Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | |||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Cost of sales, including buying and occupancy costs | ||||||||||||||
Selling, general and administrative expenses | ||||||||||||||
Impairment on equity investment | ||||||||||||||
Loss on early extinguishment of debt | ||||||||||||||
Interest (income) expense, net | ( | |||||||||||||
Income before income taxes | ||||||||||||||
Provision for income taxes | ||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||
Weighted average common shares – basic | ||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ||||||||||
Weighted average common shares – diluted |
Thirteen Weeks Ended | ||||||||
October 29, 2022 | October 30, 2021 | |||||||
Net income | $ | $ | ||||||
Additions to other comprehensive (loss): | ||||||||
Foreign currency translation adjustments, net of related tax benefit of $ | ( | ( | ||||||
Reclassifications from other comprehensive (loss) to net income: | ||||||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $ | ||||||||
Other comprehensive (loss), net of tax | ( | ( | ||||||
Total comprehensive income | $ | $ |
Thirty-Nine Weeks Ended | ||||||||
October 29, 2022 | October 30, 2021 | |||||||
Net income | $ | $ | ||||||
Additions to other comprehensive (loss) income: | ||||||||
Foreign currency translation adjustments, net of related tax benefit of $ | ( | |||||||
Reclassifications from other comprehensive (loss) to net income: | ||||||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $ | ||||||||
Amortization of loss on cash flow hedge, net of related tax provision of $ | ( | |||||||
Other comprehensive (loss) income, net of tax | ( | |||||||
Total comprehensive income | $ | $ |
October 29, 2022 | January 29, 2022 | October 30, 2021 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Accounts receivable, net | |||||||||||
Merchandise inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Federal, state and foreign income taxes recoverable | |||||||||||
Total current assets | |||||||||||
Net property at cost | |||||||||||
Non-current deferred income taxes, net | |||||||||||
Operating lease right of use assets | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | $ | ||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | $ | ||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Federal, state and foreign income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Non-current deferred income taxes, net | |||||||||||
Long-term operating lease liabilities | |||||||||||
Long-term debt | |||||||||||
Commitments and contingencies (See Note K) | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, authorized | |||||||||||
Common stock, authorized | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | ( | ||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ | $ |
Thirty-Nine Weeks Ended | ||||||||
October 29, 2022 | October 30, 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Loss on early extinguishment of debt | ||||||||
Impairment on equity investment | ||||||||
Loss on property disposals and impairment charges | ||||||||
Deferred income tax provision (benefit) | ( | |||||||
Share-based compensation | ||||||||
Changes in assets and liabilities: | ||||||||
(Increase) in accounts receivable | ( | ( | ||||||
(Increase) in merchandise inventories | ( | ( | ||||||
(Increase) in income taxes recoverable | ( | ( | ||||||
(Increase) decrease in prepaid expenses and other current assets | ( | |||||||
Increase in accounts payable | ||||||||
(Decrease) increase in accrued expenses and other liabilities | ( | |||||||
(Decrease) increase in income taxes payable | ( | |||||||
Increase (decrease) in net operating lease liabilities | ( | |||||||
Other, net | ( | ( | ||||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Property additions | ( | ( | ||||||
Purchases of investments | ( | ( | ||||||
Sales and maturities of investments | ||||||||
Net cash (used in) investing activities | ( | ( | ||||||
Cash flows from financing activities: | ||||||||
Payments on debt | ( | |||||||
Payments for repurchase of common stock | ( | ( | ||||||
Cash dividends paid | ( | ( | ||||||
Proceeds from issuance of common stock | ||||||||
Payments of employee tax withholdings for stock awards | ( | ( | ||||||
Net cash (used in) financing activities | ( | ( | ||||||
Effect of exchange rate changes on cash | ( | ( | ||||||
Net (decrease) in cash and cash equivalents | ( | ( | ||||||
Cash and cash equivalents at beginning of year | ||||||||
Cash and cash equivalents at end of period | $ | $ |
Thirteen Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance, July 30, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | ( | — | ( | ||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition of share-based compensation | — | — | — | — | ||||||||||||||||
Issuance of common stock under stock incentive plan, and related tax effect | — | — | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, October 29, 2022 | $ | $ | $ | ( | $ | $ |
Thirteen Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance, July 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | ( | — | ( | ||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition of share-based compensation | — | — | — | — | ||||||||||||||||
Issuance of common stock under stock incentive plan, and related tax effect | — | — | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, October 30, 2021 | $ | $ | $ | ( | $ | $ |
Thirty-Nine Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance, January 29, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | ( | — | ( | ||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition of share-based compensation | — | — | — | — | ||||||||||||||||
Issuance of common stock under stock incentive plan, net of shares used to pay tax withholdings | — | ( | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, October 29, 2022 | $ | $ | $ | ( | $ | $ |
Thirty-Nine Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance, January 30, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition of share-based compensation | — | — | — | — | ||||||||||||||||
Issuance of common stock under stock incentive plan, net of shares used to pay tax withholdings | — | ( | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, October 30, 2021 | $ | $ | $ | ( | $ | $ |
In thousands | October 29, 2022 | October 30, 2021 | ||||||
Balance, beginning of year | $ | $ | ||||||
Deferred revenue | ||||||||
Effect of exchange rates changes on deferred revenue | ( | |||||||
Revenue recognized | ( | ( | ||||||
Balance, end of period | $ | $ |
Thirty-Nine Weeks Ended | ||||||||
In thousands | October 29, 2022 | October 30, 2021 | ||||||
Operating cash flows paid for operating leases | $ | $ | ||||||
Lease liabilities arising from obtaining right of use assets | $ | $ |
In thousands | October 29, 2022 | January 29, 2022 | October 30, 2021 | ||||||||
Land and buildings | $ | $ | $ | ||||||||
Leasehold costs and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Total property at cost | $ | $ | $ | ||||||||
Less: accumulated depreciation and amortization | |||||||||||
Net property at cost | $ | $ | $ |
In thousands | Foreign Currency Translation | Deferred Benefit Costs | Cash Flow Hedge on Debt | Accumulated Other Comprehensive (Loss) Income | ||||||||||
Balance, January 30, 2021 | $ | ( | $ | ( | $ | $ | ( | |||||||
Additions to other comprehensive loss: | ||||||||||||||
Foreign currency translation adjustments (net of taxes of $ | ( | — | — | ( | ||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $ | — | ( | — | ( | ||||||||||
Reclassifications from other comprehensive loss to net income: | ||||||||||||||
Amortization of loss on cash flow hedge (net of taxes of $ | — | — | ( | ( | ||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $ | — | — | ||||||||||||
Balance, January 29, 2022 | $ | ( | $ | ( | $ | $ | ( | |||||||
Additions to other comprehensive loss: | ||||||||||||||
Foreign currency translation adjustments (net of taxes of $ | ( | — | — | ( | ||||||||||
Reclassifications from other comprehensive loss to net income: | ||||||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $ | — | — | ||||||||||||
Balance, October 29, 2022 | $ | ( | $ | ( | $ | $ | ( |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
Amounts in thousands, except per share amounts | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Basic earnings per share: | ||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Weighted average common shares outstanding for basic earnings per share calculation | ||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||
Diluted earnings per share: | ||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Weighted average common shares outstanding for basic earnings per share calculation | ||||||||||||||
Assumed exercise / vesting of stock options and awards | ||||||||||||||
Weighted average common shares outstanding for diluted earnings per share calculation | ||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ||||||||||
