Company: TJX
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0000109198-25-000054
Chunk: 57

Company: TJX COMPANIES INC /DE/
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 Less (“BFL”), representing a non-controlling, minority position. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer. TJX completed this investment for $358 million, inclusive of acquisition costs, during the fourth quarter of fiscal 2025.For the six months ended August 2, 2025, the carrying value of the Company’s equity investment in BFL was $336 million, which exceeds its share of BFL net assets by approximately $292 million. This difference primarily consists of goodwill and a tradename. The tradename is a definite-lived intangible asset and will be amortized straight-line over the useful life of 15 years. The carrying value of this equity investment is adjusted for the Company’s share of BFL’s results and tradename amortization.Both investments are accounted for under the equity method of accounting and are recorded in Other assets on the Consolidated Balance Sheets. TJX reports the results of its share of the investments in MOS and BFL on a one-quarter lag, as their results are not expected to be available in time to be recorded in the concurrent period. Earnings from the investments in MOS and BFL are recorded in Selling, general & administrative expenses on the Consolidated Statements of Income. The earnings from these investments did not have a material impact on the Company’s results for the six months ended August 2, 2025.Additionally, both equity investments are evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired. If the Company concludes that there is an other-than-temporary impairment of these equity investments, it will adjust the carrying amount of the investments to the current fair value. As of August 2, 2025, the Company determined that no impairments of its equity method investments existed.LeasesSupplemental cash flow information related to leases is as follows:Twenty-Six Weeks EndedIn millionsAugust 2,2025August 3,2024Operating cash flows paid for operating leases$1,091 $1,046 Lease liabilities arising from obtaining right of use assets$1,047 $1,001 Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification