Company Quick10K Filing
TJX
Price54.83 EPS3
Shares1,229 P/E22
MCap67,381 P/FCF36
Net Debt240 EBIT3,921
TEV67,621 TEV/EBIT17
TTM 2019-11-02, in MM, except price, ratios
10-Q 2020-10-31 Filed 2020-12-01
10-Q 2020-08-01 Filed 2020-08-28
10-Q 2020-05-02 Filed 2020-05-21
10-K 2020-02-01 Filed 2020-03-27
10-Q 2019-11-02 Filed 2019-12-03
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10-K 2019-02-02 Filed 2019-04-03
10-Q 2018-11-03 Filed 2018-12-04
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10-K 2017-01-28 Filed 2017-03-28
10-Q 2016-10-29 Filed 2016-11-30
10-Q 2016-07-30 Filed 2016-08-26
10-Q 2016-04-30 Filed 2016-05-27
10-K 2016-01-30 Filed 2016-03-29
10-Q 2015-10-31 Filed 2015-12-01
10-Q 2015-08-01 Filed 2015-08-28
10-Q 2015-05-02 Filed 2015-05-29
10-K 2015-01-31 Filed 2015-03-31
10-Q 2014-11-01 Filed 2014-12-02
10-Q 2014-08-02 Filed 2014-08-29
10-Q 2014-05-03 Filed 2014-05-30
10-K 2014-02-01 Filed 2014-04-01
10-Q 2013-08-03 Filed 2013-08-30
10-Q 2013-05-04 Filed 2013-05-31
10-K 2013-02-02 Filed 2013-04-02
10-Q 2012-10-27 Filed 2012-11-29
10-Q 2012-07-28 Filed 2012-08-24
10-Q 2012-04-28 Filed 2012-05-25
10-K 2012-01-28 Filed 2012-03-27
10-Q 2011-10-29 Filed 2011-12-01
10-Q 2011-07-30 Filed 2011-08-26
10-Q 2011-04-30 Filed 2011-05-27
10-K 2011-01-29 Filed 2011-03-30
10-Q 2010-10-30 Filed 2010-11-24
10-Q 2010-07-31 Filed 2010-08-27
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10-K 2010-01-30 Filed 2010-03-30
8-K 2020-11-18
8-K 2020-11-18
8-K 2020-11-18
8-K 2020-10-26
8-K 2020-09-16
8-K 2020-08-19
8-K 2020-08-10
8-K 2020-06-09
8-K 2020-05-15
8-K 2020-04-01
8-K 2020-04-01
8-K 2020-03-30
8-K 2020-03-19
8-K 2020-02-26
8-K 2019-11-20
8-K 2019-11-19
8-K 2019-08-20
8-K 2019-06-04
8-K 2019-05-21
8-K 2019-03-14
8-K 2019-02-27
8-K 2019-02-01
8-K 2018-11-21
8-K 2018-11-20
8-K 2018-10-22
8-K 2018-09-27
8-K 2018-09-17
8-K 2018-08-21
8-K 2018-06-05
8-K 2018-05-22
8-K 2018-03-02
8-K 2018-02-28
8-K 2018-02-02
8-K 2018-01-16

TJX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 tjx-20201031xex311.htm
EX-31.2 tjx-20201031xex312.htm
EX-32.1 tjx-20201031xex321.htm
EX-32.2 tjx-20201031xex322.htm

TJX Earnings 2020-10-31

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
1.61.10.60.2-0.3-0.82012201420172020
Ops, Inv, Fin

tjx-20201031
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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 October 31, 2020
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 October 31, 2020: 1,200,631,186



The TJX Companies, Inc.
TABLE OF CONTENTS

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
IN THOUSANDS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 October 31,
2020
November 2,
2019
October 31,
2020
November 2,
2019
Net sales$10,117,289 $10,451,334 $21,193,752 $29,510,515 
Cost of sales, including buying and occupancy costs7,062,285 7,440,033 16,651,240 21,103,975 
Selling, general and administrative expenses1,986,128 1,885,923 4,827,816 5,319,659 
Interest expense, net52,884 3,259 133,571 6,973 
Income (loss) before income taxes1,015,992 1,122,119 (418,875)3,079,908 
(Provision) benefit for income taxes(149,336)(293,856)183,822 (792,505)
Net income (loss)
$866,656 $828,263 $(235,053)$2,287,403 
Basic earnings (loss) per share
$0.72 $0.69 $(0.20)$1.89 
Weighted average common shares – basic1,199,951 1,206,369 1,198,798 1,210,475 
Diluted earnings (loss) per share
$0.71 $0.68 $(0.20)$1.86 
Weighted average common shares – diluted1,214,195 1,224,288 1,198,798 1,228,903 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(UNAUDITED)
IN THOUSANDS
 