Cash dividends declared per share | $ | $ | $ | $ |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at October 29, 2022 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt related: | |||||||||||||||||||||||||||||
€ | £ | (Accrued Exp) | $ | $ | ( | $ | ( | ||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
€ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on gal per month | Float on gal per month | N/A | Prepaid Exp | |||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | |||||||||||||||||||||||||||||
€ | £ | Prepaid Exp | |||||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
C$ | € | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
zł | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
U.S.$ | € | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at January 29, 2022 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt related: | |||||||||||||||||||||||||||||
zł | £ | Prepaid Exp | $ | $ | $ | ||||||||||||||||||||||||
€ | £ | Prepaid Exp | |||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
€ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on gal per month | Float on gal per month | N/A | Prepaid Exp | |||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | |||||||||||||||||||||||||||||
€ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
C$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
zł | £ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at October 30, 2021 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt related: | |||||||||||||||||||||||||||||
zł | £ | Prepaid Exp | $ | $ | $ | ||||||||||||||||||||||||
€ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
U.S.$ | £ | Prepaid Exp | |||||||||||||||||||||||||||
€ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on gal per month | Float on gal per month | N/A | Prepaid Exp | |||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | |||||||||||||||||||||||||||||
€ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
C$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
A$ | U.S.$ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
zł | £ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
U.S.$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ |
Amount of Gain (Loss) Recognized in Income by Derivative | |||||||||||||||||
Location of Gain (Loss) Recognized in Income by Derivative | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
In thousands | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | |||||||||||||
Fair value hedges: | |||||||||||||||||
Intercompany balances, primarily debt related | $ | $ | $ | $ | |||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | ( | |||||||||||||||
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | ( | ( | ||||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | ( | |||||||||||||||
Gain recognized in income | $ | $ | $ | $ |
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | |||||||
Level 3: | Unobservable inputs for the asset or liability |
In thousands | October 29, 2022 | January 29, 2022 | October 30, 2021 | ||||||||
Level 1 | |||||||||||
Assets: | |||||||||||
Executive Savings Plan investments | $ | $ | $ | ||||||||
Level 2 | |||||||||||
Assets: | |||||||||||
Foreign currency exchange contracts | $ | $ | $ | ||||||||
Diesel fuel contracts | |||||||||||
Liabilities: | |||||||||||
Foreign currency exchange contracts | $ | $ | $ | ||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
In thousands | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Net sales: | ||||||||||||||
In the United States: | ||||||||||||||
Marmaxx | $ | $ | $ | $ | ||||||||||
HomeGoods | ||||||||||||||
TJX Canada | ||||||||||||||
TJX International | ||||||||||||||
Total net sales | $ | $ | $ | $ | ||||||||||
Segment profit: | ||||||||||||||
In the United States: | ||||||||||||||
Marmaxx | $ | $ | $ | $ | ||||||||||
HomeGoods | ||||||||||||||
TJX Canada | ||||||||||||||
TJX International | ||||||||||||||
Total segment profit | ||||||||||||||
General corporate expense | ||||||||||||||
Impairment on equity investment | ||||||||||||||
Loss on early extinguishment of debt | ||||||||||||||
Interest (income) expense, net | ( | |||||||||||||
Income before income taxes | $ | $ | $ | $ |
Funded Plan | Unfunded Plan | |||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||
In thousands | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of net actuarial loss and prior service cost | ||||||||||||||
Total expense | $ | $ | $ | $ | ||||||||||
Funded Plan | Unfunded Plan | |||||||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
In thousands | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of net actuarial loss and prior service cost | ||||||||||||||
Total expense | $ | $ | $ | $ |
In thousands | October 29, 2022 | January 29, 2022 | October 30, 2021 | ||||||||
General corporate debt: | |||||||||||
$ | $ | $ | |||||||||
Total debt | |||||||||||
Current maturities of long-term debt, net of debt issuance costs | ( | ||||||||||
Debt issuance costs | ( | ( | ( | ||||||||
Long-term debt | $ | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | |||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales, including buying and occupancy costs | 70.9 | 70.5 | 71.8 | 71.0 | ||||||||||
Selling, general and administrative expenses | 18.0 | 18.3 | 18.2 | 19.0 | ||||||||||
Impairment on equity investment | — | — | 0.6 | — | ||||||||||
Loss on early extinguishment of debt | — | — | — | 0.7 | ||||||||||
Interest (income) expense, net | — | 0.2 | 0.1 | 0.3 | ||||||||||
Income before provision for income taxes* | 11.2 | % | 11.0 | % | 9.3 | % | 9.1 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
In millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Interest expense | $ | 23 | $ | 23 | $ | 69 | $ | 100 | ||||||
Capitalized interest | (2) | (1) | (5) | (3) | ||||||||||
Interest (income) | (21) | (2) | (34) | (4) | ||||||||||
Interest expense, net | $ | — | $ | 20 | $ | 30 | $ | 93 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
U.S. dollars in millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Net sales | $ | 7,455 | $ | 7,214 | $ | 21,562 | $ | 21,203 | ||||||
Segment profit | $ | 1,003 | $ | 990 | $ | 2,840 | $ | 2,829 | ||||||
Segment profit margin | 13.5 | % | 13.7 | % | 13.2 | % | 13.3 | % | ||||||
Comp store sales(a) | 3 | % | 11 | % | 1 | % | 14 | % | ||||||
Stores in operation at end of period: | ||||||||||||||
T.J. Maxx | 1,295 | 1,285 | ||||||||||||
Marshalls | 1,171 | 1,148 | ||||||||||||
Sierra | 72 | 55 | ||||||||||||
Total | 2,538 | 2,488 | ||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||
T.J. Maxx | 28,068 | 27,905 | ||||||||||||
Marshalls | 26,547 | 26,185 | ||||||||||||
Sierra | 1,156 | 895 | ||||||||||||
Total | 55,771 | 54,985 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
U.S. dollars in millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Net sales | $ | 1,948 | $ | 2,254 | $ | 5,840 | $ | 6,479 | ||||||
Segment profit | $ | 172 | $ | 263 | $ | 344 | $ | 697 | ||||||
Segment profit margin | 8.9 | % | 11.7 | % | 5.9 | % | 10.8 | % | ||||||
Comp store sales(a) | (16) | % | 34 | % | (12) | % | 36 | % | ||||||
Stores in operation at end of period: | ||||||||||||||
HomeGoods | 880 | 850 | ||||||||||||
Homesense | 43 | 39 | ||||||||||||
Total | 923 | 889 | ||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||
HomeGoods | 16,084 | 15,550 | ||||||||||||
Homesense | 920 | 837 | ||||||||||||
Total | 17,004 | 16,387 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
U.S. dollars in millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Net sales | $ | 1,285 | $ | 1,301 | $ | 3,615 | $ | 3,088 | ||||||
Segment profit | $ | 204 | $ | 169 | $ | 528 | $ | 359 | ||||||
Segment profit margin | 15.8 | % | 13.0 | % | 14.6 | % | 11.6 | % | ||||||
Stores in operation at end of period: | ||||||||||||||
Winners | 296 | 292 | ||||||||||||
HomeSense | 150 | 147 | ||||||||||||
Marshalls | 106 | 106 | ||||||||||||
Total | 552 | 545 | ||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||
Winners | 6,336 | 6,279 | ||||||||||||
HomeSense | 2,796 | 2,733 | ||||||||||||
Marshalls | 2,220 | 2,220 | ||||||||||||
Total | 11,352 | 11,232 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
U.S. dollars in millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
Net sales | $ | 1,479 | $ | 1,764 | $ | 4,399 | $ | 3,926 | ||||||
Segment profit (loss) | $ | 98 | $ | 127 | $ | 216 | $ | 79 | ||||||
Segment profit margin | 6.7 | % | 7.2 | % | 4.9 | % | 2.0 | % | ||||||
Stores in operation at end of period: | ||||||||||||||
T.K. Maxx | 629 | 618 | ||||||||||||
Homesense | 78 | 78 | ||||||||||||
T.K. Maxx Australia | 73 | 66 | ||||||||||||
Total | 780 | 762 | ||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||
T.K. Maxx | 12,645 | 12,412 | ||||||||||||
Homesense | 1,141 | 1,142 | ||||||||||||
T.K. Maxx Australia | 1,277 | 1,172 | ||||||||||||
