Document and Entity Information
Document and Entity Information (USD $) | ||
12 Months Ended
Jan. 30, 2010 | Aug. 01, 2009
| |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TJX COMPANIES INC /DE/ | |
Entity Central Index Key | 0000109198 | |
Document Type | 10-K | |
Document Period End Date | 2010-01-30 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,010 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --01-30 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $15,271,706,337 | |
Entity Common Stock, Shares Outstanding | 409,386,126 |
Consolidated Statements of Inco
Consolidated Statements of Income (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Jan. 30, 2010 | 12 Months Ended
Jan. 31, 2009 | 12 Months Ended
Jan. 26, 2008 |
Consolidated Statements of Income [Abstract] | |||
Net sales | $20,288,444 | $18,999,505 | $18,336,726 |
Cost of sales, including buying and occupancy costs | 14,968,429 | 14,429,185 | 13,883,952 |
Selling, general and administrative expenses | 3,328,944 | 3,135,589 | 2,997,263 |
Provision (credit) for Computer Intrusion related costs | (30,500) | 197,022 | |
Interest expense (income), net | 39,509 | 14,291 | (1,598) |
Income from continuing operations before provision for income taxes | 1,951,562 | 1,450,940 | 1,260,087 |
Provision for income taxes | 737,990 | 536,054 | 477,655 |
Income from continuing operations | 1,213,572 | 914,886 | 782,432 |
(Loss) from discontinued operations, net of income taxes | (34,269) | (10,682) | |
Net income | $1,213,572 | $880,617 | $771,750 |
Basic earnings per share: | |||
Income from continuing operations | 2.9 | 2.18 | 1.77 |
(Loss) from discontinued operations, net of income taxes | -0.08 | -0.03 | |
Net income | 2.9 | 2.1 | 1.74 |
Weighted average common shares - basic | 417,796 | 419,076 | 443,050 |
Diluted earnings per share: | |||
Income from continuing operations | 2.84 | 2.08 | 1.68 |
(Loss) from discontinued operations, net of income taxes | -0.08 | -0.02 | |
Net income | 2.84 | $2 | 1.66 |
Weighted average common shares - diluted | 427,619 | 442,255 | 468,046 |
Cash dividends declared per share | 0.48 | 0.44 | 0.36 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Thousands | 12 Months Ended
Jan. 30, 2010 | 12 Months Ended
Jan. 31, 2009 |
Current assets: | ||
Cash and cash equivalents | $1,614,607 | $453,527 |
Short-term investments | 130,636 | 0 |
Accounts receivable, net | 148,126 | 143,500 |
Merchandise inventories | 2,532,318 | 2,619,336 |
Prepaid expenses and other current assets | 255,707 | 274,091 |
Current deferred income taxes, net | 122,462 | 135,675 |
Total current assets | 4,803,856 | 3,626,129 |
Property at cost: | ||
Land and buildings | 281,527 | 280,278 |
Leasehold costs and improvements | 1,930,977 | 1,728,362 |
Furniture, fixtures and equipment | 3,087,419 | 2,784,316 |
Total property at cost | 5,299,923 | 4,792,956 |
Less accumulated depreciation and amortization | 3,026,041 | 2,607,200 |
Net property at cost | 2,273,882 | 2,185,756 |
Property under capital lease, net of accumulated amortization of $19,357 and $17,124, respectively | 13,215 | 15,448 |
Other assets | 193,230 | 171,381 |
Goodwill and tradename, net of amortization | 179,794 | 179,528 |
TOTAL ASSETS | 7,463,977 | 6,178,242 |
Current liabilities: | ||
Current installments of long-term debt | 0 | 392,852 |
Obligation under capital lease due within one year | 2,355 | 2,175 |
Accounts payable | 1,507,892 | 1,276,098 |
Accrued expenses and other current liabilities | 1,248,002 | 1,096,766 |
Federal,foreign and state income taxes payable | 136,737 | 0 |
Total current liabilities | 2,894,986 | 2,767,891 |
Other long-term liabilities | 697,099 | 765,004 |
Non-current deferred income taxes, net | 192,447 | 127,008 |
Obligation under capital lease, less portion due within one year | 15,844 | 18,199 |
Long-term debt, exclusive of current installments | 774,325 | 365,583 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 409,386,126 and 412,821,592, respectively | 409,386 | 412,822 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive income (loss) | (134,124) | (217,781) |
Retained earnings | 2,614,014 | 1,939,516 |
Total shareholders' equity | 2,889,276 | 2,134,557 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $7,463,977 | $6,178,242 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | ||
In Thousands, except Share data | Jan. 30, 2010
| Jan. 31, 2009
|
ASSETS | ||
Property under capital lease, accumulated amortization | $19,357 | $17,124 |
SHAREHOLDERS' EQUITY | ||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, par value | 1 | 1 |
Common stock, shares issued | 409,386,126 | 412,821,592 |
Common stock, shares outstanding | 409,386,126 | 412,821,592 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | |||
In Thousands | 12 Months Ended
Jan. 30, 2010 | 12 Months Ended
Jan. 31, 2009 | 12 Months Ended
Jan. 26, 2008 |
Cash flows from operating activities: | |||
Net income | $1,213,572 | $880,617 | $771,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 435,218 | 401,707 | 369,396 |
Assets of discontinued operation sold | 31,328 | ||
Loss on property disposals and impairment charges | 10,270 | 23,903 | 25,944 |
Deferred income tax provision (benefit) | 53,155 | 132,480 | (101,799) |
Amortization of share-based compensation expense | 55,145 | 51,229 | 57,370 |
Excess tax benefits from stock compensation expense | (17,494) | (18,879) | (6,756) |
Changes in assets and liabilities: | |||
(Increase) in accounts receivable | (1,862) | (8,245) | (25,516) |
Decrease (increase) in merchandise inventories | 147,805 | (68,489) | (112,411) |
Decrease (increase) in prepaid expenses and other current assets | 21,219 | (118,830) | 2,144 |
Increase (decrease) in accounts payable | 197,496 | (141,580) | 117,304 |
Increase (decrease) in accrued expenses and other liabilities | 31,046 | (34,525) | 202,893 |
Increase (decrease) in income taxes payable | 152,851 | (10,488) | 37,909 |
Other | (26,495) | 34,344 | 36,546 |
Net cash provided by operating activities | 2,271,926 | 1,154,572 | 1,374,774 |
Cash flows from investing activities: | |||
Property additions | (429,282) | (582,932) | (526,987) |
Proceeds (payments) to settle net investment hedges | 14,379 | (13,667) | |
Purchase of short-term investments | (278,692) | ||
Sales and maturities of short-term investments | 153,275 | ||
Other | (5,578) | (34) | 753 |
Net cash (used in) investing activities | (560,277) | (568,587) | (539,901) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 774,263 | ||
Principal payments on current portion of long-term debt | (393,573) | ||
Cash payments for debt issuance expenses | (7,202) | ||
Payments on capital lease obligation | (2,174) | (2,008) | (1,854) |
Cash payments for repurchase of common stock | (944,762) | (751,097) | (940,208) |
Proceeds from sale and issuance of common stock | 169,862 | 142,154 | 134,109 |
Excess tax benefits from stock compensation expense | 17,494 | 18,879 | 6,756 |
Cash dividends paid | (197,662) | (176,749) | (151,492) |
Net cash (used in) financing activities | (583,754) | (768,821) | (952,689) |
Effect of exchange rate changes on cash | 33,185 | (96,249) | (6,241) |
Net increase (decrease) in cash and cash equivalents | 1,161,080 | (279,085) | (124,057) |
Cash and cash equivalents at beginning of year | 453,527 | 732,612 | 856,669 |
Cash and cash equivalents at end of year | $1,614,607 | $453,527 | $732,612 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity (USD $) | |||||
In Thousands | Common Stock
| Additional Paid-In Capital
| Retained Earnings
| Accumulated Other Comprehensive Income (Loss)
| Total
|
Shares, Beginning Balance at Jan. 27, 2007 | 453,650 | ||||
Beginning Balance at Jan. 27, 2007 | $453,650 | $0 | $1,870,460 | ($33,989) | $2,290,121 |
Comprehensive income: | |||||
Net income | 771,750 | 771,750 | |||
(Loss)/Gain due to foreign currency translation adjustments | 20,998 | 20,998 | |||
(Loss)/Gain on net investment hedge contracts | (15,823) | (15,823) | |||
(Loss) on cash flow hedge contracts | (1,526) | (1,526) | |||
Recognition of prior service cost and gains (losses) | 1,393 | 1,393 | |||
Amount of cash flow hedge reclassified from other comprehensive income to net income | 429 | 429 | |||
Total comprehensive income | 777,221 | ||||
Implementation of accounting for uncertain tax positions (see note K) | (27,178) | (27,178) | |||
Implementation of the measurement provisions relating to retirement obligations (see note L) | (1,641) | (167) | (1,808) | ||
Cash dividends declared on common stock | (158,202) | (158,202) | |||
Amortization of share-based compensation expense | 57,370 | 57,370 | |||
Stock options repurchased by TJX | (3,266) | (3,266) | |||
Issuance of common stock under stock incentive plan and related tax effect | 7,253 | 129,942 | 137,195 | ||
Issuance of common stock under stock incentive plan and related tax effect, Shares | 7,253 | ||||
Common stock repurchased | (32,953) | (184,046) | (723,209) | (940,208) | |
Common stock repurchased, Shares | (32,953) | ||||
Ending Balance at Jan. 26, 2008 | 427,950 | 0 | 1,731,980 | (28,685) | 2,131,245 |
Shares, Ending Balance at Jan. 26, 2008 | 427,950 | ||||
Comprehensive income: | |||||
Net income | 880,617 | 880,617 | |||
(Loss)/Gain due to foreign currency translation adjustments | (171,225) | (171,225) | |||
(Loss)/Gain on net investment hedge contracts | 68,816 | 68,816 | |||
Recognition of prior service cost and gains (losses) | (1,206) | (1,206) | |||
Recognition of unfunded post retirement liabilities | (86,158) | (86,158) | |||
Amount of cash flow hedge reclassified from other comprehensive income to net income | 677 | 677 | |||
Total comprehensive income | 691,521 | ||||
Cash dividends declared on common stock | (183,694) | (183,694) | |||
Amortization of share-based compensation expense | 51,229 | 51,229 | |||
Issuance of common stock upon conversion of convertible debt | 1,717 | 39,326 | 41,043 | ||
Issuance of common stock upon conversion of convertible debt, Shares | 1,717 | ||||
Stock options repurchased by TJX | (987) | (987) | |||
Issuance of common stock under stock incentive plan and related tax effect | 7,439 | 147,858 | 155,297 | ||
Issuance of common stock under stock incentive plan and related tax effect, Shares | 7,439 | ||||
Common stock repurchased | (24,284) | (237,426) | (489,387) | (751,097) | |
Common stock repurchased, Shares | (24,284) | ||||
Ending Balance at Jan. 31, 2009 | 412,822 | 0 | 1,939,516 | (217,781) | 2,134,557 |
Shares, Ending Balance at Jan. 31, 2009 | 412,822 | ||||
Comprehensive income: | |||||
Net income | 1,213,572 | 1,213,572 | |||
(Loss)/Gain due to foreign currency translation adjustments | 76,678 | 76,678 | |||
Recognition of prior service cost and gains (losses) | 8,191 | 8,191 | |||
Recognition of unfunded post retirement liabilities | (1,212) | (1,212) | |||
Total comprehensive income | 1,297,229 | ||||
Cash dividends declared on common stock | (201,490) | (201,490) | |||
Amortization of share-based compensation expense | 55,145 | 55,145 | |||
Issuance of common stock upon conversion of convertible debt | 15,094 | 349,994 | 365,088 | ||
Issuance of common stock upon conversion of convertible debt, Shares | 15,094 | ||||
Issuance of common stock under stock incentive plan and related tax effect | 8,329 | 175,180 | 183,509 | ||
Issuance of common stock under stock incentive plan and related tax effect, Shares | 8,329 | ||||
Common stock repurchased | (26,859) | (580,319) | (337,584) | (944,762) | |
Common stock repurchased, Shares | (26,859) | ||||
Ending Balance at Jan. 30, 2010 | $409,386 | $0 | $2,614,014 | ($134,124) | $2,889,276 |
Shares, Ending Balance at Jan. 30, 2010 | 409,386 |
Summary of Accounting Policies
Summary of Accounting Policies | |
12 Months Ended
Jan. 30, 2010 | |
Summary of Accounting Policies [Abstract] | |
Summary of Accounting Policies | A. Summary of Accounting Policies Basis of Presentation: The consolidated financial statements of The TJX Companies, Inc. (referred to as TJX or we) include the financial statements of all of TJXs subsidiaries, all of which are wholly owned. All of its activities are conducted by TJX or its subsidiaries and are consolidated in these financial statements. All intercompany transactions have been eliminated in consolidation. Fiscal Year: During fiscal 2010, TJX amended its bylaws to provide that its fiscal year will end on the Saturday nearest to the last day of January of each year. Prior to this TJXs fiscal year ended on the last Saturday of January. This change only affects TJX prospectively by shifting the timing of its next 53week fiscal year. The fiscal year ended January30, 2010 (fiscal 2010) included 52weeks, the fiscal year ended January31, 2009 (fiscal 2009) included 53weeks and the fiscal year ended January26, 2008 (fiscal 2008) included 52weeks. Earnings Per Share: All earnings per share amounts discussed refer to diluted earnings per share unless otherwise indicated. Use of Estimates: The preparation of the financial statements, in conformity with accounting principles generally accepted in the United States of America (U.S.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, impairments of long-lived assets, retirement obligations, share-based compensation, casualty insurance, income taxes, reserves for Computer Intrusion related costs and for discontinued operations, and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from those estimates, and such differences could be material. Revenue Recognition: TJX records revenue at the time of sale and receipt of merchandise by the customer, net of a reserve for estimated returns. We estimate returns based upon our historical experience. We defer recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Proceeds from the sale of store 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. Based on historical experience, we estimate the amount of store cards that will not be redeemed (store card breakage) and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue recognized from store card breakage was $7.8million in fiscal 2010, $10.7million in fiscal 2009 and $10.1million in fiscal 2008. Consolidated Statements of Income Classifications: Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold and gains and losses on inventory and fuel-related derivative contracts; store occupanc |
Provision for Computer Intrusio
Provision for Computer Intrusion Related Costs | |
12 Months Ended
Jan. 30, 2010 | |
Provision for Computer Intrusion Related Costs [Abstract] | |
Provision for Computer Intrusion Related Costs | B. Provision for Computer Intrusion related costs TJX incurred losses as a result of an unauthorized intrusion or intrusions (the intrusion or intrusions, collectively, the Computer Intrusion) into portions of its computer system, which was discovered late in fiscal 2007 and in which TJX believes customer data were stolen. During the first six months of fiscal 2008, we expensed pre-tax costs of $37.8million for costs we incurred related to the Computer Intrusion. In the second quarter of fiscal 2008, we established a pre-tax reserve of $178.1million to reflect our estimation of probable losses in accordance with U.S.GAAP with respect to the Computer Intrusion and recorded a pre-tax charge in that amount. We reduced the Provision for Computer Intrusion related costs by $30.5million in fiscal 2009 and $18.9million in fiscal 2008 as a result of negotiations, settlements, insurance proceeds and adjustments in our estimated losses. Our reserve of $23.5million at January30, 2010 reflected our current estimation of total potential cash liabilities from pending litigation, proceedings, investigations and other claims, as well as legal, ongoing monitoring and other costs and expenses, arising from the Computer Intrusion. As an estimate, our reserve is subject to uncertainty, and our actual costs may vary from our current estimate, and such variations may be material. We may decrease or increase the amount of our reserve to adjust for developments in the course and resolution of litigation, claims and investigations and related expenses, insurance proceeds and changes in our estimates. |
Discontinued Operations
Discontinued Operations | |
12 Months Ended
Jan. 30, 2010 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | C. Discontinued Operations Sale of Bobs Stores: In fiscal 2009, TJX sold Bobs Stores and recorded as a component of discontinued operations a loss on disposal (including expenses relating to the sale) of $19.0million, net of tax benefits of $13.0million. The net carrying value of Bobs Stores assets sold was $33million, which consisted primarily of merchandise inventory of $56million, offset by merchandise payable of $21million. The loss on disposal reflects sales proceeds of $7.2million as well as expenses of $5.8million relating to the sale. TJX remains contingently liable on 7 of the Bobs Stores leases which are discussed in NoteN to the consolidated financial statements. TJX also reclassified the operating results of Bobs Stores for all periods prior to the sale as a component of discontinued operations. The following table presents the net sales, segment profit (loss) and after-tax loss from operations reclassified to discontinued operations for all periods prior to the sale of Bobs Stores: Fiscal Year Ended January In thousands 2009 2008 Net sales $ 148,040 $ 310,400 Segment (loss) (25,524 ) (17,398 ) After-tax (loss) from operations (15,314 ) (10,682 ) The table below summarizes the pre-tax and after-tax loss from discontinued operations for fiscal 2009 and fiscal 2008: Fiscal Year Ended January In thousands 2009 2008 (Loss) from discontinued operations before provision for income taxes $ (56,980 ) $ (17,398 ) Tax benefits 22,711 6,716 (Loss) from discontinued operations, net of income taxes $ (34,269 ) $ (10,682 ) |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | |
12 Months Ended
Jan. 30, 2010 | |
Long-Term Debt and Credit Lines [Abstract] | |
Long-Term Debt and Credit Lines | D. Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current installments, as of January30, 2010 and January31, 2009. All amounts are net of unamortized debt discounts. Capital lease obligations are separately presented in NoteG. January30, January31, In thousands 2010 2009 General corporate debt: 4.20%senior unsecured notes, maturing August15, 2015 (effective interest rate of 4.20% after reduction of unamortized debt discount of $29 in fiscal 2010) $ 399,971 $ 6.95%senior unsecured notes, maturing April15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $646 in fiscal 2010) 374,354 Total general corporate debt 774,325 Subordinated debt: Zero coupon convertible subordinated notes (net of reduction of unamortized debt discount of $99,360 in fiscal 2009) 365,583 Total subordinated debt 365,583 Long-term debt, exclusive of current installments $ 774,325 $ 365,583 The aggregate maturities of long-term debt, exclusive of current installments at January30, 2010 are as follows: In thousands Long-Term Debt Fiscal Year 2012 $ 2013 2014 2015 Later years 775,000 Less amount representing unamortized debt discount (675 ) Aggregate maturities of long-term debt, exclusive of current installments $ 774,325 In February 2001, TJX issued $517.5million zero coupon convertible subordinated notes due in February 2021 and raised gross proceeds of $347.6million. The issue price of the notes represented a yield to maturity of 2% per year. During fiscal 2010, TJX called for the redemption of these notes at the original issue price plus accrued original issue discount, and 462,057 of such notes with a carrying value of $365.1million were converted into 15.1million shares of TJX common stock at a rate of 32.667shares per note. TJX paid $2.3million to redeem the remaining 2,886 notes outstanding that were not converted. Prior to fiscal 2010, a total of 52,557 notes were either converted into common shares of TJX or put back to the Company. On April7, 2009, TJX issued $375million aggregate principal amount of 6.95% ten-year notes and used the proceeds from the 6.95%notes offering to repurchase additional common stock under its stock repurchase program in fiscal 2010. Also in April 2009, prior to the issuance of the 6.95%notes, TJX entered into a rate-lock agreement to hedge the underlying treasury rate of those notes. The cost of this agreement is being amortized to interest expense over the term of the 6.95%notes and results in an effective fixed rate of 7.00% on those notes. On July23, 2009, TJX issued $400million aggregate principal amount of 4.20% six-year notes. TJX used a portion of the proceeds from the sale of the notes to refinance its C$235million term credit facility on August10 |
