1 unchanged sentence
(a) Evaluation of Disclosure Controls and Procedures
−Removed: We have carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report pursuant to Rules 13a-15 and 15d-15 of the Exchange Act.
+Added: We have carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report pursuant to Rules 13a-15 and 15d-15 of the Exchange Act.
Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at a reasonable assurance level in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms;
15 unchanged sentences
Other Information
−Removed: During the fiscal quarter ended February 3, 2024, none of our directors or officers adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms defined in Item 408(a) of Regulation S-K.
+Added: During the fiscal quarter ended February 1, 2025, none of our directors or officers adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408(a) of Regulation S-K under the Exchange Act.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
3 unchanged sentences
TJX will file with the Securities and Exchange Commission (SEC) a definitive proxy statement no later than 120 days after the close of its fiscal year ended February 1, 2025 (“Proxy Statement”).
−Removed: The other information required by this Item and not given in this Item will appear under the headings “Election of Directors” and “Corporate Governance,” including in “Board Leadership and Committees,” and “Audit and Finance Committee Report” and, if applicable, “Beneficial Ownership” in our Proxy Statement, which sections are incorporated herein by reference.
−Removed: In addition to our Global Code of Conduct, TJX has a Code of Ethics for TJX Executives governing its Executive Chairman, Chief Executive Officer and President, Chief Financial Officer, Principal Accounting Officer and other senior operating, financial and legal executives.
+Added: The other information required by this Item and not given in this Item will appear under the headings “Election of Directors” and “Corporate Governance,” including in “Board Leadership and Committees,” and “Audit and Finance Committee Report,” “Governance Policies and Practices” and, if applicable, “Beneficial Ownership” in our Proxy Statement, which sections are incorporated herein by reference.
+Added: In addition to our Global Code of Conduct, TJX has a Code of Ethics for TJX Executives governing its Executive Chairman, Chief Executive Officer and President, Chief Financial Officer, Principal Accounting Officer and other senior operating and financial executives.
The Code of Ethics for TJX Executives is designed to ensure integrity in TJX’s financial reports and public disclosures.
−Removed: TJX also has a Directors Code of Business Conduct and Ethics which promotes honest and ethical conduct, compliance with applicable laws, rules and regulations and the avoidance of conflicts of interest.
+Added: TJX also has a Director Code of Business Conduct & Ethics which promotes honest and ethical conduct, compliance with applicable laws, rules and regulations and the avoidance of conflicts of interest.
Both of these codes of conduct are published at tjx.com.
−Removed: We intend to disclose any future amendments to, or waivers from, the Code of Ethics for TJX Executives or the Directors Code of Business Conduct and Ethics within four business days of the waiver or amendment through a website posting or by filing a Current Report on Form 8-K with the SEC.
+Added: We intend to disclose any future amendments to, or waivers from, the Code of Ethics for TJX Executives or the Director Code of Business Conduct and Ethics within four business days of the waiver or amendment through a website posting or by filing a Current Report on Form 8-K with the SEC.
+Added: TJX has an insider trading policy which governs the purchase, sale, and/or other dispositions of its securities by TJX and its officers, directors, Associates, and other covered persons.
+Added: TJX believes its insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, as well as the New York Stock Exchange listing standards applicable to TJX.
+Added: A copy of TJX's Insider Trading Policy and its Pre-Clearance Trading Policy are filed as Exhibit 19.1 and Exhibit 19.2, respectively, to this Annual Report on Form 10-K.
Executive Compensation
−Removed: The information required by this Item will appear under the headings “Compensation Program Risk Assessment,” “Compensation Discussion and Analysis,” “Compensation Tables” and “Director Compensation” in our Proxy Statement, which sections (excluding “Compensation Tables - Pay versus Performance”) are incorporated herein by reference.
+Added: The information required by this Item will appear under the headings “Select Areas of Board Oversight - Compensation Risk Assessment,” “Compensation Discussion and Analysis,” “Compensation Tables” and “Director Compensation” in our Proxy Statement, which sections (excluding “Compensation Tables - Pay Versus Performance”) are incorporated herein by reference.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
12 unchanged sentences
$ 150 $ 5,700 $ 5,699 $ 151
−Removed: Fiscal Year Ended January 28, 2023
+Added: Fiscal Year Ended February 3, 2024
$ 148 $ 5,802 $ 5,800 $ 150
7 unchanged sentences
10-K 3(i).1 4/3/2019
−Removed: 3(ii).1 By-laws of TJX, as amended
+Added: 3(ii).1 By-laws as amended and restated through September 18, 2024
8-K 3.1 9/23/2024
30 unchanged sentences
10-K 10.04 3/30/2022
+Added: 10.05 The Letter Agreement dated January 31, 2025 between Carol Meyrowitz and TJX, filed herewith*
10.06 The Executive Severance Plan Participation Agreement dated September 27, 2018 between Ernie Herrman and TJX*
4 unchanged sentences
10-K 10.07 3/30/2022
−Removed: 10.08 The Employment Agreement dated February 2, 2018 between Scott Goldenberg and TJX*
−Removed: 10-K 10.5 4/4/2018
−Removed: 10.09 The Executive Severance Plan Participation Agreement dated September 27, 2018 between Scott Goldenberg and TJX*
−Removed: 10-Q 10.5 12/4/2018
−Removed: 10.10 The Amendment to the Employment Agreement between Scott Goldenberg and TJX effective as of February 13, 2019*
−Removed: 10-K 10.13 4/3/2019
−Removed: 10.11 The Amendment to the Employment Agreement between Scott Goldenberg and TJX effective as of January 29, 2021*
−Removed: 10-K 10.13 3/31/2021
−Removed: 10.12 The Letter Agreement dated February 2, 2024 between Scott Goldenberg and TJX, filed herewith*
+Added: 10.09 The Letter Agreement dated January 31, 2025 between Ernie Herrman and TJX, filed herewith*
10.10 The Employment Agreement dated February 2, 2018 between Kenneth Canestrari and TJX*
6 unchanged sentences
10-K 10.17 3/31/2021
−Removed: 10.17 The Amendment to the Employment Agreement between Kenneth Canestrari and TJX effective as of February 2, 2024, filed herewith*
−Removed: 10.18 The Executive Severance and Change of Control Plan effective September 19, 2022 , filed herewith *
−Removed: Incorporate by Reference
−Removed: Description Form Exhibit No.
−Removed: 10.19 The Offer Letter Agreement date d February 2 , 202 4 between John Klinger and TJX , filed herewith *
+Added: 10.14 The Amendment to the Employment Agreement between Kenneth Canestrari and TJX effective as of February 2, 2024 *
+Added: 10-K 10.17 4/3/2024
+Added: 10.15 The Executive Severance and Change of Control Plan effective September 19, 2022 *
+Added: 10-K 10.18 4/3/2024
+Added: 10.16 The Offer Letter Agreement dated February 2, 2024 between John Klinger and TJX *
+Added: 10-K 10.19 4/3/2024
10.17 The Obligations Agreement dated November 14, 2022 between John Klinger and TJX*
4 unchanged sentences
10-Q 10.8 12/4/2018
+Added: Incorporate by Reference
+Added: Description Form Exhibit No.
