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Segment Information

12 Months Ended

Feb. 01, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com) and the HomeGoods segment (HomeGoods and Homesense) both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, Homesense and tkmaxx.com in Europe and T.K. Maxx in Australia. In addition to our four main business segments, Sierra operates sierra.com and retail stores in the U.S. The results of Sierra are included in 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 home fashions. The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows:

			Fiscal 2020			Fiscal 2019			Fiscal 2018
Apparel
Clothing including footwear			51		%	52		%	52		%
Jewelry and accessories			16			15			15
Home fashions			33			33			33
Total			100		%	100		%	100		%

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 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. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.

Presented below is financial information with respect to TJX’s business segments:

			Fiscal Year Ended
In thousands			February 1, 2020			February 2, 2019			February 3, 2018
									(53 weeks)
Net sales:
In the United States:
Marmaxx			$	25,664,805		$	24,057,970		$	22,249,105
HomeGoods			6,355,770			5,787,365			5,116,328
TJX Canada			4,031,406			3,869,779			3,642,282
TJX International			5,664,996			5,257,820			4,856,949
Total net sales			$	41,716,977		$	38,972,934		$	35,864,664
Segment profit:
In the United States:
Marmaxx(a)			$	3,469,794		$	3,253,949		$	2,949,358
HomeGoods			680,520			671,871			674,511
TJX Canada			515,559			551,617			530,113
TJX International			307,081			285,790			249,226
Total segment profit			4,972,954			$	4,763,227		$	4,403,208
General corporate expense			556,745			545,034			515,032
Pension settlement charge			—			36,122			—
Interest expense, net			10,026			8,860			31,588
Income before provision for income taxes			$	4,406,183		$	4,173,211		$	3,856,588

(a)Fiscal 2018 amount includes an impairment charge of $99.3 million for goodwill and certain long-lived assets of Sierra.

Business segment information (continued):

			Fiscal Year Ended
In thousands			February 1, 2020			February 2, 2019			February 3, 2018
Identifiable assets:
In the United States:
Marmaxx			$	11,162,890		$	6,223,110		$	5,676,464
HomeGoods			2,785,006			1,416,687			1,237,811
TJX Canada			1,889,679			914,789			1,459,924
TJX International			4,284,385			2,344,033			2,321,001
Corporate(a)			4,023,043			3,427,410			3,362,815
Total identifiable assets(b)			$	24,145,003		$	14,326,029		$	14,058,015
Capital expenditures:
In the United States:
Marmaxx			$	614,624		$	598,955		$	532,348
HomeGoods			251,864			170,978			149,505
TJX Canada			101,862			82,333			88,761
TJX International			254,766			272,873			287,003
Total capital expenditures			$	1,223,116		$	1,125,139		$	1,057,617
Depreciation and amortization:
In the United States:
Marmaxx			$	473,908		$	456,420		$	399,014
HomeGoods			124,360			110,978			94,709
TJX Canada			66,693			66,365			68,033
TJX International			197,262			180,631			159,010
Corporate(c)			5,080			5,261			5,191
Total depreciation and amortization			$	867,303		$	819,655		$	725,957

(a)Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, prepaid service contracts, operating lease right of use assets, the trust assets in connection with the Executive Savings Plan and the investment in Familia. Consolidated cash, including cash held in our foreign entities, is included with corporate assets for consistency with the reporting of cash for our segments in the U.S.

(b)See Leases in Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for impact of lease accounting changes.

(c)Includes debt discount accretion and debt expense amortization.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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