Annual 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 |
Approximate Average Store Size (square feet) | Number of Stores at Year End | Estimated Store Potential | |||||||||||||||
Fiscal 2022 | Fiscal 2023 | ||||||||||||||||
Marmaxx: | |||||||||||||||||
T.J. Maxx | 27,000 | 1,284 | 1,299 | ||||||||||||||
Marshalls | 28,000 | 1,148 | 1,183 | ||||||||||||||
Total Marmaxx | 2,432 | 2,482 | 3,000 | ||||||||||||||
HomeGoods: | |||||||||||||||||
HomeGoods | 23,000 | 850 | 894 | ||||||||||||||
Homesense | 27,000 | 39 | 46 | ||||||||||||||
Total HomeGoods | 889 | 940 | 1,500 | ||||||||||||||
TJX Canada: | |||||||||||||||||
Winners | 27,000 | 293 | 297 | ||||||||||||||
HomeSense | 23,000 | 147 | 151 | ||||||||||||||
Marshalls | 26,000 | 106 | 106 | ||||||||||||||
Total TJX Canada | 546 | 554 | 650 | ||||||||||||||
TJX International: | |||||||||||||||||
T.K. Maxx (Europe) | 28,000 | 618 | 629 | ||||||||||||||
Homesense (Europe) | 19,000 | 77 | 78 | ||||||||||||||
T.K. Maxx (Australia) | 21,000 | 68 | 74 | ||||||||||||||
Total TJX International | 763 | 781 | 1,125 | (a) | |||||||||||||
TJX Total(b) | 4,689 | 4,835 | 6,275 |
Name | Age | Office and Business Experience | ||||||
Kenneth Canestrari | 61 | Senior Executive Vice President, Group President since September 2014. President, HomeGoods from 2012 to September 2014. Executive Vice President, Chief Operating Officer, HomeGoods from 2008 until 2012. Various financial positions with TJX from 1988 to 2008. | ||||||
Scott Goldenberg | 69 | Senior Executive Vice President, Finance since January 2023. Senior Executive Vice President and Chief Financial Officer from April 2014 to January 2023; Executive Vice President and Chief Financial Officer from January 2012 to April 2014. Executive Vice President, Finance from June 2009 to January 2012. Senior Vice President, Corporate Controller from 2007 to 2009 and Senior Vice President, Director of Finance, Marmaxx, from 2000 to 2007. Various financial positions with TJX from 1983 to 1988 and 1997 to 2000. | ||||||
Louise Greenlees | 60 | Senior Executive Vice President, Group President since June 2022. President, TJX Europe from January 2015 to June 2022. Managing Director, TJX Europe from January 2014 to January 2015. Group Buying Director, TJX Europe from April 2013 to January 2014. Homesense Managing Director, from December 2010 to April 2013. | ||||||
Ernie Herrman | 62 | Chief Executive Officer since January 2016. Director since October 2015. President since January 2011. Senior Executive Vice President, Group President from August 2008 to January 2011. President, Marmaxx from 2005 to 2008. Senior Executive Vice President, Chief Operating Officer, Marmaxx from 2004 to 2005. Executive Vice President, Merchandising, Marmaxx from 2001 to 2004. Various merchandising positions with TJX since joining in 1989. | ||||||
John Klinger | 58 | Executive Vice President and Chief Financial Officer since January 2023. Executive Vice President, Corporate Controller from 2019 to January 2023. Senior Vice President, Corporate Controller from 2015 to 2019. Senior Vice President, Divisional Chief Financial Officer, TJX Europe from 2011 to 2015. Vice President, Corporate Finance from 2011 to 2011. Vice President, Divisional Chief Financial Officer for AJWright from 2007 to 2011. Various financial positions with TJX since joining in 2000. | ||||||
Carol Meyrowitz | 69 | Executive Chairman of the Board since January 2016. Chairman of the Board from June 2015 to January 2016. Chief Executive Officer from January 2007 to January 2016. Director since 2006 and President from 2005 to January 2011. Consultant to TJX from January 2005 to October 2005. Senior Executive Vice President from March 2004 to January 2005. President, Marmaxx from 2001 to January 2005. Executive Vice President of TJX from 2001 to 2004. Various senior management and merchandising positions with Marmaxx and with Chadwick’s of Boston and Hit or Miss, former divisions of TJX, from 1983 to 2001. | ||||||
Douglas Mizzi | 63 | Senior Executive Vice President, Group President since February 2018. President, TJX Canada from October 2011 to February 2018. Managing Director T.K. Maxx, UK from April 2010 to October 2011. Executive Vice President, Chief Operating Officer, WMI from February 2006 to April 2010. Senior Vice President, Director of Store Operations, WMI from 2004 to 2006. Various store operations positions with TJX from 1988 to 2004. |
United States | Marmaxx(a) | Sierra | HomeGoods(a) | Total | ||||||||||
Alabama | 34 | — | 12 | 46 | ||||||||||
Arizona | 38 | — | 15 | 53 | ||||||||||
Arkansas | 18 | — | 5 | 23 | ||||||||||
California | 271 | — | 99 | 370 | ||||||||||
Colorado | 30 | 9 | 12 | 51 | ||||||||||
Connecticut | 51 | 1 | 21 | 73 | ||||||||||
Delaware | 8 | — | 6 | 14 | ||||||||||
District of Columbia | 6 | — | — | 6 | ||||||||||
Florida | 200 | — | 78 | 278 | ||||||||||
Georgia | 92 | — | 31 | 123 | ||||||||||
Hawaii | 8 | — | — | 8 | ||||||||||
Idaho | 9 | 1 | 3 | 13 | ||||||||||
Illinois | 99 | 5 | 34 | 138 | ||||||||||
Indiana | 42 | — | 12 | 54 | ||||||||||
Iowa | 18 | — | 6 | 24 | ||||||||||
Kansas | 19 | 1 | 7 | 27 | ||||||||||
Kentucky | 27 | 1 | 7 | 35 | ||||||||||
Louisiana | 29 | — | 10 | 39 | ||||||||||
Maine | 12 | 1 | 5 | 18 | ||||||||||
Maryland | 56 | 1 | 26 | 83 | ||||||||||
Massachusetts | 109 | 2 | 40 | 151 | ||||||||||
Michigan | 73 | 5 | 23 | 101 | ||||||||||
Minnesota | 35 | 8 | 16 | 59 | ||||||||||
Mississippi | 17 | — | 5 | 22 | ||||||||||
Missouri | 37 | — | 13 | 50 | ||||||||||
Montana | 6 | — | 1 | 7 | ||||||||||
Nebraska | 10 | 1 | 5 | 16 | ||||||||||
Nevada | 20 | 1 | 7 | 28 | ||||||||||
New Hampshire | 28 | 5 | 15 | 48 | ||||||||||
New Jersey | 91 | 4 | 55 | 150 | ||||||||||
New Mexico | 10 | 1 | 3 | 14 | ||||||||||
New York | 170 | 4 | 65 | 239 | ||||||||||
North Carolina | 68 | — | 23 | 91 | ||||||||||
North Dakota | 6 | 1 | 2 | 9 | ||||||||||
Ohio | 88 | 4 | 27 | 119 | ||||||||||
Oklahoma | 20 | — | 6 | 26 | ||||||||||
Oregon | 25 | 3 | 10 | 38 | ||||||||||
Pennsylvania | 99 | 2 | 37 | 138 | ||||||||||
Puerto Rico | 29 | — | 6 | 35 | ||||||||||
Rhode Island | 12 | — | 6 | 18 | ||||||||||
South Carolina | 36 | — | 14 | 50 | ||||||||||
South Dakota | 4 | — | 1 | 5 | ||||||||||
Tennessee | 51 | — | 16 | 67 | ||||||||||
Texas | 175 | — | 68 | 243 | ||||||||||
Utah | 19 | 4 | 10 | 33 | ||||||||||
Vermont | 8 | 1 | 1 | 10 | ||||||||||
Virginia | 70 | 4 | 37 | 111 | ||||||||||
Washington | 42 | 2 | 17 | 61 | ||||||||||
West Virginia | 11 | — | 5 | 16 | ||||||||||
Wisconsin | 41 | 4 | 17 | 62 | ||||||||||
Wyoming | 5 | 2 | — | 7 | ||||||||||
Total Stores | 2,482 | 78 | 940 | 3,500 |
Canada | Winners | HomeSense | Marshalls | Total | ||||||||||
Alberta | 43 | 21 | 17 | 81 | ||||||||||
British Columbia | 40 | 22 | 9 | 71 | ||||||||||
Manitoba | 9 | 5 | 5 | 19 | ||||||||||
New Brunswick | 4 | 3 | 4 | 11 | ||||||||||
Newfoundland | 3 | 2 | 2 | 7 | ||||||||||
Nova Scotia | 11 | 3 | 2 | 16 | ||||||||||
Ontario | 126 | 69 | 49 | 244 | ||||||||||
Prince Edward Island | 1 | 1 | — | 2 | ||||||||||
Quebec | 54 | 21 | 15 | 90 | ||||||||||
Saskatchewan | 6 | 4 | 3 | 13 | ||||||||||
Total Stores | 297 | 151 | 106 | 554 |
Europe | T.K. Maxx | Homesense | Total | ||||||||
United Kingdom | 351 | 76 | 427 | ||||||||
Republic of Ireland | 27 | 2 | 29 | ||||||||
Germany | 166 | — | 166 | ||||||||
Poland | 52 | — | 52 | ||||||||
Austria | 18 | — | 18 | ||||||||
The Netherlands | 15 | — | 15 | ||||||||
Total Stores | 629 | 78 | 707 |
Australia | T.K. Maxx | ||||
Australian Capital Territory | 4 | ||||
New South Wales | 23 | ||||
Queensland | 26 | ||||
Victoria | 19 | ||||
South Australia | 2 | ||||
Total Stores | 74 |
Square footage in millions | Owned (sq/ft) | Count | Leased (sq/ft) | Count | Total (sq/ft) | Total Count | ||||||||||||||
Marmaxx | 9 | 9 | 4 | 8 | 13 | 17 | ||||||||||||||
HomeGoods | 4 | 5 | 2 | 2 | 6 | 7 | ||||||||||||||
Sierra | 1 | 1 | 1 | 1 | 2 | 2 | ||||||||||||||
TJX Canada | — | — | 2 | 4 | 2 | 4 | ||||||||||||||
TJX International | — | — | 3 | 8 | 3 | 8 | ||||||||||||||
Total | 14 | 15 | 12 | 23 | 26 | 38 |
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) | |||||||||||
October 30, 2022 through November 26, 2022 | 1,207,147 | $ | 74.56 | 1,207,147 | $ | 1,903,792,649 | ||||||||
November 27, 2022 through December 31, 2022 | 3,226,241 | $ | 79.04 | 3,226,241 | $ | 1,648,792,687 | ||||||||
January 1, 2023 through January 28, 2023 | 1,294,774 | $ | 81.10 | 1,294,774 | $ | 3,543,792,734 | ||||||||
Total | 5,728,162 | 5,728,162 |
Percentage of Net Sales | ||||||||
Fiscal 2023 | Fiscal 2022 | |||||||
Net sales | 100.0 | % | 100.0 | % | ||||
Cost of sales, including buying and occupancy costs | 72.4 | 71.5 | ||||||
Selling, general and administrative expenses | 17.9 | 18.7 | ||||||
Impairment on equity investment | 0.4 | — | ||||||
Loss on early extinguishment of debt | — | 0.5 | ||||||
Interest expense, net | 0.0 | 0.2 | ||||||
Income before income taxes* | 9.3 | % | 9.1 | % |
Fiscal 2023 | Fiscal 2022 | |||||||
United States: | ||||||||
Northeast | 22 | % | 23 | % | ||||
Midwest | 13 | 13 | ||||||
South (including Puerto Rico) | 27 | 27 | ||||||
West | 15 | 16 | ||||||
Total United States | 77 | % | 79 | % | ||||
Canada | 10 | 9 | ||||||
Europe | 12 | 11 | ||||||
Australia | 1 | 1 | ||||||
Total TJX | 100 | % | 100 | % |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
Interest expense | $ | 91 | $ | 123 | ||||
Capitalized interest | (7) | (4) | ||||||
Interest (income) | (78) | (4) | ||||||
Interest expense, net | $ | 6 | $ | 115 |
Fiscal Year Ended | ||||||||
U.S. dollars in millions | January 28, 2023 | January 29, 2022 | ||||||
Net sales | $ | 30,545 | $ | 29,483 | ||||
Segment profit | $ | 3,883 | $ | 3,813 | ||||
Segment margin | 12.7 | % | 12.9 | % | ||||
Comp store sales(a) | 3 | % | 13 | % | ||||
Stores in operation at end of period: | ||||||||
T.J. Maxx | 1,299 | 1,284 | ||||||
Marshalls | 1,183 | 1,148 | ||||||
Sierra | 78 | 59 | ||||||
Total | 2,560 | 2,491 | ||||||
Selling square footage at end of period (in millions): | ||||||||
T.J. Maxx | 28 | 28 | ||||||
Marshalls | 27 | 26 | ||||||
Sierra | 1 | 1 | ||||||
Total | 56 | 55 |
Fiscal Year Ended | ||||||||
U.S. dollars in millions | January 28, 2023 | January 29, 2022 | ||||||
Net sales | $ | 8,264 | $ | 8,995 | ||||
Segment profit | $ | 522 | $ | 907 | ||||
Segment margin | 6.3 | % | 10.1 | % | ||||
Comp store sales(a) | (11) | % | 32 | % | ||||
Stores in operation at end of period: | ||||||||
HomeGoods | 894 | 850 | ||||||
Homesense | 46 | 39 | ||||||
Total | 940 | 889 | ||||||
Selling square footage at end of period (in millions): | ||||||||
HomeGoods | 16 | 15 | ||||||
Homesense | 1 | 1 | ||||||
Total | 17 | 16 |
Fiscal Year Ended | ||||||||
U.S. dollars in millions | January 28, 2023 | January 29, 2022 | ||||||
Net sales | $ | 4,912 | $ | 4,343 | ||||
Segment profit | $ | 690 | $ | 485 | ||||
Segment margin | 14.0 | % | 11.2 | % | ||||
Stores in operation at end of period: | ||||||||
Winners | 297 | 293 | ||||||
HomeSense | 151 | 147 | ||||||
Marshalls | 106 | 106 | ||||||
Total | 554 | 546 | ||||||
Selling square footage at end of period (in millions): | ||||||||
Winners | 6 | 6 | ||||||
HomeSense | 3 | 3 | ||||||
Marshalls | 2 | 2 | ||||||
Total | 11 | 11 |
Fiscal Year Ended | ||||||||
U.S. dollars in millions | January 28, 2023 | January 29, 2022 | ||||||
Net sales | $ | 6,215 | $ | 5,729 | ||||
Segment profit | $ | 347 | $ | 161 | ||||
Segment margin | 5.6 | % | 2.8 | % | ||||
Stores in operation at end of period: | ||||||||
T.K. Maxx | 629 | 618 | ||||||
Homesense | 78 | 77 | ||||||
T.K. Maxx Australia | 74 | 68 | ||||||
Total | 781 | 763 | ||||||
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 |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
General corporate expense | $ | 582 | $ | 611 |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
New stores | $ | 164 | $ | 79 | ||||
Store renovations and improvements | 594 | 367 | ||||||
Office and distribution centers | 699 | 599 | ||||||
Total capital expenditures | $ | 1,457 | $ | 1,045 |
In millions | Balance Beginning of Period | Amounts Charged to Net Income | Write-Offs Against Reserve | Balance End of Period | ||||||||||
Sales Return Reserve: | ||||||||||||||
Fiscal Year Ended January 28, 2023 | $ | $ | $ | $ | ||||||||||
Fiscal Year Ended January 29, 2022 | $ | $ | $ | $ | ||||||||||
Fiscal Year Ended January 30, 2021 | $ | $ | $ | $ |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
3(i).1 | 10-K | 3(i).1 | 4/3/2019 | |||||||||||
3(ii).1 | 8-K | 3.1 | 2/5/2018 | |||||||||||
4.01 | Indenture between TJX and U.S. Bank National Association dated as of April 2, 2009 (File No. 333-158360) | S-3 | 4.1 | 4/2/2009 | ||||||||||
4.02 | 8-K | 4.2 | 5/2/2013 | |||||||||||
4.03 | 8-K | 4.2 | 6/5/2014 | |||||||||||
4.04 | 8-K | 4.1 | 9/12/2016 | |||||||||||
4.05 | 8-K | 4.2 | 9/12/2016 | |||||||||||
4.06 | 8-K | 4.1 | 4/1/2020 | |||||||||||
4.07 | 8-K | 4.2 | 4/1/2020 | |||||||||||
4.08 | 8-K | 4.3 | 4/1/2020 | |||||||||||
4.09 | 8-K | 4.4 | 4/1/2020 | |||||||||||
4.10 | 8-K | 4.5 | 4/1/2020 | |||||||||||
4.11 | 8-K | 4.1 | 12/3/2020 | |||||||||||
4.12 | 8-K | 4.2 | 12/3/2020 | |||||||||||
4.13 | 10-K | 4.06 | 3/27/2020 | |||||||||||
10.01 | 10-Q | 10.2 | 12/4/2018 | |||||||||||
10.02 | 10-Q | 10.3 | 12/4/2018 | |||||||||||
10.03 | 10-K | 10.03 | 4/3/2019 | |||||||||||
10.04 | 10-K | 10.04 | 3/30/2022 | |||||||||||
10.05 | 10-Q | 10.4 | 12/4/2018 | |||||||||||
10.06 | 10-K | 10.05 | 4/3/2019 | |||||||||||
10.07 | 10-K | 10.07 | 3/30/2022 | |||||||||||
10.08 | 10-K | 10.4 | 4/4/2018 | |||||||||||
10.09 | 10-Q | 10.6 | 12/4/2018 | |||||||||||
10.10 | 10-K | 10.10 | 4/3/2019 | |||||||||||
10.11 | 10-K | 10.09 | 3/31/2021 |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
10.12 | 10-Q | 10.1 | 5/27/2022 | |||||||||||
10.13 | 10-K | 10.5 | 4/4/2018 | |||||||||||
10.14 | 10-Q | 10.5 | 12/4/2018 | |||||||||||
10.15 | 10-K | 10.13 | 4/3/2019 | |||||||||||
10.16 | 10-K | 10.13 | 3/31/2021 | |||||||||||
10.17 | 10-K | 10.6 | 4/4/2018 | |||||||||||
10.18 | 10-Q | 10.7 | 12/4/2018 | |||||||||||
10.19 | 10-K | 10.16 | 4/3/2019 | |||||||||||
10.20 | 10-K | 10.17 | 3/31/2021 | |||||||||||
10.21 | 10-Q | 10.4 | 11/29/2022 | |||||||||||
10.22 | 10-Q | 10.5 | 11/29/2022 | |||||||||||
10.23 | 10-Q | 10.6 | 11/29/2022 | |||||||||||
10.24 | 10-Q | 10.1 | 5/31/2013 | |||||||||||
10.25 | 10-Q | 10.1 | 8/26/2016 | |||||||||||
10.26 | 10-K | 10.8 | 3/28/2017 | |||||||||||
10.27 | 10-K | 10.23 | 4/3/2019 | |||||||||||
10.28 | 10-Q | 10.1 | 8/26/2022 | |||||||||||
10.29 | 10-Q | 10.1 | 12/4/2018 | |||||||||||
10.30 | 10-Q | 10.2 | 8/26/2022 | |||||||||||
10.31 | 10-Q | 10.3 | 11/29/2022 | |||||||||||
10.32 | 10-Q | 10.1 | 12/3/2013 | |||||||||||
10.33 | 10-Q | 10.2 | 12/3/2013 | |||||||||||
10.34 | 10-Q | 10.4 | 12/2/2014 | |||||||||||
10.35 | 10-Q | 10.5 | 12/2/2014 | |||||||||||
10.36 | 10-Q | 10.1 | 12/1/2015 | |||||||||||
10.37 | 10-Q | 10.2 | 12/1/2015 | |||||||||||
10.38 | 10-Q | 10.2 | 11/29/2022 | |||||||||||
10.39 | 10-K | 10.19 | 3/29/2016 | |||||||||||
10.40 | 10-Q | 10.02 | 5/31/2019 | |||||||||||
10.41 | 10-Q | 10.1 | 5/28/2021 | |||||||||||
10.42 | 10-Q | 10.2 | 5/28/2021 | |||||||||||
10.43 | 10-Q | 10.2 | 5/27/2022 | |||||||||||
10.44 | 10-Q | 10.3 | 5/27/2022 |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
10.45 | 10-K | 10.20 | 3/31/2015 | |||||||||||
10.46 | 10-Q | 10.2 | 8/26/2016 | |||||||||||
10.47 | 10-K | 10.22 | 4/2/2013 | |||||||||||
10.48 | 10-K | 10.9 | 4/29/1999 | |||||||||||
10.49 | 10-K | 10.10 | 4/28/2000 | |||||||||||
10.50 | 10-K | 10.17 | 3/29/2006 | |||||||||||
10.51 | 10-K | 10.17 | 3/31/2009 | |||||||||||
10.52 | 10-Q | 10.3 | 5/29/2015 | |||||||||||
10.53 | 10.K | 10.46 | 3/30/2022 | |||||||||||
10.54 | 10-Q | 10.5 | 10/31/2015 | |||||||||||
10.55 | ||||||||||||||
10.56 | The Form of TJX Indemnification Agreement for its executive officers and directors*(p) | 10-K | 10(r) | 4/27/1990 | ||||||||||
10.57 | 10-K | 10.55 | 3/27/2020 | |||||||||||
10.58 | 8-K | 10.1 | 5/21/2020 | |||||||||||
10.59 | 10-K | 10.58 | 3/31/2021 | |||||||||||
10.60 | 10-K | 10.56 | 3/27/2020 | |||||||||||
10.61 | 8-K | 10.2 | 5/21/2020 | |||||||||||
10.62 | 10-K | 10.61 | 3/31/2021 | |||||||||||
10.63 | 8-K | 10.1 | 8/11/2020 | |||||||||||
10.64 | 10-K | 10.63 | 3/31/2021 | |||||||||||
10.65 | 8-K | 10.1 | 6/29/2021 | |||||||||||
21 | ||||||||||||||
23 | ||||||||||||||
24 |
Incorporate by Reference | ||||||||||||||
Exhibit No. | Description | Form | Exhibit No. | Filing Date | ||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
101 | The following materials from The TJX Companies, Inc.’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (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 Annual Report on Form 10-K for the fiscal year ended January 28, 2023, formatted in iXBRL (included in Exhibit 101) |
THE TJX COMPANIES, INC. | ||||||||||||||||||||
/s/ JOHN KLINGER | ||||||||||||||||||||
Dated: | March 29, 2023 | John Klinger, Chief Financial Officer |
/s/ ERNIE HERRMAN | /s/ JOHN KLINGER | |||||||
Ernie Herrman, Chief Executive Officer, President and Director (Principal Executive Officer) | John Klinger, Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||
JOSÉ B. ALVAREZ* | MICHAEL F. HINES* | |||||||
José B. Alvarez, Director | Michael F. Hines, Director | |||||||
ALAN M. BENNETT* | AMY B. LANE* | |||||||
Alan M. Bennett, Director | Amy B. Lane, Director | |||||||
ROSEMARY T. BERKERY* | CAROL MEYROWITZ* | |||||||
Rosemary T. Berkery, Director | Carol Meyrowitz, Executive Chairman of the Board of Directors | |||||||
DAVID T. CHING* | JACKWYN L. NEMEROV* | |||||||
David T. Ching, Director | Jackwyn L. Nemerov, Director | |||||||
C. KIM GOODWIN* | ||||||||
C. Kim Goodwin, Director | ||||||||
*BY | /s/ JOHN KLINGER | ||||||||||
Dated: | March 29, 2023 | John Klinger, as attorney-in-fact |
Report of Independent Registered Public Accounting Firm (PCAOB ID | |||||
Consolidated Financial Statements: | |||||
Financial Statement Schedules: | |||||
Fiscal Year Ended | |||||||||||
January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||
Net sales | $ | $ | $ | ||||||||
Cost of sales, including buying and occupancy costs | |||||||||||
Selling, general and administrative expenses | |||||||||||
Impairment on equity investment | |||||||||||
Loss on early extinguishment of debt | |||||||||||
Interest expense, net | |||||||||||
Income before income taxes | |||||||||||
Provision (benefit) for income taxes | ( | ||||||||||
Net income | $ | $ | $ | ||||||||
Basic earnings per share | $ | $ | $ | ||||||||
Weighted average common shares – basic | |||||||||||
Diluted earnings per share | $ | $ | $ | ||||||||
Weighted average common shares – diluted |
Fiscal Year Ended | |||||||||||
January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||
Net income | $ | $ | $ | ||||||||
Additions to other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments, net of related tax benefit of $ | ( | ( | |||||||||
Recognition of net gains/losses on benefit obligations, net of related tax provision of $ | ( | ||||||||||
Reclassifications from other comprehensive (loss) to net income: | |||||||||||
Amortization of loss on cash flow hedge, net of related tax provisions of $ | |||||||||||
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 | $ | $ | $ |
Fiscal Year Ended | ||||||||
January 28, 2023 | January 29, 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 N) | ||||||||
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 | $ | $ |
Fiscal Year Ended | |||||||||||
January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||
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 early extinguishment of debt | |||||||||||
Loss on property disposals and impairment charges | |||||||||||
Deferred income tax provision (benefit) | ( | ( | |||||||||
Share-based compensation | |||||||||||
Changes in assets and liabilities: | |||||||||||
(Increase) in accounts receivable | ( | ( | ( | ||||||||
Decrease (increase) in merchandise inventories | ( | ||||||||||
(Increase) decrease in income taxes recoverable | ( | ( | |||||||||
(Increase) decrease in prepaid expenses and other current assets | ( | ( | |||||||||
(Decrease) increase in accounts payable | ( | ( | |||||||||
(Decrease) increase in accrued expenses and other liabilities | ( | ||||||||||
(Decrease) increase in income taxes payable | ( | ||||||||||
(Decrease) 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: | |||||||||||
Payments for repurchase of common stock | ( | ( | ( | ||||||||
Proceeds from issuance of common stock | |||||||||||
Cash dividends paid | ( | ( | ( | ||||||||
Payments on revolving credit facilities | ( | ||||||||||
Proceeds from long-term debt including revolving credit facilities | |||||||||||
Payments of long-term debt and extinguishment expenses | ( | ( | |||||||||
Other | ( | ( | ( | ||||||||
Net cash (used in) provided by financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of year | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | ||||||||||||||||
Shares | Par Value $ | |||||||||||||||||||
Balance, February 1, 2020 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition (reversal) of share-based compensation | — | — | — | ( | ||||||||||||||||
Issuance of common stock under stock incentive plan and related tax effect | — | |||||||||||||||||||
Common stock repurchased | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, January 30, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | ( | — | ( | ||||||||||||||
Cash dividends declared on common stock | — | — | — | — | ( | ( | ||||||||||||||
Recognition of share-based compensation | — | — | — | — | ||||||||||||||||
Issuance of common stock under stock incentive plan and related tax effect | — | |||||||||||||||||||
Common stock repurchased | ( | ( | ( | — | ( | ( | ||||||||||||||
Balance, January 29, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||
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, January 28, 2023 | $ | $ | $ | ( | $ | $ |
In millions | January 28, 2023 | January 29, 2022 | ||||||
Balance, beginning of year | $ | $ | ||||||
Deferred revenue | ||||||||
Effect of exchange rates changes on deferred revenue | ( | ( | ||||||
Revenue recognized | ( | ( | ||||||
Balance, end of year | $ | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Interest expense | $ | $ | $ | ||||||||
Capitalized interest | ( | ( | ( | ||||||||
Interest (income) | ( | ( | ( | ||||||||
Interest expense, net | $ | $ | $ |
In millions | Marmaxx | TJX Canada | TJX International | Total | ||||||||||
Balance, January 30, 2021 | $ | $ | $ | $ | ||||||||||
Effect of exchange rate changes on goodwill | ( | ( | ||||||||||||
Balance, January 29, 2022 | $ | $ | $ | $ | ||||||||||
Effect of exchange rate changes on goodwill | ||||||||||||||
Balance, January 28, 2023 | $ | $ | $ | $ |
Fiscal Year Ended | |||||||||||||||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||||||||||||||
In millions | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Sierra Trading Post | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Trade Secret | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Indefinite-lived intangible asset: | |||||||||||||||||||||||
Marshalls | $ | $ | — | $ | $ | $ | — | $ |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 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 | $ | $ |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
United States | $ | $ | ||||||
Canada | ||||||||
Europe | ||||||||
Australia | ||||||||
Total long-lived tangible assets | $ | $ |
In millions and net of immaterial taxes | Foreign Currency Translation | Deferred Benefit Costs | Cash Flow Hedge on Debt | Accumulated Other Comprehensive (Loss) Income | ||||||||||
Balance, February 1, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
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 loss on cash flow hedge, net of taxes | — | — | ||||||||||||
Amortization of prior service cost and deferred gains/losses, net of taxes | — | — | ||||||||||||
Balance, January 30, 2021 | $ | ( | $ | ( | $ | $ | ( | |||||||
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 loss on cash flow hedge, net of taxes | — | — | ||||||||||||
Amortization of prior service cost and deferred gains/losses, net of taxes | — | — | ||||||||||||
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 | $ | ( | $ | ( | $ | $ | ( |
Fiscal Year Ended | |||||||||||
Amounts in millions except per share amounts | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Basic earnings per share: | |||||||||||
Net income | $ | $ | $ | ||||||||
Weighted average common shares outstanding for basic earnings per share calculation | |||||||||||
Basic earnings per share | $ | $ | $ | ||||||||
Diluted earnings per share: | |||||||||||
Net income | $ | $ | $ | ||||||||
Weighted average common shares outstanding for basic earnings per share calculation | |||||||||||
Assumed exercise/vesting of stock options and awards | |||||||||||
Weighted average common shares outstanding for diluted earnings per share calculation | |||||||||||
Diluted earnings per share | $ | $ | $ | ||||||||
Cash dividends declared per share(a) | $ | $ | $ |
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 related: | |||||||||||||||||||||||||||||
€ | £ | 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 January 29, 2022 | ||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
zł | £ | Prepaid Exp | $ | $ | $ | ||||||||||||||||||||||||
€ | £ | Prepaid Exp | |||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
€ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on gal per month | Float on gal per month | N/A | Prepaid Exp | |||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | |||||||||||||||||||||||||||||
€ | £ | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Merchandise purchase commitments: | |||||||||||||||||||||||||||||
C$ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
C$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
£ | U.S.$ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
zł | £ | Prepaid Exp / (Accrued Exp) | ( | ||||||||||||||||||||||||||
A$ | U.S.$ | Prepaid Exp | |||||||||||||||||||||||||||
U.S.$ | € | (Accrued Exp) | ( | ( | |||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | $ | ( | $ |
Location of Gain (Loss) Recognized in Income by Derivative | Amount of Gain (Loss) Recognized in Income by Derivative | |||||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||||
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 related | Cost of sales, including buying and occupancy costs | ( | ( | |||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | ( | ||||||||||||
Gain (loss) 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 |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
Level 1 | ||||||||
Assets: | ||||||||
Executive Savings Plan investments | $ | $ | ||||||
Level 2 | ||||||||
Assets: | ||||||||
Foreign currency exchange contracts | $ | $ | ||||||
Diesel fuel contracts | ||||||||
Liabilities: | ||||||||
Foreign currency exchange contracts | $ | $ | ||||||
Fiscal 2023 | Fiscal 2022 | Fiscal 2021 | |||||||||
Apparel: | |||||||||||
Clothing including footwear | % | % | % | ||||||||
Jewelry and accessories | |||||||||||
Home fashions | |||||||||||
Total | % | % | % |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Net sales: | |||||||||||
In the United States: | |||||||||||
Marmaxx | $ | $ | $ | ||||||||
HomeGoods | |||||||||||
TJX Canada | |||||||||||
TJX International | |||||||||||
Total net sales | $ | $ | $ | ||||||||
Segment profit (loss): | |||||||||||
