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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(mark one)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended October 28, 2023
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 1-4908 
The TJX Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2207613
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
770 Cochituate Road Framingham, Massachusetts
 01701
(Address of principal executive offices) (Zip Code)
(508) 390-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTJXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  
The number of shares of registrant’s common stock outstanding as of November 17, 2023: 1,139,676,816



The TJX Companies, Inc.
TABLE OF CONTENTS
2


PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
IN MILLIONS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 October 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Net sales$13,265 $12,167 $37,806 $35,416 
Cost of sales, including buying and occupancy costs9,139 8,624 26,423 25,418 
Selling, general and administrative expenses2,578 2,185 7,375 6,454 
Impairment on equity investment   218 
Interest (income) expense, net(41)(1)(116)29 
Income before income taxes1,589 1,359 4,124 3,297 
Provision for income taxes398 296 1,053 837 
Net income
$1,191 $1,063 $3,071 $2,460 
Basic earnings per share
$1.04 $0.92 $2.68 $2.10 
Weighted average common shares – basic1,144 1,161 1,148 1,169 
Diluted earnings per share
$1.03 $0.91 $2.65 $2.08 
Weighted average common shares – diluted1,158 1,172 1,161 1,180 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
IN MILLIONS
 
 Thirteen Weeks Ended
 October 28,
2023
October 29,
2022
Net income$1,191 $1,063 
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax provision of $4 in fiscal 2024 and tax benefit of $9 in fiscal 2023
(102)(65)
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred gains/(losses), net of related tax provisions of $0.2 in fiscal 2024 and $2 in fiscal 2023
0 4 
Other comprehensive (loss), net of tax(102)(61)
Total comprehensive income$1,089 $1,002 
Thirty-Nine Weeks Ended
October 28,
2023
October 29,
2022
Net income$3,071 $2,460 
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax provision of $3 in fiscal 2024 and tax benefit of $9 in fiscal 2023
(48)(154)
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred gains/(losses), net of related tax provisions of $0.4 in fiscal 2024 and $5 in fiscal 2023
1 12 
Other comprehensive (loss), net of tax(47)(142)
Total comprehensive income$3,024 $2,318 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4


THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN MILLIONS, EXCEPT SHARE DATA
 
October 28,
2023
January 28,
2023
October 29,
2022
Assets
Current assets:
Cash and cash equivalents$4,290 $5,477 $3,365 
Accounts receivable, net560 563 571 
Merchandise inventories8,285 5,819 8,329 
Prepaid expenses and other current assets535 478 582 
Federal, state and foreign income taxes recoverable 136 119 142 
Total current assets13,806 12,456 12,989 
Net property at cost6,262 5,783 5,573 
Non-current deferred income taxes, net152 158 174 
Operating lease right of use assets9,289 9,086 8,986 
Goodwill94 97 95 
Other assets748 769 611 
Total assets$30,351 $28,349 $28,428 
Liabilities
Current liabilities:
Accounts payable$5,425 $3,794 $4,993 
Accrued expenses and other current liabilities4,482 4,346 4,084 
Current portion of operating lease liabilities1,682 1,610 1,574 
Current portion of long-term debt 500 500 
Federal, state and foreign income taxes payable51 55 83 
Total current liabilities11,640 10,305 11,234 
Other long-term liabilities908 919 906 
Non-current deferred income taxes, net133 127 74 
Long-term operating lease liabilities7,976 7,775 7,691 
Long-term debt2,861 2,859 2,858 
Commitments and contingencies (See Note K)
Shareholders’ equity
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
   
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,140,732,746; 1,155,437,908 and 1,156,263,970 respectively
1,141 1,155 1,156 
Additional paid-in capital   
Accumulated other comprehensive (loss) income(653)(606)(829)
Retained earnings6,345 5,815 5,338 
Total shareholders’ equity6,833 6,364 5,665 
Total liabilities and shareholders’ equity$30,351 $28,349 $28,428 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN MILLIONS
 
 Thirty-Nine Weeks Ended
 October 28,
2023
October 29,
2022
Cash flows from operating activities:
Net income$3,071 $2,460 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization712 656 
Impairment on equity investment 218 
Loss on property disposals and impairment charges46 7 
Deferred income tax provision13 35 
Share-based compensation114 95 
Changes in assets and liabilities:
Decrease (increase) in accounts receivable1 (69)
(Increase) in merchandise inventories(2,528)(2,545)
(Increase) in income taxes recoverable(17)(28)
(Increase) in prepaid expenses and other current assets(20)(72)
Increase in accounts payable1,666 647 
Increase (decrease) in accrued expenses and other liabilities161 (237)
(Decrease) in income taxes payable(5)(103)
Increase in net operating lease liabilities75 2 
Other, net(32)(7)
Net cash provided by operating activities3,257 1,059 
Cash flows from investing activities:
Property additions(1,280)(1,100)
Purchases of investments(22)(26)
Sales and maturities of investments21 16 
Net cash (used in) investing activities(1,281)(1,110)
Cash flows from financing activities:
Repayment of debt(500) 
Payments for repurchase of common stock(1,687)(1,800)
Cash dividends paid(1,105)(998)
Proceeds from issuance of common stock203 115 
Other(29)(32)
Net cash (used in) financing activities(3,118)(2,715)
Effect of exchange rate changes on cash(45)(96)
Net (decrease) in cash and cash equivalents(1,187)(2,862)
Cash and cash equivalents at beginning of year5,477 6,227 
Cash and cash equivalents at end of period$4,290 $3,365 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
Thirteen Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, July 29, 20231,145 $1,145 $ $(551)$6,014 $6,608 
Net income    1,191 1,191 
Other comprehensive (loss), net of tax   (102) (102)
Cash dividends declared on common stock    (380)(380)
Recognition of share-based compensation  44   44 
Issuance of common stock under stock incentive plan and related tax effect3 3 119   122 
Common stock repurchased(7)(7)(163) (480)(650)
Balance, October 28, 20231,141 $1,141 $ $(653)$6,345 $6,833 
Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, July 30, 20221,162 $1,162 $ $(768)$5,003 $5,397 
Net income— — — — 1,063 1,063 
Other comprehensive (loss), net of tax— — — (61)— (61)
Cash dividends declared on common stock— — — — (342)(342)
Recognition of share-based compensation— — 37 — — 37 
Issuance of common stock under stock incentive plan and related tax effect2262 — — 64 
Common stock repurchased(8)(8)(99)— (386)(493)
Balance, October 29, 20221,156 $1,156 $ $(829)$5,338 $5,665 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
7


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
Thirty-Nine Weeks Ended
 Common Stock  
  Shares
Par Value $1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, January 28, 20231,155 $1,155 $ $(606)$5,815 $6,364 
Net income    3,071 3,071 
Other comprehensive (loss), net of tax   (47)— (47)
Cash dividends declared on common stock    (1,144)(1,144)
Recognition of share-based compensation  114   114 
Issuance of common stock under stock incentive plan and related tax effect6 6 170  (1)175 
Common stock repurchased(20)(20)(284) (1,396)(1,700)
Balance, October 28, 20231,141 $1,141 $ $(653)$6,345 $6,833 

Thirty-Nine Weeks Ended
Common Stock  
Shares
Par Value $1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, January 29, 20221,181 $1,181 $ $(687)$5,509 $6,003 
Net income— — — — 2,460 2,460 
Other comprehensive (loss), net of tax— — — (142)— (142)
Cash dividends declared on common stock— — — — (1,032)(1,032)
Recognition of share-based compensation— — 95 — — 95 
Issuance of common stock under stock incentive plan and related tax effect4 4 78 — (1)81 
Common stock repurchased(29)(29)(173)— (1,598)(1,800)
Balance, October 29, 20221,156 $1,156 $ $(829)$5,338 $5,665 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
8


THE TJX COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A. 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:
In millionsOctober 28,
2023
October 29,
2022
Balance, beginning of year$721 $685 
Deferred revenue1,283 1,259 
Effect of exchange rates changes on deferred revenue(4)(9)
Revenue recognized(1,342)(1,318)
Balance, end of period$658 $617 
TJX recognized $426 million in gift card revenue for the three months ended October 28, 2023 and $412 million for the three months ended October 29, 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.
9


Leases
Supplemental cash flow information related to leases is as follows:
Thirty-Nine Weeks Ended
In millionsOctober 28,
2023
October 29,
2022
Operating cash flows paid for operating leases$1,508 $1,453 
Lease liabilities arising from obtaining right of use assets$1,595 $1,697 
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.
Note B. Property at Cost
The following table presents the components of property at cost:
In millionsOctober 28,
2023
January 28,
2023
October 29,
2022
Land and buildings
$2,097 $2,043 $1,984 
Leasehold costs and improvements
4,163 3,874 3,744 
Furniture, fixtures and equipment7,843 7,400 7,190 
Total property at cost$14,103 $13,317 $12,918 
Less: accumulated depreciation and amortization
7,841 7,534 7,345 
Net property at cost$6,262 $5,783 $5,573 
Depreciation expense was $243 million for the three months ended October 28, 2023 and $217 million for the three months ended October 29, 2022. Depreciation expense was $707 million for the nine months ended October 28, 2023 and $651 million for the nine months ended October 29, 2022.
Non-cash investing activities in the cash flows consist of accrued capital additions of $168 million and $190 million as of the periods ended October 28, 2023 and October 29, 2022, respectively.
Note C. 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) income for the twelve months ended January 28, 2023 and the nine months ended October 28, 2023:
In millions and net of immaterial taxesForeign
Currency
Translation
Deferred
Benefit
Costs
Accumulated
Other
Comprehensive
(Loss) Income
Balance, January 29, 2022
$(488)$(199)$(687)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes(56)— (56)
Recognition of net gains/(losses) on benefit obligations, net of taxes— 121 121 
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred gains/(losses), net of taxes— 16 16 
Balance, January 28, 2023
$(544)$(62)$(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes(48) (48)
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred gains/(losses), net of taxes 1 1 
Balance, October 28, 2023
$(592)$(61)$(653)
10


Note D. Capital Stock and Earnings Per Share
Capital Stock
TJX repurchased and retired 7.2 million shares of its common stock at a cost of approximately $653 million, including applicable excise tax, during the quarter ended October 28, 2023, on a “trade date” basis. During the nine months ended October 28, 2023, TJX repurchased and retired 20.4 million shares of its common stock at a cost of approximately $1.7 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 $1.7 billion for the nine months ended October 28, 2023 and $1.8 billion for the nine months ended October 29, 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, TJX had approximately $1.8 billion available for repurchase as of October 28, 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:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
Amounts in millions, except per share amountsOctober 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Basic earnings per share:
Net income
$1,191 $1,063 $3,071 $2,460 
Weighted average common shares outstanding for basic earnings per share calculation
1,144 1,161 1,148 1,169 
Basic earnings per share
$1.04 $0.92 $2.68 $2.10 
Diluted earnings per share:
Net income
$1,191 $1,063 $3,071 $2,460 
Weighted average common shares outstanding for basic earnings per share calculation
1,144 1,161 1,148 1,169 
Assumed exercise/vesting of stock options and awards14 11 13 11 
Weighted average common shares outstanding for diluted earnings per share calculation
1,158 1,172 1,161 1,180 
Diluted earnings per share
$1.03 $0.91 $2.65 $2.08 
Cash dividends declared per share$0.3325 $0.295 $0.9975 $0.8850 
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 4.8 million options excluded for the thirteen weeks and thirty-nine weeks ended October 28, 2023. There were 11.2 million such options excluded for the thirteen weeks and thirty-nine weeks ended October 29, 2022.
Note E. 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) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged.
11


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 nine months of fiscal 2024, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first nine months of fiscal 2025. The hedge agreements outstanding at October 28, 2023 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2024 and the first nine months of fiscal 2025. These diesel fuel hedge agreements will settle throughout fiscal 2024 and throughout the first ten 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 October 28, 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 excess 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.
12


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2023:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
October 28,
2023
Fair value hedges:
Intercompany balances, primarily debt:
60 £52 0.8738 (Accrued Exp)$ $(0.1)$(0.1)
A$150 U.S.$104 0.6937 Prepaid Exp8.4  8.4 
U.S.$69 £55 0.8010 (Accrued Exp) (2.0)(2.0)
£150 U.S.$186 1.2396 Prepaid Exp3.9  3.9 
200 U.S.$220 1.1008 Prepaid Exp7.8  7.8 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.0M – 3.8M
gal per month
Float on
3.0M – 3.8M
gal per month
N/APrepaid Exp2.7  2.7 
Intercompany billings in TJX International, primarily merchandise:
118 £102 0.8646 (Accrued Exp) (1.1)(1.1)
Merchandise purchase commitments:
C$773 U.S.$575 0.7440 Prepaid Exp16.8  16.8 
C$35 24 0.6826 Prepaid Exp / (Accrued Exp)0.2 (0.1)0.1 
£365 U.S.$458 1.2537 Prepaid Exp / (Accrued Exp)14.7 (0.1)14.6 
A$58 U.S.$39 0.6677 Prepaid Exp1.9  1.9 
581 £110 0.1900 (Accrued Exp) (3.6)(3.6)
U.S.$120 110 0.9190 (Accrued Exp) (3.2)(3.2)
Total fair value of derivative financial instruments$56.4 $(10.2)$46.2 
13