Financial Instruments
Financial Instruments | |
12 Months Ended
Jan. 30, 2010 | |
Financial Instruments [Abstract] | |
Financial Instruments | E. Financial Instruments TJX enters into financial instruments to manage its cost of borrowing and to manage its exposure to changes in fuel costs and foreign currency exchange rates. TJX recognizes all derivative instruments as either assets or liabilities in the statements of financial position and measures those instruments at fair value. 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 other comprehensive income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Effective in the fourth quarter of fiscal 2009, TJX no longer entered into contracts to hedge its net investments in foreign subsidiaries and settled all existing contracts. As a result, there were no net investment contracts as of January30, 2010 or January31, 2009. Interest Rate Contracts: During fiscal 2004, TJX entered into interest rate swaps on $100million of the $200million ten-year notes outstanding at that time, effectively converting the interest on that portion of the unsecured notes from fixed to a floating rate of interest indexed to the six-month LIBOR rate. The interest rate swaps settled in December 2009. Under these swaps, TJX paid a specific variable interest rate and received the fixed rate applicable to the underlying debt. The interest income/expense on the swaps was accrued as earned and recorded as an adjustment to the interest expense accrued on the fixed-rate debt. The interest rate swaps were designated as fair value hedges on the underlying debt. The fair value of the contracts, excluding the net interest accrual, amounted to an asset of $1.6million as of January31, 2009 and an asset of $1.2million at January26, 2008. The valuation of the swaps resulted in an offsetting fair value adjustment to the debt hedged. Accordingly, current installments of long-term debt was increased by $1.6million in fiscal 2009 and by $1.2million in fiscal 2008. The average effective interest rate on $100million of the 7.45% unsecured notes, inclusive of the effect of hedging activity, was approximately 4.04% in fiscal 2010, 6.54% in fiscal 2009 and 8.77% in fiscal 2008. Concurrent with the issuance of the C$235million three-year note in fiscal 2006, TJX entered an interest rate swap on the principal amount of the note effectively converting the interest on the note from floating to a fixed rate. In January 2009 this interest rate swap settled, one year before the maturity date of the underlying debt, which was extended one year to January 2010 and subsequently repaid in the second quarter of fiscal 2010 before its scheduled maturity. Under this swap TJX paid a specified fixed interest rate and received the floating rate applicable to the underlying debt. The interest income/expense on the swap was accrued as earned and recorded as an adjustment to the interest expense accrued on the floating-rate debt. The interest rate swap was de |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments | |
12 Months Ended
Jan. 30, 2010 | |
Disclosures about Fair Value of Financial Instruments [Abstract] | |
Disclosures about Fair Value of Financial Instruments | F. Disclosures about Fair Value of Financial Instruments 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 (exit price). U.S. GAAP classifies the inputs used to measure fair value into the following hierarchy: Level1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level2: 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. Level3: Unobservable inputs for the asset or liability. TJX endeavors to utilize the best available information in measuring fair value and classifies financial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. TJX has determined that its financial assets and liabilities are generally classified within level1 or level2 in the fair value hierarchy. The following table sets forth TJXs financial assets and liabilities that are accounted for at fair value on a recurring basis: January30, January31, In thousands 2010 2009 Level1 Assets: Executive savings plan $ 55,404 $ 40,636 Level2 Assets: Short-term investments $ 130,636 $ Foreign currency exchange contracts 5,642 9,534 Interest rate swaps 1,859 Liabilities: Foreign currency exchange contracts $ 1,029 $ 1,435 Diesel fuel contracts 442 4,931 The fair value of TJXs general corporate debt, including current installments, was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. The fair value of the zero coupon convertible subordinated notes was estimated by obtaining market quotes. The fair value of long-term debt at January30, 2010 was $862.3million versus a carrying value of $774.3million. The fair value of the current installments of long-term debt at January31, 2009 was $399.9million versus a carrying value of $392.9million. The fair value of the subordinated notes as of January31, 2009, was $358.3million versus a carrying value of $365.6million. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJXs ability to settle these obligations. Our cash equivalents are stated at cost, which approximates fair value, due to the short maturities of these instruments. Investments designed to meet obligations under our executive savings plan are invested in securities traded in active markets and carried at unadjusted quoted prices. As a result of its international operating and financing activities, TJX is exposed to market |
Commitments
Commitments | |
12 Months Ended
Jan. 30, 2010 | |
Commitments [Abstract] | |
