XML 50 R36.htm IDEA: XBRL DOCUMENT v3.23.1

Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

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			—%			—%

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:	dtr-types: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:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration