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Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Feb. 03, 2024

Retirement Benefits [Abstract]

Summary of 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			February 3, 2024			January 28, 2023			February 3, 2024			January 28, 2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year			$	1,343		$	1,717		$	109		$	114
Service cost			33			48			2			2
Interest cost			72			58			6			4
Actuarial losses (gains)			(37)			(442)			0			(9)
Benefits paid			(111)			(35)			(12)			(2)
Expenses paid			(4)			(3)			—			—
Plan amendments			(11)			—			—			—
Projected benefit obligation at end of year			$	1,285		$	1,343		$	105		$	109
Accumulated benefit obligation at end of year			$	1,187		$	1,241		$	92		$	93

			Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In millions			February 3, 2024			January 28, 2023			February 3, 2024			January 28, 2023
Change in plan assets:
Fair value of plan assets at beginning of year			$	1,475		$	1,713		$	—		$	—
Actual return on plan assets			91			(200)			—			—
Employer contribution			0			0			12			2
Benefits paid			(111)			(35)			(12)			(2)
Expenses paid			(4)			(3)			—			—
Fair value of plan assets at end of year			$	1,451		$	1,475		$	—		$	—
Reconciliation of funded status:
Projected benefit obligation at end of year			$	1,285		$	1,343		$	105		$	109
Fair value of plan assets at end of year			1,451			1,475			—			—
Funded status – excess (asset) obligation			$	(166)		$	(132)		$	105		$	109
Net (asset) liability recognized on Consolidated Balance Sheets			$	(166)		$	(132)		$	105		$	109
Amounts not yet reflected in net periodic benefit cost and included in Accumulated other comprehensive (loss) income:
Prior service cost			$	(11)		$	0		$	—		$	—
Accumulated actuarial losses			78			126			17			19
Amounts included in Accumulated other comprehensive (loss) income			$	67		$	126		$	17		$	19

Summary of 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 3, 2024			January 28, 2023			February 3, 2024			January 28, 2023
Discount rate			5.70		%	5.40		%	5.80		%	5.60		%
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			February 3, 2024			January 28, 2023			January 29, 2022			February 3, 2024			January 28, 2023			January 29, 2022
Net periodic pension cost:
Service cost			$	33		$	48		$	49		$	2		$	2		$	2
Interest cost			72			58			52			6			4			3
Expected return on plan assets			(80)			(89)			(95)			—			—			—
Amortization of prior service cost			0			0			0			—			—			—
Amortization of net actuarial loss			—			18			14			2			4			4
Total expense			$	25		$	35		$	20		$	10		$	10		$	9
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss			$	(48)		$	(153)		$	66		$	0		$	(9)		$	0
Prior service cost (credit)			(11)			—			—			—			—			—
Amortization of net (loss)			—			(18)			(14)			(2)			(4)			(4)
Amortization of prior service cost			0			0			0			—			—			—
Total (gain) loss recognized in other comprehensive income			$	(59)		$	(171)		$	52		$	(2)		$	(13)		$	(4)
Total recognized in net periodic benefit cost and other comprehensive income (loss)			$	(34)		$	(136)		$	72		$	8		$	(3)		$	5
Weighted average assumptions for expense purposes:
Discount rate			5.40		%	3.40		%	3.20		%	5.60		%	3.30		%	2.80		%
Expected rate of return on plan assets			5.50		%	5.25		%	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:
2025			$	85		$	11
2026			89			46
2027			93			7
2028			96			9
2029			98			10
2030 through 2034			518			43

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

The following tables present the fair value hierarchy for pension assets measured at fair value on a recurring basis:

			Funded Plan at February 3, 2024
In millions			Level 1			Level 2			Total
Asset category:
Short-term investments			$	43		$	—		$	43
Equity Securities			49			—			49
Fixed Income Securities:
Corporate and government bond funds			—			1,024			1,024
Futures Contracts			—			(4)			(4)
Total assets in the fair value hierarchy			$	92		$	1,020		$	1,112
Assets measured at net asset value(a)			—			—			339
Fair value of assets			$	92		$	1,020		$	1,451

			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

(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:

			February 3, 2024			January 28, 2023
Return-seeking assets			32		%	46		%
Liability-hedging assets			65		%	54		%
All other – primarily cash			3		%	0		%

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