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Acquisition of Trade Secret
 12 Months Ended
Jan. 28, 2017
Acquisition of Trade Secret

Note B.    Acquisition of Trade Secret

On October 24, 2015, TJX purchased Trade Secret, an off-price retailer that operates 35 stores in Australia, for AUD$83.3 million (U.S. $59.4 million).

The following table presents the final allocation of the purchase price to the assets and liabilities acquired based on their estimated fair values as of October 24, 2015:

 

In thousands    Allocation of
purchase price		  

Current assets

    $ 25,899  

Property and equipment

      10,184  

Goodwill and intangible assets

      37,416  

 

  

Total assets acquired

      73,499  

 

  

Total liabilities assumed

      (14,071 ) 

 

  

Net assets acquired

    $ 59,428  

 

  

Goodwill and intangible assets include identified intangible assets of $12 million for the value of the tradename “Trade Secret” which is being amortized over 7 years, and $25 million representing goodwill (See Note A).

The operating results of Trade Secret have been included in TJX’s consolidated financial statements from the date of acquisition and Trade Secret is now part of the TJX International segment along with our European operations. Pro forma results of operations assuming the acquisition of Trade Secret occurred as of the beginning of fiscal 2015 have not been presented as the inclusion of the results of operations for the acquired business would not have produced a material impact on TJX’s sales, net income or earnings per share as reported.