XML 93 R36.htm IDEA: XBRL DOCUMENT
v3.20.1

Pension Plans and Other Retirement Benefits (Tables) | 12 Months Ended
--- | ---
Feb. 01, 2020
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 1, 2020 | February 2, 2019 | February 1, 2020 | February 2, 2019
Change in projected benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year | $ | 1,221,170 |  | $ | 1,404,089 |  | $ | 96,759 |  | $ | 91,047 |
Service cost | 44,685 |  | 45,342 |  | 2,059 |  | 2,391 |
Interest cost | 52,172 |  | 54,355 |  | 3,740 |  | 3,600 |
Actuarial (gains)/losses | 237,125 |  | (38,304) |  | 4,682 |  | 5,955 |
Settlements | — |  | (207,369) |  | — |  | — |
Benefits paid | (19,891) |  | (33,226) |  | (2,417) |  | (6,234) |
Expenses paid | (2,845) |  | (3,717) |  | — |  | — |
Projected benefit obligation at end of year | $ | 1,532,416 |  | $ | 1,221,170 |  | $ | 104,823 |  | $ | 96,759 |
Accumulated benefit obligation at end of year | $ | 1,383,298 |  | $ | 1,100,358 |  | $ | 88,038 |  | $ | 80,166 |
| Funded Plan Fiscal Year Ended |  | Unfunded Plan Fiscal Year Ended |
In thousands | February 1, 2020 | February 2, 2019 | February 1, 2020 | February 2, 2019
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year | $ | 1,245,335 |  | $ | 1,417,531 |  | $ | — |  | $ | — |
Actual return on plan assets | 239,675 |  | (27,884) |  | — |  | — |
Employer contribution | 100,000 |  | 100,000 |  | 2,417 |  | 6,234 |
Settlements | — |  | (207,369) |  | — |  | — |
Benefits paid | (19,891) |  | (33,226) |  | (2,417) |  | (6,234) |
Expenses paid | (2,845) |  | (3,717) |  | — |  | — |
Fair value of plan assets at end of year | $ | 1,562,274 |  | $ | 1,245,335 |  | $ | — |  | $ | — |
Reconciliation of funded status: |  |  |  |
Projected benefit obligation at end of year | $ | 1,532,416 |  | $ | 1,221,170 |  | $ | 104,823 |  | $ | 96,759 |
Fair value of plan assets at end of year | 1,562,274 |  | 1,245,335 |  | — |  | — |
Funded status – excess (asset) obligation | $ | (29,858) |  | $ | (24,165) |  | $ | 104,823 |  | $ | 96,759 |
Net (asset) liability recognized on Consolidated Balance Sheets | $ | (29,858) |  | $ | (24,165) |  | $ | 104,823 |  | $ | 96,759 |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): |  |  |  |
Prior service cost | $ | 1,181 |  | $ | 1,558 |  | $ | — |  | $ | — |
Accumulated actuarial losses | 316,695 |  | 264,160 |  | 32,266 |  | 30,709 |
Amounts included in accumulated other comprehensive income (loss) | $ | 317,876 |  | $ | 265,718 |  | $ | 32,266 |  | $ | 30,709 |
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 1, 2020 | February 2, 2019 | February 1, 2020 | February 2, 2019
Discount rate | 3.30 | % | 4.30 | % | 3.10 | % | 4.10 | %
Rate of compensation increase(a) | 4.00 | % | 4.00 | % | 4.00 | % | 6.00 | %
(a)As of fiscal 2020, the rate of compensation increase for the Unfunded Plan, reflects the rate for participants eligible for the alternative benefit as the participants eligible for the primary benefit no longer accrue benefits under this plan. For fiscal 2019, the table reflects the rate for participants eligible for the primary benefit..
