☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 04-2207613 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
770 Cochituate Road Framingham, Massachusetts | 01701 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | TJX | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||||||||||||||||||||
Net sales | $ | 9,825,759 | $ | 8,762,220 | $ | 27,845,594 | $ | 24,903,944 | Net sales | $ | 10,451,334 | $ | 9,825,759 | $ | 29,510,515 | $ | 27,845,594 | |||||||||||||||||||
Cost of sales, including buying and occupancy costs | 6,983,483 | 6,150,020 | 19,797,537 | 17,652,767 | Cost of sales, including buying and occupancy costs | 7,440,033 | 6,983,483 | 21,103,975 | 19,797,537 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 1,756,448 | 1,584,219 | 5,006,937 | 4,479,470 | Selling, general and administrative expenses | 1,885,923 | 1,756,448 | 5,319,659 | 5,006,937 | |||||||||||||||||||||||||||
Pension settlement charge | 36,122 | — | 36,122 | — | Pension settlement charge | — | 36,122 | — | 36,122 | |||||||||||||||||||||||||||
Interest expense, net | 3,188 | 7,981 | 10,365 | 27,499 | Interest expense, net | 3,259 | 3,188 | 6,973 | 10,365 | |||||||||||||||||||||||||||
Income before provision for income taxes | 1,046,518 | 1,020,000 | 2,994,633 | 2,744,208 | Income before provision for income taxes | 1,122,119 | 1,046,518 | 3,079,908 | 2,994,633 | |||||||||||||||||||||||||||
Provision for income taxes | 284,265 | 378,564 | 776,373 | 1,013,536 | Provision for income taxes | 293,856 | 284,265 | 792,505 | 776,373 | |||||||||||||||||||||||||||
Net income | $ | 762,253 | $ | 641,436 | $ | 2,218,260 | $ | 1,730,672 | Net income | $ | 828,263 | $ | 762,253 | $ | 2,287,403 | $ | 2,218,260 | |||||||||||||||||||
Basic earnings per share: | Basic earnings per share: | |||||||||||||||||||||||||||||||||||
Net income | $ | 0.62 | $ | 0.51 | $ | 1.78 | $ | 1.35 | Net income | $ | 0.69 | $ | 0.62 | $ | 1.89 | $ | 1.78 | |||||||||||||||||||
Weighted average common shares – basic | 1,236,842 | 1,268,044 | 1,245,639 | 1,278,383 | Weighted average common shares – basic | 1,206,369 | 1,236,842 | 1,210,475 | 1,245,639 | |||||||||||||||||||||||||||
Diluted earnings per share: | Diluted earnings per share: | |||||||||||||||||||||||||||||||||||
Net income | $ | 0.61 | $ | 0.50 | $ | 1.75 | $ | 1.33 | Net income | $ | 0.68 | $ | 0.61 | $ | 1.86 | $ | 1.75 | |||||||||||||||||||
Weighted average common shares – diluted | 1,257,562 | 1,285,762 | 1,264,100 | 1,297,344 | Weighted average common shares – diluted | 1,224,288 | 1,257,562 | 1,228,903 | 1,264,100 |
Thirteen Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
Net income | $ | 828,263 | $ | 762,253 | |||||||
Additions to other comprehensive loss: | |||||||||||
Foreign currency translation adjustments, net of related tax provisions of $241 in fiscal 2020 and $143 in fiscal 2019 | 70,785 | (18,055) | |||||||||
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $1,867 in fiscal year 2019 (See Note H) | — | (5,128) | |||||||||
Reclassifications from other comprehensive loss to net income: | |||||||||||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 | — | 26,481 | |||||||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,609 in fiscal 2020 and $1,109 in fiscal 2019 | 4,418 | 3,047 | |||||||||
Amortization of loss on cash flow hedge, net of related tax provisions of $75 in fiscal 2020 and $75 in fiscal 2019 | 208 | 206 | |||||||||
Other comprehensive income, net of tax | 75,411 | 6,551 | |||||||||
Total comprehensive income | $ | 903,674 | $ | 768,804 |
Thirteen Weeks Ended | ||||||||
November 3, 2018 | October 28, 2017 | |||||||
Net income | $ | 762,253 | $ | 641,436 | ||||
Additions to other comprehensive income: | ||||||||
Foreign currency translation adjustments, net of related tax provision of $143 in fiscal 2019 and benefit of $18,110 in fiscal 2018 | (18,055 | ) | (46,029 | ) | ||||
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $1,867 in fiscal year 2019 (See Note H) | (5,128 | ) | — | |||||
Reclassifications from other comprehensive income to net income: | ||||||||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 | 26,481 | — | ||||||
Amortization of prior service cost and deferred gains, net of related tax provisions of $1,109 in fiscal 2019 and $2,414 in fiscal 2018 | 3,047 | 3,669 | ||||||
Amortization of loss on cash flow hedge, net of related tax provisions of $76 in fiscal 2019 and $112 in fiscal 2018 | 208 | 171 | ||||||
Other comprehensive income (loss), net of tax | 6,553 | (42,189 | ) | |||||
Total comprehensive income | $ | 768,806 | $ | 599,247 |
Thirty-Nine Weeks Ended | ||||||||
November 3, 2018 | October 28, 2017 | |||||||
Net income | $ | 2,218,260 | $ | 1,730,672 | ||||
Additions to other comprehensive income: | ||||||||
Foreign currency translation adjustments, net of related tax benefits of $13,582 in fiscal 2019 and tax provision of $16,212 in fiscal 2018 | (200,319 | ) | 79,393 | |||||
Gain on net investment hedges, net of related tax provision of $7,113 in fiscal 2019 | 19,539 | — | ||||||
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $1,867 in fiscal year 2019 (See Note H) | (5,128 | ) | — | |||||
Reclassifications from other comprehensive income to net income: | ||||||||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 | 26,481 | — | ||||||
Amortization of prior service cost and deferred gains, net of related tax provisions of $3,210 in fiscal 2019 and $7,500 in fiscal 2018 | 8,817 | 11,401 | ||||||
Amortization of loss on cash flow hedge, net of related tax provisions of $228 in fiscal 2019 and $337 in fiscal 2018 | 622 | 513 | ||||||
Other comprehensive (loss) income, net of tax | (149,988 | ) | 91,307 | |||||
Total comprehensive income | $ | 2,068,272 | $ | 1,821,979 |
Thirty-Nine Weeks Ended | |||||||||||
November 2, 2019 | November 3, 2018 | ||||||||||
Net income | $ | 2,287,403 | $ | 2,218,260 | |||||||
Additions to other comprehensive loss: | |||||||||||
Foreign currency translation adjustments, net of related tax benefit of $711 in fiscal 2020 and $13,582 in fiscal 2019 | (20,119) | (200,318) | |||||||||
Gain on net investment hedges, net of related tax provision of $7,113 in fiscal 2019 | — | 19,538 | |||||||||
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $1,867 in fiscal year 2019 (See Note H) | — | (5,128) | |||||||||
Reclassifications from other comprehensive loss to net income: | |||||||||||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 | — | 26,481 | |||||||||
Amortization of prior service cost and deferred gains, net of related tax provisions of $4,515 in fiscal 2020 and $3,210 in fiscal 2019 | 12,402 | 8,817 | |||||||||
Amortization of loss on cash flow hedge, net of related tax provisions of $227 in fiscal 2020 and $228 in fiscal 2019 | 624 | 622 | |||||||||
Other comprehensive (loss), net of tax | (7,093) | (149,988) | |||||||||
Total comprehensive income | $ | 2,280,310 | $ | 2,068,272 |
November 3, 2018 | February 3, 2018 | October 28, 2017 | November 2, 2019 | February 2, 2019 | November 3, 2018 | ||||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||||
Current assets: | Current assets: | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2,711,767 | $ | 2,758,477 | $ | 2,364,244 | Cash and cash equivalents | $ | 2,060,176 | $ | 3,030,229 | $ | 2,711,767 | ||||||||||
Short-term investments | — | 506,165 | 511,618 | ||||||||||||||||||||
Accounts receivable, net | 419,790 | 327,166 | 345,866 | Accounts receivable, net | 442,883 | 346,298 | 419,790 | ||||||||||||||||
Merchandise inventories | 5,543,413 | 4,187,243 | 4,725,850 | Merchandise inventories | 6,274,778 | 4,579,033 | 5,543,413 | ||||||||||||||||
Prepaid expenses and other current assets | 544,427 | 706,676 | 422,719 | Prepaid expenses and other current assets | 596,778 | 513,662 | 642,043 | ||||||||||||||||
Federal, state, and foreign income taxes recoverable | 97,616 | — | 19,737 | ||||||||||||||||||||
Total current assets | 9,317,013 | 8,485,727 | 8,390,034 | Total current assets | 9,374,615 | 8,469,222 | 9,317,013 | ||||||||||||||||
