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Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Feb. 02, 2019

Retirement Benefits [Abstract]

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. The Company has elected the practical expedient pursuant to ASU 2015-4– Compensation-retirement benefits (Topic 715) and has selected the measurement date of January 31, the calendar month end closest to the Company’s fiscal year end.

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands	February 2, 2019			February 3, 2018			February 2, 2019			February 3, 2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	1,404,089		$	1,269,010		$	91,047		$	86,309
Service cost	45,342			46,845			2,391			1,888
Interest cost	54,355			55,301			3,600			3,316
Actuarial (gains)/losses	(38,304		)	67,232			5,955			4,580
Settlements	(207,369		)	—			—			—
Benefits paid	(33,226		)	(30,993		)	(6,234		)	(5,046		)
Expenses paid	(3,717		)	(3,306		)	—			—
Projected benefit obligation at end of year	$	1,221,170		$	1,404,089		$	96,759		$	91,047
Accumulated benefit obligation at end of year	$	1,100,358		$	1,277,216		$	80,166		$	77,668

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands	February 2, 2019			February 3, 2018			February 2, 2019			February 3, 2018
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,417,531		$	1,176,960		$	—		$	—
Actual return on plan assets	(27,884		)	174,870			—			—
Employer contribution	100,000			100,000			6,234			5,046
Settlements	(207,369		)	—			—			—
Benefits paid	(33,226		)	(30,993		)	(6,234		)	(5,046		)
Expenses paid	(3,717		)	(3,306		)	—			—
Fair value of plan assets at end of year	$	1,245,335		$	1,417,531		$	—		$	—
Reconciliation of funded status:
Projected benefit obligation at end of year	$	1,221,170		$	1,404,089		$	96,759		$	91,047
Fair value of plan assets at end of year	1,245,335			1,417,531			—			—
Funded status – excess (asset) obligation	$	(24,165	)	$	(13,442	)	$	96,759		$	91,047
Net (asset) liability recognized on consolidated balance sheets	$	(24,165	)	$	(13,442	)	$	96,759		$	91,047
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss):
Prior service cost	$	1,558		$	1,935		$	—		$	—
Accumulated actuarial losses	264,160			243,761			30,709			28,164
Amounts included in accumulated other comprehensive income (loss)	$	265,718		$	245,696		$	30,709		$	28,164

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
	February 2, 2019	February 3, 2018	February 2, 2019	February 3, 2018
Discount rate	4.30%	4.00%	4.10%	3.80%
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 (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
In thousands	February 2, 2019			February 3, 2018			January 28, 2017			February 2, 2019			February 3, 2018			January 28, 2017
Net periodic pension cost:
Service cost	$	45,342		$	46,845		$	45,440		$	2,391		$	1,888		$	1,835
Interest cost	54,355			55,301			56,094			3,600			3,316			3,391
Expected return on plan assets	(79,190		)	(69,345		)	(70,535		)	—			—			—
Amortization of prior service cost	377			377			377			—			—			—
Amortization of net actuarial loss	12,250			21,557			31,397			3,409			2,852			3,349
Settlement charge	36,122			—			31,173			—			—			—
Total expense	$	69,256		$	54,735		$	93,946		$	9,400		$	8,056		$	8,575
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	$	68,770		$	(38,293	)	$	17,894		$	5,955		$	4,580		$	740
Amortization of net (loss)	(12,250		)	(21,557		)	(31,397		)	(3,409		)	(2,852		)	(3,349		)
Settlement charge	(36,122		)	—			(31,173		)	—			—			—
Amortization of prior service cost	(377		)	(377		)	(377		)	—			—			—
Total recognized in other comprehensive income (loss)	$	20,021		$	(60,227	)	$	(45,053	)	$	2,546		$	1,728		$	(2,609	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	89,277		$	(5,492	)	$	48,893		$	11,946		$	9,784		$	5,966
Weighted average assumptions for expense purposes:
Discount rate	4.00%/4.40%			4.40%			4.80%/3.80%			3.80%			4.00%			4.20%
Expected rate of return on plan assets	6.00%/6.00%			6.00%			6.50%/6.00%			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
2020	$	25,557		$	4,799
2021	30,134			3,684
2022	35,072			4,625
2023	40,515			47,780
2024	46,200			6,104
2025 through 2029	313,971			32,706

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

The following table presents the fair value hierarchy (See Note F – Fair Value Measurements of Notes to Consolidated Financial Statements) for pension assets measured at fair value on a recurring basis as of February 2, 2019 and February 3, 2018:

	Funded Plan at February 2, 2019
In thousands	Level 1			Level 2			Total
Asset category:
Short-term investments	$	111,803		$	—		$	111,803
Equity Securities	226,042			—			226,042
Fixed Income Securities:
Corporate and government bond funds	—			376,438			376,438
Futures Contracts	—			1,029			1,029
Total assets in the fair value hierarchy	$	337,845		$	377,467		$	715,312
Assets measured at net asset value*	—			—			530,023
Fair value of assets	$	337,845		$	377,467		$	1,245,335

	Funded Plan at February 3, 2018
In thousands	Level 1			Level 2			Total
Asset category:
Short-term investments	$	109,183		$	—		$	109,183
Equity Securities	279,635			—			279,635
Fixed Income Securities:
Corporate and government bond funds	—			420,117			420,117
Futures Contracts	—			337			337
Total assets in the fair value hierarchy	$	388,818		$	420,454		$	809,272
Assets measured at net asset value*	—			—			608,259
Fair value of assets	$	388,818		$	420,454		$	1,417,531

* 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 qualified pension plan assets as of February 2, 2019 along with the actual allocation of qualified pension plan assets as of the valuation date for the fiscal years presented:

	Target Allocation	February 2, 2019	February 3, 2018
Return-seeking assets	50%	43%	47%
Liability-hedging assets	50%	49%	46%
All other – primarily cash	—%	8%	7%

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