The TJX Companies, Inc. and Consolidated SubsidiariesNotes to Consolidated Condensed Statements
- During the second quarter ended August 3, 2013, TJX repurchased 6.4 million shares of its common stock at a cost of $325 million. During the six months ended August 3, 2013, TJX repurchased 12.9 million shares of its common stock at a cost of $625 million. On February 5, 2013 the Board of Directors approved an additional $1.5 billion stock repurchase program. TJX records the repurchase of its stock on a cash basis, and the amounts reflected in the financial statements may vary from the above amounts due to the timing of settlement of repurchases.
- On December 21, 2012 TJX purchased Sierra Trading Post (STP), an off-price internet retailer for approximately $200 million, subject to customary post-closing adjustments. The operating results of STP since the date of acquisition are not material and have been included with the Company’s Marmaxx segment.
- On May 2, 2013 TJX issued $500 million of 2.50% ten year notes. The Company intends to use the proceeds from the notes offering for working capital and other general corporate purposes.
THE TJX COMPANIES, INC.Reconciliation of GAAP and Non-GAAP measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Management believes excluding certain items that impact the overall comparability among periods can provide additional information on underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. The table here provides supplemental financial data and corresponding reconciliations to GAAP financial measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.