Net property at cost | 5,165,875 | 5,006,053 | 4,858,284 | Net property at cost | 5,250,971 | 5,255,208 | 5,165,875 | ||||||||||||||||
Non-current deferred income taxes, net | Non-current deferred income taxes, net | 5,484 | 6,467 | — | |||||||||||||||||||
Operating lease right of use assets | Operating lease right of use assets | 9,069,146 | — | — | |||||||||||||||||||
Goodwill | 97,348 | 100,069 | 196,365 | Goodwill | 96,313 | 97,552 | 97,348 | ||||||||||||||||
Other assets | 445,006 | 466,166 | 433,012 | Other assets | 492,175 | 497,580 | 445,006 | ||||||||||||||||
TOTAL ASSETS | $ | 15,025,242 | $ | 14,058,015 | $ | 13,877,695 | TOTAL ASSETS | $ | 24,288,704 | $ | 14,326,029 | $ | 15,025,242 | ||||||||||
LIABILITIES | LIABILITIES | ||||||||||||||||||||||
Current liabilities: | Current liabilities: | ||||||||||||||||||||||
Accounts payable | $ | 3,340,596 | $ | 2,488,373 | $ | 2,986,374 | Accounts payable | $ | 3,447,443 | $ | 2,644,143 | $ | 3,340,596 | ||||||||||
Accrued expenses and other current liabilities | 2,594,561 | 2,522,961 | 2,361,422 | Accrued expenses and other current liabilities | 2,806,225 | 2,733,076 | 2,594,561 | ||||||||||||||||
Current portion of operating lease liabilities | Current portion of operating lease liabilities | 1,412,262 | — | — | |||||||||||||||||||
Federal, state and foreign income taxes payable | 78,668 | 114,203 | 120,185 | Federal, state and foreign income taxes payable | 21,214 | 154,155 | 78,668 | ||||||||||||||||
Total current liabilities | 6,013,825 | 5,125,537 | 5,467,981 | Total current liabilities | 7,687,144 | 5,531,374 | 6,013,825 | ||||||||||||||||
Other long-term liabilities | 1,284,911 | 1,320,505 | 1,159,975 | Other long-term liabilities | 797,573 | 1,354,242 | 1,284,911 | ||||||||||||||||
Non-current deferred income taxes, net | 236,769 | 233,057 | 374,276 | Non-current deferred income taxes, net | 203,515 | 158,191 | 236,769 | ||||||||||||||||
Long-term operating lease liabilities | Long-term operating lease liabilities | 7,822,067 | — | — | |||||||||||||||||||
Long-term debt | 2,232,864 | 2,230,607 | 2,229,855 | Long-term debt | 2,235,873 | 2,233,616 | 2,232,864 | ||||||||||||||||
Commitments and contingencies (See Note K) | Commitments and contingencies (See Note K) | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | — | — | — | ||||||||||||||||||||
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,233,145,248; 1,256,018,044 and 1,264,605,010 respectively | 1,233,145 | 1,256,018 | 1,264,605 | ||||||||||||||||||||
Preferred stock, authorized 5,000,000 shares, par value $1, 0 shares issued | Preferred stock, authorized 5,000,000 shares, par value $1, 0 shares issued | — | — | — | |||||||||||||||||||
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,203,183,703; 1,217,182,508 and 1,233,145,248 respectively | Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,203,183,703; 1,217,182,508 and 1,233,145,248 respectively | 1,203,184 | 1,217,183 | 1,233,145 | |||||||||||||||||||
Additional paid-in capital | — | — | — | Additional paid-in capital | — | — | — | ||||||||||||||||
Accumulated other comprehensive (loss) | (591,847 | ) | (441,859 | ) | (602,919 | ) | |||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (637,414) | (630,321) | (591,847) | |||||||||||||||||||
Retained earnings | 4,615,575 | 4,334,150 | 3,983,922 | Retained earnings | 4,976,762 | 4,461,744 | 4,615,575 | ||||||||||||||||
Total shareholders’ equity | 5,256,873 | 5,148,309 | 4,645,608 | Total shareholders’ equity | 5,542,532 | 5,048,606 | 5,256,873 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 15,025,242 | $ | 14,058,015 | $ | 13,877,695 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 24,288,704 | $ | 14,326,029 | $ | 15,025,242 |
Thirty-Nine Weeks Ended | |||||||||||||||||||
Thirty-Nine Weeks Ended | November 2, 2019 | November 3, 2018 | |||||||||||||||||
November 3, 2018 | October 28, 2017 | ||||||||||||||||||
Operating Activities | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||
Net income | $ | 2,218,260 | $ | 1,730,672 | Net income | $ | 2,287,403 | $ | 2,218,260 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||
Depreciation and amortization | 601,227 | 532,424 | Depreciation and amortization | 647,389 | 601,227 | ||||||||||||||
Loss on property disposals and impairment charges | 14,574 | 2,209 | Loss on property disposals and impairment charges | 6,253 | 14,574 | ||||||||||||||
Pension settlement charge | 36,122 | — | Pension settlement charge | — | 36,122 | ||||||||||||||
Deferred income tax (benefit) provision | (15,630 | ) | 35,802 | ||||||||||||||||
Deferred income tax provision (benefit) | Deferred income tax provision (benefit) | 42,120 | (15,630) | ||||||||||||||||
Share-based compensation | 77,353 | 77,152 | Share-based compensation | 86,590 | 77,353 | ||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | ||||||||||||||||||
(Increase) in accounts receivable | (97,891 | ) | (84,403 | ) | (Increase) in accounts receivable | (99,476) | (97,891) | ||||||||||||
(Increase) in merchandise inventories | (1,442,577 | ) | (1,042,664 | ) | (Increase) in merchandise inventories | (1,701,704) | (1,442,577) | ||||||||||||
(Increase) in income taxes recoverable | (69,372 | ) | (3,902 | ) | |||||||||||||||
Decrease (increase) in prepaid expenses and other current assets | 194,160 | (50,357 | ) | ||||||||||||||||
(Increase) decrease in prepaid expenses and other current assets | (Increase) decrease in prepaid expenses and other current assets | (231,968) | 124,788 | ||||||||||||||||
Increase in accounts payable | 902,502 | 733,340 | Increase in accounts payable | 805,766 | 902,502 | ||||||||||||||
Increase in accrued expenses and other liabilities | 97,696 | 83,082 | Increase in accrued expenses and other liabilities | 133,651 | 97,696 | ||||||||||||||
(Decrease) in income taxes payable | (33,292 | ) | (86,842 | ) | (Decrease) in income taxes payable | (131,499) | (33,292) | ||||||||||||
Other | (5,375 | ) | 2,910 | Other | 29,003 | (5,375) | |||||||||||||
Net cash provided by operating activities | 2,477,757 | 1,929,423 | Net cash provided by operating activities | 1,873,528 | 2,477,757 | ||||||||||||||
Investing Activities | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||
Property additions | (872,963 | ) | (827,529 | ) | Property additions | (992,712) | (872,963) | ||||||||||||
Purchase of investments | (157,198 | ) | (630,079 | ) | Purchase of investments | (24,052) | (157,198) | ||||||||||||
Sales and maturities of investments | 634,288 | 658,225 | Sales and maturities of investments | 11,590 | 634,288 | ||||||||||||||
Other | 26,653 | — | Other | 7,419 | 26,653 | ||||||||||||||
Net cash (used in) investing activities | (369,220 | ) | (799,383 | ) | Net cash (used in) investing activities | (997,755) | (369,220) | ||||||||||||
Financing Activities | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||
Cash payments for repurchase of common stock | (1,591,392 | ) | (1,238,982 | ) | Cash payments for repurchase of common stock | (1,190,390) | (1,591,392) | ||||||||||||
Cash dividends paid | Cash dividends paid | (795,092) | (682,322) | ||||||||||||||||
Proceeds from issuance of common stock | 239,608 | 89,198 | Proceeds from issuance of common stock | 175,285 | 239,608 | ||||||||||||||
Cash dividends paid | (682,322 | ) | (566,949 | ) | |||||||||||||||
Cash payments of employee tax withholdings for performance based stock awards | (16,014 | ) | (16,823 | ) | Cash payments of employee tax withholdings for performance based stock awards | (23,297) | (16,014) | ||||||||||||
Other | (5,409 | ) | (2,312 | ) | Other | — | (5,409) | ||||||||||||
Net cash (used in) financing activities | (2,055,529 | ) | (1,735,868 | ) | Net cash (used in) financing activities | (1,833,494) | (2,055,529) | ||||||||||||
Effect of exchange rate changes on cash | (99,718 | ) | 40,223 | Effect of exchange rate changes on cash | (12,332) | (99,718) | |||||||||||||
Net decrease in cash and cash equivalents | (46,710 | ) | (565,605 | ) | |||||||||||||||