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 1, 2020 | February 2, 2019 | February 3, 2018 | February 1, 2020 | February 2, 2019 | February 3, 2018
Net periodic pension cost: |  |  |  |  |  |
Service cost | $ | 44,685 |  | $ | 45,342 |  | $ | 46,845 |  | $ | 2,059 |  | $ | 2,391 |  | $ | 1,888 |
Interest cost | 52,172 |  | 54,355 |  | 55,301 |  | 3,740 |  | 3,600 |  | 3,316 |
Expected return on plan assets | (74,141) |  | (79,190) |  | (69,345) |  | — |  | — |  | — |
Amortization of prior service cost | 377 |  | 377 |  | 377 |  | — |  | — |  | — |
Amortization of net actuarial loss | 19,055 |  | 12,250 |  | 21,557 |  | 3,124 |  | 3,409 |  | 2,852 |
Settlement charge | — |  | 36,122 |  | — |  | — |  | — |  | — |
Total expense | $ | 42,148 |  | $ | 69,256 |  | $ | 54,735 |  | $ | 8,923 |  | $ | 9,400 |  | $ | 8,056 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |
Net loss (gain) | 71,590 |  | $ | 68,770 |  | $ | (38,293) |  | $ | 4,682 |  | $ | 5,955 |  | $ | 4,580 |
Amortization of net (loss) | (19,055) |  | (12,250) |  | (21,557) |  | (3,124) |  | (3,409) |  | (2,852) |
Settlement charge | — |  | (36,122) |  | — |  | — |  | — |  | — |
Amortization of prior service cost | (377) |  | (377) |  | (377) |  | — |  | — |  | — |
Total recognized in other comprehensive income (loss) | $ | 52,158 |  | $ | 20,021 |  | $ | (60,227) |  | $ | 1,558 |  | $ | 2,546 |  | $ | 1,728 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 94,306 |  | $ | 89,277 |  | $ | (5,492) |  | $ | 10,481 |  | $ | 11,946 |  | $ | 9,784 |
Weighted average assumptions for expense purposes: |  |  |  |  |  |
Discount rate | 4.30 | % | 4.00%/4.40% | 4.40 | % | 4.10 | % | 3.80 | % | 4.00 | %
Expected rate of return on plan assets | 6.00 | % | 6.00%/6.00% | 6.00 | % | N/A | N/A | N/A
Rate of compensation increase(a) | 4.00 | % | 4.00 | % | 4.00 | % | 6.00 | % | 6.00 | % | 6.00 | %
(a)The rate of compensation increase for participants eligible for the primary benefit under the unfunded plan is 6.00%. The assumed rate of compensation increase for participants eligible for the alternative benefit under the unfunded plan is 4.00%.
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 |  |
2021 | $ | 30,035 |  | $ | 3,065 |
2022 | 34,911 |  | 6,970 |
2023 | 40,317 |  | 42,629 |
2024 | 46,097 |  | 5,983 |
2025 | 51,884 |  | 6,587 |
2026 through 2030 | 343,185 |  | 33,356 |
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 1, 2020 and February 2, 2019:
| Funded Plan at February 1, 2020 |  |
In thousands | Level 1 | Level 2 | Total
Asset category: |  |  |
Short-term investments | $ | 109,953 |  | $ | — |  | $ | 109,953 |
Equity Securities | 231,607 |  | — |  | 231,607 |
Fixed Income Securities: |  |  |
Corporate and government bond funds | — |  | 480,519 |  | 480,519 |
Futures Contracts | — |  | (2,540) |  | (2,540) |
Total assets in the fair value hierarchy | $ | 341,560 |  | $ | 477,979 |  | $ | 819,539 |
Assets measured at net asset value(a) | — |  | — |  | 742,735 |
Fair value of assets | $ | 341,560 |  | $ | 477,979 |  | $ | 1,562,274 |
| 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(a) | — |  | — |  | 530,023 |
Fair value of assets | $ | 337,845 |  | $ | 377,467 |  | $ | 1,245,335 |
(a)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 1, 2020 along with the actual allocation of qualified pension plan assets as of the valuation date for the fiscal years presented:
| Target Allocation | February 1, 2020 | February 2, 2019
Return-seeking assets | 50% |  | 44% |  | 43% |
Liability-hedging assets | 50% |  | 49% |  | 49% |
All other – primarily cash | —% |  | 7% |  | 8% |

X
- Definition Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income [Table Text Block] + References No definition available. + Details
Name: | tjx_ComponentsOfNetPeriodicBenefitCostAndOtherAmountsRecognizedInOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | tjx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Defined Benefit Plan Fair Value Of Plan Assets Measured At Recurring Basis [Table Text Block] + References No definition available. + Details
Name: | tjx_DefinedBenefitPlanFairValueOfPlanAssetsMeasuredAtRecurringBasisTableTextBlock
Namespace Prefix: | tjx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration