Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Feb. 03, 2018

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 2015-04– 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 3, 2018			January 28, 2017			February 3, 2018			January 28, 2017
		(53 weeks	)					(53 weeks	)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	1,269,010		$	1,213,000			$86,309		$	84,967
Service cost		46,845			45,440			1,888			1,835
Interest cost		55,301			56,094			3,316			3,391
Actuarial losses		67,232			91,114			4,580			740
Settlements		—			(103,197	)		—			—
Benefits paid		(30,993	)		(28,751	)		(5,046	)		(4,624	)
Expenses paid		(3,306	)		(4,690	)		—			—
Projected benefit obligation at end of year	$	1,404,089		$	1,269,010			$91,047		$	86,309
Accumulated benefit obligation at end of year	$	1,277,216		$	1,151,151			$77,668		$	71,273

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands	February 3, 2018			January 28, 2017			February 3, 2018			January 28, 2017
		(53 weeks	)					(53 weeks	)
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,176,960		$	1,119,842		$	—		$	—
Actual return on plan assets		174,870			143,756			—			—
Employer contribution		100,000			50,000			5,046			4,624
Settlements		—			(103,197	)		—			—
Benefits paid		(30,993	)		(28,751	)		(5,046	)		(4,624	)
Expenses paid		(3,306	)		(4,690	)		—			—
Fair value of plan assets at end of year	$	1,417,531		$	1,176,960		$	—		$	—
Reconciliation of funded status:
Projected benefit obligation at end of year	$	1,404,089		$	1,269,010		$	91,047		$	86,309
Fair value of plan assets at end of year		1,417,531			1,176,960			—			—
Funded status – excess (asset) obligation	$	(13,442	)	$	92,050		$	91,047		$	86,309
Net (asset) liability recognized on consolidated balance sheets	$	(13,442	)	$	92,050		$	91,047		$	86,309
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss):
Prior service cost	$	1,935		$	2,313		$	—		$	—
Accumulated actuarial losses		243,761			303,612			28,164			26,438
Amounts included in accumulated other comprehensive income (loss)	$	245,696		$	305,925		$	28,164		$	26,438

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, 2018			January 28, 2017			February 3, 2018			January 28, 2017
Discount rate		4.00	%		4.40	%		3.80	%		4.00	%
Rate of compensation increase		4.00	%		4.00	%		6.00	%		6.00	%

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 our pension plans:

	Funded Plan Fiscal Year Ended									Unfunded Plan Fiscal Year Ended
Dollars in thousands	February 3, 2018			January 28, 2017			January 30, 2016			February 3, 2018			January 28, 2017			January 30, 2016
		(53 weeks	)								(53 weeks	)
Net periodic pension cost:
Service cost		$ 46,845			$ 45,440		$	50,080			$ 1,888			$ 1,835			$ 1,562
Interest cost		55,301			56,094			51,710			3,316			3,391			3,033
Expected return on plan assets		(69,345	)		(70,535	)		(78,042	)		—			—			—
Amortization of prior service cost		377			377			377			—			—			—
Amortization of net actuarial loss		21,557			31,397			33,146			2,852			3,349			3,958
Settlement charge		—			31,173			—			—			—			—
Total expense		$ 54,735			$ 93,946		$	57,271			$ 8,056			$ 8,575			$ 8,553
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss		$(38,293	)		$ 17,894		$	(19,731	)		$ 4,580			$    740			$ 3,806
Amortization of net (loss)		(21,557	)		(31,397	)		(33,146	)		(2,852	)		(3,349	)		(3,958	)
Settlement charge		—			(31,173	)		—			—			—			—
Amortization of prior service cost		(377	)		(377	)		(377	)		—			—			—
Total recognized in other comprehensive income (loss)		$(60,227	)		$(45,053	)	$	(53,254	)		$ 1,728			$(2,609	)		$   (152	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)		$  (5,492	)		$ 48,893		$	4,017			$ 9,784			$ 5,966			$ 8,401
Weighted average assumptions for expense purposes:
Discount rate		4.40%			4.80%/3.80%			4.00%			4.00%			4.20%			3.70%
Expected rate of return on plan assets		6.00%			6.50%/6.00%			6.75%			N/A			N/A			N/A
Rate of compensation increase		4.00%			4.00%			4.00%			6.00%			6.00%			6.00%

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
2019	$	40,133	$	2,483
2020		43,782		42,591
2021		47,693		3,517
2022		52,158		4,503
2023		56,718		4,972
2024 through 2028		352,753		27,953

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 3, 2018 and January 28, 2017:

	Funded Plan at February 3, 2018
In thousands	Level 1		Level 2		Total
Asset category:
Short-term investments	$	109,183	$	—	$	109,183
Equity Securities		279,635		—		279,635
Fixed Income Securities:
Corporate and government bond funds		—		420,117		420,117
Futures Contracts		—		337		337
Total assets in the fair value hierarchy	$	388,818	$	420,454	$	809,272
Assets measured at net asset value*		—		—		608,259
Fair value of assets	$	388,818	$	420,454	$	1,417,531

	Funded Plan at January 28, 2017
In thousands	Level 1		Level 2			Total
Asset category:
Short-term investments	$	63,704	$	—		$	63,704
Equity Securities		208,451		—			208,451
Fixed Income Securities:
Corporate and government bond funds		—		386,777			386,777
Futures Contracts		—		(31	)		(31	)
Total assets in the fair value hierarchy	$	272,155	$	386,746		$	658,901
Assets measured at net asset value*		—		—			518,059
Fair value of assets	$	272,155	$	386,746		$	1,176,960

* 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 plan assets along with the actual allocation of plan assets as of the valuation date for the fiscal years presented:

			Actual Allocation for Fiscal Year Ended
	Target Allocation		February 3, 2018		January 28, 2017
Return-seeking assets		50%		47%		44%
Liability-hedging assets		50%		46%		51%
All other – primarily cash		—		7%		5%