 Thirteen Weeks Ended
 October 31,
2020
November 2,
2019
Net income$866,656 $828,263 
Additions to other comprehensive (loss) income:
Foreign currency translation adjustments, net of related tax provisions of $993 in fiscal 2021 and $241 in fiscal 2020
(25,568)70,785 
Reclassifications from other comprehensive (loss) income to net income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,981 in fiscal 2021 and $1,609 in fiscal 2020
5,440 4,418 
Amortization of loss on cash flow hedge, net of related tax provisions of $75 in fiscal 2021 and $75 in fiscal 2020
208 208 
Other comprehensive (loss) income, net of tax(19,920)75,411 
Total comprehensive income$846,736 $903,674 

Thirty-Nine Weeks Ended
October 31,
2020
November 2,
2019
Net (loss) income$(235,053)$2,287,403 
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of related tax benefit of $493 in fiscal 2021 and $711 in fiscal 2020
(85,348)(20,119)
Reclassifications from other comprehensive (loss) to net (loss) income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $5,473 in fiscal 2021 and $4,515 in fiscal 2020
15,034 12,402 
Amortization of loss on cash flow hedge, net of related tax provisions of $227 in fiscal 2021 and $227 in fiscal 2020
624 624 
Other comprehensive (loss), net of tax(69,690)(7,093)
Total comprehensive (loss) income$(304,743)$2,280,310 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4


THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN THOUSANDS, EXCEPT SHARE DATA
 
October 31,
2020
February 1,
2020
November 2,
2019
ASSETS
Current assets:
Cash and cash equivalents$10,581,993 $3,216,752 $2,060,176 
Accounts receivable, net463,732 386,261 442,883 
Merchandise inventories4,997,506 4,872,592 6,274,778 
Prepaid expenses and other current assets425,027 368,048 414,376 
Federal, state and foreign income taxes recoverable 185,648 46,969 182,402 
Total current assets16,653,906 8,890,622 9,374,615 
Net property at cost5,004,774 5,325,048 5,250,971 
Non-current deferred income taxes, net56,132 12,132 5,484 
Operating lease right of use assets9,028,696 9,060,332 9,069,146 
Goodwill96,733 95,546 96,313 
Other assets725,259 761,323 492,175 
TOTAL ASSETS$31,565,500 $24,145,003 $24,288,704 
LIABILITIES
Current liabilities:
Accounts payable$6,142,547 $2,672,557 $3,447,443 
Accrued expenses and other current liabilities3,228,618 3,041,774 2,806,225 
Current portion of operating lease liabilities1,650,154 1,411,216 1,412,262 
Current portion of long-term debt749,446   
Federal, state and foreign income taxes payable46,429 24,700 21,214 
Total current liabilities11,817,194 7,150,247 7,687,144 
Other long-term liabilities860,497 851,116 797,573 
Non-current deferred income taxes, net78,007 142,170 203,515 
Long-term operating lease liabilities7,795,838 7,816,633 7,822,067 
Long-term debt5,447,208 2,236,625 2,235,873 
Commitments and contingencies (See Note L)
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 1,200,631,186; 1,199,099,768 and 1,203,183,703 respectively
1,200,631 1,199,100 1,203,184 
Additional paid-in capital126,413   
Accumulated other comprehensive loss(742,861)(673,171)(637,414)
Retained earnings4,982,573 5,422,283 4,976,762 
Total shareholders’ equity5,566,756 5,948,212 5,542,532 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$31,565,500 $24,145,003 $24,288,704 
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 THOUSANDS
 
 Thirty-Nine Weeks Ended
 October 31,
2020
November 2,
2019
Cash flows from operating activities:
Net (loss) income$(235,053)$2,287,403 
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization658,497 647,389 
Loss on property disposals and impairment charges38,970 6,253 
Deferred income tax (benefit) provision(112,965)42,120 
Share-based compensation58,909 86,590 
Changes in assets and liabilities:
(Increase) in accounts receivable(76,604)(99,476)
(Increase) in merchandise inventories(134,877)(1,701,704)
(Increase) in income taxes recoverable(138,679)(169,610)
(Increase) in prepaid expenses and other current assets(53,702)(62,358)
Increase in accounts payable3,464,266 805,766 
Increase in accrued expenses and other liabilities550,261 133,651 
Increase (decrease) in income taxes payable20,131 (131,499)
Increase in net operating lease liabilities226,909 32,056 
Other, net10,697 (3,053)
Net cash provided by operating activities4,276,760 1,873,528 
Cash flows from investing activities:
Property additions(433,604)(992,712)
Purchase of investments(24,468)(24,052)
Sales and maturities of investments13,894 11,590 
Other 7,419 
Net cash (used in) investing activities(444,178)(997,755)
Cash flows from financing activities:
Cash payments on revolving credit facilities(1,000,000) 
Proceeds from long-term debt including revolving credit facilities4,988,452  
Cash payments for debt issuance expenses(33,872) 
Cash payments for repurchase of common stock(201,500)(1,190,390)
Cash dividends paid(278,250)(795,092)
Proceeds from issuance of common stock87,721 175,285 
Cash payments of employee tax withholdings for performance based stock awards(21,843)(23,297)
Net cash provided by (used in) financing activities3,540,708 (1,833,494)
Effect of exchange rate changes on cash(8,049)(12,332)
Net increase (decrease) in cash and cash equivalents7,365,241 (970,053)
Cash and cash equivalents at beginning of year3,216,752 3,030,229 
Cash and cash equivalents at end of period$10,581,993 $2,060,176 
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 THOUSANDS
Thirteen Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, August 1, 20201,199,061 $1,199,061 $68,532 $(722,941)$4,115,917 $4,660,569 
Net income    866,656 866,656 
Other comprehensive (loss), net of tax   (19,920) (19,920)
Recognition of share-based compensation  31,262   31,262 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings1,570 1,570 26,619   28,189 
Balance, October 31, 20201,200,631 $1,200,631 $126,413 $(742,861)$4,982,573 $5,566,756 

Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, August 3, 20191,208,933 $1,208,933 $ $(712,825)$4,806,504 $5,302,612 
Net income— — — — 828,263 828,263 
Other comprehensive income, net of tax— — — 75,411 — 75,411 
Cash dividends declared on common stock— — — — (277,115)(277,115)
Recognition of share-based compensation— — 31,190 — — 31,190 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings3,075 3,075 69,735 — — 72,810 
Common stock repurchased and retired(8,824)(8,824)(100,925)— (380,890)(490,639)
Balance, November 2, 20191,203,184 $1,203,184 $ $(637,414)$4,976,762 $5,542,532 
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 THOUSANDS
Thirty-Nine Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, February 1, 20201,199,100 $1,199,100 $ $(673,171)$5,422,283 $5,948,212 
Net loss    (235,053)(235,053)
Other comprehensive (loss), net of tax   (69,690) (69,690)
Recognition (reversal) of share-based compensation  90,744  (31,835)58,909 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings4,918 4,918 61,384  (424)65,878 
Common stock repurchased and retired(3,387)(3,387)(25,715) (172,398)(201,500)
Balance, October 31, 20201,200,631 $1,200,631 $126,413 $(742,861)$4,982,573 $5,566,756 

Thirty-Nine Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance February 2, 20191,217,183 $1,217,183 $ $(630,321)$4,461,744 $5,048,606 
Net income— — — — 2,287,403 2,287,403 
Cumulative effect of accounting change— — — — 403 403 
Other comprehensive (loss), net of tax— — — (7,093)— (7,093)
Cash dividends declared on common stock— — — — (834,975)(834,975)
Recognition of share-based compensation— — 86,590 — — 86,590 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings8,169 8,169 143,819 — — 151,988 
Common stock repurchased and retired(22,168)(22,168)(230,409)— (937,813)(1,190,390)
Balance, November 2, 20191,203,184 $1,203,184 $ $(637,414)$4,976,762 $5,542,532 
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. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. 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 February 1, 2020 (“fiscal 2020”).
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. TJX is also impacted by the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic as discussed in Note B—Impact of the COVID-19 Pandemic.
The February 1, 2020 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 January 30, 2021 (“fiscal 2021”) and is a 52-week fiscal year. Fiscal 2020 was also a 52-week fiscal year.
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 leases, inventory valuation, impairment of long-lived assets, goodwill and tradenames, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its unaudited consolidated financial statements and there may be changes to those estimates in future periods. We believe that our accounting estimates are appropriate after giving consideration to the ongoing uncertainties surrounding the severity and duration of the COVID-19 pandemic and the associated containment and remediation efforts. Actual amounts could differ from these estimates, and such differences could be material.
Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
In thousandsOctober 31,
2020
November 2,
2019
Balance, beginning of year$500,844 $450,302 
Deferred revenue650,956 1,104,694 
Effect of exchange rates changes on deferred revenue(667)(636)
Revenue recognized(685,601)(1,149,613)
Balance, end of period$465,532 $404,747 
TJX recognized $306.8 million in gift card revenue for the three months ended October 31, 2020 and $358.3 million for the three months ended November 2, 2019. The decrease in both deferred revenue and revenue recognized versus the prior year reflects the impact of lower customer traffic for the three months ended October 31, 2020 and temporary store and e-commerce closures due to the COVID-19 pandemic for the nine months ended October 31, 2020. 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


