Document and Entity Information
Document and Entity Information | 6 Months Ended |
Aug. 04, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Aug. 4, 2018 |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | TJX |
Entity Registrant Name | TJX COMPANIES INC /DE/ |
Entity Central Index Key | 109,198 |
Current Fiscal Year End Date | --02-02 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 620,766,706 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 9,331,115 | $ 8,357,700 | $ 18,019,835 | $ 16,141,724 |
Cost of sales, including buying and occupancy costs | 6,635,815 | 5,972,675 | 12,814,054 | 11,502,747 |
Selling, general and administrative expenses | 1,699,714 | 1,483,648 | 3,250,489 | 2,895,251 |
Interest expense, net | 3,029 | 9,677 | 7,177 | 19,518 |
Income before provision for income taxes | 992,557 | 891,700 | 1,948,115 | 1,724,208 |
Provision for income taxes | 252,931 | 338,743 | 492,108 | 634,972 |
Net income | $ 739,626 | $ 552,957 | $ 1,456,007 | $ 1,089,236 |
Basic earnings per share: | ||||
Net income | $ 1.19 | $ 0.87 | $ 2.33 | $ 1.70 |
Weighted average common shares – basic (in shares) | 623,426 | 639,127 | 625,019 | 641,776 |
Diluted earnings per share: | ||||
Net income | $ 1.17 | $ 0.85 | $ 2.30 | $ 1.67 |
Weighted average common shares – diluted (in shares) | 632,960 | 648,317 | 633,684 | 651,892 |
Cash dividends declared per share | $ 0.39 | $ 0.3125 | $ 0.78 | $ 0.625 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 739,626,000 | $ 552,957,000 | $ 1,456,007,000 | $ 1,089,236,000 |
Additions to other comprehensive income: | ||||
Foreign currency translation adjustments, net of related tax benefit of $1,206 and $54,866 for thirteen weeks ended in fiscal 2019 and 2018, respectfully and $34,323 for twenty-six weeks ended in fiscal 2018 | (59,733,000) | 130,667,000 | (182,264,000) | 125,422,000 |
Gain on net investment hedges, net of related tax provision of $4,912 in fiscal 2019 | 13,495,000 | 0 | 19,539,000 | 0 |
Reclassifications from other comprehensive income to net income: | ||||
Amortization of prior service cost and deferred gains, net of related tax provisions of $1,328 and $2,543 for thirteen weeks ended in fiscal 2019 and 2018, respectfully and $5,086 for twenty-six weeks ended in fiscal 2018 | 3,162,000 | 3,866,000 | 5,770,000 | 7,732,000 |
Amortization of loss on cash flow hedge, net of related tax provisions of $77 and $113 for thirteen weeks ended in fiscal 2019 and 2018, respectfully and $225 twenty-six weeks ended in fiscal 2018 | 210,000 | 171,000 | 416,000 | 342,000 |
Other comprehensive (loss) income, net of tax | (42,866,000) | 134,704,000 | (156,539,000) | 133,496,000 |
Total comprehensive income | $ 696,760,000 | $ 687,661,000 | $ 1,299,468,000 | $ 1,222,732,000 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||
Foreign currency translation adjustments, related tax benefit | $ 12,519 | $ 54,866 | $ 13,725 | $ 34,323 | $ 36,929 |
Gain on net investment hedges, related tax provision | 4,912 | 7,113 | |||
Amortization of prior service cost and deferred gains, tax provisions | 773 | 2,543 | 2,101 | 5,086 | 9,592 |
Amortization of loss on cash flow hedge, net of related tax provisions | $ 76 | $ 112 | $ 153 | $ 225 | $ 438 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 2,872,717 | $ 2,758,477 | $ 2,449,305 |
Short-term investments | 0 | 506,165 | 502,757 |
Accounts receivable, net | 356,180 | 327,166 | 305,401 |
Merchandise inventories | 4,498,523 | 4,187,243 | 3,864,454 |
Prepaid expenses and other current assets | 583,348 | 706,676 | 427,428 |
Federal, state, and foreign income taxes recoverable | 129,204 | 0 | 18,436 |
Total current assets | 8,439,972 | 8,485,727 | 7,567,781 |
Net property at cost | 5,100,454 | 5,006,053 | 4,744,690 |
Goodwill | 98,114 | 100,069 | 197,522 |
Other assets | 472,888 | 466,166 | 425,622 |
TOTAL ASSETS | 14,111,428 | 14,058,015 | 12,935,615 |
Current liabilities: | |||
Accounts payable | 2,683,285 | 2,488,373 | 2,346,548 |
Accrued expenses and other current liabilities | 2,414,186 | 2,522,961 | 2,208,014 |
Federal, state and foreign income taxes payable | 40,346 | 114,203 | 101,971 |
Total current liabilities | 5,137,817 | 5,125,537 | 4,656,533 |
Other long-term liabilities | 1,289,353 | 1,320,505 | 1,116,524 |
Non-current deferred income taxes, net | 225,073 | 233,057 | 392,651 |
Long-term debt | 2,232,112 | 2,230,607 | 2,229,103 |
Commitments and contingencies (See Note K) | |||
SHAREHOLDERS’ EQUITY | |||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | 0 | 0 | 0 |
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 620,766,706; 628,009,022 and 636,274,241 respectively | 620,767 | 628,009 | 636,274 |
Additional paid-in capital | 0 | 0 | 0 |
Accumulated other comprehensive (loss) | (598,398) | (441,859) | (560,730) |
Retained earnings | 5,204,704 | 4,962,159 | 4,465,260 |
Total shareholders’ equity | 5,227,073 | 5,148,309 | 4,540,804 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 14,111,428 | $ 14,058,015 | $ 12,935,615 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Statement of Financial Position [Abstract] | |||
Preferred stock, shares authorized (Shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, shares issued (Shares) | 0 | 0 | 0 |
Common stock, shares authorized (Shares) | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 |
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares issued (Shares) | 620,766,706 | 628,009,022 | 636,274,241 |
Common stock, shares outstanding (Shares) | 620,766,706 | 628,009,022 | 636,274,241 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
Operating Activities | ||
Net income | $ 1,456,007 | $ 1,089,236 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 396,315 | 348,130 |
Loss on property disposals and impairment charges | 8,605 | 3,176 |
Deferred income tax (benefit) provision | (18,227) | 38,874 |
Share-based compensation | 49,941 | 49,515 |
Changes in assets and liabilities: | ||
(Increase) in accounts receivable | (33,180) | (43,150) |
(Increase) in merchandise inventories | (385,593) | (168,775) |
(Increase) in taxes recoverable | (100,960) | (2,601) |
Decrease (increase) in prepaid expenses and other current assets | 174,729 | (63,579) |
Increase in accounts payable | 237,690 | 84,558 |
(Decrease) in accrued expenses and other liabilities | (107,970) | (165,363) |
(Decrease) in income taxes payable | (72,534) | (104,699) |
Other | (44,158) | 37,724 |
Net cash provided by operating activities | 1,560,665 | 1,103,046 |
Investing Activities | ||
Property additions | (573,900) | (506,862) |
Purchase of investments | (152,869) | (426,550) |
Sales and maturities of investments | 629,056 | 480,596 |
Other | 26,652 | 0 |
Net cash (used in) investing activities | (71,061) | (452,816) |
Financing Activities | ||
Cash payments for repurchase of common stock | (989,999) | (884,683) |
Proceeds from issuance of common stock | 163,485 | 60,818 |
Cash dividends paid | (440,874) | (369,456) |
Cash payments of employee tax withholdings for performance based stock awards | (16,015) | (16,825) |
Other | (2,226) | (1,599) |
Net cash (used in) financing activities | (1,285,629) | (1,211,745) |
Effect of exchange rate changes on cash | (89,735) | 80,971 |
Net increase (decrease) in cash and cash equivalents | 114,240 | (480,544) |
Cash and cash equivalents at beginning of year | 2,758,477 | 2,929,849 |
