TJ Maxx 2010 Annual Report Download

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Flexibility฀Leading฀฀
to฀Success
THE TJX COMPANIES, INC. 2010 ANNUAL REPORT

Table of contents

  • Page 1
    THE TJX COMPANIES, INC. 2010 ANNUAL REPORT Flexibility฀Leading฀฀ to฀Success

  • Page 2

  • Page 3
    ...only฀one฀year.฀Our฀ï¬,exible฀store฀formats฀allow฀us฀to฀shift฀merchandise฀ categories฀quickly฀as฀market฀trends฀and฀consumers'฀tastes฀change.฀ Rapid฀inventory฀turns฀allow฀us฀to฀buy฀close฀to฀need฀which฀leads฀to฀ better฀buying฀and...

  • Page 4
    ... bottom-line performance will continue in 2011 and Our ï¬,exibility allows us to operate stores in a wide variety of locations and capitalize on great real estate opportunities, as we have in New York City. In many locations around the U.S., Marshalls and T.J. Maxx can be located in close proximity...

  • Page 5
    ... our U.S. market share and continue to widen our demographic reach. In 2010, our research showed that 37% of U.S. adults had shopped our stores within the last year versus 25% in 2009, and even more importantly, that the new customers we gained in 2010 intend to continue shopping our stores. Yet...

  • Page 6
    ... Maxx, Marshalls and HomeGoods. In 2011, our marketing will reach out even more aggressively to consumers who have not yet shopped our stores, emphasizing that we are a source for current fashions at great values. Our initiatives to enhance the customer shopping experience are helping retain the new...

  • Page 7
    ... us the ï¬,exibility to buy close to need and make better purchase decisions. Our distribution network and inventory planning infrastructure support this flexibility and are highly efficient, allowing us to tailor our merchandise mix for particular regions and customer preferences. As effective as...

  • Page 8
    ... retailer, a positive for our business in any retail environment. Continuing with Cost Control At TJX, being a low cost operator allows us to offer customers great values while maintaining strong profitability. Our new stores require relatively low cash investments and are typically profitable...

  • Page 9
    ...over 4,300 stores long term with our current portfolio of brands in our current markets. In 2011, we expect to grow square footage by 4% and net 115 stores.2 This is slightly less than our original plans for 2011, as we are slowing the pace of growth at TJX Europe this year. At the same time, we are...

  • Page 10
    ... to grow T.J. Maxx and Marshalls in what would have been A.J. Wright markets. HomeGoods achieved excellent results in 2010, driving strong sales and profit increases over record results in the prior year. This division has improved its merchandise mix and value equation and has seen customer traf...

  • Page 11
    ... from operations and our after-tax return on invested capital reached approximately 20%. We deploy this cash with a careful balance between maintaining our financial flexibility while simultaneously reinvesting in our businesses and distributing excess cash to shareholders. In 2010, we spent a total...

  • Page 12
    ... has led this Company through good as well as difficult economic times, delivering strong financial performance and growth. In Closing Our strong 2010 performance demonstrates the power and ï¬,exibility of our off-price business model to deliver steady, year-over-year growth in both recessionary...

  • Page 13
    ... N C E program is based on our commitment to uphold the highest standards of business ethics. A. decades. Our high standards of ethics are reflected in our Director Code of Business Conduct and Ethics, Code of Ethics for TJX Executives, and Associate Code of Conduct. In 2010, we continued to meet...

  • Page 14
    ... 250 0 07 11 07 (FY) Net Cash from Operating Activities Property Additions Share Repurchases Dividend Payments MARMAXX HOMEGOODS 1 Growing a Global, Off-Price/Value Company 1,753 2,300-2,400 336 600 215 240 WINNERS 2 (CANADA) HOMESENSE (CANADA) 0 MARSHALLS (CANADA) T.K.MAXX (U.K. & IRELAND) 24...

  • Page 15
    ...Contents page Business overview store Locations selected Financial Data Management's Discussion and analysis Report of Independent Registered public accounting Firm Consolidated Financial statements notes to Consolidated Financial statements: selected Business segment Financial Information selected...