In the United States: | |||||||||||
Marmaxx | $ | $ | $ | ||||||||
HomeGoods | |||||||||||
TJX Canada | |||||||||||
TJX International | ( | ||||||||||
Total segment profit | $ | $ | $ | ||||||||
General corporate expense | |||||||||||
Impairment on equity investment | |||||||||||
Loss on early extinguishment of debt | |||||||||||
Interest expense, net | |||||||||||
Income before income taxes | $ | $ | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Identifiable assets: | |||||||||||
In the United States: | |||||||||||
Marmaxx | $ | $ | $ | ||||||||
HomeGoods | |||||||||||
TJX Canada | |||||||||||
TJX International | |||||||||||
Corporate(a) | |||||||||||
Total identifiable assets | $ | $ | $ | ||||||||
Capital expenditures: | |||||||||||
In the United States: | |||||||||||
Marmaxx | $ | $ | $ | ||||||||
HomeGoods | |||||||||||
TJX Canada | |||||||||||
TJX International | |||||||||||
Total capital expenditures | $ | $ | $ | ||||||||
Depreciation and amortization: | |||||||||||
In the United States: | |||||||||||
Marmaxx | $ | $ | $ | ||||||||
HomeGoods | |||||||||||
TJX Canada | |||||||||||
TJX International | |||||||||||
Corporate(b) | |||||||||||
Total depreciation and amortization | $ | $ | $ |
Fiscal Year Ended | |||||||||||
January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||
Risk-free interest rate | % | % | % | ||||||||
Dividend yield | % | % | % | ||||||||
Expected volatility factor | % | % | % | ||||||||
Expected option life | |||||||||||
Weighted average fair value of options issued | $ | $ | $ |
Fiscal Year Ended | ||||||||||||||||||||
Shares in millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||||||||||
Options | WAEP | Options | WAEP | Options | WAEP | |||||||||||||||
Outstanding at beginning of year | $ | $ | $ | |||||||||||||||||
Granted | ||||||||||||||||||||
Exercised | ( | ( | ( | |||||||||||||||||
Forfeitures | ( | ( | ||||||||||||||||||
Outstanding at end of year | $ | $ | $ | |||||||||||||||||
Options exercisable at end of year | $ | $ | $ |
Shares (in millions) | Aggregate Intrinsic Value (in millions) | Weighted Average Remaining Contract Life | WAEP | |||||||||||
Options outstanding expected to vest(a) | $ | $ | ||||||||||||
Options exercisable | ||||||||||||||
Total outstanding options vested and expected to vest | $ | $ |
In thousands except grant date fair value | Restricted Stock Units | Performance Share Units | Total Stock Awards | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested at beginning of year | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | ( | ( | |||||||||||
Forfeited | ( | ( | ( | |||||||||||
Nonvested at end of year | $ |
Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended | |||||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||
Change in projected benefit obligation: | ||||||||||||||
Projected benefit obligation at beginning of year | $ | $ | $ | $ | ||||||||||
Service cost | ||||||||||||||
Actuarial (gains) losses | ( | ( | ||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||
Expenses paid | ( | ( | ||||||||||||
Projected benefit obligation at end of year | $ | $ | $ | $ | ||||||||||
Accumulated benefit obligation at end of year | $ | $ | $ | $ |
Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended | |||||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at beginning of year | $ | $ | $ | $ | ||||||||||
Actual return on plan assets | ( | |||||||||||||
Employer contribution | ||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||
Expenses paid | ( | ( | ||||||||||||
Fair value of plan assets at end of year | $ | $ | $ | $ | ||||||||||
Reconciliation of funded status: | ||||||||||||||
Projected benefit obligation at end of year | $ | $ | $ | $ | ||||||||||
Fair value of plan assets at end of year | ||||||||||||||
Funded status – excess (asset) obligation | $ | ( | $ | $ | $ | |||||||||
Net (asset) liability recognized on Consolidated Balance Sheets | $ | ( | $ | $ | $ | |||||||||
Amounts not yet reflected in net periodic benefit cost and included in Accumulated other comprehensive income (loss): | ||||||||||||||
Prior service cost | $ | $ | $ | $ | ||||||||||
Accumulated actuarial losses | ||||||||||||||
Amounts included in Accumulated other comprehensive income (loss) | $ | $ | $ | $ |
Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended | |||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | |||||||||||
Discount rate | % | % | % | % | ||||||||||
Rate of compensation increase | % | % | % | % |
Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended | |||||||||||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||||||||
Net periodic pension cost: | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||
Interest cost | ||||||||||||||||||||
( | ( | ( | ||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||
Total expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||
Net (gain) loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||
Amortization of net (loss) | ( | ( | ( | ( | ( | ( | ||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||
Total (gain) loss recognized in other comprehensive income | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||
Weighted average assumptions for expense purposes: | ||||||||||||||||||||
Discount rate | % | % | % | % | % | % | ||||||||||||||
Expected rate of return on plan assets | % | % | % | N/A | N/A | N/A | ||||||||||||||
Rate of compensation increase | % | % | % | % | % | % |
In millions | Funded Plan Expected Benefit Payments | Unfunded Plan Expected Benefit Payments | ||||||
Fiscal Year: | ||||||||
2024 | $ | $ | ||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 through 2033 |
Funded Plan at January 28, 2023 | |||||||||||
In millions | Level 1 | Level 2 | Total | ||||||||
Asset category: | |||||||||||
Short-term investments | $ | $ | $ | ||||||||
Equity Securities | |||||||||||
Fixed Income Securities: | |||||||||||
Corporate and government bond funds | |||||||||||
Futures Contracts | ( | ( | |||||||||
Total assets in the fair value hierarchy | $ | $ | $ | ||||||||
Assets measured at net asset value(a) | — | — | |||||||||
Fair value of assets | $ | $ | $ |
Funded Plan at January 29, 2022 | |||||||||||
In millions | Level 1 | Level 2 | Total | ||||||||
Asset category: | |||||||||||
Short-term investments | $ | $ | $ | ||||||||
Equity Securities | |||||||||||
Fixed Income Securities: | |||||||||||
Corporate and government bond funds | |||||||||||
Futures Contracts | |||||||||||
Total assets in the fair value hierarchy | $ | $ | $ | ||||||||
Assets measured at net asset value(a) | — | — | |||||||||
Fair value of assets | $ | $ | $ |
January 28, 2023 | January 29, 2022 | |||||||
Return-seeking assets | ||||||||
Liability-hedging assets | ||||||||
All other – primarily cash |
In millions and net of immaterial unamortized debt discount | January 28, 2023 | January 29, 2022 | ||||||
General corporate debt: | ||||||||
$ | $ | |||||||
Total debt | ||||||||
Current maturities of long-term debt, net of debt issuance costs | ( | |||||||
Debt issuance costs | ( | ( | ||||||
Long-term debt | $ | $ |
In millions | |||||
Fiscal Year: | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Later years | |||||
Unamortized debt discount | ( | ||||
Debt issuance costs | ( | ||||
Less: current maturities of long-term debt | ( | ||||
Aggregate maturities of long-term debt | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
United States | $ | $ | $ | ||||||||
Foreign | ( | ||||||||||
Income before income taxes | $ | $ | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Current: | |||||||||||
Federal | $ | $ | $ | ||||||||
State | |||||||||||
Foreign | |||||||||||
Deferred: | |||||||||||
Federal | ( | ( | |||||||||
State | ( | ( | |||||||||
Foreign | ( | ||||||||||
Provision (benefit) for income taxes | $ | $ | $ | ( |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
Deferred tax assets: | ||||||||
Net operating loss carryforward | $ | $ | ||||||
Pension, stock compensation, postretirement and employee benefits | ||||||||
Operating lease liabilities | ||||||||
Accruals and reserves | ||||||||
Other | ||||||||
Total gross deferred tax assets | $ | $ | ||||||
Valuation allowance | ( | ( | ||||||
Total deferred tax asset | $ | $ | ||||||
Deferred tax liabilities: | ||||||||
Property, plant and equipment | $ | $ | ||||||
Capitalized inventory | ||||||||
Operating lease right of use assets | ||||||||
Tradename/intangibles | ||||||||
Undistributed foreign earnings | ||||||||
Other | ||||||||
Total deferred tax liabilities | $ | $ | ||||||
Net deferred tax asset | $ | $ | ||||||
Non-current asset | $ | $ | ||||||
Non-current liability | ( | ( | ||||||
Total | $ | $ |
Fiscal Year Ended | |||||||||||
January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||
U.S. federal statutory income tax rate | % | % | % | ||||||||
Effective state income tax rate | |||||||||||
Impact of foreign operations | |||||||||||
Excess share-based compensation | ( | ( | ( | ||||||||
Tax credits | ( | ( | ( | ||||||||
Nondeductible/nontaxable items | ( | ( | |||||||||
All other | ( | ( | |||||||||
Worldwide effective income tax rate | % | % | ( | % | |||||||
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Balance, beginning of year | $ | $ | $ | ||||||||
Additions for uncertain tax positions taken in current year | |||||||||||
Additions for uncertain tax positions taken in prior years | |||||||||||
Reductions for uncertain tax positions taken in prior years | ( | ||||||||||
Reductions resulting from lapse of statute of limitations | ( | ( | ( | ||||||||
Settlements with tax authorities | ( | ||||||||||
Balance, end of year | $ | $ | $ |
Fiscal Year Ended | ||||||||
January 28, 2023 | January 29, 2022 | |||||||
Weighted-average remaining lease term | ||||||||
Weighted-average discount rate | % | % |
Fiscal Year Ended | ||||||||||||||
In millions | Classification | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||||
Operating lease cost | Cost of sales, including buying and occupancy costs | $ | $ | $ | ||||||||||
Variable and short term lease cost | Cost of sales, including buying and occupancy costs | |||||||||||||
Total lease cost | $ | $ | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows paid for operating leases | $ | $ | $ | ||||||||
Lease liabilities arising from obtaining right of use assets | $ | $ | $ |
In millions | |||||
Fiscal Year: | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Later years | |||||
Total lease payments(a) | |||||
Less: imputed interest(b) | |||||
Total lease liabilities(c) | $ |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
Employee compensation and benefits, current | $ | $ | ||||||
Merchandise credits and gift certificates | ||||||||
Sales tax collections and V.A.T. taxes | ||||||||
Occupancy costs, including rent, utilities and real estate taxes | ||||||||
Dividends payable | ||||||||
Accrued capital additions | ||||||||
All other current liabilities | ||||||||
Total accrued expenses and other current liabilities | $ | $ |
Fiscal Year Ended | ||||||||
In millions | January 28, 2023 | January 29, 2022 | ||||||
Employee compensation and benefits, long-term | $ | $ | ||||||
Tax reserve, long-term | ||||||||
Asset retirement obligation | ||||||||
All other long-term liabilities | ||||||||
Total other long-term liabilities | $ | $ |
Fiscal Year Ended | |||||||||||
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | ||||||||
Cash paid for: | |||||||||||
Interest on debt(a) | $ | $ | $ | ||||||||
Income taxes | |||||||||||
Non-cash investing and financing activity: | |||||||||||
Dividends payable | $ | $ | ( | $ | |||||||
Property additions | ( |
The TJX Companies, Inc. | Fidelity Management Trust Company | ||||
By: /s/ Erica Farrell | By: /s/ Kristina M. Deary | ||||
Name: Erica Farrell | Name: Kristina M. Deary | ||||
Title: SVP, Treasurer, The TJX Companies, Inc. | Title: SVP, Relationship Management | ||||
Authorized Representative of The TJX Companies, Inc. ERISA Committee | |||||
Date: 1/20/2023 | Date: 1/20/2023 |
Operating Subsidiaries | State or Jurisdiction of Incorporation or Organization | Name Under Which Does Business (if Different) | ||||||
T.J. Maxx of CA, LLC | Virginia | |||||||
T.J. Maxx of IL, LLC | Virginia | |||||||
TJX Digital, Inc. | Delaware | T.J. Maxx | ||||||
Arizona Merchants, LLC | Arizona | |||||||
NBC Charlotte Merchants, LLC | North Carolina | |||||||
NBC Distributors, LLC | Massachusetts | |||||||
NBC Manteca Merchants, Inc. | California | |||||||
NBC Merchants, LLC | Indiana | |||||||
NBC Nevada Merchants, LLC | Nevada | |||||||
NBC Philadelphia Merchants, Inc. | Pennsylvania | |||||||
NBC Pittston Merchants, LLC | Pennsylvania | |||||||
NBC San Antonio Merchants, LLC | Delaware | |||||||
TJX Digital Memphis Merchants, LLC | Delaware | |||||||
TJX Digital Dayton Merchants, LLC | Delaware | |||||||
Marshalls of Beacon, VA., Inc. | Virginia | |||||||
Marshalls of CA, LLC | Virginia | |||||||
Marshalls of Elizabeth, NJ, Inc. | New Jersey | |||||||
Marshalls of IL, LLC | Virginia | |||||||
Marshalls of MA, Inc. | Massachusetts | |||||||
Marshalls of Richfield, MN., Inc. | Minnesota | |||||||
Newton Buying Company of CA, Inc. | Virginia | Marshalls | ||||||
Marshalls Atlanta Merchants, Inc. | Georgia | |||||||
Marshalls Bridgewater Merchants, Inc. | Virginia | |||||||
Marshalls of Nevada, Inc. | Nevada | |||||||
Marshalls Woburn Merchants, Inc. | Massachusetts | |||||||
Marshalls El Paso Merchants, LLC | Delaware | |||||||
Marmaxx Operating Corp. | Virginia | T.J.Maxx, Marshalls | ||||||
HomeGoods, Inc. | Delaware | HomeGoods, Homesense | ||||||
H.G. AZ Merchants, LLC | Arizona | |||||||
H.G. Conn. Merchants, LLC | Connecticut | |||||||
H.G. Georgia Merchants, LLC | Georgia | |||||||
H.G. Indiana Distributors, LLC | Indiana | |||||||