Cash and cash equivalents at end of period | $ 2,872,717 | $ 2,449,305 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning Balance at Jan. 28, 2017 | $ (694,226) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 1,089,236 | ||||
Other comprehensive income (loss), net of tax | 133,496 | ||||
Ending balance at Jul. 29, 2017 | $ 4,540,804 | ||||
Ending balance (Shares) at Jul. 29, 2017 | 636,274,241 | ||||
Beginning Balance at Feb. 03, 2018 | $ 5,148,309 | $ 628,009 | (441,859) | $ 4,962,159 | |
Beginning Balance (Shares) at Feb. 03, 2018 | 628,009,022 | 628,009 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 1,456,007 | 1,456,007 | |||
Cumulative effect of accounting change | 58,712 | 58,712 | |||
Other comprehensive income (loss), net of tax | (156,539) | (156,539) | |||
Cash dividends declared on common stock | (486,828) | (486,828) | |||
Recognition of share-based compensation | 49,941 | $ 49,941 | |||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 147,470 | $ 3,984 | 143,486 | ||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (Shares) | 3,984 | ||||
Common stock repurchased and retired | (989,999) | $ (11,226) | $ (193,427) | (785,346) | |
Common stock repurchased and retired (Shares) | (11,226) | ||||
Ending balance at Aug. 04, 2018 | $ 5,227,073 | $ 620,767 | $ (598,398) | $ 5,204,704 | |
Ending balance (Shares) at Aug. 04, 2018 | 620,766,706 | 620,767 |
Consolidated Statement of Shar9
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 04, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its financial statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited consolidated financial statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018 (“fiscal 2018”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 3, 2018 balance sheet data was derived from audited financial statements and does not include all disclosures required by GAAP. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 2, 2019 (“ fiscal 2019 ”) and is a 52-week fiscal year. Fiscal 2018 was a 53-week fiscal year. 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, impairment of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, 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 those estimates, and such differences could be material. Summary of Accounting Policies Revenue Recognition TJX adopted Revenue from Contracts with Customers (referred to as “ASC 606”), on February 4, 2018 (“the adoption date”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. TJX adopted the new guidance under the modified retrospective approach which resulted in a $59 million cumulative adjustment to increase retained earnings. The cumulative adjustment primarily related to revenue recognized on the value of unredeemed rewards certificates issued to customers as part of the Company’s U.S. co-branded credit card loyalty program. We now recognize the estimated unredeemed awards when they are earned, rather than when merchandise credits expire or when the likelihood of redemption becomes remote. In addition, on-line sales are now recognized at the shipping point rather than receipt by the customer. Other changes relate to the presentation of revenue as certain expenses previously presented as a reduction of revenue are now classified as selling, general and administrative expenses (“SG&A”). The new standard required a change in the presentation of our sales return reserve on the balance sheet, which we previously recorded net of the value of returned merchandise and now is presented at gross sales value with an asset established for the value of the merchandise returned. There is no change in the timing or amount of revenue recognized from point of sale at the registers in our stores, which constitutes the majority of the Company’s revenue. Financial results for fiscal periods after the adoption date are presented under ASC 606 while results from prior periods are not adjusted and continue to be reported under the accounting standards in effect for the prior period. We applied ASC 606 only to contracts that were not completed prior to fiscal 2019 . Adoption of the new guidance resulted in additional disclosure requirements and did not have a material impact on our financial condition or results of operations for the fiscal period ended August 4, 2018 . Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, related to the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1.0% of total revenues, primarily generated from TJX’s co-branded loyalty rewards credit card program offered in the United States only. In addition, certain customers may receive discounts which 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 is recognized when control of the goods transfer to the customer and is 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. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. In thousands August 4, Balance, February 3, 2018 $ 406,506 Deferred revenue 731,890 Effect of exchange rates changes on deferred revenue (4,871 ) Revenue recognized (774,955 ) Balance, August 4, 2018 $ 358,570 TJX recognized $775 million in gift card revenue for the six months ended August 4, 2018 . 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. Sales Return Reserve Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. We have elected to apply the portfolio practical expedient and are estimating the variable consideration using the expected value method when calculating the returns reserve, as the difference to 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 separate from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the offsetting receivable is included in “Prepaid expenses and other current assets” on our consolidated balance sheets. Goodwill 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, as well as 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, the purchase of Sierra Trading Post (“STP”) in fiscal 2013, and the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018. The following is a roll forward of goodwill by component: In thousands Marmaxx Winners Sierra Trading Post T.K. Maxx in Australia Total Balance, January 28, 2017 $ 70,027 $ 1,686 $ 97,254 $ 26,904 $ 195,871 Impairment — — (97,254 ) — (97,254 ) Effect of exchange rate changes on goodwill — 98 — 1,354 1,452 Balance, February 3, 2018 70,027 1,784 — 28,258 100,069 Effect of exchange rate changes on goodwill — (77 ) — (1,878 ) (1,955 ) Balance, August 4, 2018 $ 70,027 $ 1,707 $ — $ 26,380 $ 98,114 Goodwill is considered to have an indefinite life and accordingly is not amortized. In the fourth quarter of fiscal 2018, the Company recorded an impairment charge of $99.3 million , which included $97.3 million of STP goodwill and $2.0 million for certain long-lived assets of STP, as the estimated fair value of the STP business fell below its carrying value due to a decrease in projected revenue growth rates. The impairment charge is included within the Marmaxx segment results. Goodwill, and the related impairments, if any, are included in the respective operating segment to which they relate. Future Adoption of New Accounting Standards Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance on leases that aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The new standard is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods; early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows entities to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented as currently required. The effect of initially applying the standard can be recognized as a cumulative-effect adjustment to retained