  • Page 16
    ... 75 50 25 0 BASE YEAR DJARI S&P 2007 2008 2009 2010 2011 the line graph above compares the cumulative performance of tJX's common stock with the s&p Composite-500 stock Index and the Dow Jones apparel Retailers Index as of the date nearest the end of tJX's fiscal year for which index data is...

  • Page 17
    ...as defined in Rule 12b-2 of the Act). YES [ ] NO [ x ] The aggregate market value of the voting common stock held by non-affiliates of the registrant on July 31, 2010 was $16,542,276,373, based on the closing sale price as reported on the New York Stock Exchange. There were 389,657,340 shares of the...

  • Page 18
    ... 1995, including some of the statements in this Form 10-K under Item 1, "Business," Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 8, "Financial Statements and Supplementary Data," and in our 2010 Annual Report to Shareholders under "Letter...

  • Page 19
    ...home basics, giftware, accent furniture, lamps, rugs, wall décor, decorative accessories, children's furniture, seasonal merchandise and other merchandise. In Canada: - WINNERS: Acquired in 1990, Winners is the leading off-price apparel and home fashions retailer in Canada. The merchandise offering...

  • Page 20
    ...Maxx, Marshalls or HomeGoods banners and by closing the remaining 72 stores, two distribution centers and home office. We have increasingly improved our ability to reach the A.J. Wright customer demographic through our T.J. Maxx and Marshalls stores and have seen these stores perform well in markets...

  • Page 21
    ...: Approximate Average Store Size (square feet) Number of Stores at Year End(1) Fiscal 2010 Fiscal 2011 Fiscal 2012 (estimated) Estimated Ultimate Number of Stores In the United States: T.J. Maxx Marshalls Marmaxx HomeGoods In Canada: Winners HomeSense Marshalls In Europe: T.K. Maxx HomeSense 30...

  • Page 22
    ..., which sell family footwear and accessories (three stores at fiscal 2011 year end). Some of our HomeGoods and Canadian HomeSense stores are co-located with one of our apparel stores in a superstore format. We count each of the stores in the superstore format as a separate store. Revenue Information...

  • Page 23
    ...- 1 5 - 336 Store counts above include the T.J. Maxx, Marshalls or HomeGoods portion of a superstore. At January 29, 2011, we also operated 142 A.J. Wright stores, which we subsequently closed. We are converting 90 of these A.J. Wright locations to other banners (81 new stores and 9 relocations). 7

  • Page 24
    ... apparel and home fashion business is highly competitive. We compete on the basis of fashion, quality, price, value, merchandise selection and freshness, brand name recognition, service, reputation and store location. We compete with local, regional, national and international department, specialty...

  • Page 25
    ...increase our pension funding requirements. Fluctuations in foreign currency exchange rates may lead to lower revenues and earnings. In addition to our U.S. businesses, we operate stores in Canada and Europe and plan to continue to expand our international operations. Sales made by our stores outside...

  • Page 26
    ...existing stores, and new and existing stores in a market area may adversely affect each other's sales and profitability. Further, expansion places significant demands on the administrative, merchandising, store operations, distribution and other organizations in our businesses to manage rapid growth...

  • Page 27
    ..., to expand to new markets and geographies and to attract new customers in existing and new markets across demographics. This growth strategy includes developing new ways to sell more or different categories of merchandise within our existing stores, continued expansion of our existing chains in our...

  • Page 28
    ... the risk that systems and practices will not be implemented uniformly throughout our company and that information will not be appropriately shared across different chains and countries. Unseasonable weather in the markets in which our stores operate or our distribution centers are located could...

  • Page 29
    ... various information systems, data centers and software applications to manage many aspects of our business, including to process and record transactions in our stores, to enable effective communication systems, to plan and track inventory flow, and to generate performance and financial reports. We...

  • Page 30
    ... supply chain, compliance with U.S. and foreign laws and regulations and other factors relating to international trade and imported merchandise beyond our control could affect the availability and the price of our inventory. Furthermore, although we have implemented policies and procedures designed...

  • Page 31
    ... of operations. Our real estate leases generally obligate us for long periods, which subjects us to various financial risks. We lease virtually all of our store locations, generally for long terms and either own or lease for long periods our primary distribution centers and administrative offices...

  • Page 32
    ... and some with specified payments. The following is a summary of our primary owned and leased distribution centers and primary administrative office locations of our current operations as of January 29, 2011. Square footage information for the distribution centers represents total "ground cover" of...

  • Page 33
    ...2009; Ebo v. The TJX Companies, et al., Superior Court of CA, Los Angeles County Superior Court, BC380575, November 13, 2007. Exempt Status Cases: Ahmed v. T.J. Maxx Corp. et al., U.S. District Court, Eastern District of New York, 10-CV03609, August 5, 2010; Archibald, et al. v. Marshalls of MA, Inc...

  • Page 34
    ... stock repurchased by TJX during the fourth quarter of fiscal 2011 and the average price paid per share are as follows: Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs(4) (d) Period Average Price Paid Total Per Number of Shares Share...

  • Page 35
    ..., 2011 with respect to our equity compensation plans: (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (c) Number of Securities Remaining Available for Future Issuance Under...

  • Page 36
    ...) on average shareholders' equity Total debt as a percentage of total capitalization(3) Stores in operation at fiscal year end: In the United States: T.J. Maxx Marshalls HomeGoods A.J. Wright(4) In Canada: Winners HomeSense In Europe: T.K. Maxx HomeSense Total Selling Square Footage at year-end: In...

  • Page 37
    ... rates benefitted fiscal 2011 sales growth by one percentage point. - We made the major decision in the fourth quarter of fiscal 2011 to consolidate the A.J. Wright business by converting 90 stores to other banners and closing the remaining 72 stores, its two distribution centers and home office...

  • Page 38
    ... the course of fiscal 2010. Junior apparel, dresses, children's apparel, footwear, accessories and home fashions performed particularly well in fiscal 2010. Geographically, same store sales increases in Europe and Canada trailed the consolidated average. In the U.S., sales were strong throughout...

  • Page 39
    ... essentially the same rates within a given period. Inventory hedges: We routinely enter into inventory-related hedging instruments to mitigate the impact of foreign currency exchange rates on merchandise margins when our divisions, principally in Europe and Canada, purchase goods in currencies other...

  • Page 40
    ... rates of return on investments more than offsetting higher cash balances available for investment during fiscal 2010. Income taxes: Our effective annual income tax rate was 38.1% in fiscal 2011, 37.8% in fiscal 2010 and 36.9% in fiscal 2009. The increase in our effective income tax rate for fiscal...

  • Page 41
    ... Fiscal Year Ended January 2011 2010 2009 Net sales Segment profit Segment profit as a percentage of net sales Percent increase in same store sales Stores in operation at end of period T.J. Maxx Marshalls Total Marmaxx Selling square footage at end of period (in thousands) T.J. Maxx Marshalls Total...

  • Page 42
    ... 116 new stores (net of closings and including the conversion of 65 A.J. Wright stores) in fiscal 2012, increasing the Marmaxx store base and selling square footage each by 7%. HomeGoods Dollars in millions Fiscal Year Ended January 2011 2010 2009 Net sales Segment profit Segment profit as...

  • Page 43
    ... International Segments: TJX Canada U.S. Dollars in millions Fiscal Year Ended January 2011 2010 2009 Net sales Segment profit Segment profit as a percentage of net sales Percent increase in same store sales Stores in operation at end of period Winners HomeSense Total Selling square footage at end...

  • Page 44
    ... by 5%. TJX Europe U.S. Dollars in millions Fiscal Year Ended January 2011 2010 2009 Net sales Segment profit Segment profit as a percentage of net sales Percent (decrease) increase in same store sales Stores in operation at end of period T.K. Maxx HomeSense Total Selling square footage at end of...

  • Page 45
    ... mark-to-market adjustment of $10 million, primarily relating to the conversion of Euros to Pound Sterling. As stated above, we intend to slow our growth in fiscal 2012. We plan to open a net of 27 new T.K. Maxx stores in Europe and to expand total TJX Europe selling square footage by 8%. This...

  • Page 46
    ... the 90 A.J. Wright stores to other banners. Additionally, $269 million is for our offices and distribution centers to support growth and $317 million is for store renovations. We also purchased short-term investments that had initial maturities in excess of 90 days which, per our policy, are not...

  • Page 47
    ... proceeds from the exercise of employee stock options of $176 million in fiscal 2011, $170 million in fiscal 2010 and $142 million in fiscal 2009. We traditionally have funded our seasonal merchandise requirements through cash generated from operations, short-term bank borrowings and the issuance of...

  • Page 48
    ..., real estate taxes, other operating expenses and, in some cases, rentals based on a percentage of sales; these items totaled approximately one-third of the total minimum rent for the fiscal year ended January 29, 2011. Our purchase obligations primarily consist of purchase orders for merchandise...

  • Page 49
    ... estimated long-term rate of return, which can differ considerably from actual returns, are two factors that can have a considerable impact on the annual cost of retirement benefits and the funded status of our qualified pension plan. When the market performance of our plan assets, discount rates or...

  • Page 50
    ... position but could have reduced our pre-tax income for fiscal 2011 by approximately $43 million. I N T E R E S T R AT E R I S K Our cash equivalents, short-term investments and certain lines of credit bear variable interest rates. Changes in interest rates affect interest earned and paid by us...

  • Page 51
    ... 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...

  • Page 52
    ... assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems designed to be...

  • Page 53
    ... executive officers hold office until the next annual meeting of the Board in June 2011 and until their successors are elected and qualified. TJX will file with the Securities and Exchange Commission a definitive proxy statement no later than 120 days after the close of its fiscal year ended January...

  • Page 54
    Ethics for TJX Executives is designed to ensure integrity in its financial reports and public disclosures. TJX also has a Code of Conduct and Business Ethics for Directors which promotes honest and ethical conduct, compliance with applicable laws, rules and regulations and the avoidance of conflicts...

  • Page 55
    ... Statements on page F-1. Schedule II-Valuation and Qualifying Accounts Balance Beginning of Period Amounts Charged to Net Income Write-Offs Against Reserve Balance End of Period In thousands Sales Return Reserve: Fiscal Year Ended January 29, 2011 Fiscal Year Ended January 30, 2010 Fiscal Year...

  • Page 56
    ... 28, 2011 between Ernie Herrman and TJX is filed herewith.* The Form of 409A Amendment to Employment Agreements for the named executive officers is incorporated herein by reference to Exhibit 10.9 to the Form 10-K filed for the fiscal year ended January 31, 2009.* The Employment Agreement dated as...

  • Page 57
    ...of 2002 is filed herewith. 101 The following materials from The TJX Companies, Inc.'s Annual Report on Form 10-K for the year ended January 29, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) the...

  • Page 58
    ... Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE TJX COMPANIES, INC. By /s/ JEFFREY G. NAYLOR Jeffrey G. Naylor, Chief Financial and Administrative Officer (Principal Financial and Accounting Officer...

  • Page 59
    ... MEYROWITZ Carol Meyrowitz, Chief Executive Officer and Director (Principal Executive Officer) JOSE B. ALVAREZ* Jose B. Alvarez, Director ALAN M. BENNETT* JEFFREY G. NAYLOR* Jeffrey G. Naylor, Chief Financial and Administrative Officer (Principal Financial and Accounting Officer) MICHAEL F. HINES...

  • Page 60
    ... 2011, January 30, 2010 and January 31, 2009 Report of Independent Registered Public Accounting Firm ...Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended January 29, 2011, January 30, 2010 and January 31, 2009 ...Consolidated Balance Sheets as of January...

  • Page 61
    ...financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the...

  • Page 62
    ...30, 2010 January 31, 2009 (53 weeks) Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Provision (credit) for Computer Intrusion related costs Interest expense, net Income from continuing operations before provision for income taxes Provision...

  • Page 63
    ... E T S Fiscal Year Ended In thousands January 29, 2011 January 30, 2010 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Merchandise inventories Prepaid expenses and other current assets Current deferred income taxes, net Total current assets Property...

  • Page 64
    ... on capital lease obligation Cash payments for repurchase of common stock Proceeds from issuance of common stock Excess tax benefits from share-based compensation Cash dividends paid Net cash (used in) financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and...

  • Page 65
    ... gains Recognition of unfunded post retirement obligations Total comprehensive income Cash dividends declared on common stock Recognition of share-based compensation Issuance of common stock under stock incentive plan and related tax effect Common stock repurchased Balance, January 29, 2011 427,950...

  • Page 66
    ... buying and occupancy costs, includes the cost of merchandise sold and gains and losses on inventory and fuel-related derivative contracts; store occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating our distribution centers...

  • Page 67
    .... All shares repurchased have been retired. 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. Income tax benefits upon...

  • Page 68
    ... lease term, as specified in the lease. Long-Lived Assets: Presented below is information related to carrying values of our long-lived assets by geographic location: Dollars in thousands January 29, 2011 January 30, 2010 January 31, 2009 United States TJX Canada TJX Europe Total long-lived assets...

  • Page 69
    ... T.J. Maxx, Marshalls or HomeGoods stores and close the remaining 72 stores, its two distribution centers and home office. TJX has increasingly improved its ability to reach the A.J. Wright customer demographic through T.J. Maxx and Marshalls stores and has seen these stores perform well in markets...

  • Page 70
    ...loss on disposal (including expenses relating to the sale) of $19 million, net of tax benefits of $13 million. The net carrying value of Bob's Stores assets sold was $33 million, which consisted primarily of merchandise inventory of $56 million, offset by merchandise payable of $21 million. The loss...

  • Page 71
    ... programs have been retired. In February 2011, TJX's Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $1 billion of TJX common stock from time to time. TJX has five million shares of authorized but unissued preferred stock, $1 par value...

  • Page 72
    ... diluted earnings per share for income from continuing operations: January 29, 2011 Fiscal Year Ended January 30, 2010 January 31, 2009 (53 weeks) Amounts in thousands except per share amounts Basic earnings per share: Income from continuing operations Weighted average common stock outstanding for...

  • Page 73
    ... subsidiaries. The change in fair value of the contracts designated as hedges of the investment in foreign subsidiaries resulted in a gain of $68.8 million, net of income taxes, in fiscal 2009. The ineffective portion of the net investment hedges resulted in pre-tax charges to the income statement...

  • Page 74
    ..., related fair value and balance sheet classification at January 29, 2011: Net Fair Value in US$ at Balance Current Current Sheet Asset (Liability) January 29, 2011 Location US$ US$ In thousands Pay Blended Contract Receive Rate Fair value hedges: Intercompany balances, primarily short-term debt...

  • Page 75
    .... TJX's cash equivalents are stated at cost, which approximates fair value, due to the short maturities of these instruments. Investments designed to meet obligations under the executive savings plan are invested in securities traded in active markets and are recorded at unadjusted quoted prices...

  • Page 76
    ... and reported as the TJX Europe segment. For fiscal 2011, TJX Canada and TJX Europe accounted for 23% of TJX's net sales, 18% of segment profit and 23% of consolidated assets. All of our stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. The HomeGoods and...

  • Page 77
    ...information related to our business segments: In thousands January 29, 2011 Fiscal Year Ended January 30, 2010 January 31, 2009 (53 weeks) Net sales: In the United States Marmaxx HomeGoods A.J. Wright(1) TJX Canada TJX Europe Segment profit (loss): In the United States Marmaxx HomeGoods A.J. Wright...

  • Page 78
    ...-year period starting one year after the grant, and have a ten-year term. The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: 2011 Fiscal Year 2010 2009 Risk-free interest rate Dividend yield...

  • Page 79
    ...Average Exercise Prices ("WAEP") is presented below (shares in thousands): January 29, 2011 Options WAEP Fiscal Year Ended January 30, 2010 Options WAEP January 31, 2009 Options WAEP (53 weeks) Outstanding at beginning of year Granted Exercised and repurchased Forfeitures Outstanding at end of year...

  • Page 80
    ... on average compensation for certain of those employees or, alternatively based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations. Presented below is financial information relating to TJX's funded defined benefit retirement plan (funded plan...

  • Page 81
    ... on the balance sheet as of that date as a current liability of $3.8 million and a long-term liability of $119.7 million. The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2012 for both the funded and...

  • Page 82
    ... (the Funding Target) or such other amount sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. As a result of funding in fiscal 2011, we do not anticipate any required funding in fiscal 2012 for the defined benefit retirement plan. We...

  • Page 83
    ...: In thousands Level 1 Funded Plan Level 2 Level 3 Total Asset category: Short-term investments Equity Securities: Domestic equity International equity Fixed Income Securities: Corporate and government bond funds Common/Collective Trusts Limited Partnerships Fair value of plan assets $108,414 83...

  • Page 84
    ... (416) 2,896 350 $10,609 Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the...

  • Page 85
    ... to employee deferrals and the related company match to a separate "rabbi" trust. The trust assets, which are invested in a variety of mutual funds, are included in other assets on the balance sheets. In addition to the plans described above, TJX also maintains retirement/deferred savings plans for...

  • Page 86
    ... to fiscal 2010, a total of 52,557 notes were either converted into common shares of TJX or put back to TJX. In May 2010, TJX entered into a $500 million three-year revolving credit facility with similar terms and provisions as the $500 million facility it replaced, updated for market pricing. As...

  • Page 87
    ... Fiscal Year Ended January 29, January 30, 2011 2010 In thousands Deferred tax assets: Foreign tax credit carryforward Reserve for former operations Pension, stock compensation, postretirement and employee benefits Leases Foreign currency and hedging Computer Intrusion reserve Other Total deferred...

  • Page 88
    ...tax rate related to foreign income. In the first quarter of fiscal 2008, TJX adopted the tax accounting provisions for recognizing and measuring tax positions taken or expected to be taken in a tax return that affect amounts reported in the financial statements. TJX had net unrecognized tax benefits...

  • Page 89
    ... total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range estimated at $1.0 million to $49.0 million. Note M. Commitments TJX is committed under long-term leases related to its continuing operations for the rental of real estate...

  • Page 90
    ...sales returns, purchased services, and other items, each of which are individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows: Fiscal Year Ended January 29, January 30, 2011 2010 In thousands Employee compensation and benefits, long term...

  • Page 91
    ... 29, 2011 Fiscal Year Ended January 30, January 31, 2010 2009 (53 weeks) In thousands Cash paid for: Interest on debt Income taxes Changes in accrued expenses due to: Dividends payable Property additions Non-cash investing and financing activity: Conversion of zero coupon convertible notes $ 48...

  • Page 92
    ..., The TJX Companies, Inc. John F. O'Brien Lead Director, The TJX Companies, Inc. Retired Chief Executive Officer, Allmerica Financial Corporation Willow B. Shire Executive Consultant, Orchard Consulting Group Fletcher H. Wiley Retired Executive Vice President and General Counsel, PRWT Services, Inc...

  • Page 93
    ...VICE PRESIDENTS Alfred Appel Corporate Tax and Insurance Marc Boesch Global Procurement Elaine Boltz E-Commerce Norman Cantin Merchandising Lynn Jack Global Talent Development Paul Kangas Enterprise Risk Management and Chief Compliance Officer Sherry Lang Global Communications Christina Lofgren Real...

  • Page 94
    ... Vice President, Global Communications 508-390-2323 EXECUTIVE OFFICES Framingham, Massachusetts 01701 PUBLIC INFORMATION AND SEC FILINGS: Visit our corporate website: www.tjx.com FOR THE STORE NEAREST YOU, CALL OR VISIT US ONLINE AT: United States T.J. Maxx: 1-800-2-TJMAXX www.tjmaxx.com Marshalls...

  • Page 95
    ... Maxx stores average approximately 30,000 square feet in size. Winners is the leading off-price family apparel and home fashions retailer in Canada, acquired by TJX in 1990. Select Winners stores offer fine jewelry and some feature The Runway, a high-end designer department. Winners operated 215...

  • Page 96
    The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 www.tjx.com