Net (decrease) in cash and cash equivalents | Net (decrease) in cash and cash equivalents | (970,053) | (46,710) | ||||||||||||||||
Cash and cash equivalents at beginning of year | 2,758,477 | 2,929,849 | Cash and cash equivalents at beginning of year | 3,030,229 | 2,758,477 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,711,767 | $ | 2,364,244 | Cash and cash equivalents at end of period | $ | 2,060,176 | $ | 2,711,767 |
Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | ||||||||||||||||||||||||||||||
Balance, August 3, 2019 | 1,208,933 | $ | 1,208,933 | $ | — | $ | (712,825) | $ | 4,806,504 | $ | 5,302,612 | ||||||||||||||||||||||||
Net income | — | — | — | — | 828,263 | 828,263 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 75,411 | — | 75,411 | |||||||||||||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (277,115) | (277,115) | |||||||||||||||||||||||||||||
Recognition of share-based compensation | — | — | 31,190 | — | — | 31,190 | |||||||||||||||||||||||||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 3,075 | 3,075 | 69,735 | — | — | 72,810 | |||||||||||||||||||||||||||||
Common stock repurchased and retired | (8,824) | (8,824) | (100,925) | — | (380,890) | (490,639) | |||||||||||||||||||||||||||||
Balance, November 2, 2019 | 1,203,184 | $ | 1,203,184 | $ | — | $ | (637,414) | $ | 4,976,762 | $ | 5,542,532 |
Thirteen Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, February 3, 2018 | 1,256,018 | $ | 1,256,018 | $ | — | $ | (441,859 | ) | $ | 4,334,150 | $ | 5,148,309 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, August 4, 2018 | Balance, August 4, 2018 | 1,241,533 | $ | 1,241,533 | $ | — | $ | (598,398) | $ | 4,583,938 | $ | 5,227,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 2,218,260 | 2,218,260 | Net income | — | — | — | — | 762,253 | 762,253 | |||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change (See Note A) | — | — | — | — | 58,712 | 58,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | (149,988 | ) | — | (149,988 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 6,551 | — | 6,551 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (727,975 | ) | (727,975 | ) | Cash dividends declared on common stock | — | — | — | — | (241,147) | (241,147) | |||||||||||||||||||||||||||||||||||||||||||
Recognition of share-based compensation | — | — | 77,353 | — | — | 77,353 | Recognition of share-based compensation | — | — | 27,412 | — | — | 27,412 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 11,030 | 11,030 | 218,079 | — | (5,515 | ) | 223,594 | Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 3,063 | 3,063 | 74,593 | — | (1,532) | 76,124 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and retired | (33,903 | ) | (33,903 | ) | (295,432 | ) | — | (1,262,057 | ) | (1,591,392 | ) | Common stock repurchased and retired | (11,451) | (11,451) | (102,005) | — | (487,937) | (601,393) | ||||||||||||||||||||||||||||||||||||||||
Balance, November 3, 2018 | 1,233,145 | $ | 1,233,145 | $ | — | $ | (591,847 | ) | $ | 4,615,575 | $ | 5,256,873 | Balance, November 3, 2018 | 1,233,145 | $ | 1,233,145 | $ | — | $ | (591,847) | $ | 4,615,575 | $ | 5,256,873 |
Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | ||||||||||||||||||||||||||||||
Balance, February 2, 2019 | 1,217,183 | $ | 1,217,183 | $ | — | $ | (630,321) | $ | 4,461,744 | $ | 5,048,606 | ||||||||||||||||||||||||
Net income | — | — | — | — | 2,287,403 | 2,287,403 | |||||||||||||||||||||||||||||
Cumulative effect of accounting change (See Note A) | — | — | — | — | 403 | 403 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (7,093) | — | (7,093) | |||||||||||||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (834,975) | (834,975) | |||||||||||||||||||||||||||||
Recognition of share-based compensation | — | — | 86,590 | — | — | 86,590 | |||||||||||||||||||||||||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 8,169 | 8,169 | 143,819 | — | — | 151,988 | |||||||||||||||||||||||||||||
Common stock repurchased and retired | (22,168) | (22,168) | (230,409) | — | (937,813) | (1,190,390) | |||||||||||||||||||||||||||||
Balance, November 2, 2019 | 1,203,184 | $ | 1,203,184 | $ | — | $ | (637,414) | $ | 4,976,762 | $ | 5,542,532 |
Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total | ||||||||||||||||||||||||||||||
Balance, February 3, 2018 | 1,256,018 | $ | 1,256,018 | $ | — | $ | (441,859) | $ | 4,334,150 | $ | 5,148,309 | ||||||||||||||||||||||||
Net income | — | — | — | — | 2,218,260 | 2,218,260 | |||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | 58,712 | 58,712 | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (149,988) | — | (149,988) | |||||||||||||||||||||||||||||
Cash dividends declared on common stock | — | — | — | — | (727,975) | (727,975) | |||||||||||||||||||||||||||||
Recognition of share-based compensation | — | — | 77,353 | — | — | 77,353 | |||||||||||||||||||||||||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 11,030 | 11,030 | 218,079 | — | (5,515) | 223,594 | |||||||||||||||||||||||||||||
Common stock repurchased and retired | (33,903) | (33,903) | (295,432) | — | (1,262,057) | (1,591,392) | |||||||||||||||||||||||||||||
Balance, November 3, 2018 | 1,233,145 | $ | 1,233,145 | $ | — | $ | (591,847) | $ | 4,615,575 | $ | 5,256,873 |
In thousands | November 3, 2018 | In thousands | November 2, 2019 | November 3, 2018 | ||||||||
Balance, February 3, 2018 | $ | 406,506 | ||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 450,302 | $ | 406,506 | |||||||
Deferred revenue | 1,096,333 | Deferred revenue | 1,104,694 | 1,096,333 | ||||||||
Effect of exchange rates changes on deferred revenue | (6,561 | ) | Effect of exchange rates changes on deferred revenue | (636) | (6,561) | |||||||
Revenue recognized | (1,138,507 | ) | Revenue recognized | (1,149,613) | (1,138,507) | |||||||
Balance, November 3, 2018 | $ | 357,771 | ||||||||||
Balance, end of period | Balance, end of period | $ | 404,747 | $ | 357,771 |
In thousands | Marmaxx | Winners | Sierra Trading Post | T.K. Maxx in Australia | Total | |||||||||||||||
Balance, January 28, 2017 | $ | 70,027 | $ | 1,686 | $ | 97,254 | $ | 26,904 | $ | 195,871 | ||||||||||
Impairment | — | — | (97,254 | ) | — | (97,254 | ) | |||||||||||||
Effect of exchange rate changes on goodwill | — | 98 | — | 1,354 | 1,452 | |||||||||||||||
Balance, February 3, 2018 | 70,027 | 1,784 | — | 28,258 | 100,069 | |||||||||||||||
Effect of exchange rate changes on goodwill | — | (93 | ) | — | (2,628 | ) | (2,721 | ) | ||||||||||||
Balance, November 3, 2018 | $ | 70,027 | $ | 1,691 | $ | — | $ | 25,630 | $ | 97,348 |
In thousands | As Reported February 2, 2019 | Adjustments | Adjusted February 3, 2019 | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS: | ||||||||||||||
Prepaid expenses and other current assets | $ | 513,662 | $ | (149,029) | (a) | $ | 364,633 | |||||||
Net property at cost | 5,255,208 | (281,361) | (b),(f) | 4,973,847 | ||||||||||
Operating lease right of use asset | — | 8,704,584 | (c) | 8,704,584 | ||||||||||
Other assets | 497,580 | (30,086) | (b) | 467,494 | ||||||||||
Total Assets | $ | 14,326,029 | $ | 8,244,108 | $ | 22,570,137 | ||||||||
Accrued expenses and other current liabilities | 2,733,076 | (3,819) | 2,729,257 | |||||||||||
Current portion of operating lease liabilities | — | 1,481,555 | (d) | 1,481,555 | ||||||||||
Other long-term liabilities | 1,354,242 | (593,137) | (e),(f) | 761,105 | ||||||||||
Long-term operating lease liabilities | — | 7,359,106 | (d) | 7,359,106 | ||||||||||
Retained earnings | 4,461,744 | 403 | (f),(g) | 4,462,147 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 14,326,029 | $ | 8,244,108 | $ | 22,570,137 |
In thousands | November 2, 2019 | February 2, 2019 | November 3, 2018 | ||||||||
Land and buildings(a) | $ | 1,384,809 | $ | 1,457,835 | $ | 1,423,528 | |||||
Leasehold costs and improvements(a) | 3,506,784 | 3,377,045 | 3,318,857 | ||||||||
Furniture, fixtures and equipment | 6,236,535 | 5,894,239 | 5,728,827 | ||||||||
Total property at cost | $ | 11,128,128 | $ | 10,729,119 | $ | 10,471,212 | |||||
