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 | Twenty-Six Weeks Ended | |||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | |||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Cost of sales, including buying and occupancy costs | ||||||||||||||
Selling, general and administrative expenses | ||||||||||||||
Impairment on equity investment | ||||||||||||||
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 | ||||||||
July 29, 2023 | July 30, 2022 | |||||||
Net income | $ | $ | ||||||
Additions to other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments, net of related tax provisions of $ | ( | |||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $ | ||||||||
Other comprehensive income (loss), net of tax | ( | |||||||
Total comprehensive income | $ | $ |
Twenty-Six Weeks Ended | ||||||||
July 29, 2023 | July 30, 2022 | |||||||
Net income | $ | $ | ||||||
Additions to other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments, net of related tax provision of $ | ( | |||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $ | ||||||||
Other comprehensive income (loss), net of tax | ( | |||||||
Total comprehensive income | $ | $ |
July 29, 2023 | January 28, 2023 | July 30, 2022 | |||||||||
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) income | ( | ( | ( | ||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ | $ |
Twenty-Six Weeks Ended | ||||||||
July 29, 2023 | July 30, 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Impairment on equity investment | ||||||||
Loss on property disposals and impairment charges | ||||||||
Deferred income tax provision | ||||||||
Share-based compensation | ||||||||
Changes in assets and liabilities: | ||||||||
Decrease (increase) in accounts receivable | ( | |||||||
(Increase) in merchandise inventories | ( | ( | ||||||
(Increase) decrease in income taxes recoverable | ( | |||||||
(Increase) in prepaid expenses and other current assets | ( | ( | ||||||
Increase (decrease) in accounts payable | ( | |||||||
(Decrease) in accrued expenses and other liabilities | ( | ( | ||||||
(Decrease) in income taxes payable | ( | ( | ||||||
Increase 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: | ||||||||
Repayment of debt | ( | |||||||
Payments for repurchase of common stock | ( | ( | ||||||
Cash dividends paid | ( | ( | ||||||
Proceeds from issuance of common stock | ||||||||
Other | ( | ( | ||||||
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) Income | Retained Earnings | Total | |||||||||||||||
Balance, April 29, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||
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 and related tax effect | — | ( | ||||||||||||||||||
Common stock repurchased | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, July 29, 2023 | $ | $ | $ | ( | $ | $ |
Thirteen Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
Balance, April 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 | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, July 30, 2022 | $ | $ | $ | ( | $ | $ |
Twenty-Six Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
Balance, January 28, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||
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 and related tax effect | — | ( | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, July 29, 2023 | $ | $ | $ | ( | $ | $ |
Twenty-Six Weeks Ended | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Par Value $ | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | 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 and related tax effect | — | ( | ||||||||||||||||||
Common stock repurchased and retired | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, July 30, 2022 | $ | $ | $ | ( | $ | $ |
In millions | July 29, 2023 | July 30, 2022 | ||||||
Balance, beginning of year | $ | $ | ||||||
Deferred revenue | ||||||||
Effect of exchange rates changes on deferred revenue | ( | |||||||
Revenue recognized | ( | ( | ||||||
Balance, end of period | $ | $ |
Twenty-Six Weeks Ended | ||||||||
In millions | July 29, 2023 | July 30, 2022 | ||||||
Operating cash flows paid for operating leases | $ | $ | ||||||
Lease liabilities arising from obtaining right of use assets | $ | $ |
In millions | July 29, 2023 | January 28, 2023 | July 30, 2022 | ||||||||
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 millions and net of immaterial taxes | Foreign Currency Translation | Deferred Benefit Costs | Accumulated Other Comprehensive (Loss) Income | ||||||||
Balance, January 29, 2022 | $ | ( | $ | ( | $ | ( | |||||
Additions to other comprehensive loss: | |||||||||||
Foreign currency translation adjustments, net of taxes | ( | — | ( | ||||||||
