Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 29, 2022 | Mar. 28, 2022 | Jul. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 29, 2022 | ||
Current Fiscal Year End Date | --01-29 | ||
Document Transition Report | false | ||
Entity File Number | 1-4908 | ||
Entity Registrant Name | The TJX Companies, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2207613 | ||
Entity Address, Address Line One | 770 Cochituate Road | ||
Entity Address, City or Town | Framingham | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01701 | ||
City Area Code | 508 | ||
Local Phone Number | 390-1000 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | TJX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 82.7 | ||
Entity Common Stock, Shares Outstanding | 1,175,228,119 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on June 7, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000109198 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 29, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Boston, Massachusetts |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 48,549,982 | $ 32,136,962 | $ 41,716,977 |
Cost of sales, including buying and occupancy costs | 34,713,812 | 24,533,815 | 29,845,780 |
Selling, general and administrative expenses | 9,081,238 | 7,020,917 | 7,454,988 |
Loss on early extinguishment of debt | 242,248 | 312,233 | 0 |
Interest expense, net | 115,076 | 180,734 | 10,026 |
Income before income taxes | 4,397,608 | 89,263 | 4,406,183 |
Provision (benefit) for income taxes | 1,114,793 | (1,207) | 1,133,990 |
Net income | $ 3,282,815 | $ 90,470 | $ 3,272,193 |
Basic earnings per share (in dollars per share) | $ 2.74 | $ 0.08 | $ 2.71 |
Weighted average common shares - basic (in shares) | 1,199,990 | 1,199,927 | 1,208,163 |
Diluted earnings per share (in dollars per share) | $ 2.70 | $ 0.07 | $ 2.67 |
Weighted average common shares - diluted (in shares) | 1,215,591 | 1,214,703 | 1,226,519 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,282,815 | $ 90,470 | $ 3,272,193 |
Additions to other comprehensive (loss) income: | |||
Foreign currency translation adjustments, net of related tax provisions of $207 and $2,442 in fiscal 2022 and 2021, respectively and tax benefit of $1,189 in fiscal 2020 | (46,715) | 15,588 | (3,943) |
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $17,659 in fiscal 2022, tax provision of $9,974 in fiscal 2021 and tax benefit of $20,489 in fiscal 2020 | (48,504) | 30,635 | (56,275) |
Reclassifications from other comprehensive loss to net income: | |||
Amortization of loss on cash flow hedge, net of related tax provisions of $603, $303, and $303 in fiscal 2022, 2021 and 2020, respectively | (263) | 831 | 831 |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $4,588, $7,298, and $6,019, in fiscal 2022, 2021 and 2020, respectively | 14,403 | 20,046 | 16,537 |
Other comprehensive (loss) income, net of tax | (81,079) | 67,100 | (42,850) |
Total comprehensive income | $ 3,201,736 | $ 157,570 | $ 3,229,343 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, taxes | $ 207 | $ 2,442 | $ (1,189) |
Recognition of net gains/losses on benefit obligations, taxes | (17,659) | 9,974 | (20,489) |
Amortization of loss on cash flow hedge, taxes | 603 | 303 | 303 |
Amortization of prior service cost and deferred gains/losses, taxes | $ 4,588 | $ 7,298 | $ 6,019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 6,226,765 | $ 10,469,570 |
Accounts receivable, net | 517,623 | 461,139 |
Merchandise inventories | 5,961,573 | 4,337,389 |
Prepaid expenses and other current assets | 438,099 | 434,977 |
Federal, state and foreign income taxes recoverable | 114,537 | 36,262 |
Total current assets | 13,258,597 | 15,739,337 |
Net property at cost | 5,270,827 | 5,036,096 |
Non-current deferred income taxes, net | 184,971 | 127,191 |
Operating lease right of use assets | 8,853,934 | 8,989,998 |
Goodwill | 96,662 | 98,998 |
Other assets | 796,467 | 821,935 |
Total assets | 28,461,458 | 30,813,555 |
Current liabilities: | ||
Accounts payable | 4,465,427 | 4,823,397 |
Accrued expenses and other current liabilities | 4,244,997 | 3,471,459 |
Current portion of operating lease liabilities | 1,576,561 | 1,677,605 |
Current portion of long-term debt | 0 | 749,684 |
Federal, state and foreign income taxes payable | 181,155 | 81,523 |
Total current liabilities | 10,468,140 | 10,803,668 |
Other long-term liabilities | 1,015,720 | 1,063,902 |
Non-current deferred income taxes, net | 44,175 | 37,164 |
Long-term operating lease liabilities | 7,575,590 | 7,743,216 |
Long-term debt | 3,354,841 | 5,332,921 |
Commitments and contingencies (See Note N) | ||
Shareholders’ equity | ||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | 0 | 0 |
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,181,188,731 and 1,204,698,124 shares, respectively | 1,181,189 | 1,204,698 |
Additional paid-in capital | 0 | 260,515 |
Accumulated other comprehensive (loss) income | (687,150) | (606,071) |
Retained earnings | 5,508,953 | 4,973,542 |
Total shareholders’ equity | 6,002,992 | 5,832,684 |
Total liabilities and shareholders’ equity | $ 28,461,458 | $ 30,813,555 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 29, 2022 | Jan. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value ($ per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 |
Common stock, par value ($ per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,181,188,731 | 1,204,698,124 |
Common stock, shares outstanding (in shares) | 1,181,188,731 | 1,204,698,124 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 3,282,815 | $ 90,470 | $ 3,272,193 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 868,002 | 870,758 | 867,303 |
Loss on early extinguishment of debt | 242,248 | 312,233 | 0 |
Loss on property disposals and impairment charges | 8,601 | 83,794 | 16,054 |
Deferred income tax (benefit) | (44,450) | (230,690) | (6,233) |
Share-based compensation | 189,048 | 58,519 | 124,957 |
Changes in assets and liabilities: | |||
(Increase) in accounts receivable | (61,452) | (71,091) | (42,998) |
(Increase) decrease in merchandise inventories | (1,657,753) | 588,756 | (296,541) |
(Increase) decrease in income taxes recoverable | (78,275) | 10,707 | (34,177) |
Decrease (increase) in prepaid expenses and other current assets | 32,563 | (57,450) | (17,084) |
(Decrease) increase in accounts payable | (338,091) | 2,111,189 | 29,338 |
Increase in accrued expenses and other liabilities | 658,817 | 584,502 | 345,745 |
Increase (decrease) in income taxes payable | 99,682 | 52,791 | (128,342) |
(Decrease) increase in net operating lease liabilities | (129,062) | 200,243 | 29,617 |
Other, net | (15,208) | (42,842) | (93,292) |
Net cash provided by operating activities | 3,057,485 | 4,561,889 | 4,066,540 |
Cash flows from investing activities: | |||
Property additions | (1,044,794) | (568,021) | (1,223,116) |
Investment in Familia | 0 | 0 | (230,156) |
Purchases of investments | (21,888) | (29,100) | (28,838) |
Sales and maturities of investments | 20,296 | 18,524 | 12,720 |
Other | 0 | 0 | 7,419 |
Net cash (used in) investing activities | (1,046,386) | (578,597) | (1,461,971) |
Cash flows from financing activities: | |||
Payments on revolving credit facilities | 0 | (1,000,000) | 0 |
Proceeds from long-term debt including revolving credit facilities | 0 | 5,986,873 | 0 |
Payments of long-term debt and extinguishment expenses | (2,975,518) | (1,418,358) | 0 |
Payments for debt issuance expenses | 0 | (42,377) | 0 |
Payments for repurchase of common stock | (2,176,298) | (201,500) | (1,551,992) |
Proceeds from issuance of common stock | 229,439 | 211,189 | 232,106 |
Payments of employee tax withholdings for performance based stock awards | (25,548) | (29,309) | (23,423) |
Cash dividends paid | (1,251,833) | (278,256) | (1,071,562) |
Net cash (used in) provided by financing activities | (6,199,758) | 3,228,262 | (2,414,871) |
Effect of exchange rate changes on cash | (54,146) | 41,264 | (3,175) |
Net (decrease) increase in cash and cash equivalents | (4,242,805) | 7,252,818 | 186,523 |
Cash and cash equivalents at beginning of year | 10,469,570 | 3,216,752 | 3,030,229 |
Cash and cash equivalents at end of year | $ 6,226,765 | $ 10,469,570 | $ 3,216,752 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Retained EarningsCumulative effect of accounting change |
Beginning Balance (shares) at Feb. 02, 2019 | 1,217,183,000 | ||||||
Beginning Balance at Feb. 02, 2019 | $ 5,048,606 | $ 403 | $ 1,217,183 | $ 0 | $ (630,321) | $ 4,461,744 | $ 403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,272,193 | 3,272,193 | |||||
Other comprehensive income (loss), net of tax | (42,850) | (42,850) | |||||
Cash dividends declared on common stock | (1,111,788) | (1,111,788) | |||||
Recognition of share-based compensation | 124,957 | 124,957 | |||||
Issuance of common stock under stock incentive plan and related tax effect (shares) | 10,067,000 | ||||||
Issuance of common stock under stock incentive plan and related tax effect | $ 208,683 | $ 10,067 | 198,616 | ||||
Common stock repurchased (shares) | (28,000,000) | (28,150,000) | |||||
Common stock repurchased | $ (1,551,992) | $ (28,150) | (323,573) | (1,200,269) | |||
Ending balance (shares) at Feb. 01, 2020 | 1,199,100,000 | ||||||
Ending balance at Feb. 01, 2020 | 5,948,212 | $ 1,199,100 | 0 | (673,171) | 5,422,283 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 90,470 | 90,470 | |||||
Other comprehensive income (loss), net of tax | 67,100 | 67,100 | |||||
Cash dividends declared on common stock | (311,970) | (311,970) | |||||
Recognition of share-based compensation | 58,519 | 112,923 | (54,404) | ||||
Issuance of common stock under stock incentive plan and related tax effect (shares) | 8,985,000 | ||||||
Issuance of common stock under stock incentive plan and related tax effect | $ 181,853 | $ 8,985 | 173,307 | (439) | |||
Common stock repurchased (shares) | (3,000,000) | (3,387,000) | |||||
Common stock repurchased | $ (201,500) | $ (3,387) | (25,715) | (172,398) | |||
Ending balance (shares) at Jan. 30, 2021 | 1,204,698,124 | 1,204,698,000 | |||||
Ending balance at Jan. 30, 2021 | $ 5,832,684 | $ 1,204,698 | 260,515 | (606,071) | 4,973,542 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,282,815 | 3,282,815 | |||||
Other comprehensive income (loss), net of tax | (81,079) | (81,079) | |||||
Cash dividends declared on common stock | (1,248,037) | (1,248,037) | |||||
Recognition of share-based compensation | 189,048 | 189,048 | |||||
Issuance of common stock under stock incentive plan and related tax effect (shares) | 7,780,000 | ||||||
Issuance of common stock under stock incentive plan and related tax effect | $ 203,859 | $ 7,780 | 196,426 | (347) | |||
Common stock repurchased (shares) | (31,000,000) | (31,289,000) | |||||
Common stock repurchased | $ (2,176,298) | $ (31,289) | (645,989) | (1,499,020) | |||
Ending balance (shares) at Jan. 29, 2022 | 1,181,188,731 | 1,181,189,000 | |||||
Ending balance at Jan. 29, 2022 | $ 6,002,992 | $ 1,181,189 | $ 0 | $ (687,150) | $ 5,508,953 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 29, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts In millions Balance Beginning of Period Amounts Charged to Net Income Write-Offs Against Reserve Balance End of Sales Return Reserve: Fiscal Year Ended January 29, 2022 $ 168 $ 5,627 $ 5,653 $ 142 Fiscal Year Ended January 30, 2021 $ 109 $ 3,530 $ 3,471 $ 168 Fiscal Year Ended February 1, 2020 $ 104 $ 4,862 $ 4,857 $ 109 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Accounting Policies | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Accounting Policies | Basis of Presentation and Summary of Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the consolidated financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of the Company's activities are conducted by TJX or its subsidiaries and are consolidated in these consolidated financial statements. All intercompany transactions have been eliminated in consolidation. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal years ended January 29, 2022 (“fiscal 2022”), January 30, 2021 (“fiscal 2021”) and February 1, 2020 (“fiscal 2020”) were 52-week fiscal years. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. COVID-19 Pandemic The COVID-19 pandemic continued to impact the U.S. and other countries around the world in fiscal 2022. During fiscal 2022, while the Company's stores in the U. S. and all of the Company’s e-commerce businesses remained open for the entire period, the Company had government-mandated temporary store closures in Europe, Canada, and Australia, and intermittently throughout the year, stores operated under government-mandated shopping restrictions, including capacity limitations. The Company continues to monitor developments, including government requirements and recommendations at the national, state, and local level that could result in possible additional impacts to our operations. The Company cannot reasonably estimate with certainty the duration and severity of this pandemic which has had, and may continue to have, a material impact on its business, results of operations, financial position and cash flows. Summary of Accounting Policies Revenue Recognition Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1% of total revenues, primarily generated from shipping fee revenue on our online sales. In addition, certain customers may receive discounts that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received are recognized when control of the goods transfer to the customer and are recorded as net sales. Shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. TJX disaggregates revenue by operating segment, see Note G—Segment Information. Deferred Gift Card Revenue Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise, as TJX does not fulfill its performance obligation until the gift card has been redeemed. While gift cards have an indefinite life, substantially all are redeemed in the first year of issuance. The following table presents deferred gift card revenue activity: In thousands January 29, January 30, Balance, beginning of year $ 576,187 $ 500,844 Deferred revenue 1,832,107 1,159,242 Effect of exchange rates changes on deferred revenue (1,680) 3,758 Revenue recognized (1,721,412) (1,087,657) Balance, end of year $ 685,202 $ 576,187 TJX recognized $1.7 billion in gift card revenue in fiscal 2022 and $1.1 billion in fiscal 2021 and $1.6 billion in fiscal 2020. The increase in fiscal 2022 in both deferred revenue and revenue recognized versus the prior year reflects the impact of lower customer traffic and temporary store and e-commerce closures in fiscal 2021 due to the COVID-19 pandemic. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, the Company estimates the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the estimated redemption period. Revenue recognized from breakage was $21 million in fiscal 2022, $14 million in fiscal 2021 and $20 million in fiscal 2020. Sales Return Reserve The Company's products are generally sold with a right of return and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company has elected to apply the portfolio practical expedient. The Company estimates the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separately from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on the Company’s Consolidated Balance Sheets. Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. If applicable, investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short - or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of January 29, 2022, TJX’s cash and cash equivalents held outside the U.S. were $1.4 billion, of which $0.6 billion was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. Merchandise Inventories Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia which is immaterial. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (i.. inventory in transit and unprocessed inventory in the Company’s distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. As a result, merchandise inventories on TJX’s Consolidated Balance Sheets include in-transit inventory of $1.7 billion at January 29, 2022 and $1.2 billion at January 30, 2021. Comparable amounts were reflected in Accounts payable at those dates. Common Stock and Equity Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the volume of share repurchases under previous programs, TJX has historically had no remaining balance in APIC. All shares repurchased have been retired. Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Any excess tax benefits or deficiencies are included in the provision for income taxes. The par value of performance share units and restricted stock units is added to common stock when shares are delivered following performance measurement date or service period to the extent vesting requirements have been achieved. The fair value of stock awards and units are added to APIC as the awards are amortized into earnings over the related requisite service periods. Share-Based Compensation TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. Performance-based awards are evaluated quarterly for probability of vesting and performance achievement levels. See Note H—Stock Incentive Plan for a detailed discussion of share-based compensation. Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net: Fiscal Year Ended In thousands January 29, January 30, February 1, Interest expense $ 123,196 $ 199,038 $ 61,400 Capitalized interest (3,684) (5,384) (2,314) Interest (income) (4,436) (12,920) (49,060) Interest expense, net $ 115,076 $ 180,734 $ 10,026 TJX capitalizes interest during the active construction period of major capital projects and adds the interest to the related assets. Property and Equipment For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $858 million in fiscal 2022, fiscal 2021 and fiscal 2020. TJX had no property held under finance leases during fiscal 2022, fiscal 2021 or fiscal 2020. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized, generally over 5 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated, and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. Lease Accounting The Company adopted ASU No. 2016-02, Leases (Topic 842), as of February 3, 2019, using the modified retrospective method under ASU 2018-11. The Company elected the transition package of three practical expedients, which among other things, allowed it to carry forward the historical lease classification. The Company has elected the practical expedient to not separate non-lease components from the lease components to which they relate and instead to combine them and account for them as a single lease component. The Company also made the accounting policy election to keep leases with a term of twelve months or less off the Consolidated Balance Sheets and recognizes these lease payments on a straight-line basis over the lease term. Operating leases are included in “Operating lease right of use assets,” “Current portion of operating lease liabilities,” and “Long-term operating lease liabilities” on the Company’s Consolidated Balance Sheets. Right of use assets (“ROU”) assets represent TJX’s right to use an underlying asset for the lease term and lease liabilities represent TJX’s obligation to make lease payments arising from the lease. At the inception of the arrangement, the Company determines if an arrangement is a lease based on assessment of the terms and conditions of the contract. Operating lease ROU assets and lease liabilities are recognized at possession date based on the present value of lease payments over the lease term. The majority of the Company’s leases are retail store locations, and the possession date is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. TJX’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the information available at possession date in determining the present value of future lease payments. The incremental borrowing rate is calculated based on the US Consumer Discretionary yield curve and adjusted for collateralization and foreign currency impact for TJX International and Canada leases. The operating lease ROU assets also include any acquisition costs offset by lease incentives. The Company’s lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term within “Cost of sales, including buying and occupancy costs”. See Note L—Leases for a detailed discussion of lease accounting. Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, and the purchase of Sierra Trading Post in fiscal 2013, which was rebranded as Sierra in fiscal 2019, both of which are included in Marmaxx. The Company fully impaired the Sierra goodwill, recording an impairment charge of $97 million in fiscal 2018. The Company’s goodwill also includes the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991, included in TJX Canada, as well as the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018 and is included in TJX International. The following is a roll forward of goodwill by segment: In thousands Marmaxx TJX Canada TJX International Total Balance, February 1, 2020 $ 70,027 $ 1,675 $ 23,844 $ 95,546 Effect of exchange rate changes on goodwill — 61 3,391 3,452 Balance, January 30, 2021 $ 70,027 $ 1,736 $ 27,235 $ 98,998 Effect of exchange rate changes on goodwill — — (2,336) (2,336) Balance, January 29, 2022 $ 70,027 $ 1,736 $ 24,899 $ 96,662 Goodwill is considered to have an indefinite life and accordingly is not amortized. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued utilizing the relief from royalty method, which calculates the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years. During the first quarter of fiscal 2021, the Company fully impaired the Trade Secret tradename, recording an impairment charge of $5 million. The following is a roll forward of tradenames: Fiscal Year Ended January 29, 2022 January 30, 2021 In thousands Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets: Sierra Trading Post $ 38,500 $ (23,314) $ 15,186 $ 38,500 $ (20,747) $ — $ 17,753 Trade Secret $ 12,541 $ (12,541) $ — $ 12,541 $ (10,247) $ (2,294) $ — Indefinite-lived intangible asset: Marshalls $ 107,695 $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate. Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates long-lived assets, including tradenames that are amortized and operating lease right of use assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. This evaluation is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and operating lease right of use assets, and at the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This resulted in immaterial impairment charges on operating lease right of use assets and store fixed assets in fiscal 2022, fiscal 2021 and fiscal 2020. In fiscal 2021, the Company fully impaired the Trade Secret tradename. There were no impairments related to tradenames in fiscal 2022 or fiscal 2020. Goodwill and indefinite life tradenames are tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year. Goodwill is tested for impairment by using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. The Company may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. Indefinite life tradenames are tested for impairment by comparing their carrying value to their fair value, which is determined by calculating the discounted present value of assumed after-tax royalty payments. In fiscal 2022, fiscal 2021 and fiscal 2020, the Company bypassed the qualitative assessment and performed the quantitative impairment test. There were no impairments related to the Company’s goodwill or indefinite life tradenames in fiscal 2022, fiscal 2021, or fiscal 2020. Advertising Costs TJX expenses advertising costs as incurred. Advertising expense was $506 million for fiscal 2022, $296 million for fiscal 2021 and $452 million for fiscal 2020. Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of Accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the Consolidated Statements of Income and Cash Flows is translated at average exchange rates prevailing during the fiscal year. Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. Equity Investment In fiscal 2020, the Company acquired a 25% ownership stake in privately held Familia, an established, off-price apparel and home fashions retailer operating stores throughout Russia. The Company accounts for its equity investment in Familia using the equity method of accounting, with the investment recorded in Other assets on the Company’s Consolidated Balance Sheets, and the Company’s share of Familia’s results recorded in Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. Due to the timing and availability of financial information of Familia, the Company accounts for this equity method investment on a one-quarter lag. As of fiscal 2022 and fiscal 2021, the carrying value of the Company’s equity investment in Familia was $186 million and $196 million, respectively, which exceeded its share of Familia’s net assets by approximately $167 million and $186 million, respectively. Substantially all of this difference is comprised of goodwill. Other indefinite-lived intangible assets consisting of tradename and customer relationships are amortized straight line over their useful lives of 10 years for the tradename and 7 years for customer relationships. Revaluing the investment from Russian rubles to the U.S. dollar as of January 29, 2022 resulted in a cumulative translation loss, which reduced the carrying value of TJX’s investment by approximately $40 million. The cumulative translation loss has been recorded in the Company’s Consolidated Balance Sheets as a component of Accumulated other comprehensive loss. This investment is evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired. If the Company concludes that there is an other-than-temporary impairment of this equity investment, it will adjust the carrying amount of the investment to the current fair value. As of fiscal year ended 2022, 2021 and 2020, the Company determined that no impairment of its equity method investment existed. Subsequent to the fiscal year ended January 29, 2022, given the recent Russian invasion of Ukraine, the Company has committed to divesting its equity ownership in Familia. As a result of this commitment to divest, the Company may recognize an investment loss of up to $225 million. Prior to divestiture, the Company may be required to record an impairment charge if the fair value of its investment in Familia declines below the carrying value on the Consolidated Balance Sheets. Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption and therefore, they are not disclosed. |
Property at Cost
Property at Cost | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property at Cost | Property at Cost The following table presents the components of property at cost: Fiscal Year Ended In thousands January 29, January 30, Land and buildings $ 1,911,569 $ 1,668,381 Leasehold costs and improvements 3,652,280 3,568,829 Furniture, fixtures and equipment 6,871,777 6,525,615 Total property at cost $ 12,435,626 $ 11,762,825 Less accumulated depreciation and amortization 7,164,799 6,726,729 Net property at cost $ 5,270,827 $ 5,036,096 Presented below is information related to carrying values of TJX’s long-lived tangible assets by geographic location: Fiscal Year Ended In thousands January 29, January 30, United States $ 4,040,955 $ 3,844,711 Canada 247,511 241,086 Europe 927,020 898,518 Australia 55,341 51,781 Total long-lived tangible assets $ 5,270,827 $ 5,036,096 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Amounts included in Accumulated other comprehensive (loss) income relate to the Company’s foreign currency translation adjustments, deferred gains/losses on pension and other post-retirement obligations and a cash flow hedge on issued debt, all of which are recorded net of the related income tax effects. The following table details the changes in Accumulated other comprehensive (loss) income for fiscal 2022, fiscal 2021 and fiscal 2020: In thousands Foreign Deferred Cash Flow Accumulated Balance, February 2, 2019 $ (453,177) $ (175,745) $ (1,399) $ (630,321) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,189) (3,943) — — (3,943) Recognition of net gains/losses on benefit obligations (net of taxes of $20,489) — (56,275) — (56,275) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $6,019) — 16,537 — 16,537 Balance, February 1, 2020 $ (457,120) $ (215,483) $ (568) $ (673,171) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $2,442) 15,588 — — 15,588 Recognition of net gains/losses on benefit obligations (net of taxes of $9,974) — 30,635 — 30,635 Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $7,298) — 20,046 — 20,046 Balance, January 30, 2021 $ (441,532) $ (164,802) $ 263 $ (606,071) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $207) (46,715) — — (46,715) Recognition of net gains/losses on benefit obligations (net of taxes of $17,659) — (48,504) — (48,504) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $603) — — (263) (263) Amortization of prior service cost and deferred gains/losses (net of taxes of $4,588) — 14,403 — 14,403 Balance, January 29, 2022 $ (488,247) $ (198,903) $ — $ (687,150) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock During the second quarter of fiscal 2022, the Company lifted the temporary suspension of its previously authorized stock repurchase programs. TJX repurchased and retired 32 million shares of its common stock at a cost of approximately $2.2 billion during fiscal 2022, on a “trade date” basis. Prior to the suspension of the Company’s share repurchase program, during the first quarter of fiscal 2021, TJX repurchased and retired 3 million shares of its common stock at a cost of $0.2 billion on a “trade date” basis, and no shares were repurchased during the second quarter of fiscal 2021 through the first quarter of fiscal 2022. TJX reflects stock repurchases in its consolidated financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $2.2 billion in fiscal 2022, $0.2 billion in fiscal 2021 and $1.6 billion in fiscal 2020 and repurchased 31 million shares in fiscal 2022, 3 million shares in fiscal 2021 and 28 million shares in fiscal 2020. These expenditures were funded by cash generated from operations. In February 2022, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $3.0 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $3.8 billion available for repurchase as of January 29, 2022. All shares repurchased under the stock repurchase programs have been retired. TJX has five million shares of authorized but unissued preferred stock, $1 par value. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share: Fiscal Year Ended In thousands except per share amounts January 29, January 30, February 1, Basic earnings per share: Net income $ 3,282,815 $ 90,470 $ 3,272,193 Weighted average common stock outstanding for basic earnings per share calculation 1,199,990 1,199,927 1,208,163 Basic earnings per share $ 2.74 $ 0.08 $ 2.71 Diluted earnings per share: Net income $ 3,282,815 $ 90,470 $ 3,272,193 Weighted average common stock outstanding for basic earnings per share calculation 1,199,990 1,199,927 1,208,163 Assumed exercise/vesting of: Stock options and awards 15,601 14,776 18,356 Weighted average common stock outstanding for diluted earnings per share calculation 1,215,591 1,214,703 1,226,519 Diluted earnings per share $ 2.70 $ 0.07 $ 2.67 Cash dividends declared per share (a) $ 1.04 $ 0.26 $ 0.92 (a) There were no dividends declared during the first three quarters of fiscal 2021. The Company declared a dividend of $0.26 per share in the fourth quarter of fiscal 2021. The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 5.2 million, 6.2 million and 11.8 million such options excluded at the end of fiscal 2022, fiscal 2021 and fiscal 2020, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jan. 29, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial InstrumentsAs a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of accumulated other comprehensive (loss) or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Diesel Fuel Contracts TJX hedges portions of its estimated notional diesel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing (and the resulting per mile surcharges payable by TJX) by setting a fixed price per gallon for the period being hedged. During fiscal 2022, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2023. The hedge agreements outstanding at January 29, 2022 relate to approximately 50% of TJX’s estimated notional diesel requirements for fiscal 2023. These diesel fuel hedge agreements will settle throughout fiscal 2023 and throughout the first month of fiscal 2024. TJX elected not to apply hedge accounting to these contracts. Foreign Currency Contracts TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at January 29, 2022 cover merchandise purchases the Company is committed to over the next several months. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. All merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days’ duration to mitigate this exposure. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at January 29, 2022 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 25,000 £ 4,541 0.1816 Prepaid Exp $ 72 $ — $ 72 € 60,000 £ 50,568 0.8428 Prepaid Exp 111 — 111 A$ 170,000 U.S.$ 122,061 0.7180 Prepaid Exp 2,047 — 2,047 U.S.$ 74,646 £ 55,000 0.7368 (Accrued Exp) — (918) (918) € 200,000 U.S.$ 230,319 1.1516 Prepaid Exp 4,535 4,535 Economic hedges for which hedge accounting was not elected: Diesel contracts Diesel fuel contracts Fixed on 3.6M - 4.0M gal per month Float on 3.6M - 4.0M gal per month N/A Prepaid Exp 23,649 — 23,649 Intercompany billings in TJX International, primarily merchandise related: € 91,000 £ 75,894 0.8340 (Accrued Exp) — (145) (145) Merchandise purchase commitments: C$ 987,756 U.S.$ 783,000 0.7927 Prepaid Exp / (Accrued Exp) 6,641 (80) 6,561 C$ 38,138 € 26,500 0.6948 (Accrued Exp) — (248) (248) £ 325,482 U.S.$ 442,100 1.3583 Prepaid Exp / (Accrued Exp) 6,023 (632) 5,391 zł 453,000 £ 82,112 0.1813 Prepaid Exp / (Accrued Exp) 744 (449) 295 A$ 65,551 U.S.$ 47,500 0.7246 Prepaid Exp 1,270 — 1,270 U.S.$ 66,989 € 59,000 0.8807 (Accrued Exp) — (820) (820) Total fair value of financial instruments $ 45,092 $ (3,292) $ 41,800 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 30, 2021: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at January 30, 2021 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 45,000 £ 8,846 0.1966 Prepaid Exp $ 11 $ — $ 11 A$ 80,000 U.S.$ 62,032 0.7754 Prepaid Exp 738 — 738 U.S.$ 75,102 £ 55,000 0.7323 Prepaid Exp 357 — 357 £ 200,000 U.S.$ 274,853 1.3743 Prepaid Exp 32 — 32 € 200,000 U.S.$ 244,699 1.2235 Prepaid Exp / (Accrued Exp) 427 (182) 245 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 1.5M - 3.8M gal per month Float on 1.5M - 3.8M gal per month N/A Prepaid Exp 4,880 — 4,880 Merchandise purchase commitments: C$ 384,679 U.S.$ 296,000 0.7695 Prepaid Exp / (Accrued Exp) 430 (5,627) (5,197) C$ 5,391 € 3,500 0.6492 Prepaid Exp 24 — 24 £ 203,264 U.S.$ 263,950 1.2986 (Accrued Exp) — (15,086) (15,086) zł 30,000 £ 5,865 0.1955 (Accrued Exp) — (29) (29) A$ 46,985 U.S.$ 35,250 0.7502 Prepaid Exp / (Accrued Exp) 144 (837) (693) U.S.$ 99,810 € 83,700 0.8386 Prepaid Exp / (Accrued Exp) 1,986 (160) 1,826 Total fair value of financial instruments $ 9,029 $ (21,921) $ (12,892) The impact of derivative financial instruments on the Consolidated Statement of Income during fiscal 2022, fiscal 2021 and fiscal 2020 is presented below: Location of Gain (Loss) Recognized in Income by Derivative Amount of Gain (Loss) Recognized in In thousands January 29, January 30, February 1, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ 36,033 $ (59,829) $ 4,788 Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses — — 3,257 Diesel fuel contracts Cost of sales, including buying and occupancy costs 43,306 (5,638) (9,780) Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 5,021 (4,249) 2,652 International lease liabilities Cost of sales, including buying and occupancy costs — — (1,113) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 23,952 (4,468) 10,484 Gain (loss) recognized in income $ 108,312 $ (74,184) $ 10,288 Included in the table above are realized gains of $54 million in fiscal 2022, realized losses of $74 million in fiscal 2021 and realized gains of $20 million in fiscal 2020, all of which were largely offset by gains and losses on the underlying hedged item. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price”. The inputs used to measure fair value are generally classified into the following hierarchy: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: Fiscal Year Ended In thousands January 29, January 30, Level 1 Assets: Executive Savings Plan investments $ 387,666 $ 363,729 Level 2 Assets: Foreign currency exchange contracts $ 21,443 $ 4,149 Diesel fuel contracts 23,649 4,880 Liabilities: Foreign currency exchange contracts $ 3,292 $ 21,921 Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices. Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2. The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt at January 29, 2022 was $3.5 billion compared to a carrying value of $3.4 billion. The fair value of long-term debt at January 30, 2021 was $5.9 billion compared to a carrying value of $5.3 billion. The fair value of the current portion of long-term debt as of January 30, 2021 was $754 million compared to a carrying value of $750 million. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. For additional information on long-term debt, see Note J—Long-Term Debt and Credit Lines. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the years ended January 29, 2022, January 30, 2021 and February 1, |
Segment Information
Segment Information | 12 Months Ended |
Jan. 29, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com) and the HomeGoods segment (HomeGoods, Homesense and homegoods.com) both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, Homesense and tkmaxx.com in Europe and T.K. Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates sierra.com and retail stores in the U.S. The results of Sierra are included in the Marmaxx segment. All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions. The percentages of the Company’s consolidated revenues by major product category for the last three fiscal years are as follows: Fiscal 2022 Fiscal 2021 Fiscal 2020 Apparel: Clothing including footwear 47 % 46 % 51 % Jewelry and accessories 15 15 16 Home fashions 38 39 33 Total 100 % 100 % 100 % TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments: Fiscal Year Ended In thousands January 29, January 30, February 1, Net sales: In the United States: Marmaxx $ 29,483,073 $ 19,362,573 $ 25,664,805 HomeGoods 8,995,140 6,096,237 6,355,770 TJX Canada 4,342,538 2,836,088 4,031,406 TJX International 5,729,231 3,842,064 5,664,996 Total net sales $ 48,549,982 $ 32,136,962 $ 41,716,977 Segment profit (loss): In the United States: Marmaxx $ 3,812,847 $ 891,180 $ 3,469,794 HomeGoods 907,391 509,562 680,520 TJX Canada 484,585 124,143 515,559 TJX International 161,199 (503,618) 307,081 Total segment profit $ 5,366,022 $ 1,021,267 $ 4,972,954 General corporate expense 611,090 439,037 556,745 Loss on early extinguishment of debt 242,248 312,233 — Interest expense, net 115,076 180,734 10,026 Income before income taxes $ 4,397,608 $ 89,263 $ 4,406,183 Business segment information (continued): Fiscal Year Ended In thousands January 29, January 30, February 1, Identifiable assets: In the United States: Marmaxx $ 11,230,232 $ 10,220,441 $ 11,162,890 HomeGoods 3,460,830 2,851,131 2,785,006 TJX Canada 2,196,895 2,035,341 1,889,679 TJX International 4,280,596 4,389,261 4,284,385 Corporate (a) 7,292,905 11,317,381 4,023,043 Total identifiable assets $ 28,461,458 $ 30,813,555 $ 24,145,003 Capital expenditures: In the United States: Marmaxx $ 514,141 $ 216,186 $ 614,624 HomeGoods 243,551 162,200 251,864 TJX Canada 68,585 43,879 101,862 TJX International 218,517 145,756 254,766 Total capital expenditures (b) $ 1,044,794 $ 568,021 $ 1,223,116 Depreciation and amortization: In the United States: Marmaxx $ 464,660 $ 478,963 $ 473,908 HomeGoods 149,130 135,205 124,360 TJX Canada 72,507 70,777 66,693 TJX International 174,216 175,824 197,262 Corporate (c) 7,489 9,989 5,080 Total depreciation and amortization $ 868,002 $ 870,758 $ 867,303 (a) Corporate identifiable assets consist primarily of cash, the trust assets in connection with the Executive Savings Plan and the investment in Familia. Consolidated cash, including cash held in the Company’s foreign entities, is included with corporate assets for consistency with the reporting of cash for the Company’s segments in the U.S. (b) Fiscal 2022 increase in capital spending due to the COVID-19 pandemic impacts in fiscal 2021. (c) Includes debt discount accretion and debt expense amortization. |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan TJX has a Stock Incentive Plan under which options and other share-based awards may be granted to its directors, officers and key employees. The number of shares authorized for issuance under this plan has been approved by TJX’s shareholders, and all share-based compensation awards are made under this plan. The Stock Incentive Plan, as amended with shareholder approval, has provided for the issuance of up to 696 million shares with 28 million shares available for future grants as of January 29, 2022. TJX issues shares under the plan from authorized but unissued common stock. Total compensation cost related to share-based compensation was $189 million, $59 million and $125 million in fiscal 2022, 2021 and 2020, respectively. As of January 29, 2022, there was $160 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 2 years. Stock Options Options for the purchase of common stock are granted with an exercise price that is 100% of market price on the grant date, generally vest in thirds over a 3-year period starting 1 year after the grant, and have a 10-year maximum term. When options are granted with other vesting terms, the vesting information is reflected in the valuation. The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Fiscal Year Ended January 29, January 30, February 1, Risk-free interest rate 0.84 % 0.28 % 1.65 % Dividend yield (a) 1.5 % 1.4 % 1.6 % Expected volatility factor 23.8 % 26.5 % 23.4 % Expected option life 5.0 years 5.0 years 4.9 years Weighted average fair value of options issued $ 12.85 $ 11.29 $ 10.84 (a) The reduction in the yield in fiscal 2021 reflected the temporary suspension of dividends due to the COVID-19 pandemic. TJX calculated an implied dividend yield of 1.4% by anticipating dividends to resume. The decrease in expected dividend yield reflected the suspension of dividend payments during the first nine months of fiscal 2021. The risk-free interest rate is for periods within the contractual life of the option based on the U.S. Treasury yield curve in effect at the time of grant. The Company uses historical data to estimate option exercises, employee termination behavior and dividend yield within the valuation model. Expected volatility is based on a combination of implied volatility from traded options on the Company’s stock, and historical volatility during a term approximating the expected life of the option granted. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon historical exercise trends. Employee groups and option characteristics are considered separately for valuation purposes when applicable. A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below: Fiscal Year Ended Shares in thousands January 29, January 30, February 1, Options WAEP Options WAEP Options WAEP Outstanding at beginning of year 42,604 $ 41.79 45,065 $ 36.81 49,053 $ 32.02 Granted 5,324 70.48 6,268 57.32 6,150 56.74 Exercised (7,160) 32.04 (8,239) 25.68 (9,518) 24.40 Forfeitures (535) 57.55 (490) 52.96 (620) 46.37 Outstanding at end of year 40,233 $ 47.11 42,604 $ 41.79 45,065 $ 36.81 Options exercisable at end of year 29,159 $ 40.93 30,659 $ 36.05 32,276 $ 31.04 The total intrinsic value of options exercised was $275 million in fiscal 2022, $279 million in fiscal 2021 and $293 million in fiscal 2020. The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 29, 2022: Shares (in thousands) Aggregate Intrinsic Value (in thousands) Weighted WAEP Options outstanding expected to vest (a) 10,281 $ 83,586 8.9 years $ 63.25 Options exercisable 29,159 $ 887,932 5.0 years $ 40.93 Total outstanding options vested and expected to vest 39,440 $ 971,518 6.0 years $ 46.75 (a) Reflects 11 million unvested options, net of anticipated forfeitures. Stock Awards TJX grants restricted stock units and performance share units under the Stock Incentive Plan. Restricted stock units and performance share units are collectively referred to as stock awards. These awards were granted without a purchase price to the recipient and are subject to vesting conditions. Vesting conditions for performance share units include specified performance criteria, generally for a period of three During fiscal 2022 and fiscal 2021, modifications were approved to previously-granted nonvested performance share unit awards. Under ASC Topic 718 these modifications required that the fair value of these awards be adjusted to reflect the fair value on the date of the modification and resulted in a share-based compensation charge of $37 million in fiscal 2022 and $16 million in fiscal 2021. A summary of the status of the Company’s non-vested stock awards and changes during fiscal 2022 is presented below: In thousands except grant date fair value Restricted Stock Units Performance Share Units Total Stock Awards Weighted Nonvested at beginning of year 1,799 1,122 2,921 $ 51.36 Granted 513 307 820 65.53 Vested (460) (378) (838) 52.77 Forfeited (16) (4) (20) 60.24 Modification — (115) (115) 54.99 Nonvested at end of year 1,836 932 2,768 58.91 There were 819,587 units with a weighted average grant date fair value of $65.53, granted in fiscal 2022, 857,216 units, with a weighted average grant date fair value of $56.24, granted in fiscal 2021, and 1,001,849 units, with a weighted average grant date fair value of $53.20, granted in fiscal 2020. The fair value of awards that vested was $44 million in fiscal 2022, $57 million in fiscal 2021, and $38 million in fiscal 2020. The nonvested performance share units are based on the target level of performance achievement under the awards. The actual payout of performance share units will depend on performance results for the award cycle. Other Awards TJX also awards deferred shares to its outside directors under the Stock Incentive Plan. As of the end of fiscal 2022, a total of 557,241 of these deferred shares were outstanding under the plan. |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 12 Months Ended |
Jan. 29, 2022 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits Pension TJX has a funded defined benefit retirement plan that covers eligible U.S. employees hired prior to February 1, 2006. No employee contributions are required, or permitted, and benefits are based principally on compensation earned in each year of service. TJX’s funded defined benefit retirement plan assets are invested in domestic and international equity and fixed income securities, both directly and through investment funds. The plan does not invest in TJX securities. TJX also has an unfunded supplemental retirement plan that covers certain key employees and provides additional retirement benefits based on final average compensation for certain of those employees (the “primary benefit”) or, alternatively, based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations (the “alternative benefit”). 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 Unfunded Plan In thousands January 29, January 30, January 29, January 30, 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 Unfunded Plan In thousands January 29, January 30, January 29, January 30, 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 The Consolidated Balance Sheets reflect the funded status of the plans with any unrecognized prior service cost and actuarial gains and losses recorded in Accumulated other comprehensive income (loss). The combined net accrued liability of $118 million at January 29, 2022 is reflected on the Consolidate Balance Sheets as of that date as a current liability of $4 million and a long-term liability of $114 million. The combined net accrued liability of $46 million at January 30, 2021 is reflected on the Consolidated Balance Sheets as of that date as a current liability of $7 million, a long-term liability of $106 million, and a long-term asset of $67 million. The increase in the actuarial losses included in Accumulated other comprehensive income (loss) for the funded plan for fiscal 2022 was driven by the actual return on assets which was $37 million less than the Company’s estimated return. TJX determined the assumed discount rate using the BOND: Link model in fiscal 2022 and fiscal 2021. TJX uses the BOND: Link model as this model allows for the selection of specific bonds resulting in better matches in timing of the plans’ expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date: Funded Plan Unfunded Plan January 29, January 30, January 29, January 30, 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. TJX made aggregate cash contributions of $5 million in fiscal 2022, $5 million in fiscal 2021 and $102 million in fiscal 2020 to the funded plan and to fund current benefit and expense payments under the unfunded plan. TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2023 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2023. 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 Unfunded Plan In thousands January 29, January 30, February 1, January 29, January 30, February 1, 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%. TJX develops its long-term rate of return assumption by evaluating input from professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. The unrecognized gains and losses in excess of 10% of the projected benefit obligation are amortized over the average remaining service life of participants. 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 Unfunded Plan 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 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. Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the independent pricing sources. Short-term investments are primarily cash related to funding of the plan which had yet to be invested as of balance sheet dates. Certain corporate and government bonds are valued at the closing price reported in the active market in which the bond is traded. Other bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. All bonds are priced by independent pricing sources. Assets measured at net asset value include investments in limited partnerships which are stated at the fair value of the plan’s partnership interest based on information supplied by the partnerships as compared to financial statements of the limited partnership or other fair value information as determined by management. Cash equivalents or short-term investments are stated at cost which approximates fair value, and the fair value of common/collective trusts is determined based on net asset value as reported by their fund managers. Following is the asset allocation under the qualified pension plan as of the valuation date for the fiscal years presented: January 29, January 30, Return-seeking assets 45% 48% Liability-hedging assets 55% 51% All other – primarily cash —% 1% Under TJX’s investment policy, qualified pension plan assets are to be invested with the objective of generating investment returns that, in combination with funding contributions, provide adequate assets to meet all current and reasonably anticipated future benefit obligations under the plan. The investment policy includes a dynamic asset allocation strategy, whereby, over time, in connection with improvements in the plan’s funded status, the target allocation of return-seeking assets (generally, equities and other instruments with similar risk profile) may decline and the target allocation of liability-hedging assets (generally, fixed income and other instruments with a similar risk profile) may increase. Under the investment policy guidelines, the target asset allocation of return-seeking assets and liability-hedging assets was 44% and 56%, respectively, as of January 29, 2022. Risks are sought to be mitigated through asset diversification and the use of multiple investment managers. Investment risk is measured and monitored on an ongoing basis through investment portfolio reviews, annual liability measurements and periodic asset/liability studies. Other Retirement Benefits TJX also sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code for all eligible U.S. employees and a similar type of plan for eligible employees in Puerto Rico. Employees may contribute up to 50% of eligible pay, subject to limitations. TJX matches employee contributions, up to 5% of eligible pay, including a basic match at rates of 25% or 75% (based upon date of hire and other eligibility criteria) plus a discretionary match, generally up to 25%, based on TJX’s performance. TJX may also make additional discretionary contributions. Eligible employees are automatically enrolled in the U.S. Plan and, effective February 1, 2022, the Puerto Rico savings plan at a 2% deferral rate, unless the employee elects otherwise. The total cost of TJX contributions to these plans was $83 million in fiscal 2022, $61 million in fiscal 2021 and $59 million in fiscal 2020. TJX also has a nonqualified savings plan (the Executive Savings Plan) for certain U.S. employees. TJX matches employee deferrals at various rates which amounted to $7 million in fiscal 2022, $3 million in fiscal 2021 and $7 million in fiscal 2020. Although the plan is unfunded, in order to help meet its future obligations TJX transfers an amount generally equal to employee deferrals and the related company match to a separate “rabbi” trust. The trust assets, which are invested in a variety of mutual funds, are included in other assets on the balance sheets. In addition to the plans described above, TJX also contributes to retirement/deferred savings programs for eligible Associates at certain of its foreign subsidiaries. The Company contributed $26 million for these programs in fiscal 2022, $22 million for these programs in fiscal 2021 and $20 million in fiscal 2020. Multiemployer Pension Plans TJX contributes to certain multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. TJX contributed $25 million in fiscal 2022, $19 million in fiscal 2021 and $20 million in fiscal 2020 to the Legacy Plan of the National Retirement Fund (EIN #13-6130178, plan #1), the Adjustable Plan of the National Retirement Fund (EIN #13-6130178, plan #2), the Legacy Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #1) and the Adjustable Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #2). TJX was listed in the Form 5500 for the Legacy Plan of the National Retirement Fund and the Adjustable Plan of the National Retirement Fund as providing more than 5% of the total contributions for the plan year ending December 31, 2020. In addition, based on information available to TJX, the Pension Protection Act Zone status for the Legacy Plan of the National Retirement Fund is critical and for the Legacy Plan of the UNITE HERE Retirement Fund is critical and declining, and rehabilitation plans have been adopted by these plans. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 12 Months Ended |
Jan. 29, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Lines | Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current installments, as of January 29, 2022 and January 30, 2021. All amounts are net of unamortized debt discounts. In thousands January 29, January 30, General corporate debt: 2.750% senior unsecured notes, redeemed on April 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $25 in fiscal 2021) $ — $ 749,975 2.500% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $56 and $100 in fiscal 2022 and 2021, respectively) 499,944 499,900 3.500% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.58% after reduction of unamortized debt discount of $4,208 in fiscal 2021) — 1,245,792 2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $3,419 and $4,165 in fiscal 2022 and 2021, respectively) 996,581 995,835 3.750% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.76% after reduction of unamortized debt discount of $456 in fiscal 2021) — 749,544 1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount of $811 and $939 in fiscal 2022 and 2021, respectively) 499,189 499,061 3.875% senior unsecured notes, maturing April 15, 2030; see tender offer details below (effective interest rate of 3.89% after reduction of unamortized debt discount of $506 and $568 in fiscal 2022 and 2021, respectively) 495,344 495,282 1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount of $551 and $610 in fiscal 2022 and 2021, respectively) 499,449 499,390 4.500% senior unsecured notes, maturing April 15, 2050; see tender offer details below (effective interest rate of 4.52% after reduction of unamortized debt discount of $2,132 and $2,208 in fiscal 2022 and 2021, respectively) 383,367 383,291 Total debt 3,373,874 6,118,070 Current maturities of long-term debt, net of debt issuance costs — (749,684) Debt issuance costs (19,033) (35,465) Long-term debt $ 3,354,841 $ 5,332,921 The aggregate maturities of long-term debt, inclusive of current installments at January 29, 2022 are as follows: In thousands Long-Term Fiscal Year: 2023 $ — 2024 500,000 2025 — 2026 — 2027 1,000,000 Later years 1,881,349 Unamortized debt discount (7,475) Debt issuance costs (19,033) Aggregate maturities of long-term debt $ 3,354,841 Senior Unsecured Notes On June 4, 2021, the Company completed make-whole calls for its $1.25 billion aggregate principal amount of 3.500% Notes maturing in 2025, and its $750 million aggregate principal amount of 3.750% Notes maturing in 2027, which 3.500% Notes and 3.750% Notes were originally issued and sold on April 1, 2020. The Notes redeemed via make-whole calls were issued in the first quarter of fiscal 2021 in response to the COVID-19 pandemic. As a result of these redemptions prior to their scheduled maturities, the Company recorded a pre-tax debt extinguishment charge of $242 million in the second quarter of fiscal 2022. On April 15, 2021, the Company redeemed all of the outstanding $750 million in aggregate principal amount of its 2.750% Notes due June 15, 2021 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date. On April 1, 2020, in response to the COVID-19 pandemic, the Company issued and sold $1.25 billion aggregate principal amount of 3.875% Notes due 2030 and $750 million aggregate principal amount of 4.500% Notes due 2050, portions of which were subsequently repurchased pursuant to cash tender offers completed by the Company in December 2020, reducing the aggregate principal amount outstanding to $495.5 million and $385.0 million, respectively. Interest on these notes is payable semi-annually. In November 2020, TJX completed the issuance of (a) $500 million aggregate principal amount of 1.150% Notes due 2028 and (b) $500 million aggregate principal amount of 1.600% Notes due 2031. Interest on these notes is payable semi-annually. As of January 29, 2022, TJX had outstanding $1 billion aggregate principal amount of 2.250% ten-year Notes due September 2026 and $500 million aggregate principal amount of 2.500% ten-year Notes due May 2023. TJX entered into a rate-lock agreement to hedge $700 million of the 2.250% notes and $250 million of the 2.500% notes prior to their issuance. The cost of these agreements is being amortized to interest expense over the term of the notes resulting in an effective fixed rate of 2.36% for the 2.25% notes and 2.57% for the 2.50% notes. Credit Facilities On June 25, 2021, the Company entered into a revolving credit agreement providing for a $1 billion senior unsecured revolving credit facility maturing on June 25, 2026 (the “2026 Revolving Credit Facility”). The 2026 Revolving Credit Facility replaced the Company's $500 million revolving credit facility that was scheduled to mature in March 2022 (the “2022 Revolving Credit Facility”), and the $500 million 364 revolving credit facility that was scheduled to mature in August 2021 (the “364-Day Revolving Credit Facility”). Each of the 2022 Revolving Credit Facility and the 364-Day Revolving Credit Facility were terminated on June 25, 2021. With the 2026 Revolving Credit Facility and the Company’s existing $500 million revolving credit facility that matures in May 2024 (the “2024 Revolving Credit Facility”), the Company maintained borrowing capacity of $1.5 billion. The terms of these revolving credit facilities require quarterly payments on the committed amount and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company’s long-term debt ratings. The 2024 Revolving Credit Facility requires usage fees based on total credit extensions under the facility. As of January 29, 2022 and January 30, 2021, there were no amounts outstanding under these facilities. Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.50 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented. As of January 29, 2022 and January 30, 2021, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of January 29, 2022 and January 30, 2021, and during the years then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of January 29, 2022 and January 30, 2021, and during the years then ended, the Company’s European business at TJX International had an uncommitted credit line of £5 million. As of January 29, 2022 and January 30, 2021, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, components of income before income taxes are as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, United States $ 3,934,151 $ 642,482 $ 3,742,227 Foreign 463,457 (553,219) 663,956 Income before income taxes $ 4,397,608 $ 89,263 $ 4,406,183 The provision (benefit) for income taxes includes the following: Fiscal Year Ended In thousands January 29, January 30, February 1, Current: Federal $ 766,200 $ 189,854 $ 708,508 State 270,480 36,246 250,830 Foreign 122,325 4,985 181,061 Deferred: Federal (32,562) (97,705) 9,409 State (25,723) (25,406) (8,203) Foreign 14,073 (109,181) (7,615) Provision (benefit) provision for income taxes $ 1,114,793 $ (1,207) $ 1,133,990 TJX had net deferred tax assets (liabilities) as follows: Fiscal Year Ended In thousands January 29, January 30, Deferred tax assets: Net operating loss carryforward $ 159,154 $ 171,568 Pension, stock compensation, postretirement and employee benefits 368,060 272,872 Operating lease liabilities 2,379,024 2,409,392 Accruals and reserves 236,642 239,696 Other 13,253 14,750 Total gross deferred tax assets $ 3,156,133 $ 3,108,278 Valuation allowance (85,497) (76,682) Total deferred tax asset $ 3,070,636 $ 3,031,596 Deferred tax liabilities: Property, plant and equipment $ 553,138 $ 530,675 Capitalized inventory 48,413 47,769 Operating lease right of use assets 2,288,985 2,321,733 Tradename/intangibles 19,077 17,391 Undistributed foreign earnings 8,718 4,789 Other 11,509 19,212 Total deferred tax liabilities $ 2,929,840 $ 2,941,569 Net deferred tax asset $ 140,796 $ 90,027 Non-current asset $ 184,971 $ 127,191 Non-current liability (44,175) (37,164) Total $ 140,796 $ 90,027 TJX has provided for all applicable state and foreign withholding taxes on all undistributed earnings of its foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through January 29, 2022. The Company has not provided for federal, state, or foreign withholding taxes on the approximately $1 billion of undistributed earnings related to all other foreign subsidiaries as such earnings are considered to be indefinitely reinvested in the business. The net amount of unrecognized state and foreign withholding tax liabilities related to the undistributed earnings is not material. As of January 29, 2022 and January 30, 2021, for state income tax purposes, TJX had net operating loss carryforwards of $291 million and $224 million respectively, which expire, if unused, in the years 2023 through 2042. TJX has analyzed the realization of the state net operating loss carryforwards on an individual state basis. For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $14 million has been provided for the deferred tax asset as of January 29, 2022 and $14 million as of January 30, 2021. The Company had available for foreign income tax purposes (related to Australia, Austria, Germany, the Netherlands, Poland and the U.K.) net operating loss carryforwards of $534 million as of January 29, 2022, and $626 million as of January 30, 2021. Of the net operating loss carryforwards as of January 29, 2022, $5 million will expire, if unused, in fiscal year 2026. The remaining loss carryforwards do not expire. For the deferred tax assets associated with the net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized, TJX had valuation allowances recorded of approximately $71 million as of January 29, 2022, and approximately $62 million as of January 30, 2021. The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: Fiscal Year Ended January 29, January 30, February 1, U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effective state income tax rate 4.6 28.1 4.6 Impact of foreign operations 0.9 21.4 0.8 Excess share-based compensation (1.2) (59.4) (1.3) Tax credits (0.3) (8.9) — Nondeductible/nontaxable items 0.2 (3.3) — All other 0.2 (0.3) 0.6 Worldwide effective income tax rate 25.4 % (1.4) % 25.7 % TJX’s effective income tax rate increased for fiscal 2022 as compared to fiscal 2021. The increase in the fiscal 2022 effective income tax rate is primarily due to the significant increase in profit in fiscal 2022 as compared to the mix of income and losses by jurisdictions in fiscal 2021. TJX had net unrecognized tax benefits of $288 million as of January 29, 2022, $272 million as of January 30, 2021 and $255 million as of February 1, 2020. A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Balance, beginning of year $ 269,371 $ 259,359 $ 244,195 Additions for uncertain tax positions taken in current year 9,272 11,751 21,559 Additions for uncertain tax positions taken in prior years 3,032 834 722 Reductions resulting from lapse of statute of limitations (1,989) (2,352) (4,022) Settlements with tax authorities — (221) (3,095) Balance, end of year $ 279,686 $ 269,371 $ 259,359 Included in the gross amount of unrecognized tax benefits are items that will impact future effective tax rates upon recognition. These items amounted to $260 million as of January 29, 2022, $250 million as of January 30, 2021 and $240 million as of February 1, 2020. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The amount of interest and penalties expensed was $7 million for the year ended January 29, 2022, $8 million for the year ended January 30, 2021 and $5 million for the year ended February 1, 2020. The accrued amounts for interest and penalties are $43 million as of January 29, 2022, $36 million as of January 30, 2021 and $28 million as of February 1, 2020. |
Leases
Leases | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Leases | Leases TJX is committed under long-term leases related to its continuing operations for the rental of real estate and certain service contracts containing embedded leases, all of which are operating leases. Real estate leases represent virtually all of the Company’s store locations as well as some of its distribution centers and office space. Most of TJX’s leases in the U.S. and Canada are store operating leases with ten-year terms and options to extend for one or more five-year periods. Leases in Europe generally have an initial term of ten seven While the overwhelming majority of leases have fixed payment schedules, some leases have variable lease payments based on market indices adjusted periodically for inflation, or include rental payments based on a percentage of retail sales over contractual levels. In addition, for real estate leases, TJX is generally required to pay insurance, real estate taxes and other operating expenses including common area maintenance based on a proportionate share of premises, and some of these costs are based on a market index, primarily in Canada. For leases with these payments based on a market index, the initial lease payment amount is used in the calculation of the operating lease liability and corresponding operating lease assets included on the Consolidated Balance Sheets. Future payment changes to these market index rate leases are not reflected in the operating lease liability and are instead included in variable lease cost. Variable lease cost also includes variable operating expenses for third party service centers and dedicated transportation contracts that are deemed embedded leases. The operating lease ROU assets also includes any lease payments made in advance of the assets use and is reduced by lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Supplemental balance sheet information related to leases is as follows: Fiscal Year Ended January 29, January 30, Weighted-average remaining lease term 6.6 years 6.8 years Weighted-average discount rate 2.4 % 2.6 % The following table is a summary of the Company’s components of net lease cost for the fiscal years ended: Fiscal Year Ended In thousands Classification January 29, January 30, February 1, Operating lease cost Cost of sales, including buying and occupancy costs $ 1,906,320 $ 1,820,396 $ 1,752,122 Variable and short term lease cost Cost of sales, including buying and occupancy costs 1,386,059 1,162,971 1,226,716 Total lease cost $ 3,292,379 $ 2,983,367 $ 2,978,838 Supplemental cash flow information related to leases is as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 2,079,564 $ 1,663,005 $ 1,736,403 Lease liabilities arising from obtaining right of use assets $ 1,658,240 $ 1,380,402 $ 1,786,212 During fiscal 2022, the Company repaid the rent deferrals that had been negotiated due to the COVID-19 pandemic in fiscal 2021 for a significant number of its stores. The following table summarizes the maturity of lease liabilities under operating leases as of January 29, 2022: In thousands January 29, Fiscal Year: 2022 $ 1,911,459 2023 1,765,056 2024 1,551,319 2025 1,329,031 2026 1,076,816 Later years 2,250,758 Total lease payments (a) 9,884,439 Less: imputed interest (b) 732,288 Total lease liabilities (c) $ 9,152,151 (a) Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy. (b) Calculated using the incremental borrowing rate for each lease. (c) Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities, Current and Long Term | 12 Months Ended |
Jan. 29, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities, Current and Long Term | Accrued Expenses and Other Liabilities, Current and Long Term The major components of accrued expenses and other current liabilities are as follows: Fiscal Year Ended In thousands January 29, January 30, Employee compensation and benefits, current $ 1,116,529 $ 946,229 Merchandise credits and gift certificates 685,202 576,187 Occupancy costs, including rent, utilities and real estate taxes 399,015 314,850 Dividends payable 311,808 315,604 Sales tax collections and V.A.T. taxes 267,867 115,409 Accrued capital additions 185,695 89,110 All other current liabilities 1,278,881 1,114,070 Total accrued expenses and other current liabilities $ 4,244,997 $ 3,471,459 All other current liabilities include accruals for expense payables, insurance, customer rewards liability, reserve for sales returns, reserve for taxes, advertising, interest, fair value of derivatives and other items, each of which is individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows: Fiscal Year Ended In thousands January 29, January 30, Employee compensation and benefits, long-term $ 647,214 $ 679,661 Tax reserve, long-term 277,076 264,104 Asset retirement obligation 66,292 58,385 All other long-term liabilities 25,138 61,752 Total other long-term liabilities $ 1,015,720 $ 1,063,902 |
Contingent Obligations, Conting
Contingent Obligations, Contingencies and Commitments | 12 Months Ended |
Jan. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Obligations, Contingencies and Commitments | Contingent Obligations, Contingencies, and Commitments Contingent Contractual Obligations TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations. Legal Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings. Letters of Credit TJX had outstanding letters of credit totaling $53 million as of January 29, 2022 and $28 million as of January 30, 2021. Letters of credit are issued by TJX primarily for the purchase of inventory. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 29, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Cash paid for: Interest on debt (a) $ 138,733 $ 153,045 $ 56,322 Income taxes (b) 1,118,879 146,008 1,280,680 Non-cash investing and financing activity: Dividends payable $ (3,796) $ 33,714 $ 40,226 Property additions 96,585 (36,251) 6,189 (a) Decreased interest for fiscal 2022 was due to the refinancing of certain notes in fiscal 2021 as well as the pay down of outstanding debt during fiscal 2022. (b) Increased income taxes for fiscal 2022 was primarily due to increase in profits in fiscal 2022 as compared to the mix of income and losses by jurisdictions in fiscal 2021. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Accounting Policies (Policies) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the consolidated financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of the Company's activities are conducted by TJX or its subsidiaries and are consolidated in these consolidated financial statements. All intercompany transactions have been eliminated in consolidation. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. |
Fiscal Year | Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal years ended January 29, 2022 (“fiscal 2022”), January 30, 2021 (“fiscal 2021”) and February 1, 2020 (“fiscal 2020”) were 52-week fiscal years. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. |
Revenue Recognition | Revenue Recognition Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1% of total revenues, primarily generated from shipping fee revenue on our online sales. In addition, certain customers may receive discounts that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received are recognized when control of the goods transfer to the customer and are recorded as net sales. Shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. TJX disaggregates revenue by operating segment, see Note G—Segment Information. Deferred Gift Card Revenue Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise, as TJX does not fulfill its performance obligation until the gift card has been redeemed. While gift cards have an indefinite life, substantially all are redeemed in the first year of issuance. The following table presents deferred gift card revenue activity: In thousands January 29, January 30, Balance, beginning of year $ 576,187 $ 500,844 Deferred revenue 1,832,107 1,159,242 Effect of exchange rates changes on deferred revenue (1,680) 3,758 Revenue recognized (1,721,412) (1,087,657) Balance, end of year $ 685,202 $ 576,187 TJX recognized $1.7 billion in gift card revenue in fiscal 2022 and $1.1 billion in fiscal 2021 and $1.6 billion in fiscal 2020. The increase in fiscal 2022 in both deferred revenue and revenue recognized versus the prior year reflects the impact of lower customer traffic and temporary store and e-commerce closures in fiscal 2021 due to the COVID-19 pandemic. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, the Company estimates the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the estimated redemption period. Revenue recognized from breakage was $21 million in fiscal 2022, $14 million in fiscal 2021 and $20 million in fiscal 2020. Sales Return Reserve The Company's products are generally sold with a right of return and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company has elected to apply the portfolio practical expedient. The Company estimates the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separately from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on the Company’s Consolidated Balance Sheets. |
Consolidated Statements of Income Classifications | Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. |
Cash and Cash Equivalents | Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. If applicable, investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short - or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of January 29, 2022, TJX’s cash and cash equivalents held outside the U.S. were $1.4 billion, of which $0.6 billion was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. |
Merchandise Inventories | Merchandise InventoriesInventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia which is immaterial. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (i.. inventory in transit and unprocessed inventory in the Company’s distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. |
Common Stock and Equity | Common Stock and Equity Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the volume of share repurchases under previous programs, TJX has historically had no remaining balance in APIC. All shares repurchased have been retired. |
Share-Based Compensation | Share-Based CompensationTJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. Performance-based awards are evaluated quarterly for probability of vesting and performance achievement levels. |
Interest | Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net: Fiscal Year Ended In thousands January 29, January 30, February 1, Interest expense $ 123,196 $ 199,038 $ 61,400 Capitalized interest (3,684) (5,384) (2,314) Interest (income) (4,436) (12,920) (49,060) Interest expense, net $ 115,076 $ 180,734 $ 10,026 |
Property and Equipment | Property and Equipment For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $858 million in fiscal 2022, fiscal 2021 and fiscal 2020. TJX had no property held under finance leases during fiscal 2022, fiscal 2021 or fiscal 2020. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized, generally over 5 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated, and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. |
Lease Accounting | Lease Accounting The Company adopted ASU No. 2016-02, Leases (Topic 842), as of February 3, 2019, using the modified retrospective method under ASU 2018-11. The Company elected the transition package of three practical expedients, which among other things, allowed it to carry forward the historical lease classification. The Company has elected the practical expedient to not separate non-lease components from the lease components to which they relate and instead to combine them and account for them as a single lease component. The Company also made the accounting policy election to keep leases with a term of twelve months or less off the Consolidated Balance Sheets and recognizes these lease payments on a straight-line basis over the lease term. |
Goodwill and Tradenames | Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, and the purchase of Sierra Trading Post in fiscal 2013, which was rebranded as Sierra in fiscal 2019, both of which are included in Marmaxx. The Company fully impaired the Sierra goodwill, recording an impairment charge of $97 million in fiscal 2018. The Company’s goodwill also includes the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991, included in TJX Canada, as well as the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018 and is included in TJX International. The following is a roll forward of goodwill by segment: In thousands Marmaxx TJX Canada TJX International Total Balance, February 1, 2020 $ 70,027 $ 1,675 $ 23,844 $ 95,546 Effect of exchange rate changes on goodwill — 61 3,391 3,452 Balance, January 30, 2021 $ 70,027 $ 1,736 $ 27,235 $ 98,998 Effect of exchange rate changes on goodwill — — (2,336) (2,336) Balance, January 29, 2022 $ 70,027 $ 1,736 $ 24,899 $ 96,662 Goodwill is considered to have an indefinite life and accordingly is not amortized. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued utilizing the relief from royalty method, which calculates the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years. During the first quarter of fiscal 2021, the Company fully impaired the Trade Secret tradename, recording an impairment charge of $5 million. The following is a roll forward of tradenames: Fiscal Year Ended January 29, 2022 January 30, 2021 In thousands Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets: Sierra Trading Post $ 38,500 $ (23,314) $ 15,186 $ 38,500 $ (20,747) $ — $ 17,753 Trade Secret $ 12,541 $ (12,541) $ — $ 12,541 $ (10,247) $ (2,294) $ — Indefinite-lived intangible asset: Marshalls $ 107,695 $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate. |
Impairment of Long-Lived Assets, Goodwill and Tradenames | Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates long-lived assets, including tradenames that are amortized and operating lease right of use assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. This evaluation is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and operating lease right of use assets, and at the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This resulted in immaterial impairment charges on operating lease right of use assets and store fixed assets in fiscal 2022, fiscal 2021 and fiscal 2020. In fiscal 2021, the Company fully impaired the Trade Secret tradename. There were no impairments related to tradenames in fiscal 2022 or fiscal 2020. |
Advertising Costs | Advertising CostsTJX expenses advertising costs as incurred. |
Foreign Currency Translation | Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of Accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the Consolidated Statements of Income and Cash Flows is translated at average exchange rates prevailing during the fiscal year. |
Loss Contingencies | Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. |
Equity Investment | Equity Investment In fiscal 2020, the Company acquired a 25% ownership stake in privately held Familia, an established, off-price apparel and home fashions retailer operating stores throughout Russia. The Company accounts for its equity investment in Familia using the equity method of accounting, with the investment recorded in Other assets on the Company’s Consolidated Balance Sheets, and the Company’s share of Familia’s results recorded in Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. Due to the timing and availability of financial information of Familia, the Company accounts for this equity method investment on a one-quarter lag. As of fiscal 2022 and fiscal 2021, the carrying value of the Company’s equity investment in Familia was $186 million and $196 million, respectively, which exceeded its share of Familia’s net assets by approximately $167 million and $186 million, respectively. Substantially all of this difference is comprised of goodwill. Other indefinite-lived intangible assets consisting of tradename and customer relationships are amortized straight line over their useful lives of 10 years for the tradename and 7 years for customer relationships. Revaluing the investment from Russian rubles to the U.S. dollar as of January 29, 2022 resulted in a cumulative translation loss, which reduced the carrying value of TJX’s investment by approximately $40 million. The cumulative translation loss has been recorded in the Company’s Consolidated Balance Sheets as a component of Accumulated other comprehensive loss. This investment is evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired. If the Company concludes that there is an other-than-temporary impairment of this equity investment, it will adjust the carrying amount of the investment to the current fair value. As of fiscal year ended 2022, 2021 and 2020, the Company determined that no impairment of its equity method investment existed. Subsequent to the fiscal year ended January 29, 2022, given the recent Russian invasion of Ukraine, the Company has committed to divesting its equity ownership in Familia. As a result of this commitment to divest, the Company may recognize an investment loss of up to $225 million. Prior to divestiture, the Company may be required to record an impairment charge if the fair value of its investment in Familia declines below the carrying value on the Consolidated Balance Sheets. |
Future Adoption of New Accounting Standards | Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption and therefore, they are not disclosed. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Accounting Policies (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Contract with Customer Liability | The following table presents deferred gift card revenue activity: In thousands January 29, January 30, Balance, beginning of year $ 576,187 $ 500,844 Deferred revenue 1,832,107 1,159,242 Effect of exchange rates changes on deferred revenue (1,680) 3,758 Revenue recognized (1,721,412) (1,087,657) Balance, end of year $ 685,202 $ 576,187 |
Summary of Interest Expense, Net | The following is a summary of interest expense, net: Fiscal Year Ended In thousands January 29, January 30, February 1, Interest expense $ 123,196 $ 199,038 $ 61,400 Capitalized interest (3,684) (5,384) (2,314) Interest (income) (4,436) (12,920) (49,060) Interest expense, net $ 115,076 $ 180,734 $ 10,026 |
Roll Forward of Goodwill by Segment | The following is a roll forward of goodwill by segment: In thousands Marmaxx TJX Canada TJX International Total Balance, February 1, 2020 $ 70,027 $ 1,675 $ 23,844 $ 95,546 Effect of exchange rate changes on goodwill — 61 3,391 3,452 Balance, January 30, 2021 $ 70,027 $ 1,736 $ 27,235 $ 98,998 Effect of exchange rate changes on goodwill — — (2,336) (2,336) Balance, January 29, 2022 $ 70,027 $ 1,736 $ 24,899 $ 96,662 |
Schedule of Finite-Lived Intangible Assets | The following is a roll forward of tradenames: Fiscal Year Ended January 29, 2022 January 30, 2021 In thousands Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets: Sierra Trading Post $ 38,500 $ (23,314) $ 15,186 $ 38,500 $ (20,747) $ — $ 17,753 Trade Secret $ 12,541 $ (12,541) $ — $ 12,541 $ (10,247) $ (2,294) $ — Indefinite-lived intangible asset: Marshalls $ 107,695 $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 |
Property at Cost (Tables)
Property at Cost (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of Property at Cost | The following table presents the components of property at cost: Fiscal Year Ended In thousands January 29, January 30, Land and buildings $ 1,911,569 $ 1,668,381 Leasehold costs and improvements 3,652,280 3,568,829 Furniture, fixtures and equipment 6,871,777 6,525,615 Total property at cost $ 12,435,626 $ 11,762,825 Less accumulated depreciation and amortization 7,164,799 6,726,729 Net property at cost $ 5,270,827 $ 5,036,096 |
Summary of Long-Lived Assets by Geographic Location | Presented below is information related to carrying values of TJX’s long-lived tangible assets by geographic location: Fiscal Year Ended In thousands January 29, January 30, United States $ 4,040,955 $ 3,844,711 Canada 247,511 241,086 Europe 927,020 898,518 Australia 55,341 51,781 Total long-lived tangible assets $ 5,270,827 $ 5,036,096 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss) Income | The following table details the changes in Accumulated other comprehensive (loss) income for fiscal 2022, fiscal 2021 and fiscal 2020: In thousands Foreign Deferred Cash Flow Accumulated Balance, February 2, 2019 $ (453,177) $ (175,745) $ (1,399) $ (630,321) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,189) (3,943) — — (3,943) Recognition of net gains/losses on benefit obligations (net of taxes of $20,489) — (56,275) — (56,275) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $6,019) — 16,537 — 16,537 Balance, February 1, 2020 $ (457,120) $ (215,483) $ (568) $ (673,171) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $2,442) 15,588 — — 15,588 Recognition of net gains/losses on benefit obligations (net of taxes of $9,974) — 30,635 — 30,635 Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $7,298) — 20,046 — 20,046 Balance, January 30, 2021 $ (441,532) $ (164,802) $ 263 $ (606,071) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $207) (46,715) — — (46,715) Recognition of net gains/losses on benefit obligations (net of taxes of $17,659) — (48,504) — (48,504) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $603) — — (263) (263) Amortization of prior service cost and deferred gains/losses (net of taxes of $4,588) — 14,403 — 14,403 Balance, January 29, 2022 $ (488,247) $ (198,903) $ — $ (687,150) |
Capital Stock and Earnings Pe_2
Capital Stock and Earnings Per Share (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share: Fiscal Year Ended In thousands except per share amounts January 29, January 30, February 1, Basic earnings per share: Net income $ 3,282,815 $ 90,470 $ 3,272,193 Weighted average common stock outstanding for basic earnings per share calculation 1,199,990 1,199,927 1,208,163 Basic earnings per share $ 2.74 $ 0.08 $ 2.71 Diluted earnings per share: Net income $ 3,282,815 $ 90,470 $ 3,272,193 Weighted average common stock outstanding for basic earnings per share calculation 1,199,990 1,199,927 1,208,163 Assumed exercise/vesting of: Stock options and awards 15,601 14,776 18,356 Weighted average common stock outstanding for diluted earnings per share calculation 1,215,591 1,214,703 1,226,519 Diluted earnings per share $ 2.70 $ 0.07 $ 2.67 Cash dividends declared per share (a) $ 1.04 $ 0.26 $ 0.92 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification | The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at January 29, 2022 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 25,000 £ 4,541 0.1816 Prepaid Exp $ 72 $ — $ 72 € 60,000 £ 50,568 0.8428 Prepaid Exp 111 — 111 A$ 170,000 U.S.$ 122,061 0.7180 Prepaid Exp 2,047 — 2,047 U.S.$ 74,646 £ 55,000 0.7368 (Accrued Exp) — (918) (918) € 200,000 U.S.$ 230,319 1.1516 Prepaid Exp 4,535 4,535 Economic hedges for which hedge accounting was not elected: Diesel contracts Diesel fuel contracts Fixed on 3.6M - 4.0M gal per month Float on 3.6M - 4.0M gal per month N/A Prepaid Exp 23,649 — 23,649 Intercompany billings in TJX International, primarily merchandise related: € 91,000 £ 75,894 0.8340 (Accrued Exp) — (145) (145) Merchandise purchase commitments: C$ 987,756 U.S.$ 783,000 0.7927 Prepaid Exp / (Accrued Exp) 6,641 (80) 6,561 C$ 38,138 € 26,500 0.6948 (Accrued Exp) — (248) (248) £ 325,482 U.S.$ 442,100 1.3583 Prepaid Exp / (Accrued Exp) 6,023 (632) 5,391 zł 453,000 £ 82,112 0.1813 Prepaid Exp / (Accrued Exp) 744 (449) 295 A$ 65,551 U.S.$ 47,500 0.7246 Prepaid Exp 1,270 — 1,270 U.S.$ 66,989 € 59,000 0.8807 (Accrued Exp) — (820) (820) Total fair value of financial instruments $ 45,092 $ (3,292) $ 41,800 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 30, 2021: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at January 30, 2021 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 45,000 £ 8,846 0.1966 Prepaid Exp $ 11 $ — $ 11 A$ 80,000 U.S.$ 62,032 0.7754 Prepaid Exp 738 — 738 U.S.$ 75,102 £ 55,000 0.7323 Prepaid Exp 357 — 357 £ 200,000 U.S.$ 274,853 1.3743 Prepaid Exp 32 — 32 € 200,000 U.S.$ 244,699 1.2235 Prepaid Exp / (Accrued Exp) 427 (182) 245 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 1.5M - 3.8M gal per month Float on 1.5M - 3.8M gal per month N/A Prepaid Exp 4,880 — 4,880 Merchandise purchase commitments: C$ 384,679 U.S.$ 296,000 0.7695 Prepaid Exp / (Accrued Exp) 430 (5,627) (5,197) C$ 5,391 € 3,500 0.6492 Prepaid Exp 24 — 24 £ 203,264 U.S.$ 263,950 1.2986 (Accrued Exp) — (15,086) (15,086) zł 30,000 £ 5,865 0.1955 (Accrued Exp) — (29) (29) A$ 46,985 U.S.$ 35,250 0.7502 Prepaid Exp / (Accrued Exp) 144 (837) (693) U.S.$ 99,810 € 83,700 0.8386 Prepaid Exp / (Accrued Exp) 1,986 (160) 1,826 Total fair value of financial instruments $ 9,029 $ (21,921) $ (12,892) |
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the Consolidated Statement of Income during fiscal 2022, fiscal 2021 and fiscal 2020 is presented below: Location of Gain (Loss) Recognized in Income by Derivative Amount of Gain (Loss) Recognized in In thousands January 29, January 30, February 1, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ 36,033 $ (59,829) $ 4,788 Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses — — 3,257 Diesel fuel contracts Cost of sales, including buying and occupancy costs 43,306 (5,638) (9,780) Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 5,021 (4,249) 2,652 International lease liabilities Cost of sales, including buying and occupancy costs — — (1,113) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 23,952 (4,468) 10,484 Gain (loss) recognized in income $ 108,312 $ (74,184) $ 10,288 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: Fiscal Year Ended In thousands January 29, January 30, Level 1 Assets: Executive Savings Plan investments $ 387,666 $ 363,729 Level 2 Assets: Foreign currency exchange contracts $ 21,443 $ 4,149 Diesel fuel contracts 23,649 4,880 Liabilities: Foreign currency exchange contracts $ 3,292 $ 21,921 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Segment Reporting [Abstract] | |
Percentages of Consolidated Revenues by Major Product Category | The percentages of the Company’s consolidated revenues by major product category for the last three fiscal years are as follows: Fiscal 2022 Fiscal 2021 Fiscal 2020 Apparel: Clothing including footwear 47 % 46 % 51 % Jewelry and accessories 15 15 16 Home fashions 38 39 33 Total 100 % 100 % 100 % |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Fiscal Year Ended In thousands January 29, January 30, February 1, Net sales: In the United States: Marmaxx $ 29,483,073 $ 19,362,573 $ 25,664,805 HomeGoods 8,995,140 6,096,237 6,355,770 TJX Canada 4,342,538 2,836,088 4,031,406 TJX International 5,729,231 3,842,064 5,664,996 Total net sales $ 48,549,982 $ 32,136,962 $ 41,716,977 Segment profit (loss): In the United States: Marmaxx $ 3,812,847 $ 891,180 $ 3,469,794 HomeGoods 907,391 509,562 680,520 TJX Canada 484,585 124,143 515,559 TJX International 161,199 (503,618) 307,081 Total segment profit $ 5,366,022 $ 1,021,267 $ 4,972,954 General corporate expense 611,090 439,037 556,745 Loss on early extinguishment of debt 242,248 312,233 — Interest expense, net 115,076 180,734 10,026 Income before income taxes $ 4,397,608 $ 89,263 $ 4,406,183 Business segment information (continued): Fiscal Year Ended In thousands January 29, January 30, February 1, Identifiable assets: In the United States: Marmaxx $ 11,230,232 $ 10,220,441 $ 11,162,890 HomeGoods 3,460,830 2,851,131 2,785,006 TJX Canada 2,196,895 2,035,341 1,889,679 TJX International 4,280,596 4,389,261 4,284,385 Corporate (a) 7,292,905 11,317,381 4,023,043 Total identifiable assets $ 28,461,458 $ 30,813,555 $ 24,145,003 Capital expenditures: In the United States: Marmaxx $ 514,141 $ 216,186 $ 614,624 HomeGoods 243,551 162,200 251,864 TJX Canada 68,585 43,879 101,862 TJX International 218,517 145,756 254,766 Total capital expenditures (b) $ 1,044,794 $ 568,021 $ 1,223,116 Depreciation and amortization: In the United States: Marmaxx $ 464,660 $ 478,963 $ 473,908 HomeGoods 149,130 135,205 124,360 TJX Canada 72,507 70,777 66,693 TJX International 174,216 175,824 197,262 Corporate (c) 7,489 9,989 5,080 Total depreciation and amortization $ 868,002 $ 870,758 $ 867,303 (a) Corporate identifiable assets consist primarily of cash, the trust assets in connection with the Executive Savings Plan and the investment in Familia. Consolidated cash, including cash held in the Company’s foreign entities, is included with corporate assets for consistency with the reporting of cash for the Company’s segments in the U.S. (b) Fiscal 2022 increase in capital spending due to the COVID-19 pandemic impacts in fiscal 2021. (c) Includes debt discount accretion and debt expense amortization. |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model | The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Fiscal Year Ended January 29, January 30, February 1, Risk-free interest rate 0.84 % 0.28 % 1.65 % Dividend yield (a) 1.5 % 1.4 % 1.6 % Expected volatility factor 23.8 % 26.5 % 23.4 % Expected option life 5.0 years 5.0 years 4.9 years Weighted average fair value of options issued $ 12.85 $ 11.29 $ 10.84 (a) The reduction in the yield in fiscal 2021 reflected the temporary suspension of dividends due to the COVID-19 pandemic. TJX calculated an implied dividend yield of 1.4% by anticipating dividends to resume. The decrease in expected dividend yield reflected the suspension of dividend payments during the first nine months of fiscal 2021. |
Schedule of Stock Options and Related Weighted Average Exercise Prices | A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below: Fiscal Year Ended Shares in thousands January 29, January 30, February 1, Options WAEP Options WAEP Options WAEP Outstanding at beginning of year 42,604 $ 41.79 45,065 $ 36.81 49,053 $ 32.02 Granted 5,324 70.48 6,268 57.32 6,150 56.74 Exercised (7,160) 32.04 (8,239) 25.68 (9,518) 24.40 Forfeitures (535) 57.55 (490) 52.96 (620) 46.37 Outstanding at end of year 40,233 $ 47.11 42,604 $ 41.79 45,065 $ 36.81 Options exercisable at end of year 29,159 $ 40.93 30,659 $ 36.05 32,276 $ 31.04 |
Schedule of Stock Options Outstanding Expected to Vest and Stock Options Outstanding Exercisable | The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 29, 2022: Shares (in thousands) Aggregate Intrinsic Value (in thousands) Weighted WAEP Options outstanding expected to vest (a) 10,281 $ 83,586 8.9 years $ 63.25 Options exercisable 29,159 $ 887,932 5.0 years $ 40.93 Total outstanding options vested and expected to vest 39,440 $ 971,518 6.0 years $ 46.75 (a) Reflects 11 million unvested options, net of anticipated forfeitures. |
Summary of Nonvested Performance-Based Stock Awards | A summary of the status of the Company’s non-vested stock awards and changes during fiscal 2022 is presented below: In thousands except grant date fair value Restricted Stock Units Performance Share Units Total Stock Awards Weighted Nonvested at beginning of year 1,799 1,122 2,921 $ 51.36 Granted 513 307 820 65.53 Vested (460) (378) (838) 52.77 Forfeited (16) (4) (20) 60.24 Modification — (115) (115) 54.99 Nonvested at end of year 1,836 932 2,768 58.91 |
Pension Plans and Other Retir_2
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 Unfunded Plan In thousands January 29, January 30, January 29, January 30, 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 Unfunded Plan In thousands January 29, January 30, January 29, January 30, 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 Unfunded Plan January 29, January 30, January 29, January 30, Discount rate 3.40 % 3.20 % 3.30 % 2.80 % Rate of compensation increase (a) 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 Unfunded Plan In thousands January 29, January 30, February 1, January 29, January 30, February 1, 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 Unfunded Plan 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, January 30, Return-seeking assets 45% 48% Liability-hedging assets 55% 51% All other – primarily cash —% 1% |
Long-Term Debt and Credit Lin_2
Long-Term Debt and Credit Lines (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of January 29, 2022 and January 30, 2021. All amounts are net of unamortized debt discounts. In thousands January 29, January 30, General corporate debt: 2.750% senior unsecured notes, redeemed on April 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $25 in fiscal 2021) $ — $ 749,975 2.500% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $56 and $100 in fiscal 2022 and 2021, respectively) 499,944 499,900 3.500% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.58% after reduction of unamortized debt discount of $4,208 in fiscal 2021) — 1,245,792 2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $3,419 and $4,165 in fiscal 2022 and 2021, respectively) 996,581 995,835 3.750% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.76% after reduction of unamortized debt discount of $456 in fiscal 2021) — 749,544 1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount of $811 and $939 in fiscal 2022 and 2021, respectively) 499,189 499,061 3.875% senior unsecured notes, maturing April 15, 2030; see tender offer details below (effective interest rate of 3.89% after reduction of unamortized debt discount of $506 and $568 in fiscal 2022 and 2021, respectively) 495,344 495,282 1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount of $551 and $610 in fiscal 2022 and 2021, respectively) 499,449 499,390 4.500% senior unsecured notes, maturing April 15, 2050; see tender offer details below (effective interest rate of 4.52% after reduction of unamortized debt discount of $2,132 and $2,208 in fiscal 2022 and 2021, respectively) 383,367 383,291 Total debt 3,373,874 6,118,070 Current maturities of long-term debt, net of debt issuance costs — (749,684) Debt issuance costs (19,033) (35,465) Long-term debt $ 3,354,841 $ 5,332,921 |
Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments | The aggregate maturities of long-term debt, inclusive of current installments at January 29, 2022 are as follows: In thousands Long-Term Fiscal Year: 2023 $ — 2024 500,000 2025 — 2026 — 2027 1,000,000 Later years 1,881,349 Unamortized debt discount (7,475) Debt issuance costs (19,033) Aggregate maturities of long-term debt $ 3,354,841 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | For financial reporting purposes, components of income before income taxes are as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, United States $ 3,934,151 $ 642,482 $ 3,742,227 Foreign 463,457 (553,219) 663,956 Income before income taxes $ 4,397,608 $ 89,263 $ 4,406,183 |
Provision for Income Taxes | The provision (benefit) for income taxes includes the following: Fiscal Year Ended In thousands January 29, January 30, February 1, Current: Federal $ 766,200 $ 189,854 $ 708,508 State 270,480 36,246 250,830 Foreign 122,325 4,985 181,061 Deferred: Federal (32,562) (97,705) 9,409 State (25,723) (25,406) (8,203) Foreign 14,073 (109,181) (7,615) Provision (benefit) provision for income taxes $ 1,114,793 $ (1,207) $ 1,133,990 |
Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax assets (liabilities) as follows: Fiscal Year Ended In thousands January 29, January 30, Deferred tax assets: Net operating loss carryforward $ 159,154 $ 171,568 Pension, stock compensation, postretirement and employee benefits 368,060 272,872 Operating lease liabilities 2,379,024 2,409,392 Accruals and reserves 236,642 239,696 Other 13,253 14,750 Total gross deferred tax assets $ 3,156,133 $ 3,108,278 Valuation allowance (85,497) (76,682) Total deferred tax asset $ 3,070,636 $ 3,031,596 Deferred tax liabilities: Property, plant and equipment $ 553,138 $ 530,675 Capitalized inventory 48,413 47,769 Operating lease right of use assets 2,288,985 2,321,733 Tradename/intangibles 19,077 17,391 Undistributed foreign earnings 8,718 4,789 Other 11,509 19,212 Total deferred tax liabilities $ 2,929,840 $ 2,941,569 Net deferred tax asset $ 140,796 $ 90,027 Non-current asset $ 184,971 $ 127,191 Non-current liability (44,175) (37,164) Total $ 140,796 $ 90,027 |
Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate | The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: Fiscal Year Ended January 29, January 30, February 1, U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Effective state income tax rate 4.6 28.1 4.6 Impact of foreign operations 0.9 21.4 0.8 Excess share-based compensation (1.2) (59.4) (1.3) Tax credits (0.3) (8.9) — Nondeductible/nontaxable items 0.2 (3.3) — All other 0.2 (0.3) 0.6 Worldwide effective income tax rate 25.4 % (1.4) % 25.7 % |
Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Balance, beginning of year $ 269,371 $ 259,359 $ 244,195 Additions for uncertain tax positions taken in current year 9,272 11,751 21,559 Additions for uncertain tax positions taken in prior years 3,032 834 722 Reductions resulting from lapse of statute of limitations (1,989) (2,352) (4,022) Settlements with tax authorities — (221) (3,095) Balance, end of year $ 279,686 $ 269,371 $ 259,359 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: Fiscal Year Ended January 29, January 30, Weighted-average remaining lease term 6.6 years 6.8 years Weighted-average discount rate 2.4 % 2.6 % The following table is a summary of the Company’s components of net lease cost for the fiscal years ended: Fiscal Year Ended In thousands Classification January 29, January 30, February 1, Operating lease cost Cost of sales, including buying and occupancy costs $ 1,906,320 $ 1,820,396 $ 1,752,122 Variable and short term lease cost Cost of sales, including buying and occupancy costs 1,386,059 1,162,971 1,226,716 Total lease cost $ 3,292,379 $ 2,983,367 $ 2,978,838 Supplemental cash flow information related to leases is as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 2,079,564 $ 1,663,005 $ 1,736,403 Lease liabilities arising from obtaining right of use assets $ 1,658,240 $ 1,380,402 $ 1,786,212 |
Operating Leases Maturity Schedule | The following table summarizes the maturity of lease liabilities under operating leases as of January 29, 2022: In thousands January 29, Fiscal Year: 2022 $ 1,911,459 2023 1,765,056 2024 1,551,319 2025 1,329,031 2026 1,076,816 Later years 2,250,758 Total lease payments (a) 9,884,439 Less: imputed interest (b) 732,288 Total lease liabilities (c) $ 9,152,151 (a) Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy. (b) Calculated using the incremental borrowing rate for each lease. (c) Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities, Current and Long Term (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | The major components of accrued expenses and other current liabilities are as follows: Fiscal Year Ended In thousands January 29, January 30, Employee compensation and benefits, current $ 1,116,529 $ 946,229 Merchandise credits and gift certificates 685,202 576,187 Occupancy costs, including rent, utilities and real estate taxes 399,015 314,850 Dividends payable 311,808 315,604 Sales tax collections and V.A.T. taxes 267,867 115,409 Accrued capital additions 185,695 89,110 All other current liabilities 1,278,881 1,114,070 Total accrued expenses and other current liabilities $ 4,244,997 $ 3,471,459 |
Schedule of Other Long-Term Liabilities | The major components of other long-term liabilities are as follows: Fiscal Year Ended In thousands January 29, January 30, Employee compensation and benefits, long-term $ 647,214 $ 679,661 Tax reserve, long-term 277,076 264,104 Asset retirement obligation 66,292 58,385 All other long-term liabilities 25,138 61,752 Total other long-term liabilities $ 1,015,720 $ 1,063,902 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities | TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended In thousands January 29, January 30, February 1, Cash paid for: Interest on debt (a) $ 138,733 $ 153,045 $ 56,322 Income taxes (b) 1,118,879 146,008 1,280,680 Non-cash investing and financing activity: Dividends payable $ (3,796) $ 33,714 $ 40,226 Property additions 96,585 (36,251) 6,189 (a) Decreased interest for fiscal 2022 was due to the refinancing of certain notes in fiscal 2021 as well as the pay down of outstanding debt during fiscal 2022. (b) Increased income taxes for fiscal 2022 was primarily due to increase in profits in fiscal 2022 as compared to the mix of income and losses by jurisdictions in fiscal 2021. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Sales Return - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Period | $ 168 | $ 109 | $ 104 |
Amounts Charged to Net Income | 5,627 | 3,530 | 4,862 |
Write-Offs Against Reserve | 5,653 | 3,471 | 4,857 |
Balance End of Period | $ 142 | $ 168 | $ 109 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Movement in Contract with Customer, Liability [Roll Forward] | |||
Beginning Balance | $ 576,187 | $ 500,844 | |
Deferred revenue | 1,832,107 | 1,159,242 | |
Effect of exchange rates changes on deferred revenue | (1,680) | 3,758 | |
Revenue recognized | (1,721,412) | (1,087,657) | $ (1,600,000) |
Ending Balance | $ 685,202 | $ 576,187 | $ 500,844 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gift card revenue recognized | $ 1,721,412 | $ 1,087,657 | $ 1,600,000 |
Revenue recognized from store card breakage | $ 21,000 | $ 14,000 | $ 20,000 |
Sales revenue net | Product and service, other | Product Concentration Risk | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage (less than) | 1.00% |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 6,226,765 | $ 10,469,570 |
Non-US | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,400,000 | |
Non-US | Undistributed earnings planned to be reinvested indefinitely | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 600,000 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Accounting Policies - Merchandise Inventories (Details) - USD ($) $ in Billions | Jan. 29, 2022 | Jan. 30, 2021 |
Accounting Policies [Abstract] | ||
In-transit inventory | $ 1.7 | $ 1.2 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Accounting Policies - Summary of Interest Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Accounting Policies [Abstract] | |||
Interest expense | $ 123,196 | $ 199,038 | $ 61,400 |
Capitalized interest | (3,684) | (5,384) | (2,314) |
Interest (income) | (4,436) | (12,920) | (49,060) |
Interest expense, net | $ 115,076 | $ 180,734 | $ 10,026 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Accounting Policies - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 858,000,000 | $ 858,000,000 | $ 858,000,000 |
Property held under finance leases | $ 0 | $ 0 | $ 0 |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 33 years | ||
Leaseholds and Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 10 years | ||
Leaseholds and Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 15 years | ||
Furniture, Fixtures And Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Furniture, Fixtures And Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 10 years | ||
Software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 5 years |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Accounting Policies - Lease Accounting (Details) | 12 Months Ended |
Jan. 29, 2022 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of possession previous to opening store | 30 days |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of possession previous to opening store | 60 days |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Accounting Policies - Goodwill and Tradenames (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | Jan. 29, 2022 | Feb. 01, 2020 | Feb. 03, 2018 | |
Trade Names | ||||
Goodwill [Line Items] | ||||
Impairment related to tradenames | $ 0 | $ 0 | ||
Trademarks | Minimum | ||||
Goodwill [Line Items] | ||||
Finite lived intangible asset useful life (in years) | 7 years | |||
Trademarks | Maximum | ||||
Goodwill [Line Items] | ||||
Finite lived intangible asset useful life (in years) | 10 years | |||
Sierra Trading Post | ||||
Goodwill [Line Items] | ||||
Impairment charge related to goodwill | $ 97,000,000 | |||
Sierra Trading Post | Trade Names | ||||
Goodwill [Line Items] | ||||
Finite lived intangible asset useful life (in years) | 15 years | |||
Trade Secret | Trade Names | ||||
Goodwill [Line Items] | ||||
Impairment related to tradenames | $ 5,000,000 | |||
Former Subsidiary | ||||
Goodwill [Line Items] | ||||
Percentage owned in subsidiary company | 83.00% |
Basis of Presentation and Su_12
Basis of Presentation and Summary of Accounting Policies - Roll Forward of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 98,998 | $ 95,546 |
Effect of exchange rate changes on goodwill | (2,336) | 3,452 |
Ending balance | 96,662 | 98,998 |
Marmaxx | ||
Goodwill [Roll Forward] | ||
Beginning balance | 70,027 | 70,027 |
Effect of exchange rate changes on goodwill | 0 | 0 |
Ending balance | 70,027 | 70,027 |
TJX Canada | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,736 | 1,675 |
Effect of exchange rate changes on goodwill | 0 | 61 |
Ending balance | 1,736 | 1,736 |
TJX International | ||
Goodwill [Roll Forward] | ||
Beginning balance | 27,235 | 23,844 |
Effect of exchange rate changes on goodwill | (2,336) | 3,391 |
Ending balance | $ 24,899 | $ 27,235 |
Basis of Presentation and Su_13
Basis of Presentation and Summary of Accounting Policies - Roll Forward Finite Intangible Assets (Details) - Trade Names - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 29, 2022 | |
Sierra Trading Post | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 38,500 | $ 38,500 |
Accumulated Amortization | (20,747) | (23,314) |
Impact of FX | 0 | |
Net Carrying Value | 17,753 | 15,186 |
Trade Secret | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,541 | 12,541 |
Accumulated Amortization | (10,247) | (12,541) |
Impact of FX | (2,294) | |
Net Carrying Value | 0 | 0 |
Marshalls | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset: | $ 107,695 | $ 107,695 |
Basis of Presentation and Su_14
Basis of Presentation and Summary of Accounting Policies - Impairment of Long-Lived Assets, Goodwill and Tradenames (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Goodwill [Line Items] | |||
Intangible asset impairments related to goodwill | $ 0 | $ 0 | $ 0 |
Trade Names | |||
Goodwill [Line Items] | |||
Impairment related to tradenames | $ 0 | $ 0 |
Basis of Presentation and Su_15
Basis of Presentation and Summary of Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 506 | $ 296 | $ 452 |
Basis of Presentation and Su_16
Basis of Presentation and Summary of Accounting Policies - Equity Investment (Details) - Familia - USD ($) | 12 Months Ended | ||||
Feb. 04, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 02, 2019 | Feb. 01, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 25.00% | ||||
Carrying amount | $ 186,000,000 | $ 196,000,000 | |||
Difference between cost of investment and share of net assets | 167,000,000 | 186,000,000 | |||
Cumulative translation loss | 40,000,000 | ||||
Equity method investment impairment | $ 0 | $ 0 | $ 0 | ||
Forecast | Subsequent Event | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, loss on disposal (up to) | $ 225,000,000 | ||||
Trade Names | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Finite lived intangible asset useful life (in years) | 10 years | ||||
Customer Relationships | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Finite lived intangible asset useful life (in years) | 7 years |
Property at Cost - Components o
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land and buildings | $ 1,911,569 | $ 1,668,381 |
Leasehold costs and improvements | 3,652,280 | 3,568,829 |
Furniture, fixtures and equipment | 6,871,777 | 6,525,615 |
Total property at cost | 12,435,626 | 11,762,825 |
Less accumulated depreciation and amortization | 7,164,799 | 6,726,729 |
Net property at cost | $ 5,270,827 | $ 5,036,096 |
Property at Cost - Summary of L
Property at Cost - Summary of Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 5,270,827 | $ 5,036,096 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 4,040,955 | 3,844,711 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 247,511 | 241,086 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 927,020 | 898,518 |
Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 55,341 | $ 51,781 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 5,832,684 | $ 5,948,212 | $ 5,048,606 |
Foreign currency translation adjustments, net of taxes | (46,715) | 15,588 | (3,943) |
Recognition of net gains/losses on benefit obligations, net of taxes | (48,504) | 30,635 | (56,275) |
Amortization of loss on cash flow hedge, net of taxes | (263) | 831 | 831 |
Amortization of prior service cost and deferred gains/losses, net of taxes | 14,403 | 20,046 | 16,537 |
Ending balance | 6,002,992 | 5,832,684 | 5,948,212 |
Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (606,071) | (673,171) | (630,321) |
Ending balance | (687,150) | (606,071) | (673,171) |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (441,532) | (457,120) | (453,177) |
Foreign currency translation adjustments, net of taxes | (46,715) | 15,588 | (3,943) |
Ending balance | (488,247) | (441,532) | (457,120) |
Deferred Benefit Costs | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (164,802) | (215,483) | (175,745) |
Recognition of net gains/losses on benefit obligations, net of taxes | (48,504) | 30,635 | (56,275) |
Amortization of prior service cost and deferred gains/losses, net of taxes | 14,403 | 20,046 | 16,537 |
Ending balance | (198,903) | (164,802) | (215,483) |
Cash Flow Hedge on Debt | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 263 | (568) | (1,399) |
Amortization of loss on cash flow hedge, net of taxes | (263) | 831 | 831 |
Ending balance | $ 0 | $ 263 | $ (568) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Equity [Abstract] | |||
Foreign currency translation adjustments, taxes | $ 207 | $ 2,442 | $ (1,189) |
Recognition of net gains/losses on benefit obligations, taxes | (17,659) | 9,974 | (20,489) |
Amortization of loss on cash flow hedge, taxes | 603 | 303 | 303 |
Amortization of prior service cost and deferred gains/losses, taxes | $ 4,588 | $ 7,298 | $ 6,019 |
Capital Stock and Earnings Pe_3
Capital Stock and Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | 12 Months Ended | ||||
May 02, 2020 | Jan. 29, 2022 | May 01, 2021 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 28, 2022 | |
Capital Unit [Line Items] | ||||||
Common stock repurchased and retired | $ 2.2 | $ 0.2 | $ 1.6 | |||
Repurchase of common stock (in shares) | 31,000,000 | 3,000,000 | 28,000,000 | |||
Remaining available stock under stock repurchase plan | $ 3.8 | |||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value ($ per share) | $ 1 | $ 1 | ||||
Antidilutive options excluded (in shares) | 5,200,000 | 6,200,000 | 11,800,000 | |||
Subsequent Event | ||||||
Capital Unit [Line Items] | ||||||
Stock repurchase program, additional authorized amount | $ 3 | |||||
Trade Date Basis | ||||||
Capital Unit [Line Items] | ||||||
Common stock repurchased and retired (in shares) | 3,000,000 | 32,000,000 | 0 | |||
Common stock repurchased and retired | $ 0.2 | $ 2.2 |
Capital Stock and Earnings Pe_4
Capital Stock and Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 30, 2021 | Oct. 31, 2020 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Basic earnings per share: | |||||
Net income | $ 3,282,815 | $ 90,470 | $ 3,272,193 | ||
Weighted average common stock outstanding for basic earnings per share calculation (in shares) | 1,199,990 | 1,199,927 | 1,208,163 | ||
Basic earnings per share (in dollars per share) | $ 2.74 | $ 0.08 | $ 2.71 | ||
Diluted earnings per share: | |||||
Net income | $ 3,282,815 | $ 90,470 | $ 3,272,193 | ||
Weighted average common stock outstanding for basic earnings per share calculation (in shares) | 1,199,990 | 1,199,927 | 1,208,163 | ||
Stock options and awards (in shares) | 15,601 | 14,776 | 18,356 | ||
Weighted average common stock outstanding for diluted earnings per share calculation (in shares) | 1,215,591 | 1,214,703 | 1,226,519 | ||
Diluted earnings per share (in dollars per share) | $ 2.70 | $ 0.07 | $ 2.67 | ||
Cash dividends declared per share (in dollars per share) | $ 0.26 | $ 0 | $ 1.04 | $ 0.26 | $ 0.92 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Derivative [Line Items] | |||
Hedge of diesel fuel requirement, remainder of fiscal year | 50.00% | ||
Realized gains (losses) on derivative | $ 54 | $ (74) | $ 20 |
Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Term of derivative contracts | 30 days |
Financial Instruments - Summary
Financial Instruments - Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Details) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, gal / mo in Millions | 12 Months Ended | |||||||||||
Jan. 29, 2022PLN (zł)gal / mo | Jan. 30, 2021PLN (zł)gal / mo | Jan. 29, 2022GBP (£) | Jan. 29, 2022USD ($) | Jan. 29, 2022EUR (€) | Jan. 29, 2022AUD ($) | Jan. 29, 2022CAD ($) | Jan. 30, 2021GBP (£) | Jan. 30, 2021USD ($) | Jan. 30, 2021EUR (€) | Jan. 30, 2021AUD ($) | Jan. 30, 2021CAD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||||
Current Asset U.S.$ | $ 45,092 | $ 9,029 | ||||||||||
Current (Liability) U.S.$ | (3,292) | (21,921) | ||||||||||
Net Fair Value in U.S.$ | $ 41,800 | $ (12,892) | ||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Zloty To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.1816 | 0.1966 | 0.1816 | 0.1816 | 0.1816 | 0.1816 | 0.1816 | 0.1966 | 0.1966 | 0.1966 | 0.1966 | 0.1966 |
Current Asset U.S.$ | $ 72 | $ 11 | ||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||
Net Fair Value in U.S.$ | $ 72 | $ 11 | ||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8428 | 0.8428 | 0.8428 | 0.8428 | 0.8428 | 0.8428 | ||||||
Current Asset U.S.$ | $ 111 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 111 | |||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7180 | 0.7754 | 0.7180 | 0.7180 | 0.7180 | 0.7180 | 0.7180 | 0.7754 | 0.7754 | 0.7754 | 0.7754 | 0.7754 |
Current Asset U.S.$ | $ 2,047 | $ 738 | ||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||
Net Fair Value in U.S.$ | $ 2,047 | $ 738 | ||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7323 | 0.7323 | 0.7323 | 0.7323 | 0.7323 | 0.7323 | ||||||
Current Asset U.S.$ | $ 357 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 357 | |||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.1516 | 1.1516 | 1.1516 | 1.1516 | 1.1516 | 1.1516 | ||||||
Current Asset U.S.$ | $ 4,535 | |||||||||||
Current (Liability) U.S.$ | ||||||||||||
Net Fair Value in U.S.$ | $ 4,535 | |||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Pound To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.3743 | 1.3743 | 1.3743 | 1.3743 | 1.3743 | 1.3743 | ||||||
Current Asset U.S.$ | $ 32 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 32 | |||||||||||
Intercompany balances, primarily debt and related interest: | (Accrued Expense) | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7368 | 0.7368 | 0.7368 | 0.7368 | 0.7368 | 0.7368 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (918) | |||||||||||
Net Fair Value in U.S.$ | (918) | |||||||||||
Intercompany balances, primarily debt and related interest: | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.2235 | 1.2235 | 1.2235 | 1.2235 | 1.2235 | 1.2235 | ||||||
Current Asset U.S.$ | $ 427 | |||||||||||
Current (Liability) U.S.$ | (182) | |||||||||||
Net Fair Value in U.S.$ | 245 | |||||||||||
Diesel fuel contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Current Asset U.S.$ | 23,649 | 4,880 | ||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||
Net Fair Value in U.S.$ | $ 23,649 | $ 4,880 | ||||||||||
Intercompany billings in TJX International, primarily merchandise related: | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8340 | 0.8340 | 0.8340 | 0.8340 | 0.8340 | 0.8340 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (145) | |||||||||||
Net Fair Value in U.S.$ | $ (145) | |||||||||||
Merchandise purchase commitments: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7246 | 0.7246 | 0.7246 | 0.7246 | 0.7246 | 0.7246 | ||||||
Current Asset U.S.$ | $ 1,270 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 1,270 | |||||||||||
Merchandise purchase commitments: | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.6492 | 0.6492 | 0.6492 | 0.6492 | 0.6492 | 0.6492 | ||||||
Current Asset U.S.$ | $ 24 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 24 | |||||||||||
Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.1955 | 0.1955 | 0.1955 | 0.1955 | 0.1955 | 0.1955 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (29) | |||||||||||
Net Fair Value in U.S.$ | $ (29) | |||||||||||
Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.6948 | 0.6948 | 0.6948 | 0.6948 | 0.6948 | 0.6948 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (248) | |||||||||||
Net Fair Value in U.S.$ | $ (248) | |||||||||||
Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.2986 | 1.2986 | 1.2986 | 1.2986 | 1.2986 | 1.2986 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (15,086) | |||||||||||
Net Fair Value in U.S.$ | $ (15,086) | |||||||||||
Merchandise purchase commitments: | (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8807 | 0.8807 | 0.8807 | 0.8807 | 0.8807 | 0.8807 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (820) | |||||||||||
Net Fair Value in U.S.$ | $ (820) | |||||||||||
Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.1813 | 0.1813 | 0.1813 | 0.1813 | 0.1813 | 0.1813 | ||||||
Current Asset U.S.$ | $ 744 | |||||||||||
Current (Liability) U.S.$ | (449) | |||||||||||
Net Fair Value in U.S.$ | $ 295 | |||||||||||
Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7502 | 0.7502 | 0.7502 | 0.7502 | 0.7502 | 0.7502 | ||||||
Current Asset U.S.$ | $ 144 | |||||||||||
Current (Liability) U.S.$ | (837) | |||||||||||
Net Fair Value in U.S.$ | $ (693) | |||||||||||
Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7927 | 0.7695 | 0.7927 | 0.7927 | 0.7927 | 0.7927 | 0.7927 | 0.7695 | 0.7695 | 0.7695 | 0.7695 | 0.7695 |
Current Asset U.S.$ | $ 6,641 | $ 430 | ||||||||||
Current (Liability) U.S.$ | (80) | (5,627) | ||||||||||
Net Fair Value in U.S.$ | $ 6,561 | $ (5,197) | ||||||||||
Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.3583 | 1.3583 | 1.3583 | 1.3583 | 1.3583 | 1.3583 | ||||||
Current Asset U.S.$ | $ 6,023 | |||||||||||
Current (Liability) U.S.$ | (632) | |||||||||||
Net Fair Value in U.S.$ | 5,391 | |||||||||||
Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8386 | 0.8386 | 0.8386 | 0.8386 | 0.8386 | 0.8386 | ||||||
Current Asset U.S.$ | $ 1,986 | |||||||||||
Current (Liability) U.S.$ | (160) | |||||||||||
Net Fair Value in U.S.$ | 1,826 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Zloty To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | zł | zł 25,000 | zł 45,000 | ||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | € 60,000 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 170,000 | $ 80,000 | ||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 75,102 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | 200,000 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Pound To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 200,000 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | (Accrued Expense) | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 74,646 | |||||||||||
Pay | Intercompany balances, primarily debt and related interest: | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | € 200,000 | |||||||||||
Pay | Intercompany billings in TJX International, primarily merchandise related: | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | 91,000 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 65,551 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 5,391 | |||||||||||
Pay | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | zł | zł 30,000 | |||||||||||
Pay | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 38,138 | |||||||||||
Pay | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 203,264 | |||||||||||
Pay | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 66,989 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | zł | zł 453,000 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 46,985 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 987,756 | $ 384,679 | ||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 325,482 | |||||||||||
Pay | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 99,810 | |||||||||||
Pay | Minimum | Diesel fuel contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.6 | 1.5 | ||||||||||
Pay | Maximum | Diesel fuel contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative nonmonetary notional amount | gal / mo | 4 | 3.8 | ||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Zloty To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 4,541 | 8,846 | ||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 50,568 | |||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 122,061 | 62,032 | ||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 55,000 | |||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 230,319 | |||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense | Conversion Of Pound To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 274,853 | |||||||||||
Receive | Intercompany balances, primarily debt and related interest: | (Accrued Expense) | Conversion Of US Dollar To Pound | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 55,000 | |||||||||||
Receive | Intercompany balances, primarily debt and related interest: | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To US Dollar | Fair value hedges: | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 244,699 | |||||||||||
Receive | Intercompany billings in TJX International, primarily merchandise related: | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | 75,894 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 47,500 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | 3,500 | |||||||||||
Receive | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 5,865 | |||||||||||
Receive | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | 26,500 | |||||||||||
Receive | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 263,950 | |||||||||||
Receive | Merchandise purchase commitments: | (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | € 59,000 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 82,112 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 35,250 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | 783,000 | $ 296,000 | ||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | $ 442,100 | |||||||||||
Receive | Merchandise purchase commitments: | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative notional amount | € | € 83,700 | |||||||||||
Receive | Minimum | Diesel fuel contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.6 | 1.5 | ||||||||||
Receive | Maximum | Diesel fuel contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative nonmonetary notional amount | gal / mo | 4 | 3.8 |
Financial Instruments - Impact
Financial Instruments - Impact of Derivative Financial Instruments on Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | $ 108,312 | $ (74,184) | $ 10,288 |
Intercompany balances, primarily debt and related interest | Fair value hedges: | Selling, general and administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 36,033 | (59,829) | 4,788 |
Intercompany receivable | Economic hedges for which hedge accounting was not elected: | Selling, general and administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 0 | 0 | 3,257 |
Diesel fuel contracts | Economic hedges for which hedge accounting was not elected: | Cost of sales, including buying and occupancy costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 43,306 | (5,638) | (9,780) |
Intercompany billings in TJX International, primarily merchandise related: | Economic hedges for which hedge accounting was not elected: | Cost of sales, including buying and occupancy costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 5,021 | (4,249) | 2,652 |
International lease liabilities | Economic hedges for which hedge accounting was not elected: | Cost of sales, including buying and occupancy costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 0 | 0 | (1,113) |
Merchandise purchase commitments: | Economic hedges for which hedge accounting was not elected: | Cost of sales, including buying and occupancy costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | $ 23,952 | $ (4,468) | $ 10,484 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Financial Assets and Liabilities on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Level 1 | Executive Savings Plan investments | ||
Assets: | ||
Executive Savings Plan investments | $ 387,666 | $ 363,729 |
Level 2 | Foreign currency exchange contracts | ||
Assets: | ||
Foreign currency exchange contracts | 21,443 | 4,149 |
Liabilities: | ||
Foreign currency exchange contracts | 3,292 | 21,921 |
Level 2 | Diesel fuel contracts | ||
Assets: | ||
Diesel fuel contracts | $ 23,649 | $ 4,880 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value of long-term debt | $ 3,500,000 | $ 5,900,000 |
Long-term debt | 3,354,841 | 5,332,921 |
Fair value of current portion of long-term debt | 754,000 | |
Current portion of long-term debt | $ 0 | $ 749,684 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Jan. 29, 2022Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Segment Information - Percentag
Segment Information - Percentages of Consolidated Revenues by Major Product Category (Details) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue percentage | 100.00% | 100.00% | 100.00% |
Clothing including footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 47.00% | 46.00% | 51.00% |
Jewelry and accessories | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 15.00% | 15.00% | 16.00% |
Home fashions | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 38.00% | 39.00% | 33.00% |
Segment Information - Financial
Segment Information - Financial Information on Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 48,549,982 | $ 32,136,962 | $ 41,716,977 | |
General corporate expense | 9,081,238 | 7,020,917 | 7,454,988 | |
Loss on early extinguishment of debt | $ 242,000 | 242,248 | 312,233 | 0 |
Interest expense, net | 115,076 | 180,734 | 10,026 | |
Income before income taxes | 4,397,608 | 89,263 | 4,406,183 | |
Identifiable assets | 28,461,458 | 30,813,555 | 24,145,003 | |
Capital expenditures | 1,044,794 | 568,021 | 1,223,116 | |
Depreciation and amortization | 868,002 | 870,758 | 867,303 | |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment profit | 5,366,022 | 1,021,267 | 4,972,954 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
General corporate expense | 611,090 | 439,037 | 556,745 | |
Identifiable assets | 7,292,905 | 11,317,381 | 4,023,043 | |
Depreciation and amortization | 7,489 | 9,989 | 5,080 | |
Marmaxx | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 29,483,073 | 19,362,573 | 25,664,805 | |
Segment profit | 3,812,847 | 891,180 | 3,469,794 | |
Identifiable assets | 11,230,232 | 10,220,441 | 11,162,890 | |
Capital expenditures | 514,141 | 216,186 | 614,624 | |
Depreciation and amortization | 464,660 | 478,963 | 473,908 | |
HomeGoods | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 8,995,140 | 6,096,237 | 6,355,770 | |
Segment profit | 907,391 | 509,562 | 680,520 | |
Identifiable assets | 3,460,830 | 2,851,131 | 2,785,006 | |
Capital expenditures | 243,551 | 162,200 | 251,864 | |
Depreciation and amortization | 149,130 | 135,205 | 124,360 | |
TJX Canada | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,342,538 | 2,836,088 | 4,031,406 | |
Segment profit | 484,585 | 124,143 | 515,559 | |
Identifiable assets | 2,196,895 | 2,035,341 | 1,889,679 | |
Capital expenditures | 68,585 | 43,879 | 101,862 | |
Depreciation and amortization | 72,507 | 70,777 | 66,693 | |
TJX International | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,729,231 | 3,842,064 | 5,664,996 | |
Segment profit | 161,199 | (503,618) | 307,081 | |
Identifiable assets | 4,280,596 | 4,389,261 | 4,284,385 | |
Capital expenditures | 218,517 | 145,756 | 254,766 | |
Depreciation and amortization | $ 174,216 | $ 175,824 | $ 197,262 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for issuance under Stock Incentive Plan (up to) (in shares) | 696,000,000 | ||
Shares available for future grants (in shares) | 28,000,000 | ||
Compensation cost related to share-based compensation | $ 189 | $ 59 | $ 125 |
Unrecognized compensation cost related to nonvested share-based compensation | $ 160 | ||
Unrecognized compensation cost weighted-average recognition period, years | 2 years | ||
Options granted at market price in percentage | 100.00% | ||
Vesting period of grant, years | 3 years | ||
Term in which vesting period starts after grant, years | 1 year | ||
Maximum term of grant, years | 8 years 10 months 24 days | ||
Intrinsic value of options exercised | $ 275 | 279 | $ 293 |
Performance-based restricted stock and other awards, period | 3 years | ||
Stock compensation charge | $ 37 | $ 16 | |
Performance-based stock, granted (in shares) | 819,587 | 857,216 | 1,001,849 |
Shares granted weighted average grant date fair value (dollars per share) | $ 65.53 | $ 56.24 | $ 53.20 |
Fair value of performance-based restricted stock that vested | $ 44 | $ 57 | $ 38 |
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred shares outstanding (in shares) | 557,241 | ||
Stock Option Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of grant, years | 10 years |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model (Details) - $ / shares | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 0.84% | 0.28% | 1.65% |
Dividend yield | 1.50% | 1.40% | 1.60% |
Expected volatility factor | 23.80% | 26.50% | 23.40% |
Expected option life | 5 years | 5 years | 4 years 10 months 24 days |
Weighted average fair value of options issued (in dollars per share) | $ 12.85 | $ 11.29 | $ 10.84 |
Stock Incentive Plan - Stock Op
Stock Incentive Plan - Stock Options And Related Weighted Average Exercise Price (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Options | |||
Outstanding at beginning of year (in shares) | 42,604 | 45,065 | 49,053 |
Granted (in shares) | 5,324 | 6,268 | 6,150 |
Exercised (in shares) | (7,160) | (8,239) | (9,518) |
Forfeitures (in shares) | (535) | (490) | (620) |
Outstanding at end of year (in shares) | 40,233 | 42,604 | 45,065 |
Options exercisable at end of year (in shares) | 29,159 | 30,659 | 32,276 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (in dollars per share) | $ 41.79 | $ 36.81 | $ 32.02 |
Granted (in dollars per share) | 70.48 | 57.32 | 56.74 |
Exercised (in dollars per share) | 32.04 | 25.68 | 24.40 |
Forfeitures (in dollars per share) | 57.55 | 52.96 | 46.37 |
Outstanding at end of year (in dollars per share) | 47.11 | 41.79 | 36.81 |
Options exercisable at end of year (in dollars per share) | $ 40.93 | $ 36.05 | $ 31.04 |
Stock Incentive Plan - Schedu_2
Stock Incentive Plan - Schedule Of Stock Options Outstanding Expected To Vest And Stock Options Outstanding Exercisable (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 29, 2022USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Shares, Options outstanding expected to vest (in shares) | 10,281 |
Shares, Options exercisable (in shares) | 29,159 |
Shares, Total outstanding options vested and expected to vest (in shares) | 39,440 |
Aggregate Intrinsic Value, Options outstanding expected to vest | $ | $ 83,586 |
Aggregate Intrinsic Value, Options exercisable | $ | 887,932 |
Aggregate Intrinsic Value, Total outstanding options vested and expected to vest | $ | $ 971,518 |
Weighted Average Remaining Contract Life, Options outstanding expected to vest, years | 8 years 10 months 24 days |
Weighted Average Remaining Contract Life, Options exercisable, years | 5 years |
Weighted Average Remaining Contract Life, Total outstanding options vested and expected to vest, years | 6 years |
WAEP, Options outstanding expected to vest (in dollars per share) | $ / shares | $ 63.25 |
WAEP, Options exercisable (in dollars per share) | $ / shares | 40.93 |
WAEP, Total outstanding options vested and expected to vest (in dollars per share) | $ / shares | $ 46.75 |
Options outstanding expected to vest represents total unvested options adjusted for anticipated forfeitures (in shares) | 11,000 |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Nonvested Performance-Based Stock Awards (Details) - $ / shares | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Total Stock Awards | |||
Granted (in shares) | 819,587 | 857,216 | 1,001,849 |
Weighted Average Grant Date Fair Value | |||
Granted (dollars per share) | $ 65.53 | $ 56.24 | $ 53.20 |
Restricted Stock Units | |||
Total Stock Awards | |||
Nonvested at beginning of year (in shares) | 1,799,000 | ||
Granted (in shares) | 513,000 | ||
Vested (in shares) | (460,000) | ||
Forfeited (in shares) | (16,000) | ||
Modification (in shares) | 0 | ||
Nonvested at end of year (in shares) | 1,836,000 | 1,799,000 | |
Performance Stock Units | |||
Total Stock Awards | |||
Nonvested at beginning of year (in shares) | 1,122,000 | ||
Granted (in shares) | 307,000 | ||
Vested (in shares) | (378,000) | ||
Forfeited (in shares) | (4,000) | ||
Modification (in shares) | (115,000) | ||
Nonvested at end of year (in shares) | 932,000 | 1,122,000 | |
Restricted Stock Units and Performance Stock Units | |||
Total Stock Awards | |||
Nonvested at beginning of year (in shares) | 2,921,000 | ||
Granted (in shares) | 820,000 | ||
Vested (in shares) | (838,000) | ||
Forfeited (in shares) | (20,000) | ||
Modification (in shares) | (115,000) | ||
Nonvested at end of year (in shares) | 2,768,000 | 2,921,000 | |
Weighted Average Grant Date Fair Value | |||
Nonvested at beginning of year (dollars per share) | $ 51.36 | ||
Granted (dollars per share) | 65.53 | ||
Vested (dollars per share) | 52.77 | ||
Forfeited (dollars per share) | 60.24 | ||
Modification (dollars per share) | 54.99 | ||
Nonvested at end of year (dollars per share) | $ 58.91 | $ 51.36 |
Pension Plans and Other Retir_3
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Change in plan assets: | |||
Employer contribution | $ 5,000 | $ 5,000 | $ 102,000 |
Net liability (asset) recognized on Consolidated Balance Sheets | 118,000 | 46,000 | |
Funded Plan | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 1,619,274 | 1,532,416 | |
Service cost | 49,116 | 50,123 | 44,685 |
Interest cost | 52,097 | 50,210 | 52,172 |
Actuarial losses | 29,350 | 13,758 | |
Benefits paid | (29,548) | (24,527) | |
Expenses paid | (3,034) | (2,706) | |
Projected benefit obligation at end of year | 1,717,255 | 1,619,274 | 1,532,416 |
Accumulated benefit obligation at end of year | 1,560,239 | 1,481,505 | |
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 | |
Benefits paid | (29,548) | (24,527) | |
Expenses paid | (3,034) | (2,706) | |
Fair value of plan assets at end of year | 1,713,675 | 1,686,735 | 1,562,274 |
Funded status – excess obligation (asset) | 3,580 | (67,461) | |
Net liability (asset) recognized on Consolidated Balance Sheets | 3,580 | (67,461) | |
Prior service cost | 426 | 803 | |
Accumulated actuarial losses | 297,336 | 245,506 | |
Amounts included in Accumulated other comprehensive income (loss) | 297,762 | 246,309 | |
Unfunded Plan | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 113,478 | 104,823 | |
Service cost | 2,426 | 2,430 | 2,059 |
Interest cost | 3,099 | 3,283 | 3,740 |
Actuarial losses | 233 | 8,229 | |
Benefits paid | (4,447) | (5,287) | |
Expenses paid | 0 | 0 | |
Projected benefit obligation at end of year | 114,789 | 113,478 | 104,823 |
Accumulated benefit obligation at end of year | 100,108 | 97,451 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 4,447 | 5,287 | |
Benefits paid | (4,447) | (5,287) | |
Expenses paid | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status – excess obligation (asset) | 114,789 | 113,478 | |
Net liability (asset) recognized on Consolidated Balance Sheets | 114,789 | 113,478 | |
Prior service cost | 0 | 0 | |
Accumulated actuarial losses | 31,599 | 35,880 | |
Amounts included in Accumulated other comprehensive income (loss) | $ 31,599 | $ 35,880 |
Pension Plans and Other Retir_4
Pension Plans and Other Retirement Benefits - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Dec. 31, 2019 | |
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Net accrued liability recognized in balance sheet | $ 118,000 | $ 46,000 | ||
Pension plans and other retirement benefits, current liability | 4,000 | 7,000 | ||
Pension plans and other retirement benefits, long-term liability | 114,000 | 106,000 | ||
Pension plans and other retirement benefits, long-term asset | 67,000 | |||
Employer contribution | $ 5,000 | 5,000 | $ 102,000 | |
Minimum percentage of pension liability | 80.00% | |||
Anticipated employer's contribution to fund current benefit and expense payments under the unfunded plan | $ 4,000 | |||
Excess percentage of projected benefit obligation for amortization of unrecognized gains and losses | 10.00% | |||
Percentage of employees contribution from eligible pay, maximum | 50.00% | |||
Rate of eligible pay for matching employee contributions | 5.00% | |||
Employer discretionary contribution, maximum percent of match | 25.00% | |||
Deferred compensation plan, enrollment deferral rate | 2.00% | |||
Employer pension plan contribution | $ 25,000 | 19,000 | 20,000 | |
Funded Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Percentage of pension contribution | 5.00% | |||
Employee Savings Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Total cost to employer | 83,000 | 61,000 | 59,000 | |
Nonqualified Savings Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Total cost to employer | 7,000 | 3,000 | 7,000 | |
Retirement/Deferred Savings Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Total cost to employer | $ 26,000 | 22,000 | $ 20,000 | |
Minimum | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Range of rates for matching employee contributions | 25.00% | |||
Maximum | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Range of rates for matching employee contributions | 75.00% | |||
Return-seeking assets | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Plan assets, target allocation, percentage | 44.00% | |||
Liability-hedging assets | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Plan assets, target allocation, percentage | 56.00% | |||
Funded Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Net accrued liability recognized in balance sheet | $ 3,580 | (67,461) | ||
Amount of actual return on assets above estimated return | 37,000 | |||
Employer contribution | $ 100 | $ 100 |
Pension Plans and Other Retir_5
Pension Plans and Other Retirement Benefits - Weighted Average Assumptions for Obligation (Details) | Jan. 29, 2022 | Jan. 30, 2021 |
Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.40% | 3.20% |
Rate of compensation increase | 4.00% | 4.00% |
Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.30% | 2.80% |
Rate of compensation increase | 4.00% | 4.00% |
Pension Plans and Other Retir_6
Pension Plans and Other Retirement Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Funded Plan | |||
Net periodic pension cost: | |||
Service cost | $ 49,116 | $ 50,123 | $ 44,685 |
Interest cost | 52,097 | 50,210 | 52,172 |
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 |
Total expense | 19,689 | 34,064 | 42,148 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | 65,930 | (48,838) | 71,590 |
Amortization of net (loss) | (14,101) | (22,351) | (19,055) |
Amortization of prior service cost | (377) | (377) | (377) |
Total recognized in other comprehensive income (loss) | 51,452 | (71,566) | 52,158 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 71,141 | $ (37,502) | $ 94,306 |
Discount rate | 3.20% | 3.30% | 4.30% |
Expected rate of return on plan assets | 5.75% | 5.75% | 6.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Unfunded Plan | |||
Net periodic pension cost: | |||
Service cost | $ 2,426 | $ 2,430 | $ 2,059 |
Interest cost | 3,099 | 3,283 | 3,740 |
Amortization of net actuarial loss | 4,513 | 4,616 | 3,124 |
Total expense | 10,038 | 10,329 | 8,923 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | 233 | 8,229 | 4,682 |
Amortization of net (loss) | (4,513) | (4,616) | (3,124) |
Total recognized in other comprehensive income (loss) | (4,280) | 3,613 | 1,558 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 5,758 | $ 13,942 | $ 10,481 |
Discount rate | 2.80% | 3.10% | 4.10% |
Rate of compensation increase | 4.00% | 4.00% | 6.00% |
Unfunded Plan | Primary Benefit | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Rate of compensation increase | 6.00% | 6.00% | |
Unfunded Plan | Alternative Benefit | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Rate of compensation increase | 4.00% |
Pension Plans and Other Retir_7
Pension Plans and Other Retirement Benefits - Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter (Details) $ in Thousands | Jan. 29, 2022USD ($) |
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 40,162 |
2024 | 46,253 |
2025 | 52,352 |
2026 | 58,390 |
2027 | 64,463 |
2028 through 2032 | 408,023 |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 3,888 |
2024 | 5,042 |
2025 | 6,363 |
2026 | 52,601 |
2027 | 8,424 |
2028 through 2032 | $ 41,209 |
Pension Plans and Other Retir_8
Pension Plans and Other Retirement Benefits - Fair Value for Pension Assets Measured at Fair Value on Recurring Basis (Details) - Funded Plan - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,713,675 | $ 1,686,735 | $ 1,562,274 |
Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,211,291 | 736,852 | |
Total | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,537 | 8,598 | |
Total | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 178,336 | 174,691 | |
Total | Corporate and government bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,021,612 | 548,667 | |
Total | Futures Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,806 | 4,896 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 186,873 | 183,289 | |
Level 1 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,537 | 8,598 | |
Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 178,336 | 174,691 | |
Level 1 | Corporate and government bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | Futures Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,024,418 | 553,563 | |
Level 2 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Corporate and government bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,021,612 | 548,667 | |
Level 2 | Futures Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,806 | 4,896 | |
Assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 502,384 | $ 949,883 |
Pension Plans and Other Retir_9
Pension Plans and Other Retirement Benefits - Summary of Target Allocation Guidelines for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date (Details) | Jan. 29, 2022 | Jan. 30, 2021 |
Return-seeking assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 45.00% | 48.00% |
Liability-hedging assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 55.00% | 51.00% |
All other – primarily cash | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual allocation | 0.00% | 1.00% |
Long-Term Debt and Credit Lin_3
Long-Term Debt and Credit Lines- Long-Term Debt, Exclusive of Current Installments (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | Dec. 31, 2020 | Apr. 01, 2020 |
Debt Instrument [Line Items] | ||||
Unamortized debt discount | $ 7,475 | |||
Long-term debt, gross | 3,373,874 | $ 6,118,070 | ||
Current maturities of long-term debt, net of debt issuance costs | 0 | (749,684) | ||
Debt issuance costs | (19,033) | (35,465) | ||
Long-term debt | 3,354,841 | $ 5,332,921 | ||
2.750% Senior Unsecured Notes Due June 15, 2021 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 2.76% | |||
Unamortized debt discount | $ 25 | |||
Long-term debt, gross | $ 0 | 749,975 | ||
2.500% Senior Unsecured Notes Due May 15, 2023 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.50% | |||
Effective interest rate | 2.51% | |||
Unamortized debt discount | $ 56 | 100 | ||
Long-term debt, gross | 499,944 | $ 499,900 | ||
3.500% Senior Unsecured Notes Due April 15, 2025 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.50% | |||
Effective interest rate | 3.58% | |||
Unamortized debt discount | $ 4,208 | |||
Long-term debt, gross | $ 0 | 1,245,792 | ||
2.250% Senior Unsecured Notes Due September 15, 2026 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.25% | |||
Effective interest rate | 2.32% | |||
Unamortized debt discount | $ 3,419 | 4,165 | ||
Long-term debt, gross | 996,581 | $ 995,835 | ||
3.750% Senior Unsecured Notes Due April 15, 2027 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.75% | |||
Effective interest rate | 3.76% | |||
Unamortized debt discount | $ 456 | |||
Long-term debt, gross | $ 0 | 749,544 | ||
1.150% Senior Unsecured Notes Due May 15, 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 1.15% | |||
Effective interest rate | 1.18% | |||
Unamortized debt discount | $ 811 | 939 | ||
Long-term debt, gross | $ 499,189 | 499,061 | ||
3.875% Senior Unsecured Notes Due April 15, 2030 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.875% | 3.875% | ||
Effective interest rate | 3.89% | |||
Unamortized debt discount | $ 506 | 568 | ||
Long-term debt, gross | $ 495,344 | 495,282 | $ 495,500 | |
1.600% Senior Unsecured Notes Due May 15, 2031 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 1.60% | |||
Effective interest rate | 1.61% | |||
Unamortized debt discount | $ 551 | 610 | ||
Long-term debt, gross | $ 499,449 | 499,390 | ||
4.500% Senior Unsecured Notes Due April 15, 2050 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 4.50% | 4.50% | ||
Effective interest rate | 4.52% | |||
Unamortized debt discount | $ 2,132 | 2,208 | ||
Long-term debt, gross | $ 383,367 | $ 383,291 | $ 385,000 |
Long-Term Debt and Credit Lin_4
Long-Term Debt and Credit Lines - Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 0 | |
2024 | 500,000 | |
2025 | 0 | |
2026 | 0 | |
2027 | 1,000,000 | |
Later years | 1,881,349 | |
Unamortized debt discount | (7,475) | |
Debt issuance costs | (19,033) | $ (35,465) |
Aggregate maturities of long-term debt | $ 3,354,841 | $ 5,332,921 |
Long-Term Debt and Credit Lin_5
Long-Term Debt and Credit Lines - Additional Information (Details) | Jun. 25, 2021USD ($) | Jun. 24, 2021USD ($) | Jun. 04, 2021USD ($) | Apr. 15, 2021USD ($) | Jul. 31, 2021USD ($) | Jan. 29, 2022USD ($)CreditFacility | Jan. 30, 2021USD ($)CreditFacility | Feb. 01, 2020USD ($) | Jan. 29, 2022GBP (£)CreditFacility | Jan. 29, 2022CAD ($)CreditFacility | Jan. 30, 2021GBP (£)CreditFacility | Jan. 30, 2021CAD ($)CreditFacility | Dec. 31, 2020USD ($) | Nov. 30, 2020USD ($) | Apr. 01, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Loss on early extinguishment of debt | $ 242,000,000 | $ 242,248,000 | $ 312,233,000 | $ 0 | |||||||||||
Long-term debt, gross | $ 3,373,874,000 | $ 6,118,070,000 | |||||||||||||
Covenant, maximum leverage ratio | 3.50 | 3.50 | 3.50 | ||||||||||||
TJX Canada | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | |||||||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | |||||||||||||
Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit, maximum borrowing capacity | $ 1,500,000,000 | ||||||||||||||
Letter of Credit | TJX Canada | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | |||||||||||||
TJX Europe Credit Line | TJX International | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facilities, amount outstanding | £ | £ 0 | £ 0 | |||||||||||||
Current borrowing capacity | £ | £ 5,000,000 | £ 5,000,000 | |||||||||||||
3.50% Senior Unsecured Notes Due June 4, 2021 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt, amount | $ 1,250,000,000 | ||||||||||||||
Debt instrument, interest rate | 3.50% | ||||||||||||||
3.75% Senior Unsecured Notes Due June 4, 2021 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt, amount | $ 750,000,000 | ||||||||||||||
Debt instrument, interest rate | 3.75% | ||||||||||||||
2.750% Senior Notes Due June 15, 2021 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 2.75% | ||||||||||||||
Repayments of senior debt | $ 750,000,000 | ||||||||||||||
Redemption price, percentage of principal amount redeemed | 100.00% | ||||||||||||||
3.875% Senior Unsecured Notes Due April 15, 2030 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 3.875% | 3.875% | 3.875% | 3.875% | |||||||||||
Aggregate principal amount | $ 1,250,000,000 | ||||||||||||||
Long-term debt, gross | $ 495,344,000 | $ 495,282,000 | $ 495,500,000 | ||||||||||||
4.500% Senior Unsecured Notes Due April 15, 2050 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||
Aggregate principal amount | $ 750,000,000 | ||||||||||||||
Long-term debt, gross | $ 383,367,000 | 383,291,000 | $ 385,000,000 | ||||||||||||
1.150% Notes Due 2028 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 1.15% | ||||||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||||||
1.600% Notes Due 2031 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 1.60% | ||||||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||||||
2.250% Senior Unsecured Notes Due September 15, 2026 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||||||||||
Debt instrument maturity period, years | 10 years | ||||||||||||||
Effective fixed rate | 2.36% | 2.36% | 2.36% | ||||||||||||
2.250% Senior Unsecured Notes Due September 15, 2026 | Interest Rate Contract | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative notional amount | $ 700,000,000 | ||||||||||||||
2.250% Senior Unsecured Notes Due September 15, 2026 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 2.25% | 2.25% | 2.25% | ||||||||||||
Long-term debt, gross | $ 996,581,000 | 995,835,000 | |||||||||||||
2.500% Senior Unsecured Notes Due May 15, 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||||||
Debt instrument maturity period, years | 10 years | ||||||||||||||
Effective fixed rate | 2.57% | 2.57% | 2.57% | ||||||||||||
2.500% Senior Unsecured Notes Due May 15, 2023 | Interest Rate Contract | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative notional amount | $ 250,000,000 | ||||||||||||||
2.500% Senior Unsecured Notes Due May 15, 2023 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 2.50% | 2.50% | 2.50% | ||||||||||||
Long-term debt, gross | $ 499,944,000 | 499,900,000 | |||||||||||||
Revolving Credit Facility Due March 11, 2022 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit, maximum borrowing capacity | $ 500,000,000 | ||||||||||||||
Credit facilities, amount outstanding | 0 | $ 0 | |||||||||||||
Revolving Credit Facility Due June 25, 2026 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit, maximum borrowing capacity | $ 1,000,000,000 | ||||||||||||||
Revolving Credit Facility Due August 2021 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit, maximum borrowing capacity | $ 500,000,000 | ||||||||||||||
Line of credit facility, expiration period | 364 days | 364 days | |||||||||||||
Revolving Credit Facility Due May 10, 2024 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit, maximum borrowing capacity | $ 500,000,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 3,934,151 | $ 642,482 | $ 3,742,227 |
Foreign | 463,457 | (553,219) | 663,956 |
Income before income taxes | $ 4,397,608 | $ 89,263 | $ 4,406,183 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Current: | |||
Federal | $ 766,200 | $ 189,854 | $ 708,508 |
State | 270,480 | 36,246 | 250,830 |
Foreign | 122,325 | 4,985 | 181,061 |
Deferred: | |||
Federal | (32,562) | (97,705) | 9,409 |
State | (25,723) | (25,406) | (8,203) |
Foreign | 14,073 | (109,181) | (7,615) |
Provision (benefit) provision for income taxes | $ 1,114,793 | $ (1,207) | $ 1,133,990 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 159,154 | $ 171,568 |
Pension, stock compensation, postretirement and employee benefits | 368,060 | 272,872 |
Operating lease liabilities | 2,379,024 | 2,409,392 |
Accruals and reserves | 236,642 | 239,696 |
Other | 13,253 | 14,750 |
Total gross deferred tax assets | 3,156,133 | 3,108,278 |
Valuation allowance | (85,497) | (76,682) |
Total deferred tax asset | 3,070,636 | 3,031,596 |
Deferred tax liabilities: | ||
Property, plant and equipment | 553,138 | 530,675 |
Capitalized inventory | 48,413 | 47,769 |
Operating lease right of use assets | 2,288,985 | 2,321,733 |
Tradename/intangibles | 19,077 | 17,391 |
Undistributed foreign earnings | 8,718 | 4,789 |
Other | 11,509 | 19,212 |
Total deferred tax liabilities | 2,929,840 | 2,941,569 |
Net deferred tax asset | 140,796 | 90,027 |
Non-current asset | 184,971 | 127,191 |
Non-current liability | $ (44,175) | $ (37,164) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 1,000,000 | ||
Valuation allowances | 85,497 | $ 76,682 | |
Net unrecognized tax benefits | 288,000 | 272,000 | $ 255,000 |
Unrecognized tax benefits that would impact effective tax rates | 260,000 | 250,000 | 240,000 |
Interest and penalties expensed | 7,000 | 8,000 | 5,000 |
Accrued amounts for interest and penalties | 43,000 | 36,000 | $ 28,000 |
State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
Foreign net operating loss carryforwards | 291,000 | 224,000 | |
Valuation allowances | 14,000 | 14,000 | |
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Foreign net operating loss carryforwards | 534,000 | 626,000 | |
Valuation allowances | 71,000 | $ 62,000 | |
Foreign net operating loss carryforwards subject to expiration | 5,000 | ||
Maximum | |||
Tax Credit Carryforward [Line Items] | |||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 45,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate (Details) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Effective state income tax rate | 4.60% | 28.10% | 4.60% |
Impact of foreign operations | 0.90% | 21.40% | 0.80% |
Excess share-based compensation | (1.20%) | (59.40%) | (1.30%) |
Tax credits | (0.30%) | (8.90%) | 0.00% |
Nondeductible/nontaxable items | 0.20% | (3.30%) | 0.00% |
All other | 0.20% | (0.30%) | 0.60% |
Worldwide effective income tax rate | 25.40% | (1.40%) | 25.70% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 269,371 | $ 259,359 | $ 244,195 |
Additions for uncertain tax positions taken in current year | 9,272 | 11,751 | 21,559 |
Additions for uncertain tax positions taken in prior years | 3,032 | 834 | 722 |
Reductions resulting from lapse of statute of limitations | (1,989) | (2,352) | (4,022) |
Settlements with tax authorities | 0 | (221) | (3,095) |
Balance, end of year | $ 279,686 | $ 269,371 | $ 259,359 |
Leases - Additional Information
Leases - Additional Information (Details) | Jan. 29, 2022store |
TJX U.S and Canada | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Number of extension periods | 1 |
Options to extend, term | 5 years |
Minimum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Minimum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 7 years |
Maximum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 15 years |
Maximum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating leases, term | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Jan. 29, 2022 | Jan. 30, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 6 years 7 months 6 days | 6 years 9 months 18 days |
Weighted-average discount rate | 2.40% | 2.60% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 1,906,320 | $ 1,820,396 | $ 1,752,122 |
Variable and short term lease cost | 1,386,059 | 1,162,971 | 1,226,716 |
Total lease cost | $ 3,292,379 | $ 2,983,367 | $ 2,978,838 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Leases [Abstract] | |||
Operating cash flows paid for operating leases | $ 2,079,564 | $ 1,663,005 | $ 1,736,403 |
Lease liabilities arising from obtaining right of use assets | $ 1,658,240 | $ 1,380,402 | $ 1,786,212 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) $ in Thousands | Jan. 29, 2022USD ($) |
Leases [Abstract] | |
2022 | $ 1,911,459 |
2023 | 1,765,056 |
2024 | 1,551,319 |
2025 | 1,329,031 |
2026 | 1,076,816 |
Later years | 2,250,758 |
Total lease payments | 9,884,439 |
Less: imputed interest | 732,288 |
Total lease liabilities | $ 9,152,151 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities, Current and Long Term - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, current | $ 1,116,529 | $ 946,229 |
Merchandise credits and gift certificates | 685,202 | 576,187 |
Occupancy costs, including rent, utilities and real estate taxes | 399,015 | 314,850 |
Dividends payable | 311,808 | 315,604 |
Sales tax collections and V.A.T. taxes | 267,867 | 115,409 |
Accrued capital additions | 185,695 | 89,110 |
All other current liabilities | 1,278,881 | 1,114,070 |
Total accrued expenses and other current liabilities | $ 4,244,997 | $ 3,471,459 |
Accrued Expenses and Other Li_4
Accrued Expenses and Other Liabilities, Current and Long Term - Additional Information (Details) | 12 Months Ended |
Jan. 29, 2022 | |
Payables and Accruals [Abstract] | |
Percentage of other current liability individual item which makes up current liabilities | 5.00% |
Accrued Expenses and Other Li_5
Accrued Expenses and Other Liabilities, Current and Long Term - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, long-term | $ 647,214 | $ 679,661 |
Tax reserve, long-term | 277,076 | 264,104 |
Asset retirement obligation | 66,292 | 58,385 |
All other long-term liabilities | 25,138 | 61,752 |
Total other long-term liabilities | $ 1,015,720 | $ 1,063,902 |
Contingent Obligations, Conti_2
Contingent Obligations, Contingencies and Commitments (Details) - USD ($) $ in Millions | Jan. 29, 2022 | Jan. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding letters of credit issued for the purchase of inventory | $ 53 | $ 28 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for: interest on debt | $ 138,733 | $ 153,045 | $ 56,322 |
Cash paid for: income taxes | 1,118,879 | 146,008 | 1,280,680 |
Non-cash investing and financing activity: dividends payable | (3,796) | 33,714 | 40,226 |
Non-cash investing and financing activity: property additions | $ 96,585 | $ (36,251) | $ 6,189 |