HomeGoods Ohio Merchants LLC | Delaware | |||||||
HomeGoods Imports Corp. | Delaware | |||||||
HomeGoods Fort Worth Merchants, LLC | Delaware | |||||||
Sierra Trading Post, Inc. | Wyoming | Sierra | ||||||
STP Retail, LLC | Wyoming | |||||||
Concord Buying Group, LLC | New Hampshire | A.J. Wright | ||||||
NBC Apparel, Inc. | Delaware |
Operating Subsidiaries | State or Jurisdiction of Incorporation or Organization | Name Under Which Does Business (if Different) | ||||||
NBC Apparel, LLC | Delaware | |||||||
NBC Attire Inc. | Massachusetts | |||||||
NBC GP, LLC | Delaware | |||||||
NBC Holding, Inc. | Delaware | |||||||
NBC Manager, LLC | Delaware | |||||||
NBC Operating, LP | Delaware | |||||||
NBC Trading, Inc. | Delaware | |||||||
NBC Trust | Massachusetts | |||||||
Newton Buying Corp. | Delaware | |||||||
Newton Buying Imports, Inc. | Delaware | |||||||
Strathmex Corp. | Delaware | |||||||
TJX Incentive Sales, Inc. | Virginia | |||||||
OCP Investments, Inc. | Delaware | |||||||
TJX Australia Holding Company Pty Limited | Australia | |||||||
TJX Australia Merchants Pty Limited | Australia | |||||||
TJX Australia Pty Limited | Australia | T.K. Maxx | ||||||
TJX Austria Holding GmbH | Austria | |||||||
TJX Oesterreich Ltd. & Co. KG | Austria | T.K. Maxx | ||||||
NBC Atlantic Holding Ltd | Bermuda | |||||||
NBC Atlantic Ltd | Bermuda | |||||||
WMI-1 Holding Company | Nova Scotia, Canada | |||||||
WMI-99 Holding Company | Nova Scotia, Canada | |||||||
Winners Merchants International L.P. | Ontario, Canada | Winners, HomeSense & Marshalls | ||||||
T.K. Maxx Holding GmbH | Germany | |||||||
T.K. Maxx Management GmbH | Germany | |||||||
TJX Deutschland Ltd & Co. KG | Germany | T.K. Maxx | ||||||
TJX Distribution Ltd & Co. KG | Germany | |||||||
NBC Hong Kong Merchants Limited | Hong Kong | |||||||
NBC Fashion India Private Limited | India | |||||||
TJX Global Capability Center Private Limited | India | |||||||
TJX Ireland Unlimited Company | Ireland | T.K. Maxx, HomeSense | ||||||
TJX Italy Merchants S.r.l. | Italy | |||||||
TJX Germany Limited | Ireland | |||||||
TJX Nederland B.V. | Netherlands | T.K. Maxx | ||||||
TJX European Distribution Sp. Z o.o | Poland | |||||||
TJX Poland Sp. Z o.o | Poland | T.K. Maxx | ||||||
New York Department Stores de Puerto | Puerto Rico | T.J. Maxx, Marshalls & | ||||||
Rico, Inc. | HomeGoods | |||||||
NBC Europe Ltd | United Kingdom | |||||||
TJX Europe Buying Limited | United Kingdom | |||||||
TJX Europe Buying Group Limited | United Kingdom |
Operating Subsidiaries | State or Jurisdiction of Incorporation or Organization | Name Under Which Does Business (if Different) | ||||||
TJX Europe Buying (Deutschland) Limited | United Kingdom | |||||||
TJX Europe Buying (Polska) Limited | United Kingdom | |||||||
TJX Europe Limited | United Kingdom | |||||||
TJX Austria Management Limited | United Kingdom | |||||||
TJX UK | United Kingdom | T.K. Maxx, Homesense | ||||||
TJX UK Property Limited | United Kingdom | |||||||
TK Maxx | United Kingdom | |||||||
TJX Vietnam Company Limited | Vietnam | |||||||
Leasing Subsidiaries | ||||||||
AJW South Bend Realty, LLC | Indiana | |||||||
NBC First Realty Corp. | Indiana | |||||||
NBC Fourth Realty Corp. | Nevada | |||||||
NBC Second Realty Corp. | Massachusetts | |||||||
NBC Seventh Realty Corp. | Pennsylvania | |||||||
NBC Sixth Realty Corp. | North Carolina |
/s/ José B. Alvarez José B. Alvarez, Director | /s/ Michael F. Hines Michael F. Hines, Director | |||||||
/s/ Alan M. Bennett Alan M. Bennett, Director | /s/ Amy B. Lane Amy B. Lane, Director | |||||||
/s/ Rosemary T. Berkery Rosemary T. Berkery, Director | /s/ Carol Meyrowitz Carol Meyrowitz, Executive Chairman of the Board of Directors | |||||||
/s/ David T. Ching David T. Ching, Director | /s/ Jackwyn L. Nemerov Jackwyn L. Nemerov, Director | |||||||
/s/ C. Kim Goodwin C. Kim Goodwin, Director | ||||||||
Dated: March 29, 2023 |
1. | I have reviewed this annual report on Form 10-K 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: March 29, 2023 | /s/ Ernie Herrman | |||||||||||||
Name: Ernie Herrman Title: Chief Executive Officer and President |
1. | I have reviewed this annual report on Form 10-K 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: March 29, 2023 | /s/ John Klinger | |||||||||||||
Name: John Klinger Title: Chief Financial Officer |
1 | the Company’s Form 10-K for the fiscal year ended January 28, 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-K for the fiscal year ended January 28, 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-K for the fiscal year ended January 28, 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-K for the fiscal year ended January 28, 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 |
Audit Information |
12 Months Ended |
---|---|
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Boston, Massachusetts |
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Income Statement [Abstract] | |||
Net sales | $ 49,936 | $ 48,550 | $ 32,137 |
Cost of sales, including buying and occupancy costs | 36,149 | 34,714 | 24,534 |
Selling, general and administrative expenses | 8,927 | 9,081 | 7,021 |
Impairment on equity investment | 218 | 0 | 0 |
Loss on early extinguishment of debt | 0 | 242 | 312 |
Interest expense, net | 6 | 115 | 181 |
Income before income taxes | 4,636 | 4,398 | 89 |
Provision (benefit) for income taxes | 1,138 | 1,115 | (1) |
Net income | $ 3,498 | $ 3,283 | $ 90 |
Basic earnings per share (in dollars per share) | $ 3.00 | $ 2.74 | $ 0.08 |
Weighted average common shares - basic (in shares) | 1,166 | 1,200 | 1,200 |
Diluted earnings per share (in dollars per share) | $ 2.97 | $ 2.70 | $ 0.07 |
Weighted average common shares - diluted (in shares) | 1,178 | 1,216 | 1,215 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, taxes | $ (7) | $ 0 | $ 2 |
Recognition of net gains/losses on benefit obligations, taxes | 41 | (18) | 10 |
Amortization of loss on cash flow hedge, taxes | 1 | 0 | |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | $ 6 | $ 5 | $ 7 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value ($ per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 |
Common stock, par value ($ per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,155,437,908 | 1,181,188,731 |
Common stock, shares outstanding (in shares) | 1,155,437,908 | 1,181,188,731 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
---|---|---|---|
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts
|
Basis of Presentation and Summary of Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Basis of Presentation and Summary of Accounting Policies | Basis of Presentation and Summary of Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the consolidated financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of the Company's activities are conducted by TJX or its subsidiaries and are consolidated in these consolidated financial statements. All intercompany transactions have been eliminated in consolidation. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal years ended January 28, 2023 (“fiscal 2023”), January 29, 2022 (“fiscal 2022”) and January 30, 2021 (“fiscal 2021”) were 52-week fiscal years. Fiscal 2024 will be a 53-week fiscal year and will end February 3, 2024. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. Summary of Accounting Policies Revenue Recognition Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1% of total revenues, primarily generated from shipping fee revenue on our online sales. In addition, certain customers, primarily Associates, may receive discounts that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received are recognized when control of the goods transfer to the customer and are recorded as net sales. Shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. TJX disaggregates revenue by operating segment, see Note G—Segment Information. Deferred Gift Card Revenue Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise, as TJX does not fulfill its performance obligation until the gift card has been redeemed. While gift cards have an indefinite life, substantially all are redeemed in the first year of issuance. The following table presents deferred gift card revenue activity:
TJX recognized $1.9 billion in gift card revenue in fiscal 2023 and $1.7 billion in fiscal 2022 and $1.1 billion in fiscal 2021. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, the Company estimates the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the estimated redemption period. Revenue recognized from breakage was $44 million in fiscal 2023, $21 million in fiscal 2022 and $14 million in fiscal 2021. Sales Return Reserve The Company's products are generally sold with a right of return and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company has elected to apply the portfolio practical expedient. The Company estimates the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separately from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on the Company’s Consolidated Balance Sheets. Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. If applicable, investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short-term or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of January 28, 2023, TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion, of which $0.7 billion was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. Merchandise Inventories Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia which is immaterial. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (i.e. inventory in transit and unprocessed inventory in the Company’s distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. As a result, merchandise inventories on TJX’s Consolidated Balance Sheets include in-transit inventory of $1.3 billion at January 28, 2023 and $1.7 billion at January 29, 2022. Comparable amounts were reflected in Accounts payable at those dates. Common Stock and Equity Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the volume of share repurchases under previous programs, TJX has historically had no remaining balance in APIC. All shares repurchased have been retired. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law, which introduces a 1% excise tax after December 31, 2022 on the fair market value of certain stock that is repurchased during the taxable year. The taxable amount is reduced by the fair market value of certain issuances of stock throughout the year. Any excise tax incurred on repurchases will be recognized as part of the cost of the repurchase. Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Any excess tax benefits or deficiencies are included in the provision for income taxes. The par value of performance share units and restricted stock units is added to common stock when shares are delivered following performance measurement date or service period to the extent vesting requirements have been achieved. The fair value of stock awards and units are added to APIC as the awards are amortized into earnings over the related requisite service periods. Share-Based Compensation TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. Performance-based awards are evaluated quarterly for probability of vesting and performance achievement levels. See Note H—Stock Incentive Plan for a detailed discussion of share-based compensation. Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net:
TJX capitalizes interest during the active construction period of major capital projects and adds the interest to the related assets. Property and Equipment For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $879 million in fiscal 2023, and $858 million in both fiscal 2022 and fiscal 2021. TJX had no property held under finance leases during fiscal 2023, fiscal 2022 or fiscal 2021. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized, generally over 5 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated, and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. Lease Accounting Operating leases are included in “Operating lease right of use assets,” “Current portion of operating lease liabilities,” and “Long-term operating lease liabilities” on the Company’s Consolidated Balance Sheets. Right of use (“ROU”) assets represent TJX’s right to use an underlying asset for the lease term and lease liabilities represent TJX’s obligation to make lease payments arising from the lease. At the inception of the arrangement, the Company determines if an arrangement is a lease based on assessment of the terms and conditions of the contract. Operating lease ROU assets and lease liabilities are recognized at possession date based on the present value of lease payments over the lease term. The majority of the Company’s leases are retail store locations, and the possession date is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. TJX’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the information available at possession date in determining the present value of future lease payments. The incremental borrowing rate is calculated based on the US Consumer Discretionary yield curve and adjusted for collateralization and foreign currency impact for TJX International and Canada leases. The operating lease ROU assets also include any acquisition costs offset by lease incentives. The Company’s lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term within “Cost of sales, including buying and occupancy costs”. See Note L—Leases for a detailed discussion of lease accounting. Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, which is included in the Marmaxx segment. The Company’s goodwill also includes the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991, included in TJX Canada, as well as the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018 and is included in TJX International. The following is a roll forward of goodwill by segment:
Goodwill is considered to have an indefinite life and accordingly is not amortized. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued utilizing the relief from royalty method, which calculates the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years. During the first quarter of fiscal 2021, the Company fully impaired the Trade Secret tradename, recording an impairment charge of $5 million. The following is a roll forward of tradenames:
TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate. Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates long-lived assets, including tradenames that are amortized and operating lease right of use assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. This evaluation is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and operating lease right of use assets, and at the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This resulted in immaterial impairment charges on operating lease ROU assets and store fixed assets in fiscal 2023, fiscal 2022 and fiscal 2021. In fiscal 2021, the Company fully impaired the Trade Secret tradename. There were no impairments related to tradenames in fiscal 2023 or fiscal 2022. Goodwill and indefinite life tradenames are tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year. Goodwill is tested for impairment by using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. The Company may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. Indefinite life tradenames are tested for impairment by comparing their carrying value to their fair value, which is determined by calculating the discounted present value of assumed after-tax royalty payments. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company bypassed the qualitative assessment and performed the quantitative impairment test. There were no impairments related to the Company’s goodwill or indefinite life tradenames in fiscal 2023, fiscal 2022, or fiscal 2021. Advertising Costs TJX expenses advertising costs as incurred. Advertising expense was $0.5 billion for both fiscal 2023 and fiscal 2022 and $0.3 billion for fiscal 2021. Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of Accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the Consolidated Statements of Income and Cash Flows is translated at average exchange rates prevailing during the fiscal year. Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. 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 fiscal 2023, the Company announced that it had committed to divesting its minority investment. As a result, the Company performed an impairment analysis of this investment and recorded 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 ended October 29, 2022. See Note F—Fair Value Measurements for additional information. As of the end of fiscal 2022, the carrying value of the Company’s equity investment in Familia was $186 million, which exceeded its share of Familia’s net assets by approximately $167 million. Substantially all of this difference was comprised of goodwill. 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 |
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Property at Cost | Property at Cost The following table presents the components of property at cost:
Presented below is information related to carrying values of TJX’s long-lived tangible assets by geographic location:
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Accumulated Other Comprehensive (Loss) Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeAmounts included in Accumulated other comprehensive (loss) income relate to the Company’s foreign currency translation adjustments, deferred gains/losses on pension and other post-retirement obligations and a cash flow hedge on issued debt, all of which are recorded net of the related income tax effects. The following table details the changes in Accumulated other comprehensive (loss) income for fiscal 2023, fiscal 2022 and fiscal 2021:
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Capital Stock and Earnings Per Share |
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Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock TJX repurchased and retired 35 million shares of its common stock at a cost of approximately $2.3 billion during fiscal 2023, 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 $2.3 billion in fiscal 2023, $2.2 billion in fiscal 2022 and $0.2 billion in fiscal 2021 and repurchased 35 million shares in fiscal 2023, 31 million shares in fiscal 2022 and 3 million shares in fiscal 2021. These expenditures were funded by cash on hand and cash generated from 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 $3.5 billion available for repurchase as of January 28, 2023. All shares repurchased under the stock repurchase programs have been retired. TJX has five million shares of authorized but unissued preferred stock, $1 par value. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share:
(a)There were no dividends declared during the first three quarters of fiscal 2021. The Company declared a dividend of $0.26 per share in the fourth quarter of fiscal 2021. 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 6 million, 5 million, and 6 million such options excluded at the end of fiscal 2023, fiscal 2022 and fiscal 2021, respectively.
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive (loss) or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Diesel Fuel Contracts TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2023, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2024. The hedge agreements outstanding at January 28, 2023 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for fiscal 2024. These diesel fuel hedge agreements will settle throughout fiscal 2024 and the first month 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 January 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 merchandise purchased from third-party vendors that is denominated in Euros. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days’ duration to mitigate this exposure. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2023:
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022:
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
Included in the table above are realized gains of $200 million in fiscal 2023 and $54 million in fiscal 2022 and realized losses of $74 million in fiscal 2021, all of which were largely offset by gains and losses on the underlying hedged item.
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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:
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 at January 28, 2023 was $2.6 billion compared to a carrying value of $2.9 billion primarily due to the increase in interest rates. The fair value and the carrying value of the current portion of long-term debt as of January 28, 2023 were both $0.5 billion. The fair value of long-term debt at January 29, 2022 was $3.5 billion compared to a carrying value of $3.4 billion. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. For additional information on long-term debt, see Note J—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 years ended January 28, 2023, January 29, 2022 and January 30, 2021, the Company did not record any material impairments to long-lived assets. During the first quarter of fiscal 2023, the Company announced its intention to divest from its position in its minority investment in Familia and re-characterized this investment as held-for-sale valued as a Level 3 position. Given the lack of an active market or observable inputs, the Company derived an exit price which indicated that this investment had no market value. As a result, the Company recorded a $218 million charge in the first quarter of fiscal 2023, which represents the entirety of its investment. See Note A—Basis of Presentation and Summary of Accounting Policies for additional information.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com) and the HomeGoods segment (HomeGoods, Homesense and homegoods.com) both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, Homesense and tkmaxx.com in Europe and T.K. Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment. All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions. The percentages of the Company’s consolidated revenues by major product category for the last three fiscal years are as follows:
TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments:
Business segment information (continued):
(a)Corporate identifiable assets consist primarily of cash, the trust assets in connection with the Executive Savings Plan and in fiscal 2022 and fiscal 2021 included the minority investment in Familia. Consolidated cash, including cash held in the Company’s foreign entities, is included with corporate assets for consistency with the reporting of cash for the Company’s segments in the U.S. (b)Includes debt discount accretion and debt expense amortization.
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Stock Incentive Plan |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plan | Stock Incentive Plan TJX has a Stock Incentive Plan under which options and other share-based awards may be granted to its directors, officers and key employees. The number of shares authorized for issuance under this plan has been approved by TJX’s shareholders, and all share-based compensation awards are made under this plan. The Stock Incentive Plan, as amended with shareholder approval, has provided for the issuance of up to 723 million shares with 49 million shares available for future grants as of January 28, 2023. TJX issues shares under the plan from authorized but unissued common stock. Total compensation cost related to share-based compensation was $122 million, $189 million and $59 million in fiscal 2023, 2022 and 2021, respectively. As of January 28, 2023, there was $178 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 2 years. Stock Options Options for the purchase of common stock are granted with an exercise price that is 100% of market price on the grant date, generally vest in thirds over a 3-year period starting 1 year after the grant, and have a 10-year maximum term. When options are granted with other vesting terms, the vesting information is reflected in the valuation. The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
The risk-free interest rate is for periods within the contractual life of the option based on the U.S. Treasury yield curve in effect at the time of grant. The Company uses historical data to estimate option exercises, employee termination behavior and dividend yield within the valuation model. Expected volatility is based on a combination of implied volatility from traded options on the Company’s stock, and historical volatility during a term approximating the expected life of the option granted. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon historical exercise trends. Employee groups and option characteristics are considered separately for valuation purposes when applicable. A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below:
The total intrinsic value of options exercised was $0.3 billion in each of fiscal 2023, fiscal 2022 and fiscal 2021. The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 28, 2023:
(a)Reflects 11 million unvested options, net of anticipated forfeitures. Stock Awards TJX grants restricted stock units and performance share units under the Stock Incentive Plan. Restricted stock units and performance share units are collectively referred to as stock awards. These stock awards were granted without a purchase price to the recipient and are subject to vesting conditions. Vesting conditions for performance share units include specified performance criteria, generally for a period of fiscal years. The grant date fair value of the stock awards is charged to income over the requisite service period during which the recipient must remain employed. The fair value of the stock awards is determined at date of grant in accordance with ASC Topic 718 and, for performance share units, assumes that performance goals will be achieved at target. Performance share units and related compensation costs recognized are adjusted, as applicable, for performance above or below the target specified in the award. During fiscal 2022, modifications were approved to previously-granted nonvested performance share unit awards. Under ASC Topic 718 these modifications required that the fair value of these awards be adjusted to reflect the fair value on the date of the modification and resulted in a share-based compensation charge of $37 million in fiscal 2022. There were no modifications to stock awards in fiscal 2023. A summary of the status of the Company’s non-vested stock awards and changes during fiscal 2023 is presented below:
There were 932 thousand units with a weighted average grant date fair value of $60.46, granted in fiscal 2023, 820 thousand units, with a weighted average grant date fair value of $65.53, granted in fiscal 2022 and 857 thousand units, with a weighted average grant date fair value of $56.24, granted in fiscal 2021. The fair value of awards that vested was $55 million in fiscal 2023, $44 million in fiscal 2022 and $57 million in fiscal 2021. The nonvested performance share units are based on the target level of performance achievement under the awards. The actual payout of performance share units will depend on performance results for the award cycle. Other Awards TJX also awards deferred shares to its outside directors under the Stock Incentive Plan. As of the end of fiscal 2023, a total of 433 thousand of these deferred shares were outstanding under the plan.
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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 Pension TJX has a funded defined benefit retirement plan that covers eligible U.S. employees hired prior to February 1, 2006. No employee contributions are required, or permitted, and benefits are based principally on compensation earned in each year of service. TJX’s funded defined benefit retirement plan assets are invested in domestic and international equity and fixed income securities, both directly and through investment funds. The plan does not invest in TJX securities. TJX also has an unfunded supplemental retirement plan that covers certain key employees and provides additional retirement benefits based on final average compensation for certain of those employees (the “primary benefit”) or, alternatively, based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations (the “alternative benefit”). 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 fiscal years indicated. The Company has elected the practical expedient pursuant to ASU 2015-4–Compensation-retirement benefits (Topic 715) and has selected the measurement date of January 31, the calendar month end closest to the Company’s fiscal year end.
The Consolidated Balance Sheets reflect the funded status of the plans with any unrecognized prior service cost and actuarial gains and losses recorded in Accumulated other comprehensive income (loss). The funded plan asset of $132 million is reflected on the Consolidated Balance Sheets in other current assets as of January 28, 2023. The unfunded plan liability is reflected on the Consolidated Balance Sheets as of January 28, 2023 as current liabilities of $4 million and a long-term liability of $105 million. The combined net accrued liability of $118 million at January 29, 2022 is reflected on the Consolidated Balance Sheets as of that date as a current liability of $4 million and a long-term liability of $114 million. The decrease in the actuarial losses included in Accumulated other comprehensive income (loss) for the funded plan for fiscal 2023 was driven by the impact of higher discount rates offset by a decrease in actual return on plan assets. TJX determined the assumed discount rate using the BOND: Link model in fiscal 2023 and fiscal 2022. TJX uses the BOND: Link model as this model allows for the selection of specific bonds resulting in better matches in timing of the plans’ expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date:
TJX made aggregate cash contributions of $3 million in fiscal 2023 and $5 million in fiscal 2022 to the funded plan and to fund current benefit and expense payments under the unfunded plan. 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 following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) related to the Company’s pension plans:
TJX develops its long-term rate of return assumption by evaluating input from professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. The unrecognized gains and losses in excess of 10% of the projected benefit obligation are amortized over the average remaining service life of participants. The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
The following tables present the fair value hierarchy (See Note F—Fair Value Measurements) for pension assets measured at fair value on a recurring basis:
(a)In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above. Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the independent pricing sources. Short-term investments are primarily cash related to funding of the plan which had yet to be invested as of balance sheet dates. Certain corporate and government bonds are valued at the closing price reported in the active market in which the bond is traded. Other bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. All bonds are priced by independent pricing sources. Assets measured at net asset value include investments in limited partnerships, which are stated at the fair value of the plan’s partnership interest based on information supplied by the partnerships as compared to financial statements of the limited partnership or other fair value information as determined by management. Cash equivalents or short-term investments are stated at cost which approximates fair value, and the fair value of common/collective trusts is determined based on net asset value as reported by their fund managers. Following is the asset allocation under the qualified pension plan as of the valuation date for the fiscal years presented:
Under TJX’s investment policy, qualified pension plan assets are to be invested with the objective of generating investment returns that, in combination with funding contributions, provide adequate assets to meet all current and reasonably anticipated future benefit obligations under the plan. The investment policy includes a dynamic asset allocation strategy, whereby, over time, in connection with improvements in the plan’s funded status, the target allocation of return-seeking assets (generally, equities and other instruments with a similar risk profile) may decline and the target allocation of liability-hedging assets (generally, fixed income and other instruments with a similar risk profile) may increase. Under the investment policy guidelines, the target asset allocation of return-seeking assets and liability-hedging assets was 44% and 56%, respectively, as of January 28, 2023. Risks are sought to be mitigated through asset diversification and the use of multiple investment managers. Investment risk is measured and monitored on an ongoing basis through investment portfolio reviews, annual liability measurements and periodic asset/liability studies. Other Retirement Benefits TJX also sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code for eligible U.S. employees and a similar type of plan for eligible employees in Puerto Rico. Employees may contribute up to 50% of eligible pay, subject to limitations. For eligible employees who have completed the applicable service requirement, TJX matches employee contributions, up to 5% of eligible pay, including a basic match at rates of 25% or 75% (based upon date of hire and other eligibility criteria) plus a discretionary match, generally up to 25%, based on TJX’s performance. TJX may also make additional discretionary contributions. Certain eligible employees are automatically enrolled in the U.S. Plan and the Puerto Rico savings plan at a 2% deferral rate, unless the employee elects otherwise. The total cost of TJX contributions to these plans was $77 million in fiscal 2023, $83 million in fiscal 2022 and $61 million in fiscal 2021. TJX also has a nonqualified savings plan (the Executive Savings Plan) for certain U.S. employees. TJX matches employee deferrals at various rates which amounted to $6 million in fiscal 2023, $7 million in fiscal 2022 and $3 million in fiscal 2021. Although the plan is unfunded, in order to help meet its future obligations TJX transfers an amount generally equal to employee deferrals and the related company match to a separate “rabbi” trust. The trust assets, which are invested in a variety of mutual funds, are included in other assets on the balance sheets. In addition to the plans described above, TJX also contributes to retirement/deferred savings programs for eligible Associates at certain of its foreign subsidiaries. The Company contributed $29 million for these programs in fiscal 2023, $26 million for these programs in fiscal 2022 and $22 million in fiscal 2021. Multiemployer Pension Plans TJX contributes to certain multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. TJX contributed $25 million in both fiscal 2023 and fiscal 2022, and $19 million in fiscal 2021 to the Legacy Plan of the National Retirement Fund (EIN #13-6130178, plan #1), the Adjustable Plan of the National Retirement Fund (EIN #13-6130178, plan #2), the Legacy Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #1) and the Adjustable Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #2). TJX was listed in the Form 5500 for the Legacy Plan of the National Retirement Fund, the Adjustable Plan of the National Retirement Fund, and the Legacy Plan of the UNITE HERE Retirement Fund as providing more than 5% of the total contributions for the plan year ending December 31, 2021. In addition, based on information available to TJX, the Pension Protection Act Zone status for the Legacy Plan of the National Retirement Fund is critical and for the Legacy Plan of the UNITE HERE Retirement Fund is critical and declining, and rehabilitation plans have been adopted by these plans. The risks of participating in multiemployer pension plans are different from the risks of single-employer pension plans in certain respects, including the following: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (c) if TJX ceases to have an obligation to contribute to a multiemployer plan in which the Company had been a contributing employer, or in certain other circumstances, the Company may be required to pay to the plan an amount based on the Company’s allocable share of the underfunded status of the plan, referred to as a withdrawal liability.
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Long-Term Debt and Credit Lines |
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Long-Term Debt and Credit Lines | Long-Term Debt and Credit Lines The table below presents long-term debt as of January 28, 2023 and January 29, 2022. All amounts are net of unamortized debt discounts.
The aggregate maturities of long-term debt, inclusive of current installments at January 28, 2023 are as follows:
Senior Unsecured Notes As of January 28, 2023, TJX had outstanding $1 billion aggregate principal amount of 2.250% ten-year Notes due September 2026 and $500 million aggregate principal amount of 2.500% ten-year Notes due May 2023. TJX entered into a rate-lock agreement to hedge $700 million of the 2.250% notes and $250 million of the 2.500% notes prior to their issuance. The cost of these agreements is being amortized to interest expense over the term of the notes resulting in an effective fixed rate of 2.36% for the 2.25% notes and 2.57% for the 2.50% notes. 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 matures in May 2024 (the “2024 Revolving Credit Facility”). Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. The terms of these revolving credit facilities require quarterly payments on the committed amount and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company’s long-term debt ratings. The 2024 Revolving Credit Facility requires usage fees based on total credit extensions under the facility. As of January 28, 2023 and January 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. As of January 28, 2023 and January 29, 2022, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of January 28, 2023 and January 29, 2022, and during the years then ended, there were no amounts outstanding on the Canadian credit lines for operating expenses. As of January 28, 2023 and January 29, 2022, the Company’s European business at TJX International had an uncommitted credit line of £5 million. As of January 28, 2023 and January 29, 2022, and during the years then ended, there were no amounts outstanding on the European credit line.
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Income Taxes |
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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 portion of the IRA did not have an impact on our results of operations or financial position in fiscal 2023 and the Company does not expect the Corporate AMT, excise tax, or other provisions of the IRA to have a material impact on its consolidated financial statements. For financial reporting purposes, components of income before income taxes are as follows:
The provision (benefit) for income taxes includes the following:
TJX had net deferred tax assets (liabilities) as follows:
TJX has provided for all applicable state and foreign withholding taxes on all undistributed earnings of its foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through January 28, 2023. The Company has not provided for federal, state, or foreign withholding taxes on the approximately $1.2 billion of undistributed earnings related to all other foreign subsidiaries as such earnings are considered to be indefinitely reinvested in the business. The net amount of unrecognized state and foreign withholding tax liabilities related to the undistributed earnings is not material. As of January 28, 2023 and January 29, 2022, for state income tax purposes, TJX had net operating loss carryforwards of $328 million and $291 million respectively, which expire, if unused, in the years 2024 through 2043. TJX has analyzed the realization of the state net operating loss carryforwards on an individual state basis. For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $16 million has been provided for the deferred tax asset as of January 28, 2023 and $14 million as of January 29, 2022. The Company had available for foreign income tax purposes (related to Australia, Austria, Germany, the Netherlands, Poland and the U.K.) net operating loss carryforwards of $508 million as of January 28, 2023 and $534 million as of January 29, 2022. The full amount of the loss carryforwards do not expire. For the deferred tax assets associated with the net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized, TJX had valuation allowances recorded of approximately $71 million as of both January 28, 2023 and January 29, 2022. The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below:
TJX’s effective income tax rate decreased for fiscal 2023 compared to fiscal 2022. The decrease in the fiscal 2023 effective income tax rate is primarily due to the lapse of statutes of limitations and resolution of various tax matters, and the change of jurisdictional mix of profits and losses, partially offset by a reduction of excess tax benefits from share-based compensation. TJX had net unrecognized tax benefits of $265 million as of January 28, 2023, $288 million as of January 29, 2022 and $272 million as of January 30, 2021. A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
Included in the gross amount of unrecognized tax benefits are items that will impact future effective tax rates upon recognition. These items amounted to $251 million as of January 28, 2023, $260 million as of January 29, 2022 and $250 million as of January 30, 2021. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The amount of interest and penalties expensed was $7 million for both of the fiscal years ended January 28, 2023 and January 29, 2022, and $8 million for the fiscal year ended January 30, 2021. The accrued amounts for interest and penalties are $37 million as of January 28, 2023, $43 million as of January 29, 2022 and $36 million as of January 30, 2021. Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the consolidated financial statements as of January 28, 2023. During the next twelve months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $52 million, which would reduce the provision for taxes on earnings.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases TJX is committed under long-term leases related to its continuing operations for the rental of real estate and certain service contracts containing embedded leases, all of which are operating leases. Real estate leases represent virtually all of the Company’s store locations as well as some of its distribution centers and office space. Most of TJX’s leases in the U.S. and Canada are store operating leases with ten-year terms and options to extend for one or more five-year periods. Leases in Europe generally have an initial term of to fifteen years and leases in Australia generally have an initial lease term of primarily to ten years, some of which have options to extend. Many of the Company's leases have options to terminate prior to the lease expiration date. The exercise of both lease renewal and termination options is at the Company’s sole discretion, as opposed to the landlord’s discretion, and is not reasonably certain at lease commencement. The Company has deemed that the expense of store renovations makes the renewal of the next lease option reasonably certain to be exercised after these renovations occur. While the overwhelming majority of leases have fixed payment schedules, some leases have variable lease payments based on market indices adjusted periodically for inflation, or include rental payments based on a percentage of retail sales over contractual levels. In addition, for real estate leases, TJX is generally required to pay insurance, real estate taxes and certain other expenses including common area maintenance based on a proportionate share of premises as compared to the shopping center, and some of these costs are based on a market index, primarily in Canada. For leases with these payments based on a market index, the initial lease payment amount is used in the calculation of the operating lease liability and corresponding operating lease assets included on the Consolidated Balance Sheets. Future payment changes to these market index rate leases are not reflected in the operating lease liability and are instead included in variable lease cost. Variable lease cost also includes variable operating expenses for third party service centers and dedicated transportation contracts that are deemed embedded leases. The operating lease ROU assets also includes any lease payments made in advance of the assets’ use and is reduced by lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Supplemental balance sheet information related to leases is as follows:
The following table is a summary of the Company’s components of net lease cost for the fiscal years ended:
Supplemental cash flow information related to leases is as follows:
During fiscal 2022, the Company repaid the rent deferrals that had been negotiated due to the COVID-19 pandemic in fiscal 2021 for a significant number of its stores. The following table as of January 28, 2023 summarizes the maturity of lease liabilities under operating leases:
(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy. (b)Calculated using the incremental borrowing rate for each lease. (c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.
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Accrued Expenses and Other Liabilities, Current and Long Term |
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Accrued Expenses and Other Liabilities, Current and Long Term | Accrued Expenses and Other Liabilities, Current and Long Term The major components of accrued expenses and other current liabilities are as follows:
All other current liabilities include accruals for expense payables, insurance, customer rewards liability, reserve for sales returns, reserve for taxes, fair value of derivatives, advertising, interest and other items, each of which is individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows:
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Contingent Obligations, Contingencies and Commitments |
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Commitments and Contingencies Disclosure [Abstract] | |
Contingent Obligations, Contingencies and Commitments | Contingent Obligations, Contingencies, and Commitments Contingent Contractual Obligations TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations. Legal Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings. Letters of Credit TJX had outstanding letters of credit totaling $42 million as of January 28, 2023 and $53 million as of January 29, 2022. Letters of credit are issued by TJX primarily for the purchase of inventory.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow InformationTJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows:
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Basis of Presentation and Summary of Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the consolidated financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of the Company's activities are conducted by TJX or its subsidiaries and are consolidated in these consolidated financial statements. All intercompany transactions have been eliminated in consolidation.
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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 fiscal years ended January 28, 2023 (“fiscal 2023”), January 29, 2022 (“fiscal 2022”) and January 30, 2021 (“fiscal 2021”) were 52-week fiscal years. Fiscal 2024 will be a 53-week fiscal year and will end February 3, 2024.
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Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
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Revenue Recognition | Revenue Recognition Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1% of total revenues, primarily generated from shipping fee revenue on our online sales. In addition, certain customers, primarily Associates, may receive discounts that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received are recognized when control of the goods transfer to the customer and are recorded as net sales. Shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. TJX disaggregates revenue by operating segment, see Note G—Segment Information. Deferred Gift Card Revenue Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise, as TJX does not fulfill its performance obligation until the gift card has been redeemed. While gift cards have an indefinite life, substantially all are redeemed in the first year of issuance. The following table presents deferred gift card revenue activity:
TJX recognized $1.9 billion in gift card revenue in fiscal 2023 and $1.7 billion in fiscal 2022 and $1.1 billion in fiscal 2021. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, the Company estimates the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the estimated redemption period. Revenue recognized from breakage was $44 million in fiscal 2023, $21 million in fiscal 2022 and $14 million in fiscal 2021. Sales Return Reserve The Company's products are generally sold with a right of return and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company has elected to apply the portfolio practical expedient. The Company estimates the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separately from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on the Company’s Consolidated Balance Sheets.
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Consolidated Statements of Income Classifications | Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items.
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Cash and Cash Equivalents | Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. If applicable, investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short-term or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of January 28, 2023, TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion, of which $0.7 billion was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely.
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Merchandise Inventories | Merchandise InventoriesInventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia which is immaterial. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (i.e. inventory in transit and unprocessed inventory in the Company’s distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Equity | Common Stock and Equity Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the volume of share repurchases under previous programs, TJX has historically had no remaining balance in APIC. All shares repurchased have been retired. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law, which introduces a 1% excise tax after December 31, 2022 on the fair market value of certain stock that is repurchased during the taxable year. The taxable amount is reduced by the fair market value of certain issuances of stock throughout the year. Any excise tax incurred on repurchases will be recognized as part of the cost of the repurchase.Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Any excess tax benefits or deficiencies are included in the provision for income taxes. The par value of performance share units and restricted stock units is added to common stock when shares are delivered following performance measurement date or service period to the extent vesting requirements have been achieved. The fair value of stock awards and units are added to APIC as the awards are amortized into earnings over the related requisite service periods.
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Share-Based Compensation | Share-Based CompensationTJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. Performance-based awards are evaluated quarterly for probability of vesting and performance achievement levels. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net:
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Property and Equipment | Property and Equipment For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $879 million in fiscal 2023, and $858 million in both fiscal 2022 and fiscal 2021. TJX had no property held under finance leases during fiscal 2023, fiscal 2022 or fiscal 2021. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized, generally over 5 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated, and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred.
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Lease Accounting | Lease AccountingOperating leases are included in “Operating lease right of use assets,” “Current portion of operating lease liabilities,” and “Long-term operating lease liabilities” on the Company’s Consolidated Balance Sheets. Right of use (“ROU”) assets represent TJX’s right to use an underlying asset for the lease term and lease liabilities represent TJX’s obligation to make lease payments arising from the lease. At the inception of the arrangement, the Company determines if an arrangement is a lease based on assessment of the terms and conditions of the contract. Operating lease ROU assets and lease liabilities are recognized at possession date based on the present value of lease payments over the lease term. The majority of the Company’s leases are retail store locations, and the possession date is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. TJX’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the information available at possession date in determining the present value of future lease payments. The incremental borrowing rate is calculated based on the US Consumer Discretionary yield curve and adjusted for collateralization and foreign currency impact for TJX International and Canada leases. The operating lease ROU assets also include any acquisition costs offset by lease incentives. The Company’s lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term within “Cost of sales, including buying and occupancy costs”. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Tradenames | Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, which is included in the Marmaxx segment. The Company’s goodwill also includes the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991, included in TJX Canada, as well as the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018 and is included in TJX International. The following is a roll forward of goodwill by segment:
Goodwill is considered to have an indefinite life and accordingly is not amortized. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued utilizing the relief from royalty method, which calculates the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years. During the first quarter of fiscal 2021, the Company fully impaired the Trade Secret tradename, recording an impairment charge of $5 million. The following is a roll forward of tradenames:
TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate.
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Impairment of Long-Lived Assets, Goodwill and Tradenames | Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates long-lived assets, including tradenames that are amortized and operating lease right of use assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. This evaluation is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and operating lease right of use assets, and at the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This resulted in immaterial impairment charges on operating lease ROU assets and store fixed assets in fiscal 2023, fiscal 2022 and fiscal 2021. In fiscal 2021, the Company fully impaired the Trade Secret tradename. There were no impairments related to tradenames in fiscal 2023 or fiscal 2022. Goodwill and indefinite life tradenames are tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year. Goodwill is tested for impairment by using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. The Company may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. Indefinite life tradenames are tested for impairment by comparing their carrying value to their fair value, which is determined by calculating the discounted present value of assumed after-tax royalty payments. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company bypassed the qualitative assessment and performed the quantitative impairment test.
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Advertising Costs | Advertising CostsTJX expenses advertising costs as incurred. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of Accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the Consolidated Statements of Income and Cash Flows is translated at average exchange rates prevailing during the fiscal year.
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Loss Contingencies | Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable.
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Equity Investment | 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 fiscal 2023, the Company announced that it had committed to divesting its minority investment. As a result, the Company performed an impairment analysis of this investment and recorded 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 ended October 29, 2022. See Note F—Fair Value Measurements for additional information. As of the end of fiscal 2022, the carrying value of the Company’s equity investment in Familia was $186 million, which exceeded its share of Familia’s net assets by approximately $167 million. Substantially all of this difference was comprised of goodwill.
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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 Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer Liability | The following table presents deferred gift card revenue activity:
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Summary of Interest Expense, Net | The following is a summary of interest expense, net:
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Roll Forward of Goodwill by Segment | The following is a roll forward of goodwill by segment:
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Schedule of Finite-Lived Intangible Assets | The following is a roll forward of tradenames:
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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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Summary of Long-Lived Assets by Geographic Location | Presented below is information related to carrying values of TJX’s long-lived tangible assets by geographic location:
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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) income for fiscal 2023, fiscal 2022 and fiscal 2021:
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Capital Stock and Earnings Per Share (Tables) |
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share:
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Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 January 28, 2023:
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Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentages of Consolidated Revenues by Major Product Category | The percentages of the Company’s consolidated revenues by major product category for the last three fiscal years are as follows:
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Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments:
Business segment information (continued):
(a)Corporate identifiable assets consist primarily of cash, the trust assets in connection with the Executive Savings Plan and in fiscal 2022 and fiscal 2021 included the minority investment in Familia. Consolidated cash, including cash held in the Company’s foreign entities, is included with corporate assets for consistency with the reporting of cash for the Company’s segments in the U.S. (b)Includes debt discount accretion and debt expense amortization.
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Stock Incentive Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model | The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
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Schedule of Stock Options and Related Weighted Average Exercise Prices | A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below:
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Schedule of Stock Options Outstanding Expected to Vest and Stock Options Outstanding Exercisable | The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 28, 2023:
(a)Reflects 11 million unvested options, net of anticipated forfeitures.
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Summary of Nonvested Performance-Based Stock Awards | A summary of the status of the Company’s non-vested stock awards and changes during fiscal 2023 is presented below:
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Pension Plans and Other Retirement Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 fiscal years indicated. The Company has elected the practical expedient pursuant to ASU 2015-4–Compensation-retirement benefits (Topic 715) and has selected the measurement date of January 31, the calendar month end closest to the Company’s fiscal year end.
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Weighted Average Assumptions for Obligation | Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date:
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Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) | The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) related to the Company’s pension plans:
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Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter | The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
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Fair Value for Pension Assets Measured at Fair Value on Recurring Basis | The following tables present the fair value hierarchy (See Note F—Fair Value Measurements) for pension assets measured at fair value on a recurring basis:
(a)In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above.
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Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date | Following is the asset allocation under the qualified pension plan as of the valuation date for the fiscal years presented:
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Long-Term Debt and Credit Lines (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt as of January 28, 2023 and January 29, 2022. All amounts are net of unamortized debt discounts.
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Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments | The aggregate maturities of long-term debt, inclusive of current installments at January 28, 2023 are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Before Income Taxes | For financial reporting purposes, components of income before income taxes are as follows:
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Provision for Income Taxes | The provision (benefit) for income taxes includes the following:
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Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax assets (liabilities) as follows:
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Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate | The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below:
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Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows:
The following table is a summary of the Company’s components of net lease cost for the fiscal years ended:
Supplemental cash flow information related to leases is as follows:
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Operating Leases Maturity Schedule | The following table as of January 28, 2023 summarizes the maturity of lease liabilities under operating leases:
(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy. (b)Calculated using the incremental borrowing rate for each lease. (c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.
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Accrued Expenses and Other Liabilities, Current and Long Term (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Current Liabilities | The major components of accrued expenses and other current liabilities are as follows:
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Schedule of Other Long-Term Liabilities | The major components of other long-term liabilities are as follows:
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities | TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows:
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Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Sales Return - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Period | $ 142 | $ 168 | $ 109 |
Amounts Charged to Net Income | 5,600 | 5,627 | 3,530 |
Write-Offs Against Reserve | 5,594 | 5,653 | 3,471 |
Balance End of Period | $ 148 | $ 142 | $ 168 |
Basis of Presentation and Summary of Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gift card revenue recognized | $ 1,886 | $ 1,721 | $ 1,100 |
Revenue recognized from store card breakage | $ 44 | $ 21 | $ 14 |