Total | 15,063 | 14,726 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
In millions | October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||
General corporate expense | $ | 118 | $ | 148 | $ | 384 | $ | 472 |
Total Number of Shares Repurchased(a) | Average Price Paid Per Share(b) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(c) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(c) | |||||||||||
July 31, 2022 through August 27, 2022 | 1,475,164 | $ | 64.40 | 1,475,164 | $ | 2,398,792,388 | ||||||||
August 28, 2022 through October 1, 2022 | 3,462,842 | $ | 63.53 | 3,462,842 | $ | 2,178,792,468 | ||||||||
October 2, 2022 through October 29, 2022 | 2,785,775 | $ | 66.41 | 2,785,775 | $ | 1,993,792,574 | ||||||||
Total | 7,723,781 | 7,723,781 |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
10.1 | 10-Q | 10.1 | 8/26/22 | |||||||||||
10.2 | ||||||||||||||
10.3 | ||||||||||||||
10.4 | ||||||||||||||
10.5 | ||||||||||||||
10.6 | ||||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
101 | The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders’ Equity, and (vi) Notes to Consolidated Financial Statements. | |||||||||||||
104 | The cover page from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2022, formatted in Inline XBRL (included in Exhibit 101) |
THE TJX COMPANIES, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: November 29, 2022 | ||||||||||||||
/s/ Scott Goldenberg | ||||||||||||||
Scott Goldenberg, Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
1. | Date of Grant: [ ] | ||||
2. | Expiration Date: [ ] | ||||
3. | Exercise of Option: [ ] | ||||
This option may be exercised to the extent it has become exercisable at any time prior to the Expiration Date, subject to these Terms and Conditions. The option price may be payable as specified by the Company in its discretion in accordance with Section 6(c) of the Plan or any successor provision. | |||||
4. | Termination of Employment: In the event of the termination of employment of the optionee, this option may thereafter be exercised during the following applicable period (or until the Expiration Date, if earlier) but only to the extent it was exercisable at the time of such termination (except as otherwise indicated below): [ ] | ||||
5. | Partial Acceleration of Exercisability Upon Death and Disability: Subject to Paragraph 4 above, in the event of the termination of employment of the optionee due to the death or Disability of the optionee, in either case occurring more than three months after the Date of Grant, this option shall be exercisable as to the number of shares for which it could have been exercised immediately prior to such termination or, if greater, (i) the total number of shares subject to this option multiplied by a fraction the numerator of which shall be the number of days between the Date of Grant and such termination and the denominator of which shall be the number of days between the Date of Grant and the date upon which this option, by its terms, would have become fully exercisable, minus (ii) the number of shares, if any, previously purchased under this option; provided, however, that no shares may be purchased under this option in the event that such termination occurs within three months after the Date of Grant. |
6. | Change of Control: Upon the occurrence of a Change of Control occurring while this option is outstanding, the provisions of this Paragraph 6 shall apply notwithstanding any other provision of this option to the contrary (a) Rollover of option; qualifying termination following a Change of Control. The Committee in its discretion may, but shall not be required to, provide in connection with the Change of Control that the surviving or acquiring entity or an affiliate thereof either continue or assume this stock option or grant another stock option in replacement thereof (any such continued, assumed or replacement option, a “rollover option”) on such terms and conditions as the Committee considers appropriate in the circumstances to reflect the transaction, having in mind the requirements for exemption under Section 409A of the Code and the regulations thereunder; provided, that the terms of any rollover option shall provide for accelerated vesting of any unvested portion of the rollover option upon the qualifying termination of the optionee’s employment occurring upon or within twenty-four months following the Change of Control. For purposes of this subparagraph 6(a), “qualifying termination” shall mean an involuntary termination (other than for Cause) of the optionee’s employment with the Company and its Subsidiaries. If immediately prior to the Change of Control the optionee is party to an employment, severance or similar agreement with the Company or a Subsidiary, or is eligible to participate in a Company plan, in each case that has been approved by the Committee and that provides for severance or similar benefits upon a voluntary termination for “good reason” in connection with a change of control of the Company, a “qualifying termination” for purposes of this subparagraph 6(a) shall also include a voluntary termination for “good reason” as defined in the applicable agreement or plan. (b) Cash out of option. The Committee in its discretion may, but shall not be required to, provide for a cash out of this option in connection with the Change of Control in lieu of providing for a rollover option pursuant to subparagraph 6(a) above. For purposes of this subparagraph 6(b), a “cash out” shall mean a payment in cash or property in exchange for this option in an amount equal to the aggregate fair market value as determined by the Committee of the shares of Common Stock subject to this option less the aggregate option price (provided that, in the event that the per-share option price of this option is equal to or greater than the fair market value of a share of Common Stock as so determined, the Committee may provide for the automatic cancellation of this option for no consideration), subject in the case of any cash out to such hold-backs or other transaction-related adjustments, and on such other terms and conditions, as the Committee may determine having in mind the requirements for exemption under Section 409A of the Code and the regulations thereunder. (c) Acceleration of exercisability. The Committee may provide that this option, to the extent outstanding and not otherwise vested, shall become vested and exercisable, in full or in part, immediately prior to the consummation of the Change of Control or at such earlier time, if any, as the Committee may determine in order to give the optionee a reasonable opportunity, as determined by the Committee, following the exercise of the option to participate as a stockholder in the Change of Control. This option (whether or not then vested, including after giving effect to any accelerated vesting pursuant to this Paragraph 6 or otherwise) shall terminate upon consummation of the Change of Control unless assumed or continued pursuant to subparagraph 6(a) above. All references to the Committee in this Paragraph 6 shall be construed to refer to the Committee as constituted and acting prior to consummation of the Change of Control. For the avoidance of doubt, no Committee action permitted by this Paragraph 6 will be treated as an action requiring the optionee’s consent under Section 10 of the Plan, and the provisions of Paragraph 9 below shall apply to any cash out or other settlement pursuant to this Paragraph 6. This Paragraph 6 shall be subject to the terms of any applicable sub-plan. | ||||
7. | Automatic Settlement in Certain Circumstances: To the extent any portion of this option is otherwise exercisable but remains unexercised at the close of business on the Expiration Date (or on the date of the earlier expiration of the period for exercising such portion of the option following a termination of employment), and if on such date the Fair Market Value of the shares subject to such exercisable but unexercised portion of this option exceeds the aggregate consideration that would have been required to be paid to purchase such shares had such portion of this option been exercised, the optionee will automatically be paid, in cancellation of such portion of the option, an amount of Company Stock having a Fair Market Value equal to such excess, if any. This Paragraph 7 is subject to the terms of any applicable sub-plan. The optionee hereby acknowledges that tax and other legal requirements must be met prior to any settlement of options under this Paragraph 7 and hereby consents to any tax or other consequences that may arise in connection with this Paragraph 7. | ||||
8. | Limited Transferability: This option may not be transferred by the optionee other than by will or by the laws of descent and distribution, and is only exercisable by the optionee during the optionee's lifetime. In the event of the optionee’s death, the option may be exercised by the optionee’s legal representative, legatee, or such other person as permitted by the provisions of Section 6(b) of the Plan or any successor provision. |