Less accumulated depreciation and amortization(a) | 5,877,157 | 5,473,911 | 5,305,337 | ||||||||
Net property at cost | $ | 5,250,971 | $ | 5,255,208 | $ | 5,165,875 |
In thousands | November 3, 2018 | February 3, 2018 | October 28, 2017 | |||||||||
Land and buildings | $ | 1,423,528 | $ | 1,355,777 | $ | 1,294,992 | ||||||
Leasehold costs and improvements | 3,318,857 | 3,254,830 | 3,145,922 | |||||||||
Furniture, fixtures and equipment | 5,728,827 | 5,357,701 | 5,172,488 | |||||||||
Total property at cost | $ | 10,471,212 | $ | 9,968,308 | $ | 9,613,402 | ||||||
Less accumulated depreciation and amortization | 5,305,337 | 4,962,255 | 4,755,118 | |||||||||
Net property at cost | $ | 5,165,875 | $ | 5,006,053 | $ | 4,858,284 |
In thousands | Foreign Currency Translation | Deferred Benefit Costs | Cash Flow Hedge on Debt | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance, February 3, 2018 | $ | (280,051) | $ | (159,562) | $ | (2,246) | $ | (441,859) | ||||||
Additions to other comprehensive loss: | ||||||||||||||
Foreign currency translation adjustments (net of taxes of $8,233) | (192,664) | — | — | (192,664) | ||||||||||
Recognition of net gains/losses on net investment hedges (net of taxes $7,113) | 19,538 | — | — | 19,538 | ||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $19,813) | — | (54,420) | — | (54,420) | ||||||||||
Pension settlement charge (net of taxes of $9,641) | — | 26,481 | — | 26,481 | ||||||||||
Reclassifications from other comprehensive loss to net income: | ||||||||||||||
Amortization of loss on cash flow hedge (net of taxes of $304) | — | — | 847 | 847 | ||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,280) | — | 11,756 | — | 11,756 | ||||||||||
Balance, February 2, 2019 | $ | (453,177) | $ | (175,745) | $ | (1,399) | $ | (630,321) | ||||||
Additions to other comprehensive loss: | ||||||||||||||
Foreign currency translation adjustments (net of taxes of $711) | (20,119) | — | — | (20,119) | ||||||||||
Reclassifications from other comprehensive loss to net income: | ||||||||||||||
Amortization of loss on cash flow hedge (net of taxes of $227) | — | — | 624 | 624 | ||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,515) | — | 12,402 | — | 12,402 | ||||||||||
Balance, November 2, 2019 | $ | (473,296) | $ | (163,343) | $ | (775) | $ | (637,414) |
In thousands | Foreign Currency Translation | Deferred Benefit Costs | Cash Flow Hedge on Debt | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance, January 28, 2017 | $ | (491,803 | ) | $ | (199,481 | ) | $ | (2,942 | ) | $ | (694,226 | ) | ||||
Additions to other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustments (net of taxes of $16,212) | 79,393 | — | — | 79,393 | ||||||||||||
Reclassifications from other comprehensive income to net income: | ||||||||||||||||
Amortization of loss on cash flow hedge (net of taxes of $337) | — | — | 513 | 513 | ||||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $7,500) | — | 11,401 | — | 11,401 | ||||||||||||
Balance, October 28, 2017 | $ | (412,410 | ) | $ | (188,080 | ) | $ | (2,429 | ) | $ | (602,919 | ) | ||||
Balance, February 3, 2018 | $ | (280,051 | ) | $ | (159,562 | ) | $ | (2,246 | ) | $ | (441,859 | ) | ||||
Additions to other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustments (net of taxes of $13,582) | (200,319 | ) | — | — | (200,319 | ) | ||||||||||
Net investment hedges (net of taxes of $7,113) | 19,539 | — | — | 19,539 | ||||||||||||
Recognition of net gains/losses on benefit obligations,(net of taxes of $1,867) | — | (5,128 | ) | — | (5,128 | ) | ||||||||||
Reclassifications from other comprehensive income to net income: | ||||||||||||||||
Pension settlement charge (net of taxes of $9,641) | — | 26,481 | — | 26,481 | ||||||||||||
Amortization of prior service cost and deferred gains (net of taxes of $3,210) | — | 8,817 | — | 8,817 | ||||||||||||
Amortization of loss on cash flow hedge (net of taxes of $228) | — | — | 622 | 622 | ||||||||||||
Balance, November 3, 2018 | $ | (460,831 | ) | $ | (129,392 | ) | $ | (1,624 | ) | $ | (591,847 | ) |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||
In thousands, except per share data | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||||||||||||||||||||||||
In thousands, except per share amounts | In thousands, except per share amounts | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | ||||||||||||||||||||||||||||||||||
Net income | $ | 762,253 | $ | 641,436 | $ | 2,218,260 | $ | 1,730,672 | Net income | $ | 828,263 | $ | 762,253 | $ | 2,287,403 | $ | 2,218,260 | ||||||||||||||||||
Weighted average common shares outstanding for basic EPS | 1,236,842 | 1,268,044 | 1,245,639 | 1,278,383 | Weighted average common shares outstanding for basic EPS | 1,206,369 | 1,236,842 | 1,210,475 | 1,245,639 | ||||||||||||||||||||||||||
Basic earnings per share | $ | 0.62 | $ | 0.51 | $ | 1.78 | $ | 1.35 | Basic earnings per share | $ | 0.69 | $ | 0.62 | $ | 1.89 | $ | 1.78 | ||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | ||||||||||||||||||||||||||||||||||
Net income | $ | 762,253 | $ | 641,436 | $ | 2,218,260 | $ | 1,730,672 | Net income | $ | 828,263 | $ | 762,253 | $ | 2,287,403 | $ | 2,218,260 | ||||||||||||||||||
Shares for basic and diluted earnings per share calculations: | Shares for basic and diluted earnings per share calculations: | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding for basic EPS | 1,236,842 | 1,268,044 | 1,245,639 | 1,278,383 | Weighted average common shares outstanding for basic EPS | 1,206,369 | 1,236,842 | 1,210,475 | 1,245,639 | ||||||||||||||||||||||||||
Assumed exercise/vesting of: | |||||||||||||||||||||||||||||||||||
Stock options and awards | 20,720 | 17,718 | 18,461 | 18,961 | |||||||||||||||||||||||||||||||
Assumed exercise/vesting of stock options and awards | Assumed exercise/vesting of stock options and awards | 17,919 | 20,720 | 18,428 | 18,461 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding for diluted EPS | 1,257,562 | 1,285,762 | 1,264,100 | 1,297,344 | Weighted average common shares outstanding for diluted EPS | 1,224,288 | 1,257,562 | 1,228,903 | 1,264,100 | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.61 | $ | 0.50 | $ | 1.75 | $ | 1.33 | Diluted earnings per share | $ | 0.68 | $ | 0.61 | $ | 1.86 | $ | 1.75 | ||||||||||||||||||
Cash dividends declared per share | $ | 0.195 | $ | 0.156 | $ | 0.585 | $ | 0.469 | Cash dividends declared per share | $ | 0.230 | $ | 0.195 | $ | 0.690 | $ | 0.585 |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at November 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest: | ||||||||||||||||||||||||||||||||||||||||||||||||||
zł | 64,000 | £ | 13,144 | 0.2054 | Prepaid Exp | $ | 246 | $ | — | $ | 246 | |||||||||||||||||||||||||||||||||||||||
€ | 46,450 | £ | 41,712 | 0.8980 | Prepaid Exp | 1,919 | — | 1,919 | ||||||||||||||||||||||||||||||||||||||||||
A$ | 50,000 | U.S.$ | 34,370 | 0.6874 | (Accrued Exp) | — | (303) | (303) | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 72,020 | £ | 55,000 | 0.7637 | (Accrued Exp) | — | (757) | (757) | ||||||||||||||||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on 2.7M – 3.3M gal per month | Float on 2.7M – 3.3M gal per month | N/A | (Accrued Exp) | — | (3,878) | (3,878) | |||||||||||||||||||||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
€ | 86,800 | £ | 76,837 | 0.8852 | Prepaid Exp | 2,411 | — | 2,411 | ||||||||||||||||||||||||||||||||||||||||||
Merchandise purchase commitments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
C$ | 642,859 | U.S.$ | 487,300 | 0.7580 | Prepaid Exp / (Accrued Exp) | 808 | (2,960) | (2,152) | ||||||||||||||||||||||||||||||||||||||||||
C$ | 31,863 | € | 21,600 | 0.6779 | Prepaid Exp / (Accrued Exp) | 36 | (111) | (75) | ||||||||||||||||||||||||||||||||||||||||||
£ | 308,166 | U.S.$ | 386,700 | 1.2548 | Prepaid Exp / (Accrued Exp) | 373 | (14,122) | (13,749) | ||||||||||||||||||||||||||||||||||||||||||
A$ | 42,054 | U.S.$ | 28,767 | 0.6840 | Prepaid Exp / (Accrued Exp) | 46 | (414) | (368) | ||||||||||||||||||||||||||||||||||||||||||
zł | 369,290 | £ | 76,343 | 0.2067 | Prepaid Exp / (Accrued Exp) | 2,192 | (148) | 2,044 | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 2,254 | £ | 1,761 | 0.7813 | Prepaid Exp | 23 | — | 23 | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 69,558 | € | 61,875 | 0.8895 | Prepaid Exp / (Accrued Exp) | 304 | (614) | (310) | ||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | 8,358 | $ | (23,307) | $ | (14,949) |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at February 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest: | ||||||||||||||||||||||||||||||||||||||||||||||||||
zł | 59,000 | £ | 12,021 | 0.2037 | Prepaid Exp | $ | 56 | $ | — | $ | 56 | |||||||||||||||||||||||||||||||||||||||
€ | 55,950 | £ | 49,560 | 0.8858 | Prepaid Exp / (Accrued Exp) | 126 | (140) | (14) | ||||||||||||||||||||||||||||||||||||||||||
A$ | 30,000 | U.S.$ | 21,483 | 0.7161 | (Accrued Exp) | — | (314) | (314) | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 72,020 | £ | 55,000 | 0.7637 | Prepaid Exp | 1,037 | — | 1,037 | ||||||||||||||||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on 2.7M – 3.3M gal per month | Float on 2.7M– 3.3M gal per month | N/A | (Accrued Exp) | — | (3,786) | (3,786) | |||||||||||||||||||||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
€ | 46,600 | £ | 41,835 | 0.8977 | Prepaid Exp | 1,300 | — | 1,300 | ||||||||||||||||||||||||||||||||||||||||||
Merchandise purchase commitments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
C$ | 546,083 | U.S.$ | 414,100 | 0.7583 | Prepaid Exp / (Accrued Exp) | 1,239 | (4,741) | (3,502) | ||||||||||||||||||||||||||||||||||||||||||
C$ | 31,455 | € | 20,700 | 0.6581 | (Accrued Exp) | — | (248) | (248) | ||||||||||||||||||||||||||||||||||||||||||
£ | 173,624 | U.S.$ | 230,000 | 1.3247 | Prepaid Exp / (Accrued Exp) | 3,459 | (1,466) | 1,993 | ||||||||||||||||||||||||||||||||||||||||||
zł | 280,167 | £ | 57,586 | 0.2055 | Prepaid Exp / (Accrued Exp) | 707 | (86) | 621 | ||||||||||||||||||||||||||||||||||||||||||
A$ | 51,043 | U.S.$ | 36,961 | 0.7241 | Prepaid Exp / (Accrued Exp) | 97 | (213) | (116) | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 56,847 | € | 49,355 | 0.8682 | Prepaid Exp / (Accrued Exp) | 115 | (207) | (92) | ||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | 8,136 | $ | (11,201) | $ | (3,065) |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at November 3, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest: | ||||||||||||||||||||||||||||||||||||||||||||||||||
zł | 62,000 | £ | 12,983 | 0.2094 | Prepaid Exp | $ | 475 | $ | — | $ | 475 | |||||||||||||||||||||||||||||||||||||||
€ | 48,950 | £ | 43,612 | 0.8909 | Prepaid Exp | 626 | — | 626 | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 77,079 | £ | 55,000 | 0.7136 | (Accrued Exp) | — | (5,545) | (5,545) | ||||||||||||||||||||||||||||||||||||||||||
A$ | 30,000 | U.S.$ | 21,207 | 0.7069 | (Accrued Exp) | — | (429) | (429) | ||||||||||||||||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diesel fuel contracts | Fixed on 1.3M – 3.0M gal per month | Float on 1.3M – 3.0M gal per month | N/A | Prepaid Exp | 4,965 | — | 4,965 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
€ | 82,000 | £ | 71,853 | 0.8763 | (Accrued Exp) | — | (231) | (231) | ||||||||||||||||||||||||||||||||||||||||||
Merchandise purchase commitments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
C$ | 582,670 | U.S.$ | 447,800 | 0.7685 | Prepaid Exp / (Accrued Exp) | 3,216 | (543) | 2,673 | ||||||||||||||||||||||||||||||||||||||||||
C$ | 29,614 | € | 19,500 | 0.6585 | Prepaid Exp / (Accrued Exp) | 4 | (342) | (338) | ||||||||||||||||||||||||||||||||||||||||||
£ | 271,690 | U.S.$ | 369,500 | 1.3600 | Prepaid Exp / (Accrued Exp) | 15,585 | (132) | 15,453 | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 2,692 | £ | 2,067 | 0.7678 | Prepaid Exp / (Accrued Exp) | 15 | (28) | (13) | ||||||||||||||||||||||||||||||||||||||||||
A$ | 45,132 | U.S.$ | 32,962 | 0.7303 | Prepaid Exp / (Accrued Exp) | 441 | (21) | 420 | ||||||||||||||||||||||||||||||||||||||||||
zł | 289,208 | £ | 59,158 | 0.2046 | Prepaid Exp / (Accrued Exp) | 744 | (373) | 371 | ||||||||||||||||||||||||||||||||||||||||||
U.S.$ | 67,459 | € | 57,065 | 0.8459 | (Accrued Exp) | — | (2,235) | (2,235) | ||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivative financial instruments | $ | 26,071 | $ | (9,879) | $ | 16,192 |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at November 3, 2018 | |||||||||||
Fair value hedges: | ||||||||||||||||||
Intercompany balances, primarily debt and related interest | ||||||||||||||||||
zł | 62,000 | £ | 12,983 | 0.2094 | Prepaid Exp | $ | 475 | $ | — | $ | 475 | |||||||
€ | 48,950 | £ | 43,612 | 0.8909 | Prepaid Exp | 626 | — | 626 | ||||||||||
A$ | 30,000 | U.S.$ | 21,207 | 0.7069 | (Accrued Exp) | — | (429 | ) | (429 | ) | ||||||||
U.S.$ | 77,079 | £ | 55,000 | 0.7136 | (Accrued Exp) | — | (5,545 | ) | (5,545 | ) | ||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||
Diesel contracts | Fixed on 1.3M – 3.0M gal per month | Float on 1.3M – 3.0M gal per month | N/A | Prepaid Exp | 4,965 | — | 4,965 | |||||||||||
Intercompany billings in Europe, primarily merchandise related | ||||||||||||||||||
€ | 82,000 | £ | 71,853 | 0.8763 | (Accrued Exp) | — | (231 | ) | (231 | ) | ||||||||
Merchandise purchase commitments | ||||||||||||||||||
C$ | 582,670 | U.S.$ | 447,800 | 0.7685 | Prepaid Exp / (Accrued Exp) | 3,216 | (543 | ) | 2,673 | |||||||||
C$ | 29,614 | € | 19,500 | 0.6585 | Prepaid Exp / (Accrued Exp) | 4 | (342 | ) | (338 | ) | ||||||||
£ | 271,690 | U.S.$ | 369,500 | 1.3600 | Prepaid Exp / (Accrued Exp) | 15,585 | (132 | ) | 15,453 | |||||||||
U.S.$ | 2,692 | £ | 2,067 | 0.7678 | Prepaid Exp / (Accrued Exp) | 15 | (28 | ) | (13 | ) | ||||||||
A$ | 45,132 | U.S.$ | 32,962 | 0.7303 | Prepaid Exp / (Accrued Exp) | 441 | (21 | ) | 420 | |||||||||
zł | 289,208 | £ | 59,158 | 0.2046 | Prepaid Exp / (Accrued Exp) | 744 | (373 | ) | 371 | |||||||||
U.S.$ | 67,459 | € | 57,065 | 0.8459 | (Accrued Exp) | — | (2,235 | ) | (2,235 | ) | ||||||||
Total fair value of derivative financial instruments | $ | 26,071 | $ | (9,879 | ) | $ | 16,192 |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at February 3, 2018 | |||||||||||
Fair value hedges: | ||||||||||||||||||
Intercompany balances, primarily debt and related interest | ||||||||||||||||||
zł | 67,000 | £ | 14,035 | 0.2095 | (Accrued Exp) | $ | — | $ | (45 | ) | $ | (45 | ) | |||||
€ | 51,950 | £ | 46,095 | 0.8873 | (Accrued Exp) | — | (318 | ) | (318 | ) | ||||||||
U.S.$ | 77,079 | £ | 55,000 | 0.7136 | Prepaid Exp | 1,636 | — | 1,636 | ||||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||
Diesel contracts | ||||||||||||||||||
Fixed on 2.2M – 3.0M gal per month | Float on 2.2M– 3.0M gal per month | N/A | Prepaid Exp | 7,854 | — | 7,854 | ||||||||||||
Intercompany billings in TJX Europe, primarily merchandise related | ||||||||||||||||||
€ | 26,000 | £ | 22,948 | 0.8826 | (Accrued Exp) | — | (2 | ) | (2 | ) | ||||||||
Merchandise purchase commitments | ||||||||||||||||||
C$ | 462,464 | U.S.$ | 367,200 | 0.7940 | Prepaid Exp / (Accrued Exp) | 49 | (5,478 | ) | (5,429 | ) | ||||||||
C$ | 22,562 | € | 15,000 | 0.6648 | Prepaid Exp | 557 | — | 557 | ||||||||||
£ | 176,911 | U.S.$ | 238,000 | 1.3453 | Prepaid Exp / (Accrued Exp) | 173 | (12,838 | ) | (12,665 | ) | ||||||||
zł | 288,646 | £ | 60,023 | 0.2079 | (Accrued Exp) | — | (1,303 | ) | (1,303 | ) | ||||||||
A$ | 28,635 | U.S.$ | 22,230 | 0.7763 | Prepaid Exp / (Accrued Exp) | 43 | (573 | ) | (530 | ) | ||||||||
U.S.$ | 44,223 | € | 36,950 | 0.8355 | Prepaid Exp | 1,905 | — | 1,905 | ||||||||||
Total fair value of financial instruments | $ | 12,217 | $ | (20,557 | ) | $ | (8,340 | ) |
In thousands | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at October 28, 2017 | ||||||||||||
Fair value hedges: | |||||||||||||||||||
Intercompany balances, primarily debt and related interest | |||||||||||||||||||
zł | 67,000 | £ | 13,000 | 0.1940 | (Accrued Exp) | $ | — | $ | (1,211 | ) | $ | (1,211 | ) | ||||||
