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 2020-08-01 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
10-Q 2019-08-03 Filed 2019-08-30
10-Q 2019-05-04 Filed 2019-05-31
10-K 2019-02-02 Filed 2019-04-03
10-Q 2018-11-03 Filed 2018-12-04
10-Q 2018-08-04 Filed 2018-08-31
10-Q 2018-05-05 Filed 2018-06-01
10-K 2018-02-03 Filed 2018-04-04
10-Q 2017-10-28 Filed 2017-11-28
10-Q 2017-07-29 Filed 2017-08-25
10-Q 2017-04-29 Filed 2017-05-26
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
10-Q 2010-05-01 Filed 2010-05-28
10-K 2010-01-30 Filed 2010-03-30
8-K 2020-08-19 Earnings, Exhibits
8-K 2020-08-10 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
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-20200801xex311.htm
EX-31.2 tjx-20200801xex312.htm
EX-32.1 tjx-20200801xex321.htm
EX-32.2 tjx-20200801xex322.htm

TJX Earnings 2020-08-01

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-20200801
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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 August 1, 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 August 1, 2020: 1,199,061,133



The TJX Companies, Inc.
TABLE OF CONTENTS

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(UNAUDITED)
IN THOUSANDS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 August 1,
2020
August 3,
2019
August 1,
2020
August 3,
2019
Net sales$6,667,575 $9,781,596 $11,076,463 $19,059,181 
Cost of sales, including buying and occupancy costs5,174,490 7,026,057 9,588,955 13,663,942 
Selling, general and administrative expenses1,527,768 1,731,335 2,841,688 3,433,736 
Interest expense, net57,336 2,897 80,687 3,714 
(Loss) income before income taxes(92,019)1,021,307 (1,434,867)1,957,789 
(Provision) benefit for income taxes(122,201)(262,345)333,158 (498,649)
Net (loss) income$(214,220)$758,962 $(1,101,709)$1,459,140 
Basic (loss) earnings per share$(0.18)$0.63 $(0.92)$1.20 
Weighted average common shares – basic1,198,634 1,210,525 1,198,222 1,212,528 
Diluted (loss) earnings per share$(0.18)$0.62 $(0.92)$1.19 
Weighted average common shares – diluted1,198,634 1,228,986 1,198,222 1,231,211 
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
 August 1,
2020
August 3,
2019
Net (loss) income$(214,220)$758,962 
Additions to other comprehensive (loss) income:
Foreign currency translation adjustments, net of related tax provisions of $5,462 in fiscal 2021 and $1,681 in fiscal 2020
69,378 (83,743)
Reclassifications from other comprehensive income (loss) to net (loss) income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,746 in fiscal 2021 and $1,453 in fiscal 2020
4,797 3,992 
Amortization of loss on cash flow hedge, net of related tax provisions of $76 in fiscal 2021 and $76 in fiscal 2020
208 208 
Other comprehensive income (loss), net of tax74,383 (79,543)
Total comprehensive (loss) income$(139,837)$679,419 

Twenty-Six Weeks Ended
August 1,
2020
August 3,
2019
Net (loss) income$(1,101,709)$1,459,140 
Additions to other comprehensive (loss) income:
Foreign currency translation adjustments, net of related tax benefit of $1,486 in fiscal 2021 and $952 in fiscal 2020
(59,780)(90,904)
Reclassifications from other comprehensive loss to net (loss) income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $3,492 in fiscal 2021 and $2,906 in fiscal 2020
9,594 7,984 
Amortization of loss on cash flow hedge, net of related tax provisions of $152 in fiscal 2021 and $152 in fiscal 2020
416 416 
Other comprehensive (loss), net of tax(49,770)(82,504)
Total comprehensive (loss) income$(1,151,479)$1,376,636 
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
 
August 1,
2020
February 1,
2020
August 3,
2019
ASSETS
Current assets:
Cash and cash equivalents$6,620,411 $3,216,752 $2,186,382 
Accounts receivable, net444,229 386,261 377,057 
Merchandise inventories3,744,062 4,872,592 5,087,046 
Prepaid expenses and other current assets403,621 368,048 438,994 
Federal, state and foreign income taxes recoverable 305,624 46,969 179,125 
Total current assets11,517,947 8,890,622 8,268,604 
Net property at cost5,100,411 5,325,048 5,041,878 
Non-current deferred income taxes, net48,600 12,132 5,642 
Operating lease right of use assets9,063,854 9,060,332 8,944,302 
Goodwill97,131 95,546 95,938 
Other assets740,459 761,323 498,615 
TOTAL ASSETS$26,568,402 $24,145,003 $22,854,979 
LIABILITIES
Current liabilities:
Accounts payable$2,422,140 $2,672,557 $2,607,651 
Accrued expenses and other current liabilities2,884,826 3,041,774 2,601,851 
Current portion of operating lease liabilities1,591,076 1,411,216 1,353,721 
Current portion of long-term debt749,209   
Federal, state and foreign income taxes payable 24,700 37,518 
Total current liabilities7,647,251 7,150,247 6,600,741 
Other long-term liabilities848,253 851,116 776,654 
Non-current deferred income taxes, net91,770 142,170 196,985 
Long-term operating lease liabilities7,875,234 7,816,633 7,742,866 
Long-term debt5,445,325 2,236,625 2,235,121 
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 1,199,061,133; 1,199,099,768 and 1,208,932,667 respectively
1,199,061 1,199,100 1,208,933 
Additional paid-in capital68,532   
Accumulated other comprehensive loss(722,941)(673,171)(712,825)
Retained earnings4,115,917 5,422,283 4,806,504 
Total shareholders’ equity4,660,569 5,948,212 5,302,612 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$26,568,402 $24,145,003 $22,854,979 
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
 
 Twenty-Six Weeks Ended
 August 1,
2020
August 3,
2019
Cash flows from operating activities:
Net (loss) income$(1,101,709)$1,459,140 
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization439,525 427,834 
Loss on property disposals and impairment charges38,970 3,215 
Deferred income tax (benefit) provision(88,562)37,855 
Share-based compensation27,647 55,400 
Changes in assets and liabilities:
(Increase) in accounts receivable(56,041)(35,848)
Decrease (increase) in merchandise inventories1,111,612 (560,386)
(Increase) in income taxes recoverable(258,655)(166,333)
(Increase) in prepaid expenses and other current assets(40,032)(73,770)
(Decrease) in accounts payable(240,356)(6,823)
Increase (decrease) in accrued expenses and other liabilities153,502 (113,799)
(Decrease) in income taxes payable(25,254)(116,460)
Increase in net operating lease liabilities209,071 25,284 
Other, net27,057 (36,065)
Net cash provided by operating activities196,775 899,244 
Cash flows from investing activities:
Property additions(309,910)(578,018)
Purchase of investments(19,411)(18,994)
Sales and maturities of investments10,503 9,374 
Other 7,419 
Net cash (used in) investing activities(318,818)(580,219)
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)(699,751)
Cash dividends paid(278,250)(517,448)
Proceeds from issuance of common stock59,532 102,475 
Cash payments of employee tax withholdings for performance based stock awards(21,843)(23,297)
Net cash provided by (used in) financing activities3,512,519 (1,138,021)
Effect of exchange rate changes on cash13,183 (24,851)
Net increase (decrease) in cash and cash equivalents3,403,659 (843,847)
Cash and cash equivalents at beginning of year3,216,752 3,030,229 
Cash and cash equivalents at end of period$6,620,411 $2,186,382 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENT 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, May 2, 20201,197,877 $1,197,877 $8,104 $(797,324)$4,330,561 $4,739,218 
Net loss    (214,220)(214,220)
Other comprehensive income, net of tax   74,383  74,383 
Recognition of share-based compensation  39,178   39,178 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings1,184 1,184 21,250  (424)22,010 
Balance, August 1, 20201,199,061 $1,199,061 $68,532 $(722,941)$4,115,917 $4,660,569 

Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, May 4, 20191,212,668 $1,212,668 $ $(633,282)$4,552,509 $5,131,895 
Net income    758,962 758,962 
Other comprehensive (loss), net of tax   (79,543) (79,543)
Cash dividends declared on common stock    (278,624)(278,624)
Recognition of share-based compensation  29,668   29,668 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings1,952 1,952 40,759   42,711 
Common stock repurchased and retired(5,687)(5,687)(70,427) (226,343)(302,457)
Balance, August 3, 20191,208,933 $1,208,933 $ $(712,825)$4,806,504 $5,302,612 
The accompanying notes are an integral part of the unaudited consolidated financial statements.



7


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN THOUSANDS
Twenty-Six 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    (1,101,709)(1,101,709)
Other comprehensive (loss), net of tax   (49,770) (49,770)
Recognition (reversal) of share-based compensation  59,482  (31,835)27,647 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings3,348 3,348 34,765  (424)37,689 
Common stock repurchased and retired(3,387)(3,387)(25,715) (172,398)(201,500)
Balance, August 1, 20201,199,061 $1,199,061 $68,532 $(722,941)$4,115,917 $4,660,569 

Twenty-Six 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    1,459,140 1,459,140 
Cumulative effect of accounting change    403 403 
Other comprehensive (loss), net of tax   (82,504) (82,504)
Cash dividends declared on common stock    (557,860)(557,860)
Recognition of share-based compensation  55,400   55,400 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings5,094 5,094 74,084   79,178 
Common stock repurchased and retired(13,344)(13,344)(129,484) (556,923)(699,751)
Balance, August 3, 20191,208,933 $1,208,933 $ $(712,825)$4,806,504 $5,302,612 
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 thousandsAugust 1,
2020
August 3,
2019
Balance, beginning of year$500,844 $450,302 
Deferred revenue355,397 747,827 
Effect of exchange rates changes on deferred revenue(854)(826)
Revenue recognized(378,782)(791,293)
Balance, end of period$476,605 $406,010 
TJX recognized $198.7 million in gift card revenue for the three months ended August 1, 2020 and $407.6 million for the three months ended August 3, 2019. The decrease in both deferred revenue and revenue recognized versus the prior year reflects the impact of temporary store and e-commerce closures due to the COVID-19 pandemic. 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, and earnings from the Company's investment in Familia were $0.3 million for the three months ended August 1, 2020 and $0.7 million for the six months ended August 1, 2020, which has been recorded in our Consolidated Statements of (Loss) Income as a reduction to Selling, general and administrative expenses. Revaluing the investment from Russian rubles to the U.S. dollar as of August 1, 2020 resulted in a cumulative translation loss and reduced the carrying value of our investment by $32 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 August 1, 2020, including acquisition costs of $5.6 million, was $199.7 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 as almost all Familia stores have been reopened 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 twenty-six weeks ended August 1, 2020 and August 3, 2019 is as follows:
Twenty-Six Weeks Ended
In thousandsAugust 1,
2020
August 3,
2019
Operating cash flows paid for operating leases$762,823 $846,211 
Lease liabilities arising from obtaining right of use assets$765,183 $993,979 
During the first half 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 half of fiscal 2021.
From time to time, the FASB or other st