Compute NOPAT Using Tax Rates from Tax Footnote

The income statement for TJX Companies follows.

THE TJX COMPANIES, INC.

Consolidated Statements of IncomeFiscal Year Ended ($ thousands)

January 30, 2016

Net sales$30,944,938

Cost of sales, including buying and occupancy costs22,034,523

Selling, general and administrative expenses5,205,715

Interest expense, net46,400

Income before provision for income taxes3,658,300

Provision for income taxes1,380,642

Net income$ 2,277,658U.S. federal statutory income tax rate35.0%

Effective state income tax rate3.5%

Impact of foreign operation-0.7%

All other-0.1%

Worldwide effective income tax rate37.7%

a. Compute TJX's fiscal year 2015 statutory tax rate using its income tax footnote disclosure.

Round answer to one decimal place (ex: 0.2345 = 23.5%).