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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%

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