10.20 The Amendment to the Employment Agreement between Douglas Mizzi and TJX effective as of February 13, 2019*
2 unchanged sentences
10-K 10.21 3/31/2021
−Removed: 10.25 The Amendment to the Employment Agreement between Douglas Mizzi and TJX effective as of February 2, 2024, filed herewith*
+Added: 10.22 The Amendment to the Employment Agreement between Douglas Mizzi and TJX effective as of February 2, 2024 *
+Added: 10-K 10.25 4/3/2024
10.23 The Stock Incentive Plan (2022 Restatement)*
3 unchanged sentences
10-Q 10.3 11/29/2022
−Removed: 10.28 The Form of Non-Qualified Stock Option Certificate granted under the Stock Incentive Plan as of September 10, 2014*
−Removed: 10-Q 10.4 12/2/2014
10.25 The Form of Non-Qualified Stock Option Terms and Conditions granted under the Stock Incentive Plan as of September 17, 2015*
10-Q 10.2 12/1/2015
−Removed: 10.30 The Form of Non-Qualified Stock Option Certificate granted under the Stock Incentive Plan as of September 17, 2015*
−Removed: 10-Q 10.1 12/1/2015
10.26 The Form of Non-Qualified Stock Option Terms and Conditions granted under the Stock Incentive Plan as of September 19, 2022*
10-Q 10.2 11/29/2022
−Removed: 10.32 The Form of Non-Qualified Stock Option Terms and Conditions granted under the Stock Incentive Plan as of September 19, 2022*
−Removed: 10-Q 10.2 11/29/2022
10.27 The Restricted Stock Unit Award granted under the Stock Incentive Plan on January 29, 2016 to Ernie Herrman*
4 unchanged sentences
10-Q 10.3 5/27/2022
−Removed: 10.36 The Form of Performance Share Unit Award granted under the Stock Incentive Plan as of March 28, 2022*
−Removed: 10-Q 10.2 5/27/2022
−Removed: 10.37 The Form of Restricted Stock Unit Award granted under the Stock Incentive Plan as of March 28, 2022*
−Removed: 10-Q 10.3 5/27/2022
10.30 The Form of Deferred Stock Award for Directors granted under the Stock Incentive Plan*
20 unchanged sentences
10-Q 10.1 5/26/2023
−Removed: 10.49 The Second Amendment to the Executive Savings Plan, effective January 1, 2024, filed herewith*
+Added: 10.41 The Second Amendment to the Executive Savings Plan, effective January 1, 2024 *
+Added: 10-K 10.49 4/3/2024
10.42 The Trust Agreement for Executive Savings Plan dated as of January 20, 2023 between TJX and Fidelity Management Trust Company*
1 unchanged sentence
10.43 The Form of TJX Indemnification Agreement for its executive officers and directors*(p) 10-K 10(r) 4/27/1990
−Removed: Incorporate by Reference
−Removed: Description Form Exhibit No.
10.44 2026 Revolving Credit Agreement, dated June 25, 2021, by and among the TJX Companies, Inc., the lenders from time to time party thereto, U.S.
8 unchanged sentences
10-Q 10.2 5/26/2023
+Added: 19.1 Insider Trading Policy, filed herewith
+Added: 19.2 Pre-clearance Trading Policy, filed herewith
21 Subsidiaries of TJX, filed herewith
1 unchanged sentence
24 Power of Attorney given by the Directors and certain Executive Officers of TJX, filed herewith
+Added: Incorporate by Reference
+Added: Description Form Exhibit No.
31.1 Certification Statement of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith
2 unchanged sentences
32.2 Certification Statement of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith
−Removed: 97 Policy for Recovery of Executive Officer Incentive Compensation (Amended and Restated as of October 2, 2023), filed herewith
+Added: 97 Policy for Recovery of Executive Officer Incentive Compensation (Amended and Restated as of October 2, 2023)
+Added: 10-K 97 4/3/2024
101 The following materials from The TJX Companies, Inc.’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL):
33 unchanged sentences
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: For Fiscal Years Ended February 3, 2024, January 28, 2023 and January 29, 2022.
+Added: For Fiscal Years Ended February 1, 2025, February 3, 2024 and January 28, 2023.
Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )
12 unchanged sentences
We have audited the accompanying consolidated balance sheets of The TJX Companies, Inc.
−Removed: and its subsidiaries (the “Company”) as of February 3, 2024 and January 28, 2023, and the related consolidated statements of income, of comprehensive income, of shareholders' equity and of cash flows, for each of the three years in the period ended February 3, 2024, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended February 3, 2024 appearing under Item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: and its subsidiaries (the “Company”) as of February 1, 2025 and February 3, 2024, and the related consolidated statements of income, of comprehensive income, of shareholders' equity and of cash flows for each of the three years in the period ended February 1, 2025, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended February 1, 2025 appearing under Item 15(a) (collectively referred to as the “consolidated financial statements”).
We also have audited the Company's internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
−Removed: In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of February 3, 2024 and January 28, 2023, and the results of its operations and its cash flows for each of the three years in the period ended February 3, 2024 in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of February 1, 2025 and February 3, 2024, and the results of its operations and its cash flows for each of the three years in the period ended February 1, 2025 in conformity with accounting principles generally accepted in the United States of America.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
23 unchanged sentences
Income Tax Provision
−Removed: As described in Note K to the consolidated financial statements, the Company recorded a provision for income taxes of $1.5 billion for the year ended February 3, 2024 and has a deferred tax asset net of deferred tax liability of $24 million, including a valuation allowance of $63 million, as of February 3, 2024.
+Added: As described in Note K to the consolidated financial statements, the Company recorded a provision for income taxes of $1.6 billion for the year ended February 1, 2025 and has a deferred tax liability net of deferred tax assets of $8 million, including a valuation allowance of $51 million, as of February 1, 2025.
The Company is subject to taxation in the United States, as well as multiple state, local and foreign jurisdictions.
3 unchanged sentences
These procedures included testing the effectiveness of controls relating to the provision for income taxes.
−Removed: These procedures also included, among others, testing the provision for income taxes, including the rate reconciliation, current and deferred tax provision, and the application of foreign and domestic tax laws and regulations.
+Added: These procedures also included, among others, testing the provision for income taxes, including the rate reconciliation, current and deferred tax provision, and the application of tax laws and regulations.
/s/ PricewaterhouseCoopers LLP
6 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
3 unchanged sentences
Impairment on equity investment — — 218
−Removed: Loss on early extinguishment of debt — — 242
Interest (income) expense, net ( 181 ) ( 170 ) 6
10 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
Net income $ 4,864 $ 4,474 $ 3,498
−Removed: Additions to other comprehensive income (loss), net of tax:
−Removed: Foreign currency translation adjustments, net of related tax benefits of $ 1 and $ 7 in fiscal 2024 and 2023, respectively and tax provision of $ 0.2 in fiscal 2022
−Removed: 30 ( 56 ) ( 45 )
−Removed: Recognition of net gains/(losses) on benefit obligations, net of related tax provisions of $ 16 and $ 41 in fiscal 2024 and 2023, respectively and tax benefit of $ 18 in fiscal 2022
+Added: Additions to other comprehensive (loss) income, net of tax:
+Added: Foreign currency translation adjustments, net of related tax benefits of $ 8 , $ 1 and $ 7 in fiscal 2025, 2024 and 2023, respectively
( 105 ) 30 ( 56 )
−Removed: Reclassifications from other comprehensive income (loss) to net income:
−Removed: Amortization of (loss) on cash flow hedge, net of related tax provisions of $ 1 in fiscal 2022
−Removed: Amortization of prior service cost and deferred gains, net of related tax provisions of $ 1 , $ 6 and $ 5 in fiscal 2024, 2023 and 2022, respectively
−Removed: Other comprehensive income (loss), net of tax 74 81 ( 80 )
+Added: Recognition of net gains/(losses) on benefit obligations, net of related tax provisions of $ 10 , $ 16 and $ 41 in fiscal 2025, 2024 and 2023, respectively
+Added: Reclassifications from other comprehensive (loss) income to net income:
+Added: Amortization of prior service cost and deferred gains, net of related tax benefit of $ 1 in fiscal 2025 and tax provisions of $ 1 and $ 6 in fiscal 2024 and 2023, respectively
+Added: Other comprehensive (loss) income, net of tax ( 77 ) 74 81
Total comprehensive income $ 4,787 $ 4,548 $ 3,579
4 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
Current assets:
15 unchanged sentences
Current portion of operating lease liabilities 1,636 1,620
−Removed: Current portion of long-term debt — 500
Federal, state and foreign income taxes payable 75 99
17 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
4 unchanged sentences
Impairment on equity investment — — 218
−Removed: Loss on early extinguishment of debt — — 242
Loss on property disposals and impairment charges 10 61 23
−Removed: Deferred income tax (benefit) provision ( 7 ) 64 ( 44 )
+Added: Deferred income tax provision (benefit) 28 ( 7 ) 64
Share-based compensation 183 160 122
Changes in assets and liabilities:
−Removed: Decrease (increase) in accounts receivable 37 ( 51 ) ( 61 )
+Added: (Increase) decrease in accounts receivable ( 26 ) 37 ( 51 )
(Increase) decrease in merchandise inventories ( 539 ) ( 145 ) 58
−Removed: Decrease (increase) in income taxes recoverable 60 ( 5 ) ( 78 )
−Removed: (Increase) decrease in prepaid expenses and other current assets ( 40 ) ( 73 ) 33
+Added: (Increase) decrease in income taxes recoverable ( 10 ) 60 ( 5 )
+Added: (Increase) in prepaid expenses and other current assets ( 31 ) ( 40 ) ( 73 )
Increase (decrease) in accounts payable 448 64 ( 600 )
Increase (decrease) in accrued expenses and other liabilities 228 443 ( 23 )
−Removed: Increase (decrease) in income taxes payable 46 ( 126 ) 100
+Added: (Decrease) increase in income taxes payable ( 31 ) 46 ( 126 )
(Decrease) in net operating lease liabilities ( 12 ) ( 18 ) ( 1 )
3 unchanged sentences
Property additions ( 1,918 ) ( 1,722 ) ( 1,457 )
+Added: Purchase of equity investments ( 551 ) — —
Purchases of investments ( 35 ) ( 28 ) ( 31 )
9 unchanged sentences
Effect of exchange rate changes on cash ( 66 ) ( 2 ) ( 58 )
−Removed: Net increase (decrease) in cash and cash equivalents 123 ( 750 ) ( 4,243 )
+Added: Net (decrease) increase in cash and cash equivalents ( 265 ) 123 ( 750 )
Cash and cash equivalents at beginning of year 5,600 5,477 6,227
11 unchanged sentences
Net income — — — — 3,498 3,498
−Removed: Other comprehensive (loss), net of tax — — — ( 80 ) — ( 80 )
+Added: Other comprehensive income, net of tax — — — 81 — 81
Cash dividends declared on common stock — — — — ( 1,373 ) ( 1,373 )
10 unchanged sentences
Common stock repurchased ( 29 ) ( 29 ) ( 408 ) — ( 2,066 ) ( 2,503 )
−Removed: Balance, January 28, 2023
+Added: Balance, February 3, 2024
1,134 $ 1,134 $ — $ ( 532 ) $ 6,700 $ 7,302
Net income — — — — 4,864 4,864
−Removed: Other comprehensive income, net of tax — — — 74 — 74
+Added: Other comprehensive (loss), net of tax — — — ( 77 ) — ( 77 )
Cash dividends declared on common stock — — — — ( 1,691 ) ( 1,691 )
9 unchanged sentences
The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc.
−Removed: (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the consolidated financial statements of all of TJX’s subsidiaries, all of which are wholly owned.
+Added: (referred to as “TJX” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the Consolidated Financial Statements of all of TJX’s subsidiaries, all of which are wholly owned.
All of the Company's activities are conducted by TJX or its subsidiaries and are consolidated in these Consolidated Financial Statements.
All intercompany transactions have been eliminated in consolidation.
+Added: Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method.
TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year.
The fiscal year ended February 1, 2025 (“fiscal 2025”) is a 52-week fiscal year.
−Removed: The fiscal years ended January 28, 2023 (“fiscal 2023”) and January 29, 2022 (“fiscal 2022”) were 52-week fiscal years.
−Removed: Fiscal 2025 will be a 52-week fiscal year and will end February 1, 2025.
+Added: The fiscal year ended February 3, 2024 (“fiscal 2024”) was a 53-week fiscal year, and the fiscal year ended January 28, 2023 (“fiscal 2023”) was a 52-week fiscal year.
+Added: Fiscal 2026 will be a 52-week fiscal year and will end January 31, 2026.
Use of Estimates
4 unchanged sentences
Revenue Recognition
−Removed: Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online.
+Added: Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within TJX’s stores and online.
Net sales also include an immaterial amount of other revenues that represent less than 1 % of total revenues, including revenue generated by the TJX-branded credit card program.
In addition, certain customers, primarily Associates, may receive discounts that are accounted for as consideration reducing the transaction price.
−Removed: Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer.
+Added: Merchandise sales from TJX’s stores are recognized at the point of sale when TJX provides the merchandise to the customer.
The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise.
1 unchanged sentence
Shipping and handling activities related to online sales occur after the customer obtains control of the goods.
−Removed: TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures.
+Added: TJX’s policy is to treat shipping costs as part of its fulfillment center costs within operating expenditures.
As a result, shipping fee revenues received are recognized when control of the goods transfer to the customer and are recorded as net sales.
Shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs.
−Removed: TJX disaggregates revenue by operating segment, see Note G—Segment Information.
+Added: TJX disaggregates revenue by segment, see Note G—Segment Information.
Deferred Gift Card Revenue
3 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
Balance, beginning of year $ 773 $ 721
Deferred revenue 2,005 2,020
−Removed: Effect of exchange rates changes on deferred revenue ( 1 ) ( 5 )
+Added: Effect of exchange rate changes on deferred revenue ( 8 ) ( 1 )
Revenue recognized ( 1,946 ) ( 1,967 )
Balance, end of year $ 824 $ 773
−Removed: TJX recognized $ 2 billion in gift card revenue in fiscal 2024 and $ 1.9 billion in fiscal 2023 and $ 1.7 billion in fiscal 2022.
+Added: In addition to the deferred gift card activity presented in the table above, TJX recognized approximately $ 1.9 billion in fiscal 2023.
Gift cards are combined in one homogeneous pool and are not separately identifiable.
28 unchanged sentences
Investments are classified as either short-term or long-term based on their original maturities.
−Removed: TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks.
+Added: TJX’s investments are primarily institutional money market funds, bank investment products with major banks (such as time deposits), and high-grade commercial paper.
As of February 1, 2025, TJX’s cash and cash equivalents held outside the U.S.
2 unchanged sentences
Inventories are stated at the lower of cost or market.
−Removed: TJX uses the retail method for valuing inventories at all of its businesses, except TK Maxx in Australia which is immaterial.
+Added: TJX uses the retail method for valuing inventories at all of its businesses, except TK Maxx in Australia which is immaterial to TJX’s total inventory.
The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (i.e.
2 unchanged sentences
TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped.
−Removed: As a result, Merchandise inventories on TJX’s Consolidated Balance Sheets include in-transit inventory of $ 1.3 billion at both February 3, 2024 and January 28, 2023.
+Added: As a result, Merchandise inventories on TJX’s Consolidated Balance Sheets include in-transit inventory of $ 1.6 billion at February 1, 2025 and $ 1.3 billion at February 3, 2024.
Comparable amounts were reflected in Accounts payable at those dates.
9 unchanged sentences
Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC.
−Removed: Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created.
+Added: A deferred tax asset is recorded upon expensing of stock compensation in the financial statements.
+Added: This deferred tax asset is recognized upon the exercise of the related stock grants.
Any excess tax benefits or deficiencies are included in the provision for income taxes.
12 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
9 unchanged sentences
Furniture, fixtures and equipment are depreciated over 3 to 10 years.
−Removed: Depreciation and amortization expense for property was $ 958 million in fiscal 2024, $ 879 million in fiscal 2023, and $ 858 million in fiscal 2022.
+Added: Depreciation and amortization expense for property was $ 1.1 billion in fiscal 2025, $ 958 million in fiscal 2024, and $ 879 million in fiscal 2023.
TJX had no property held under finance leases during fiscal 2025, fiscal 2024 or fiscal 2023.
12 unchanged sentences
The operating lease ROU assets also include any acquisition costs offset by lease incentives.
−Removed: The Company’s lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option.
+Added: The Company’s lease terms include options to extend the lease, which will be included in the operating lease ROU asset and lease liabilities when it is reasonably certain the Company will exercise that option.
Lease expense for lease payments is recognized on a straight-line basis over the lease term within “Cost of sales, including buying and occupancy costs”.
7 unchanged sentences
Effect of exchange rate changes on goodwill — 0 ( 2 ) ( 2 )
−Removed: Balance, January 28, 2023 $ 70 $ 2 $ 25 $ 97
+Added: Balance, February 3, 2024 $ 70 $ 2 $ 23 $ 95
Effect of exchange rate changes on goodwill — ( 0 ) ( 1 ) ( 1 )
6 unchanged sentences
Fiscal Year Ended
−Removed: February 3, 2024 January 28, 2023
+Added: February 1, 2025 February 3, 2024
In millions Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value
5 unchanged sentences
Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years.
−Removed: Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate.
+Added: Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective segment to which they relate.
Impairment of Long-Lived Assets, Goodwill and Tradenames
24 unchanged sentences
TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable.
−Removed: Equity Investment
+Added: Equity Investments
+Added: Multibrand Outlet Stores
+Added: During fiscal 2025, the Company entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I de C.V.
+Added: (“Axo”) to hold a 49 % ownership stake in Multibrand Outlet Stores S.A.P.I.
+Added: (“MOS”), which operates off-price, physical store businesses in Mexico and includes a total of over 200 stores for its Promoda, Reduced, and Urban Store banners.
+Added: TJX has the option to increase its ownership interest in the joint venture over the long term.
+Added: During the third quarter of fiscal 2025, TJX completed this investment for $ 193 million, which includes a purchase price of $ 179 million and acquisition costs of $ 14 million.
+Added: This investment is accounted for under the equity method of accounting and recorded in Other assets on the Consolidated Balance Sheets.
+Added: For the fiscal year ended February 1, 2025, the carrying value of the Company’s equity investment in MOS was $ 168 million, which exceed its share of MOS’ net assets by approximately $ 133 million.
+Added: All of this difference is comprised of goodwill and tradenames.
+Added: Tradenames are definite-lived intangible assets and are amortized straight-line over their useful lives of 10 years.
+Added: As of February 1, 2025, the revaluation of the investment from Mexican Pesos to the U.S.
+Added: dollar resulted in a cumulative translation loss and reduced the carrying value of the investment by $ 11 million.
+Added: The cumulative translation loss has been recorded in the Consolidated Balance Sheets as a component of Accumulated other comprehensive (loss) income.
+Added: TJX reports the results of its share of the investments in MOS on a one-quarter lag as their results are not expected to be available in time to be recorded in the concurrent period.
+Added: Earnings from the Company’s investment are recorded in Selling, general & administrative expenses on the Consolidated Statement of Income.
+Added: The investment did not have a material impact on its fiscal 2025 results.
+Added: Brands for Less
+Added: During fiscal 2025, the Company entered into a definitive agreement to acquire a 35 % ownership stake in privately held Brands for Less (“BFL”), representing a non-controlling, minority position.
+Added: BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer.
+Added: During the fourth quarter of fiscal 2025, TJX completed this investment for $ 358 million, which includes a purchase price of $ 344 million and acquisition costs of $ 14 million.
+Added: This investment is accounted for under the equity method of accounting and is recorded in Other assets on the Consolidated Balance Sheets.
+Added: For the fiscal year ended February 1, 2025, the carrying value of the Company’s equity investment in BFL was $ 336 million, which exceed its share of BFL net assets by approximately $ 292 million.
+Added: All of this difference is comprised of goodwill and a tradename.
+Added: The tradename is a definite-lived intangible asset and will be amortized straight-line over the useful life of 15 years.
+Added: TJX will report the results of its share of the investment with BFL on a one-quarter lag as their results are not expected to be available in time to be recorded in the concurrent period.
+Added: Earnings from the investment in BFL will be recorded in Selling, general & administrative expenses on the Consolidated Statement of Income.
+Added: The investment did not have a material impact on its fiscal 2025 results.
+Added: Both equity investments are evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired.
+Added: If the Company concludes that there is an other-than-temporary impairment of these equity investments, it will adjust the carrying amount of the investments to the current fair value.
+Added: As of the end of fiscal 2025, the Company determined that no impairments of its equity method investments existed.
In fiscal 2020, the Company acquired a minority ownership stake in privately held Familia, an off-price retailer of apparel and home fashions domiciled in Luxembourg that operates stores throughout Russia.
6 unchanged sentences
Unless otherwise discussed, the Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed.
−Removed: Improvements to Reportable Segment Disclosures
−Removed: In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures.
−Removed: The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses.
−Removed: This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
−Removed: The Company will adopt this standard for the fiscal 2025 Form 10-K and does not anticipate a material impact of the adoption on its consolidated financial statement disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance related to improvements to income tax disclosures.
−Removed: The amendment updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction.
−Removed: The amendment also provides for further disclosure comparability.
−Removed: The amendments are effective for fiscal years beginning after December 15, 2024 (fiscal 2026).
−Removed: Early adoption is permitted.
−Removed: The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statement disclosures.
+Added: The new standard updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction.
+Added: The standard also provides for further disclosure comparability.
+Added: The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
+Added: The Company will adopt this standard for the fiscal 2026 Form 10-K and is currently evaluating the impact of the adoption of this standard on its financial statement disclosures.
+Added: Improvements to Disaggregation of Income Statement Expenses
+Added: In November 2024, the FASB issued new guidance to enhance the disclosure of expenses by requiring further disaggregation of relevant expenses in a separate note to the financial statements.
+Added: This standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.
+Added: The Company is currently evaluating the impact of this adoption on its consolidated financial statement disclosures and plans to adopt this standard for the fiscal 2028 Form 10-K.
SEC Rule Changes
−Removed: In March 2024, the SEC adopted new rules that, if remaining in effect, will require registrants to provide certain climate-related information in their registration statements and annual reports.
−Removed: The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition.
−Removed: The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions.
−Removed: In addition, the rules will require registrants to present certain climate-related financial disclosures in their audited financial statements.
−Removed: The Company is currently evaluating the potential impact of these rules on its consolidated financial statements and disclosures.
+Added: In March 2024, the SEC adopted new rules phasing in for fiscal years beginning on or after January 1, 2025 that will require registrants to provide certain climate-related information in their registration statements and annual reports.
+Added: In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges.
+Added: The Company is currently monitoring the status of these rules and any potential impact on its Consolidated Financial Statements and financial statement disclosures.
+Added: Recently Adopted Accounting Standards
+Added: Improvements to Reportable Segment Disclosures
+Added: In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures.
+Added: The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses.
+Added: The Company adopted this standard as of February 1, 2025, on a retrospective basis.
+Added: Refer to Note G—Segment Information for the impact upon adoption of the new required disclosures.
Property at Cost
2 unchanged sentences
In millions February 1,
+Added: 2025 February 3,
2024 January 28,
2 unchanged sentences
Leasehold costs and improvements
+Added: 4,710 4,306 3,874
Furniture, fixtures and equipment
+Added: 8,714 8,134 7,400
Total property at cost $ 15,982 $ 14,619 $ 13,317
4 unchanged sentences
In millions February 1,
+Added: 2025 February 3,
2024 January 28,
5 unchanged sentences
Accumulated Other Comprehensive (Loss) Income
−Removed: Amounts included in Accumulated other comprehensive (loss) income relate to the Company’s foreign currency translation adjustments, deferred gains/(losses) on pension and other post-retirement obligations and a cash flow hedge on issued debt, all of which are recorded net of the related income tax effects.
+Added: Amounts included in Accumulated other comprehensive (loss) income relate to the Company’s foreign currency translation adjustments and deferred gains/(losses) on pension and other post-retirement obligations, all of which are recorded net of the related income tax effects.
The following table details the changes in Accumulated other comprehensive (loss) income for fiscal 2025, fiscal 2024 and fiscal 2023:
1 unchanged sentence
Translation Deferred
−Removed: Benefit Costs Cash Flow
−Removed: Hedge on Debt Accumulated
+Added: Benefit Costs Accumulated
Comprehensive (Loss) Income
2 unchanged sentences
Foreign currency translation adjustments, net of taxes ( 56 ) — ( 56 )
−Removed: Recognition of net (losses) on benefit obligations, net of taxes — ( 48 ) — ( 48 )
+Added: Recognition of net gains on benefit obligations, net of taxes — 121 121
Reclassifications from other comprehensive (loss) to net income:
−Removed: Amortization of (loss) on cash flow hedge, net of taxes — — ( 0 ) ( 0 )
Amortization of prior service cost and deferred gains, net of taxes — 16 16
5 unchanged sentences
Amortization of prior service cost and deferred gains, net of taxes — 1 1
−Removed: Balance, January 28, 2023 $ ( 544 ) $ ( 62 ) $ — $ ( 606 )
+Added: Balance, February 3, 2024 $ ( 514 ) $ ( 18 ) $ ( 532 )
Additions to other comprehensive (loss):
11 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
3 unchanged sentences
These expenditures were funded by cash generated from operations.
−Removed: TJX has five million shares of authorized but unissued preferred stock, $ 1 par value.
+Added: TJX has 5 million shares of authorized but unissued preferred stock, $ 1 par value.
Earnings Per Share
2 unchanged sentences
Amounts in millions, except per share amounts February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
57 unchanged sentences
A$ 210 U.S.$ 135 0.6420 Prepaid Exp 3.5 — 3.5
−Removed: U.S.$ 70 £ 55 0.7898 (Accrued Exp) — ( 0.2 ) ( 0.2 )
U.S.$ 67 £ 55 0.8177 Prepaid Exp 0.8 — 0.8
+Added: £ 50 U.S.$ 61 1.2222 (Accrued Exp) — ( 0.9 ) ( 0.9 )
€ 200 U.S.$ 217 1.0852 Prepaid Exp / (Accrued Exp) 7.6 ( 0.4 ) 7.2
9 unchanged sentences
Merchandise purchase commitments:
−Removed: C$ 668 U.S.$ 495 0.7408 Prepaid Exp / (Accrued Exp) 1.4 ( 3.6 ) ( 2.2 )
−Removed: C$ 29 € 20 0.6797 (Accrued Exp) — ( 0.3 ) ( 0.3 )
+Added: C$ 873 U.S.$ 625 0.7159 Prepaid Exp 21.9 — 21.9
+Added: C$ 33 € 22 0.6673 Prepaid Exp / (Accrued Exp) 0.1 ( 0.0 ) 0.1
£ 416 U.S.$ 530 1.2742 Prepaid Exp / (Accrued Exp) 15.2 ( 1.1 ) 14.1
−Removed: zł 508 £ 98 0.1930 Prepaid Exp / (Accrued Exp) 0.0 ( 3.1 ) ( 3.1 )
+Added: zł 552 £ 107 0.1933 (Accrued Exp) — ( 3.5 ) ( 3.5 )
A$ 81 U.S.$ 52 0.6448 Prepaid Exp / (Accrued Exp) 1.7 ( 0.1 ) 1.6
1 unchanged sentence
Total fair value of derivative financial instruments $ 53.1 $ ( 18.1 ) $ 35.0
−Removed: The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2023:
+Added: The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:
In millions Pay Receive Blended
3 unchanged sentences
U.S.$ Net Fair Value
−Removed: January 28, 2023
+Added: February 3, 2024
Fair value hedges:
Intercompany balances, primarily debt:
−Removed: € 60 £ 53 0.8807 (Accrued Exp) $ — $ ( 0.3 ) $ ( 0.3 )
−Removed: A$ 150 U.S.$ 105 0.7003 (Accrued Exp) — ( 2.6 ) ( 2.6 )
−Removed: U.S.$ 69 £ 55 0.8010 (Accrued Exp) — ( 0.3 ) ( 0.3 )
+Added: € 78 £ 67 0.8622 Prepaid Exp / (Accrued Exp) $ 0.1 $ ( 0.1 ) $ 0.0
+Added: A$ 140 U.S.$ 95 0.6751 Prepaid Exp 2.7 — 2.7
U.S.$ 70 £ 55 0.7898 (Accrued Exp) — ( 0.2 ) ( 0.2 )
+Added: £ 100 U.S.$ 127 1.2727 Prepaid Exp 0.8 — 0.8
€ 200 U.S.$ 219 1.0969 Prepaid Exp / (Accrued Exp) 3.0 ( 0.3 ) 2.7
5 unchanged sentences
gal per month
−Removed: N/A Prepaid Exp 3.9 — 3.9
+Added: N/A (Accrued Exp) — ( 7.2 ) ( 7.2 )
Intercompany billings in TJX International, primarily merchandise:
2 unchanged sentences
C$ 668 U.S.$ 495 0.7408 Prepaid Exp / (Accrued Exp) 1.4 ( 3.6 ) ( 2.2 )
−Removed: C$ 23 € 16 0.7064 Prepaid Exp / (Accrued Exp) 0.4 ( 0.0 ) 0.4
+Added: C$ 29 € 20 0.6797 (Accrued Exp) — ( 0.3 ) ( 0.3 )
£ 353 U.S.$ 443 1.2549 Prepaid Exp / (Accrued Exp) 1.5 ( 5.0 ) ( 3.5 )
−Removed: zł 507 £ 91 0.1788 (Accrued Exp) — ( 3.6 ) ( 3.6 )
−Removed: A$ 104 U.S.$ 71 0.6819 (Accrued Exp) — ( 3.3 ) ( 3.3 )
−Removed: U.S.$ 85 € 82 0.9634 Prepaid Exp 4.3 — 4.3
+Added: zł 508 £ 98 0.1930 Prepaid Exp / (Accrued Exp) 0.0 ( 3.1 ) ( 3.1 )
+Added: A$ 82 U.S.$ 55 0.6620 Prepaid Exp / (Accrued Exp) 0.8 ( 0.1 ) 0.7
+Added: U.S.$ 109 € 100 0.9191 Prepaid Exp / (Accrued Exp) 0.3 ( 1.0 ) ( 0.7 )
Total fair value of derivative financial instruments $ 11.5 $ ( 20.9 ) $ ( 9.4 )
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
−Removed: Location of (Loss) Gain Recognized in Income by Derivative Amount of (Loss) Gain Recognized in
+Added: Location of Gain (Loss) Recognized in Income by Derivative Amount of Gain (Loss) Recognized in
Income by Derivative
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
5 unchanged sentences
Merchandise purchase commitments Cost of sales, including buying and occupancy costs 53 ( 7 ) 71
−Removed: (Loss) gain recognized in income $ ( 1 ) $ 129 $ 108
−Removed: Included in the table above are realized losses of $ 23 million in fiscal 2024 and realized gains of $ 200 million in fiscal 2023 and $ 54 million in fiscal 2022, all of which were largely offset by gains and losses on the underlying hedged item.
+Added: Gain (loss) recognized in income $ 59 $ ( 1 ) $ 129
+Added: Included in the table above are realized gains of $ 14 million in fiscal 2025, realized losses of $ 23 million in fiscal 2024 and realized gains of $ 200 million in fiscal 2023, all of which were largely offset by gains and losses on the underlying hedged item.
Fair Value Measurements
−Removed: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price”.
+Added: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as exit price).
The inputs used to measure fair value are generally classified into the following hierarchy:
5 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
Executive Savings Plan investments $ 481.4 $ 405.7
Foreign currency exchange contracts $ 53.1 $ 11.5
−Removed: Diesel fuel contracts — 3.9
Foreign currency exchange contracts $ 9.0 $ 13.7
8 unchanged sentences
These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations.
−Removed: The following table summarizes the carrying value and fair value estimates of our components of long-term debt:
+Added: The following table summarizes the carrying value and fair value estimates of the Company’s components of long-term debt:
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
In millions Carrying Value Fair Value Carrying Value Fair Value
−Removed: Current portion of long-term debt $ — $ — $ 500 $ 497
Long-term debt $ 2,866 $ 2,634 $ 2,862 $ 2,630
2 unchanged sentences
Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment.
−Removed: For the years ended February 3, 2024, January 28, 2023 and January 29, 2022, the Company did not record any material impairments to long-lived assets.
−Removed: During the first quarter of fiscal 2023, the Company announced its intention to divest from its position in its minority investment in Familia and re-characterized this investment as held-for-sale valued as a Level 3 position.
−Removed: Given the lack of an active market or observable inputs, the Company derived an exit price which indicated that this investment had no market value.
−Removed: As a result, the Company recorded a $ 218 million charge in the first quarter of fiscal 2023, which represented the entirety of its investment.
−Removed: See Note A—Basis of Presentation and Summary of Accounting Policies for additional information.
+Added: For the years ended February 1, 2025, February 3, 2024 and January 28, 2023, the Company did not record any material impairments to long-lived assets.
Segment Information
−Removed: TJX operates four main business segments.
+Added: TJX operates four segments.
+Added: TJX defines its segments as those operations whose results the Chief Executive Officer, who is the Company’s chief operating decision maker (“CODM”), regularly reviews to analyze performance and allocate resources.
In the United States, the Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods and Homesense.
−Removed: The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates TK Maxx and Homesense, as well as tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia.
−Removed: In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S.
+Added: The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia.
+Added: In addition to the Company’s four segments, Sierra operates retail stores and sierra.com in the U.S.
The results of Sierra are included in the Marmaxx segment.
−Removed: In the third quarter of fiscal 2024, the Company closed its HomeGoods e-commerce business.
All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions.
6 unchanged sentences
Total 100 % 100 % 100 %
−Removed: TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items.
+Added: The CODM regularly reviews net sales by segment and segment profit or loss.
+Added: There are no significant expense categories or amounts regularly provided to the CODM and included in reported segment profit or loss.
+Added: As such, no significant expense categories are disclosed in the table below.
+Added: The CODM evaluates the performance of the Company’s segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items.
“Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities.
This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.
−Removed: Presented below is financial information with respect to TJX’s business segments:
+Added: Presented below is financial information with respect to TJX’s segments:
Fiscal Year Ended
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
−Removed: In the United States:
−Removed: Marmaxx $ 33,413 $ 30,545 $ 29,483
−Removed: HomeGoods 8,990 8,264 8,995
−Removed: TJX Canada 5,046 4,912 4,343
−Removed: TJX International 6,768 6,215 5,729
−Removed: Total net sales $ 54,217 $ 49,936 $ 48,550
+Added: Net sales $ 34,604 $ 33,413 $ 30,545
+Added: Segment expenses (a)
+Added: 29,709 28,816 26,662
Segment profit $ 4,895 $ 4,597 $ 3,883
−Removed: In the United States:
+Added: Net sales $ 9,386 $ 8,990 $ 8,264
+Added: Segment expenses (a)
8,365 8,129 7,742
−Removed: HomeGoods 861 522 907
−Removed: TJX Canada 715 690 485
+Added: Segment profit $ 1,021 $ 861 $ 522
+Added: Net sales $ 5,189 $ 5,046 $ 4,912
+Added: Segment expenses (a)
+Added: 4,486 4,331 4,222
+Added: Segment profit $ 703 $ 715 $ 690
TJX International
−Removed: Total segment profit $ 6,505 $ 5,442 $ 5,366
+Added: Net sales $ 7,181 $ 6,768 $ 6,215
+Added: Segment expenses (a)
+Added: 6,759 6,436 5,868
+Added: Segment profit $ 422 $ 332 $ 347
+Added: Net sales $ 56,360 $ 54,217 $ 49,936
+Added: Segment expenses (a)
+Added: 49,319 47,712 44,494
+Added: Segment profit $ 7,041 $ 6,505 $ 5,442
General corporate expense 739 708 582
Impairment on equity investment — — 218
−Removed: Loss on early extinguishment of debt — — 242
Interest (income) expense, net ( 181 ) ( 170 ) 6
Income before income taxes $ 6,483 $ 5,967 $ 4,636
−Removed: Business segment information (continued):
+Added: (a) S egment expenses for each reportable segment include cost of sales and selling, general and administrative expenses.
+Added: Cost of sales includes buying and occupancy costs, cost of merchandise sold, and other expenses.
+Added: Selling, general and administrative expenses include store payroll and benefit costs, communication costs, and other expenses.
+Added: Refer to Note A - Basis of Presentation and Summary of Accounting Principles for more information on the classifications.
+Added: Segment information (continued):
Fiscal Year Ended
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
5 unchanged sentences
TJX International 4,243 4,154 4,075
+Added: Segment identifiable assets $ 24,545 $ 23,058 $ 21,838
Corporate (a)
16 unchanged sentences
TJX International 205 177 167
+Added: Segment depreciation and amortization $ 1,100 $ 960 $ 882
Corporate (b)
Total depreciation and amortization $ 1,104 $ 964 $ 887
−Removed: (a) Corporate identifiable assets consist primarily of cash, the trust assets in connection with the Executive Savings Plan and in fiscal 2022 included the minority investment in Familia.
−Removed: Consolidated cash, including cash held in the Company’s foreign entities, is included with corporate assets for consistency with the reporting of cash for the Company’s segments in the U.S.
+Added: (a) Corporate identifiable assets mainly include cash and trust assets from the Executive Savings Plan and in fiscal 2025 includes the equity method investments.
+Added: Consolidated cash, including that held by foreign entities, is reported with Corporate assets for consistency with segment reporting in the U.S.
(b) Includes debt discount accretion and debt expense amortization.
12 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
13 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
23 unchanged sentences
Performance share units and related compensation costs recognized are adjusted, as applicable, for performance above or below the target specified in the award.
−Removed: There were no significant modifications to stock awards in fiscal 2024 or fiscal 2023.
−Removed: During fiscal 2022, modifications were approved to previously granted, nonvested performance share unit awards resulting in a share-based compensation charge of $ 37 million.
+Added: There were no significant modifications to stock awards in fiscal 2025, fiscal 2024 or fiscal 2023.
A summary of the status of the Company’s non-vested stock awards and changes during fiscal 2025 is presented below:
5 unchanged sentences
Nonvested at end of year 1,141 1,071 2,212 $ 76.82
−Removed: There were 694 thousand units with a weighted average grant date fair value of $ 76.21 , granted in fiscal 2024, 932 thousand units, with a weighted average grant date fair value of $ 60.46 , granted in fiscal 2023 and 820 thousand units, with a weighted average grant date fair value of $ 65.53 , granted in fiscal 2022.
+Added: A summary of units granted and the weighted average grant date fair value for total stock awards over the previous two fiscal years is presented below:
+Added: Fiscal Year Ended
+Added: In thousands except grant date fair value February 3,
+Added: 2024 January 28,
+Added: Granted 694 932
+Added: Weighted Average Grant Date Fair Value $ 76.21 $ 60.46
The fair value of awards that vested was $ 46 million in fiscal 2025, $ 48 million in fiscal 2024 and $ 55 million in fiscal 2023.
15 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
2025 February 3,
−Removed: 2024 January 28,
+Added: 2024 February 1,
+Added: 2025 February 3,
Change in projected benefit obligation:
11 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
2025 February 3,
−Removed: 2024 January 28,
+Added: 2024 February 1,
+Added: 2025 February 3,
Change in plan assets:
15 unchanged sentences
The Consolidated Balance Sheets reflect the funded status of the plans with any unrecognized prior service cost and actuarial gains and losses recorded in Accumulated other comprehensive (loss) income.
−Removed: The funded plan asset of $ 166 million and $ 132 million is reflected on the Consolidated Balance Sheets in Prepaid expenses and other current assets as of February 3, 2024 and January 28, 2023, respectively.
−Removed: The unfunded plan liability is reflected on the Consolidated Balance Sheets as current liabilities of $ 10 million and $ 4 million and a long-term liability of $ 95 million and $ 105 million as of February 3, 2024 and January 28, 2023, respectively.
−Removed: The decrease in the actuarial losses included in Accumulated other comprehensive (loss) income for the funded plan for fiscal 2024 was driven by the impact of higher discount rates and an increase in actual return on plan assets.
+Added: The funded plan asset of $ 179 million and $ 166 million is reflected on the Consolidated Balance Sheets in Other assets as of February 1, 2025 and February 3, 2024, respectively.
+Added: The unfunded plan liability is reflected on the Consolidated Balance Sheets as current liabilities of $ 7 million and $ 10 million and a long-term liability of $ 100 million and $ 95 million as of February 1, 2025 and February 3, 2024, respectively.
+Added: The decrease in the actuarial losses included in Accumulated other comprehensive (loss) income for the funded plan for fiscal 2025 was driven by the impact of higher discount rates offset by a decrease in actual return on plan assets.
TJX determined the assumed discount rate using the BOND:
5 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
2025 February 3,
−Removed: 2024 January 28,
+Added: 2024 February 1,
+Added: 2025 February 3,
Discount rate 6.10 % 5.70 % 6.10 % 5.80 %
8 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
−Removed: 2023 January 29,
2025 February 3,
2024 January 28,
+Added: 2023 February 1,
+Added: 2025 February 3,
2024 January 28,
37 unchanged sentences
Fair value of assets $ 65 $ 1,092 $ 1,450
−Removed: Funded Plan at January 28, 2023
+Added: Funded Plan at February 3, 2024
In millions Level 1 Level 2 Total
22 unchanged sentences
Following is the asset allocation under the qualified pension plan as of the valuation date for the fiscal years presented:
−Removed: 2024 January 28,
+Added: 2025 February 3,
Return-seeking assets 27 % 32 %
6 unchanged sentences
Investment risk is measured and monitored on an ongoing basis through investment portfolio reviews, annual liability measurements and periodic asset/liability studies.
−Removed: In the second quarter of fiscal 2024, the Company announced that it would offer eligible former TJX associates who have not yet commenced their qualified pension plan benefit an opportunity to receive a voluntary lump sum payout of their pension plan benefit.
−Removed: At the end of the offer period during fiscal 2024, the payout amount, based on participation rate, did not meet the threshold to record a non-cash settlement charge.
Other Retirement Benefits
15 unchanged sentences
TJX contributes to certain multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees.
−Removed: TJX contributed $ 27 million in fiscal 2024, and $ 25 million in both fiscal 2023 and fiscal 2022 to the Legacy Plan of the National Retirement Fund (EIN #13-6130178, plan #1), the Adjustable Plan of the National Retirement Fund (EIN #13-6130178, plan #2), the Legacy Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #1) and the Adjustable Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #2).
+Added: TJX contributed $ 27 million in fiscal 2025, $ 27 million in fiscal 2024 and $ 25 million in fiscal 2023 to the Legacy Plan of the National Retirement Fund (EIN #13-6130178, plan #1), the Adjustable Plan of the National Retirement Fund (EIN #13-6130178, plan #2), the Legacy Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #1) and the Adjustable Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #2).
TJX was listed in the Form 5500 for the Legacy Plan of the National Retirement Fund and the Adjustable Plan of the National Retirement Fund as providing more than 5 % of the total contributions, or being one of the top ten highest contributors, for the plan year ending December 31, 2023.
In addition, based on information available to TJX, the Pension Protection Act Zone status for the Legacy Plan of the National Retirement Fund is critical and for the Legacy Plan of the UNITE HERE Retirement Fund is critical and declining, and rehabilitation plans have been adopted by these plans.
+Added: In January 2025, the Pension Benefit Guaranty Corporation announced that it approved an application by the Legacy Plan of the UNITE HERE Retirement Fund for Special Financial Assistance under the American Rescue Plan Act of 2021.
The risks of participating in multiemployer pension plans are different from the risks of single-employer pension plans in certain respects, including the following:
3 unchanged sentences
Long-Term Debt and Credit Lines
−Removed: The table below presents long-term debt as of February 3, 2024 and January 28, 2023.
+Added: The table below presents long-term debt as of February 1, 2025 and February 3, 2024.
All amounts are net of unamortized debt discounts.
In millions and net of immaterial unamortized debt discounts February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
General corporate debt:
−Removed: 2.500 % senior unsecured notes, redeemed May 2023 (effective interest rate of 2.51 % after reduction of unamortized debt discount)
2.250 % senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32 % after reduction of unamortized debt discount)
4 unchanged sentences
Total debt 2,877 2,876
−Removed: Current maturities of long-term debt, net of debt issuance costs — ( 500 )
Debt issuance costs ( 11 ) ( 14 )
4 unchanged sentences
Debt issuance costs ( 11 )
−Removed: current maturities of long-term debt —
Aggregate maturities of long-term debt $ 2,866
Senior Unsecured Notes
−Removed: During the second quarter of fiscal 2024, the Company repaid its 2.500 % ten-year Notes due May 2023 at maturity.
−Removed: As of February 3, 2024, TJX had outstanding $ 1 billion aggregate principal amount of 2.250 % ten-year Notes due September 2026.
+Added: As of February 1, 2025, TJX had outstanding $ 1 billion aggregate principal amount of 2.250 % 10-year Notes due September 2026.
TJX entered into a rate-lock agreement to hedge $ 700 million of the 2.250 % notes prior to issuance.
9 unchanged sentences
Under these credit facilities, the Company has maintained a borrowing capacity of $ 1.5 billion.
−Removed: As of February 3, 2024 and January 28, 2023, there were no amounts outstanding under these facilities.
+Added: As of February 1, 2025 and February 3, 2024, there were no amounts outstanding under these facilities.
Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.50 to 1.00 on a rolling four-quarter basis.
TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented.
−Removed: In addition, as of February 3, 2024 and January 28, 2023, TJX Canada had two credit lines, a C$ 10 million facility for operating expenses and a C$ 10 million letter of credit facility.
−Removed: As of February 3, 2024 and January 28, 2023, and during the years then ended, there were no amounts outstanding on the Canadian credit line for operating expenses.
−Removed: As of February 3, 2024 and January 28, 2023, the Company’s European business at TJX International had a credit line of £ 5 million.
−Removed: As of February 3, 2024 and January 28, 2023, and during the years then ended, there were no amounts outstanding on the European credit line.
+Added: In addition, as of February 1, 2025 and February 3, 2024, TJX Canada had a credit line of C$ 10 million and the Company’s European business at TJX International had a credit line of £ 5 million.
+Added: As of February 1, 2025 and February 3, 2024, and during the years then ended, there were no amounts outstanding on the Canadian credit line and no amounts outstanding on the European credit line.
In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%.
1 unchanged sentence
Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years.
−Removed: Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs.
+Added: Considering TJX does not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules did not have a material impact on the Company’s financial statements for fiscal 2025 and are not expected to materially increase global tax costs.
There remains uncertainty as to the final Pillar Two model rules.
−Removed: We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.
−Removed: In August 2022, the Inflation Reduction Act of 2022 (“IRA”), was signed into law.
−Removed: Among other things, the IRA imposes a 15% corporate alternative minimum tax (the “Corporate AMT”) for tax years beginning after December 31, 2022 and levies a 1% excise tax on net stock repurchases after December 31, 2022.
−Removed: The excise tax on the net stock repurchase, Corporate AMT, or other provisions of the IRA did not have a material impact on our results of operations or financial position in fiscal 2024 or fiscal 2023.
+Added: The Company is continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which TJX operates.
For financial reporting purposes, components of income before income taxes are as follows:
1 unchanged sentence
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
5 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
6 unchanged sentences
Provision for income taxes $ 1,619 $ 1,493 $ 1,138
−Removed: TJX had net deferred tax assets (liabilities) as follows:
+Added: TJX had net deferred tax (liabilities) assets as follows:
Fiscal Year Ended
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
Deferred tax assets:
13 unchanged sentences
Total deferred tax liabilities $ 3,407 $ 3,318
−Removed: Net deferred tax asset $ 24 $ 31
+Added: Net deferred tax (liability) asset $ ( 8 ) $ 24
Non-current asset $ 148 $ 172
4 unchanged sentences
The net amount of unrecognized state and foreign withholding tax liabilities related to the undistributed earnings is not material.
−Removed: As of February 3, 2024 and January 28, 2023, for state income tax purposes, TJX had net operating loss carryforwards of $ 318 million and $ 328 million respectively.
+Added: As of February 1, 2025 and February 3, 2024, for state income tax purposes, TJX had net operating loss carryforwards of $ 225 million and $ 318 million respectively.
Of that amount, $ 13 million can be carried forward indefinitely and $ 212 million will expire, if unused, in the years 2031 through 2045.
TJX has analyzed the realization of the state net operating loss carryforwards on an individual state basis.
−Removed: For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $ 1 million has been provided for the deferred tax asset as of February 3, 2024 and $ 16 million as of January 28, 2023.
−Removed: The Company had available for foreign income tax purposes (related to Australia, Austria, Germany, the Netherlands and the U.K.) net operating loss carryforwards of $ 439 million as of February 3, 2024 and $ 508 million as of January 28, 2023.
−Removed: The full amount of the loss carryforwards do not expire.
−Removed: For the deferred tax assets associated with the net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized, TJX had valuation allowances recorded of approximately $ 62 million as of February 3, 2024 and $ 71 million as of January 28, 2023.
+Added: For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $ 1 million has been provided for the deferred tax asset as of February 1, 2025 and $ 1 million as of February 3, 2024.
+Added: The Company had available for foreign income tax purposes (related to Australia, Austria, Germany, the Netherlands and the U.K.) net operating loss carryforwards of $ 338 million as of February 1, 2025 and $ 439 million as of February 3, 2024.
+Added: The full amount of the loss carryforwards does not expire.
+Added: For the deferred tax assets associated with the net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized, TJX had valuation allowances recorded of approximately $ 50 million as of February 1, 2025 and $ 62 million as of February 3, 2024.
The difference between the U.S.
1 unchanged sentence
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
7 unchanged sentences
Worldwide effective income tax rate 25.0 % 25.0 % 24.5 %
−Removed: TJX’s effective income tax rate increased for fiscal 2024 compared to fiscal 2023.
−Removed: The increase in the fiscal 2024 effective income tax rate is primarily due to an increase of nondeductible items and a reduction of excess tax benefits from share-based compensation.
−Removed: TJX had net unrecognized tax benefits of $ 228 million as of February 3, 2024, $ 265 million as of January 28, 2023 and $ 288 million as of January 29, 2022.
+Added: There were no significant changes to TJX’s effective income tax rate for fiscal 2025, compared to fiscal 2024.
+Added: TJX had net unrecognized tax benefits of $ 217 million as of February 1, 2025, $ 228 million as of February 3, 2024 and $ 265 million as of January 28, 2023.
A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
1 unchanged sentence
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
7 unchanged sentences
Included in the gross amount of unrecognized tax benefits are items that will impact future effective tax rates upon recognition.
−Removed: These items amounted to $ 221 million as of February 3, 2024, $ 251 million as of January 28, 2023 and $ 260 million as of January 29, 2022.
+Added: These items amounted to $ 212 million as of February 1, 2025, $ 221 million as of February 3, 2024 and $ 251 million as of January 28, 2023.
TJX is subject to U.S.
3 unchanged sentences
TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense.
−Removed: The amount of interest and penalties expensed was $ 10 million for the fiscal years ended February 3, 2024, and $ 7 million for both of the fiscal years ended January 28, 2023 and January 29, 2022.
−Removed: The accrued amounts for interest and penalties are $ 32 million as of February 3, 2024, $ 37 million as of January 28, 2023 and $ 43 million as of January 29, 2022.
+Added: The amount of interest and penalties expensed was $ 7 million for the fiscal years ended February 1, 2025, $ 10 million for the fiscal years ended February 3, 2024 and $ 7 million for the fiscal years ended January 28, 2023.
+Added: The accrued amounts for interest and penalties are $ 28 million as of February 1, 2025, $ 32 million as of February 3, 2024 and $ 37 million as of January 28, 2023.
Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the Consolidated Financial Statements as of February 1, 2025.
2 unchanged sentences
Real estate leases represent virtually all of the Company’s store locations as well as some of its distribution and fulfillment centers and office space.
−Removed: Most of TJX’s leases in the U.S., Canada, and Australia are store operating leases with ten-year terms and options to extend for one or more periods ranging from two to ten years .
−Removed: Leases in Europe generally have an initial term of ten to fifteen years .
−Removed: Many of the Company's leases have options to terminate prior to the lease expiration date.
+Added: Most of TJX’s leases in the U.S.
+Added: and Canada are store operating leases, generally for an initial term of ten years with options to extend the lease term for one or more five year periods.
+Added: Leases in Europe generally have an initial term of ten to fifteen years and leases in Australia generally have an initial term of ten years, some of which have options to extend.
+Added: Some of the Company's leases have options to terminate prior to the lease expiration date.
The exercise of both lease renewal and termination options is at the Company’s sole discretion, as opposed to the landlord’s discretion, and is not reasonably certain at lease commencement.
9 unchanged sentences
Fiscal Year Ended
−Removed: 2024 January 28,
+Added: 2025 February 3,
Weighted-average remaining lease term 6.5 years 6.6 years
3 unchanged sentences
In millions Classification February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
5 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
14 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
Employee compensation and benefits, current
3 unchanged sentences
Occupancy costs, including rent, utilities and real estate taxes
+Added: Accrued capital additions 260 246
Sales tax collections and V.A.T.
taxes 222 291
−Removed: Accrued capital additions 246 199
All other current liabilities
Total accrued expenses and other current liabilities $ 5,040 $ 4,870
−Removed: All other current liabilities primarily include accruals for insurance, customer rewards liability, expenses payable, reserve for sales returns, professional fees, reserve for taxes, warehouse services, advertising, and other items, each of which is individually less than 5 % of current liabilities.
+Added: All other current liabilities primarily include accruals for insurance, customer rewards liability, expenses payable, reserve for sales returns, professional fees, reserve for taxes, advertising, warehouse services, and other items, each of which is individually less than 5 % of current liabilities.
The major components of other long-term liabilities are as follows:
1 unchanged sentence
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
Employee compensation and benefits, long-term $ 730 $ 630
10 unchanged sentences
TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business.
+Added: TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.
Letters of Credit
−Removed: TJX had outstanding letters of credit totaling $ 40 million as of February 3, 2024 and $ 42 million as of January 28, 2023.
+Added: TJX had outstanding letters of credit totaling $ 36 million as of February 1, 2025 and $ 40 million as of February 3, 2024.
Letters of credit are issued by TJX primarily for the purchase of inventory.
3 unchanged sentences
In millions February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 January 28,
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.