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Pension Plans and Other Retirement Benefits (Tables) | 12 Months Ended
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Jan. 28, 2023
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 millions | January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022
Change in projected benefit obligation: |  |  |  |
Projected benefit obligation at beginning of year | $ | 1,717 |  | $ | 1,619 |  | $ | 114 |  | $ | 113 |
Service cost | 48 |  | 49 |  | 2 |  | 2 |
Interest cost | 58 |  | 52 |  | 4 |  | 3 |
Actuarial (gains) losses | (442) |  | 29 |  | (9) |  | 0 |
Benefits paid | (35) |  | (29) |  | (2) |  | (4) |
Expenses paid | (3) |  | (3) |  | — |  | — |
Projected benefit obligation at end of year | $ | 1,343 |  | $ | 1,717 |  | $ | 109 |  | $ | 114 |
Accumulated benefit obligation at end of year | $ | 1,241 |  | $ | 1,560 |  | $ | 93 |  | $ | 100 |
| Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended
In millions | January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year | $ | 1,713 |  | $ | 1,686 |  | $ | — |  | $ | — |
Actual return on plan assets | (200) |  | 59 |  | — |  | — |
Employer contribution | 0 |  | 0 |  | 2 |  | 4 |
Benefits paid | (35) |  | (29) |  | (2) |  | (4) |
Expenses paid | (3) |  | (3) |  | — |  | — |
Fair value of plan assets at end of year | $ | 1,475 |  | $ | 1,713 |  | $ | — |  | $ | — |
Reconciliation of funded status: |  |  |  |
Projected benefit obligation at end of year | $ | 1,343 |  | $ | 1,717 |  | $ | 109 |  | $ | 114 |
Fair value of plan assets at end of year | 1,475 |  | 1,713 |  | — |  | — |
Funded status – excess (asset) obligation | $ | (132) |  | $ | 4 |  | $ | 109 |  | $ | 114 |
Net (asset) liability recognized on Consolidated Balance Sheets | $ | (132) |  | $ | 4 |  | $ | 109 |  | $ | 114 |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated other comprehensive income (loss): |  |  |  |
Prior service cost | $ | 0 |  | $ | 0 |  | $ | — |  | $ | — |
Accumulated actuarial losses | 126 |  | 297 |  | 19 |  | 32 |
Amounts included in Accumulated other comprehensive income (loss) | $ | 126 |  | $ | 297 |  | $ | 19 |  | $ | 32 |
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 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022
Discount rate | 5.40 | % | 3.40 | % | 5.60 | % | 3.30 | %
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | %
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 the Company’s pension plans:
| Funded Plan Fiscal Year Ended | Unfunded Plan Fiscal Year Ended
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021 | January 28, 2023 | January 29, 2022 | January 30, 2021
Net periodic pension cost: |  |  |  |  |  |
Service cost | $ | 48 |  | $ | 49 |  | $ | 50 |  | $ | 2 |  | $ | 2 |  | $ | 2 |
Interest cost | 58 |  | 52 |  | 50 |  | 4 |  | 3 |  | 3 |
Expected return on plan assets | (89) |  | (95) |  | (88) |  | — |  | — |  | — |
Amortization of prior service cost | 0 |  | 0 |  | 0 |  | — |  | — |  | — |
Amortization of net actuarial loss | 18 |  | 14 |  | 23 |  | 4 |  | 4 |  | 4 |
Total expense | $ | 35 |  | $ | 20 |  | $ | 35 |  | $ | 10 |  | $ | 9 |  | $ | 9 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |
Net (gain) loss | $ | (153) |  | $ | 66 |  | $ | (49) |  | $ | (9) |  | $ | 0 |  | $ | 8 |
Amortization of net (loss) | (18) |  | (14) |  | (23) |  | (4) |  | (4) |  | (4) |
Amortization of prior service cost | 0 |  | 0 |  | 0 |  | — |  | — |  | — |
Total (gain) loss recognized in other comprehensive income | $ | (171) |  | $ | 52 |  | $ | (72) |  | $ | (13) |  | $ | (4) |  | $ | 4 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | (136) |  | $ | 72 |  | $ | (37) |  | $ | (3) |  | $ | 5 |  | $ | 13 |
Weighted average assumptions for expense purposes: |  |  |  |  |
Discount rate | 3.40 | % | 3.20 | % | 3.30 | % | 3.30 | % | 2.80 | % | 3.10 | %
Expected rate of return on plan assets | 5.25 | % | 5.75 | % | 5.75 | % | N/A | N/A | N/A
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 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 millions | Funded Plan Expected Benefit Payments | Unfunded Plan Expected Benefit Payments
Fiscal Year: |  |
2024 | $ | 47 |  | $ | 4 |
2025 | 53 |  | 8 |
2026 | 59 |  | 50 |
2027 | 65 |  | 8 |
2028 | 71 |  | 9 |
2029 through 2033 | 440 |  | 43 |
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:
| Funded Plan at January 28, 2023
In millions | Level 1 | Level 2 | Total
Asset category: |  |  |
Short-term investments | $ | 9 |  | $ | — |  | $ | 9 |
Equity Securities | 163 |  | — |  | 163 |
Fixed Income Securities: |  |  |
Corporate and government bond funds | — |  | 882 |  | 882 |
Futures Contracts | — |  | (4) |  | (4) |
Total assets in the fair value hierarchy | $ | 172 |  | $ | 878 |  | $ | 1,050 |
Assets measured at net asset value(a) | — |  | — |  | 425 |
Fair value of assets | $ | 172 |  | $ | 878 |  | $ | 1,475 |
| Funded Plan at January 29, 2022
In millions | Level 1 | Level 2 | Total
Asset category: |  |  |
Short-term investments | $ | 8 |  | $ | — |  | $ | 8 |
Equity Securities | 178 |  | — |  | 178 |
Fixed Income Securities: |  |  |
Corporate and government bond funds | — |  | 1,022 |  | 1,022 |
Futures Contracts | — |  | 3 |  | 3 |
Total assets in the fair value hierarchy | $ | 186 |  | $ | 1,025 |  | $ | 1,211 |
Assets measured at net asset value(a) | — |  | — |  | 502 |
Fair value of assets | $ | 186 |  | $ | 1,025 |  | $ | 1,713 |
(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 28, 2023 | January 29, 2022
Return-seeking assets | 46% | 45%
Liability-hedging assets | 54% | 55%
All other – primarily cash | —% | —%

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- Definition Defined Benefit Plan Fair Value Of Plan Assets Measured At Recurring Basis [Table Text Block] + References No definition available. + Details
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- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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