TJ Maxx 2012 Annual Report Download

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RETAILER
for TODAY &
TOMORROW
ANNUAL REPORT
2012
THE TJX COMPANIES, INC.

Table of contents

  • Page 1
    THE TJX COMPANIES, INC. RETAILER for TODAY & TOMORROW ANNUAL REPORT 2012

  • Page 2

  • Page 3
    .... Capitalizing on the extreme flexibility of our off-price business model, we offer value-conscious consumers compelling prices on great brands, quality and fashion in apparel and for the home. Our increases in customer traffic, which drove our comparable store sales growth in 2012, demonstrate...

  • Page 4
    ... with strong performance of new T.J. Maxx and Marshalls stores as we further expand our U.S. penetration. HomeGoods posted outstanding results as it takes hold as a shopping destination for exciting, quality merchandise from around the world. TJX Canada had a terrific year with Marshalls in Canada...

  • Page 5
    ... EPS growth rate was 21%.2 We grew to over 3,000 stores in 2012, netting a total of 145 additional stores to end the fiscal year with 3,050 stores or an increase in overall square footage of 4%. younger consumers. We are aggressively targeting a younger audience with our merchandising and marketing...

  • Page 6
    Growing our younger audience while serving core customers

  • Page 7
    ... advertising penetration this year, which we believe led to significant customer traffic gains in 2012. We believe our store remodel program has been very effective in helping to retain the new customers our marketing is attracting, and in 2013, we will continue upgrading the shop- GLOBAL STORE...

  • Page 8
    ...! Our HomeSense chain operates only 24 stores in the U.K., so we have a long runway for growth with this one banner alone. Overall, we see TJX Europe's long-term potential to grow to up to 875 stores with just our current chains in just our current countries. While our store base in Europe is still...

  • Page 9
    ... TJX's merchandising strengths to build its brand further. As we have brought Sierra Trading Post into the TJX fold, we already see our similar corporate cultures working Supply chain opportunities As we have discussed many times before, operating with leaner inventories over the last several years...

  • Page 10

  • Page 11
    ...exciting shopping experience and better values in our stores, which we believe has driven customer traffic and the top line. As effective as our supply chain is, we are continuing with our investments to become even more precise at delivering the right goods to the right stores at the right time. We...

  • Page 12
    ... THE BOARD 1 Carol Meyrowitz CHIEF EXECUTIVE OFFICER Earlier this year, Jeff Naylor stepped down from his position as Chief Administrative Officer of TJX and will remain as Senior Corporate Fiscal 2013 had 53 weeks. Fiscal 2013 consolidated comparable store sales are for the 52-week period ended...

  • Page 13
    ... met periodically with socially conscious investors to address important issues. L everaging Differences and diversity among our Associates, customers, and vendors is critical to being a Company of Choice. In the U.S., where the vast majority of TJX Associates work, our Associate base in 2012 was...

  • Page 14
    ... 09 13 09 (FY) Net Cash from Operating Activities Property Additions Share Repurchases Dividend Payments WINNERS (CANADA) HOMESENSE (CANADA) MARMAXX Growing a Global, Off-Price/Value Company 1,940 2,400-2,600 415 HOMEGOODS 750-825 222 240 88 90 14 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 2009 2010 2011 2012 2013 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...

  • 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 28, 2012 was $32,702,582,804 based on the closing sale price as reported on the New York Stock Exchange. There were 723,902,001 shares of the...

  • Page 18
    ... any obligation to update any forward-looking statement, whether to reflect new information, future events or otherwise. You are advised, however, to consult any further disclosures we may make in our future reports to the Securities and Exchange Commission ("SEC"), on our website, or otherwise. 2

  • Page 19
    ... the substantial buying power of our businesses in our global relationships with vendors. Our Businesses. We operate our business in four major divisions: Marmaxx and HomeGoods, both in the U.S., TJX Canada and TJX Europe. MARMAXX: Our T.J. Maxx and Marshalls chains in the United States (referred to...

  • Page 20
    ...concept to Europe, opening HomeSense in the U.K. in 2008. Its 24 stores in the U.K. offer a merchandise mix of home fashions similar to that of HomeGoods in the U.S. and HomeSense in Canada. In December 2012, we acquired Sierra Trading Post, an off-price on-line retailer of apparel and home fashions...

  • Page 21
    ... associates to provide friendly and helpful customer service and seek to staff our stores to deliver a positive shopping experience. We typically offer customer-friendly return policies. We accept a variety of payment methods including cash, credit cards and debit cards, and offer TJX-branded credit...

  • Page 22
    ... at Year End Fiscal 2012 Fiscal 2013 Fiscal 2014 (estimated) Estimated Store Growth Potential Marmaxx T.J. Maxx Marshalls 29,000 31,000 983 884 1,867 374 1,036 904 1,940 415 2,015 445 2,400-2,600 750-825 HomeGoods TJX Canada Winners HomeSense Marshalls TJX Europe T.K. Maxx HomeSense TJX Total...

  • Page 23
    ... States. HomeGoods operates our HomeGoods chain in the U.S. TJX Canada operates our Winners, HomeSense and Marshalls chains in Canada. TJX Europe operates our T.K. Maxx and HomeSense chains in Europe. A.J. Wright ceased to be a segment following its consolidation. Sierra Trading Post is reported...

  • Page 24
    STORE LOCATIONS Our major chains operated stores in the following locations at the end of fiscal 2013: United States: T.J. Maxx Marshalls HomeGoods Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas ...

  • Page 25
    ...hours per week. In addition, we hire temporary employees, particularly during the peak back-to-school and holiday seasons. Trademarks. We have the right to use our principal trademarks and service marks, which are T.J. Maxx, Marshalls, HomeGoods, Winners, HomeSense, T.K. Maxx and Sierra Trading Post...

  • Page 26
    ...-price business, they subject us to risks related to the pricing, quantity, nature and timing of inventory flowing to our stores. Our merchants are in the marketplace frequently, as much of our merchandise is purchased for the current or immediately upcoming season. Our opportunistic buying places...

  • Page 27
    ... to successfully expand our existing chains to new markets and geographies and, as appropriate, to successfully develop or acquire new businesses, including our planned expansion into e-commerce, all of which entail significant risk. There are significant risks associated with both our ability to...

  • Page 28
    ... of fashion, quality, price, value, merchandise selection and freshness, brand-name recognition, service, reputation and store location. Our competitiveness is highly dependent on our effective execution of our off-price model of offering the customer a fresh, rapidly changing and attractive mix of...

  • Page 29
    ...our costs of capital and could adversely affect plan asset values and investment performance, increasing our pension liabilities, expenses and funding requirements with respect to company-sponsored and multiemployer pension plans. Economic conditions, both on a global level and in particular markets...

  • Page 30
    ...-to-school and year-end holiday seasons. Any decrease in sales or margins during this period could have a disproportionately adverse effect on our results of operations. Adverse or unseasonable weather in the markets in which our stores operate or our distribution centers are located could adversely...

  • Page 31
    ... impose restrictions and requirements on the merchandise we sell in our stores and through e-commerce and change from time to time. Also, new federal, state, provincial or local regulations in the U.S. and other countries that may affect our business are contemplated and enacted with some regularity...

  • Page 32
    ... exchange rates, labor conditions, transport capacity and costs, systems issues, problems in third party distribution and warehousing and other interruptions of the supply chain, compliance with laws and regulations and other factors relating to international trade and imported merchandise beyond...

  • Page 33
    ... currency exchange rates can also increase the cost of inventory purchases that are denominated in a currency other than the local currency of the business buying the merchandise. When these changes occur suddenly, it can be difficult for us to adjust retail prices accordingly, and gross margin can...

  • Page 34
    ..., employment and employee benefits including classification, employment rights, discrimination, wage and hour and retaliation, securities, disclosure, real estate, tort, consumer protection, product safety, advertising, and intellectual property. There continue to be a number of employment-related...

  • Page 35
    ...examinations for payroll, value added, sales-based and other taxes relating to our businesses. Our real estate leases generally obligate us for long periods, which subjects us to financial risks. We lease virtually all of our store locations, generally for an initial terms of ten years, with options...

  • Page 36
    ... above, TJX acquired approximately 700,000 square feet of office space in Marlborough, Massachusetts during fiscal 2013, which when ready for use is expected to replace some of the leased space in Framingham and Westboro, Massachusetts. Sierra Trading Post, acquired in December 2012, is located in...

  • Page 37
    ..., 2012. All share and per share information has been retroactively adjusted to reflect the stock split. Price Range of Common Stock Our common stock is listed on the New York Stock Exchange (Symbol: TJX). The quarterly high and low sale prices for our common stock for fiscal 2013 and fiscal 2012 are...

  • Page 38
    ... operations) on average shareholders' equity Total debt as a percentage of total capitalization(3) Stores in operation: In the United States: T.J. Maxx Marshalls Sierra Trading Post HomeGoods A.J. Wright(4) In Canada: Winners HomeSense Marshalls In Europe: T.K. Maxx HomeSense Total Selling square...

  • Page 39
    ... Marshalls chain in Canada also has performed well and TJX Europe regained its momentum with a very strong 10% same store sales increase. • We invested in e-commerce. In December, 2012, we purchased Sierra Trading Post, an off-price internet retailer. We expect to launch our T.J. Maxx website in...

  • Page 40
    ... from an adjusted16.5% in fiscal 2012. • Our consolidated average per store inventories, including inventory on hand at our distribution centers, but excluding our internet based business Sierra Trading Post, were down 6% at the end of fiscal 2013. - We continued to use cash to return value to our...

  • Page 41
    ... Fiscal year 2011 As reported As adjusted* Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Provision (credit) for Computer Intrusion related expenses Interest expense, net Income from continuing operations before provision for income taxes...

  • Page 42
    ... investment in new systems, talent and e-commerce, costs associated with a voluntary retirement program and fourth quarter charges and write-offs at TJX Canada and TJX Europe (see segment discussions below), offset in part by expense leverage on strong same store sales, particularly at HomeGoods...

  • Page 43
    ...As reported Dollars in millions, except per share data U.S.$ % of Net Sales Adjustments Fiscal year 2012 As adjusted U.S.$* % of Net Sales Net sales Cost of sales, including buying and occupancy costs Gross profit margin Selling, general and administrative expenses Income from continuing operations...

  • Page 44
    ... and HomeGoods ($0.02 per share). 2012 effective tax rate used in computation. (5) Sales associated with A.J. Wright prior to closing ($279 million). (6) Cost of sales, including and buying and occupancy costs associated with closing A.J. Wright stores, distribution centers and home office ($242...

  • Page 45
    ...2013 January 28, 2012 January 29, 2011 Net sales Segment profit Segment profit as a percentage of net sales Adjusted 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...

  • Page 46
    ...the value of the average transaction in both years. Segment profit margin for fiscal 2013 was 12.2%, up from 10.4% for fiscal 2012. The increase was driven by expense leverage on the 7% same store sales increase, particularly occupancy and administrative costs, and an increase in merchandise margins...

  • Page 47
    ...: TJX Canada Fiscal Year Ended U.S. Dollars in millions February 2, 2013 January 28, 2012 January 29, 2011 Net sales Segment profit Segment profit as a percentage of net sales Percent increase (decrease) in same store sales Stores in operation at end of period Winners HomeSense Marshalls Total...

  • Page 48
    ...TJX Europe Fiscal Year Ended U.S. Dollars in millions February 2, 2013 January 28, 2012 January 29, 2011 Net sales Segment profit Segment profit as a percentage of net sales Percent increase (decrease) in same store sales Stores in operation at end of period T.K. Maxx HomeSense Total Selling square...

  • Page 49
    ... e-commerce initiative and costs related to a fourth quarter voluntary retirement program and an executive separation agreement. Collectively, these items accounted for approximately $40 million of the increase in general corporate expenses for fiscal 2012. LIQUIDITY AND CAPITAL RESOURCES Operating...

  • Page 50
    ...offices and distribution centers (including buying and merchandising systems and information systems) to support growth, $316 million for store renovations and $190 million for new stores. We plan to fund these expenditures through internally generated funds. We also purchased short-term investments...

  • Page 51
    ... the total minimum rent for fiscal 2013. Does not include leases reflected in our reserve for former operations. (3) Includes estimated obligations under purchase orders for merchandise and under agreements for capital items, products and services used in our business, including executive employment...

  • Page 52
    ... estimated long-term rate of return, which can differ considerably from actual returns, can have a significant impact on the annual cost of retirement benefits and the funded status of our qualified pension plan. When the discount rate, market performance of our plan assets, changes in tax or other...

  • Page 53
    ... position but could have reduced our pre-tax income for fiscal 2013 by approximately $65 million. EQUITY PRICE RISK The assets of our qualified pension plan, a large portion of which are equity securities, are subject to the risks and uncertainties of the financial markets. We invest the pension...

  • Page 54
    ... 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. Based upon that evaluation, our Chief Executive Officer...

  • Page 55
    ... of the Treadway Commission ("COSO"). Based on that evaluation, management concluded that its internal control over financial reporting was effective as of February 2, 2013. (d) Attestation Report of the Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP, the independent...

  • Page 56
    ...55 The executive officers hold office until the next annual meeting of the Board in June 2013 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...

  • Page 57
    ... for TJX Executives or the Code of Business Conduct and Ethics for Directors 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 Securities and Exchange Commission. ITEM 11. Executive Compensation The information required...

  • Page 58
    ... Income Write-Offs Against Reserve Balance End of Period In thousands Sales Return Reserve: Fiscal Year Ended February 2, 2013 Fiscal Year Ended January 28, 2012 Fiscal Year Ended January 29, 2011 Reserves Related to Former Operations : Fiscal Year Ended February 2, 2013 Fiscal Year Ended January...

  • Page 59
    ... ended July 28, 2012.* The Employment Agreement dated February 1, 2013 between Carol Meyrowitz and TJX is filed herewith.* The Employment Agreement dated January 28, 2011 between Jeffrey Naylor and TJX is incorporated herein by reference to Exhibit 10.3 to the Form 10-K filed for the year ended...

  • Page 60
    ...of February 1, 2013 is filed herewith.* The Form of Performance-Based Deferred Stock Award granted under the Stock Incentive Plan is incorporated herein by reference to Exhibit 10.14 to the Form 10-K filed for the fiscal year ended January 30, 2010. The Form of Performance-Based Deferred Stock Award...

  • Page 61
    ... from The TJX Companies, Inc.'s Annual Report on Form 10-K for the fiscal year February 2, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv...

  • Page 62
    ... 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/ Scott Goldenberg Scott Goldenberg, Chief Financial Officer (Principal Financial and Accounting Officer) Dated: April 2, 2013...

  • Page 63
    ... of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. /s/ Carol Meyrowitz Carol Meyrowitz, Chief Executive Officer and Director (Principal Executive Officer) ZEIN ABDALLA...

  • Page 64

  • Page 65
    ... TJX Companies, Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS For Fiscal Years Ended February 2, 2013, January 28, 2012 and January 29, 2011. Report of Independent Registered Public Accounting Firm ...Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended...

  • Page 66
    ...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 67
    ... OF INCOME Fiscal Year Ended Amounts in thousands except per share amounts February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Provision (credit) for Computer Intrusion related costs...

  • Page 68
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Year Ended Amounts in thousands February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 Net income Other comprehensive income, net of related tax benefits of $16,727; $54,792 in fiscal 2013 and 2012, respectively ...

  • Page 69
    ... Fiscal Year Ended Amounts in thousands except share amounts February 2, 2013 January 28, 2012 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...

  • Page 70
    ... income taxes payable Other Net cash provided by operating activities Cash flows from investing activities: Property additions Purchase of short-term investments Sales and maturities of short-term investments Cash paid for acquisition of Sierra Trading Post, net of cash received Other Net cash (used...

  • Page 71
    ...cost and deferred gains/losses Recognition of unfunded post retirement obligations Total comprehensive income Cash dividends declared on common stock Share-based compensation Issuance of common stock under stock incentive plan and related tax effect Common stock repurchased Balance, January 28, 2012...

  • Page 72
    ... related profit to the accounting period when the customer receives the layaway merchandise. Proceeds from the sale of store cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise. Based...

  • Page 73
    ... period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2013 and 2012 relates to costs on active owned real estate projects and development costs on a merchandising system. There was no capitalized interest in fiscal...

  • Page 74
    ...subsidiary and represents goodwill associated with the T.J. Maxx chain, as well as the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991 and the purchase of Sierra Trading Post in fiscal 2013 (See Note B). Goodwill totaled...

  • Page 75
    ...2012, TJX acquired Sierra Trading Post (STP), an off-price Internet retailer, which includes the operating assets of its online business and four retail locations for $196 million, subject to customary postclosing adjustments. The acquisition was accounted for using the purchase method of accounting...

  • Page 76
    ...December 8, 2010, the Board of Directors approved the consolidation of the A.J. Wright division whereby TJX would convert 90 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores and close A.J. Wright's remaining 72 stores, two distribution centers and home office. The liquidation process...

  • Page 77
    ... earnings per share for income from continuing operations: Fiscal Year Ended Amounts in thousands except per share amounts February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 Basic earnings per share: Income from continuing operations Weighted average common stock outstanding for basic...

  • Page 78
    ... at the end of fiscal 2012 or 2011. Note E. Financial Instruments As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX's operating results and...

  • Page 79
    ... a summary of TJX's derivative financial instruments, related fair value and balance sheet classification at January 28, 2012: Net Fair Value in U.S.$ at January 28, 2012 In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Fair...

  • Page 80
    ... 2013 (53 weeks) January 28, 2012 January 29, 2011 Fair value hedges: Intercompany balances, primarily short-term debt and related interest Economic hedges for which hedge accounting was not elected: Diesel contracts Merchandise purchase commitments Gain (loss) recognized in income Note F. Selling...

  • Page 81
    .... Sierra Trading Post is reported as part of the Marmaxx segment. All of TJX's stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer exclusively home fashions. For fiscal 2013, TJX Canada and TJX Europe accounted for 24% of TJX...

  • Page 82
    ... information with respect to TJX's business segments: Fiscal Year Ended In thousands February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 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...

  • Page 83
    ... a ten-year maximum 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: Fiscal Year Ended February 2, 2013 January 28, 2012 January 29, 2011 Risk-free interest rate Dividend yield Expected...

  • Page 84
    ... representing shares of TJX common stock valued at $62,500. One award vests immediately and is payable, with accumulated dividends, in stock at the earlier of separation from service as a director or a change of control. The second award vests based on service as a director until the annual meeting...

  • Page 85
    ... Revenue Code limitations. Presented below is financial information relating to TJX's funded defined benefit retirement plan (funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated: Funded Plan Fiscal Year Ended In thousands February 2, 2013 (53 weeks...

  • Page 86
    ... on the balance sheet as of that date as a current liability of $2.4 million and a long-term liability of $150.8 million. The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2014 for both the funded and...

  • Page 87
    ... Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net actuarial loss Expense related to current period Correction of prior years pension accruals Total expense Other changes in plan assets and benefit obligations recognized in other comprehensive income...

  • Page 88
    ... of Level 3 plan assets measured at fair value for the years ended February 2, 2013 and January 28, 2012: In thousands Common/Collective Trusts Limited Partnerships Balance as of January 29, 2011 Earned income, net of management expenses Unrealized gain on investment Purchases, sales, issuances and...

  • Page 89
    ... Allocation for Fiscal Year Ended Target Allocation February 2, 2013 January 28, 2012 Equity securities Fixed income All other - primarily cash 50% 50% - 46% 44% 10% 44% 46% 10% TJX employs a total return investment approach whereby a mix of equities and fixed income investments is used to...

  • Page 90
    ...into income in fiscal 2014. During fiscal 2013, there was a pre-tax net benefit of $3.5 million reflected in the consolidated statements of income as it relates to this postretirement medical plan. Note J. Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current...

  • Page 91
    ... were no amounts outstanding under this U.K. credit line at the end of fiscal 2013 or fiscal 2012. Note K. Income Taxes Fiscal Year Ended In thousands February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 The provision for income taxes includes the following: Current: Federal State Foreign...

  • Page 92
    ... fiscal 2011. The difference between the U.S. federal statutory income tax rate and TJX's worldwide effective income tax rate is reconciled below: February 2, 2013 (53 weeks) Fiscal Year Ended January 28, 2012 January 29, 2011 U.S. federal statutory income tax rate Effective state income tax rate...

  • Page 93
    ... 2, 2013. TJX had outstanding letters of credit totaling $48.5 million as of February 2, 2013 and $36.5 million as of January 28, 2012. Letters of credit are issued by TJX primarily for the purchase of inventory. Note M. Accrued Expenses and Other Liabilities, Current and Long Term Fiscal Year Ended...

  • Page 94
    ..., dividends, freight, interest, reserve for sales returns, expense payables, purchased 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: Fiscal Year Ended February 2, January 28, 2013 2012...

  • Page 95
    ... relating to these operations. TJX's cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended In thousands February 2, 2013 (53 weeks) January 28, 2012 January 29, 2011 Cash paid for: Interest on debt Income taxes Changes...

  • Page 96
    ... of the Board of Directors Carol Meyrowitz Chief Executive Officer, 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 EXECUTIVE COMMITTEE...

  • Page 97
    ..., Sierra Trading Post Paul Kangas Enterprise Risk Management and Chief Compliance Officer Stephen Krasker Information Technology Director Sherry Lang Global Communications Christina Lofgren Real Estate and Property Development Nancy Maher Corporate HR Business Partner Julio Mantilla Global Total...

  • Page 98
    ... 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: 1-800-MARSHALLS...

  • Page 99
    ... off-price apparel and home fashions retailer in the United States and worldwide, is a Fortune 200 company operating four major divisions: The Marmaxx Group, HomeGoods, TJX Canada and TJX Europe. In late 2012, we acquired Sierra Trading Post, an off-price, Internet retailer of apparel and home...

  • Page 100
    The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 www.tjx.com