tjx-20230729
FALSE2024Q20000109198--02-03http://fasb.org/us-gaap/2023#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2023#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2023#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2023#SellingGeneralAndAdministrativeExpense00001091982023-01-292023-07-2900001091982023-08-18xbrli:shares00001091982023-04-302023-07-29iso4217:USD00001091982022-05-012022-07-3000001091982022-01-302022-07-30iso4217:USDxbrli:shares00001091982023-07-2900001091982023-01-2800001091982022-07-3000001091982022-01-2900001091982023-04-290000109198us-gaap:CommonStockMember2023-04-290000109198us-gaap:AdditionalPaidInCapitalMember2023-04-290000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-290000109198us-gaap:RetainedEarningsMember2023-04-290000109198us-gaap:RetainedEarningsMember2023-04-302023-07-290000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-302023-07-290000109198us-gaap:AdditionalPaidInCapitalMember2023-04-302023-07-290000109198us-gaap:CommonStockMember2023-04-302023-07-290000109198us-gaap:CommonStockMember2023-07-290000109198us-gaap:AdditionalPaidInCapitalMember2023-07-290000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-290000109198us-gaap:RetainedEarningsMember2023-07-2900001091982022-04-300000109198us-gaap:CommonStockMember2022-04-300000109198us-gaap:AdditionalPaidInCapitalMember2022-04-300000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-300000109198us-gaap:RetainedEarningsMember2022-04-300000109198us-gaap:RetainedEarningsMember2022-05-012022-07-300000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-05-012022-07-300000109198us-gaap:AdditionalPaidInCapitalMember2022-05-012022-07-300000109198us-gaap:CommonStockMember2022-05-012022-07-300000109198us-gaap:CommonStockMember2022-07-300000109198us-gaap:AdditionalPaidInCapitalMember2022-07-300000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-300000109198us-gaap:RetainedEarningsMember2022-07-300000109198us-gaap:CommonStockMember2023-01-280000109198us-gaap:AdditionalPaidInCapitalMember2023-01-280000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-280000109198us-gaap:RetainedEarningsMember2023-01-280000109198us-gaap:RetainedEarningsMember2023-01-292023-07-290000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-292023-07-290000109198us-gaap:AdditionalPaidInCapitalMember2023-01-292023-07-290000109198us-gaap:CommonStockMember2023-01-292023-07-290000109198us-gaap:CommonStockMember2022-01-290000109198us-gaap:AdditionalPaidInCapitalMember2022-01-290000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-290000109198us-gaap:RetainedEarningsMember2022-01-290000109198us-gaap:RetainedEarningsMember2022-01-302022-07-300000109198us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-302022-07-300000109198us-gaap:AdditionalPaidInCapitalMember2022-01-302022-07-300000109198us-gaap:CommonStockMember2022-01-302022-07-300000109198tjx:FamiliaMember2022-01-302022-04-3000001091982022-07-312022-10-290000109198us-gaap:LandAndBuildingMember2023-07-290000109198us-gaap:LandAndBuildingMember2023-01-280000109198us-gaap:LandAndBuildingMember2022-07-300000109198tjx:LeaseholdCostsAndImprovementsMember2023-07-290000109198tjx:LeaseholdCostsAndImprovementsMember2023-01-280000109198tjx:LeaseholdCostsAndImprovementsMember2022-07-300000109198us-gaap:FurnitureAndFixturesMember2023-07-290000109198us-gaap:FurnitureAndFixturesMember2023-01-280000109198us-gaap:FurnitureAndFixturesMember2022-07-300000109198us-gaap:AccumulatedTranslationAdjustmentMember2022-01-290000109198us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-290000109198us-gaap:AccumulatedTranslationAdjustmentMember2022-01-302023-01-2800001091982022-01-302023-01-280000109198us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-302023-01-280000109198us-gaap:AccumulatedTranslationAdjustmentMember2023-01-280000109198us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-280000109198us-gaap:AccumulatedTranslationAdjustmentMember2023-01-292023-07-290000109198us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-292023-07-290000109198us-gaap:AccumulatedTranslationAdjustmentMember2023-07-290000109198us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-290000109198tjx:TradeDateBasisMember2023-04-302023-07-290000109198tjx:TradeDateBasisMember2023-01-292023-07-290000109198tjx:SettlementDateBasisMember2023-01-292023-07-290000109198tjx:SettlementDateBasisMember2022-01-302022-07-3000001091982023-02-28xbrli:pure0000109198us-gaap:ForeignExchangeContractMember2023-01-292023-07-290000109198us-gaap:LongMembertjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-29iso4217:EUR0000109198us-gaap:ShortMembertjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-29iso4217:GBP0000109198tjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-290000109198us-gaap:LongMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-29iso4217:AUD0000109198us-gaap:ShortMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-290000109198us-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-290000109198us-gaap:LongMembertjx:ConversionOfUsDollarToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-290000109198us-gaap:ShortMembertjx:ConversionOfUsDollarToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-290000109198tjx:ConversionOfUsDollarToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2023-07-290000109198us-gaap:LongMembertjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198us-gaap:ShortMembertjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198tjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:LongMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-07-290000109198us-gaap:LongMembertjx:AccruedExpenseMembersrt:MinimumMemberus-gaap:CommodityContractMember2023-01-292023-07-29utr:galutr:M0000109198srt:MaximumMemberus-gaap:LongMembertjx:AccruedExpenseMemberus-gaap:CommodityContractMember2023-01-292023-07-290000109198us-gaap:ShortMembertjx:AccruedExpenseMembersrt:MinimumMemberus-gaap:CommodityContractMember2023-01-292023-07-290000109198srt:MaximumMemberus-gaap:ShortMembertjx:AccruedExpenseMemberus-gaap:CommodityContractMember2023-01-292023-07-290000109198tjx:AccruedExpenseMemberus-gaap:CommodityContractMember2023-07-290000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:LongMembertjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMember2023-07-290000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:ShortMembertjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMember2023-07-290000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMembertjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-07-29iso4217:CAD0000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToEuroMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfPoundToUsDollarMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2023-07-290000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-290000109198us-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-290000109198tjx:MerchandisePurchaseCommitmentsMembertjx:PrepaidExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-07-290000109198tjx:ConversionOfZlotyToPoundMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:AccruedExpenseMember2023-07-29iso4217:PLN0000109198tjx:ConversionOfZlotyToPoundMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMember2023-07-290000109198tjx:ConversionOfZlotyToPoundMembertjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfUsDollarToEuroMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMember2023-07-290000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMember2023-07-290000109198us-gaap:LongMembertjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:ShortMembertjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:ConversionOfEuroToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:LongMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198us-gaap:ShortMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198tjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198us-gaap:LongMembertjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:ShortMembertjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:LongMembertjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:ShortMembertjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:AccruedExpenseMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:LongMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-280000109198us-gaap:LongMembersrt:MinimumMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302023-01-280000109198srt:MaximumMemberus-gaap:LongMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302023-01-280000109198us-gaap:ShortMembersrt:MinimumMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302023-01-280000109198srt:MaximumMemberus-gaap:ShortMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302023-01-280000109198us-gaap:CommodityContractMembertjx:PrepaidExpenseMember2023-01-280000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:LongMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2023-01-280000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:ShortMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2023-01-280000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToEuroMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfPoundToUsDollarMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2023-01-280000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2023-01-280000109198tjx:ConversionOfZlotyToPoundMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:AccruedExpenseMember2023-01-280000109198tjx:ConversionOfZlotyToPoundMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMember2023-01-280000109198tjx:ConversionOfZlotyToPoundMembertjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMember2023-01-280000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:AccruedExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198us-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198tjx:MerchandisePurchaseCommitmentsMembertjx:AccruedExpenseMembertjx:ConversionOfAustralianDollarToUsDollarMember2023-01-280000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfUsDollarToEuroMembertjx:PrepaidExpenseMember2023-01-280000109198us-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMembertjx:PrepaidExpenseMember2023-01-280000109198tjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMembertjx:PrepaidExpenseMember2023-01-280000109198us-gaap:LongMembertjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198us-gaap:ShortMembertjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:ConversionOfEuroToPoundMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:LongMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198us-gaap:LongMembertjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198us-gaap:ShortMembertjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198tjx:ConversionOfUsDollarToPoundMembertjx:AccruedExpenseMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198us-gaap:LongMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198us-gaap:ShortMembertjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:ConversionOfPoundToUsDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:LongMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:ConversionOfEuroToUSDollarMemberus-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-07-300000109198us-gaap:LongMembersrt:MinimumMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302022-07-300000109198srt:MaximumMemberus-gaap:LongMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302022-07-300000109198us-gaap:ShortMembersrt:MinimumMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302022-07-300000109198srt:MaximumMemberus-gaap:ShortMemberus-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-01-302022-07-300000109198us-gaap:CommodityContractMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:LongMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:ShortMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMembertjx:ConversionOfEuroToPoundMembertjx:PrepaidExpenseMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToUsDollarMember2022-07-300000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfCanadianDollarToEuroMembertjx:AccruedExpenseMember2022-07-300000109198us-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMembertjx:AccruedExpenseMember2022-07-300000109198tjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfCanadianDollarToEuroMembertjx:AccruedExpenseMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfPoundToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfPoundToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfAustralianDollarToUsDollarMember2022-07-300000109198tjx:ConversionOfZlotyToPoundMembertjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMember2022-07-300000109198tjx:ConversionOfZlotyToPoundMembertjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMember2022-07-300000109198tjx:ConversionOfZlotyToPoundMembertjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMemberus-gaap:LongMembertjx:ConversionOfUsDollarToEuroMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMemberus-gaap:ShortMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMember2022-07-300000109198tjx:PrepaidExpenseAccruedExpenseMembertjx:MerchandisePurchaseCommitmentsMembertjx:ConversionOfUsDollarToEuroMember2022-07-300000109198us-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-04-302023-07-290000109198us-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-05-012022-07-300000109198us-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2023-01-292023-07-290000109198us-gaap:FairValueHedgingMembertjx:IntercompanyBalancesPrimarilyDebtRelatedMember2022-01-302022-07-300000109198us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-04-302023-07-290000109198us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-05-012022-07-300000109198us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-01-292023-07-290000109198us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-01-302022-07-300000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:NondesignatedMember2023-04-302023-07-290000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:NondesignatedMember2022-05-012022-07-300000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:NondesignatedMember2023-01-292023-07-290000109198tjx:IntercompanyBillingsInEuropePrimarilyMerchandiseRelatedMemberus-gaap:NondesignatedMember2022-01-302022-07-300000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:NondesignatedMember2023-04-302023-07-290000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:NondesignatedMember2022-05-012022-07-300000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:NondesignatedMember2023-01-292023-07-290000109198tjx:MerchandisePurchaseCommitmentsMemberus-gaap:NondesignatedMember2022-01-302022-07-300000109198us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembertjx:ExecutiveSavingsPlanMember2023-07-290000109198us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembertjx:ExecutiveSavingsPlanMember2023-01-280000109198us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembertjx:ExecutiveSavingsPlanMember2022-07-300000109198us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2023-07-290000109198us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2023-01-280000109198us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-07-300000109198us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-07-290000109198us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-01-280000109198us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-07-30tjx:segment0000109198tjx:MarmaxxMemberus-gaap:OperatingSegmentsMember2023-04-302023-07-290000109198tjx:MarmaxxMemberus-gaap:OperatingSegmentsMember2022-05-012022-07-300000109198tjx:MarmaxxMemberus-gaap:OperatingSegmentsMember2023-01-292023-07-290000109198tjx:MarmaxxMemberus-gaap:OperatingSegmentsMember2022-01-302022-07-300000109198tjx:HomeGoodsMemberus-gaap:OperatingSegmentsMember2023-04-302023-07-290000109198tjx:HomeGoodsMemberus-gaap:OperatingSegmentsMember2022-05-012022-07-300000109198tjx:HomeGoodsMemberus-gaap:OperatingSegmentsMember2023-01-292023-07-290000109198tjx:HomeGoodsMemberus-gaap:OperatingSegmentsMember2022-01-302022-07-300000109198tjx:TjxCanadaMemberus-gaap:OperatingSegmentsMember2023-04-302023-07-290000109198tjx:TjxCanadaMemberus-gaap:OperatingSegmentsMember2022-05-012022-07-300000109198tjx:TjxCanadaMemberus-gaap:OperatingSegmentsMember2023-01-292023-07-290000109198tjx:TjxCanadaMemberus-gaap:OperatingSegmentsMember2022-01-302022-07-300000109198tjx:TJXInternationalMemberus-gaap:OperatingSegmentsMember2023-04-302023-07-290000109198tjx:TJXInternationalMemberus-gaap:OperatingSegmentsMember2022-05-012022-07-300000109198tjx:TJXInternationalMemberus-gaap:OperatingSegmentsMember2023-01-292023-07-290000109198tjx:TJXInternationalMemberus-gaap:OperatingSegmentsMember2022-01-302022-07-300000109198us-gaap:OperatingSegmentsMember2023-04-302023-07-290000109198us-gaap:OperatingSegmentsMember2022-05-012022-07-300000109198us-gaap:OperatingSegmentsMember2023-01-292023-07-290000109198us-gaap:OperatingSegmentsMember2022-01-302022-07-300000109198us-gaap:CorporateNonSegmentMember2023-04-302023-07-290000109198us-gaap:CorporateNonSegmentMember2022-05-012022-07-300000109198us-gaap:CorporateNonSegmentMember2023-01-292023-07-290000109198us-gaap:CorporateNonSegmentMember2022-01-302022-07-300000109198us-gaap:FundedPlanMember2023-04-302023-07-290000109198us-gaap:FundedPlanMember2022-05-012022-07-300000109198us-gaap:UnfundedPlanMember2023-04-302023-07-290000109198us-gaap:UnfundedPlanMember2022-05-012022-07-300000109198us-gaap:FundedPlanMember2023-01-292023-07-290000109198us-gaap:FundedPlanMember2022-01-302022-07-300000109198us-gaap:UnfundedPlanMember2023-01-292023-07-290000109198us-gaap:UnfundedPlanMember2022-01-302022-07-300000109198us-gaap:UnfundedPlanMember2023-07-290000109198us-gaap:SeniorNotesMembertjx:A250SeniorUnsecuredNotesDueMay152023Member2023-07-290000109198us-gaap:SeniorNotesMembertjx:A250SeniorUnsecuredNotesDueMay152023Member2023-01-280000109198us-gaap:SeniorNotesMembertjx:A250SeniorUnsecuredNotesDueMay152023Member2022-07-300000109198us-gaap:SeniorNotesMembertjx:A225SeniorUnsecuredNotesDueSeptember152026Member2023-07-290000109198us-gaap:SeniorNotesMembertjx:A225SeniorUnsecuredNotesDueSeptember152026Member2023-01-280000109198us-gaap:SeniorNotesMembertjx:A225SeniorUnsecuredNotesDueSeptember152026Member2022-07-300000109198us-gaap:SeniorNotesMembertjx:A1150SeniorUnsecuredNotesDueMay152028Member2023-07-290000109198us-gaap:SeniorNotesMembertjx:A1150SeniorUnsecuredNotesDueMay152028Member2023-01-280000109198us-gaap:SeniorNotesMembertjx:A1150SeniorUnsecuredNotesDueMay152028Member2022-07-300000109198tjx:A3875SeniorUnsecuredNotesDueApril152030Memberus-gaap:SeniorNotesMember2023-07-290000109198tjx:A3875SeniorUnsecuredNotesDueApril152030Memberus-gaap:SeniorNotesMember2023-01-280000109198tjx:A3875SeniorUnsecuredNotesDueApril152030Memberus-gaap:SeniorNotesMember2022-07-300000109198us-gaap:SeniorNotesMembertjx:A1600SeniorUnsecuredNotesDueMay152031Member2023-07-290000109198us-gaap:SeniorNotesMembertjx:A1600SeniorUnsecuredNotesDueMay152031Member2023-01-280000109198us-gaap:SeniorNotesMembertjx:A1600SeniorUnsecuredNotesDueMay152031Member2022-07-300000109198us-gaap:SeniorNotesMembertjx:A450SeniorUnsecuredNotesDueApril152050Member2023-07-290000109198us-gaap:SeniorNotesMembertjx:A450SeniorUnsecuredNotesDueApril152050Member2023-01-280000109198us-gaap:SeniorNotesMembertjx:A450SeniorUnsecuredNotesDueApril152050Member2022-07-300000109198us-gaap:SeniorNotesMember2023-07-290000109198us-gaap:SeniorNotesMember2023-01-280000109198us-gaap:SeniorNotesMember2022-07-30tjx:facility0000109198us-gaap:RevolvingCreditFacilityMembertjx:RevolvingCreditFacilityDueJune252026Member2023-07-290000109198us-gaap:RevolvingCreditFacilityMembertjx:RevolvingCreditFacilityDueMay102024Member2023-07-290000109198us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertjx:A2028RevolvingCreditFacilityMember2023-05-082023-05-080000109198us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMembertjx:A2028RevolvingCreditFacilityMember2023-05-082023-05-080000109198srt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertjx:A2028RevolvingCreditFacilityMember2023-05-082023-05-080000109198us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembertjx:A2028RevolvingCreditFacilityMember2023-05-082023-05-080000109198srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembertjx:A2028RevolvingCreditFacilityMember2023-05-082023-05-080000109198us-gaap:RevolvingCreditFacilityMember2023-07-290000109198us-gaap:RevolvingCreditFacilityMembertjx:RevolvingCreditFacilityDueMarch112022Member2022-07-300000109198us-gaap:RevolvingCreditFacilityMembertjx:RevolvingCreditFacilityDueMarch112022Member2023-07-290000109198us-gaap:RevolvingCreditFacilityMembertjx:RevolvingCreditFacilityDueMarch112022Member2023-01-280000109198tjx:TjxCanadaMember2023-07-290000109198tjx:TjxCanadaMember2023-01-280000109198tjx:TjxCanadaMember2022-07-300000109198us-gaap:LetterOfCreditMembertjx:TjxCanadaMember2023-07-290000109198us-gaap:LetterOfCreditMembertjx:TjxCanadaMember2023-01-280000109198us-gaap:LetterOfCreditMembertjx:TjxCanadaMember2022-07-300000109198tjx:TJXEuropeCreditLineMembertjx:TJXInternationalMember2023-01-280000109198tjx:TJXEuropeCreditLineMembertjx:TJXInternationalMember2023-07-290000109198tjx:TJXEuropeCreditLineMembertjx:TJXInternationalMember2022-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(mark one)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended July 29, 2023
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 1-4908 
The TJX Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2207613
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
770 Cochituate Road Framingham, Massachusetts
 01701
(Address of principal executive offices) (Zip Code)
(508) 390-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTJXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  
The number of shares of registrant’s common stock outstanding as of August 18, 2023: 1,144,080,554



The TJX Companies, Inc.
TABLE OF CONTENTS
2


PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
IN MILLIONS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 July 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Net sales$12,758 $11,843 $24,541 $23,249 
Cost of sales, including buying and occupancy costs8,910 8,571 17,284 16,794 
Selling, general and administrative expenses2,559 2,175 4,797 4,269 
Impairment on equity investment   218 
Interest (income) expense, net(38)11 (75)30 
Income before income taxes1,327 1,086 2,535 1,938 
Provision for income taxes338 276 655 541 
Net income
$989 $810 $1,880 $1,397 
Basic earnings per share
$0.86 $0.69 $1.63 $1.19 
Weighted average common shares – basic1,148 1,168 1,151 1,173 
Diluted earnings per share
$0.85 $0.69 $1.62 $1.18 
Weighted average common shares – diluted1,161 1,178 1,163 1,184 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
IN MILLIONS
 
 Thirteen Weeks Ended
 July 29,
2023
July 30,
2022
Net income$989 $810 
Additions to other comprehensive income (loss):
Foreign currency translation adjustments, net of related tax provisions of $1 in fiscal 2024 and $0.4 in fiscal 2023
40 (30)
Reclassifications from other comprehensive income (loss) to net income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $0.1 in fiscal 2024 and $2 in fiscal 2023
1 4 
Other comprehensive income (loss), net of tax41 (26)
Total comprehensive income$1,030 $784 
Twenty-Six Weeks Ended
July 29,
2023
July 30,
2022
Net income$1,880 $1,397 
Additions to other comprehensive income (loss):
Foreign currency translation adjustments, net of related tax provision of $0.4 in fiscal 2024 and tax benefit of $0.2 in fiscal 2023
54 (89)
Reclassifications from other comprehensive income (loss) to net income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $0.2 in fiscal 2024 and $3 in fiscal 2023
1 8 
Other comprehensive income (loss), net of tax55 (81)
Total comprehensive income$1,935 $1,316 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4


THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN MILLIONS, EXCEPT SHARE DATA
 
July 29,
2023
January 28,
2023
July 30,
2022
Assets
Current assets:
Cash and cash equivalents$4,550 $5,477 $3,531 
Accounts receivable, net548 563 556 
Merchandise inventories6,585 5,819 7,083 
Prepaid expenses and other current assets507 478 553 
Federal, state and foreign income taxes recoverable 148 119 112 
Total current assets12,338 12,456 11,835 
Net property at cost6,166 5,783 5,390 
Non-current deferred income taxes, net149 158 172 
Operating lease right of use assets9,406 9,086 8,987 
Goodwill95 97 97 
Other assets768 769 610 
Total assets$28,922 $28,349 $27,091 
Liabilities
Current liabilities:
Accounts payable$4,438 $3,794 $4,085 
Accrued expenses and other current liabilities4,244 4,346 3,928 
Current portion of operating lease liabilities1,618 1,610 1,572 
Current portion of long-term debt 500 500 
Federal, state and foreign income taxes payable17 55 62 
Total current liabilities10,317 10,305 10,147 
Other long-term liabilities915 919 917 
Non-current deferred income taxes, net132 127 67 
Long-term operating lease liabilities8,089 7,775 7,706 
Long-term debt2,861 2,859 2,857 
Commitments and contingencies (See Note K)
Shareholders’ equity
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
   
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,144,948,031; 1,155,437,908 and 1,161,886,769 respectively
1,145 1,155 1,162 
Additional paid-in capital   
Accumulated other comprehensive (loss) income(551)(606)(768)
Retained earnings6,014 5,815 5,003 
Total shareholders’ equity6,608 6,364 5,397 
Total liabilities and shareholders’ equity$28,922 $28,349 $27,091 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN MILLIONS
 
 Twenty-Six Weeks Ended
 July 29,
2023
July 30,
2022
Cash flows from operating activities:
Net income$1,880 $1,397 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization467 438 
Impairment on equity investment 218 
Loss on property disposals and impairment charges21 5 
Deferred income tax provision16 26 
Share-based compensation70 58 
Changes in assets and liabilities:
Decrease (increase) in accounts receivable19 (48)
(Increase) in merchandise inventories(734)(1,207)
(Increase) decrease in income taxes recoverable(28)2 
(Increase) in prepaid expenses and other current assets(34)(50)
Increase (decrease) in accounts payable619 (311)
(Decrease) in accrued expenses and other liabilities(170)(393)
(Decrease) in income taxes payable(36)(123)
Increase in net operating lease liabilities0 6 
Other, net(4)(12)
Net cash provided by operating activities2,086 6 
Cash flows from investing activities:
Property additions(820)(693)
Purchases of investments(17)(21)
Sales and maturities of investments18 11 
Net cash (used in) investing activities(819)(703)
Cash flows from financing activities:
Repayment of debt(500) 
Payments for repurchase of common stock(1,041)(1,307)
Cash dividends paid(725)(655)
Proceeds from issuance of common stock81 50 
Other(29)(33)
Net cash (used in) financing activities(2,214)(1,945)
Effect of exchange rate changes on cash20 (54)
Net (decrease) in cash and cash equivalents(927)(2,696)
Cash and cash equivalents at beginning of year5,477 6,227 
Cash and cash equivalents at end of period$4,550 $3,531 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
Thirteen Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, April 29, 20231,150 $1,150 $ $(592)$5,864 $6,422 
Net income    989 989 
Other comprehensive income, net of tax   41  41 
Cash dividends declared on common stock    (381)(381)
Recognition of share-based compensation  36   36 
Issuance of common stock under stock incentive plan and related tax effect2 2 54  (1)55 
Common stock repurchased(7)(7)(90) (457)(554)
Balance, July 29, 20231,145 $1,145 $ $(551)$6,014 $6,608 
Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, April 30, 20221,173 $1,173 $ $(742)$5,164 $5,595 
Net income— — — — 810 810 
Other comprehensive (loss), net of tax— — — (26)— (26)
Cash dividends declared on common stock— — — — (343)(343)
Recognition of share-based compensation— — 31 — — 31 
Issuance of common stock under stock incentive plan and related tax effect0031 — (1)30 
Common stock repurchased(11)(11)(62)— (627)(700)
Balance, July 30, 20221,162 $1,162 $ $(768)$5,003 $5,397 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
7


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
Twenty-Six Weeks Ended
 Common Stock  
  Shares
Par Value $1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, January 28, 20231,155 $1,155 $ $(606)$5,815 $6,364 
Net income    1,880 1,880 
Other comprehensive income, net of tax   55 — 55 
Cash dividends declared on common stock    (764)(764)
Recognition of share-based compensation  70   70 
Issuance of common stock under stock incentive plan and related tax effect3 3 51  (1)53 
Common stock repurchased and retired(13)(13)(121) (916)(1,050)
Balance, July 29, 20231,145 $1,145 $ $(551)$6,014 $6,608 

Twenty-Six Weeks Ended
Common Stock  
Shares
Par Value $1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, January 29, 20221,181 $1,181 $ $(687)$5,509 $6,003 
Net income1,397 1,397 
Other comprehensive (loss), net of tax— — — (81)(81)
Cash dividends declared on common stock— — — — (690)(690)
Recognition of share-based compensation— — 58 — — 58 
Issuance of common stock under stock incentive plan and related tax effect2 2 16 — (1)17 
Common stock repurchased and retired(21)(21)(74)— (1,212)(1,307)
Balance, July 30, 20221,162 $1,162 $ $(768)$5,003 $5,397 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
8


THE TJX COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (“fiscal 2023”).
These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.
The January 28, 2023 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
Fiscal Year
TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 3, 2024 (“fiscal 2024”) and is a 53-week fiscal year. Fiscal 2023 was a 52-week fiscal year. Fiscal 2025 will be a 52-week fiscal year and will end February 1, 2025.
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
Equity Investment
In fiscal 2020, the Company acquired a minority ownership stake in privately held Familia, an off-price retailer of apparel and home fashions domiciled in Luxembourg that operates stores throughout Russia. During the first quarter of fiscal 2023, the Company announced that it had committed to divesting its minority investment, resulting in an impairment charge of $218 million representing the entire carrying value of the Company’s investment. Additionally, the Company realized a $54 million tax benefit when the Company completed the divestiture of this investment during the third quarter of fiscal 2023. See Note F—Fair Value Measurements for additional information.
Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
In millionsJuly 29,
2023
July 30,
2022
Balance, beginning of year$721 $685 
Deferred revenue858 852 
Effect of exchange rates changes on deferred revenue1 (3)
Revenue recognized(916)(905)
Balance, end of period$664 $629 
TJX recognized $472 million in gift card revenue for the three months ended July 29, 2023 and $462 million for the three months ended July 30, 2022. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.
9


Leases
Supplemental cash flow information related to leases is as follows:
Twenty-Six Weeks Ended
In millionsJuly 29,
2023
July 30,
2022
Operating cash flows paid for operating leases$999 $972 
Lease liabilities arising from obtaining right of use assets$1,148 $1,151 
Future Adoption of New Accounting Standards
From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed.
Note B. Property at Cost
The following table presents the components of property at cost:
In millionsJuly 29,
2023
January 28,
2023
July 30,
2022
Land and buildings
$2,086 $2,043 $1,960 
Leasehold costs and improvements
4,147 3,874 3,667 
Furniture, fixtures and equipment7,797 7,400 7,080 
Total property at cost$14,030 $13,317 $12,707 
Less: accumulated depreciation and amortization
7,864 7,534 7,317 
Net property at cost$6,166 $5,783 $5,390 
Depreciation expense was $234 million for the three months ended July 29, 2023 and $216 million for the three months ended July 30, 2022. Depreciation expense was $464 million for the six months ended July 29, 2023 and $434 million for the six months ended July 30, 2022.
Non-cash investing activities in the cash flows consist of accrued capital additions of $192 million and $145 million as of the periods ended July 29, 2023 and July 30, 2022, respectively.
Note C. Accumulated Other Comprehensive (Loss) Income
Amounts included in Accumulated other comprehensive (loss) income are recorded net of taxes. The following table details the changes in Accumulated other comprehensive loss for the twelve months ended January 28, 2023 and the six months ended July 29, 2023:
In millions and net of immaterial taxesForeign
Currency
Translation
Deferred
Benefit
Costs
Accumulated
Other
Comprehensive
(Loss) Income
Balance, January 29, 2022
$(488)$(199)$(687)
Additions to other comprehensive loss:
Foreign currency translation adjustments, net of taxes(56)— (56)
Recognition of net gains/losses on benefit obligations, net of taxes— 121 121 
Reclassifications from other comprehensive loss to net income:
Amortization of prior service cost and deferred gains/losses, net of taxes— 16 16 
Balance, January 28, 2023
$(544)$(62)$(606)
Additions to other comprehensive loss:
Foreign currency translation adjustments, net of taxes54  54 
Reclassifications from other comprehensive loss to net income:
Amortization of prior service cost and deferred gains/losses, net of taxes 1 1 
Balance, July 29, 2023
$(490)$(61)$(551)
10


Note D. Capital Stock and Earnings Per Share
Capital Stock
TJX repurchased and retired 6.7 million shares of its common stock at a cost of approximately $555 million, including applicable excise tax, during the quarter ended July 29, 2023, on a “trade date” basis. During the six months ended July 29, 2023, TJX repurchased and retired 13.2 million shares of its common stock at a cost of approximately $1.1 billion, on a “trade date” basis. TJX reflects stock repurchases in its consolidated financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $1 billion for the six months ended July 29, 2023 and $1.3 billion for the six months ended July 30, 2022. These expenditures were funded by cash on hand and cash generated from current and prior period operations.
In February 2023, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $2.5 billion available for repurchase as of July 29, 2023.
All shares repurchased under the stock repurchase programs have been retired.
Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share:
 Thirteen Weeks EndedTwenty-Six Weeks Ended
Amounts in millions, except per share amountsJuly 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Basic earnings per share:
Net income
$989 $810 $1,880 $1,397 
Weighted average common shares outstanding for basic earnings per share calculation
1,148 1,168 1,151 1,173 
Basic earnings per share
$0.86 $0.69 $1.63 $1.19 
Diluted earnings per share:
Net income
$989 $810 $1,880 $1,397 
Weighted average common shares outstanding for basic earnings per share calculation
1,148 1,168 1,151 1,173 
Assumed exercise/vesting of stock options and awards13 10 12 11 
Weighted average common shares outstanding for diluted earnings per share calculation
1,161 1,178 1,163 1,184 
Diluted earnings per share
$0.85 $0.69 $1.62 $1.18 
Cash dividends declared per share$0.3325 $0.295 $0.665 $0.59 
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were no such options excluded for the thirteen weeks and twenty-six weeks ended July 29, 2023. There were 5.1 million such options excluded for the thirteen weeks and twenty-six weeks ended July 30, 2022.
Note E. Financial Instruments
As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged.
11


Diesel Fuel Contracts
TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2023, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2024, and during the first six months of fiscal 2024, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first six months of fiscal 2025. The hedge agreements outstanding at July 29, 2023 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2024 and the first six months of fiscal 2025. These diesel fuel hedge agreements will settle throughout fiscal 2024 and throughout the first seven months of fiscal 2025. TJX elected not to apply hedge accounting to these contracts.
Foreign Currency Contracts
TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at July 29, 2023 cover merchandise purchases the Company is committed to over the next several months in fiscal 2024. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. Merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for Euro denominated merchandise purchases from third-party vendors. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this exposure.
TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses.
12


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at July 29, 2023:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
July 29,
2023
Fair value hedges:
Intercompany balances, primarily debt:
60 £52 0.8738 Prepaid Exp$0.6 $ $0.6 
A$162 U.S.$112 0.6926 Prepaid Exp3.5  3.5 
U.S.$69 £55 0.8010 Prepaid Exp2.0  2.0 
£200 U.S.$244 1.2191 (Accrued Exp) (13.4)(13.4)
200 U.S.$219 1.0964 Prepaid Exp / (Accrued Exp)0.3 (3.3)(3.0)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.0M – 3.8M
gal per month
Float on
3.0M – 3.8M
gal per month
N/A(Accrued Exp) (2.0)(2.0)
Intercompany billings in TJX International, primarily merchandise:
107 £91 0.8526 (Accrued Exp) (0.8)(0.8)
Merchandise purchase commitments:
C$876 U.S.$655 0.7473 Prepaid Exp / (Accrued Exp)0.2 (9.0)(8.8)
C$28 19 0.6799 Prepaid Exp / (Accrued Exp)0.1 (0.3)(0.2)
£376 U.S.$468 1.2462 Prepaid Exp / (Accrued Exp)0.5 (15.5)(15.0)
A$96 U.S.$65 0.6810 Prepaid Exp1.3  1.3 
605 £114 0.1878 (Accrued Exp) (4.4)(4.4)
U.S.$110 101 0.9139 Prepaid Exp / (Accrued Exp)1.3 (0.3)1.0 
Total fair value of derivative financial instruments$9.8 $(49.0)$(39.2)
13


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


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at July 30, 2022:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair 
Value in 
U.S.$ at 
July 30,
2022
Fair value hedges:
Intercompany balances, primarily debt:
60 £51 0.8428 Prepaid Exp$0.3 $ $0.3 
A$170 U.S.$120 0.7034 Prepaid Exp / (Accrued Exp)0.8 (1.0)(0.2)
U.S.$75 £55 0.7368 (Accrued Exp) (6.8)(6.8)
£150 U.S.$204 1.3578 Prepaid Exp19.1  19.1 
200 U.S.$223 1.1156 Prepaid Exp / (Accrued Exp)14.7 (0.1)14.6 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
2.6M – 3.9M
gal per month
Float on
2.6M – 3.9M
gal per month
N/APrepaid Exp38.2  38.2 
Intercompany billings in TJX International, primarily merchandise:
206 £174 0.8462 Prepaid Exp2.1  2.1 
Merchandise purchase commitments:
C$807 U.S.$635 0.7867 Prepaid Exp / (Accrued Exp)6.7 (1.0)5.7 
C$26 19 0.7314 (Accrued Exp) (0.7)(0.7)
£440 U.S.$569 1.2941 Prepaid Exp / (Accrued Exp)30.0 (2.2)27.8 
A$71 U.S.$51 0.7141 Prepaid Exp / (Accrued Exp)1.1 (0.4)0.7 
701 £124 0.1770 Prepaid Exp / (Accrued Exp)2.2 (0.0)2.2 
U.S.$114 105 0.9188 Prepaid Exp / (Accrued Exp)0.1 (6.0)(5.9)
Total fair value of derivative financial instruments$115.3 $(18.2)$97.1 
15


The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
  Amount of (Loss) Gain Recognized
in Income by Derivative
 
 Location of (Loss) Gain
Recognized in Income by
Derivative
Thirteen Weeks EndedTwenty-Six Weeks Ended
In millionsJuly 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Fair value hedges:
Intercompany balances, primarily debtSelling, general and administrative expenses$(3)$9 $3 $33 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contractsCost of sales, including buying and occupancy costs10 10 (8)54 
Intercompany billings in TJX International, primarily merchandiseCost of sales, including buying and occupancy costs4 0 4 0 
Merchandise purchase commitmentsCost of sales, including buying and occupancy costs(30)7 (22)48 
(Loss) gain recognized in income$(19)$26 $(23)$135 
Note F. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price”. The inputs used to measure fair value are generally classified into the following hierarchy:
Level 1:  Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2:  Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3:  Unobservable inputs for the asset or liability
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
In millionsJuly 29,
2023
January 28,
2023
July 30,
2022
Level 1
Assets:
Executive Savings Plan investments$394.8 $371.6 $364.3 
Level 2
Assets:
Foreign currency exchange contracts$9.8 $8.6 $77.1 
Diesel fuel contracts 3.9 38.2 
Liabilities:
Foreign currency exchange contracts$47.0 $45.1 $18.2 
Diesel fuel contracts2.0   
Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.
Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2.
16


The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2 inputs. The fair value of long-term debt as of July 29, 2023 was $2.6 billion compared to a carrying value of $2.9 billion primarily due to the recent increase in interest rates. The fair value of long-term debt as of January 28, 2023 was $2.6 billion compared to a carrying value of $2.9 billion. The fair value of the current portion of long-term debt as of January 28, 2023 was $497 million compared to a carrying value of $500 million. The fair value of long-term debt as of July 30, 2022 was $2.7 billion compared to a carrying value of $2.9 billion. The fair value of the current portion of long-term debt as of July 30, 2022 was $497 million compared to a carrying value of $500 million. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines.
TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments.
Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the periods ended July 29, 2023, January 28, 2023 and July 30, 2022, the Company did not record any material impairments to long-lived assets.
During the first quarter of fiscal 2023, the Company announced its intention to divest from its position in its minority investment in Familia and re-characterized this investment as held-for-sale valued as a Level 3 position. Given the lack of an active market or observable inputs, the Company derived an exit price which indicated that this investment had no market value. As a result, the Company recorded a $218 million charge in the first quarter of fiscal 2023, which represented the entirety of its investment. See Note A—Basis of Presentation and Summary of Significant Accounting Policies for additional information.
Note G. Segment Information
TJX operates four main business segments. In the United States, the Marmaxx segment operates T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods, Homesense, and homegoods.com. The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx and Homesense, as well as tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and T.K. Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions.
TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.
17


Presented below is financial information with respect to TJX’s business segments:
 Thirteen Weeks EndedTwenty-Six Weeks Ended
In millionsJuly 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Net sales:
In the United States:
Marmaxx$7,903 $7,236 $15,269 $14,107 
HomeGoods2,011 1,856 3,977 3,892 
TJX Canada1,223 1,248 2,261 2,330 
TJX International1,621 1,503 3,034 2,920 
Total net sales$12,758 $11,843 $24,541 $23,249 
Segment profit:
In the United States:
Marmaxx$1,084 $933 $2,112 $1,837 
HomeGoods175 50 319 172 
TJX Canada192 197 309 324 
TJX International32 105 70 118 
Total segment profit1,483 1,285 2,810 2,451 
General corporate expense194 188 350 265 
Impairment on equity investment   218 
Interest (income) expense, net(38)11 (75)30 
Income before income taxes$1,327 $1,086 $2,535 $1,938 
Note H. Pension Plans and Other Retirement Benefits
Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:
 Funded PlanUnfunded Plan
 Thirteen Weeks EndedThirteen Weeks Ended
In millionsJuly 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Service cost$9 $11 $0 $0 
Interest cost18 14 2 1 
Expected return on plan assets(20)(22)  
Amortization of net actuarial loss and prior service cost0 5 1 1 
Total expense$7 $8 $3 $2 
Funded PlanUnfunded Plan
Twenty-Six Weeks EndedTwenty-Six Weeks Ended
In millionsJuly 29,
2023
July 30,
2022
July 29,
2023
July 30,
2022
Service cost$17 $23 $1 $1 
Interest cost36 29 3 2 
Expected return on plan assets(40)(44)  
Amortization of net actuarial loss and prior service cost0 9 1 2 
Total expense$13 $17 $5 $5 
18


TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2024 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2024.
The amounts included in Amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from Accumulated other comprehensive (loss) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented.
The Company has offered eligible former TJX Associates who have not yet commenced their qualified pension plan benefit an opportunity to receive a voluntary lump sum payout of their vested pension plan benefit. As a result, the Company anticipates an immaterial non-cash settlement charge. This potential non-cash settlement charge is expected to be incurred in the third quarter of fiscal 2024 and would impact the Company’s pretax profit margin and earnings per share results.
Note I. Long-Term Debt and Credit Lines
The table below presents long-term debt as of July 29, 2023, January 28, 2023 and July 30, 2022. All amounts are net of unamortized debt discounts.
In millions and net of immaterial unamortized debt discountsJuly 29,
2023
January 28,
2023
July 30,
2022
General corporate debt:
2.500% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount)
$ $500 $500 
2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)
998 997