earnings in the period of adoption and an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), including the disclosure requirements of ASC 840. If the new transition method in ASU 2018-11 is not elected, the new standard must be adopted using a modified retrospective transition and requires application of the new guidance for leases that exist or are entered into after the beginning of the earliest comparative period presented. We plan to adopt this standard in the first quarter of the fiscal year ending February 1, 2020 ("fiscal 2020") using the optional transition method under ASU 2018-11. The Company is in the process of implementing a new lease accounting system and has established a cross-functional team to implement the updated lease guidance. This team is in the process of evaluating our lease portfolio to assess the impact this standard will have on our Consolidated Financial Statements and Notes thereto. The Company expects this standard to have a material impact on its statement of financial condition as it will record a significant asset and liability associated with its nearly 4,200 leased locations. We plan to implement the transition package of three practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classifications. We expect to make an accounting policy election that will keep leases with a term of 12 months or less off the balance sheet and result in recognizing those lease payments on a straight-line basis over the lease term. As our leases do not provide an implicit rate, we plan to use our incremental borrowing rate based on information available at commencement date to determine the present value of future payments. The Company has determined that the initial lease term will not differ under the new standard versus current accounting practice, and therefore the income statement impact of the new standard is not expected to be material. Hedging Activities In August 2017, the FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify the documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. The updated guidance is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Income Statement – Reporting Comprehensive Income In February 2018, the FASB issued updated guidance related to reporting comprehensive income. The updated guidance allows for a one-time reclassification from accumulated other comprehensive income to retained earnings for stranded tax effect resulting from the enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The updated guidance is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for reporting periods for which financial statements have not yet been issued. The updated guidance should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the 2017 Tax Act is recognized. The Company has not yet determined the timing of adoption or estimated the effect on the Company’s consolidated financial statements. Non-Employee Share-Based Payments In June 2018, the FASB issued updated guidance related to compensation - stock compensation: Improvements to Non-Employee Share-Based Payment Accounting. The updated guidance aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees, with certain exceptions. The amendments in this ASU will be effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company does not anticipate this pronouncement will have an impact on its consolidated financial statements. Recently Adopted Accounting Standards Revenue Recognition See Revenue Recognition in this Note A for the impact upon adoption. Cash Flows In the first quarter of fiscal 2019 , TJX adopted a pronouncement that addresses differences in the way certain cash receipts and cash payments are presented in the statement of cash flows. The new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future differences in practice. The standard did not have a material impact on our consolidated statements of cash flows. Retirement Benefits In the first quarter of fiscal 2019 , TJX adopted a pronouncement related to retirement benefits, which requires that an employer report the service cost component of net periodic pension and net periodic post retirement cost in the same line item as other compensation costs arising from services rendered by the employees during the period. It also requires the other components of net periodic pension and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if such a subtotal is presented. The amendments in this update were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement. The impact to prior periods was immaterial. As a result of the adoption, for the three and six months ended August 4, 2018, service costs are recorded in the same line items as other compensation costs and non-service costs are recorded in SG&A in our income statement. Income Taxes In the first quarter of fiscal 2019 , TJX adopted Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (referred to as " ASU 2018-05"), which provides guidance on accounting for the tax effects of the 2017 Tax Act. This guidance allows a company to record a provisional amount when it does not have the necessary information available, prepared, or analyzed in reasonable detail to complete its accounting for the change in the tax law during the measurement period. The measurement period ends when the company has obtained, prepared, and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. We will continue to assess our provision for income taxes as future guidance is issued. |
Property at Cost
Property at Cost | 6 Months Ended |
Aug. 04, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property at Cost | Property at Cost The following table presents the components of property at cost: In thousands August 4, February 3, July 29, Land and buildings $ 1,395,034 $ 1,355,777 $ 1,271,189 Leasehold costs and improvements 3,263,267 3,254,830 3,088,783 Furniture, fixtures and equipment 5,619,196 5,357,701 5,234,345 Total property at cost $ 10,277,497 $ 9,968,308 $ 9,594,317 Less accumulated depreciation and amortization 5,177,043 4,962,255 4,849,627 Net property at cost $ 5,100,454 $ 5,006,053 $ 4,744,690 Depreciation expense was $204.2 million for the three months ended August 4, 2018 and $174.5 million for the three months ended July 29, 2017 . Depreciation expense was $397.9 million for the six months ended August 4, 2018 and $347.1 million for the six months ended July 29, 2017 . Depreciation expense was $726.0 million for the twelve months ended February 3, 2018 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Aug. 04, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Amounts included in accumulated other comprehensive income (loss) are recorded net of taxes. The following table details the changes in accumulated other comprehensive income (loss) for the six months ended August 4, 2018 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Net Investment Hedges Accumulated Other Comprehensive Income (Loss) Balance, January 28, 2017 $ (491,803 ) $ (199,481 ) $ (2,942 ) $ — $ (694,226 ) Additions to other comprehensive income: Foreign currency translation adjustments (net of taxes of $36,929) 211,752 — — — 211,752 Recognition of net gains/losses on benefit obligations (net of taxes of $8,989) — 24,691 — — 24,691 Reclassifications from other comprehensive income to net income: Amortization of loss on cash flow hedge (net of taxes of $438) — — 696 — 696 Amortization of prior service cost and deferred gains/losses (net of taxes of $9,592) — 15,228 — — 15,228 Balance, February 3, 2018 $ (280,051 ) $ (159,562 ) $ (2,246 ) $ — $ (441,859 ) Additions to other comprehensive income: Foreign currency translation adjustments (net of taxes of $13,725) (182,264 ) — — — (182,264 ) Net investment hedges (net of taxes of $7,113) — — — 19,539 19,539 Reclassifications from other comprehensive income to net income: Amortization of prior service cost and deferred gains (net of taxes of $2,101) — 5,770 — — 5,770 Amortization of loss on cash flow hedge (net of taxes of $153) — — 416 — 416 Balance, August 4, 2018 $ (462,315 ) $ (153,792 ) $ (1,830 ) $ 19,539 $ (598,398 ) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | 6 Months Ended |
Aug. 04, 2018 | |
Equity [Abstract] | |
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock TJX repurchased and retired 6.4 million shares of its common stock at a cost of $0.6 billion during the quarter ended August 4, 2018 , on a “trade date” basis. During the six months ended August 4, 2018 , TJX repurchased and retired 11.3 million shares of its common stock at a cost of $ 1.0 billion , on a "trade date" basis. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $990 million for the six months ended August 4, 2018 , and $885 million for the six months ended July 29, 2017 . These expenditures were funded by cash generated from operations. In February 2018, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $3.0 billion of TJX common stock from time to time. In February 2017, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.0 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through August 4, 2018 , TJX repurchased 9.6 million shares of common stock at a cost of $864.2 million . As of August 4, 2018 , TJX had $3.1 billion available under these previously announced stock repurchase programs. All shares repurchased under the stock repurchase programs have been retired. Earnings Per Share The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands, except per share data August 4, July 29, August 4, July 29, Basic earnings per share Net income $ 739,626 $ 552,957 $ 1,456,007 $ 1,089,236 Weighted average common shares outstanding for basic EPS 623,426 639,127 625,019 641,776 Basic earnings per share $ 1.19 $ 0.87 $ 2.33 $ 1.70 Diluted earnings per share Net income $ 739,626 $ 552,957 $ 1,456,007 $ 1,089,236 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 623,426 639,127 625,019 641,776 Assumed exercise/vesting of: Stock options and awards 9,534 9,190 8,665 10,116 Weighted average common shares outstanding for diluted EPS 632,960 648,317 633,684 651,892 Diluted earnings per share $ 1.17 $ 0.85 $ 2.30 $ 1.67 The weighted average common shares for the diluted earnings per share calculation exclude 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 no such options excluded for each of the thirteen weeks and twenty-six weeks ended August 4, 2018 . There were 8.0 million such options excluded for the thirteen weeks and twenty-six weeks ended July 29, 2017 . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Aug. 04, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments As 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 statements of financial position 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 other comprehensive income 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 2018, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2019 , and during the first six months of fiscal 2019 , TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first six months of fiscal 2020. The hedge agreements outstanding at August 4, 2018 relate to approximately 49% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2019 and approximately 46% of TJX’s estimated notional diesel requirements for the first six months of fiscal 2020. These diesel fuel hedge agreements will settle throughout the remainder of fiscal 2019 and throughout the first seven months of fiscal 2020. 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 TJX International (United Kingdom, Ireland, Germany, Poland, Austria, The Netherlands and Australia), TJX Canada (Canada), Marmaxx (U.S.) and HomeGoods (U.S.) in currencies other than their respective functional currencies. These contracts typically have a term of twelve months or less. The contracts outstanding at August 4, 2018 cover a portion of such actual and anticipated merchandise purchases throughout the remainder of fiscal 2019 and throughout the first half of fiscal 2020. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the United Kingdom. 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. The inflow of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. However, with the growth of TJX’s Euro denominated retail operations, the intercompany billings committed to the Euro denominated operations is generating Euros in excess of those needed to meet merchandise commitments to outside vendors. TJX calculates this excess Euro exposure each month and enters into forward contracts of approximately 30 days duration to mitigate the exposure. TJX elected not to apply hedge accounting to these contracts. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. 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. TJX periodically reviews its net investments in foreign subsidiaries. During the fiscal quarter ended May 5, 2018, TJX entered into net investment hedge contracts related to a portion of its investment in TJX Canada. During the fiscal quarter ended August 4, 2018 , TJX de-designated the net investment hedge contracts. The remaining life of the foreign currency contracts provided a natural hedge to the declared cash dividend from TJX Canada. The contracts settled during the second quarter of fiscal 2019 resulting in a pre-tax gain of $27 million while designated as a net investment hedge and subsequent to de-designation, a pre-tax gain of $19 million . The $27 million gain is reflected in shareholders equity as a component of other comprehensive income. The $19 million gain subsequent to de-designation is reflected in the income statement offsetting a foreign currency loss of $ 18 million on the declared dividends. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 4, 2018 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at August 4, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 Prepaid Exp $ 141 $ — $ 141 € 53,950 £ 47,868 0.8873 (Accrued Exp) — (518 ) (518 ) £ 30,000 C$ 54,038 1.8013 Prepaid Exp 2,484 — 2,484 U.S.$ 77,079 £ 55,000 0.7136 (Accrued Exp) — (5,097 ) (5,097 ) A$ 10,000 £ 5,631 0.5631 (Accrued Exp) — (64 ) (64 ) Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.3M – 3.0M gal per month Float on 2.3M – 3.0M gal per month N/A Prepaid Exp 6,864 — 6,864 Intercompany billings in Europe, primarily merchandise related € 76,000 £ 67,192 0.8841 (Accrued Exp) — (672 ) (672 ) Merchandise purchase commitments C$ 621,719 U.S.$ 481,300 0.7741 Prepaid Exp / (Accrued Exp) 4,913 (2,940 ) 1,973 C$ 35,433 € 23,000 0.6491 (Accrued Exp) — (610 ) (610 ) £ 351,964 U.S.$ 488,400 1.3876 Prepaid Exp 28,329 — 28,329 U.S.$ 3,274 £ 2,475 0.7560 (Accrued Exp) (49 ) (49 ) A$ 33,867 U.S.$ 25,327 0.7478 Prepaid Exp / (Accrued Exp) 229 (16 ) 213 zł 355,038 £ 72,479 0.2041 (Accrued Exp) — (1,889 ) (1,889 ) U.S.$ 74,329 € 61,929 0.8332 (Accrued Exp) — (2,336 ) (2,336 ) Total fair value of derivative financial instruments $ 42,960 $ (14,191 ) $ 28,769 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2018 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at February 3, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 (Accrued Exp) $ — $ (45 ) $ (45 ) € 51,950 £ 46,095 0.8873 (Accrued Exp) — (318 ) (318 ) U.S.$ 77,079 £ 55,000 0.7136 Prepaid Exp 1,636 — 1,636 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on Float on N/A Prepaid Exp 7,854 — 7,854 Intercompany billings in TJX Europe, primarily merchandise related € 26,000 £ 22,948 0.8826 (Accrued Exp) — (2 ) (2 ) Merchandise purchase commitments C$ 462,464 U.S.$ 367,200 0.7940 Prepaid Exp / 49 (5,478 ) (5,429 ) C$ 22,562 € 15,000 0.6648 Prepaid Exp 557 — 557 £ 176,911 U.S.$ 238,000 1.3453 Prepaid Exp / 173 (12,838 ) (12,665 ) zł 288,646 £ 60,023 0.2079 (Accrued Exp) — (1,303 ) (1,303 ) A$ 28,635 U.S.$ 22,230 0.7763 Prepaid Exp / 43 (573 ) (530 ) U.S.$ 44,223 € 36,950 0.8355 Prepaid Exp 1,905 — 1,905 Total fair value of financial instruments $ 12,217 $ (20,557 ) $ (8,340 ) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at July 29, 2017 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at July 29, 2017 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 13,000 0.1940 (Accrued Exp) $ — $ (1,326 ) $ (1,326 ) € 69,200 £ 59,813 0.8643 (Accrued Exp) — (3,044 ) (3,044 ) U.S.$ 68,445 £ 55,000 0.8036 Prepaid Exp 4,174 — 4,174 A$ 40,000 $ 23,781 0.5945 (Accrued Exp) — (676 ) (676 ) Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.0M – 2.5M gal per month Float on 2.0M – 2.5M gal per month N/A Prepaid Exp 544 — 544 Intercompany billings in Europe, primarily merchandise related € 54,000 £ 47,790 0.8850 (Accrued Exp) — (730 ) (730 ) Merchandise purchase commitments C$ 571,142 U.S.$ 430,600 0.7539 (Accrued Exp) — (29,261 ) (29,261 ) C$ 33,086 € 22,500 0.6800 Prepaid Exp / 218 (361 ) (143 ) £ 252,400 U.S.$ 324,000 1.2837 (Accrued Exp) — (8,417 ) (8,417 ) A$ 26,492 U.S.$ 20,266 0.7650 (Accrued Exp) — (895 ) (895 ) zł 326,370 £ 66,993 0.2053 (Accrued Exp) — (1,917 ) (1,917 ) U.S.$ 2,284 £ 1,787 0.7824 Prepaid Exp 65 — 65 U.S.$ 74,175 € 66,313 0.8940 Prepaid Exp 3,957 — 3,957 Total fair value of financial instruments $ 8,958 $ (46,627 ) $ (37,669 ) Presented below is the impact of derivative financial instruments on the statements of income for the periods shown: Amount of Gain (Loss) Recognized in Income by Derivative Amount of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands Location of Gain (Loss) Recognized in Income by Derivative August 4, 2018 July 29, August 4, July 29, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (2,418 ) $ (5,591 ) $ (4,210 ) $ (2,366 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 18,823 — 18,823 — Diesel fuel contracts Cost of sales, including buying and occupancy costs 1,005 2,006 5,958 (1,317 ) Intercompany billings in Europe, primarily merchandise related Cost of sales, including buying and occupancy costs (576 ) (5,045 ) (694 ) (3,444 ) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 21,171 (44,098 ) 52,628 (34,165 ) Gain / (loss) recognized in income $ 38,005 $ (52,728 ) $ 72,505 $ (41,292 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 04, 2018 | |
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: In thousands August 4, February 3, July 29, Level 1 Assets: Executive Savings Plan investments $ 258,798 $ 249,045 $ 221,978 Level 2 Assets: Short-term investments $ — $ 506,165 $ 502,757 Foreign currency exchange contracts 36,096 4,363 8,414 Diesel fuel contracts 6,864 7,854 544 Liabilities: Foreign currency exchange contracts $ 14,191 $ 20,557 $ 46,627 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. Short-term investments, foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. 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 as of August 4, 2018 was $2.1 billion compared to a carrying value of $2.2 billion . The fair value of long-term debt as of February 3, 2018 was $2.2 billion compared to a carrying value of $2.2 billion . The fair value of long-term debt as of July 29, 2017 was $2.2 billion compared to a carrying value of $2.2 billion . These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. |
Segment Information
Segment Information | 6 Months Ended |
Aug. 04, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls and tjmaxx.com) and the HomeGoods segment (HomeGoods and Homesense) 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. TJX also operates STP, an off-price Internet retailer that operates sierratradingpost.com and retail stores in the U.S. The results of STP 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. 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 and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered alternatives 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: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 4, July 29, August 4, July 29, Net sales: In the United States: Marmaxx $ 5,847,721 $ 5,284,639 $ 11,228,639 $ 10,251,774 HomeGoods 1,327,346 1,156,398 2,596,677 2,277,667 TJX Canada 937,736 832,026 1,791,572 1,570,797 TJX International 1,218,312 1,084,637 2,402,947 2,041,486 $ 9,331,115 $ 8,357,700 $ 18,019,835 $ 16,141,724 Segment profit: In the United States: Marmaxx $ 830,315 $ 746,881 $ 1,580,771 $ 1,434,046 HomeGoods 142,090 141,345 289,450 293,437 TJX Canada 138,735 83,229 263,919 186,109 TJX International 48,691 38,967 89,517 45,827 1,159,831 1,010,422 2,223,657 1,959,419 General corporate expense 164,245 109,045 268,365 215,693 Interest expense, net 3,029 9,677 7,177 19,518 Income before provision for income taxes $ 992,557 $ 891,700 $ 1,948,115 $ 1,724,208 |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits 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 periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 4, July 29, August 4, July 29, Service cost $ 11,613 $ 11,804 $ 611 $ 587 Interest cost 13,965 13,759 853 843 Expected return on plan assets (20,962 ) (17,382 ) — — Recognized actuarial losses 3,114 5,574 821 833 Total expense $ 7,730 $ 13,755 $ 2,285 $ 2,263 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 4, July 29, August 4, July 29, Service cost $ 23,226 $ 23,609 $ 1,222 $ 1,175 Interest cost 27,930 27,518 1,706 1,686 Expected return on plan assets (41,924 ) (34,764 ) — — Recognized actuarial losses 6,228 11,154 1,642 1,664 Total expense $ 15,460 $ 27,517 $ 4,570 $ 4,525 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. We do not anticipate any required funding in fiscal 2019 for the funded plan. We anticipate making contributions of $2.5 million to provide current benefits coming due under the unfunded plan in fiscal 2019 . The amounts included in recognized actuarial losses in the table above have been reclassified in their entirety from other comprehensive income to the statements of income, net of related tax effects, for the periods presented. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 6 Months Ended |
Aug. 04, 2018 | |
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 August 4, 2018 , February 3, 2018 and July 29, 2017 . All amounts are net of unamortized debt discounts. In thousands August 4, February 3, July 29, General corporate debt: 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $211 at August 4, 2018, $234 at February 3, 2018 and $256 at July 29, 2017) $ 499,789 $ 499,766 $ 499,744 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $212 at August 4, 2018, $250 at February 3, 2018 and $287 at July 29, 2017) 749,788 749,750 749,713 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $6,030 at August 4, 2018, $6,403 at February 3, 2018 and $6,776 at July 29, 2017) 993,970 993,597 993,224 Debt issuance cost (11,435 ) (12,506 ) (13,578 ) Long-term debt $ 2,232,112 $ 2,230,607 $ 2,229,103 As of August 4, 2018 , February 3, 2018 and July 29, 2017 , TJX had two $500 million revolving credit facilities, one which matures in March 2020 and one which matures in March 2022. The terms and covenants under the revolving credit facilities require quarterly payments of 6.0 basis points per annum on the committed amounts for both agreements. This rate is based on the credit ratings of TJX’s long-term debt and will vary with specified changes in the credit ratings. These agreements have no compensating balance requirements and have various covenants. Each of these facilities require TJX to maintain a ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization (EBITDAR) of not more than 2.75 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 August 4, 2018 , February 3, 2018 and July 29, 2017 , and during the quarters and year then ended, there were no amounts outstanding under these facilities. As of August 4, 2018 , February 3, 2018 and July 29, 2017 , 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 August 4, 2018 , February 3, 2018 and July 29, 2017 , there were no amounts outstanding on the Canadian credit line for operating expenses. As of August 4, 2018 , February 3, 2018 and July 29, 2017 , our European business at TJX International had an uncommitted credit line of £5 million . As of August 4, 2018 , February 3, 2018 and July 29, 2017 , and during the quarters and year then ended, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 04, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate was 25.5% for the second quarter of fiscal 2019 and 38.0% for the second quarter of fiscal 2018 . The effective income tax rate was 25.3% for the first six months of fiscal 2019 and 36.8% for the first six months of fiscal 2018 . The decrease in the effective income tax rate was primarily due to the reduction of the U.S. federal corporate tax rate to 21% as a result of the 2017 Tax Act and the jurisdictional mix of income. Under ASU 2018-05, we have accounted for the impacts of the 2017 Tax Act to the extent a reasonable estimate could be made and we recognized provisional amounts related to the deemed repatriation tax, offset by the re-measurement of our deferred tax assets and liabilities to record the effects of the tax law change in the period of enactment. This guidance allows a company to record a provisional amount when it does not have the necessary information available, prepared, or analyzed in reasonable detail to complete its accounting for the change in the tax law during the measurement period. The measurement period ends when the company has obtained, prepared, and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. During the second quarter of fiscal 2019 , the Internal Revenue Service issued Proposed Regulation under Internal Revenue Code Section 965 providing additional guidance and clarification on certain aspects of the deemed repatriation tax calculation. The Proposed Regulation did not result in an adjustment to the provisional amounts recorded as of February 3, 2018 . We will continue to monitor for new guidance related to provisional amounts recorded. TJX had net unrecognized tax benefits of $62.4 million as of August 4, 2018 , $57.3 million as of February 3, 2018 and $40.4 million as of July 29, 2017 . 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., fiscal years through 2010 are no longer subject to examination. In Canada, fiscal years through 2008 are no longer subject to examination. In all other jurisdictions, fiscal years through 2009 are no longer subject to examination. TJX’s accounting policy classifies interest and penalties related to income tax matters as part of income tax expense. The total accrued amount on the balance sheets for interest and penalties was $13.5 million as of August 4, 2018 , $11.9 million as of February 3, 2018 and $8.3 million as of July 29, 2017 . Based on the outcome of tax examinations or judicial or administrative proceedings, or as a result of the expiration of statutes of limitations in specific jurisdictions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those presented in the financial statements. During the next 12 months, it is reasonably possible that tax examinations of prior years’ tax returns or judicial or administrative proceedings that reflect such positions taken by TJX may be finalized. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings, by a range of zero to $22 million . |
Contingent Obligations and Cont
Contingent Obligations and Contingencies | 6 Months Ended |
Aug. 04, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Obligations and Contingencies | Contingent Obligations and Contingencies Contingent Obligations TJX has contingent obligations on leases, for which it was a lessee or guarantor, which were assigned to third parties without TJX being released by the landlords. Over many years, TJX has assigned numerous leases that it had originally leased or guaranteed to a significant number of third parties. With the exception of leases of former businesses for which TJX has reserved, the Company has rarely had a claim with respect to assigned leases, and accordingly, the Company does not expect that such leases will have a material adverse impact on its financial condition, results of operations or cash flows. TJX does not generally have sufficient information about these leases to estimate our potential contingent obligations under them, which could be triggered in the event that one or more of the current tenants does not fulfill their obligations related to one or more of these leases. TJX may also be contingently liable on up to eight leases of former TJX businesses, for which we believe the likelihood of future liability to TJX is remote, and has contingent obligations in connection with certain assigned or sublet properties that TJX is able to estimate. We estimate that the undiscounted obligations of (i) leases of former operations not included in our reserve for former operations and (ii) properties of our former operations if the subtenants do not fulfill their obligations, are approximately $42.5 million as of August 4, 2018 . We believe that most or all of these contingent obligations will not revert to us and, to the extent they do, will be resolved for substantially less due to mitigating factors including our expectation to further sublet. 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 such as title to assets sold, specified environmental matters or certain income taxes. These obligations are often limited in time and amount. There are no amounts reflected in our balance sheets with respect to these contingent obligations. Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of our business. In addition, TJX is a defendant in several lawsuits filed in federal and state courts brought as putative class or collective actions on behalf of various groups of current and former salaried and hourly associates in the U.S. The lawsuits allege violations of the Fair Labor Standards Act and of state wage and hour and other labor statutes. TJX is also a defendant in a putative class action on behalf of customers relating to TJX’s compare at pricing. The lawsuits are in various procedural stages and seek monetary damages, injunctive relief and attorneys’ fees. In connection with ongoing litigation, an immaterial amount has been accrued in the accompanying financial statements. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 04, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its financial statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited consolidated financial statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018 (“fiscal 2018”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 3, 2018 balance sheet data was derived from audited financial statements and does not include all disclosures required by GAAP. |
Fiscal Year | Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 2, 2019 (“ fiscal 2019 ”) and is a 52-week fiscal year. Fiscal 2018 was a 53-week fiscal year. |
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, impairment of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, 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 those estimates, and such differences could be material. |
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, related to the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1.0% of total revenues, primarily generated from TJX’s co-branded loyalty rewards credit card program offered in the United States only. In addition, certain customers may receive discounts which 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 is recognized when control of the goods transfer to the customer and is 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 . Sales Return Reserve Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. We have elected to apply the portfolio practical expedient and are estimating the variable consideration using the expected value method when calculating the returns reserve, as the difference to 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 separate from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the offsetting receivable is included in “Prepaid expenses and other current assets” on our consolidated balance sheets. 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. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue Recognition TJX adopted Revenue from Contracts with Customers (referred to as “ASC 606”), on February 4, 2018 (“the adoption date”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. TJX adopted the new guidance under the modified retrospective approach which resulted in a $59 million cumulative adjustment to increase retained earnings. The cumulative adjustment primarily related to revenue recognized on the value of unredeemed rewards certificates issued to customers as part of the Company’s U.S. co-branded credit card loyalty program. We now recognize the estimated unredeemed awards when they are earned, rather than when merchandise credits expire or when the likelihood of redemption becomes remote. In addition, on-line sales are now recognized at the shipping point rather than receipt by the customer. Other changes relate to the presentation of revenue as certain expenses previously presented as a reduction of revenue are now classified as selling, general and administrative expenses (“SG&A”). The new standard required a change in the presentation of our sales return reserve on the balance sheet, which we previously recorded net of the value of returned merchandise and now is presented at gross sales value with an asset established for the value of the merchandise returned. There is no change in the timing or amount of revenue recognized from point of sale at the registers in our stores, which constitutes the majority of the Company’s revenue. Financial results for fiscal periods after the adoption date are presented under ASC 606 while results from prior periods are not adjusted and continue to be reported under the accounting standards in effect for the prior period. We applied ASC 606 only to contracts that were not completed prior to fiscal 2019 . Adoption of the new guidance resulted in additional disclosure requirements and did not have a material impact on our financial condition or results of operations for the fiscal period ended August 4, 2018 . |
Goodwill | Goodwill 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, as well as 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, the purchase of Sierra Trading Post (“STP”) in fiscal 2013, and the purchase of Trade Secret in fiscal 2016, which was re-branded under the T.K. Maxx name during fiscal 2018. |
Future Adoption of New Accounting Standards | Future Adoption of New Accounting Standards Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance on leases that aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The new standard is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods; early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows entities to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented as currently required. The effect of initially applying the standard can be recognized as a cumulative-effect adjustment to retained earnings in the period of adoption and an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), including the disclosure requirements of ASC 840. If the new transition method in ASU 2018-11 is not elected, the new standard must be adopted using a modified retrospective transition and requires application of the new guidance for leases that exist or are entered into after the beginning of the earliest comparative period presented. We plan to adopt this standard in the first quarter of the fiscal year ending February 1, 2020 ("fiscal 2020") using the optional transition method under ASU 2018-11. The Company is in the process of implementing a new lease accounting system and has established a cross-functional team to implement the updated lease guidance. This team is in the process of evaluating our lease portfolio to assess the impact this standard will have on our Consolidated Financial Statements and Notes thereto. The Company expects this standard to have a material impact on its statement of financial condition as it will record a significant asset and liability associated with its nearly 4,200 leased locations. We plan to implement the transition package of three practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classifications. We expect to make an accounting policy election that will keep leases with a term of 12 months or less off the balance sheet and result in recognizing those lease payments on a straight-line basis over the lease term. As our leases do not provide an implicit rate, we plan to use our incremental borrowing rate based on information available at commencement date to determine the present value of future payments. The Company has determined that the initial lease term will not differ under the new standard versus current accounting practice, and therefore the income statement impact of the new standard is not expected to be material. Hedging Activities In August 2017, the FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify the documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. The updated guidance is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Income Statement – Reporting Comprehensive Income In February 2018, the FASB issued updated guidance related to reporting comprehensive income. The updated guidance allows for a one-time reclassification from accumulated other comprehensive income to retained earnings for stranded tax effect resulting from the enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The updated guidance