Commitments | G. Commitments TJX is committed under long-term leases related to its continuing operations for the rental of real estate and fixtures and equipment. Most of our leases are store operating leases with a ten-year initial term and options to extend for one or more five-year periods. Certain Marshalls leases, acquired in fiscal 1996, had then remaining terms ranging up to twenty-five years. T.K. Maxx leases are generally for ten to twenty-five years with ten-year kick-out options. Many of our leases contain escalation clauses and early termination penalties. In addition, we are generally required to pay insurance, real estate taxes and other operating expenses including, in some cases, rentals based on a percentage of sales. These expenses in the aggregate were approximately one-third of the total minimum rent in fiscal 2010, fiscal 2009 and fiscal 2008. Following is a schedule of future minimum lease payments for continuing operations as of January30, 2010: Capital Operating In thousands Lease Leases Fiscal Year 2011 $ 3,726 $ 1,005,366 2012 3,897 940,063 2013 3,912 830,992 2014 3,912 721,111 2015 3,912 586,662 Later years 3,586 1,610,867 Total future minimum lease payments 22,945 $ 5,695,061 Less amount representing interest 4,746 Net present value of minimum capital lease payments $ 18,199 The capital lease relates to a 283,000-square-foot addition to TJXs home office facility. Rental payments commenced June1, 2001, and we recognized a capital lease asset and related obligation equal to the present value of the lease payments of $32.6million. Rental expense under operating leases for continuing operations amounted to $962.0million for fiscal 2010, $936.6million for fiscal 2009 and $875.6million for fiscal 2008. Rental expense includes contingent rent and is reported net of sublease income. Contingent rent paid was $13.0million in fiscal 2010, $8.3million in fiscal 2009 and $9.7million in fiscal 2008. Sublease income was $1.3million in fiscal 2010, $2.1million in fiscal 2009 and $2.9million in fiscal 2008. The total net present value of TJXs minimum operating lease obligations approximated $4,450.2million as of January30, 2010. TJX had outstanding letters of credit totaling $37.6million as of January30, 2010 and $32.0million as of January31, 2009. Letters of credit are issued by TJX primarily for the purchase of inventory. |
Stock Incentive Plan
Stock Incentive Plan | |
12 Months Ended
Jan. 30, 2010 | |
Stock Incentive Plan [Abstract] | |
Stock Incentive Plan | H. 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. This plan has been approved by TJXs shareholders, and all stock compensation awards are made under this plan. The Stock Incentive Plan, as amended with shareholder approval, provides for the issuance of up to 160.9million shares with 22.7million shares available for future grants as of January30, 2010. TJX issues shares from authorized but unissued common stock. Total compensation cost related to share-based compensation was $33.5million net of income taxes of $21.6million in fiscal 2010, $31.2million net of income taxes of $20.1million in fiscal 2009 and $37.0million net of income taxes of $20.3million in fiscal 2008. As of January30, 2010, there was $87.2million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of two years. Options for the purchase of common stock have been granted at 100% of market price on the grant date and generally vest in thirds over a three-year period starting one year after the grant, and have a ten-year term. 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: Fiscal Year 2010 2009 2008 Risk-free interest rate 2.49 % 2.96 % 4.00 % Dividend yield 1.3 % 1.3 % 1.2 % Expected volatility factor 37.3 % 33.9 % 31.0 % Expected option life in years 5.0 4.8 4.5 Weighted average fair value of options issued $ 12.27 $ 10.46 $ 8.38 Expected volatility is based on a combination of implied volatility from traded options on our stock, and historical volatility during a term approximating the expected term of the option granted. We use historical data to estimate option exercise, employee termination behavior and dividend yield within the valuation model. Employee groups and option characteristics are considered separately for valuation purposes when applicable. No such distinctions existed during the fiscal years presented. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon historical exercise trends. The risk-free 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. Stock Options: A summary of the status of TJXs stock options and related Weighted Average Exercise Prices (WAEP) is presented below (shares in thousands): January30, 2010 Fiscal Year Ended January31, 2009 January26, 2008 Options WAEP Options WAEP Options WAEP (53weeks) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | |
12 Months Ended
Jan. 30, 2010 | |
Capital Stock and Earnings Per Share [Abstract] | |
Capital Stock and Earnings Per Share | I. Capital Stock and Earnings Per Share Capital Stock: In December 2009, we completed a $1billion stock repurchase program which began in fiscal 2009 and initiated another multi-year $1billion stock repurchase program approved in September 2009. We repurchased and retired 27.0million shares of our common stock at a cost of $949.9million during fiscal 2010. TJX reflects stock repurchases in its financial statements on a settlement basis. We had cash expenditures under our repurchase programs of $944.8million in fiscal 2010, $751.1million in fiscal 2009 and $940.2million in fiscal 2008, funded primarily by cash generated from operations. We repurchased 26.9million shares in fiscal 2010, 24.3million shares in fiscal 2009 and 33.0million shares in fiscal 2008. As of January30, 2010, on a trade date basis, we had repurchased 5.5million shares of our common stock at a cost of $205.0million under the $1billion stock repurchase program authorized in September 2009. All shares repurchased under our stock repurchase programs have been retired. In February 2010, TJXs Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $1billion of TJX common stock from time to time. TJX has five million shares of authorized but unissued preferred stock, $1par value. Earnings Per Share:The following schedule presents the calculation of basic and diluted earnings per share for income from continuing operations: Amounts in thousands January30, January31, January26, except per share amounts 2010 2009 2008 (53weeks) Basic earnings per share: Income from continuing operations $ 1,213,572 $ 914,886 $ 782,432 Weighted average common stock outstanding for basic earnings per share calculation 417,796 419,076 443,050 Basic earnings per share $ 2.90 $ 2.18 $ 1.77 Diluted earnings per share: Income from continuing operations $ 1,213,572 $ 914,886 $ 782,432 Add back: Interest expense on zero coupon convertible subordinated notes, net of income taxes 1,073 4,653 4,716 Income from continuing operations used for diluted earnings per share calculation $ 1,214,645 $ 919,539 $ 787,148 Weighted average common stock outstanding for basic earnings per share calculation 417,796 419,076 443,050 Assumed conversion/exercise of: Convertible subordinated notes 3,901 16,434 16,905 Stock options and awards 5,922 6,745 8,091 Weighted average common stock outstanding for diluted earnings per share calculation 427,619 442,255 468,046 Diluted earnings per share $ 2.84 $ 2.08 $ 1.68 In April 2009, TJX called for the redemption of its zero coupon convertible subordinated notes. There were 462,057 of such notes with a carrying value of $365.1m |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | |
12 Months Ended
Jan. 30, 2010 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | J. Accumulated Other Comprehensive Income Cumulative foreign currency translation adjustments included in shareholders equity amounted to a loss of $76.3million, net of related tax effect of $21.6million, as of January30, 2010; a loss of $152.9million, net of related tax effect of $2.6million, as of January31, 2009; and a gain of $17.8million, net of related tax effect of $23.7million, as of January26, 2008. Cumulative gains and losses on derivatives that hedged our net investment in foreign operations and deferred gains and losses on cash flow hedges that have been recorded in accumulated other comprehensive income amounted to a gain of $27.3million, net of related tax effects of $18.2million at both January30, 2010 and January31, 2009, and a loss of $42.1million, net of related tax effects of $28.1million at January26, 2008. In accordance with U.S.GAAP, TJX is required to recognize the funded status of its post retirement benefit plans which are discussed in NoteL. Cumulative loss adjustments included in accumulated other comprehensive income was $85.2million, net of related tax effects of $56.8million at January30, 2010, $92.2million, net of related tax effects of $61.5million at January31, 2009, and $4.4million, net of related tax effects of $3.7million at January26, 2008. |
Income Taxes
Income Taxes | |
12 Months Ended
Jan. 30, 2010 | |
Income Taxes [Abstract] | |
Income Taxes | K. Income Taxes The provision for income taxes includes the following: Fiscal Year Ended January30, January31, January26, In thousands 2010 2009 2008 (53weeks) Current: Federal $ 465,799 $ 259,857 $ 375,799 State 104,621 27,376 94,727 Foreign 114,195 97,976 87,260 Deferred: Federal 54,544 126,816 (64,363 ) State 1,773 23,955 (15,698 ) Foreign (2,942 ) 74 (70 ) Provision for income taxes $ 737,990 $ 536,054 $ 477,655 Income from continuing operations before income taxes includes foreign pre-tax income of $342.3million in fiscal 2010, $292.6million in fiscal 2009 and $260.8million in fiscal 2008. TJX had net deferred tax (liabilities) assets as follows: Fiscal Year Ended January30, January31, In thousands 2010 2009 Deferred tax assets: Foreign tax credit carryforward $ 89,796 $ 37,611 Reserve for discontinued operations 11,813 14,859 Pension, stock compensation, postretirement and employee benefits 253,926 238,557 Leases 39,635 38,889 Foreign currency and hedging 3,743 4,571 Computer Intrusion reserve 8,722 16,749 Other 88,447 83,483 Total deferred tax assets $ 496,082 $ 434,719 Deferred tax liabilities: Property, plant and equipment $ 274,937 $ 215,462 Capitalized inventory 44,079 44,102 Tradename 42,873 42,873 Undistributed foreign earnings 193,252 111,506 Other 10,926 12,109 Total deferred tax liabilities 566,067 426,052 Net deferred tax (liability) asset $ (69,985 ) $ 8,667 The fiscal 2010net deferred tax liability is presented on the balance sheet as a current asset of $122.5million and a non-current liability of $192.4million. For fiscal 2009, the net deferred tax asset is presented on the balance sheet as a current asset of $135.7million and a non-current liability of $127.0million. TJX has provided for deferred U.S.taxes on all undistributed earnings from its Winners Canadian subsidiary, its Marshalls Puerto Rico subsidiary and its Italian subsidiary through January30, 2010. All earnings of TJXs other foreign subsidiaries are considered indefinitely reinvested and no U.S.deferred taxes have been provided on those earnings. The net deferred tax (liability) asset summarized above includes deferred taxes relating to temporary differences at our foreign operations and amounted to an $18.9million net liability as of January30, 2010 and a $19.9mi |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | |
12 Months Ended
Jan. 30, 2010 | |
Pension Plans and Other Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | L. Pension Plans and Other Retirement Benefits Pension: TJX has a funded defined benefit retirement plan covering the majority of its full-time U.S.employees. As a result of an amendment to the plan, employees hired after February1, 2006 do not participate in this plan but are eligible to receive enhanced employer contributions to their 401(k) plans. This plan amendment has not had a material impact on pension expense in the periods presented, but is expected to reduce net periodic pension costs gradually in subsequent years due to a reduction in the number of participants. Employees who had attained twenty-one years of age and completed one year of service prior to amendment were, and remain, covered under the plan. No employee contributions are required, and benefits are based on compensation earned in each year of service. Our 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 the securities of TJX. TJX also has an unfunded supplemental retirement plan which covers certain key employees and provides additional retirement benefits based on average compensation for certain of those employees. Presented below is financial information relating to TJXs funded defined benefit retirement plan (funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated: Funded Plan Unfunded Plan Fiscal Year Ended Fiscal Year Ended January30, January31, January30, January31, In thousands 2010 2009 2010 2009 (53weeks) (53weeks) Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 492,413 $ 447,684 $ 55,463 $ 51,588 Service cost 30,049 30,406 876 1,069 Interest cost 31,320 28,711 2,923 3,366 Actuarial losses (gains) 39,931 (1,411 ) 7,686 2,252 Settlements (12,156 ) Benefits paid (11,403 ) (10,713 ) (3,065 ) (2,812 ) Expenses paid (2,107 ) (2,264 ) Projected benefit obligation at end of year $ 580,203 $ 492,413 $ 51,727 $ 55,463 Accumulated benefit obligation at end of year $ 532,276 $ 451,260 $ 41,855 $ 42,560 Funded Plan Unfunded Plan Fiscal Year Ended Fiscal Year Ended January30, January31, January30, January31, In thousands 2010 2009 2010 2009 (53weeks) (53weeks) Change in plan assets: Fair value of plan assets at beginning of ye |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities, Current and Long Term | |
12 Months Ended
Jan. 30, 2010 | |
Accrued Expenses and Other Liabilities, Current and Long-Term [Abstract] | |
Accrued Expenses and Other Liabilities, Current and Long-Term | M. Accrued Expenses and Other Liabilities, Current and Long-Term The major components of accrued expenses and other current liabilities are as follows: Fiscal Year Ended January30, January31, In thousands 2010 2009 Employee compensation and benefits, current $ 394,070 $ 300,366 Computer Intrusion 23,481 42,211 Rent, utilities and occupancy, including real estate taxes 152,997 151,273 Merchandise credits and gift certificates 146,464 133,104 Insurance 39,302 40,428 Sales tax collections and V.A.T. taxes 97,167 88,528 All other current liabilities 394,521 340,856 Accrued expenses and other current liabilities $ 1,248,002 $ 1,096,766 All other current liabilities include accruals for outstanding checks, advertising, property additions, dividends, freight, interest, reserve for sales returns, purchased services, and other items, each of which are individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows: Fiscal Year Ended January30, January31, In thousands 2010 2009 Employee compensation and benefits, long-term $ 254,503 $ 272,881 Reserve related to discontinued operations 35,897 40,564 Accrued rent 151,006 137,876 Landlord allowances 57,693 53,761 Tax reserve, long-term 181,740 240,582 Long-term liabilitiesother 16,260 19,340 Other long-term liabilities $ 697,099 $ 765,004 |
Discontinued Operations Reserve
Discontinued Operations Reserve and Related Contingent Liabilities | |
12 Months Ended
Jan. 30, 2010 | |
Discontinued Operations Reserve and Related Contingent Liabilities [Abstract] | |
Discontinued Operations Reserve and Related Contingent Liabilities | N. Discontinued Operations Reserve and Related Contingent Liabilities TJX has a reserve for future obligations of discontinued operations that relates primarily to real estate leases associated with 34 discontinued A.J. Wright stores as well as leases of former TJX businesses. The balance in the reserve and the activity for the last three fiscal years is presented below: Fiscal Year Ended January30, January31, January26, In thousands 2010 2009 2008 Balance at beginning of year $ 40,564 $ 46,076 $ 57,677 Additions (reductions) to the reserve charged to net income: A.J. Wright store closings 8 (2,908 ) Other lease related obligations (8 ) 2,908 Interest accretion 1,761 1,820 1,820 Charges against the reserve: Lease related obligations (5,891 ) (7,323 ) (11,214 ) Termination benefits and all other (537 ) (9 ) (2,207 ) Balance at end of year $ 35,897 $ 40,564 $ 46,076 The charges against the reserve in fiscal 2010, fiscal 2009 and fiscal 2008 related primarily to the closed A.J. Wright stores. In fiscal 2009, we reserved an additional $2.9million for exposure to certain properties related to the sale of Bobs Stores, which was offset by a comparable amount due to favorable settlements on several A.J. Wright locations. The majority of the reserve relates to lease obligations with respect to the closure of the A.J. Wright stores and the sale of Bobs Stores. The remainder of the reserve reflects our estimation of the cost of claims, updated quarterly, that have been, or we believe are likely to be, made against us for liability as an original lessee or guarantor of the leases of former businesses, after mitigation of the number and cost of these lease obligations. The actual net cost of the various lease obligations included in the reserve may differ from our initial estimate. Although our actual costs with respect to the lease obligations may exceed amounts estimated in our reserve, and we may incur costs for other leases from former discontinued operations, we do not expect to incur any material costs related to these discontinued operations in excess of the amounts estimated. We estimate that the majority of the discontinued operations reserve will be paid in the next three to five years. The actual timing of cash outflows will vary depending on how the remaining lease obligations are actually settled. TJX may also be contingently liable on up to 15 leases of BJs Wholesale Club, and on 7 additional Bobs Stores leases both former TJX businesses. Our reserve for discontinued operations does not reflect these leases, because we currently believe that the likelihood of any future liability to TJX is not probable. |
Guarantees and Contingent Oblig
Guarantees and Contingent Obligations | |
12 Months Ended
Jan. 30, 2010 | |
Guarantees and Contingent Obligations [Abstract] | |
Guarantees and Contingent Obligations | O. Guarantees and Contingent Obligations TJX has contingent obligations on leases, for which it was a lessee or guarantor, which were assigned to third parties without TJX being released by the landlords. Over many years, we have assigned numerous leases that we originally leased or guaranteed to a significant number of third parties. With the exception of leases of former businesses for which we have reserved, we have rarely had a claim with respect to assigned leases, and accordingly, we do not expect that such leases will have a material adverse impact on our financial condition, results of operations or cash flows. We do not generally have sufficient information about these leases to estimate our potential contingent obligations under them, which could be triggered in the event that one or more of the current tenants does not fulfill their obligations related to one or more of these leases. TJX also has contingent obligations in connection with some assigned or sublet properties that TJX is able to estimate. We estimate the undiscounted obligations (not reflected in our reserves) of leases of closed stores of continuing operations, BJs Wholesale Club and Bobs Stores leases (discussed in NoteN)and properties of our discontinued operations that we have sublet, if the subtenants did not fulfill their obligations, is approximately $94million as of January30, 2010. We believe that most or all of these contingent obligations will not revert to TJX and, to the extent they do, will be resolved for substantially less due to mitigating factors. TJX is a party to various agreements under which we may be obligated to indemnify the other party with respect to breach of warranty or losses related to such matters as title to assets sold, specified environmental matters or certain income taxes. These obligations are typically limited in time and amount. There are no amounts reflected in our balance sheets with respect to these contingent obligations. |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | |
12 Months Ended
Jan. 30, 2010 | |
Supplemental Cash Flows Information [Abstract] | |
Supplemental Cash Flows Information | P. Supplemental Cash Flows Information The cash flows required to satisfy contingent obligations of the discontinued operations as discussed in NoteN, are classified as a reduction in cash provided by continuing operations. There are no remaining operating activities relating to these operations. TJXs cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended January30, January31, January26, In thousands 2010 2009 2008 (53weeks) Cash paid for: Interest on debt $ 30,638 $ 28,269 $ 31,190 Income taxes 494,169 449,916 463,835 Changes in accrued expenses due to: Dividends payable $ 3,829 $ 6,945 $ 6,710 Property additions 37,060 (19,829 ) 23,557 Non-cash investing and financing activity: Conversion of zero coupon convertible notes $ 365,088 $ $ There were no non-cash financing or investing activities during fiscal 2009 or 2008. |
Segment Information
Segment Information | |
12 Months Ended
Jan. 30, 2010 | |
Segment Information [Abstract] | |
Segment Information | Q. Segment Information TJX operates five business segments, three in the United States and one each in Canada and Europe. Each of our segments has its own administrative, buying and merchandising organization and distribution network. Of our U.S.based store chains, T.J. Maxx and Marshalls, referred to as Marmaxx, are managed together and reported as a single segment and A.J. Wright and HomeGoods each is reported as a separate segment. Outside the U.S., our store chains in Canada (Winners and HomeSense) are under common management and reported as the TJX Canada segment, and our store chains in Europe (T.K. Maxx and HomeSense) are also under common management and reported as the TJX Europe segment. For fiscal 2010, TJX Canada and TJX Europe accounted for 22% of TJXs net sales, 19% of segment profit and 22% of consolidated assets. All of our stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. The HomeGoods and HomeSense stores offer exclusively home fashions. By merchandise category, we derived approximately 61% of our sales from clothing (including footwear), 26% from home fashions and 13% from jewelry and accessories in fiscal 2010. TJX evaluates the performance of its segments based on segment profit or loss, which it defines as pre-tax income before general corporate expense, Provision for Computer Intrusion related costs and interest. Segment profit or loss, as defined by TJX, may not be comparable to similarly titled measures used by other entities. In addition, this measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of our performance or as a measure of liquidity. Presented below is selected financial information related to our business segments: Fiscal Year Ended January30, January31, January26, In thousands 2010 2009 2008 (53weeks) Net sales:(1) In the United States Marmaxx $ 13,270,863 $ 12,362,122 $ 11,966,651 HomeGoods 1,794,409 1,578,286 1,480,382 A.J. Wright 779,811 677,597 632,661 TJX Canada 2,167,912 2,139,443 2,040,814 TJX Europe 2,275,449 2,242,057 2,216,218 $ 20,288,444 $ 18,999,505 $ 18,336,726 Segment profit (loss):(1) In the United States Marmaxx $ 1,588,452 $ 1,155,838 $ 1,158,179 HomeGoods 137,525 42,370 76,224 A.J. Wright 12,565 2,862 (1,801 ) TJX Canada 254,974 236,086 235,128 TJX Europe 163,969 137,612 127,218 2,157,485 1,574,768 1,594,948 General corporate expense 166,414 140,037 139,437 Provision for Computer Intrusion related costs(2) |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | |
12 Months Ended
Jan. 30, 2010 | |
Selected Quarterly Financial Data (Unaudited) [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | R. Selected Quarterly Financial Data (Unaudited) Presented below is selected quarterly consolidated financial data for fiscal 2010 and 2009 which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. First Second Third Fourth In thousands except per share amounts Quarter Quarter Quarter Quarter(3) Fiscal Year Ended January30, 2010 (52weeks) Net sales $ 4,354,224 $ 4,747,528 $ 5,244,946 $ 5,941,746 Gross earnings(1) 1,080,878 1,213,226 1,442,767 1,583,144 Net income 209,214 261,561 347,799 394,998 Basic earnings per share 0.51 0.62 0.82 0.96 Diluted earnings per share 0.49 0.61 0.81 0.94 Fiscal Year Ended January31, 2009 (53weeks) Net sales $ 4,303,555 $ 4,554,395 $ 4,761,530 $ 5,380,025 Gross earnings(1)(2) 1,026,612 1,106,952 1,224,540 1,212,216 Income from continuing operations 198,000 212,073 254,117 250,696 Net income 193,849 200,223 235,849 250,696 Income from continuing operations Basic earnings per share 0.47 0.50 0.61 0.61 Diluted earnings per share 0.44 0.48 0.58 0.58 Net income Basic earnings per share 0.46 0.48 0.57 0.61 Diluted earnings per share 0.43 0.45 0.54 0.58 (1) Gross earnings equal net sales less cost of sales, including buying and occupancy costs. (2) Certain amounts in the prior period statements of income have been reclassified from selling, general and administrative expenses to cost of sales, including buying and occupancy costs to be consistent with the fiscal 2010 presentation. Prior to this reclassification gross earnings in the fourth quarter of fiscal 2009 were reported as $1,219,313. (3) The fourth quarter of fiscal 2009 includes 14weeks. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | |
12 Months Ended
Jan. 30, 2010 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | X. Schedule of Valuation and Qualifying Accounts Disclosure ScheduleIIValuation and Qualifying Accounts Balance Amounts Write-Offs Balance Beginning Charged to Against End of In thousands of Period Net Income Reserve Period Sales Return Reserve: Fiscal Year Ended January30, 2010 $ 14,006 $ 1,015,470 $ 1,012,621 $ 16,855 Fiscal Year Ended January31, 2009 $ 15,298 $ 934,017 $ 935,309 $ 14,006 Fiscal Year Ended January26, 2008 $ 14,182 $ 913,036 $ 911,920 $ 15,298 Discontinued Operations Reserve: Fiscal Year Ended January30, 2010 $ 40,564 $ 1,761 $ 6,428 $ 35,897 Fiscal Year Ended January31, 2009 $ 46,076 $ 1,820 $ 7,332 $ 40,564 Fiscal Year Ended January26, 2008 $ 57,677 $ 1,820 $ 13,421 $ 46,076 Casualty Insurance Reserve: Fiscal Year Ended January30, 2010 $ 20,759 $ 1,093 $ 4,736 $ 17,116 Fiscal Year Ended January31, 2009 $ 26,373 $ 1,232 $ 6,846 $ 20,759 Fiscal Year Ended January26, 2008 $ 31,443 $ 17,673 $ 22,743 $ 26,373 Computer Intrusion Reserve: Fiscal Year Ended January30, 2010 $ 42,211 $ $ 18,730 $ 23,481 Fiscal Year Ended January31, 2009 $ 117,266 $ (13,000 ) $ 62,055 $ 42,211 Fiscal Year Ended January26, 2008 $ $ 159,200 $ 41,934 $ 117,266 |