9. | Withholding: No shares or cash will be delivered or paid pursuant to the exercise or settlement of this option unless and until the person holding the option has paid to the Company, or has made arrangements satisfactory to the Company regarding payment of, any taxes, social contributions or other applicable amounts that are required to be withheld or that otherwise may be due (as determined by the Company in its sole discretion) as a consequence of such exercise or settlement or other taxable event in relation to this option. The optionee consents to (and agrees to indemnify the Company for) any withholding that the Company may deem necessary or appropriate of such amounts, including from payroll or any payment of any kind otherwise due to the optionee, as the Company may determine, and the payment of any such amounts to the relevant tax or other authorities by the Company or Subsidiary. The optionee understands that any individual tax, social contribution, or other liability that may arise in relation to this option is solely the optionee’s (and not the Company’s or Subsidiary’s) responsibility and that such liability may exceed any amounts withheld. The optionee further understands that the optionee is solely responsible for filing any relevant documentation (including, without limitation, tax returns or reporting statements) that may be required in relation to this option (including, without limitation, any such documentation related to the holding of shares or any bank or brokerage account, the subsequent sale of shares, or the receipt of any dividends). The optionee further acknowledges that the Company does not commit to and is under no obligation to structure the terms or any aspect of the option to reduce or eliminate the optionee’s liability for taxes or other amounts due or to achieve any particular tax result. The optionee also understands that varying share or option valuation methods may apply for purposes of tax calculations and reporting, and the Company assumes no liability in relation thereto. Further, the optionee acknowledges that if optionee moves, the optionee may be subject to liabilities in more than one jurisdiction, and the Company or any Subsidiary may withhold or account for liabilities in more than one jurisdiction. | ||||
10. | Data Privacy: In order to perform its obligations under the Plan or for the implementation and administration of the Plan, the Company or designated third parties may collect, transfer, use, process, or hold personal data about the optionee. Such data includes, but is not limited to, the optionee’s name, nationality, citizenship, work authorization, date of birth, age, government or tax identification number, passport number, brokerage account information, address, compensation and equity award history, and beneficiaries’ contact information. By accepting this grant, the optionee explicitly consents to the collection, transfer (including to third parties in the optionee’s home country, or the United States or other countries (which may have different data privacy laws and protections), such as but not limited to human resources personnel, the Company’s legal and/or tax advisors, and brokerage administrators), use, processing, holding, electronically or otherwise, of optionee’s personal data in connection with this or any other equity award. Refusal or withdrawal of consent will affect the optionee’s ability to participate in the Plan; without providing consent, optionee will not be able to participate in the Plan or to realize benefits (if any) from the option. At all times the Company shall maintain the confidentiality of the optionee’s personal data, except to the extent the Company is required to provide such information to governmental agencies or other parties; any such actions will be undertaken by the Company only in accordance with applicable law. In particular, the Company may transfer personal data to the broker or stock plan administrator assisting with the Plan, to its legal counsel and tax/accounting advisor, and to the Subsidiary or affiliate that is optionee’s employer and its payroll provider. The optionee should also refer to the Company’s HR Privacy Statement (which is available to the optionee separately and may be updated from time to time) for more information regarding the collection, use, storage, and transfer of the optionee’s personal data. | ||||
11. | Mode of Communications: By accepting this option, the optionee agrees, to the fullest extent permitted by law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Company or Subsidiary may deliver in connection with this grant and any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications, and to participate in the Plan through an online system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions. Electronic delivery of a document may be made via the Company’s email system or by reference to a location on the Company’s intranet or website or the online brokerage account system. To the extent the optionee has been provided with a copy of these Terms and Conditions, the Plan, or any other documents relating to this grant in a language other than English, the English language document will prevail in case of any ambiguity or divergence resulting from the translation of such documents. | ||||
12. | Foreign Exchange Restrictions: The optionee understands and agrees that neither the Company nor any Subsidiary is responsible or liable for (i) any foreign exchange fluctuation between the optionee’s local currency (if applicable) and the United States Dollar (or the selection by the Company or Subsidiary of any applicable foreign exchange rate it may determine in its discretion to be appropriate) that may affect the value of this option or the calculated income, taxes or other amounts thereunder, or any related taxes or other amounts, or (ii) any decrease in the value of Stock or this option. The optionee understands and agrees that any cross-border remittance made to exercise this option or transfer proceeds received upon the sale of Stock must be made through a locally authorized financial institution or registered foreign exchange agency and that the optionee will be solely responsible for satisfying any requirements to provide such entity with certain information regarding the transaction. |
13. | No Employment Rights or Other Entitlements: The optionee agrees that any awards under the Plan, including this option and these Terms and Conditions, do not confer upon the optionee any right to continued employment with the Company or a Subsidiary, nor do they interfere in any way with the right of the Company or a Subsidiary to terminate the employment of the optionee at any time, subject to applicable law. Nothing contained in these Terms and Conditions shall be deemed to constitute or create a contract of employment, nor shall these Terms and Conditions constitute or create the right to remain associated with or in the employ of the Company or a Subsidiary for any particular period of time. Furthermore, this grant is made solely at the discretion of the Company, and these Terms and Conditions, the Plan, and any other Plan documents (i) are not part of the optionee’s employment contract, if any, (ii) do not guarantee the optionee’s right to receive any future grants under the Plan or benefits in lieu of grants, even if options have been granted repeatedly in the past, and (iii) shall not be taken into account for purposes of any pension or retirement entitlement (except as expressly set forth in the plan providing for such pension or retirement entitlement) or result in the inclusion of the value of any grants in the calculation of severance payments, if any, upon termination of employment. | ||||
14. | Compliance with Law: Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue any Stock pursuant to this option, at any time, if the offering of the Stock covered by this option, or the exercise of this option by the optionee, violates or is not in compliance with any laws, rules or regulations of the United States or any state or country. Furthermore, the optionee understands that, to the extent applicable, the laws of the country in which the optionee is working at the time of grant, vesting, and/or exercise of this option (including any rules or regulations governing securities, foreign exchange, tax, labor or other matters) may restrict or prevent exercise of this option or may subject the optionee to additional procedural or regulatory requirements the optionee is solely responsible for and will have to independently fulfill in relation to this option, and the Company assumes no liability in relation to the option in such case, and that sales of Stock may be subject to restrictions under United States federal securities laws, and the laws, rules or regulations of any other relevant federal, state or local jurisdiction, and under Company policies including insider trading policies and procedures. Summaries of potentially applicable legal restrictions and requirements furnished in connection with the Plan, including in the Addendum attached hereto and in the Prospectus for the Plan and the stock option program thereunder, are not intended to be exhaustive, and the optionee acknowledges that other rules may apply. The Company reserves the right to impose other requirements on optionee’s participation in the Plan, stock option awards thereunder, and any Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable to comply with applicable law or facilitate the administration of the Plan. | ||||
15. | Governing Law and Forum: The optionee acknowledges that the Plan is administered in the United States and these Terms and Conditions shall be governed by and interpreted, construed, and enforced in accordance with the laws of the Commonwealth of Massachusetts without regard to its or any other jurisdiction's conflicts of laws provisions. For purposes of resolving any dispute that may arise directly or indirectly from these Terms and Conditions, the parties hereby submit and consent to the exclusive jurisdiction of the Commonwealth of Massachusetts in the United States and agree that any litigation shall be conducted only in the United States District Court for the District of Massachusetts or a court of the Commonwealth of Massachusetts. The optionee further acknowledges that shares of Stock subject to this option will be issued and administered consistent with the requirements of applicable Delaware law and any applicable stock exchange requirements, as determined by the Committee. | ||||
16. | Waiver of Jury Trial; Forfeiture and Recoupment. By accepting this option, the optionee waives, to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding, or counterclaim concerning any rights under the Plan or this option award, or under any amendment, waiver, consent, instrument, document, or other agreement delivered (or that may be delivered in the future) in connection with this option; provided, however, that nothing in this Paragraph 16 limits the ability of the Company and the optioned to agree to submit any dispute arising under the terms of the Plan or this option award to binding arbitration. This option award is subject to forfeiture and/or repayment to the Company, as described in Section 13(j) of the Plan, if applicable to the optionee. | ||||
17. | Other Terms: The provisions of these Terms and Conditions are severable, and if any one or more of the provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. To the extent applicable, the country-specific terms and conditions in the attached Addendum shall apply to this option. |
Base Salary: | Earned but unpaid Base Salary through the Date of Termination. | ||||
Vacation pay: | Accrued but unpaid vacation pay as of the Date of Termination. | ||||
Salary Continuation Period: | The period of at least 12 and up to 24 months following the Date of Termination, as specified by the Administrator by notice to the Participant in connection with a Qualifying Termination. | ||||
Noncompetition Period: | The period of at least 12 and up to 24 months following the Date of Termination that is consistent with the Salary Continuation Period specified by the Administrator, as described above. | ||||
Salary Continuation: | Continues during the Salary Continuation Period described above, based on salary rate in effect at termination. Rate is reduced by any long-term disability benefits. Paid in accordance with regular payroll practices for Company executives (but not less frequently than monthly). | ||||
Additional cash payment: | A cash amount equal to the cost of COBRA continuation coverage, on an after-tax basis, during the Coverage Period, as determined by the Administrator. The “Coverage Period” begins with the commencement of COBRA continuation coverage and ends at the earliest of (i) the end of the Salary Continuation Period or (ii) termination of COBRA continuation coverage. Paid at the same time and in the same manner as Salary Continuation. | ||||
Automobile allowance: | If applicable, continues during the Salary Continuation Period. Paid at the same time and in the same manner as Salary Continuation. | ||||
Earned MIP and LRPIP: | Earned but unpaid amounts under MIP and LRPIP for performance periods that closed prior to the Date of Termination, and any LRPIP amounts to which the Participant is entitled in connection with Special Service Retirement (as defined in the Stock Incentive Plan), in accordance with and subject to applicable plan rules. | ||||
MIP for open fiscal year: | An amount based on MIP performance for open fiscal year (as if the Participant had continued in office through the end of the fiscal year), prorated between 50% and 100% based on number of days completed during the fiscal year as of the Date of Termination. If termination is due to death or Disability, the amount shall instead be based on the MIP target award most recently granted to the Participant without proration. Paid at the same time other MIP awards are paid for the fiscal year (but not later than the 15th day of the third month following the close of the fiscal year). | ||||
Prorated LRPIP for open cycles: | An amount based on LRPIP performance for open cycles, prorated based on full months completed during the cycle as of the Date of Termination. Paid at the same time as other LRPIP awards are paid for the cycle (but not later than the 15th day of the third month following the close of the last fiscal year in the cycle). | ||||
Stock Incentive Plan awards: | Treated in accordance with and subject to award and plan terms, including any benefits in connection with Special Service Retirement (as defined in the Stock Incentive Plan). | ||||
Deferred compensation plans: | Vested benefits, if any, provided in accordance with and subject to plan terms. Includes ESP and SERP (if Participant is eligible), and tax-qualified retirement and savings plans for Company employees, to the extent applicable. |
Long-term disability benefits: | If applicable, provided under the long-term disability plan of the Company in accordance with and subject to plan terms. | ||||
Other benefits: | Not entitled to continue participation in any employee benefit or fringe benefit plan, except as expressly provided above or as required by law. |
Base Salary: | Earned but unpaid Base Salary through the Date of Termination. | ||||
Vacation pay: | Accrued but unpaid vacation pay as of the Date of Termination. | ||||
Cash severance: | An amount equal to: • Two times Base Salary, plus • Two times the target award opportunity most recently granted to the Participant prior to the Change of Control under MIP, plus • For any MIP performance period that begins before and ends after the Date of Termination, an amount based on the target award opportunity under MIP for such fiscal year, prorated between 50% and 100% based on number of days completed during the fiscal year as of the Date of Termination, plus • For each LRPIP cycle that begins before and ends after the Date of Termination, an amount based on the target award opportunity under LRPIP for such cycle, plus • If applicable, an amount equal to two years’ of auto allowance at the rate in effect prior to the Change of Control. Base Salary (and target MIP, if expressed as a percentage of Base Salary) is determined by reference to the Base Salary rate in effect immediately prior to the Date of Termination or the Change of Control, whichever is higher. Base Salary rate is reduced by any long-term disability benefits. Paid in a lump sum within 30 days following termination, unless subject to the six-month delay described in Appendix B. | ||||
Life and medical Insurance: | Two years of continued life and medical insurance coverage for the Participant and his or her family under Employer plans in which the Participant was entitled to participate immediately prior to the Change of Control, subject to plan terms. If the Participant is ineligible for continued coverage, or otherwise at the discretion of the Company, the Employer shall provide for an alternative arrangement (such as a cash payment) in lieu of continued coverage. No continued life or medical coverage is provided to the extent of any similar coverage or benefits provided by another employer. | ||||
Earned MIP and LRPIP: | Earned but unpaid amounts under MIP and LRPIP for performance periods that closed prior to the Date of Termination, in accordance with and subject to with applicable plan rules. | ||||
Stock Incentive Plan awards: | If applicable, treated in accordance with and subject to award and plan terms. | ||||
Deferred compensation plans: | Vested benefits, if any, provided in accordance with and subject to plan terms. Includes ESP and SERP (if Participant is eligible), and tax-qualified retirement and savings plans for Company employees, to the extent applicable. | ||||
Long-term disability benefits: | If applicable, provided under the long-term disability plan of the Employer in accordance with and subject to plan terms. | ||||
Payment adjustment: | Payments under this Schedule are subject to reduction to maximize Participant’s total after-tax payments, as described in Section 6(b)(iv) of the Plan. |
1. | I have reviewed this quarterly report on Form 10-Q of The TJX Companies, Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: November 29, 2022 | /s/ Ernie Herrman | |||||||||||||
Name: Ernie Herrman Title: Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of The TJX Companies, Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: November 29, 2022 | /s/ Scott Goldenberg | |||||||||||||
Name: Scott Goldenberg Title: Chief Financial Officer |
1 | the Company’s Form 10-Q for the fiscal quarter ended October 29, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
2 | the information contained in the Company’s Form 10-Q for the fiscal quarter ended October 29, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Ernie Herrman | |||||
Name: Ernie Herrman Title: Chief Executive Officer and President |
1 | the Company’s Form 10-Q for the fiscal quarter ended October 29, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
2 | the information contained in the Company’s Form 10-Q for the fiscal quarter ended October 29, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Scott Goldenberg | |||||
Name: Scott Goldenberg Title: Chief Financial Officer |
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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
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Income Statement [Abstract] | ||||
Net sales | $ 12,166,286 | $ 12,531,890 | $ 35,415,768 | $ 34,695,614 |
Cost of sales, including buying and occupancy costs | 8,622,556 | 8,835,532 | 25,417,319 | 24,619,297 |
Selling, general and administrative expenses | 2,184,946 | 2,296,649 | 6,454,389 | 6,585,333 |
Impairment on equity investment | 0 | 0 | 217,619 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 0 | 242,248 |
Interest (income) expense, net | (427) | 20,674 | 29,365 | 94,023 |
Income before income taxes | 1,359,211 | 1,379,035 | 3,297,076 | 3,154,713 |
Provision for income taxes | 296,405 | 356,035 | 837,457 | 812,102 |
Net income | $ 1,062,806 | $ 1,023,000 | $ 2,459,619 | $ 2,342,611 |
Basic earnings per share (in dollars per share) | $ 0.92 | $ 0.85 | $ 2.10 | $ 1.95 |
Weighted average common shares – basic (in shares) | 1,160,763 | 1,200,661 | 1,168,608 | 1,203,718 |
Diluted earnings per share (in dollars per share) | $ 0.91 | $ 0.84 | $ 2.08 | $ 1.92 |
Weighted average common shares – diluted (in shares) | 1,172,267 | 1,215,690 | 1,179,892 | 1,219,238 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,062,806 | $ 1,023,000 | $ 2,459,619 | $ 2,342,611 |
Additions to other comprehensive (loss): | ||||
Foreign currency translation adjustments, net of related tax benefit of $8,638 in fiscal 2023 and tax provision of $976 in fiscal 2022 | (65,858) | (6,688) | (154,405) | 14,685 |
Reclassifications from other comprehensive (loss) to net income: | ||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,602 in fiscal 2023 and $1,156 in fiscal 2022 | 4,400 | 3,173 | 11,956 | 10,442 |
Amortization of loss on cash flow hedge, net of related tax provision of $— in fiscal 2022 | 0 | (263) | ||
Other comprehensive (loss), net of tax | (61,458) | (3,515) | (142,449) | 24,864 |
Total comprehensive income | $ 1,001,348 | $ 1,019,485 | $ 2,317,170 | $ 2,367,475 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
Jan. 29, 2022 |
|
Statement of Comprehensive Income [Abstract] | |||||
Foreign currency translation adjustments, tax provision (benefit) | $ 8,638 | $ (976) | $ 8,803 | $ (2,734) | $ 207 |
Amortization of prior service cost and deferred gains/losses, tax provision | $ (1,602) | $ (1,156) | (4,353) | $ (3,802) | (4,588) |
Amortization of loss on cash flow hedge, tax provision (benefit) | $ 603 | $ 603 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Oct. 29, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,156,263,970 | 1,181,188,731 | 1,194,260,626 |
Common stock, shares outstanding (in shares) | 1,156,263,970 | 1,181,188,731 | 1,194,260,626 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
Oct. 29, 2022 |
Jul. 30, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|---|---|---|---|
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Basis of Presentation and Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (“fiscal 2022”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The January 29, 2022 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 28, 2023 (“fiscal 2023”) and is a 52-week fiscal year. Fiscal 2022 was also a 52-week fiscal year. Fiscal 2024 will be a 53-week fiscal year and will end February 3, 2024. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. Equity Investment In fiscal 2020, the Company acquired a minority ownership stake in privately held Familia, an off-price retailer of apparel and home fashions domiciled in Luxembourg that operates stores throughout Russia. During the quarter ended April 30, 2022, the Company announced that it had committed to divesting its minority investment and as a result, the Company performed an impairment analysis of this investment. Based on this analysis the Company concluded that there was an other-than-temporary impairment of this investment and recorded an impairment charge of $218 million representing the entirety of the Company’s investment. The Company completed the divestiture of this investment during the quarter ended October 29, 2022, resulting in a $54 million tax benefit. See Note F—Fair Value Measurements for additional information. Deferred Gift Card Revenue The following table presents deferred gift card revenue activity:
TJX recognized $412 million in gift card revenue for the three months ended October 29, 2022 and $400 million in gift card revenue for the three months ended October 30, 2021. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Leases Supplemental cash flow information related to leases is as follows:
Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption and therefore, the guidance is not disclosed.
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Property at Cost |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property at Cost | Property at Cost The following table presents the components of property at cost:
Depreciation expense was $217 million for the three months ended October 29, 2022 and $215 million for the three months ended October 30, 2021. Depreciation expense was $651 million for the nine months ended October 29, 2022 and $640 million for the nine months ended October 30, 2021. Non-cash investing activities in the cash flows consist of accrued capital additions of $190 million and $148 million as of the periods ended October 29, 2022 and October 30, 2021, respectively
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Accumulated Other Comprehensive (Loss) Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Amounts included in Accumulated other comprehensive loss are recorded net of taxes. The following table details the changes in Accumulated other comprehensive loss for the twelve months ended January 29, 2022 and the nine months ended October 29, 2022:
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Capital Stock and Earnings Per Share |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock TJX repurchased and retired 7.7 million shares of its common stock at a cost of approximately $0.5 billion during the quarter ended October 29, 2022, on a “trade date” basis. During the nine months ended October 29, 2022, TJX repurchased and retired 29.1 million shares of its common stock at a cost of approximately $1.8 billion, on a “trade date” basis. TJX reflects stock repurchases in its consolidated financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $1.8 billion for the nine months ended October 29, 2022 and $1.1 billion for the nine months ended October 30, 2021. These expenditures were funded by cash generated from current and prior period operations. In February 2022, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $3.0 billion of TJX common stock from time to time. Under this program TJX had approximately $2.0 billion available for repurchase as of October 29, 2022. All shares repurchased under the stock repurchase programs have been retired. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share:
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal period. Such options are excluded because they would have an antidilutive effect. There were 11.2 million such options excluded for the thirteen weeks and thirty-nine weeks ended October 29, 2022. There were 5.3 million such options excluded for the thirteen weeks and thirty-nine weeks ended October 30, 2021.
