2021 Q4 Form 10-Q Financial Statement

#000010919821000030 Filed on November 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $12.53B $32.14B $10.12B
YoY Change 23.87% -22.96% -3.2%
Cost Of Revenue $8.836B $24.53B $7.062B
YoY Change 25.11% -17.8% -5.08%
Gross Profit $3.696B $7.603B $3.055B
YoY Change 20.99% -35.95% 1.45%
Gross Profit Margin 29.5% 23.66% 30.2%
Selling, General & Admin $2.297B $7.021B $1.986B
YoY Change 15.63% -5.82% 5.31%
% of Gross Profit 62.13% 92.34% 65.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $215.0M $870.8M $216.0M
YoY Change -0.46% 0.4% -0.14%
% of Gross Profit 5.82% 11.45% 7.07%
Operating Expenses $2.297B $7.021B $1.986B
YoY Change 15.63% -5.82% 5.31%
Operating Profit $1.400B $582.2M $1.069B
YoY Change 30.95% -86.82% -5.02%
Interest Expense -$20.67M $199.0M -$50.00M
YoY Change -58.65% 224.17% 455.56%
% of Operating Profit -1.48% 34.19% -4.68%
Other Income/Expense, Net
YoY Change
Pretax Income $1.379B $89.26M $1.016B
YoY Change 35.73% -97.97% -9.46%
Income Tax $356.0M -$1.207M $149.3M
% Of Pretax Income 25.82% -1.35% 14.7%
Net Earnings $1.023B $90.47M $866.7M
YoY Change 18.04% -97.24% 4.64%
Net Earnings / Revenue 8.16% 0.28% 8.57%
Basic Earnings Per Share $0.85 $0.08 $0.72
Diluted Earnings Per Share $0.84 $0.07 $0.71
COMMON SHARES
Basic Shares Outstanding 1.201B shares 1.200B shares 1.200B shares
Diluted Shares Outstanding 1.216B shares 1.215B shares 1.214B shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.792B $10.47B $10.58B
YoY Change -35.82% 225.46% 413.69%
Cash & Equivalents $6.792B $10.47B $10.58B
Short-Term Investments
Other Short-Term Assets $449.4M $435.0M $425.0M
YoY Change 5.74% 4.82% -28.69%
Inventory $6.633B $4.337B $4.998B
Prepaid Expenses
Receivables $615.1M $461.0M $463.7M
Other Receivables $86.69M $36.00M $185.0M
Total Short-Term Assets $14.58B $15.74B $16.65B
YoY Change -12.48% 77.02% 77.65%
LONG-TERM ASSETS
Property, Plant & Equipment $5.165B $14.03B $5.005B
YoY Change 3.21% -2.5% -4.69%
Goodwill $98.60M $96.73M
YoY Change 1.93% 0.44%
Intangibles
YoY Change
Long-Term Investments $196.0M $184.0M
YoY Change
Other Assets $893.6M $753.0M $725.3M
YoY Change 23.21% -2.59% 47.36%
Total Long-Term Assets $15.49B $15.08B $14.91B
YoY Change 3.91% -1.17% -0.02%
TOTAL ASSETS
Total Short-Term Assets $14.58B $15.74B $16.65B
Total Long-Term Assets $15.49B $15.08B $14.91B
Total Assets $30.07B $30.81B $31.57B
YoY Change -4.73% 27.62% 29.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.443B $4.823B $6.143B
YoY Change -11.39% 80.43% 78.18%
Accrued Expenses $5.747B $3.719B $4.879B
YoY Change 17.79% 34.41% 16.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $750.0M $749.4M
YoY Change -100.0%
Total Short-Term Liabilities $11.33B $10.80B $11.82B
YoY Change -4.13% 51.1% 53.73%
LONG-TERM LIABILITIES
Long-Term Debt $3.354B $5.333B $5.447B
YoY Change -38.43% 138.4% 143.63%
Other Long-Term Liabilities $1.014B $8.807B $860.5M
YoY Change 17.79% 1.6% 7.89%
Total Long-Term Liabilities $4.367B $14.14B $6.308B
YoY Change -30.76% 29.67% 107.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.33B $10.80B $11.82B
Total Long-Term Liabilities $4.367B $14.14B $6.308B
Total Liabilities $15.70B $24.98B $18.12B
YoY Change -13.4% 37.28% 69.07%
SHAREHOLDERS EQUITY
Retained Earnings $5.832B $4.983B
YoY Change 17.04% 0.12%
Common Stock $1.194B $1.327B
YoY Change -10.01% 10.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.445B $5.833B $5.567B
YoY Change
Total Liabilities & Shareholders Equity $30.07B $30.81B $31.57B
YoY Change -4.73% 27.62% 29.96%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $1.023B $90.47M $866.7M
YoY Change 18.04% -97.24% 4.64%
Depreciation, Depletion And Amortization $215.0M $870.8M $216.0M
YoY Change -0.46% 0.4% -0.14%
Cash From Operating Activities $1.000B $4.562B $4.080B
YoY Change -75.49% 12.18% 318.76%
INVESTING ACTIVITIES
Capital Expenditures -$270.6M $568.0M -$123.7M
YoY Change 118.75% -53.56% -70.17%
Acquisitions
YoY Change
Other Investing Activities -$2.266M $0.00 -$1.700M
YoY Change 33.29% -100.0% -39.29%
Cash From Investing Activities -$272.9M -$578.6M -$125.4M
YoY Change 117.59% -60.42% -69.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$9.689M
YoY Change -100.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.025B $3.228B 28.20M
YoY Change -3735.07% -233.68% -104.05%
NET CHANGE
Cash From Operating Activities 1.000B $4.562B 4.080B
Cash From Investing Activities -272.9M -$578.6M -125.4M
Cash From Financing Activities -1.025B $3.228B 28.20M
Net Change In Cash -297.9M $7.253B 3.983B
YoY Change -107.48% 3788.43% -2969.45%
FREE CASH FLOW
Cash From Operating Activities $1.000B $4.562B $4.080B
Capital Expenditures -$270.6M $568.0M -$123.7M
Free Cash Flow $1.271B $3.994B $4.204B
YoY Change -69.77% 40.46% 202.64%

