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Document and Company Information - USD ($)	6 Months Ended
Document and Company Information - USD ($)	Aug. 01, 2009	Jul. 26, 2008
Document And Company Information [Abstract]
Entity Registrant Name	TJX COMPANIES INC
Entity Central Index Key	0000109198
Document Type	10-Q
Document Period End Date	Aug. 01, 2009
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 13,553,030,893
Entity Common Stock, Shares Outstanding	423,853,927

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2009	Jul. 26, 2008	Aug. 01, 2009	Jul. 26, 2008
Statement [Line Items]
Net sales	$ 4,747,528	$ 4,554,395	$ 9,101,752	$ 8,857,950
Cost of sales, including buying and occupancy costs	3,534,302	3,447,443	6,807,648	6,724,386
Selling, general and administrative expenses	790,876	766,936	1,525,933	1,495,322
Interest expense, net	9,249	2,641	15,850	4,315
Income from continuing operations before provision for income taxes	413,101	337,375	752,321	633,927
Provision for income taxes	151,540	125,302	281,546	223,854
Income from continuing operations	261,561	212,073	470,775	410,073
(Loss) from discontinued operations, net of income taxes	0	(11,850)	0	(16,001)
Net income	$ 261,561	$ 200,223	$ 470,775	$ 394,072
Basic earnings per share:
Income from continuing operations	$ 0.62	$ 0.5	$ 1.13	$ 0.97
(Loss) from discontinued operations, net of income taxes	0	(0.02)	0	(0.04)
Net income	$ 0.62	$ 0.48	$ 1.13	$ 0.93
Weighted average common shares - basic	423,891	421,289	418,212	423,454
Diluted earnings per share:
Income from continuing operations	$ 0.61	$ 0.48	$ 1.09	$ 0.92
(Loss) from discontinued operations, net of income taxes	0	(0.03)	0	(0.04)
Net income	$ 0.61	$ 0.45	$ 1.09	$ 0.88
Weighted average common shares - diluted	430,453	445,423	431,091	448,135
Cash dividends declared per share	$ 0.12	$ 0.11	$ 0.24	$ 0.22

Balance Sheets - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2009	Jul. 26, 2008	Jan. 31, 2009
Current assets:
Cash and cash equivalents	$ 1,426,895	$ 517,493	$ 453,527
Short-term investments	134,627	0	0
Accounts receivable, net	145,387	141,826	143,500
Merchandise inventories	3,100,175	3,104,817	2,619,336
Prepaid expenses and other current assets	295,766	308,252	274,091
Current deferred income taxes, net	108,852	93,851	135,675
Total current assets	5,211,702	4,166,239	3,626,129
Property at cost:
Land and buildings	277,463	278,494	280,278
Leasehold costs and improvements	1,865,203	1,854,524	1,728,362
Furniture, fixtures and equipment	2,958,867	2,799,123	2,784,316
Total property at cost	5,101,533	4,932,141	4,792,956
Less accumulated depreciation and amortization	2,872,297	2,685,525	2,607,200
Net property at cost	2,229,236	2,246,616	2,185,756
Property under capital lease, net of accumulated amortization of $18,240; $17,124 and $16,007, respectively	14,332	16,565	15,448
Other assets	200,951	183,155	171,381
Goodwill and tradename, net of amortization	179,779	179,980	179,528
TOTAL ASSETS	7,836,000	6,792,555	6,178,242
Current liabilities:
Current installments of long-term debt	418,943	0	392,852
Obligation under capital lease due within one year	2,263	2,090	2,175
Accounts payable	1,740,443	1,746,079	1,276,098
Accrued expenses and other liabilities	1,067,862	1,236,136	1,096,766
Total current liabilities	3,229,511	2,984,305	2,767,891
Other long-term liabilities	753,254	744,032	765,004
Non-current deferred income taxes, net	229,991	98,548	127,008
Obligation under capital lease, less portion due within one year	17,045	19,308	18,199
Long-term debt, exclusive of current installments	$ 774,287	$ 832,788	$ 365,583
Commitments and contingencies
SHAREHOLDERS' EQUITY
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 423,853,927; 412,821,592 and 419,411,063, respectively	$ 423,854	$ 419,411	$ 412,822
Additional paid-in capital	215,568	0	0
Accumulated other comprehensive (loss)	(115,791)	(33,483)	(217,781)
Retained earnings	2,308,281	1,727,646	1,939,516
Total shareholders' equity	2,831,912	2,113,574	2,134,557
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 7,836,000	$ 6,792,555	$ 6,178,242

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Aug. 01, 2009	Jul. 26, 2008
Cash flows from operating activities:
Net income	$ 470,775	$ 394,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	209,420	199,795
Loss on property disposals and impairment charges	867	21,644
Deferred income tax provision	108,326	59,885
Amortization of share-based compensation expense	25,859	24,699
Excess tax benefits from share-based compensation expense	(6,213)	(14,035)
Changes in assets and liabilities:
Decrease in accounts receivable	1,573	1,279
(Increase) in merchandise inventories	(408,952)	(369,839)
(Increase) in prepaid expenses and other current assets	(23,275)	(102,880)
Increase in accounts payable	422,565	230,879
(Decrease) increase in accrued expenses and other liabilities	(91,869)	13,290
Other	(4,342)	9,631
Net cash provided by operating activities	704,734	468,420
Cash flows from investing activities:
Property additions	(163,637)	(259,005)
Purchase of short-term investments	(167,184)	0
Sales and maturities of short-term investments	42,756	0
Other	(5,438)	398
Net cash (used in) investing activities	(293,503)	(258,607)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	774,263	0
Principal payments on current portion of long-term debt	(2,283)	0
Cash payments for debt issuance expenses	(7,202)	0
Payments on capital lease obligation	(1,065)	(984)
Cash payments for repurchase of common stock	(236,713)	(448,574)
Proceeds from sale and issuance of common stock	68,790	99,685
Excess tax benefits from share-based compensation expense	6,213	14,035
Cash dividends paid	(96,601)	(85,106)
Net cash provided by (used in) financing activities	505,402	(420,944)
Effect of exchange rate changes on cash	56,735	(3,988)
Net increase (decrease) in cash and cash equivalents	973,368	(215,119)
Cash and cash equivalents at beginning of fiscal year	453,527	732,612
Cash and cash equivalents at end of period	$ 1,426,895	$ 517,493

Statement of Shareholders Equity - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 01, 2009	Aug. 01, 2009
Statement [Line Items]
Beginning Balance		$ 2,134,557
Comprehensive income:
Net income	$ 261,561	470,775
Gain due to foreign currency translation adjustments		100,300
Recognition of unfunded post retirement liabilities		(1,212)
Recognition of prior service cost and deferred gains		2,902
Total comprehensive income		572,765
Cash dividends declared on common stock		(102,010)
Amortization of share-based compensation expense		25,859
Issuance of common stock upon conversion of convertible debt		365,088
Issuance of common stock under stock incentive plan and related tax effect		72,366
Common stock repurchased		(236,713)
Ending Balance	2,831,912	2,831,912
Common Stock
Statement [Line Items]
Beginning Balance		$ 412,822
Shares, Beginning Balance		412,822
Comprehensive income:
Restricted stock awards granted		$ 466
Restricted stock awards granted, Shares		466
Issuance of common stock upon conversion of convertible debt		$ 15,094
Issuance of common stock upon conversion of convertible debt, Shares		15,094
Issuance of common stock under stock incentive plan and related tax effect		$ 3,432
Issuance of common stock under stock incentive plan and related tax effect, Shares		3,432
Common stock repurchased		$ (7,960)
Common stock repurchased, Shares		(7,960)
Ending Balance	$ 423,854	$ 423,854
Shares, Ending Balance	423,854	423,854
Additional Paid-in Capital
Comprehensive income:
Restricted stock awards granted		$ (466)
Amortization of share-based compensation expense		25,859
Issuance of common stock upon conversion of convertible debt		349,994
Issuance of common stock under stock incentive plan and related tax effect		68,934
Common stock repurchased		(228,753)
Ending Balance	$ 215,568	215,568
Retained Earnings
Statement [Line Items]
Beginning Balance		1,939,516
Comprehensive income:
Net income		470,775
Cash dividends declared on common stock		(102,010)
Ending Balance	2,308,281	2,308,281
Accumulated Other Comprehensive Income (Loss)
Statement [Line Items]
Beginning Balance		(217,781)
Comprehensive income:
Gain due to foreign currency translation adjustments		100,300
Recognition of unfunded post retirement liabilities		(1,212)
Recognition of prior service cost and deferred gains		2,902
Ending Balance	$ (115,791)	$ (115,791)

Summary Of Significant Accounting Policies	6 Months Ended
Summary Of Significant Accounting Policies	Aug. 01, 2009
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note A. Summary of Significant Accounting Policies Basis of Presentation — The consolidated interim financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments, the use of retail statistics, and accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by TJX for a fair presentation of its financial statements for the periods reported, all in accordance with generally accepted accounting principles consistently applied. The consolidated interim financial statements 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 31, 2009 (“fiscal 2009”). The results for the first six months are not necessarily indicative of results for the full fiscal year, because 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. Share-Based Compensation — Total share-based compensation expense was $13.5 million for the quarter ended August 1, 2009 and $12.5 million for the quarter ended July 26, 2008. Total share-based compensation expense was $25.9 million for the six months ended August 1, 2009 and $24.7 million for the six months ended July 26, 2008. These amounts include stock option expense as well as restricted stock amortization. There were options to purchase 3.0 million shares of common stock exercised during the second quarter and options to purchase 3.5 million shares of common stock exercised for the six months ended August 1, 2009. There were options to purchase 27.7 million shares of common stock outstanding as of August 1, 2009. Cash and Cash Equivalents — TJX generally considers highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Investments with maturities greater than three months but less than a year at the date of purchase are included in short-term investments. TJX’s investments are primarily high-grade commercial paper, government and corporate bonds, institutional money market funds and time deposits with major banks. Merchandise Inventories — TJX accrues for inventory purchase obligations at the time of shipment by the vendor. As a result, merchandise inventories on TJX’s balance sheets include an accrual for in-transit inventory of $423.7 million at August 1, 2009 and $367.6 million at July 26, 2008. A liability for a comparable amount is included in accounts payable for the respective period. New Accounting Standards — In April 2009, the Financial Accounting Standards Board (“FASB”) issued three FASB Staff Positions (“FSP”) intended to provide additional application guidance and enhance disclosures regarding fair value measurements and impairments of securities, all of which are effective for interim and annual periods ending after June 15, 2009. FSP Financial Accounting Standard (“FAS”) 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly,” provides guidelines for making fair value measurements more consistent with the principles presented in Statement of Financial Accounting Standards (“SFAS”) 157 when the volume and level of activity of an asset or liability have significantly decreased from normal market activity. FSP FAS 107-1 and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” require interim reporting of fair value disclosures. FSP FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments,” provide additional guidance in determining whether a debt security is other-than-temporarily impaired and expand the disclosures of other-than-temporarily impaired debt and equity securities. The adoption of these FSPs did not have a material effect on TJX’s financial condition, results of operations or cash flows. Reclassifications — Certain immaterial 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. Subsequent Events — As of August 28, 2009, the date of issuance of this Form 10-Q for the quarter ended August 1, 2009, there were no items deemed to be reportable as a subsequent event, other than the repayment of the C$235 million term credit facility which was repaid on August 10, 2009. Further details are disclosed in Note I.

