TJX COMPANIES INC DE

Previous wording

–Net sales increased 6% to $13.5 billion for the second quarter of fiscal 2025 versus last year’s second quarter sales of $12.8 billion. As of August 3, 2024, both the number of stores in operation and the selling square footage increased 2% compared to the end of the second quarter of fiscal 2024.

Current wording

–Net sales increased 6% to $14.1 billion for the third quarter of fiscal 2025 versus last year’s third quarter sales of $13.3 billion. As of November 2, 2024, both the number of stores in operation and the selling square footage increased 2% compared to the end of the third quarter of fiscal 2024.

Previous wording

–Consolidated comp store sales increased 4% for the second quarter of fiscal 2025. See Net Sales below for our definition of comp store sales.

Current wording

–Consolidated comp store sales increased 3% for the third quarter of fiscal 2025. See Net Sales below for our definition of comp store sales.

Previous wording

–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the second quarter of fiscal 2025 was 10.9%, a 0.5 percentage point increase compared with 10.4% in the second quarter of fiscal 2024.

Current wording

–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the third quarter of fiscal 2025 was 12.3%, a 0.3 percentage point increase compared with 12.0% in the third quarter of fiscal 2024.

Previous wording

–Our cost of sales, including buying and occupancy costs, ratio for the second quarter of fiscal 2025 was 69.6%, a 0.2 percentage point decrease compared with 69.8% in the second quarter of fiscal 2024.

Current wording

–Our cost of sales, including buying and occupancy costs, ratio for the third quarter of fiscal 2025 was 68.4%, a 0.5 percentage point decrease compared with 68.9% in the third quarter of fiscal 2024.

Previous wording

–Our selling, general and administrative (“SG&A”) expense ratio for the second quarter of fiscal 2025 was 19.8%, a 0.3 percentage point decrease compared with 20.1% in the second quarter of fiscal 2024.

Current wording

–Our selling, general and administrative (“SG&A”) expense ratio for the third quarter of fiscal 2025 was 19.5%, a 0.1 percentage point increase compared with 19.4% in the third quarter of fiscal 2024.

Previous wording

–Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites and Sierra stores, were down 2% at the end of the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024.

Current wording

–Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites and Sierra stores, were down 2% at the end of the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024.

Previous wording

–During the second quarter of fiscal 2025, we returned $982 million to our shareholders through share repurchases and dividends.

Current wording

–During the third quarter of fiscal 2025, we returned $997 million to our shareholders through share repurchases and dividends.

Previous wording

On June 7, 2024, we announced that we have entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”) in which we will hold a 49% ownership stake, with respect to Axo’s off-price, physical store business in Mexico. We expect to close this investment during the third quarter of fiscal 2025.

Current wording

On June 7, 2024, we announced that we entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”) to hold a 49% ownership stake in Multibrand Outlet Stores S.A.P.I. de C.V. (“MOS”), Axo’s off-price, physical store business in Mexico. We have the option to increase our ownership interest in the joint venture over the long term. On September 3, 2024, we completed this investment for $192 million, which includes a purchase price of $179 million and acquisition costs of $13 million. This investment is accounted for under the equity method of accounting.

Previous wording

On August 21, 2024, we announced that we have entered into a definitive agreement to acquire a 35% ownership stake in privately held Brands for 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. We expect to close this investment, which is subject to customary closing conditions, later this fiscal year.

Current wording

On August 21, 2024, we announced that we entered into a definitive agreement to acquire a 35% ownership stake in privately held Brands for 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. During the fourth quarter of fiscal 2025, we completed this investment for a purchase price of $344 million. This investment will be accounted for under the equity method of accounting from the date of investment forward.

Previous wording

These investments will be accounted for under the equity method of accounting from the date of investment forward. We will report our share of the joint venture with Axo and BFL’s results on a one-quarter lag as their results are not expected to be available in time to be recorded in the concurrent period.

Current wording

We will report the results of our share of the investments with Axo 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. We do not expect these investments to have a material impact on our fiscal 2025 results.

Previous wording

Net sales for the quarter ended August 3, 2024 totaled $13.5 billion, a 6% increase versus second quarter fiscal 2024 net sales of $12.8 billion. This increase reflects a 4% increase in comp store sales, a 2% increase from non-comp store sales and a neutral foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the second quarters of fiscal 2025 and fiscal 2024.

Current wording

Net sales for the quarter ended November 2, 2024 totaled $14.1 billion, a 6% increase versus third quarter fiscal 2024 net sales of $13.3 billion. This increase reflects a 3% increase in comp store sales, a 2% increase from non-comp store sales and a 1% positive foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the third quarters of fiscal 2025 and fiscal 2024.

Previous wording

Net sales for the six months ended August 3, 2024 totaled $25.9 billion, a 6% increase versus net sales of $24.5 billion for the first six months fiscal 2024. This increase reflects a 3% increase in comp store sales, a 3% increase from non-comp store sales and a neutral foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the first six months of fiscal 2025 and fiscal 2024.

Current wording

Net sales for the nine months ended November 2, 2024 totaled $40.0 billion, a 6% increase versus net sales of $37.8 billion for the first nine months fiscal 2024. This increase reflects a 3% increase in comp store sales, a 3% increase from non-comp store sales and a neutral foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the first nine months of fiscal 2025 and fiscal 2024.

Previous wording

Comp store sales increased 4% for the second quarter of fiscal 2025 and increased 6% for the second quarter of fiscal 2024. Comp store sales increased 3% for the first six months of fiscal 2025 and increased 4% for the first six months of fiscal 2024. Both home and apparel comp store sales (as defined below) growth performed in line with the consolidated comp store sales increase for both the second quarter and the first six months of fiscal 2025. Comp store sales for both periods were driven by an increase in customer transactions.

Current wording

Comp store sales increased 3% for the third quarter of fiscal 2025 and increased 6% for the third quarter of fiscal 2024. Comp store sales increased 3% for the first nine months of fiscal 2025 and increased 5% for the first nine months of fiscal 2024. While both home comp store sales growth (as defined below) and apparel comp store sales growth (as defined below) were positive, home comp store sales growth outperformed apparel comp store sales growth for both the third quarter and the first nine months of fiscal 2025. Comp store sales for the third quarter of fiscal 2025 were driven by an increase in customer transactions, partially offset by a decrease in average basket. Comp store sales for the first nine months of fiscal 2025 were driven by an increase in customer transactions.

Previous wording

As of August 3, 2024, both our store count and selling square footage increased 2% compared to the end of the second quarter last year.

Current wording

As of November 2, 2024, both our store count and selling square footage increased 2% compared to the end of the third quarter last year.

Previous wording

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.6% for the second quarter of fiscal 2025, a decrease of 0.2 percentage points compared to 69.8% for the second quarter of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the second quarter of fiscal 2025 was attributable to higher merchandise margin due to higher markon, partially offset by higher supply chain costs.

Current wording

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 68.4% for the third quarter of fiscal 2025, a decrease of 0.5 percentage points compared to 68.9% for the third quarter of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the third quarter of fiscal 2025 was attributable to higher merchandise margin due to higher markon, partially offset by the unfavorable year-over-year impacts related to the mark-to-market adjustment on inventory hedges.

Previous wording

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.8% for the first six months of fiscal 2025, a decrease of 0.6 percentage points compared to 70.4% for the first six months of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the first six months of fiscal 2025 was attributable to higher merchandise margin due to higher markon and lower freight costs, partially offset by higher supply chain costs.

Current wording

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.3% for the first nine months of fiscal 2025, a decrease of 0.6 percentage points compared to 69.9% for the first nine months of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the first nine months of fiscal 2025 was attributable to higher merchandise margin due to higher markon and lower freight costs, partially offset by higher supply chain costs.

Previous wording

SG&A expenses, as a percentage of net sales, was 19.8% for the second quarter of fiscal 2025, a decrease of 0.3 percentage points compared to 20.1% for the second quarter of fiscal 2024. The decrease in the SG&A ratio for the second quarter of fiscal 2025 was due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable, partially offset by incremental store wage.

Current wording

SG&A expenses, as a percentage of net sales, was 19.5% for the third quarter of fiscal 2025, an increase of 0.1 percentage points compared to 19.4% for the third quarter of fiscal 2024. The increase in the SG&A ratio for the third quarter of fiscal 2025 was due to incremental store wage and payroll costs, partially offset by the year-over-year benefit from closing HomeGoods’ e-commerce business last year.

Previous wording

SG&A expenses, as a percentage of net sales, was 19.5% for the first six months of fiscal 2025, flat compared to the first six months of fiscal 2024. The SG&A ratio was flat for the first six months of fiscal 2025 due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable, offset by incremental store wage.

Current wording

SG&A expenses, as a percentage of net sales, was 19.5% for the first nine months of fiscal 2025, flat compared to the first nine months of fiscal 2024. The SG&A ratio was flat for the first nine months of fiscal 2025 due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable and the year-over-year benefit from closing HomeGoods’ e-commerce business last year, offset by incremental store wage and payroll costs.

Previous wording

2024 compared to the same periods in fiscal 2024, primarily due to an increase in interest income driven by an increase in prevailing rates and a higher average cash balance.

Current wording

Interest (income) expense, net increased for both the third quarter of fiscal 2025 and first nine months ended November 2, 2024 compared to the same periods in fiscal 2024 due to an increase in interest income driven by higher average cash balances.

Previous wording

In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. These rules did not have a material impact on our financial statements for the second quarter of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.

Current wording

In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. These rules did not have a material impact on our financial statements for the third quarter or the first nine months of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.

Previous wording

The effective income tax rate was 25.1% for the second quarter of fiscal 2025 and 25.5% for the second quarter of fiscal 2024. The effective income tax rate was 24.1% for the first six months of fiscal 2025 and 25.8% for the first six months of fiscal 2024.This decrease in the effective income tax rate for both the second quarter and first six months of fiscal 2025 was primarily due to the increase in excess tax benefit from share-based compensation and the resolution of various tax matters.

Current wording

The effective income tax rate was 25.3% for the third quarter of fiscal 2025 and 25.0% for the third quarter of fiscal 2024. The effective income tax rate was 24.6% for the first nine months of fiscal 2025 and 25.5% for the first nine months of fiscal 2024. This increase in the effective income tax rate for the third quarter and the decrease in the effective income tax rate for the first nine months of fiscal 2025 were primarily due to the impact of excess tax benefit from share-based compensation and the resolution of various tax matters.

Previous wording

Net sales for Marmaxx were $8.4 billion for the second quarter of fiscal 2025, an increase of 7% compared to $7.9 billion for the second quarter of fiscal 2024. This increase in the second quarter reflects a 5% increase from comp store sales and a 2% increase from non-comp store sales.

Current wording

Net sales for Marmaxx were $8.4 billion for the third quarter of fiscal 2025, an increase of 4% compared to $8.1 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 2% increase from comp store sales and a 2% increase from non-comp store sales.

Previous wording

Net sales for HomeGoods were $4.2 billion for the first six months of fiscal 2025, an increase of 5%, compared to $4 billion for the first six months of fiscal 2024. This increase in the first six months reflects a 3% increase from comp store sales and a 2% increase from non-comp store sales.

Current wording

Net sales for Marmaxx were $24.6 billion for the first nine months of fiscal 2025, an increase of 5% compared to $23.4 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase from comp store sales and a 2% increase from non-comp store sales.

Previous wording

For both the second quarter and first six months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions. In addition, Marmaxx home comp store sales growth outperformed apparel comp store sales growth. Geographically, comp store sales growth was strongest in the West region for the second quarter and in the West and Midwest regions for the first six months of fiscal 2025.

Current wording

For the third quarter, the increase in comp store sales was driven by an increase in customer transactions, partially offset by average basket. For the first nine months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions. While both Marmaxx home and apparel comp store sales growth were positive, home comp store sales growth outperformed apparel comp store sales growth for both the third quarter and the first nine months of fiscal 2025. Geographically, comp store sales growth was strongest in the West region for both the third quarter and the first nine months of fiscal 2025.

Previous wording

Segment profit margin increased to 14.1% for the first six months of fiscal 2025 compared to 13.8% for the same period last year. The increase in segment profit margin for the first six months of fiscal 2025 was primarily driven by higher merchandise margin which reflects higher markon. This was partially offset by higher supply chain costs and incremental store wage and payroll costs.

