Company: TJX
Filing Date: 2025-12-02
Form Type: 10-Q
Source: 0000109198-25-000061
Chunk: 106

Company: TJX COMPANIES INC /DE/
Filing Date: 2025-12-02
Form: 10-Q
Item: Part I, Item 2
Chunk 106
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 EndedThirty-Nine Weeks EndedIn millionsNovember 1,2025November 2,2024November 1,2025November 2,2024General corporate expense$216 $150 $613 $523 

General corporate expense for segment reporting purposes represents those costs not specifically related to the operations of our segments. General corporate expenses are primarily included in SG&A expenses. The mark-to-market adjustment of our fuel and inventory hedges is included in cost of sales, including buying and occupancy costs. 

The increase in general corporate expense for both the third quarter of fiscal 2026 and first nine months of fiscal 2026 was primarily driven by higher other administrative costs, contributions to our charitable foundations and incentive compensation costs.

ANALYSIS OF FINANCIAL CONDITION

Liquidity and Capital Resources

Our liquidity requirements have traditionally been funded through cash generated from operations, supplemented, as needed, by short-term bank borrowings and the issuance of commercial paper. As of November 1, 2025, there were no short-term bank borrowings or commercial paper outstanding. We believe our existing cash and cash equivalents, internally generated funds and our credit facilities, under which facilities we have $1.5 billion available as of the period ended November 1, 2025, are adequate to meet our operating needs for the foreseeable future. Our 2.25% ten-year Notes due September 2026 will mature during our third quarter of fiscal 2027 and are included within our current maturities of long-term debt. For more information, see Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements.

As of November 1, 2025, we held $4.6 billion in cash. Approximately $1.6 billion of our cash was held by our foreign subsidiaries with $1 billion held in countries where we intend to indefinitely reinvest any undistributed earnings. We have provided for all applicable state and foreign withholding taxes on all undistributed earnings of our foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through November 1, 2025. If we repatriate cash from such subsidiaries, we should not incur additional tax expense and our cash would be reduced by the amount of withholding taxes paid. 

We monitor debt financing markets on an ongoing basis and from time to time may incur additional long-term indebtedness depending on prevailing market conditions, liquidity requirements, existing economic conditions and other factors. Periodically, we have used, and in the future we