Commitments and Contingencies

6 Months Ended

Aug. 01, 2009

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note C. Commitments and Contingencies

Provision for Computer Intrusion related costs — TJX has a reserve for its estimate of the total probable losses arising from 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. The reserve balance was $27.2 million at August 1, 2009. As an estimate, the reserve is subject to uncertainty, and actual costs may vary from the current estimate and such variations may be material. TJX may decrease or increase the amount of the reserve to adjust for developments in litigation, claims and related expenses, insurance proceeds and changes in estimates.

Reserve for Discontinued Operations — 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 that were closed in the fourth quarter of fiscal 2007, three leases related to the sale of Bob’s Stores and leases of other TJX businesses. The balance in the reserve and the activity for respective periods are presented below:


	Twenty-Six Weeks Ended
	August 1,			July 26,
In thousands	2009			2008

Balance at beginning of year	$	40,564		$	46,076
Additions to the reserve charged to net income:
Interest accretion		881			910
Cash charges against the reserve:
Lease-related obligations		(2,472	)		(3,501	)
Termination benefits and all other		(33	)		—

Balance at end of period	$	38,940		$	43,485

TJX may also be contingently liable on up to 15 leases of BJ’s Wholesale Club, a former TJX business, and on eight additional Bob’s Stores leases. The reserve for discontinued operations does not reflect these leases because TJX does not believe that the likelihood of future liability to TJX is probable.

Earnings Per Share And Capital Stock

6 Months Ended

Aug. 01, 2009

Earnings Per Share and Capital Stock [Abstract]

Earnings Per Share and Capital stock

Note E. Earnings Per Share and Capital Stock

The computation of TJX’s basic and diluted earnings per share (EPS) is as follows:


	Thirteen Weeks Ended
	August 1,		July 26,
In thousands, except per share data	2009		2008

Basic earnings per share
Income from continuing operations	$	261,561	$	212,073
Weighted average common shares outstanding for basic EPS		423,891		421,289

Basic earnings per share — continuing operations	$	0.62	$	0.50

Diluted earnings per share
Income from continuing operations	$	261,561	$	212,073
Add back: Interest expense on zero coupon convertible subordinated notes, net of income taxes		1		1,202

Income from continuing operations used for diluted EPS calculation	$	261,562	$	213,275


Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		423,891		421,289
Assumed conversion/exercise/vesting of:
Stock options and awards		6,026		7,231
Zero coupon convertible subordinated notes		536		16,903

Weighted average common shares outstanding for diluted EPS		430,453		445,423


Diluted earnings per share — continuing operations	$	0.61	$	0.48


	Twenty-Six Weeks Ended
	August 1,		July 26,
In thousands, except per share data	2009		2008

Basic earnings per share
Income from continuing operations	$	470,775	$	410,073
Weighted average common shares outstanding for basic EPS		418,212		423,454

Basic earnings per share — continuing operations	$	1.13	$	0.97

Diluted earnings per share
Income from continuing operations	$	470,775	$	410,073
Add back: Interest expense on zero coupon convertible subordinated notes, net of income taxes		1,073		2,397

Income from continuing operations used for diluted EPS calculation	$	471,848	$	412,470


Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		418,212		423,454
Assumed conversion/exercise/vesting of:
Stock options and awards		5,077		7,778
Zero coupon convertible subordinated notes		7,802		16,903

Weighted average common shares outstanding for diluted EPS		431,091		448,135


Diluted earnings per share — continuing operations	$	1.09	$	0.92

FSP 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities,” was applicable for TJX during the first quarter of fiscal 2010. The adoption of this FSP had no impact on TJX’s financial statements.

Weighted average common shares for diluted earnings per share exclude the incremental effect related to any outstanding stock options, the exercise price of which is in excess of the related fiscal period’s average price of TJX’s common stock. Such options are excluded because they would have an antidilutive effect. There were options to purchase 4.9 million shares excluded for the thirteen weeks and options to purchase 9.8 million shares excluded for the twenty-six weeks ended August 1, 2009. No options were excluded for the thirteen or twenty-six weeks ended July 26, 2008.

In April 2009, TJX called for the redemption of its zero coupon convertible subordinated notes. There were 430,887 such notes with a carrying value of $340.5 million converted during the three months ended August 1, 2009, resulting in the issuance of 14.1 million shares of common stock at a conversion rate of 32.667 shares of TJX common stock per note. During the six months ended August 1, 2009, there were 462,057 such notes with a carrying value of $365.1 million converted into 15.1 million shares of TJX common stock and TJX paid $2.3 million to redeem the remaining 2,886 notes outstanding that were not converted.

During the quarter ended August 1, 2009, TJX repurchased and retired 6.4 million shares of its common stock at a cost of $193.8 million. For the six months ended August 1, 2009, TJX repurchased and retired 8.0 million shares of its common stock at a cost of $236.7 million. TJX reflects stock repurchases in its financial statements on a “settlement” basis. TJX had cash expenditures under its repurchase programs of $236.7 million for the six months ended August 1, 2009, and $448.6 million for the same period last year. Repurchases were funded by cash generated from operations and, in fiscal 2010, the net proceeds from the issuance of $375 million 6.95% notes. Under the $1 billion stock repurchase program authorized in February 2008, TJX repurchased 16.9 million shares of common stock at a cost of $491.8 million through the second quarter of fiscal 2010, and $508.2 million remained available at August 1, 2009. All shares repurchased under the stock repurchase program have been retired.

Financial Instruments

6 Months Ended

Aug. 01, 2009

Financial Instruments [Abstract]

Financial Instruments

Note F. 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.

Interest Rate Contracts — At August 1, 2009, TJX had interest rate swap agreements outstanding with a notional amount of $100 million. The agreements entitle TJX to receive biannual payments of interest at a fixed rate of 7.45% and to pay a floating rate of interest indexed to the six-month LIBOR rate with no exchange of the underlying notional amounts. The interest rate swap agreements converted a portion of TJX’s long-term debt from a fixed-rate obligation to a floating-rate obligation. TJX designated the interest rate swap agreements as a fair value hedge of the related long-term debt. The interest rate swaps expire in December 2009.

Diesel Fuel Contracts — During fiscal 2009, TJX entered into agreements to hedge approximately 30% of its notional diesel fuel requirements for fiscal 2010, based on the diesel fuel consumed by independent freight carriers transporting the Company’s inventory. These carriers charge TJX mileage surcharges for diesel fuel price increases as incurred by the freight carrier. The hedge agreements were 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 year. TJX elected not to apply hedge accounting rules to these contracts. All of the diesel fuel hedge agreements expire in February 2010.

Foreign Currency Contracts — TJX enters into forward foreign currency exchange contracts to obtain economic hedges on firm U.S. dollar and Euro-denominated merchandise purchase commitments made by its Canadian and European operations. These commitments are typically six months or less in duration. The contracts outstanding at August 1, 2009 covered certain commitments for the third and fourth quarters of fiscal 2010. TJX elected not to apply hedge accounting rules to these contracts.

TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. 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 which is reflected in selling, general and administrative expenses.

Following is a summary of TJX’s derivative financial instruments and related fair values outstanding at August 1, 2009:


														Net Fair
														Value in
						Blended								US$ at
						Contract		Balance Sheet	Asset		(Liability)			August
In thousands	Pay		Receive			Rate		Location	US$		US$			1, 2009

Derivatives designated as hedging instrument under SFAS 133
Fair value hedges
Interest rate swap fixed to floating on notional of $50,000	LIBOR+4.17%			7.45	%		N/A	Prepaid Expense		524					524

Interest rate swap fixed to floating on notional of $50,000	LIBOR+3.42%			7.45	%		N/A	Prepaid Expense		712					712

Intercompany balances, primarily short-term debt and related interest	C$	68,410	US$	63,224			0.9242	(Accrued Exp)				(317	)		(317	)

Derivatives not designated as hedging instrument under SFAS 133

Diesel contracts	Fixed on 750K gal per month		Float on 750K gal per month				N/A	(Accrued Exp)				(1,217	)		(1,217	)
Merchandise purchase commitments
	C$	227,502	US $	196,125			0.8621	(Accrued Exp)				(15,132	)		(15,132	)
	C$	2,283	€	1,450			0.6351	(Accrued Exp)				(53	)		(53	)
	£	24,316	US $	39,100			1.6080	(Accrued Exp)				(1,539	)		(1,539	)
	£	27,485	US $	32,000			1.1643	Prepaid Expense/ (Accrued Exp)		11		(355	)		(344	)
	US $	334	€	242			1.3805	Prepaid Expense		11		—			11


TOTAL FAIR VALUE OF ALL FINANCIAL INSTRUMENTS															(17,355	)

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. Following are the balance sheet classifications of the fair value of TJX’s derivatives:


In thousands	August 1, 2009

Current assets	$	1,258
Non-current assets		—
Current liabilities		(18,613	)
Non-current liabilities		—

Net fair value asset (liability)	$	(17,355	)

The impact of derivative financial instruments on statements of income during fiscal 2010 is as follows:


			Amount of Gain
			(Loss)
	Location of Gain (Loss)		Recognized in
	Recognized in Income by		Income by
In thousands	Derivative		Derivative

Derivatives designated as hedging instrument under SFAS 133
Fair value hedges

Interest rate swap fixed to floating on notional of $50,000	Interest expense, net	US$	541

Interest rate swap fixed to floating on notional of $50,000	Interest expense, net	US$	730

Intercompany balances, primarily short-term debt and related interest	Selling, general & administrative expenses	US$	(7,023	)

Derivatives not designated as hedging instrument under SFAS 133
Diesel contracts
	Cost of sales, including buying and occupancy costs	US$	3,714
Merchandise purchase commitments
	Cost of sales, including buying and occupancy costs	US$	(21,175	)


Gain (Loss) Recognized in Income			(23,213	)

The counterparties to the forward exchange contracts and swap agreements are major international financial institutions, and the contracts contain rights of offset, which minimize TJX’s exposure to credit loss in the event of nonperformance by one of the counterparties. TJX is not required by counterparties, and TJX does not require that counterparties, maintain collateral for these contracts. TJX periodically monitors its position and the credit ratings of the counterparties and does not anticipate losses resulting from the nonperformance of these institutions.

Segment Information

6 Months Ended

Aug. 01, 2009

Segment Information [Abstract]

Segment Information

Note G. Segment Information

In the United States, T.J. Maxx and Marshalls stores are aggregated as the Marmaxx segment, and HomeGoods and A.J. Wright each is reported as a separate segment. TJX’s stores operated in Canada (Winners and HomeSense) are reported in the Canadian segment and TJX’s stores operated in Europe (T.K. Maxx and HomeSense) are reported in the European segment. TJX evaluates the performance of its segments based on “segment profit or loss,” which TJX defines as pre-tax income before general corporate expense 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 TJX’s performance or as a measure of liquidity.

Presented below is financial information on TJX’s business segments:


	Thirteen Weeks Ended
	August 1,		July 26,
In thousands	2009		2008

Net sales:
U.S. segments:
Marmaxx	$	3,145,504	$	2,957,190
HomeGoods		412,837		350,433
A.J. Wright		181,927		160,461
International segments:
Canada		495,671		538,694
Europe		511,589		547,617

	$	4,747,528	$	4,554,395


Segment profit (loss):
U.S. segments:
Marmaxx	$	358,351	$	298,062
HomeGoods		24,532		2,169
A.J. Wright		1,371		(765	)
International segments:
Canada		47,971		60,389
Europe		24,720		13,745

		456,945		373,600

General corporate expenses		34,595		33,584
Interest expense, net		9,249		2,641

Income from continuing operations before provision for income taxes	$	413,101	$	337,375


	Twenty-Six Weeks Ended
	August 1,		July 26,
In thousands	2009		2008

Net sales:
U.S. segments:
Marmaxx	$	6,083,813	$	5,759,480
HomeGoods		804,732		713,862
A.J. Wright		361,321		314,719
International segments:
Canada		919,763		1,027,078
Europe		932,123		1,042,811

	$	9,101,752	$	8,857,950


Segment profit (loss):
U.S. segments:
Marmaxx	$	689,021	$	576,561
HomeGoods		40,105		11,063
A.J. Wright		5,784		(1,650	)
International segments:
Canada		67,698		101,286
Europe		34,013		15,208

		836,621		702,468

General corporate expenses		68,450		64,226
Interest expense, net		15,850		4,315

Income from continuing operations before provision for income taxes	$	752,321	$	633,927

Income Taxes	6 Months Ended
Income Taxes	Aug. 01, 2009
Income Taxes [Abstract]
Income Taxes	Note J. Income Taxes TJX adopted the provisions of FASB Interpretation 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), in the first quarter of fiscal 2008. TJX had unrecognized tax benefits of $129.7 million as of August 1, 2009 and $131.6 million as of July 26, 2008. The effective income tax rate was 36.7% for the second quarter this year compared to 37.1% for last year’s second quarter. The decrease in this rate for the second quarter was largely driven by the favorable impact this year due to the tax treatment of foreign currency gains and losses on certain intercompany loans between TJX and Winners. The effective income tax rate for the six months ended August 1, 2009 was 37.4% as compared to 35.3% for last year’s comparable period as a result of the absence in fiscal 2010 of tax benefits included in the fiscal 2009 effective rate, partially offset by the favorable impact in the current year due to the tax treatment of foreign currency gains on certain intercompany loans. The six months ended July 26, 2008 included a $15 million reversal of several uncertain tax positions as a result of federal and state filings and a $4 million benefit due to revised guidance on the deductibility of performance-based pay for executive officers and on tax benefits relating to TJX’s Puerto Rican subsidiary. On a combined basis, these tax benefits reduced the fiscal 2009 six-month effective income tax rate by 3.4 percentage points. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In nearly all jurisdictions, the tax years through fiscal 2001 are no longer subject to examination. TJX’s accounting policy classifies interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties were $53.0 million as of August 1, 2009 and $44.3 million as of July 26, 2008. Based on the outcome of tax examinations or judicial or administrative proceedings, or as a result of the expiration of statute of limitations in specific jurisdictions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those presented on the financial statements. During the next 12 months, it is reasonably possible that tax examinations of prior years’ tax returns or judicial or administrative proceedings, that reflect such positions taken by TJX, may be finalized. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range of $2.0 million to $70.0 million.

Disclosures About Fair Value Of Financial Instruments

6 Months Ended

Aug. 01, 2009

Disclosures About Fair Value Of Financial Instruments [Abstract]

Disclosures About Fair Value Of Financial Instruments

Note K. Disclosures about Fair Value of Financial Instruments

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements,” (SFAS 157), which establishes a common definition for fair value to be applied to U.S. GAAP requiring use of fair value, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. SFAS 157 was effective for financial assets and financial liabilities for fiscal years beginning after November 15, 2007. Issued in February 2008, FSP 157-1, “Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement under Statement 13” removed leasing transactions accounted for under FASB Statement No. 13 and related guidance from the scope of SFAS 157. FSP 157-2, “Partial Deferral of the Effective Date of Statement 157,” deferred the effective date of SFAS 157 to fiscal years beginning after November 15, 2008 for all nonfinancial assets and nonfinancial liabilities except for those that are recognized at fair value on a recurring basis (at least annually) to fiscal years beginning after November 15, 2008.

The implementation of SFAS 157 for financial assets and financial liabilities, effective January 27, 2008, did not have a material impact on TJX’s consolidated financial position and results of operations. The implementation of SFAS 157 for nonfinancial assets and nonfinancial liabilities effective February 1, 2009, did not have a material impact on TJX’s financial condition, results of operations or cash flows.

SFAS 157 defines fair value 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). SFAS 157 classifies the inputs used to measure fair value 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.

TJX endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified 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 level 1 or level 2 in the fair value hierarchy. The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:


	August 1,		January 31,		July 26,
In thousands	2009		2009		2008

Level 1
Assets:
Cash equivalents	$	751,225	$	161,592	$	73,553
Executive savings plan		50,031		40,636		52,639

Level 2
Assets:
Foreign currency exchange contracts	$	22	$	9,534	$	44,252
Interest rate swaps		1,236		1,859		164

Liabilities:
Foreign currency exchange contracts	$	17,396	$	1,435	$	147,370
Diesel fuel contracts		1,217		4,931		—
Interest rate swaps		—		—		1,514

The fair value of TJX’s general corporate debt, including current installments, was estimated by obtaining market value quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. The fair value of the current installments of long-term debt at August 1, 2009 was $422.7 million versus a carrying value of $418.9 million. The fair value of long-term debt at that date was $805.8 million versus a carrying value of $774.3 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.

Our cash equivalents are stated at cost, which approximates fair market value due to the short maturities of these instruments.

Our executive savings plan is 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 risks from changes in interest and foreign currency exchange rates, which may adversely affect its operating results and financial position. When it deems appropriate, TJX minimizes risks from interest and foreign currency exchange rate fluctuations through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes and TJX does not use leveraged derivative financial instruments. The forward foreign currency exchange contracts and interest rate swaps are valued using broker quotations which include observable market information and, in the instance of one contract, proprietary models. TJX makes no 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 derivative instruments are classified within level 2.

Long Term Debt & Credit Lines	6 Months Ended
Long Term Debt & Credit Lines	Aug. 01, 2009
Long Term Debt And Credit Lines [Abstract]
Long-Term Debt & Credit Lines	Note I. Long-Term Debt & Credit Lines TJX has a $500 million revolving credit facility maturing May 2010 and a $500 million revolving credit facility maturing May 2011. TJX pays six basis points on an annual basis in commitment fees related to both of these facilities. These agreements have no compensating balance requirements and have various covenants including a requirement of a specified ratio of debt to earnings. These agreements serve as back up to TJX’s commercial paper program. TJX had no borrowings outstanding at August 1, 2009 or July 26, 2008. The availability under revolving credit facilities was $1 billion at August 1, 2009 and July 26, 2008. On April 7, 2009, TJX issued $375 million of 6.95% ten-year notes and shortly thereafter called for the redemption of its zero coupon convertible subordinated notes, originally due in 2021. Upon our call for redemption, holders had the right to convert the notes into TJX common stock at a conversion rate of 32.667 shares per note. Virtually all of the subordinated notes were converted into 15.1 million shares of TJX common stock, most during the second quarter of fiscal 2010. TJX has used, and expects to use, the remainder of the proceeds from the 6.95% notes offering to repurchase additional common stock under its stock repurchase program in fiscal 2010. On July 23, 2009, TJX issued $400 million of 4.20% six-year notes. TJX used a portion of the proceeds from the sale of the notes to refinance its C$235 million term credit facility on August 10, 2009, prior to its scheduled maturity, and expects to use the remainder, together with funds from operations to pay its $200 million 7.45% notes due December 15, 2009 at maturity.

Balance Sheets (Parenthetical) - USD ($)	Aug. 01, 2009	Jan. 31, 2009	Jul. 26, 2008
Statement [Line Items]
Property under capital lease, accumulated amortization	$ 18,240,000	$ 17,124,000	$ 16,007,000
Common stock, shares authorized	1,200,000,000	1,200,000,000	1,200,000,000
Common stock, par value	$ 1	$ 1	$ 1
Common stock, shares issued	423,853,927	412,821,592	419,411,063
Common stock, shares outstanding	423,853,927	412,821,592	419,411,063