Company: TJX
Filing Date: 2025-05-30
Form Type: 10-Q
Source: 0000109198-25-000043
Chunk: 76

Company: TJX COMPANIES INC /DE/
Filing Date: 2025-05-30
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 our credit facilities, under which facilities we have $1.5 billion available as of the period ended May 3, 2025, as described in Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements, are adequate to meet our operating needs for the foreseeable future. 

As of May 3, 2025, we held $4.3 billion in cash. Approximately $1.2 billion of our cash was held by our foreign subsidiaries with $748 million 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 May 3, 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 may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic conditions, contractual restrictions and other factors. As such, we may, from time to time, seek to retire, redeem, prepay or purchase our outstanding debt through redemptions, cash purchases, prepayments, refinancings and/or exchanges, in open market purchases, privately negotiated transactions, by tender offer or otherwise. If we use our operating cash flow and/or cash on hand to repay our debt, it will reduce the amount of cash available for additional capital expenditures.

Operating Activities

Operating activities resulted in net cash inflows of $394 million for the three months ended May 3, 2025 and $737 million for the three months ended May 4, 2024. 

Operating cash flows decreased $343 million compared to fiscal 2025 primarily due to the change in merchandise inventories net of accounts payable.

Investing Activities

Investing activities resulted in net cash outflows of $503 million for the three months ended May 3, 2025 and $427 million for the three months ended May 4, 2024. The cash outflows for both periods were driven by capital expenditures.

Capital expenditures in the first three months of fiscal 2026 primarily reflected store improvements