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2023:
In millionsPayReceiveBlended
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:
60 £53 0.8807 (Accrued Exp)$ $(0.3)$(0.3)
A$150 U.S.$105 0.7003 (Accrued Exp) (2.6)(2.6)
U.S.$69 £55 0.8010 (Accrued Exp) (0.3)(0.3)
£200 U.S.$244 1.2191 (Accrued Exp) (5.5)(5.5)
200 U.S.$213 1.0652 Prepaid Exp / (Accrued Exp)0.8 (7.0)(6.2)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.2M – 3.6M
gal per month
Float on
3.2M– 3.6M
gal per month
N/APrepaid Exp3.9  3.9 
Intercompany billings in TJX International, primarily merchandise:
146 £129 0.8834 Prepaid Exp0.8  0.8 
Merchandise purchase commitments:
C$705 U.S.$525 0.7449 Prepaid Exp / (Accrued Exp)2.2 (7.1)(4.9)
C$23 16 0.7064 Prepaid Exp / (Accrued Exp)0.4 (0.0)0.4 
£299 U.S.$356 1.1916 Prepaid Exp / (Accrued Exp)0.1 (15.4)(15.3)
507 £91 0.1788 (Accrued Exp) (3.6)(3.6)
A$104 U.S.$71 0.6819 (Accrued Exp) (3.3)(3.3)
U.S.$85 82 0.9634 Prepaid Exp4.3  4.3 
Total fair value of derivative financial instruments$12.5 $(45.1)$(32.6)
14


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 29, 2022:
In millionsPayReceiveBlended
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:
60 £51 0.8526 (Accrued Exp)$ $(0.8)$(0.8)
A$170 U.S.$120 0.7034 Prepaid Exp10.6  10.6 
U.S.$75 £55 0.7368 (Accrued Exp) (11.2)(11.2)
£200 U.S.$247 1.2341 Prepaid Exp / (Accrued Exp)20.8 (4.1)16.7 
200 U.S.$217 1.0862 Prepaid Exp / (Accrued Exp)17.7 (0.5)17.2 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.1M – 3.9M
gal per month
Float on
3.1M – 3.9M
gal per month
N/APrepaid Exp18.4  18.4 
Intercompany billings in TJX International, primarily merchandise:
222 £195 0.8769 Prepaid Exp4.2  4.2 
Merchandise purchase commitments:
C$710 U.S.$542 0.7633 Prepaid Exp / (Accrued Exp)22.2 (0.5)21.7 
C$16 12 0.7453 Prepaid Exp / (Accrued Exp)0.2 (0.0)0.2 
£389 U.S.$475 1.2201 Prepaid Exp / (Accrued Exp)29.6 (3.0)26.6 
A$79 U.S.$54 0.6843 Prepaid Exp3.6  3.6 
614 £108 0.1760 (Accrued Exp) (2.8)(2.8)
U.S.$88 85 0.9635 Prepaid Exp / (Accrued Exp)0.3 (4.0)(3.7)
Total fair value of derivative financial instruments$127.6 $(26.9)$100.7 
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
  Amount of Gain (Loss) Recognized
in Income by Derivative
 
 Location of Gain (Loss)
Recognized in Income by
Derivative
Thirteen Weeks EndedThirty-Nine Weeks Ended
In millionsOctober 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Fair value hedges:
Intercompany balances, primarily debtSelling, general and administrative expenses$26 $24 $29 $57 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contractsCost of sales, including buying and occupancy costs2 (1)(6)53 
Intercompany billings in TJX International, primarily merchandiseCost of sales, including buying and occupancy costs(2)(6)2 (6)
Merchandise purchase commitmentsCost of sales, including buying and occupancy costs49 65 27 113 
Gain recognized in income$75 $82 $52 $217 
15


Note F. 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:
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
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
In millionsOctober 28,
2023
January 28,
2023
October 29,
2022
Level 1
Assets:
Executive Savings Plan investments$366.6 $371.6 $342.6 
Level 2
Assets:
Foreign currency exchange contracts$53.7 $8.6 $109.2 
Diesel fuel contracts2.7 3.9 18.4 
Liabilities:
Foreign currency exchange contracts$10.2 $45.1 $26.9 
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 October 28, 2023 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 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 October 29, 2022 was $2.5 billion compared to a carrying value of $2.9 billion. The fair value of the current portion of long-term debt as of October 29, 2022 was $493 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 October 28, 2023, January 28, 2023 and October 29, 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.
16


Note G. 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 and Homesense. 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. In the third quarter of fiscal 2024, the Company closed its HomeGoods e-commerce business.
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:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
In millionsOctober 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Net sales:
In the United States:
Marmaxx$8,107 $7,455 $23,376 $21,562 
HomeGoods2,208 1,948 6,185 5,840 
TJX Canada1,317 1,285 3,578 3,615 
TJX International1,633 1,479 4,667 4,399 
Total net sales$13,265 $12,167 $37,806 $35,416 
Segment profit:
In the United States:
Marmaxx$1,134 $1,003 $3,246 $2,840 
HomeGoods228 172 547 344 
TJX Canada223 204 532 528 
TJX International88 98 158 216 
Total segment profit1,673 1,477 4,483 3,928 
General corporate expense125 119 475 384 
Impairment on equity investment   218 
Interest (income) expense, net(41)(1)(116)29 
Income before income taxes$1,589 $1,359 $4,124 $3,297 
17


Note H. 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:
 Funded PlanUnfunded Plan
 Thirteen Weeks EndedThirteen Weeks Ended
In millionsOctober 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Service cost$8 $13 $1 $0 
Interest cost18 15 2 1 
Expected return on plan assets(20)(23)  
Amortization of net actuarial loss and prior service cost0 5 0 1 
Total expense$6 $10 $3 $2 
Funded PlanUnfunded Plan
Thirty-Nine Weeks EndedThirty-Nine Weeks Ended
In millionsOctober 28,
2023
October 29,
2022
October 28,
2023
October 29,
2022
Service cost$25 $36 $2 $1 
Interest cost54 44 5 3 
Expected return on plan assets(60)(67)  
Amortization of net actuarial loss and prior service cost0 14 1 3 
Total expense$19 $27 $8 $7 
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.
In the second quarter of fiscal 2024, the Company announced that it would offer 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. At the end of the offer period, the payout amount, based on participation rate, did not meet the threshold to record a non-cash settlement charge.
18


Note I. Long-Term Debt and Credit Lines
The table below presents long-term debt as of October 28, 2023, January 28, 2023 and October 29, 2022. All amounts are net of unamortized debt discounts.
In millions and net of immaterial unamortized debt discountsOctober 28,
2023
January 28,
2023
October 29,
2022
General corporate debt:
2.500% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount)
$ $500 $500 
2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)
998 997 997 
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)
499 499 499 
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)
496 496 496 
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)
500 500 500 
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)
383 383 383 
Total debt2,876 3,375 3,375 
Current maturities of long-term debt, net of debt issuance costs (500)(500)
Debt issuance costs(15)(16)(17)
Long-term debt$2,861 $2,859 $2,858 
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
The Company has two TJX 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 October 28, 2023, January 28, 2023 and October 29, 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.
In addition, as of October 28, 2023, January 28, 2023 and October 29, 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 October 28, 2023, January 28, 2023 and October 29, 2022, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of October 28, 2023, January 28, 2023 and October 29, 2022, the Company’s European business at TJX International had a credit line of £5 million. As of October 28, 2023, January 28, 2023 and October 29, 2022, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.
19


Note J. 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 nine months of fiscal 2024.
The effective income tax rate was 25.0% for the third quarter of fiscal 2024 and 21.8% for the third quarter of fiscal 2023. The effective income tax rate was 25.5% for the first nine months of fiscal 2024 and 25.4% for the first nine months of fiscal 2023. The increase in the effective income tax rate in the third quarter and for the first nine months of fiscal 2024 was primarily due to the effective income tax rate in fiscal 2023 reflecting the benefit from the divestiture of our minority investment in Familia, partially offset by the increase in excess tax benefit from share-based compensation in fiscal 2024.
TJX had net unrecognized tax benefits of $266 million as of October 28, 2023, $265 million as of January 28, 2023 and $262 million as of October 29, 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 $42 million as of October 28, 2023, $