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Pension Plans and Other Retirement Benefits (Tables) | 12 Months Ended
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Jan. 31, 2015
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information relating to TJX’s funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated:
|  | Funded Plan Fiscal Year Ended |  |  | Unfunded Plan Fiscal Year Ended |
In thousands |  | January 31, 2015 |  |  | February 1, 2014 |  |  | January 31, 2015 |  |  | February 1, 2014 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 996,968 |  |  | $ | 1,018,712 |  |  | $ | 59,566 |  |  | $ | 61,033 |
Service cost |  |  | 40,481 |  |  |  | 44,623 |  |  |  | 1,398 |  |  |  | 1,716 |
Interest cost |  |  | 49,522 |  |  |  | 44,654 |  |  |  | 3,001 |  |  |  | 2,447 |
Actuarial losses (gains) |  |  | 251,144 |  |  |  | (84,970 | ) |  |  | 19,552 |  |  |  | (2,925 | )
Benefits paid |  |  | (28,348 | ) |  |  | (23,431 | ) |  |  | (1,279 | ) |  |  | (2,705 | )
Expenses paid |  |  | (2,945 | ) |  |  | (2,620 | ) |  |  | — |  |  |  | — |
Plan amendment |  |  | 3,067 |  |  |  | — |  |  |  | — |  |  |  | — |
Projected benefit obligation at end of year |  | $ | 1,309,889 |  |  | $ | 996,968 |  |  | $ | 82,238 |  |  | $ | 59,566 |
Accumulated benefit obligation at end of year |  | $ | 1,203,464 |  |  | $ | 921,723 |  |  | $ | 68,591 |  |  | $ | 49,957 |
|  | Funded Plan Fiscal Year Ended |  |  | Unfunded Plan Fiscal Year Ended |
In thousands |  | January 31, 2015 |  |  | February 1, 2014 |  |  | January 31, 2015 |  |  | February 1, 2014 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 944,801 |  |  | $ | 876,083 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 107,240 |  |  |  | 64,769 |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 150,000 |  |  |  | 30,000 |  |  |  | 1,279 |  |  |  | 2,705 |
Benefits paid |  |  | (28,348 | ) |  |  | (23,431 | ) |  |  | (1,279 | ) |  |  | (2,705 | )
Expenses paid |  |  | (2,945 | ) |  |  | (2,620 | ) |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 1,170,748 |  |  | $ | 944,801 |  |  | $ | — |  |  | $ | — |
Reconciliation of funded status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at end of year |  | $ | 1,309,889 |  |  | $ | 996,968 |  |  | $ | 82,238 |  |  | $ | 59,566 |
Fair value of plan assets at end of year |  |  | 1,170,748 |  |  |  | 944,801 |  |  |  | — |  |  |  | — |
Funded status – excess obligation |  | $ | 139,141 |  |  | $ | 52,167 |  |  | $ | 82,238 |  |  | $ | 59,566 |
Net liability recognized on consolidated balance sheets |  | $ | 139,141 |  |  | $ | 52,167 |  |  | $ | 82,238 |  |  | $ | 59,566 |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan amendment |  | $ | 3,067 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Accumulated actuarial losses |  |  | 401,165 |  |  |  | 205,923 |  |  |  | 29,198 |  |  |  | 11,792 |
Amounts included in accumulated other comprehensive income (loss) |  | $ | 404,232 |  |  | $ | 205,923 |  |  | $ | 29,198 |  |  | $ | 11,794 |
Weighted Average Assumptions for Obligation | expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date:
|  | Funded Plan Fiscal Year Ended |  |  | Unfunded Plan Fiscal Year Ended |
|  | January 31, 2015 |  |  | February 1, 2014 |  |  | January 31, 2015 |  |  | February 1, 2014 |
Discount rate |  |  | 4.00 | % |  |  | 5.00 | % |  |  | 3.70 | % |  |  | 4.80 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 6.00 | % |  |  | 6.00 | %
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our pension plans:
|  | Funded Plan Fiscal Year Ended |  |  | Unfunded Plan Fiscal Year Ended |
Dollars in thousands |  | January 31, 2015 |  |  | February 1, 2014 |  |  | February 2, 2013 |  |  | January 31, 2015 |  |  | February 1, 2014 |  |  | February 2, 2013 |
|  | (53 weeks) |  |  | (53 weeks) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 40,481 |  |  | $ | 44,623 |  |  | $ | 41,813 |  |  | $ | 1,398 |  |  | $ | 1,716 |  |  | $ | 1,448 |
Interest cost |  |  | 49,522 |  |  |  | 44,654 |  |  |  | 42,029 |  |  |  | 3,001 |  |  |  | 2,447 |  |  |  | 2,321 |
Expected return on plan assets |  |  | (65,187 | ) |  |  | (60,474 | ) |  |  | (54,759 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 3 |  |  |  | 3 |
Amortization of net actuarial loss |  |  | 13,848 |  |  |  | 28,070 |  |  |  | 25,373 |  |  |  | 2,146 |  |  |  | 2,884 |  |  |  | 1,465 |
Expense related to current period |  |  | 38,664 |  |  |  | 56,873 |  |  |  | 54,456 |  |  |  | 6,547 |  |  |  | 7,050 |  |  |  | 5,237 |
Correction of prior years pension accruals |  |  | — |  |  |  | — |  |  |  | 26,964 |  |  |  | — |  |  |  | — |  |  |  | — |
Total expense |  | $ | 38,664 |  |  | $ | 56,873 |  |  | $ | 81,420 |  |  | $ | 6,547 |  |  | $ | 7,050 |  |  | $ | 5,237 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | 209,091 |  |  | $ | (89,265 | ) |  | $ | 61,692 |  |  | $ | 19,552 |  |  | $ | (2,925 | ) |  | $ | 6,666 |
Amortization of net (loss) |  |  | (13,848 | ) |  |  | (28,070 | ) |  |  | (25,373 | ) |  |  | (2,146 | ) |  |  | (2,884 | ) |  |  | (1,465 | )
Plan amendment |  |  | 3,067 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (3 | ) |  |  | (3 | )
Total recognized in other comprehensive income |  | $ | 198,310 |  |  | $ | (117,335 | ) |  | $ | 36,319 |  |  | $ | 17,404 |  |  | $ | (5,812 | ) |  | $ | 5,198 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 236,974 |  |  | $ | (60,462 | ) |  | $ | 117,739 |  |  | $ | 23,951 |  |  | $ | 1,238 |  |  | $ | 10,435 |
Weighted average assumptions for expense purposes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.00% |  |  |  | 4.40% |  |  |  | 4.80% |  |  |  | 4.80% |  |  |  | 4.00% |  |  |  | 4.40% |
Expected rate of return on plan assets |  |  | 7.00% |  |  |  | 7.00% |  |  |  | 7.40% |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Rate of compensation increase |  |  | 4.00% |  |  |  | 4.00% |  |  |  | 4.00% |  |  |  | 6.00% |  |  |  | 6.00% |  |  |  | 6.00% |
Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter | The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
In thousands |  | Funded Plan Expected Benefit Payments |  |  | Unfunded Plan Expected Benefit Payments |
Fiscal Year |  |  |  |  |  |  |  |
2016 |  | $ | 30,120 |  |  | $ | 3,252 |
2017 |  |  | 33,387 |  |  |  | 6,543 |
2018 |  |  | 37,166 |  |  |  | 6,658 |
2019 |  |  | 41,199 |  |  |  | 6,978 |
2020 |  |  | 45,375 |  |  |  | 7,396 |
2021 through 2025 |  |  | 294,930 |  |  |  | 31,804 |
Fair Value for Pension Assets Measured at Fair Value on Recurring Basis | The following table presents the fair value hierarchy (See Note G) for pension assets measured at fair value on a recurring basis as of January 31, 2015:
|  | Funded Plan |
In thousands |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 136,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 136,276 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity |  |  | 77,373 |  |  |  | — |  |  |  | — |  |  |  | 77,373 |
International equity |  |  | 157,392 |  |  |  | — |  |  |  | — |  |  |  | 157,392 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and government bond funds |  |  | — |  |  |  | 300,761 |  |  |  | — |  |  |  | 300,761 |
Common/Collective Trusts |  |  | — |  |  |  | 485,619 |  |  |  | 8,283 |  |  |  | 493,902 |
Limited Partnerships |  |  | — |  |  |  | — |  |  |  | 5,044 |  |  |  | 5,044 |
Fair value of plan assets |  | $ | 371,041 |  |  | $ | 786,380 |  |  | $ | 13,327 |  |  | $ | 1,170,748 |
The following table presents the fair value hierarchy for pension assets measured at fair value on a recurring basis as of February 1, 2014:
|  | Funded Plan |
In thousands |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 57,217 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,217 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity |  |  | 74,415 |  |  |  | — |  |  |  | — |  |  |  | 74,415 |
International equity |  |  | 150,149 |  |  |  | — |  |  |  | — |  |  |  | 150,149 |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and government bond funds |  |  | — |  |  |  | 214,954 |  |  |  | — |  |  |  | 214,954 |
Common/Collective Trusts |  |  | — |  |  |  | 429,932 |  |  |  | 10,421 |  |  |  | 440,353 |
Limited Partnerships |  |  | — |  |  |  | — |  |  |  | 7,713 |  |  |  | 7,713 |
Fair value of plan assets |  | $ | 281,781 |  |  | $ | 644,886 |  |  | $ | 18,134 |  |  | $ | 944,801 |
Reconciliation of Level 3 Plan Assets Measured at Fair Value | The following table presents a reconciliation of Level 3 plan assets measured at fair value for the years ended January 31, 2015 and February 1, 2014:
In thousands |  | Common/Collective Trusts |  |  | Limited Partnerships |
Balance as of February 2, 2013 |  | $ | 13,158 |  |  | $ | 11,064 |
Earned income, net of management expenses |  |  | 671 |  |  |  | 312 |
Unrealized gain on investment |  |  | 676 |  |  |  | 507 |
Purchases, sales, issuances and settlements, net |  |  | (4,084 | ) |  |  | (4,170 | )
Balance as of February 1, 2014 |  | $ | 10,421 |  |  | $ | 7,713 |
Earned income, net of management expenses |  |  | 557 |  |  |  | 786 |
Unrealized gain on investment |  |  | 51 |  |  |  | 76 |
Purchases, sales, issuances and settlements, net |  |  | (2,746 | ) |  |  | (3,531 | )
Balance as of January 31, 2015 |  | $ | 8,283 |  |  | $ | 5,044 |
Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date | The following is a summary of TJX’s target allocation for plan assets along with the actual allocation of plan assets as of the valuation date for the fiscal years presented:
|  |  |  |  | Actual Allocation for Fiscal Year Ended |
|  | Target Allocation |  |  | January 31, 2015 |  |  | February 1, 2014 |
Equity securities |  |  | 50% |  |  |  | 44% |  |  |  | 51% |
Fixed income |  |  | 50% |  |  |  | 45% |  |  |  | 44% |
All other – primarily cash |  |  | — |  |  |  | 11% |  |  |  | 5% |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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