Facts In Submission

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us-gaap Fiscal Period
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 29, 2022 (“fiscal 2022”) and is a 52-week fiscal year. Fiscal 2021 was also a 52-week fiscal year.</span></div>
us-gaap Use Of Estimates
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to leases, inventory valuation, impairment of long-lived assets, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the ongoing uncertainties surrounding the severity and duration of the COVID-19 pandemic and the associated containment and remediation efforts. Actual amounts could differ from these estimates, and such differences could be material.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior year financial information to conform to the current year’s presentation.</span></div>
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CY2020Q4 us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Depreciation
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59000000 USD
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20046000 USD
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10442000 USD
CY2021Q4 us-gaap Stock Repurchased And Retired During Period Shares
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us-gaap Stock Repurchased And Retired During Period Value
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1100000000 USD
CY2020Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3200000 shares
CY2020Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
190000000 USD
CY2021 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1100000000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
201000000 USD
CY2021Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1900000000 USD
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
1023000000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
866656000 USD
us-gaap Net Income Loss
NetIncomeLoss
2342611000 USD
us-gaap Net Income Loss
NetIncomeLoss
-235053000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1200661000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1199951000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1203718000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1198798000 shares
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.95
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
1023000000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
866656000 USD
us-gaap Net Income Loss
NetIncomeLoss
2342611000 USD
us-gaap Net Income Loss
NetIncomeLoss
-235053000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1200661000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1199951000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1203718000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1198798000 shares
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15029000 shares
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
14244000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15520000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1215690000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1214195000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1219238000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1198798000 shares
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.92
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.26
CY2020Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.78
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5300000 shares
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17700000 shares
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17700000 shares
CY2021Q4 tjx Hedge Diesel Fuel Requirement Remainder Of Fiscal Year
HedgeDieselFuelRequirementRemainderOfFiscalYear
0.48
CY2021Q4 tjx Hedge Diesel Fuel Requirement Year One
HedgeDieselFuelRequirementYearOne
0.50
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
41988000 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
12359000 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
29629000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
9029000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
21921000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-12892000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
9111000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
35454000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-26343000 USD
CY2021Q4 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
22305000 USD
CY2020Q4 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2153000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
54990000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-27681000 USD
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3600000000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3400000000 USD
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
5900000000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5300000000 USD
CY2021Q1 tjx Long Term Debt Current Maturities Fair Value
LongTermDebtCurrentMaturitiesFairValue
754000000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
750000000 USD
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
6300000000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5400000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Segment
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12531890000 USD
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10117289000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
34695614000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21193752000 USD
CY2021Q4 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2020Q4 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-242248000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2021Q4 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-20674000 USD
CY2020Q4 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-52884000 USD
us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-94023000 USD
us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-133571000 USD
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1379035000 USD
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1015992000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3154713000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-418875000 USD
tjx Minimum Percentage Of Pension Liability Under Pension Protection Act
MinimumPercentageOfPensionLiabilityUnderPensionProtectionAct
0.80
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
749684000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
749446000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
19728000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
35465000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
38100000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3353866000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5332921000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5447208000 USD
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-242000000 USD
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.147
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.439
CY2021Q4 tjx Unrecognized Tax Benefits Net Of Federal Tax Benefit
UnrecognizedTaxBenefitsNetOfFederalTaxBenefit
287000000 USD
CY2021Q1 tjx Unrecognized Tax Benefits Net Of Federal Tax Benefit
UnrecognizedTaxBenefitsNetOfFederalTaxBenefit
272000000 USD
CY2020Q4 tjx Unrecognized Tax Benefits Net Of Federal Tax Benefit
UnrecognizedTaxBenefitsNetOfFederalTaxBenefit
267000000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
43000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
36000000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
34000000 USD

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