Equity Investment
On November 18, 2019, the Company, through a wholly owned subsidiary, completed an investment of $225 million, excluding acquisition costs, for a 25% ownership stake in privately held Familia, an established, off-price apparel and home fashions retailer with more than 275 stores throughout Russia. The Company's investment represents a non-controlling, minority position and is accounted for under the equity method of accounting.
Included in the initial carrying value of $225 million, which represents the transaction date fair value, was a basis difference of $212 million related to the difference between the cost of the investment and the Company's proportionate share of the net assets of Familia. Goodwill comprised $186 million of the difference, and the remainder was allocated to the Familia tradename and customer relationships. The carrying value of the equity method investment is primarily adjusted for the Company's share in the earnings of Familia, as adjusted for basis differences, and the foreign currency exchange translation adjustment related to translating the investment from Russian rubles to U.S. dollars. The Company amortizes the tradename and customer relationships over their useful lives of 10 and 7 years, respectively, using the straight-line method.
This investment is included in Other assets on our Consolidated Balance Sheets. The Company reports its share of Familia’s results on a one-quarter lag. The losses from the Company's investment in Familia were $3.2 million for the three months ended October 31, 2020 and $2.5 million for the nine months ended October 31, 2020, which has been recorded in our Consolidated Statements of Income (Loss) and is included in Selling, general and administrative expenses. Revaluing the investment from Russian rubles to the U.S. dollar as of October 31, 2020 resulted in a cumulative translation loss and reduced the carrying value of our investment by $44 million. The cumulative translation loss has been recorded in our Consolidated Balance Sheets as a component of Accumulated other comprehensive loss. The carrying value of the equity investment on the Consolidated Balance Sheets at October 31, 2020, including acquisition costs of $5.6 million, was $184.1 million.
Familia operations have also been impacted by the COVID-19 pandemic and virtually all stores were temporarily closed. We have not impaired our investment due to our belief that any decline in fair value of our investment is temporary and we expect Familia to have adequate liquidity to continue operations notwithstanding the COVID-19 pandemic.
Leases
Supplemental cash flow information related to leases for the thirty-nine weeks ended October 31, 2020 and November 2, 2019 is as follows:
Thirty-Nine Weeks Ended
In thousandsOctober 31,
2020
November 2,
2019
Operating cash flows paid for operating leases$1,179,618 $1,274,861 
Lease liabilities arising from obtaining right of use assets$1,151,543 $1,416,591 
During the first nine months of fiscal 2021, we negotiated rent deferrals (primarily for second quarter lease payments) for a significant number of our stores, with repayment at later dates, primarily in fiscal 2022. See Note B—Impact of the COVID-19 Pandemic for additional information.
Recently Adopted Accounting Standards
Simplified Accounting for Income Taxes
In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance related to simplified accounting for income taxes. The new standard simplifies accounting for income taxes by removing certain exceptions to the general principals in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted in any interim period within that year. The Company reviewed the provisions of this standard and determined that most of them do not apply to TJX. The most significant impact to the Company is the simplification of the tax benefit calculation recognized on pre-tax losses in interim periods. The Company elected to early adopt this standard as of February 2, 2020, which did not have an impact on the Company's financial statements or disclosures for the first nine months of fiscal 2021.
From time to time, the 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”). Unless otherwise discussed, we have reviewed the guidance and have determined that they will not apply or are not expected to be material to our Consolidated Financial Statements upon adoption and therefore are not disclosed.
10


Note B. Impact of the COVID-19 Pandemic
In December 2019, COVID-19 emerged and has subsequently spread worldwide. The World Health Organization declared COVID-19 a pandemic, resulting in federal, state and local governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantine or isolation protocols for those who may have been exposed to the virus. In March 2020, the Company temporarily closed all of its stores, its online businesses, its distribution centers and its offices, with Associates working remotely where possible. In May 2020, the Company began reopening its stores with capacity constraints and reduced operating hours. By the end of the second quarter, more than 4,500 of the Company’s worldwide stores, and each of its online businesses, had reopened.
In response to increasing cases of COVID-19, a number of our stores have temporarily closed again. As of November 30, 2020, the Company has approximately 500 stores temporarily closed due to local government mandates, primarily located in Europe. The Company’s tkmaxx.com e-commerce business in the U.K. remains open. In the first quarter of fiscal 2021 the Company amended the credit agreements governing its revolving credit facilities and as a result, we expect to maintain compliance with our covenants for at least one year from the issuance of these financial statements. As the COVID-19 pandemic is complex and rapidly evolving, and cases have been rising around the world, the Company cannot reasonably estimate the duration and severity of this pandemic, which has had and may continue to have a material impact on our business, results of operations, financial position and cash flows.
Financial Actions
Balance Sheet, Cash Flow and Liquidity
During the third quarter the Company generated positive operating cash flows and ended the third quarter with $10.6 billion of cash. In addition, in the third quarter of fiscal 2021 the Company increased its borrowing capacity by entering into a new $500 million 364 Day Revolving Credit Facility, making a total of $1.5 billion available to the Company under revolving credit facilities. For additional information on the new credit facility, see Note J—Long-Term Debt and Credit Lines. Additionally, subsequent to the end of the third quarter, the Company issued $1.0 billion in aggregate long-term debt and commenced cash tender offers to repurchase up to $750.0 million combined aggregate principal amount of certain of its notes issued on April 1, 2020. For additional information on these transactions, see Note M—Subsequent Events. While the Company's Board of Directors did not declare a dividend in the first nine months of fiscal 2021, the Company expects a dividend of $0.26 per share to be declared in the fourth quarter of fiscal 2021, payable in March 2021, subject to the approval by its Board of Directors. The Company has and will continue to monitor its expenses, capital spending and shareholder distributions in the context of the current environment.
During the first nine months of fiscal 2021, we negotiated rent deferrals (primarily for second quarter lease payments) for a significant number of our stores, with repayment at later dates, primarily in fiscal 2022. Consistent with updated guidance from the FASB in April 2020, we have elected to treat the COVID-19 pandemic-related rent deferrals as a resolution of a contingency by remeasuring the remaining consideration in the contract, with a corresponding adjustment to the right-of-use asset, using the remeasured consideration. The Company did not reassess the lease classification and did not update the discount rate used to measure the lease liability. For additional information on cash flows for operating leases see Note A—Basis of Presentation and Summary of Significant Accounting Policies. In addition to negotiating deferral of lease payments, the Company also temporarily extended payment terms on merchandise orders, which increased our accounts payable as of the end of the third quarter, benefiting our third quarter operating cash flows. We have reduced the length of our extended payment terms to more closely align with our typical business terms and as we make deferred payments, our operating cash flows are likely to be negatively impacted.
The Company evaluated the value of its inventory in light of the temporary store closures in the first quarter of fiscal 2021 due to the COVID-19 pandemic. Permanent markdowns, which have been taken upon reopening of the stores, on transitional or out of season merchandise and merchandise that was already in markdown status, combined with the write-off of perishable goods, resulted in a reduction of approximately $0.4 billion in inventory for the first six months of fiscal 2021. Additional markdowns throughout the year were taken in the ordinary course of business operations.
TJX evaluates its long-lived assets, operating lease right of use assets, goodwill and tradenames for indicators of impairment at least annually in the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Given the substantial reduction in our sales and the reduced cash flow projections as a result of the temporary store closures during the first half of fiscal 2021 due to the COVID-19 pandemic, we determined that a triggering event had occurred in the first and second quarters of fiscal 2021 and that an impairment assessment was warranted for certain stores. This analysis resulted in an immaterial amount of impairment charges related to long-lived assets and operating lease right of use assets in the first nine months of fiscal 2021.
11


As a result of the COVID-19 pandemic, governments in the U.S., United Kingdom (U.K.), Canada and various other jurisdictions have implemented programs to encourage companies to retain and pay employees who are unable to work or are limited in the work that they can perform in light of closures or a significant decline in sales. The Company continued to qualify for certain of these provisions, which partially offset related expenses. During the third quarter of fiscal 2021 the impact of these programs on our expenses was immaterial. During the nine months ended October 31, 2020, these programs reduced our expenses by approximately $0.4 billion on our Consolidated Statements of Income (Loss), and increased Accounts receivable, net on our Consolidated Balance Sheets by approximately $0.1 billion. These government programs also provide for the option to defer payroll tax and VAT payments, which has resulted in an increase in Accrued expenses and other current liabilities on our Consolidated Balance Sheets by approximately $0.3 billion.
The Company also incurred incremental costs associated with the COVID-19 pandemic, including primarily from:
Incremental payroll costs associated with monitoring occupancy limits to comply with social distancing protocols and implementing enhanced cleaning regimens.
Incremental expense related to the discretionary appreciation bonus for store and distribution center Associates.
Incremental cleaning supplies and personal protective equipment for our Associates.
Note C. Property at Cost
The following table presents the components of property at cost:
In thousandsOctober 31,
2020
February 1,
2020
November 2,
2019
Land and buildings
$1,495,448 $1,426,222 $1,384,809 
Leasehold costs and improvements
3,611,903 3,541,413 3,506,784 
Furniture, fixtures and equipment6,406,050 6,404,643 6,236,535 
Total property at cost$11,513,401 $11,372,278 $11,128,128 
Less: accumulated depreciation and amortization
6,508,627 6,047,230 5,877,157 
Net property at cost$5,004,774 $5,325,048 $5,250,971 
Depreciation expense was $215.6 million for the three months ended October 31, 2020 and $216.3 million three months ended November 2, 2019. Depreciation expense was $649.1 million for the nine months ended October 31, 2020 and $640.5 million for the nine months ended November 2, 2019.
12


Note D. Accumulated Other Comprehensive (Loss) Income
Amounts included in accumulated other comprehensive loss are recorded net of taxes. The following table details the changes in accumulated other comprehensive loss for the twelve months ended February 1, 2020 and the nine months ended October 31, 2020:
In thousandsForeign
Currency
Translation
Deferred
Benefit
Costs
Cash
Flow
Hedge
on Debt
Accumulated
Other
Comprehensive
(Loss) Income
Balance, February 2, 2019
$(453,177)$(175,745)$(1,399)$(630,321)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $1,189)
(3,943)— — (3,943)
Recognition of net gains/losses on benefit obligations (net of taxes of $20,489)
— (56,275)— (56,275)
Reclassifications from other comprehensive loss to net income:
Amortization of loss on cash flow hedge (net of taxes of $303)
— — 831 831 
Amortization of prior service cost and deferred gains/losses (net of taxes of $6,019)
— 16,537 — 16,537 
Balance, February 1, 2020
$(457,120)$(215,483)$(568)$(673,171)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $493)
(85,348)— — (85,348)
Reclassifications from other comprehensive loss to net (loss):
Amortization of loss on cash flow hedge (net of taxes of $227)
— — 624 624 
Amortization of prior service cost and deferred gains/losses (net of taxes of $5,473)
— 15,034 — 15,034 
Balance, October 31, 2020
$(542,468)$(200,449)$56 $(742,861)

Note E. Capital Stock and Earnings (Loss) Per Share
Capital Stock
In March 2020, in connection with the actions taken related to the COVID-19 pandemic as described in Note B—Impact of the COVID-19 Pandemic, the Company suspended its share repurchase program.
During the first quarter of fiscal 2021, prior to the suspension of our share repurchase program, TJX repurchased and retired 3.2 million shares of its common stock at a cost of $190.1 million on a “trade date” basis. All share repurchases occurred during the first quarter of fiscal 2021. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $201.5 million for the nine months ended October 31, 2020 and $1.2 billion for the nine months ended November 2, 2019. These expenditures were funded by cash generated from operations.
In February 2020, the Company announced that its Board of Directors had approved in January 2020 a new stock repurchase program that authorizes the repurchase of up to an additional $1.5 billion of TJX common stock from time to time. In February 2019, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.5 billion of TJX common stock from time to time.
As of October 31, 2020, TJX had approximately $3.0 billion available under these previously announced stock repurchase programs.
All shares repurchased under the stock repurchase programs have been retired.
13


Earnings (Loss) Per Share
The following table presents the calculation of basic and diluted earnings (loss) per share for net income (loss):
 Thirteen Weeks EndedThirty-Nine Weeks Ended
Amounts in thousands, expect per share amountsOctober 31,
2020
November 2,
2019
October 31,
2020
November 2,
2019
Basic earnings (loss) per share:
Net income (loss)
$