€ | 49,950 | £ | 43,317 | 0.8672 | Prepaid Exp /(Accrued Exp) | 277 | (1,600 | ) | (1,323 | ) | |||||||||
U.S.$ | 68,445 | £ | 55,000 | 0.8036 | Prepaid Exp | 3,849 | — | 3,849 | |||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||
Diesel contracts | |||||||||||||||||||
Fixed on 250K – 2.5M gal per month | Float on 250K – 2.5M gal per month | N/A | Prepaid Exp | 5,226 | — | 5,226 | |||||||||||||
Intercompany billings in Europe, primarily merchandise related | |||||||||||||||||||
€ | 27,000 | £ | 24,062 | 0.8912 | Prepaid Exp | 202 | 202 | ||||||||||||
Merchandise purchase commitments | |||||||||||||||||||
C$ | 511,004 | U.S.$ | 399,650 | 0.7821 | Prepaid Exp / (Accrued Exp) | 5,023 | (4,770 | ) | 253 | ||||||||||
C$ | 25,305 | € | 17,000 | 0.6718 | Prepaid Exp / (Accrued Exp) | 63 | (62 | ) | 1 | ||||||||||
£ | 163,682 | U.S.$ | 214,000 | 1.3074 | Prepaid Exp / (Accrued Exp) | 678 | (2,298 | ) | (1,620 | ) | |||||||||
A$ | 27,187 | U.S.$ | 21,351 | 0.7853 | Prepaid Exp | 467 | — | 467 | |||||||||||
zł | 313,150 | £ | 65,249 | 0.2084 | Prepaid Exp / (Accrued Exp) | 580 | (350 | ) | 230 | ||||||||||
U.S.$ | 2,928 | £ | 2,245 | 0.7667 | Prepaid Exp | 16 | — | 16 | |||||||||||
U.S.$ | 68,723 | € | 58,859 | 0.8565 | Prepaid Exp / (Accrued Exp) | 729 | (989 | ) | (260 | ) | |||||||||
Total fair value of financial instruments | $ | 17,110 | $ | (11,280 | ) | $ | 5,830 |
Amount of Gain (Loss) Recognized in Income by Derivative | ||||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income by Derivative | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||
In thousands | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | 7,238 | $ | 672 | $ | 526 | $ | (3,538) | |||||||||||||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||||||||||
Intercompany receivable | Selling, general and administrative expenses | — | — | 3,257 | 18,823 | |||||||||||||||||||||
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 529 | 1,572 | (2,103) | 7,530 | |||||||||||||||||||||
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | 5,144 | 1,718 | 944 | 1,024 | |||||||||||||||||||||
International lease liabilities | Cost of sales, including buying and occupancy costs | 301 | — | (1,113) | — | |||||||||||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | (18,622) | 8,463 | 8,536 | 61,091 | |||||||||||||||||||||
Gain / (loss) recognized in income | $ | (5,410) | $ | 12,425 | $ | 10,047 | $ | 84,930 |
Amount of Gain (Loss) Recognized in Income by Derivative | Amount of Gain (Loss) Recognized in Income by Derivative | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||
In thousands | Location of Gain (Loss) Recognized in Income by Derivative | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||||||
Fair value hedges: | ||||||||||||||||||
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | 672 | $ | (1,454 | ) | $ | (3,538 | ) | $ | (3,820 | ) | ||||||
Economic hedges for which hedge accounting was not elected: | ||||||||||||||||||
Intercompany receivable | Selling, general and administrative expenses | — | — | 18,823 | — | |||||||||||||
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 1,572 | 4,947 | 7,530 | 3,630 | |||||||||||||
Intercompany billings in Europe, primarily merchandise related | Cost of sales, including buying and occupancy costs | 1,718 | 328 | 1,024 | (3,116 | ) | ||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 8,463 | 13,336 | 61,091 | (20,829 | ) | ||||||||||||
Gain / (loss) recognized in income | $ | 12,425 | $ | 17,157 | $ | 84,930 | $ | (24,135 | ) |
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | |||||||
Level 3: | Unobservable inputs for the asset or liability |
In thousands | November 2, 2019 | February 2, 2019 | November 3, 2018 | ||||||||
Level 1 | |||||||||||
Assets: | |||||||||||
Executive Savings Plan investments | $ | 289,496 | $ | 253,215 | $ | 245,856 | |||||
Level 2 | |||||||||||
Assets: | |||||||||||
Foreign currency exchange contracts | 8,358 | 8,136 | 21,106 | ||||||||
Diesel fuel contracts | — | — | 4,965 | ||||||||
Liabilities: | |||||||||||
Foreign currency exchange contracts | $ | 19,429 | $ | 7,415 | $ | 9,879 | |||||
Diesel fuel contracts | 3,878 | 3,786 | — | ||||||||
In thousands | November 3, 2018 | February 3, 2018 | October 28, 2017 | |||||||||
Level 1 | ||||||||||||
Assets: | ||||||||||||
Executive Savings Plan investments | $ | 245,856 | $ | 249,045 | $ | 231,618 | ||||||
Level 2 | ||||||||||||
Assets: | ||||||||||||
Short-term investments | $ | — | $ | 506,165 | $ | 511,618 | ||||||
Foreign currency exchange contracts | 21,106 | 4,363 | 11,884 | |||||||||
Diesel fuel contracts | 4,965 | 7,854 | 5,226 | |||||||||
Liabilities: | ||||||||||||
Foreign currency exchange contracts | $ | 9,879 | $ | 20,557 | $ | 11,280 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
In thousands | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||
Net sales: | ||||||||||||||||||||
In the United States: | ||||||||||||||||||||
Marmaxx | $ | 6,353,987 | $ | 5,973,476 | $ | 18,262,444 | $ | 17,202,115 | ||||||||||||
HomeGoods | 1,582,411 | 1,463,892 | 4,404,112 | 4,060,569 | ||||||||||||||||
TJX Canada | 1,081,522 | 1,036,884 | 2,896,717 | 2,828,456 | ||||||||||||||||
TJX International | 1,433,414 | 1,351,507 | 3,947,242 | 3,754,454 | ||||||||||||||||
Total net sales | $ | 10,451,334 | $ | 9,825,759 | $ | 29,510,515 | $ | 27,845,594 | ||||||||||||
Segment profit: | ||||||||||||||||||||
In the United States: | ||||||||||||||||||||
Marmaxx | $ | 820,430 | $ | 762,911 | $ | 2,471,622 | $ | 2,343,682 | ||||||||||||
HomeGoods | 173,212 | 166,090 | 438,939 | 455,540 | ||||||||||||||||
TJX Canada | 170,264 | 182,170 | 385,513 | 446,089 | ||||||||||||||||
TJX International | 99,397 | 102,432 | 178,343 | 191,949 | ||||||||||||||||
Total segment profit | 1,263,303 | 1,213,603 | 3,474,417 | 3,437,260 | ||||||||||||||||
General corporate expense | 137,925 | 127,775 | 387,536 | 396,140 | ||||||||||||||||
Pension settlement charge | — | 36,122 | — | 36,122 | ||||||||||||||||
Interest expense, net | 3,259 | 3,188 | 6,973 | 10,365 | ||||||||||||||||
Income before provision for income taxes | $ | 1,122,119 | $ | 1,046,518 | $ | 3,079,908 | $ | 2,994,633 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
In thousands | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Net sales: | ||||||||||||||||
In the United States: | ||||||||||||||||
Marmaxx | $ | 5,973,476 | $ | 5,298,479 | $ | 17,202,115 | $ | 15,550,253 | ||||||||
HomeGoods | 1,463,892 | 1,228,768 | 4,060,569 | 3,506,435 | ||||||||||||
TJX Canada | 1,036,884 | 983,236 | 2,828,456 | 2,554,033 | ||||||||||||
TJX International | 1,351,507 | 1,251,737 | 3,754,454 | 3,293,223 | ||||||||||||
$ | 9,825,759 | $ | 8,762,220 | $ | 27,845,594 | $ | 24,903,944 | |||||||||
Segment profit: | ||||||||||||||||
In the United States: | ||||||||||||||||
Marmaxx | $ | 762,911 | $ | 666,092 | $ | 2,343,682 | $ | 2,100,138 | ||||||||
HomeGoods | 166,090 | 163,835 | 455,540 | 457,272 | ||||||||||||
TJX Canada | 182,170 | 206,472 | 446,089 | 392,581 | ||||||||||||
TJX International | 102,432 | 87,066 | 191,949 | 132,893 | ||||||||||||
1,213,603 | 1,123,465 | 3,437,260 | 3,082,884 | |||||||||||||
General corporate expense | 127,775 | 95,484 | 396,140 | 311,177 | ||||||||||||
Pension settlement charge | 36,122 | — | 36,122 | — | ||||||||||||
Interest expense, net | 3,188 | 7,981 | 10,365 | 27,499 | ||||||||||||
Income before provision for income taxes | $ | 1,046,518 | $ | 1,020,000 | $ | 2,994,633 | $ | 2,744,208 |
Funded Plan | Unfunded Plan | |||||||||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||
In thousands | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||
Service cost | $ | 11,415 | $ | 10,781 | $ | 440 | $ | 572 | ||||||||||||
Interest cost | 13,149 | 12,837 | 871 | 994 | ||||||||||||||||
Expected return on plan assets | (18,630) | (17,468) | — | — | ||||||||||||||||
Amortization of net actuarial loss and prior service cost | 5,556 | 3,241 | 471 | 914 | ||||||||||||||||
Expense related to current period | $ | 11,490 | $ | 9,391 | $ | 1,782 | $ | 2,480 | ||||||||||||