Sales revenue net | Product and service, other | Product Concentration Risk | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage (less than) | 1.00% |
Basis of Presentation and Summary of Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Movement in Contract with Customer, Liability [Roll Forward] | |||
Beginning Balance | $ 685 | $ 576 | |
Deferred revenue | 1,927 | 1,832 | |
Effect of exchange rates changes on deferred revenue | (5) | (2) | |
Revenue recognized | (1,886) | (1,721) | $ (1,100) |
Ending Balance | $ 721 | $ 685 | $ 576 |
Basis of Presentation and Summary of Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 5,477 | $ 6,227 |
Non-US | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,200 | |
Non-US | Undistributed earnings planned to be reinvested indefinitely | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 700 |
Basis of Presentation and Summary of Accounting Policies - Merchandise Inventories (Details) - USD ($) $ in Billions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
In-transit inventory | $ 1.3 | $ 1.7 |
Basis of Presentation and Summary of Accounting Policies - Summary of Interest Expense, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Accounting Policies [Abstract] | |||
Interest expense | $ 91 | $ 123 | $ 199 |
Capitalized interest | (7) | (4) | (5) |
Interest (income) | (78) | (4) | (13) |
Interest expense, net | $ 6 | $ 115 | $ 181 |
Basis of Presentation and Summary of Accounting Policies - Lease Accounting (Details) |
12 Months Ended |
---|---|
Jan. 28, 2023 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of possession previous to opening store | 30 days |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of possession previous to opening store | 60 days |
Basis of Presentation and Summary of Accounting Policies - Goodwill and Tradenames (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
May 02, 2020 |
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Trade Names | |||
Goodwill [Line Items] | |||
Impairment related to tradenames | $ 0 | $ 0 | |
Trademarks | Minimum | |||
Goodwill [Line Items] | |||
Finite lived intangible asset useful life (in years) | 7 years | ||
Trademarks | Maximum | |||
Goodwill [Line Items] | |||
Finite lived intangible asset useful life (in years) | 10 years | ||
Sierra Trading Post | Trade Names | |||
Goodwill [Line Items] | |||
Finite lived intangible asset useful life (in years) | 15 years | ||
Trade Secret | Trade Names | |||
Goodwill [Line Items] | |||
Impairment related to tradenames | $ 5,000,000 | ||
Former Subsidiary | |||
Goodwill [Line Items] | |||
Percentage owned in subsidiary company | 83.00% |
Basis of Presentation and Summary of Accounting Policies - Roll Forward of Goodwill by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
|
Goodwill [Roll Forward] | ||
Beginning balance | $ 97 | $ 99 |
Effect of exchange rate changes on goodwill | 0 | (2) |
Ending balance | 97 | 97 |
Marmaxx | ||
Goodwill [Roll Forward] | ||
Beginning balance | 70 | 70 |
Effect of exchange rate changes on goodwill | 0 | 0 |
Ending balance | 70 | 70 |
TJX Canada | ||
Goodwill [Roll Forward] | ||
Beginning balance | 2 | 2 |
Effect of exchange rate changes on goodwill | 0 | 0 |
Ending balance | 2 | 2 |
TJX International | ||
Goodwill [Roll Forward] | ||
Beginning balance | 25 | 27 |
Effect of exchange rate changes on goodwill | 0 | (2) |
Ending balance | $ 25 | $ 25 |
Basis of Presentation and Summary of Accounting Policies - Roll Forward Finite Intangible Assets (Details) - Trade Names - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Sierra Trading Post | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 39 | $ 39 |
Accumulated Amortization | (27) | (24) |
Net Carrying Value | 12 | 15 |
Trade Secret | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13 | 13 |
Accumulated Amortization | (13) | (13) |
Net Carrying Value | 0 | 0 |
Marshalls | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset: | $ 108 | $ 108 |
Basis of Presentation and Summary of Accounting Policies - Impairment of Long-Lived Assets, Goodwill and Tradenames (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Goodwill [Line Items] | |||
Intangible asset impairments related to goodwill | $ 0 | $ 0 | $ 0 |
Trade Names | |||
Goodwill [Line Items] | |||
Impairment related to tradenames | $ 0 | $ 0 |
Basis of Presentation and Summary of Accounting Policies - Advertising Costs (Details) - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Accounting Policies [Abstract] | |||
Advertising expense | $ 0.5 | $ 0.5 | $ 0.3 |
Basis of Presentation and Summary of Accounting Policies - Equity Investment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Impairment on equity investment | $ 218 | $ 0 | $ 0 | |
Tax benefit | $ 54 | |||
Familia | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment on equity investment | $ 218 | |||
Carrying amount | 186 | |||
Difference between cost of investment and share of net assets | $ 167 |
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land and buildings | $ 2,043 | $ 1,912 |
Leasehold costs and improvements | 3,874 | 3,652 |
Furniture, fixtures and equipment | 7,400 | 6,872 |
Total property at cost | 13,317 | 12,436 |
Less accumulated depreciation and amortization | 7,534 | 7,165 |
Net property at cost | $ 5,783 | $ 5,271 |
Property at Cost - Summary of Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 5,783 | $ 5,271 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 4,518 | 4,041 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 274 | 248 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 923 | 927 |
Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 68 | $ 55 |
Capital Stock and Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions |
12 Months Ended | |||
---|---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
Feb. 28, 2023 |
|
Capital Unit [Line Items] | ||||
Common stock repurchased and retired | $ 2.3 | $ 2.2 | $ 0.2 | |
Repurchase of common stock (in shares) | 35,000,000 | 31,000,000 | 3,000,000 | |
Remaining available stock under stock repurchase plan | $ 3.5 | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | ||
Preferred stock, par value ($ per share) | $ 1 | $ 1 | ||
Antidilutive options excluded (in shares) | 6,000,000 | 5,000,000 | 6,000,000 | |
Subsequent Event | ||||
Capital Unit [Line Items] | ||||
Stock repurchase program, additional authorized amount | $ 2.0 | |||
Trade Date Basis | ||||
Capital Unit [Line Items] | ||||
Common stock repurchased and retired (in shares) | 35,000,000 | |||
Common stock repurchased and retired | $ 2.3 |
Financial Instruments - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Derivative [Line Items] | |||
Hedge of diesel fuel requirement, remainder of fiscal year | 50.00% | ||
Realized gains (losses) on derivative | $ 200 | $ 54 | $ (74) |
Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Term of derivative contracts | 30 days |
Fair Value Measurement - Fair Value of Financial Assets and Liabilities on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Level 1 | Executive Savings Plan investments | ||
Assets: | ||
Executive Savings Plan investments | $ 371.6 | $ 387.7 |
Level 2 | Foreign currency exchange contracts | ||
Assets: | ||
Foreign currency exchange contracts | 8.6 | 21.4 |
Liabilities: | ||
Foreign currency exchange contracts | 45.1 | 3.3 |
Level 2 | Diesel fuel contracts | ||
Assets: | ||
Diesel fuel contracts | $ 3.9 | $ 23.7 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-term debt | $ 2,600 | $ 3,500 | |
Long-term debt | 2,859 | 3,355 | |
Fair value of current portion of long-term debt | 500 | ||
Current portion of long-term debt | 500 | 0 | |
Impairment on equity investment | 218 | $ 0 | $ 0 |
Familia | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment on equity investment | $ 218 |
Segment Information - Additional Information (Details) |
12 Months Ended |
---|---|
Jan. 28, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Segment Information - Percentages of Consolidated Revenues by Major Product Category (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Segment Reporting Information [Line Items] | |||
Revenue percentage | 100.00% | 100.00% | 100.00% |
Clothing including footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 48.00% | 47.00% | 46.00% |
Jewelry and accessories | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 17.00% | 15.00% | 15.00% |
Home fashions | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 35.00% | 38.00% | 39.00% |
Stock Incentive Plan - Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Share-Based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 3.69% | 0.84% | 0.28% |
Dividend yield | 1.80% | 1.50% | 1.40% |
Expected volatility factor | 26.00% | 23.80% | 26.50% |
Expected option life | 5 years 6 months | 5 years | 5 years |
Weighted average fair value of options issued (in dollars per share) | $ 16.68 | $ 12.85 | $ 11.29 |
Stock Incentive Plan - Stock Options And Related Weighted Average Exercise Price (Details) - $ / shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Options | |||
Outstanding at beginning of year (in shares) | 40 | 43 | 45 |
Granted (in shares) | 6 | 5 | 6 |
Exercised (in shares) | (8) | (7) | (8) |
Forfeitures (in shares) | (1) | (1) | 0 |
Outstanding at end of year (in shares) | 37 | 40 | 43 |
Options exercisable at end of year (in shares) | 26 | 29 | 31 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (in dollars per share) | $ 47.11 | $ 41.79 | $ 36.81 |
Granted (in dollars per share) | 65.54 | 70.48 | 57.32 |
Exercised (in dollars per share) | 38.12 | 32.04 | 25.68 |
Forfeitures (in dollars per share) | 63.29 | 57.55 | 52.96 |
Outstanding at end of year (in dollars per share) | 51.88 | 47.11 | 41.79 |
Options exercisable at end of year (in dollars per share) | $ 45.99 | $ 40.93 | $ 36.05 |
Pension Plans and Other Retirement Benefits - Weighted Average Assumptions for Obligation (Details) |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.40% | 3.40% |
Rate of compensation increase | 4.00% | 4.00% |
Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.60% | 3.30% |
Rate of compensation increase | 4.00% | 4.00% |
Pension Plans and Other Retirement Benefits - Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter (Details) $ in Millions |
Jan. 28, 2023
USD ($)
|
---|---|
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 47 |
2025 | 53 |
2026 | 59 |
2027 | 65 |
2028 | 71 |
2029 through 2033 | 440 |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 4 |
2025 | 8 |
2026 | 50 |
2027 | 8 |
2028 | 9 |
2029 through 2033 | $ 43 |
Pension Plans and Other Retirement Benefits - Summary of Target Allocation Guidelines for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date (Details) |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Return-seeking assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 46.00% | 45.00% |
Liability-hedging assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 54.00% | 55.00% |
All other – primarily cash | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 0.00% | 0.00% |
Long-Term Debt and Credit Lines - Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
2024 | $ 500 | |
2025 | 0 | |
2026 | 0 | |
2027 | 1,000 | |
2028 | 0 | |
Later years | 1,881 | |
Unamortized debt discount | (6) | |
Debt issuance costs | (16) | $ (19) |
Aggregate maturities of long-term debt | $ 2,859 | $ 3,355 |
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 4,029 | $ 3,934 | $ 642 |
Foreign | 607 | 464 | (553) |
Income before income taxes | $ 4,636 | $ 4,398 | $ 89 |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Current: | |||
Federal | $ 656 | $ 766 | $ 190 |
State | 233 | 271 | 36 |
Foreign | 185 | 122 | 5 |
Deferred: | |||
Federal | 52 | (32) | (98) |
State | 0 | (26) | (25) |
Foreign | 12 | 14 | (109) |
Provision (benefit) for income taxes | $ 1,138 | $ 1,115 | $ (1) |
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforward | $ 156 | $ 159 |
Pension, stock compensation, postretirement and employee benefits | 326 | 368 |
Operating lease liabilities | 2,500 | 2,379 |
Accruals and reserves | 245 | 237 |
Other | 14 | 13 |
Total gross deferred tax assets | 3,241 | 3,156 |
Valuation allowance | (86) | (85) |
Total deferred tax asset | 3,155 | 3,071 |
Deferred tax liabilities: | ||
Property, plant and equipment | 628 | 553 |
Capitalized inventory | 61 | 48 |
Operating lease right of use assets | 2,404 | 2,289 |
Tradename/intangibles | 21 | 19 |
Undistributed foreign earnings | 5 | 9 |
Other | 5 | 12 |
Total deferred tax liabilities | 3,124 | 2,930 |
Net deferred tax asset | 31 | 141 |
Non-current asset | 158 | 185 |
Non-current liability | $ (127) | $ (44) |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 29, 2022 |
Jan. 28, 2023 |
Jan. 30, 2021 |
Jan. 29, 2022 |
|
Tax Credit Carryforward [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | $ 1,200 | |||
Valuation allowances | 86 | $ 85 | ||
Tax benefit | $ 54 | |||
Net unrecognized tax benefits | 265 | $ 272 | 288 | |
Unrecognized tax benefits that would impact effective tax rates | 251 | 250 | 260 | |
Interest and penalties expensed | 7 | 8 | ||
Accrued amounts for interest and penalties | 37 | $ 36 | 43 | |
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | 52 | |||
State and Local Jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Foreign net operating loss carryforwards | 328 | 291 | ||
Valuation allowances | 16 | 14 | ||
Foreign Tax Authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Foreign net operating loss carryforwards | 508 | 534 | ||
Valuation allowances | $ 71 | $ 71 |
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Effective state income tax rate | 4.30% | 4.60% | 28.10% |
Impact of foreign operations | 1.10% | 0.90% | 21.40% |
Excess share-based compensation | (1.00%) | (1.20%) | (59.40%) |
Tax credits | (0.30%) | (0.30%) | (8.90%) |
Nondeductible/nontaxable items | (0.10%) | 0.20% | (3.30%) |
All other | (0.50%) | 0.20% | (0.30%) |
Worldwide effective income tax rate | 24.50% | 25.40% | (1.40%) |
Income Taxes - Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 280 | $ 269 | $ 259 |
Additions for uncertain tax positions taken in current year | 8 | 10 | 12 |
Additions for uncertain tax positions taken in prior years | 7 | 3 | 1 |
Reductions for uncertain tax positions taken in prior years | (2) | 0 | 0 |
Reductions resulting from lapse of statute of limitations | (18) | (2) | (3) |
Settlements with tax authorities | (9) | 0 | 0 |
Balance, end of year | $ 266 | $ 280 | $ 269 |
Leases - Additional Information (Details) |
Jan. 28, 2023
store
|
---|---|
TJX U.S and Canada | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Number of extension periods | 1 |
Options to extend, term | 5 years |
Minimum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Minimum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 7 years |
Maximum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 15 years |
Maximum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Leases - Supplemental Balance Sheet Information (Details) |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term | 6 years 6 months | 6 years 7 months 6 days |
Weighted-average discount rate | 2.70% | 2.40% |
Leases - Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Leases [Abstract] | |||
Operating lease cost | $ 1,927 | $ 1,906 | $ 1,820 |
Variable and short term lease cost | 1,359 | 1,386 | 1,163 |
Total lease cost | $ 3,286 | $ 3,292 | $ 2,983 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Leases [Abstract] | |||
Operating cash flows paid for operating leases | $ 1,949 | $ 2,080 | $ 1,663 |
Lease liabilities arising from obtaining right of use assets | $ 2,095 | $ 1,658 | $ 1,380 |
Leases - Operating Lease Liability Maturity Schedule (Details) $ in Millions |
Jan. 28, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2024 | $ 1,977 |
2025 | 1,825 |
2026 | 1,628 |
2027 | 1,402 |
2028 | 1,111 |
Later years | 2,323 |
Total lease payments | 10,266 |
Less: imputed interest | 881 |
Total lease liabilities | $ 9,385 |
Accrued Expenses and Other Liabilities, Current and Long Term - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, current | $ 968 | $ 1,117 |
Merchandise credits and gift certificates | 721 | 685 |
Sales tax collections and V.A.T. taxes | 384 | 268 |
Occupancy costs, including rent, utilities and real estate taxes | 378 | 399 |
Dividends payable | 346 | 312 |
Accrued capital additions | 199 | 186 |
All other current liabilities | 1,350 | 1,278 |
Total accrued expenses and other current liabilities | $ 4,346 | $ 4,245 |
Accrued Expenses and Other Liabilities, Current and Long Term - Additional Information (Details) |
12 Months Ended |
---|---|
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Percentage of other current liability individual item which makes up current liabilities | 5.00% |
Accrued Expenses and Other Liabilities, Current and Long Term - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, long-term | $ 597 | $ 647 |
Tax reserve, long-term | 235 | 277 |
Asset retirement obligation | 66 | 66 |
All other long-term liabilities | 21 | 25 |
Total other long-term liabilities | $ 919 | $ 1,015 |
Contingent Obligations, Contingencies and Commitments (Details) - USD ($) $ in Millions |
Jan. 28, 2023 |
Jan. 29, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding letters of credit issued for the purchase of inventory | $ 42 | $ 53 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 28, 2023 |
Jan. 29, 2022 |
Jan. 30, 2021 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for: interest on debt | $ 86 | $ 139 | $ 153 |
Cash paid for: income taxes | 1,225 | 1,119 | 146 |
Non-cash investing and financing activity: dividends payable | 34 | (3) | 34 |
Non-cash investing and financing activity: property additions | $ 13 | $ 97 | $ (36) |
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