Current wording

Segment profit margin increased to 14.3% for the third quarter of fiscal 2025 compared to 14.0% for the same period last year. The increase in segment profit margin for the third quarter of fiscal 2025 was primarily driven by higher merchandise margin, partially offset by incremental store wage and payroll costs and expense deleverage on occupancy and administrative costs. Merchandise margin reflects higher markon and lower freight costs.

Previous wording

Segment profit margin increased to 9.3% for the first six months of fiscal 2025 compared to 8.0% for the same period last year. This increase in segment profit margin for the first six months of fiscal 2025 was primarily driven by higher merchandise margin which reflects lower freight costs and higher markon. This was partially offset by incremental store wage and payroll costs and higher supply chain costs.

Current wording

Segment profit margin increased to 14.2% for the first nine months of fiscal 2025 compared to 13.9% for the same period last year. The increase in segment profit margin for the first nine months of fiscal 2025 was primarily driven by higher merchandise margin, partially offset by incremental store wage and payroll costs and higher supply chain costs. Merchandise margin reflects higher markon and lower freight costs.

Previous wording

Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented less than 3% of Marmaxx’s net sales for both the second quarter and first six months of fiscal 2025 and fiscal 2024, and did not have a significant impact on year-over-year segment margin comparisons.

Current wording

Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented less than 3% of Marmaxx’s net sales for both the third quarter and first nine months of fiscal 2025 and fiscal 2024, and did not have a significant impact on year-over-year segment margin comparisons.

Previous wording

Net sales for HomeGoods were $2.1 billion for the second quarter of fiscal 2025, an increase of 4%, compared to $2 billion for the second quarter of fiscal 2024. This increase in the second quarter reflects a 2% increase from comp store sales and a 2% increase from non-comp store sales.

Current wording

Net sales for HomeGoods were $2.4 billion for the third quarter of fiscal 2025, an increase of 7%, compared to $2.2 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 4% increase from non-comp store sales and a 3% increase from comp store sales.

Previous wording

Net sales for Marmaxx were $16.2 billion for the first six months of fiscal 2025, an increase of 6% compared to $15.3 billion for the first six months of fiscal 2024. This increase in the first six months reflects a 4% increase from comp store sales and a 2% increase from non-comp store sales.

Current wording

Net sales for HomeGoods were $6.5 billion for the first nine months of fiscal 2025, an increase of 6%, compared to $6.2 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase from comp store sales and a 3% increase from non-comp store sales.

Previous wording

For both the second quarter and first six months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions, partially offset by a decrease in average basket. Geographically, comp store sales growth was strongest in the West and Midwest regions for both the second quarter and first six months of fiscal 2025.

Current wording

For both the third quarter and first nine months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions, partially offset by a decrease in average basket. Geographically, comp store sales growth was strongest in the West for the third quarter of fiscal 2025 and in the West and Midwest regions for the first nine months of fiscal 2025.

Previous wording

Segment profit margin was 13.7% for the first six months of fiscal 2025, flat compared to the same period last year. Segment profit margin was flat for the first six months of fiscal 2025 due to higher merchandise margin, offset by incremental store wage and payroll costs. Merchandise margin reflects lower freight costs, lower markdowns, and higher markon.

Current wording

Segment profit margin increased to 10.4% for the first nine months of fiscal 2025 compared to 8.8% for the same period last year. This increase in segment profit margin for the first nine months of fiscal 2025 was primarily driven by higher merchandise margin and the year-over-year benefit from closing HomeGoods’ e-commerce business last year, partially offset by incremental store wage and payroll costs. Merchandise margin reflects lower freight costs and higher markon.

Previous wording

Net sales for TJX Canada were $1.2 billion for the second quarter of fiscal 2025, an increase of 2%, compared to $1.2 billion for the second quarter of fiscal 2024. This increase in the second quarter reflects a 2% increase in comp store sales, a 2% increase in non-comp store sales, partially offset by a negative foreign currency exchange rate impact of 2%.

Current wording

Net sales for TJX Canada were $1.4 billion for the third quarter of fiscal 2025, an increase of 5%, compared to $1.3 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 4% increase in non-comp store sales, a 2% increase in comp store sales, partially offset by a negative foreign currency exchange rate impact of 1%.

Previous wording

Net sales for TJX Canada were $2.4 billion for the first six months of fiscal 2025, an increase of 4%, compared to $2.3 billion for the first six months of fiscal 2024. This increase in the first six months reflects a 3% increase in comp store sales, a 3% increase in non-comp store sales, partially offset by a negative foreign currency exchange rate impact of 2%.

Current wording

Net sales for TJX Canada were $3.7 billion for the first nine months of fiscal 2025, an increase of 4%, compared to $3.6 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase in comp store sales, a 3% increase in non-comp store sales, partially offset by a negative foreign currency exchange rate impact of 2%.

Previous wording

Segment profit margin decreased to 15.0% for the second quarter of fiscal 2025 compared to 15.7% for the same period last year. This decrease for the second quarter of fiscal 2025 was primarily driven by incremental store wage and payroll costs.

Current wording

Segment profit margin decreased to 14.3% for the first nine months of fiscal 2025, compared to 14.9% for the same period last year. This decrease for the first nine months of fiscal 2025 primarily driven by incremental store wage and payroll costs, the unfavorable year-over-year impact related to an insurance claim recovery last year and third-party storage facility exit costs this year. These were partially offset by favorable supply chain costs.

Previous wording

Net sales for TJX International were $1.7 billion for the second quarter of fiscal 2025, an increase of 4%, compared to $1.6 billion for the second quarter of fiscal 2024. This increase in the second quarter reflects a 2% increase in non-comp store sales, a 1% increase in comp store sales and a positive foreign currency exchange rate impact of 1%.

Current wording

Net sales for TJX International were $1.9 billion for the third quarter of fiscal 2025, an increase of 16%, compared to $1.6 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 7% increase in comp store sales, a positive foreign currency exchange rate impact of 5% and a 4% increase in non-comp store sales.

Previous wording

Net sales for TJX International were $3.2 billion for the first six months of fiscal 2025, an increase of 6%, compared to $3 billion for the first six months of fiscal 2024. This increase in the first six months reflects a 3% increase in non-comp store sales, a 2% increase in comp store sales and a positive foreign currency exchange rate impact of 1%.

Current wording

Net sales for TJX International were $5.1 billion for the first nine months of fiscal 2025, an increase of 9%, compared to $4.7 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 4% increase in comp store sales, a 3% increase in non-comp store sales and a positive foreign currency exchange rate impact of 2%.

Previous wording

E-commerce sales represented approximately 3% of TJX International’s net sales for both the second quarter and first six months of fiscal 2025 and fiscal 2024.

Current wording

E-commerce sales represented less than 4% of TJX International’s net sales for both the third quarter and first nine months of fiscal 2025 and fiscal 2024.

Previous wording

This increase for both the second quarter and first six months of fiscal 2025 was due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable and higher merchandise margin, partially offset by the unfavorable impact of transactional foreign exchange and incremental store wage. Merchandise margin reflects higher markon and lower freight costs.

Current wording

Segment profit margin increased to 5.3% for the first nine months of fiscal 2025 compared to 3.4% for the same period last year. This increase for the first nine months of fiscal 2025 was due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable, higher merchandise margin and favorable occupancy costs, partially offset by incremental store wage. Merchandise margin reflects higher markon and lower markdowns.

Previous wording

The increase in general corporate expense for the second quarter of fiscal 2025 was primarily driven by unfavorable mark-to-market adjustments on fuel hedges and higher other administrative costs, partially offset by favorable mark-to-market adjustments on inventory hedges.

Current wording

The increase in general corporate expense for the first nine months of fiscal 2025 was primarily driven by higher other administrative costs and the unfavorable year-over-year impacts related to the mark-to-market adjustments on inventory hedges and fuel hedges.

Previous wording

As of August 3, 2024, we held $5.3 billion in cash. Approximately $1.5 billion of our cash was held by our foreign subsidiaries with $877 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 August 3, 2024. 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.

Current wording

As of November 2, 2024, we held $4.7 billion in cash. Approximately $1.7 billion of our cash was held by our foreign subsidiaries with $956 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 November 2, 2024. 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.