Pension settlement charge | — | 36,122 | — | — | ||||||||||||||||
Total expense | $ | 11,490 | $ | 45,513 | $ | 1,782 | $ | 2,480 |
Funded Plan | Unfunded Plan | |||||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
In thousands | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Service cost | $ | 10,781 | $ | 11,655 | $ | 572 | $ | 403 | ||||||||
Interest cost | 12,837 | 13,866 | 994 | 820 | ||||||||||||
Expected return on plan assets | (17,468 | ) | (17,309 | ) | — | — | ||||||||||
Recognized actuarial losses | 3,241 | 5,428 | 914 | 641 | ||||||||||||
Expense related to current period | $ | 9,391 | $ | 13,640 | $ | 2,480 | $ | 1,864 | ||||||||
Pension settlement charge | 36,122 | — | — | — | ||||||||||||
Total expense | $ | 45,513 | $ | 13,640 | $ | 2,480 | $ | 1,864 |
Funded Plan | Unfunded Plan | Funded Plan | Unfunded Plan | |||||||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||
In thousands | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | In thousands | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||||||||||||||||||
Service cost | $ | 34,007 | $ | 35,264 | $ | 1,794 | $ | 1,578 | Service cost | $ | 33,513 | $ | 34,007 | $ | 1,544 | $ | 1,794 | |||||||||||||||||||
Interest cost | 40,767 | 41,384 | 2,700 | 2,506 | Interest cost | 39,129 | 40,767 | 2,805 | 2,700 | |||||||||||||||||||||||||||
Expected return on plan assets | (59,392 | ) | (52,073 | ) | — | — | Expected return on plan assets | (55,606) | (59,392) | — | — | |||||||||||||||||||||||||
Recognized actuarial losses | 9,469 | 16,582 | 2,556 | 2,305 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss and prior service cost | Amortization of net actuarial loss and prior service cost | 14,574 | 9,469 | 2,343 | 2,556 | |||||||||||||||||||||||||||||||
Expense related to current period | $ | 24,851 | $ | 41,157 | $ | 7,050 | $ | 6,389 | Expense related to current period | $ | 31,610 | $ | 24,851 | $ | 6,692 | $ | 7,050 | |||||||||||||||||||
Pension settlement charge | 36,122 | — | — | — | Pension settlement charge | — | 36,122 | — | — | |||||||||||||||||||||||||||
Total expense | $ | 60,973 | $ | 41,157 | $ | 7,050 | $ | 6,389 | Total expense | $ | 31,610 | $ | 60,973 | $ | 6,692 | $ | 7,050 |
In thousands | November 2, 2019 | February 2, 2019 | November 3, 2018 | ||||||||
General corporate debt: | |||||||||||
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $156 at November 2, 2019, $189 at February 2, 2019 and $200 at November 3, 2018) | $ | 499,844 | $ | 499,811 | $ | 499,800 | |||||
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $119 at November 2, 2019, $174 at February 2, 2019 and $194 at November 3, 2018) | 749,881 | 749,826 | 749,806 | ||||||||
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,097 at November 2, 2019, $5,657 at February 2, 2019 and $5,844 at November 3, 2018) | 994,903 | 994,343 | 994,156 | ||||||||
Debt issuance cost | (8,755) | (10,364) | (10,898) | ||||||||
Long-term debt | $ | 2,235,873 | $ | 2,233,616 | $ | 2,232,864 |
In thousands | November 3, 2018 | February 3, 2018 | October 28, 2017 | |||||||||
General corporate debt: | ||||||||||||
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $200 at November 3, 2018, $234 at February 3, 2018 and $245 at October 28, 2017) | $ | 499,800 | $ | 499,766 | $ | 499,755 | ||||||
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $194 at November 3, 2018, $250 at February 3, 2018 and $269 at October 28, 2017) | 749,806 | 749,750 | 749,732 | |||||||||
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,844 at November 3, 2018, $6,403 at February 3, 2018 and $6,590 at October 28, 2017) | 994,156 | 993,597 | 993,410 | |||||||||
Debt issuance cost | (10,898 | ) | (12,506 | ) | (13,042 | ) | ||||||
Long-term debt | $ | 2,232,864 | $ | 2,230,607 | $ | 2,229,855 |
November 2, 2019 | |||||
Weighted-average remaining lease term (years) | 7.2 | ||||
Weighted-average discount rate | 2.8 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||
In thousands | Classification | November 2, 2019 | November 2, 2019 | ||||||||
Operating lease cost | Cost of sales, including buying and occupancy costs | $ | 438,974 | $ | 1,304,236 | ||||||
Variable and short term lease cost | Cost of sales, including buying and occupancy costs | 323,560 | 891,215 | ||||||||
Total lease cost | $ | 762,534 | $ | 2,195,451 |
Thirty-Nine Weeks Ended | |||||
In thousands | November 2, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows paid for operating leases | $ | 1,274,861 | |||
Lease liabilities arising from obtaining right of use assets | $ | 1,416,591 |
In thousands | November 2, 2019 | ||||
Fiscal year 2020 (remaining 3 months) | $ | 445,889 | |||
2021 | 1,760,767 | ||||
2022 | 1,620,004 | ||||
2023 | 1,456,469 | ||||
2024 | 1,267,972 | ||||
Later years | 3,662,833 | ||||
Total lease payments(a) | 10,213,934 | ||||
Less: imputed interest(b) | 979,605 | ||||
Total lease liabilities(c) | $ | 9,234,329 |
In thousands | February 2, 2019 | ||||
Fiscal year 2020 | $ | 1,676,700 | |||
2021 | 1,603,378 | ||||
2022 | 1,441,444 | ||||
2023 | 1,253,420 | ||||
2024 | 1,042,184 | ||||
Later years | 2,774,845 | ||||
Total lease payments | $ | 9,791,971 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Cost of sales, including buying and occupancy costs | 71.2 | 71.1 | 71.5 | 71.1 | ||||||||||||||||
Selling, general and administrative expenses | 18.0 | 17.9 | 18.0 | 18.0 | ||||||||||||||||
Pension settlement charge | — | 0.4 | — | 0.1 | ||||||||||||||||
Interest expense, net | — | — | — | — | ||||||||||||||||
Income before provision for income taxes* | 10.7 | % | 10.7 | % | 10.4 | % | 10.8 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
Cost of sales, including buying and occupancy costs | 71.1 | 70.2 | 71.1 | 70.9 | ||||||||
Selling, general and administrative expenses | 17.9 | 18.1 | 18.0 | 18.0 | ||||||||
Pension settlement charge | 0.4 | — | 0.1 | — | ||||||||
Interest expense, net | — | 0.1 | — | 0.1 | ||||||||
Income before provision for income taxes* | 10.7 | % | 11.6 | % | 10.8 | % | 11.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
In thousands | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||
Interest expense | $ | 15,348 | $ | 17,248 | $ | 46,055 | $ | 51,896 | ||||||||||||
Capitalized interest | (466) | (752) | (1,631) | (3,728) | ||||||||||||||||
Interest (income) | (11,623) | (13,308) | (37,451) | (37,803) | ||||||||||||||||
Interest expense, net | $ | 3,259 | $ | 3,188 | $ | 6,973 | $ | 10,365 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
In thousands | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Interest expense | $ | 17,248 | $ | 17,349 | $ | 51,896 | $ | 51,881 | ||||||||
Capitalized interest | (752 | ) | (1,066 | ) | (3,728 | ) | (3,528 | ) | ||||||||
Interest (income) | (13,308 | ) | (8,302 | ) | (37,803 | ) | (20,854 | ) | ||||||||
Interest expense, net | $ | 3,188 | $ | 7,981 | $ | 10,365 | $ | 27,499 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||||
In millions | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||||||||||||||||||||||
U.S. dollars in millions | U.S. dollars in millions | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||||||||||||||||||||||
Net sales | $ | 5,973 | $ | 5,298 | $ | 17,202 | $ | 15,550 | Net sales | $ | 6,354 | $ | 5,973 | $ | 18,262 | $ | 17,202 | |||||||||||||||||||
Segment profit | $ | 763 | $ | 666 | $ | 2,344 | $ | 2,100 | Segment profit | $ | 820 | $ | 763 | $ | 2,472 | $ | 2,344 | |||||||||||||||||||
Segment profit as a percentage of net sales | 12.8 | % | 12.6 | % | 13.6 | % | 13.5 | % | Segment profit as a percentage of net sales | 12.9 | % | 12.8 | % | 13.5 | % | 13.6 | % | |||||||||||||||||||
Increase in comp sales | 9 | % | (1 | )% | 7 | % | — | % | Increase in comp sales | 4 | % | 9 | % | 4 | % | 7 | % | |||||||||||||||||||
Stores in operation at end of period | ||||||||||||||||||||||||||||||||||||
Stores in operation at end of period: | Stores in operation at end of period: | |||||||||||||||||||||||||||||||||||
T.J. Maxx | 1,247 | 1,219 | T.J. Maxx | 1,271 | 1,247 | |||||||||||||||||||||||||||||||
