<SEC-DOCUMENT>0001193125-21-054482.txt : 20210401
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<ACCEPTANCE-DATETIME>20210224152551
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-054482
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TJX COMPANIES INC /DE/
		CENTRAL INDEX KEY:			0000109198
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				042207613
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		770 COCHITUATE RD
		CITY:			FRAMINGHAM
		STATE:			MA
		ZIP:			01701
		BUSINESS PHONE:		508-390-2662

	MAIL ADDRESS:	
		STREET 1:		770 COCHITUATE ROAD
		CITY:			FRAMINGHAM
		STATE:			MA
		ZIP:			01701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAYRE CORP
		DATE OF NAME CHANGE:	19890625
</SEC-HEADER>
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;24, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Mr.&nbsp;Donald Field and Ms.&nbsp;Erin Jaskot </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>Re:</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The TJX Companies, Inc.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended February&nbsp;1, 2020</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Filed March&nbsp;27, 2020</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Definitive Proxy Statement on Schedule 14A</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Filed April&nbsp;23, 2020</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-04908</FONT></I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Field and Ms.&nbsp;Jaskot: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of The TJX
Companies, Inc. (&#147;TJX&#148;), I am writing to respond to the comments on TJX&#146;s Definitive Proxy Statement on Schedule 14A and Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended February&nbsp;1, 2020 (&#147;fiscal
2020&#148;) by the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) provided in its letter of January&nbsp;27, 2021. For convenience, I have included each comment prior to the response. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Definitive Proxy Statement on Schedule 14A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Compensation Discussion and Analysis, page 26 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure in your Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended
February&nbsp;1, 2020 that you repurchased 27.1&nbsp;million shares of your common stock for $1.5&nbsp;billion and that your earnings per share reflected a benefit from these stock repurchase programs. We also note that earnings per share growth is
one of the performance metrics used in your long-term equity incentive programs and specifically with respect to your Performance Share Units. In future filings, please discuss if and how your stock repurchase programs affected the manner in which
the Executive Compensation Committee set the relevant targets used in your long-term equity incentive programs and determined if such targets were achieved. Refer to Item 402(b)(2) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">TJX
acknowledges the Staff&#146;s comment and advises the Staff of disclosure regarding this matter on page 34 of TJX&#146;s Definitive Proxy Statement on Schedule 14A filed April&nbsp;23, 2020 (the &#147;2020 Proxy&#148;), where TJX discloses that it
excludes the impact of unbudgeted buybacks from the EPS growth performance metric used for its long-term performance </P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">770 Cochituate Road,
500-1CN, Framingham, Massachusetts 01701 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 24, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">
share unit (PSU) program. In future filings, TJX will include such disclosure in the section where it describes in detail the calculation of payouts based on an EPS growth performance metric for
purposes of its long-term incentive program, in order to clarify that unbudgeted buybacks pursuant to the stock repurchase program do not impact the calculation of the EPS growth performance metric under the terms
<FONT STYLE="white-space:nowrap">pre-established</FONT> by the Executive Compensation Committee (the &#147;ECC&#148;). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 16 that you use both adjusted annual
<FONT STYLE="white-space:nowrap">pre-tax</FONT> income and adjusted total annual sales to determine payouts under your management incentive program. It appears that these are <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. In
future filings, please provide disclosure regarding how any <FONT STYLE="white-space:nowrap">non-GAAP</FONT> numbers are calculated from your audited financial statements. We note that we are unable to determine the certain adjustments from your
audited financial statements resulting in <FONT STYLE="white-space:nowrap">pre-tax</FONT> income of $4,934,769 and total sales of $41,795,008. See Instruction 5 to Item 402(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U><B>: </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">TJX acknowledges the Staff&#146;s comment and confirms that in future filings, to the extent applicable, it will include an explanation of the
calculation of adjusted annual <FONT STYLE="white-space:nowrap">pre-tax</FONT> income and adjusted total annual sales from its audited financial statements, as well as disclosure on the calculation of other
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> numbers from its audited financial statements, with respect to determination of payouts under TJX&#146;s Management Incentive Plan (MIP). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">For example, with respect to the calculation of adjusted annual <FONT STYLE="white-space:nowrap">pre-tax</FONT> income and adjusted total
annual sales applicable to the determination of payouts under TJX&#146;s Management Incentive Plan (MIP) for fiscal 2020, TJX notes footnote 1 to the &#147;Fiscal 2020 MIP Goals and Results&#148; table that appears on page 36 of the 2020 Proxy would
have been updated to clarify that (1)&nbsp;Actual <FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Income for MIP (in thousands) for fiscal 2020 ($4,934,768) was determined based on total segment profit (in thousands) reported in TJX&#146;s Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal 2020 ($4,972,954), adjusted under the terms <FONT STYLE="white-space:nowrap">pre-established</FONT> by the ECC to reflect <FONT STYLE="white-space:nowrap">pre-established</FONT>
currency exchange rates (for translation of foreign income, intercompany charges and intra-division charges) and to exclude capitalized inventory costs and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> impact of inventory derivatives and (2)&nbsp;Actual Total Sales for MIP (in thousands) for fiscal 2020 ($41,795,008) was determined based on total net
sales (in thousands) reported in TJX&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal 2020 ($41,716,977), adjusted to reflect <FONT STYLE="white-space:nowrap">pre-established</FONT> currency exchange rates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">TJX notes that it does not anticipate disclosing <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures with regard to the MIP
performance goals in its filings for its fiscal year ended January&nbsp;30, 2021 (&#147;fiscal 2021&#148;), and as a result, such disclosure regarding the calculations would not be applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">To the extent other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures for performance goals are included in its filings for
fiscal 2021, TJX will include disclosure regarding how such <FONT STYLE="white-space:nowrap">non-GAAP</FONT> numbers are calculated from the audited financial statements in accordance with Instruction 5 to Item 402(b) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 24, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call me at (508) <FONT STYLE="white-space:nowrap">390-6527</FONT> if you
have any questions or require additional information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="100%"></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alicia Kelly</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Alicia Kelly</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President, Secretary &amp; General Counsel</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Scott Goldenberg </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tara Fisher, Esq. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