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive loss or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Diesel Fuel Contracts TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2022, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2023, and during the first nine months of fiscal 2023, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first nine months of fiscal 2024. The hedge agreements outstanding at October 29, 2022 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2023 and the first nine months of fiscal 2024. These diesel fuel hedge agreements will settle throughout fiscal 2023 and throughout the first ten months of fiscal 2024. TJX elected not to apply hedge accounting to these contracts. Foreign Currency Contracts TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at October 29, 2022 cover merchandise purchases the Company is committed to over the next several months. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. Merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this exposure. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 29, 2022: The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022:
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 30, 2021:
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price”. The inputs used to measure fair value are generally classified into the following hierarchy:
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices. Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2. The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt as of October 29, 2022 was $2.5 billion compared to a carrying value of $2.9 billion primarily due to the recent increase in interest rates. The fair value of the current portion of long-term debt as of October 29, 2022 was $0.5 billion compared to a carrying value of $0.5 billion. The fair value of long-term debt as of January 29, 2022 was $3.5 billion compared to a carrying value of $3.4 billion. The fair value of long-term debt as of October 30, 2021 was $3.6 billion compared to a carrying value of $3.4 billion. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the periods ended October 29, 2022, January 29, 2022 and October 30, 2021, the Company did not record any material impairments to long-lived assets. During the first quarter of fiscal 2023, the Company announced its intention to divest from its position in its minority investment in Familia and re-characterized this investment as held-for-sale valued as a Level 3 position. Given the lack of an active market or observable inputs, the Company derived an exit price which indicated that this investment had no market value. The Company recorded a $218 million charge in the first quarter of fiscal 2023, which represents the entirety of its investment. See Note A—Basis of Presentation and Summary of Significant Accounting Policies for additional information.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com) and the HomeGoods segment (HomeGoods, Homesense, and homegoods.com) both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, Homesense and tkmaxx.com in Europe and T.K. Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment. All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions. TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments:
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Pension Plans and Other Retirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:
TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2023 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2023. The amounts included in Amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from Accumulated other comprehensive loss to the Consolidated Statements of Income, net of related tax effects, for the periods presented.
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Long-Term Debt and Credit Lines |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Credit Lines | Long-Term Debt and Credit Lines The table below presents long-term debt as of October 29, 2022, January 29, 2022 and October 30, 2021. All amounts are net of unamortized debt discounts.
Credit Facilities The Company has two revolving credit facilities, a $1 billion senior unsecured revolving credit facility maturing in June 2026 (the “2026 Revolving Credit Facility”) and a $500 million revolving credit facility that matures in May 2024 (the “2024 Revolving Credit Facility”). Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. The terms of these revolving credit facilities require quarterly payments on the committed amount and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company’s long-term debt ratings. The 2024 Revolving Credit Facility requires usage fees based on total credit extensions under the facility. As of October 29, 2022, January 29, 2022 and October 30, 2021, there were no amounts outstanding under any of the Company’s facilities. Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.50 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented. As of October 29, 2022, January 29, 2022 and October 30, 2021, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of October 29, 2022, January 29, 2022 and October 30, 2021, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit lines for operating expenses. As of October 29, 2022, January 29, 2022 and October 30, 2021, the Company’s European business at TJX International had an uncommitted credit line of £5 million. As of October 29, 2022, January 29, 2022 and October 30, 2021, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.
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Income Taxes |
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Oct. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate was 21.8% for the third quarter of fiscal 2023 and 25.8% for the third quarter of fiscal 2022. The effective income tax rate was 25.4% for the first nine months of fiscal 2023 and 25.7% for the first nine months of fiscal 2022. The decrease in the third quarter and first nine months of fiscal 2023 effective income tax rate is primarily due to the $54 million benefit from the completion of the divestiture of our minority investment in Familia, the change of jurisdictional mix of profits and losses and the resolution of various tax matters, partially offset by a reduction of excess tax benefits from share-based compensation. TJX had net unrecognized tax benefits of $262 million as of October 29, 2022, $288 million as of January 29, 2022 and $287 million as of October 30, 2021. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties on the Consolidated Balance Sheets was $37 million as of October 29, 2022, $43 million as of January 29, 2022 and $43 million as of October 30, 2021. Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the consolidated financial statements as of October 29, 2022. During the next 12 months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $41 million, which would reduce the provision for taxes on earnings.
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Contingent Obligations, Contingencies, and Commitments |
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Oct. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Obligations, Contingencies, and Commitments | Contingent Obligations, Contingencies, and Commitments Contingent Contractual Obligations TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations. Legal Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Oct. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (“fiscal 2022”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The January 29, 2022 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
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Fiscal Year | Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 28, 2023 (“fiscal 2023”) and is a 52-week fiscal year. Fiscal 2022 was also a 52-week fiscal year. Fiscal 2024 will be a 53-week fiscal year and will end February 3, 2024.
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Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
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Equity Investment | Equity InvestmentIn fiscal 2020, the Company acquired a minority ownership stake in privately held Familia, an off-price retailer of apparel and home fashions domiciled in Luxembourg that operates stores throughout Russia. During the quarter ended April 30, 2022, the Company announced that it had committed to divesting its minority investment and as a result, the Company performed an impairment analysis of this investment. Based on this analysis the Company concluded that there was an other-than-temporary impairment of this investment and recorded an impairment charge of $218 million representing the entirety of the Company’s investment. The Company completed the divestiture of this investment during the quarter ended October 29, 2022, resulting in a $54 million tax benefit. See Note F—Fair Value Measurements for additional information. |
Future Adoption of New Accounting Standards | Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption and therefore, the guidance is not disclosed.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Oct. 29, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Gift Card Revenue | The following table presents deferred gift card revenue activity:
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Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows:
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Property at Cost (Tables) |
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Oct. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property at Cost | The following table presents the components of property at cost:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income | Amounts included in Accumulated other comprehensive loss are recorded net of taxes. The following table details the changes in Accumulated other comprehensive loss for the twelve months ended January 29, 2022 and the nine months ended October 29, 2022:
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Capital Stock and Earnings Per Share (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Calculation | The following table presents the calculation of basic and diluted earnings per share:
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Financial Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification | The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 29, 2022:
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Impact of Derivative Financial Instruments on Statements of (Loss) Income | The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
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Segment Information (Tables) |
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Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments:
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Pension Plans and Other Retirement Benefits (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:
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Long-Term Debt and Credit Lines (Tables) |
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Oct. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt as of October 29, 2022, January 29, 2022 and October 30, 2021. All amounts are net of unamortized debt discounts.
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Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Accounting Policies [Abstract] | ||||
Impairment on equity investment | $ 0 | $ 0 | $ 217,619 | $ 0 |
Tax benefit | 54,000 | |||
Gift card revenue recognized | $ 412,000 | $ 400,000 | $ 1,317,335 | $ 1,201,704 |
Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
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Movement in Contract with Customer, Liability [Roll Forward] | ||||
Beginning balance | $ 685,202 | $ 576,187 | ||
Deferred revenue | 1,258,784 | 1,169,729 | ||
Effect of exchange rates changes on deferred revenue | (9,466) | 1,799 | ||
Revenue recognized | $ (412,000) | $ (400,000) | (1,317,335) | (1,201,704) |
Ending balance | $ 617,185 | $ 546,011 | $ 617,185 | $ 546,011 |
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Accounting Policies [Abstract] | ||
Operating cash flows paid for operating leases | $ 1,453,151 | $ 1,571,815 |
Lease liabilities arising from obtaining right of use assets | $ 1,696,883 | $ 1,427,486 |
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Thousands |
Oct. 29, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
---|---|---|---|
Property, Plant and Equipment [Abstract] | |||
Land and buildings | $ 1,983,902 | $ 1,911,569 | $ 1,813,270 |
Leasehold costs and improvements | 3,743,919 | 3,652,280 | 3,655,735 |
Furniture, fixtures and equipment | 7,189,806 | 6,871,777 | 6,761,778 |
Total property at cost | 12,917,627 | 12,435,626 | 12,230,783 |
Less: accumulated depreciation and amortization | 7,344,907 | 7,164,799 | 7,065,533 |
Net property at cost | $ 5,572,720 | $ 5,270,827 | $ 5,165,250 |
Property at Cost - Additional information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 217 | $ 215 | $ 651 | $ 640 |
Accrued capital additions | $ 190 | $ 148 |
Accumulated Other Comprehensive (Loss) Income - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
Jan. 29, 2022 |
|
Equity [Abstract] | |||||
Foreign currency translation adjustments, tax provision (benefit) | $ (8,638) | $ 976 | $ (8,803) | $ 2,734 | $ (207) |
Recognition of net gains/losses on benefit obligations, tax provision | (17,659) | ||||
Amortization of loss on cash flow hedge, tax provision | (603) | (603) | |||
Amortization of prior service cost and deferred gains/losses, tax provision | $ 1,602 | $ 1,156 | $ 4,353 | $ 3,802 | $ 4,588 |
Capital Stock and Earnings Per Share - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
Feb. 28, 2022 |
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Capital Unit [Line Items] | |||||
Common stock repurchased and retired | $ 492,600 | $ 796,300 | $ 1,799,802 | $ 1,093,399 | |
Stock repurchase program, additional authorized amount | $ 3,000,000 | ||||
Remaining available stock under stock repurchase plan | $ 2,000,000 | $ 2,000,000 | |||
Antidilutive options excluded (in shares) | 11.2 | 5.3 | 11.2 | 5.3 | |
Trade Date Basis | |||||
Capital Unit [Line Items] | |||||
Common stock repurchased and retired (in shares) | 7.7 | 29.1 | |||
Common stock repurchased and retired | $ 500,000 | $ 1,800,000 | $ 1,100,000 |
Capital Stock and Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Basic earnings per share | ||||
Net income | $ 1,062,806 | $ 1,023,000 | $ 2,459,619 | $ 2,342,611 |
Weighted average common shares outstanding for basic earnings per share calculations (in shares) | 1,160,763 | 1,200,661 | 1,168,608 | 1,203,718 |
Basic earnings per share (in dollars per share) | $ 0.92 | $ 0.85 | $ 2.10 | $ 1.95 |
Diluted earnings per share: | ||||
Net income | $ 1,062,806 | $ 1,023,000 | $ 2,459,619 | $ 2,342,611 |
Weighted average common shares outstanding for basic earnings per share calculations (in shares) | 1,160,763 | 1,200,661 | 1,168,608 | 1,203,718 |
Assumed exercise/vesting of stock options and awards (in shares) | 11,504 | 15,029 | 11,284 | 15,520 |
Weighted average common shares outstanding for diluted earnings per share calculations (in shares) | 1,172,267 | 1,215,690 | 1,179,892 | 1,219,238 |
Diluted earnings per share (in dollars per share) | $ 0.91 | $ 0.84 | $ 2.08 | $ 1.92 |
Cash dividends declared per share (in dollars per share) | $ 0.295 | $ 0.26 | $ 0.885 | $ 0.78 |
Financial Instruments - Additional Information (Details) |
9 Months Ended |
---|---|
Oct. 29, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Hedge of diesel fuel requirement, remainder of fiscal year 2023 | 50.00% |
Foreign currency exchange contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Term of derivative contracts | 30 days |
Fair Value Measurements - Financial Assets and Liabilities on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands |
Oct. 29, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
---|---|---|---|
Executive Savings Plan investments | Level 1 | |||
Assets: | |||
Executive Savings Plan investments | $ 342,621 | $ 387,666 | $ 405,290 |
Foreign currency exchange contracts | Level 2 | |||
Assets: | |||
Foreign currency exchange contracts | 109,259 | 21,443 | 19,893 |
Liabilities: | |||
Foreign currency exchange contracts | 26,944 | 3,292 | 12,359 |
Diesel fuel contracts | Level 2 | |||
Assets: | |||
Diesel fuel contracts | $ 18,365 | $ 23,649 | $ 22,095 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
Jan. 29, 2022 |
|
Fair Value Disclosures [Abstract] | |||||
Fair value of long-term debt | $ 2,500,000 | $ 3,600,000 | $ 2,500,000 | $ 3,600,000 | $ 3,500,000 |
Long-term debt | 2,857,999 | 3,353,866 | 2,857,999 | 3,353,866 | 3,354,841 |
Fair-value of current debt | 500,000 | 500,000 | |||
Current portion of long-term debt | 499,764 | 0 | 499,764 | 0 | $ 0 |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment on equity investment | $ 0 | $ 0 | 217,619 | $ 0 | |
Familia | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairment on equity investment | $ 218,000 |
Segment Information - Additional Information (Details) |
9 Months Ended |
---|---|
Oct. 29, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
|
Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11,946 | $ 11,900 | $ 36,282 | $ 36,837 |
Interest cost | 14,806 | 13,073 | 43,658 | 39,073 |
Expected return on plan assets | (22,236) | (24,017) | (66,693) | (72,001) |
Amortization of net actuarial loss and prior service cost | 5,050 | 3,358 | 13,600 | 10,858 |
Total expense | 9,566 | 4,314 | 26,847 | 14,767 |
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 238 | 309 | 1,693 | 1,819 |
Interest cost | 1,018 | 764 | 2,880 | 2,324 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss and prior service cost | 952 | 1,076 | 2,709 | 3,385 |
Total expense | $ 2,208 | $ 2,149 | $ 7,282 | $ 7,528 |
Pension Plans and Other Retirement Benefits - Additional Information (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 29, 2022
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum percentage of pension liability | 80.00% |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions, remainder of fiscal 2023 | $ 4 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 29, 2022 |
Oct. 30, 2021 |
Oct. 29, 2022 |
Oct. 30, 2021 |
Jan. 29, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | (21.80%) | (25.80%) | (25.40%) | (25.70%) | |
Tax benefit | $ 54 | ||||
Net unrecognized tax benefits | 262 | $ 287 | $ 262 | $ 287 | $ 288 |
Accrued amounts for interest and penalties | 37 | $ 43 | 37 | $ 43 | $ 43 |
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings (up to) | $ 41 | $ 41 |
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