Marshalls | 1,091 | 1,057 | Marshalls | 1,125 | 1,091 | |||||||||||||||||||||||||||||||
Sierra Trading Post | 35 | 26 | ||||||||||||||||||||||||||||||||||
Sierra | Sierra | 46 | 35 | |||||||||||||||||||||||||||||||||
Total | 2,373 | 2,302 | Total | 2,442 | 2,373 | |||||||||||||||||||||||||||||||
Selling square footage at end of period (in thousands) | ||||||||||||||||||||||||||||||||||||
Selling square footage at end of period (in thousands): | Selling square footage at end of period (in thousands): | |||||||||||||||||||||||||||||||||||
T.J. Maxx | 27,396 | 27,034 | T.J. Maxx | 27,728 | 27,396 | |||||||||||||||||||||||||||||||
Marshalls | 25,291 | 24,827 | Marshalls | 25,820 | 25,291 | |||||||||||||||||||||||||||||||
Sierra Trading Post | 598 | 451 | ||||||||||||||||||||||||||||||||||
Sierra | Sierra | 775 | 598 | |||||||||||||||||||||||||||||||||
Total | 53,285 | 52,312 | Total | 54,323 | 53,285 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||||
In millions | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||||||||||||||||||||||||||
U.S. dollars in millions | U.S. dollars in millions | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||||||||||||||||||
Net sales | $ | 1,464 | $ | 1,229 | $ | 4,061 | $ | 3,506 | Net sales | $ | 1,582 | $ | 1,464 | $ | 4,404 | $ | 4,061 | ||||||||||||||||||||
Segment profit | $ | 166 | $ | 164 | $ | 456 | $ | 457 | Segment profit | $ | 173 | $ | 166 | $ | 439 | $ | 456 | ||||||||||||||||||||
Segment profit as a percentage of net sales | 11.3 | % | 13.3 | % | 11.2 | % | 13.0 | % | Segment profit as a percentage of net sales | 10.9 | % | 11.3 | % | 10.0 | % | 11.2 | % | ||||||||||||||||||||
Increase in comp sales | 7 | % | 3 | % | 4 | % | 4 | % | Increase in comp sales | 1 | % | 7 | % | — | % | 4 | % | ||||||||||||||||||||
Stores in operation at end of period | |||||||||||||||||||||||||||||||||||||
Stores in operation at end of period: | Stores in operation at end of period: | ||||||||||||||||||||||||||||||||||||
HomeGoods | 745 | 660 | HomeGoods | 807 | 745 | ||||||||||||||||||||||||||||||||
Homesense | 16 | — | 3 | Homesense | 32 | 16 | |||||||||||||||||||||||||||||||
Total | 761 | 663 | Total | 839 | 761 | ||||||||||||||||||||||||||||||||
Selling square footage at end of period (in thousands) | |||||||||||||||||||||||||||||||||||||
Selling square footage at end of period (in thousands): | Selling square footage at end of period (in thousands): | ||||||||||||||||||||||||||||||||||||
HomeGoods | 13,702 | 12,332 | HomeGoods | 14,792 | 13,702 | ||||||||||||||||||||||||||||||||
Homesense | 343 | 62 | Homesense | 685 | 343 | ||||||||||||||||||||||||||||||||
Total | 14,045 | 12,394 | Total | 15,477 | 14,045 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
U.S. dollars in millions | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||
Net sales | $ | 1,082 | $ | 1,037 | $ | 2,897 | $ | 2,828 | ||||||||||||
Segment profit | $ | 170 | $ | 182 | $ | 386 | $ | 446 | ||||||||||||
Segment profit as a percentage of net sales | 15.7 | % | 17.6 | % | 13.3 | % | 15.8 | % | ||||||||||||
Increase in comp sales | 2 | % | 5 | % | 1 | % | 5 | % | ||||||||||||
Stores in operation at end of period: | ||||||||||||||||||||
Winners | 279 | 271 | ||||||||||||||||||
HomeSense | 136 | 125 | ||||||||||||||||||
Marshalls | 97 | 88 | ||||||||||||||||||
Total | 512 | 484 | ||||||||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||||||||
Winners | 5,986 | 5,863 | ||||||||||||||||||
HomeSense | 2,490 | 2,325 | ||||||||||||||||||
Marshalls | 2,043 | 1,885 | ||||||||||||||||||
Total | 10,519 | 10,073 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
In millions | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Net sales | $ | 1,037 | $ | 983 | $ | 2,828 | $ | 2,554 | ||||||||
Segment profit | $ | 182 | $ | 206 | $ | 446 | $ | 393 | ||||||||
Segment profit as a percentage of net sales | 17.6 | % | 21.0 | % | 15.8 | % | 15.4 | % | ||||||||
Increase in comp sales | 5 | % | 4 | % | 5 | % | 4 | % | ||||||||
Stores in operation at end of period | ||||||||||||||||
Winners | 271 | 265 | ||||||||||||||
HomeSense | 125 | 117 | ||||||||||||||
Marshalls | 88 | 72 | ||||||||||||||
Total | 484 | 454 | ||||||||||||||
Selling square footage at end of period (in thousands) | ||||||||||||||||
Winners | 5,863 | 5,795 | ||||||||||||||
HomeSense | 2,325 | 2,179 | ||||||||||||||
Marshalls | 1,885 | 1,599 | ||||||||||||||
Total | 10,073 | 9,573 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
U.S. dollars in millions | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | ||||||||||||||||
Net sales | $ | 1,433 | $ | 1,352 | $ | 3,947 | $ | 3,754 | ||||||||||||
Segment profit | $ | 99 | $ | 102 | $ | 178 | $ | 192 | ||||||||||||
Segment profit as a percentage of net sales | 6.9 | % | 7.6 | % | 4.5 | % | 5.1 | % | ||||||||||||
Increase in comp sales | 6 | % | 3 | % | 7 | % | 3 | % | ||||||||||||
Stores in operation at end of period: | ||||||||||||||||||||
T.K. Maxx | 594 | 566 | ||||||||||||||||||
Homesense | 78 | 68 | ||||||||||||||||||
T.K. Maxx Australia | 54 | 44 | ||||||||||||||||||
Total | 726 | 678 | ||||||||||||||||||
Selling square footage at end of period (in thousands): | ||||||||||||||||||||
T.K. Maxx | 11,999 | 11,675 | ||||||||||||||||||
Homesense | 1,149 | 1,037 | ||||||||||||||||||
T.K. Maxx Australia | 990 | 814 | ||||||||||||||||||
Total | 14,138 | 13,526 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
In millions | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Net sales | $ | 1,352 | $ | 1,252 | $ | 3,754 | $ | 3,293 | ||||||||
Segment profit | $ | 102 | $ | 87 | $ | 192 | $ | 133 | ||||||||
Segment profit as a percentage of net sales | 7.6 | % | 7.0 | % | 5.1 | % | 4.0 | % | ||||||||
Increase in comp sales | 3 | % | 1 | % | 3 | % | 1 | % | ||||||||
Stores in operation at end of period | ||||||||||||||||
T.K. Maxx | 566 | 540 | ||||||||||||||
Homesense | 68 | 55 | ||||||||||||||
T.K. Maxx Australia | 44 | 38 | ||||||||||||||
Total | 678 | 633 | ||||||||||||||
Selling square footage at end of period (in thousands) | ||||||||||||||||
T.K. Maxx | 11,675 | 11,379 | ||||||||||||||
Homesense | 1,037 | 883 | ||||||||||||||
T.K. Maxx Australia | 914 | 714 | ||||||||||||||
Total | 13,626 | 12,976 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||||||||||
In millions | November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | In millions | November 2, 2019 | November 3, 2018 | November 2, 2019 | November 3, 2018 | |||||||||||||||||||||||||||
General corporate expense | $ | 128 | $ | 95 | $ | 396 | $ | 311 | General corporate expense | $ | 138 | $ | 128 | $ | 388 | $ | 396 |
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) | |||||||||||
August 4, 2019 through August 31, 2019 | 2,117,192 | $ | 51.96 | 2,117,192 | $ | 2,420,790,719 | ||||||||
September 1, 2019 through October 5, 2019 | 3,774,392 | $ | 55.64 | 3,774,392 | $ | 2,210,793,271 | ||||||||
October 6, 2019 through November 2, 2019 | 3,080,188 | $ | 58.44 | 3,080,188 | $ | 2,030,794,287 | ||||||||
Total | 8,971,772 | 8,971,772 |
Total Number of Shares Repurchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(3) | |||||||||||
August 5, 2018 through September 1, 2018 | 5,911,984 | $ | 50.74 | 5,911,984 | $ | 2,835,784,975 | ||||||||
September 2, 2018 through October 6, 2018 | 1,982,868 | $ | 55.48 | 1,982,868 | $ | 2,725,785,078 | ||||||||
October 7, 2018 through November 3, 2018 | 3,476,242 | $ | 54.66 | 3,476,242 | $ | 2,535,789,638 | ||||||||
Total: | 11,371,094 | 11,371,094 |
Description | ||||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
101 | ||||||||||||||
The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended November | ||||||||||||||
104 | The cover page from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended November 2, 2019, formatted in Inline XBRL (included in Exhibit 101) |
THE TJX COMPANIES, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: December | ||||||||||||||
/s/ Scott Goldenberg | ||||||||||||||
Scott Goldenberg, Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |