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Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Jan. 29, 2022

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			January 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Change in projected benefit obligation:
Projected benefit obligation at beginning of year			$	1,619,274		$	1,532,416		$	113,478		$	104,823
Service cost			49,116			50,123			2,426			2,430
Interest cost			52,097			50,210			3,099			3,283
Actuarial losses			29,350			13,758			233			8,229
Benefits paid			(29,548)			(24,527)			(4,447)			(5,287)
Expenses paid			(3,034)			(2,706)			—			—
Projected benefit obligation at end of year			$	1,717,255		$	1,619,274		$	114,789		$	113,478
Accumulated benefit obligation at end of year			$	1,560,239		$	1,481,505		$	100,108		$	97,451

			Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands			January 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Change in plan assets:
Fair value of plan assets at beginning of year			$	1,686,735		$	1,562,274		$	—		$	—
Actual return on plan assets			59,422			151,594			—			—
Employer contribution			100			100			4,447			5,287
Benefits paid			(29,548)			(24,527)			(4,447)			(5,287)
Expenses paid			(3,034)			(2,706)			—			—
Fair value of plan assets at end of year			$	1,713,675		$	1,686,735		$	—		$	—
Reconciliation of funded status:
Projected benefit obligation at end of year			$	1,717,255		$	1,619,274		$	114,789		$	113,478
Fair value of plan assets at end of year			1,713,675			1,686,735			—			—
Funded status – excess obligation (asset)			$	3,580		$	(67,461)		$	114,789		$	113,478
Net liability (asset) recognized on Consolidated Balance Sheets			$	3,580		$	(67,461)		$	114,789		$	113,478
Amounts not yet reflected in net periodic benefit cost and included in Accumulated other comprehensive income (loss):
Prior service cost			$	426		$	803		$	—		$	—
Accumulated actuarial losses			297,336			245,506			31,599			35,880
Amounts included in Accumulated other comprehensive income (loss)			$	297,762		$	246,309		$	31,599		$	35,880

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 29, 2022			January 30, 2021			January 29, 2022			January 30, 2021
Discount rate			3.40		%	3.20		%	3.30		%	2.80		%
Rate of compensation increase(a)			4.00		%	4.00		%	4.00		%	4.00		%

(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.

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 the Company’s pension plans:  

			Funded Plan Fiscal Year Ended									Unfunded Plan Fiscal Year Ended
In thousands			January 29, 2022			January 30, 2021			February 1, 2020			January 29, 2022			January 30, 2021			February 1, 2020
Net periodic pension cost:
Service cost			$	49,116		$	50,123		$	44,685		$	2,426		$	2,430		$	2,059
Interest cost			52,097			50,210			52,172			3,099			3,283			3,740
Expected return on plan assets			(96,002)			(88,997)			(74,141)			—			—			—
Amortization of prior service cost			377			377			377			—			—			—
Amortization of net actuarial loss			14,101			22,351			19,055			4,513			4,616			3,124
Total expense			$	19,689		$	34,064		$	42,148		$	10,038		$	10,329		$	8,923
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)			$	65,930		$	(48,838)		$	71,590		$	233		$	8,229		$	4,682
Amortization of net (loss)			(14,101)			(22,351)			(19,055)			(4,513)			(4,616)			(3,124)
Amortization of prior service cost			(377)			(377)			(377)			—			—			—
Total recognized in other comprehensive income (loss)			$	51,452		$	(71,566)		$	52,158		$	(4,280)		$	3,613		$	1,558
Total recognized in net periodic benefit cost and other comprehensive income (loss)			$	71,141		$	(37,502)		$	94,306		$	5,758		$	13,942		$	10,481
Weighted average assumptions for expense purposes:
Discount rate			3.20		%	3.30		%	4.30		%	2.80		%	3.10		%	4.10		%
Expected rate of return on plan assets			5.75		%	5.75		%	6.00		%	N/A			N/A			N/A
Rate of compensation increase(a)			4.00		%	4.00		%	4.00		%	4.00		%	4.00		%	6.00		%

(a)For fiscal 2020, 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:
2023			$	40,162		$	3,888
2024			46,253			5,042
2025			52,352			6,363
2026			58,390			52,601
2027			64,463			8,424
2028 through 2032			408,023			41,209

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

The following tables present the fair value hierarchy (See Note F—Fair Value Measurements) for pension assets measured at fair value on a recurring basis as of January 29, 2022 and January 30, 2021:

			Funded Plan at January 29, 2022
In thousands			Level 1			Level 2			Total
Asset category:
Short-term investments			$	8,537		$	—		$	8,537
Equity Securities			178,336			—			178,336
Fixed Income Securities:
Corporate and government bond funds			—			1,021,612			1,021,612
Futures Contracts			—			2,806			2,806
Total assets in the fair value hierarchy			$	186,873		$	1,024,418		$	1,211,291
Assets measured at net asset value(a)			—			—			502,384
Fair value of assets			$	186,873		$	1,024,418		$	1,713,675

			Funded Plan at January 30, 2021
In thousands			Level 1			Level 2			Total
Asset category:
Short-term investments			$	8,598		$	—		$	8,598
Equity Securities			174,691			—			174,691
Fixed Income Securities:
Corporate and government bond funds			—			548,667			548,667
Futures Contracts			—			4,896			4,896
Total assets in the fair value hierarchy			$	183,289		$	553,563		$	736,852
Assets measured at net asset value(a)			—			—			949,883
Fair value of assets			$	183,289		$	553,563		$	1,686,735

(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

Following is the asset allocation under the qualified pension plan as of the valuation date for the fiscal years presented:

			January 29, 2022			January 30, 2021
Return-seeking assets			45%			48%
Liability-hedging assets			55%			51%
All other – primarily cash			—%			1%

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