Recognition of net gains/losses on benefit obligations, net of taxes | — | ||||||||||
Reclassifications from other comprehensive loss to net income: | |||||||||||
Amortization of prior service cost and deferred gains/losses, net of taxes | — | ||||||||||
Balance, January 28, 2023 | $ | ( | $ | ( | $ | ( | |||||
Additions to other comprehensive loss: | |||||||||||
Foreign currency translation adjustments, net of taxes | — | ||||||||||
Reclassifications from other comprehensive loss to net income: | |||||||||||
Amortization of prior service cost and deferred gains/losses, net of taxes | — | ||||||||||
Balance, July 29, 2023 | $ | ( | $ | ( | $ | ( |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
Amounts in millions, except per share amounts | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
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 millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at July 29, 2023 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
€ | £ | Prepaid Exp | $ | $ | $ | ||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | £ | Prepaid Exp | |||||||||||||||||||||||||||
£ | U.S.$ | (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 | (Accrued Exp) | ( | ( | |||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise: | |||||||||||||||||||||||||||||
€ | £ | (Accrued 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 millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at January 28, 2023 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
€ | £ | (Accrued Exp) | $ | $ | ( | $ | ( | ||||||||||||||||||||||
A$ | U.S.$ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
U.S.$ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | (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: | |||||||||||||||||||||||||||||
€ | £ | Prepaid Exp | |||||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
C$ | € | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
zł | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
A$ | U.S.$ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
U.S.$ | € | Prepaid Exp | |||||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ | ( |
In millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at July 30, 2022 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
€ | £ | Prepaid Exp | $ | $ | $ | ||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
U.S.$ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid 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: | |||||||||||||||||||||||||||||
€ | £ | Prepaid Exp | |||||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
C$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
zł | £ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
U.S.$ | € | Prepaid Exp / (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ |
Amount of (Loss) Gain Recognized in Income by Derivative | |||||||||||||||||
Location of (Loss) Gain Recognized in Income by Derivative | Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | |||||||||||||
Fair value hedges: | |||||||||||||||||
Intercompany balances, primarily debt | $ | ( | $ | $ | $ | ||||||||||||
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 | Cost of sales, including buying and occupancy costs | ||||||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | ( | ( | ||||||||||||||
(Loss) 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 millions | July 29, 2023 | January 28, 2023 | July 30, 2022 | ||||||||
Level 1 | |||||||||||
Assets: | |||||||||||
Executive Savings Plan investments | $ | $ | $ | ||||||||
Level 2 | |||||||||||
Assets: | |||||||||||
Foreign currency exchange contracts | $ | $ | $ | ||||||||
Diesel fuel contracts | |||||||||||
Liabilities: | |||||||||||
Foreign currency exchange contracts | $ | $ | $ | ||||||||
Diesel fuel contracts | |||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
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 | ||||||||||||||
Interest (income) expense, net | ( | ( | ||||||||||||
Income before income taxes | $ | $ | $ | $ |
Funded Plan | Unfunded Plan | |||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of net actuarial loss and prior service cost | ||||||||||||||
Total expense | $ | $ | $ | $ | ||||||||||
Funded Plan | Unfunded Plan | |||||||||||||
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of net actuarial loss and prior service cost | ||||||||||||||
Total expense | $ | $ | $ | $ |
In millions and net of immaterial unamortized debt discounts | July 29, 2023 | January 28, 2023 | July 30, 2022 | ||||||||
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 | Twenty-Six Weeks Ended | |||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | |||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales, including buying and occupancy costs | 69.8 | 72.4 | 70.4 | 72.2 | ||||||||||
Selling, general and administrative expenses | 20.1 | 18.4 | 19.5 | 18.4 | ||||||||||
Impairment on equity investment | — | — | — | 0.9 | ||||||||||
Interest (income) expense, net | (0.3) | 0.1 | (0.3) | 0.1 | ||||||||||
Income before income taxes* | 10.4 | % | 9.2 | % | 10.3 | % | 8.3 | % |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Interest expense | $ | 20 | $ | 23 | $ | 43 | $ | 46 | ||||||
Capitalized interest | (1) | (2) | (2) | (3) | ||||||||||
Interest (income) | (57) | (10) | (116) | (13) | ||||||||||
Interest (income) expense, net | $ | (38) | $ | 11 | $ | (75) | $ | 30 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
U.S. dollars in millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Net sales | $ | 7,903 | $ | 7,236 | $ | 15,269 | $ | 14,107 | ||||||
Segment profit | $ | 1,084 | $ | 933 | $ | 2,112 | $ | 1,837 | ||||||
Segment profit margin | 13.7 | % | 12.9 | % | 13.8 | % | 13.0 | % | ||||||
Comp store sales | 8 | % | (2) | % | 7 | % | 0 | % | ||||||
Stores in operation at end of period: | ||||||||||||||
T.J. Maxx | 1,305 | 1,290 | ||||||||||||
Marshalls | 1,190 | 1,157 | ||||||||||||
Sierra | 83 | 62 | ||||||||||||
Total | 2,578 | 2,509 | ||||||||||||
Selling square footage at end of period (in millions): | ||||||||||||||
T.J. Maxx | 28 | 28 | ||||||||||||
Marshalls | 27 | 26 | ||||||||||||
Sierra | 1 | 1 | ||||||||||||
Total | 56 | 55 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
U.S. dollars in millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Net sales | $ | 2,011 | $ | 1,856 | $ | 3,977 | $ | 3,892 | ||||||
Segment profit | $ | 175 | $ | 50 | $ | 319 | $ | 172 | ||||||
Segment profit margin | 8.7 | % | 2.7 | % | 8.0 | % | 4.4 | % | ||||||
Comp store sales | 4 | % | (13) | % | (2) | % | (10) | % | ||||||
Stores in operation at end of period: | ||||||||||||||
HomeGoods | 907 | 862 | ||||||||||||
Homesense | 49 | 40 | ||||||||||||
Total | 956 | 902 | ||||||||||||
Selling square footage at end of period (in millions): | ||||||||||||||
HomeGoods | 17 | 16 | ||||||||||||
Homesense | 1 | 1 | ||||||||||||
Total | 18 | 17 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
U.S. dollars in millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Net sales | $ | 1,223 | $ | 1,248 | $ | 2,261 | $ | 2,330 | ||||||
Segment profit | $ | 192 | $ | 197 | $ | 309 | $ | 324 | ||||||
Segment profit margin | 15.7 | % | 15.8 | % | 13.7 | % | 13.9 | % | ||||||
Comp store sales(a) | 1 | % | N/A | 1 | % | N/A | ||||||||
Stores in operation at end of period: | ||||||||||||||
Winners | 299 | 295 | ||||||||||||
HomeSense | 154 | 150 | ||||||||||||
Marshalls | 106 | 106 | ||||||||||||
Total | 559 | 551 | ||||||||||||
Selling square footage at end of period (in millions): | ||||||||||||||
Winners | 6 | 6 | ||||||||||||
HomeSense | 3 | 3 | ||||||||||||
Marshalls | 2 | 2 | ||||||||||||
Total | 11 | 11 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
U.S. dollars in millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
Net sales | $ | 1,621 | $ | 1,503 | $ | 3,034 | $ | 2,920 | ||||||
Segment profit | $ | 32 | $ | 105 | $ | 70 | $ | 118 | ||||||
Segment profit margin | 2.0 | % | 7.0 | % | 2.3 | % | 4.0 | % | ||||||
Comp store sales(a) | 3 | % | N/A | 4 | % | N/A | ||||||||
Stores in operation at end of period: | ||||||||||||||
T.K. Maxx | 636 | 626 | ||||||||||||
Homesense | 79 | 77 | ||||||||||||
T.K. Maxx Australia | 76 | 71 | ||||||||||||
Total | 791 | 774 | ||||||||||||
Selling square footage at end of period (in millions): | ||||||||||||||
T.K. Maxx | 13 | 13 | ||||||||||||
Homesense | 1 | 1 | ||||||||||||
T.K. Maxx Australia | 1 | 1 | ||||||||||||
Total | 15 | 15 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||
General corporate expense | $ | 194 | $ | 188 | $ | 350 | $ | 265 |
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) | |||||||||||
April 30, 2023 through May 27, 2023 | 1,215,308 | $ | 78.17 | 1,215,308 | $ | 2,948,794,011 | ||||||||
May 28, 2023 through July 1, 2023 | 3,045,032 | $ | 80.46 | 3,045,032 | $ | 2,703,795,615 | ||||||||
July 2, 2023 through July 29, 2023 | 2,463,325 | $ | 85.25 | 2,463,325 | $ | 2,493,795,699 | ||||||||
Total | 6,723,665 | 6,723,665 |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
10.1 | ||||||||||||||
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 July 29, 2023, 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 July 29, 2023, formatted in Inline XBRL (included in Exhibit 101) |
THE TJX COMPANIES, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: August 25, 2023 | ||||||||||||||
/s/ John Klinger | ||||||||||||||
John Klinger, Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
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: August 25, 2023 | /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: August 25, 2023 | /s/ John Klinger | |||||||||||||
Name: John Klinger Title: Chief Financial Officer |
1 | the Company’s Form 10-Q for the fiscal quarter ended July 29, 2023 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 July 29, 2023 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 July 29, 2023 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 July 29, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ John Klinger | |||||
Name: John Klinger Title: Chief Financial Officer |
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 12,758 | $ 11,843 | $ 24,541 | $ 23,249 |
Cost of sales, including buying and occupancy costs | 8,910 | 8,571 | 17,284 | 16,794 |
Selling, general and administrative expenses | 2,559 | 2,175 | 4,797 | 4,269 |
Impairment on equity investment | 0 | 0 | 0 | 218 |
Interest (income) expense, net | (38) | 11 | (75) | 30 |
Income before income taxes | 1,327 | 1,086 | 2,535 | 1,938 |
Provision for income taxes | 338 | 276 | 655 | 541 |
Net income | $ 989 | $ 810 | $ 1,880 | $ 1,397 |
Basic earnings per share (in dollars per share) | $ 0.86 | $ 0.69 | $ 1.63 | $ 1.19 |
Weighted average common shares – basic (in shares) | 1,148 | 1,168 | 1,151 | 1,173 |
Diluted earnings per share (in dollars per share) | $ 0.85 | $ 0.69 | $ 1.62 | $ 1.18 |
Weighted average common shares – diluted (in shares) | 1,161 | 1,178 | 1,163 | 1,184 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 989 | $ 810 | $ 1,880 | $ 1,397 |
Additions to other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of related tax provision and benefits | 40 | (30) | 54 | (89) |
Reclassifications from other comprehensive income (loss) to net income: | ||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 1 | 4 | 1 | 8 |
Other comprehensive income (loss), net of tax | 41 | (26) | 55 | (81) |
Total comprehensive income | $ 1,030 | $ 784 | $ 1,935 | $ 1,316 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax provision (benefit) | $ 1.0 | $ 0.4 | $ 0.4 | $ (0.2) |
Amortization of prior service cost and deferred gains/losses, tax provision | $ 0.1 | $ 2.0 | $ 0.2 | $ 3.0 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jul. 29, 2023 |
Jan. 28, 2023 |
Jul. 30, 2022 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars 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 (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,144,948,031 | 1,155,437,908 | 1,161,886,769 |
Common stock, shares outstanding (in shares) | 1,144,948,031 | 1,155,437,908 | 1,161,886,769 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
Jul. 29, 2023 |
Apr. 29, 2023 |
Jan. 28, 2023 |
Jul. 30, 2022 |
Apr. 30, 2022 |
Jan. 29, 2022 |
---|---|---|---|---|---|---|
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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 28, 2023 (“fiscal 2023”). 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 28, 2023 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 February 3, 2024 (“fiscal 2024”) and is a 53-week fiscal year. Fiscal 2023 was a 52-week fiscal year. Fiscal 2025 will be a 52-week fiscal year and will end February 1, 2025. 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 first quarter of fiscal 2023, the Company announced that it had committed to divesting its minority investment, resulting in an impairment charge of $218 million representing the entire carrying value of the Company’s investment. Additionally, the Company realized a $54 million tax benefit when the Company completed the divestiture of this investment during the third quarter of fiscal 2023. See Note F—Fair Value Measurements for additional information. Deferred Gift Card Revenue The following table presents deferred gift card revenue activity:
TJX recognized $472 million in gift card revenue for the three months ended July 29, 2023 and $462 million for the three months ended July 30, 2022. 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property at Cost | Property at Cost The following table presents the components of property at cost:
Depreciation expense was $234 million for the three months ended July 29, 2023 and $216 million for the three months ended July 30, 2022. Depreciation expense was $464 million for the six months ended July 29, 2023 and $434 million for the six months ended July 30, 2022. Non-cash investing activities in the cash flows consist of accrued capital additions of $192 million and $145 million as of the periods ended July 29, 2023 and July 30, 2022, respectively.
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Accumulated Other Comprehensive (Loss) Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Amounts included in Accumulated other comprehensive (loss) income are recorded net of taxes. The following table details the changes in Accumulated other comprehensive loss for the twelve months ended January 28, 2023 and the six months ended July 29, 2023:
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Capital Stock and Earnings Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock TJX repurchased and retired 6.7 million shares of its common stock at a cost of approximately $555 million, including applicable excise tax, during the quarter ended July 29, 2023, on a “trade date” basis. During the six months ended July 29, 2023, TJX repurchased and retired 13.2 million shares of its common stock at a cost of approximately $1.1 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 billion for the six months ended July 29, 2023 and $1.3 billion for the six months ended July 30, 2022. These expenditures were funded by cash on hand and cash generated from current and prior period operations. In February 2023, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $2.5 billion available for repurchase as of July 29, 2023. 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 periods. Such options are excluded because they would have an antidilutive effect. There were no such options excluded for the thirteen weeks and twenty-six weeks ended July 29, 2023. There were 5.1 million such options excluded for the thirteen weeks and twenty-six weeks ended July 30, 2022.
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial InstrumentsAs 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) income 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 2023, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2024, and during the first six months of fiscal 2024, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first six months of fiscal 2025. The hedge agreements outstanding at July 29, 2023 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2024 and the first six months of fiscal 2025. These diesel fuel hedge agreements will settle throughout fiscal 2024 and throughout the first seven months of fiscal 2025. 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 July 29, 2023 cover merchandise purchases the Company is committed to over the next several months in fiscal 2024. 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 Euro denominated merchandise purchases from third-party vendors. 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 July 29, 2023:
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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 inputs. The fair value of long-term debt as of July 29, 2023 was $2.6 billion compared to a carrying value of $2.9 billion primarily due to the recent increase in interest rates. The fair value of long-term debt as of January 28, 2023 was $2.6 billion compared to a carrying value of $2.9 billion. The fair value of the current portion of long-term debt as of January 28, 2023 was $497 million compared to a carrying value of $500 million. The fair value of long-term debt as of July 30, 2022 was $2.7 billion compared to a carrying value of $2.9 billion. The fair value of the current portion of long-term debt as of July 30, 2022 was $497 million compared to a carrying value of $500 million. 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 July 29, 2023, January 28, 2023 and July 30, 2022, 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. As a result, the Company recorded a $218 million charge in the first quarter of fiscal 2023, which represented 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 Information | Segment Information TJX operates four main business segments. In the United States, the Marmaxx segment operates T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods, Homesense, and homegoods.com. The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx and Homesense, as well as tkmaxx.com, tkmaxx.de, and tkmaxx.at 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 (income) 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 2024 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2024. 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) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented. The Company has offered eligible former TJX Associates who have not yet commenced their qualified pension plan benefit an opportunity to receive a voluntary lump sum payout of their vested pension plan benefit. As a result, the Company anticipates an immaterial non-cash settlement charge. This potential non-cash settlement charge is expected to be incurred in the third quarter of fiscal 2024 and would impact the Company’s pretax profit margin and earnings per share results.
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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 July 29, 2023, January 28, 2023 and July 30, 2022. All amounts are net of unamortized debt discounts.
Senior Unsecured Notes During the second quarter of fiscal 2024, the Company repaid its 2.500% ten-year Notes due May 2023 at maturity. Credit Facilities TJX 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 was set to mature in May 2024 (the “2024 Revolving Credit Facility”). On May 8, 2023, the Company amended the 2024 Revolving Credit Facility to (i) extend the maturity to May 8, 2028 and (ii) replace the London Interbank Offered Rate (“LIBOR”) with a term secured overnight financing rate plus a 0.10% credit spread adjustment (“Adjusted Term SOFR”). Term SOFR borrowings under the “2028 Revolving Credit Facility”, as amended, bear interest at the Adjusted Term SOFR plus a margin of 45.0 - 87.5 basis points and a quarterly facility fee payment of 5.0 - 12.5 basis points on the total commitments under the 2028 Revolving Credit Facility, in each case, based on the Company’s long-term debt ratings. All other material terms and conditions of the 2028 Revolving Credit Facility were unchanged. Additionally, on May 8, 2023, the Company amended its 2026 Revolving Credit Facility to replace the LIBOR with Adjusted Term SOFR. Term SOFR borrowings under the 2026 Revolving Credit Facility, as amended, bear interest at the Adjusted Term SOFR plus a variable margin based on the Company’s long-term debt ratings. All other material terms and conditions of the 2026 Revolving Credit Facility were unchanged. Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. As of July 29, 2023, January 28, 2023 and July 30, 2022, there were no amounts outstanding under these 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 July 29, 2023, January 28, 2023 and July 30, 2022, TJX Canada had two credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of July 29, 2023, January 28, 2023 and July 30, 2022, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of July 29, 2023, January 28, 2023 and July 30, 2022, the Company’s European business at TJX International had a credit line of £5 million. As of July 29, 2023, January 28, 2023 and July 30, 2022, 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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Jul. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In August 2022, the Inflation Reduction Act of 2022 (“IRA”), was signed into law. Among other things, the IRA imposes a 15% corporate alternative minimum tax (the “Corporate AMT”) for tax years beginning after December 31, 2022 and levies a 1% excise tax on net stock repurchases after December 31, 2022. The excise tax on the net stock repurchase, Corporate AMT, or other provisions of the IRA did not have a material impact on our results of operations or financial position for the first six months of fiscal 2024. The effective income tax rate was 25.5% for the second quarter of fiscal 2024 and 25.4% for the second quarter of fiscal 2023. The effective income tax rate was 25.8% for the first six months of fiscal 2024 and 27.9% for the first six months of fiscal 2023. The decrease in the effective income tax rate for the first six months of fiscal 2024 was primarily due to the first six months of fiscal 2023 reflecting the impairment of our minority investment in Familia with no estimated tax benefit and the increase in excess tax benefit from share-based compensation in fiscal 2024, partially offset by the resolution of various tax matters in fiscal 2024. TJX had net unrecognized tax benefits of $264 million as of July 29, 2023, $265 million as of January 28, 2023 and $272 million as of July 30, 2022. 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 $39 million as of July 29, 2023, $37 million as of January 28, 2023 and $39 million as of July 30, 2022. 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 July 29, 2023. During the next 12 months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $51 million, which would reduce the provision for taxes on earnings.
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Contingent Obligations, Contingencies, and Commitments |
6 Months Ended |
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Jul. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Obligations, Contingencies, and Commitments | Contingent Obligations, Contingencies, and Commitments Contingent Contractual Obligations TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations. Legal Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 989 | $ 810 | $ 1,880 | $ 1,397 |
Insider Trading Arrangements |
3 Months Ended |
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Jul. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Jul. 29, 2023 | |
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. 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 28, 2023 (“fiscal 2023”). 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 28, 2023 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 February 3, 2024 (“fiscal 2024”) and is a 53-week fiscal year. Fiscal 2023 was a 52-week fiscal year. Fiscal 2025 will be a 52-week fiscal year and will end February 1, 2025.
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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 first quarter of fiscal 2023, the Company announced that it had committed to divesting its minority investment, resulting in an impairment charge of $218 million representing the entire carrying value of the Company’s investment. Additionally, the Company realized a $54 million tax benefit when the Company completed the divestiture of this investment during the third quarter of fiscal 2023. 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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Jul. 29, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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 | The following table details the changes in Accumulated other comprehensive loss for the twelve months ended January 28, 2023 and the six months ended July 29, 2023:
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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 July 29, 2023:
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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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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt as of July 29, 2023, January 28, 2023 and July 30, 2022. 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 Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 29, 2023 |
Oct. 29, 2022 |
Jul. 30, 2022 |
Apr. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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Schedule of Equity Method Investments [Line Items] | ||||||
Impairment on equity investment | $ 0 | $ 0 | $ 0 | $ 218 | ||
Tax benefit | $ 54 | |||||
Gift card revenue recognized | $ 472 | $ 462 | $ 916 | $ 905 | ||
Familia | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment on equity investment | $ 218 |
Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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Movement in Contract with Customer, Liability [Roll Forward] | ||||
Beginning balance | $ 721 | $ 685 | ||
Deferred revenue | 858 | 852 | ||
Effect of exchange rates changes on deferred revenue | 1 | (3) | ||
Revenue recognized | $ (472) | $ (462) | (916) | (905) |
Ending balance | $ 664 | $ 629 | $ 664 | $ 629 |
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
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Accounting Policies [Abstract] | ||
Operating cash flows paid for operating leases | $ 999 | $ 972 |
Lease liabilities arising from obtaining right of use assets | $ 1,148 | $ 1,151 |
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Millions |
Jul. 29, 2023 |
Jan. 28, 2023 |
Jul. 30, 2022 |
---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Total property at cost | $ 14,030 | $ 13,317 | $ 12,707 |
Less: accumulated depreciation and amortization | 7,864 | 7,534 | 7,317 |
Net property at cost | 6,166 | 5,783 | 5,390 |
Land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,086 | 2,043 | 1,960 |
Leasehold costs and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,147 | 3,874 | 3,667 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 7,797 | $ 7,400 | $ 7,080 |
Property at Cost - Additional information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 234 | $ 216 | $ 464 | $ 434 |
Accrued capital additions | $ 192 | $ 145 |
Capital Stock and Earnings Per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
Feb. 28, 2023 |
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Capital Unit [Line Items] | |||||
Common stock repurchased and retired | $ 554 | $ 700 | $ 1,050 | $ 1,307 | |
Stock repurchase program, additional authorized amount | $ 2,000 | ||||
Remaining available stock under stock repurchase plan | $ 2,500 | $ 2,500 | |||
Antidilutive options excluded (in shares) | 0.0 | 5.1 | 0.0 | 5.1 | |
Trade Date Basis | |||||
Capital Unit [Line Items] | |||||
Common stock repurchased and retired (in shares) | 6.7 | 13.2 | |||
Common stock repurchased and retired | $ 555 | $ 1,100 | |||
Settlement Date Basis | |||||
Capital Unit [Line Items] | |||||
Common stock repurchased and retired | $ 1,000 | $ 1,300 |
Financial Instruments - Additional Information (Details) |
6 Months Ended |
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Jul. 29, 2023 | |
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 Millions |
Jul. 29, 2023 |
Jan. 28, 2023 |
Jul. 30, 2022 |
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Executive Savings Plan investments | Level 1 | |||
Assets: | |||
Executive Savings Plan investments | $ 394.8 | $ 371.6 | $ 364.3 |
Foreign currency exchange contracts | Level 2 | |||
Assets: | |||
Foreign currency exchange contracts | 9.8 | 8.6 | 77.1 |
Liabilities: | |||
Foreign currency exchange contracts | 47.0 | 45.1 | 18.2 |
Diesel fuel contracts | Level 2 | |||
Assets: | |||
Diesel fuel contracts | 0.0 | 3.9 | 38.2 |
Liabilities: | |||
Diesel fuel contracts | $ 2.0 | $ 0.0 | $ 0.0 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Apr. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
Jan. 28, 2023 |
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Fair Value Disclosures [Abstract] | ||||||
Fair value of long-term debt | $ 2,600 | $ 2,700 | $ 2,600 | $ 2,700 | $ 2,600 | |
Long-term debt | 2,861 | 2,857 | 2,861 | 2,857 | 2,859 | |
Fair-value of current debt | 497 | 497 | 497 | |||
Current portion of long-term debt | 0 | 500 | 0 | 500 | $ 500 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment on equity investment | $ 0 | $ 0 | $ 0 | $ 218 | ||
Familia | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment on equity investment | $ 218 |
Segment Information - Additional Information (Details) |
6 Months Ended |
---|---|
Jul. 29, 2023
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 Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 29, 2023 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
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Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 9 | $ 11 | $ 17 | $ 23 |
Interest cost | 18 | 14 | 36 | 29 |
Expected return on plan assets | (20) | (22) | (40) | (44) |
Amortization of net actuarial loss and prior service cost | 0 | 5 | 0 | 9 |
Total expense | 7 | 8 | 13 | 17 |
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 1 | 1 |
Interest cost | 2 | 1 | 3 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss and prior service cost | 1 | 1 | 1 | 2 |
Total expense | $ 3 | $ 2 | $ 5 | $ 5 |
Pension Plans and Other Retirement Benefits - Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Jul. 29, 2023
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 | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 29, 2023 |
Oct. 29, 2022 |
Jul. 30, 2022 |
Jul. 29, 2023 |
Jul. 30, 2022 |
Jan. 28, 2023 |
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Income Tax Disclosure [Abstract] | ||||||
Effective income tax rate | 25.50% | 25.40% | 25.80% | 27.90% | ||
Tax benefit | $ 54 | |||||
Net unrecognized tax benefits | $ 264 | $ 272 | $ 264 | $ 272 | $ 265 | |
Accrued amounts for interest and penalties | 39 | $ 39 | 39 | $ 39 | $ 37 | |
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings (up to) | $ 51 | $ 51 |
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