2, 2013
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 $2,614,092
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 rate35.0% Effective state income tax rate 4.2% Impact of foreign operation-0.9% All other-0.3% Worldwide effective income tax rate38.0%
Compute TJX's NOPAT for 2013 using its income tax footnote disclosure. (The Federal and State tax rate for 2013 as reported by TJX's tax footnote is: 39.2%). Round to the nearest whole number. 2013 NOPAT = ?
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