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Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Jan. 30, 2016

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 30, 2016				January 31, 2015				January 30, 2016				January 31, 2015
Change in projected benefit obligation:
Projected benefit obligation at beginning of year		$	1,309,889			$	996,968			$	82,238			$	59,566
Service cost			50,080				40,481				1,562				1,398
Interest cost			51,710				49,522				3,033				3,001
Actuarial (gains) losses			(170,674	)			251,144				3,806				19,552
Benefits paid			(24,956	)			(28,348	)			(5,672	)			(1,279	)
Expenses paid			(3,049	)			(2,945	)			—				—
Plan amendment			—				3,067				—				—
Projected benefit obligation at end of year		$	1,213,000			$	1,309,889			$	84,967			$	82,238
Accumulated benefit obligation at end of year		$	1,120,602			$	1,203,464			$	70,750			$	68,591

		Funded Plan Fiscal Year Ended								Unfunded Plan Fiscal Year Ended
In thousands		January 30, 2016				January 31, 2015				January 30, 2016				January 31, 2015
Change in plan assets:
Fair value of plan assets at beginning of year		$	1,170,748			$	944,801			$	—			$	—
Actual return on plan assets			(72,901	)			107,240				—				—
Employer contribution			50,000				150,000				5,672				1,279
Benefits paid			(24,956	)			(28,348	)			(5,672	)			(1,279	)
Expenses paid			(3,049	)			(2,945	)			—				—
Fair value of plan assets at end of year		$	1,119,842			$	1,170,748			$	—			$	—
Reconciliation of funded status:
Projected benefit obligation at end of year		$	1,213,000			$	1,309,889			$	84,967			$	82,238
Fair value of plan assets at end of year			1,119,842				1,170,748				—				—
Funded status – excess obligation		$	93,158			$	139,141			$	84,967			$	82,238
Net liability recognized on consolidated balance sheets		$	93,158			$	139,141			$	84,967			$	82,238
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss):
Prior service cost		$	2,690			$	3,067			$	—			$	—
Accumulated actuarial losses			348,289				401,165				29,046				29,198
Amounts included in accumulated other comprehensive income (loss)		$	350,979			$	404,232			$	29,046			$	29,198

Weighted Average Assumptions for Obligation

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 30, 2016				January 31, 2015				January 30, 2016				January 31, 2015
Discount rate			4.80	%			4.00	%			4.20	%			3.70	%
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 (Loss)

The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) related to our pension plans:

		Funded Plan Fiscal Year Ended												Unfunded Plan Fiscal Year Ended
Dollars in thousands		January 30, 2016				January 31, 2015				February 1, 2014				January 30, 2016				January 31, 2015				February 1, 2014
Net periodic pension cost:
Service cost		$	50,080			$	40,481			$	44,623			$	1,562			$	1,398			$	1,716
Interest cost			51,710				49,522				44,654				3,033				3,001				2,447
Expected return on plan assets			(78,042	)			(65,187	)			(60,474	)			—				—				—
Amortization of prior service cost			377				—				—				—				2				3
Amortization of net actuarial loss			33,146				13,848				28,070				3,958				2,146				2,884
Total expense		$	57,271			$	38,664			$	56,873			$	8,553			$	6,547			$	7,050
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss		$	(19,731	)		$	209,091			$	(89,265	)		$	3,806			$	19,552			$	(2,925	)
Amortization of net (loss)			(33,146	)			(13,848	)			(28,070	)			(3,958	)			(2,146	)			(2,884	)
Amortization of prior service cost			(377	)			—				—				—				(2	)			(3	)
Plan amendment			—				3,067				—				—				—				—
Total recognized in other comprehensive income (loss)		$	(53,254	)		$	198,310			$	(117,335	)		$	(152	)		$	17,404			$	(5,812	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)		$	4,017			$	236,974			$	(60,462	)		$	8,401			$	23,951			$	1,238
Weighted average assumptions for expense purposes:
Discount rate			4.00%				5.00%				4.40%				3.70%				4.80%				4.00%
Expected rate of return on plan assets			6.75%				7.00%				7.00%				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
2017		$	32,624			$	3,324
2018			36,341				5,505
2019			40,419				5,778
2020			44,794				34,008
2021			49,427				3,534
2022 through 2026			319,360				22,974

Fair Value for Pension Assets Measured at Fair Value on Recurring Basis

The following table presents the fair value hierarchy (See Note F) for pension assets measured at fair value on a recurring basis as of January 30, 2016:

		Funded Plan
In thousands		Level 1				Level 2				Total
Asset category:
Short-term investments		$	57,713			$	—			$	57,713
Equity Securities			216,526				—				216,526
Fixed Income Securities:
Corporate and government bond funds			—				337,864				337,864
Futures Contracts			—				(33	)			(33	)
Total assets in the fair value hierarchy		$	274,239			$	337,831			$	612,070
Assets measured at net asset value*			—				—				507,772
Fair value of assets		$	274,239			$	337,831			$	1,119,842

* In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above.

The following table presents the fair value hierarchy for pension assets measured at fair value on a recurring basis as of January 31, 2015:

		Funded Plan
In thousands		Level 1				Level 2				Total
Asset category:
Short-term investments		$	136,276			$	—			$	136,276
Equity Securities			234,765				—				234,765
Fixed Income Securities:
Corporate and government bond funds			—				300,761				300,761
Total assets in the fair value hierarchy		$	371,041			$	300,761			$	671,802
Assets measured at net asset value*			—				—				498,946
Fair value of assets		$	371,041			$	300,761			$	1,170,748

* In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above.

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 guidelines 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 30, 2016				January 31, 2015
Equity securities			50%				40%				44%
Fixed income			50%				55%				45%
All other – primarily cash			—				5%				11%

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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+ References

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