is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for reporting periods for which financial statements have not yet been issued. The updated guidance should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the 2017 Tax Act is recognized. The Company has not yet determined the timing of adoption or estimated the effect on the Company’s consolidated financial statements. Non-Employee Share-Based Payments In June 2018, the FASB issued updated guidance related to compensation - stock compensation: Improvements to Non-Employee Share-Based Payment Accounting. The updated guidance aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees, with certain exceptions. The amendments in this ASU will be effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company does not anticipate this pronouncement will have an impact on its consolidated financial statements. Recently Adopted Accounting Standards Revenue Recognition See Revenue Recognition in this Note A for the impact upon adoption. Cash Flows In the first quarter of fiscal 2019 , TJX adopted a pronouncement that addresses differences in the way certain cash receipts and cash payments are presented in the statement of cash flows. The new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future differences in practice. The standard did not have a material impact on our consolidated statements of cash flows. Retirement Benefits In the first quarter of fiscal 2019 , TJX adopted a pronouncement related to retirement benefits, which requires that an employer report the service cost component of net periodic pension and net periodic post retirement cost in the same line item as other compensation costs arising from services rendered by the employees during the period. It also requires the other components of net periodic pension and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if such a subtotal is presented. The amendments in this update were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement. The impact to prior periods was immaterial. As a result of the adoption, for the three and six months ended August 4, 2018, service costs are recorded in the same line items as other compensation costs and non-service costs are recorded in SG&A in our income statement. Income Taxes In the first quarter of fiscal 2019 , TJX adopted Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (referred to as " ASU 2018-05"), which provides guidance on accounting for the tax effects of the 2017 Tax Act. This guidance allows a company to record a provisional amount when it does not have the necessary information available, prepared, or analyzed in reasonable detail to complete its accounting for the change in the tax law during the measurement period. The measurement period ends when the company has obtained, prepared, and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. We will continue to assess our provision for income taxes as future guidance is issued. |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Accounting Policies [Abstract] | |
Deferred Gift Card Revenue | In thousands August 4, Balance, February 3, 2018 $ 406,506 Deferred revenue 731,890 Effect of exchange rates changes on deferred revenue (4,871 ) Revenue recognized (774,955 ) Balance, August 4, 2018 $ 358,570 |
Roll Forward of Goodwill by Component | The following is a roll forward of goodwill by component: In thousands Marmaxx Winners Sierra Trading Post T.K. Maxx in Australia Total Balance, January 28, 2017 $ 70,027 $ 1,686 $ 97,254 $ 26,904 $ 195,871 Impairment — — (97,254 ) — (97,254 ) Effect of exchange rate changes on goodwill — 98 — 1,354 1,452 Balance, February 3, 2018 70,027 1,784 — 28,258 100,069 Effect of exchange rate changes on goodwill — (77 ) — (1,878 ) (1,955 ) Balance, August 4, 2018 $ 70,027 $ 1,707 $ — $ 26,380 $ 98,114 |
Property at Cost (Tables)
Property at Cost (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property at Cost | The following table presents the components of property at cost: In thousands August 4, February 3, July 29, Land and buildings $ 1,395,034 $ 1,355,777 $ 1,271,189 Leasehold costs and improvements 3,263,267 3,254,830 3,088,783 Furniture, fixtures and equipment 5,619,196 5,357,701 5,234,345 Total property at cost $ 10,277,497 $ 9,968,308 $ 9,594,317 Less accumulated depreciation and amortization 5,177,043 4,962,255 4,849,627 Net property at cost $ 5,100,454 $ 5,006,053 $ 4,744,690 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table details the changes in accumulated other comprehensive income (loss) for the six months ended August 4, 2018 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Net Investment Hedges Accumulated Other Comprehensive Income (Loss) Balance, January 28, 2017 $ (491,803 ) $ (199,481 ) $ (2,942 ) $ — $ (694,226 ) Additions to other comprehensive income: Foreign currency translation adjustments (net of taxes of $36,929) 211,752 — — — 211,752 Recognition of net gains/losses on benefit obligations (net of taxes of $8,989) — 24,691 — — 24,691 Reclassifications from other comprehensive income to net income: Amortization of loss on cash flow hedge (net of taxes of $438) — — 696 — 696 Amortization of prior service cost and deferred gains/losses (net of taxes of $9,592) — 15,228 — — 15,228 Balance, February 3, 2018 $ (280,051 ) $ (159,562 ) $ (2,246 ) $ — $ (441,859 ) Additions to other comprehensive income: Foreign currency translation adjustments (net of taxes of $13,725) (182,264 ) — — — (182,264 ) Net investment hedges (net of taxes of $7,113) — — — 19,539 19,539 Reclassifications from other comprehensive income to net income: Amortization of prior service cost and deferred gains (net of taxes of $2,101) — 5,770 — — 5,770 Amortization of loss on cash flow hedge (net of taxes of $153) — — 416 — 416 Balance, August 4, 2018 $ (462,315 ) $ (153,792 ) $ (1,830 ) $ 19,539 $ (598,398 ) |
Capital Stock and Earnings Pe25
Capital Stock and Earnings Per Share (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Equity [Abstract] | |
Earnings Per Share | The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands, except per share data August 4, July 29, August 4, July 29, Basic earnings per share Net income $ 739,626 $ 552,957 $ 1,456,007 $ 1,089,236 Weighted average common shares outstanding for basic EPS 623,426 639,127 625,019 641,776 Basic earnings per share $ 1.19 $ 0.87 $ 2.33 $ 1.70 Diluted earnings per share Net income $ 739,626 $ 552,957 $ 1,456,007 $ 1,089,236 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 623,426 639,127 625,019 641,776 Assumed exercise/vesting of: Stock options and awards 9,534 9,190 8,665 10,116 Weighted average common shares outstanding for diluted EPS 632,960 648,317 633,684 651,892 Diluted earnings per share $ 1.17 $ 0.85 $ 2.30 $ 1.67 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
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 August 4, 2018 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at August 4, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 Prepaid Exp $ 141 $ — $ 141 € 53,950 £ 47,868 0.8873 (Accrued Exp) — (518 ) (518 ) £ 30,000 C$ 54,038 1.8013 Prepaid Exp 2,484 — 2,484 U.S.$ 77,079 £ 55,000 0.7136 (Accrued Exp) — (5,097 ) (5,097 ) A$ 10,000 £ 5,631 0.5631 (Accrued Exp) — (64 ) (64 ) Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.3M – 3.0M gal per month Float on 2.3M – 3.0M gal per month N/A Prepaid Exp 6,864 — 6,864 Intercompany billings in Europe, primarily merchandise related € 76,000 £ 67,192 0.8841 (Accrued Exp) — (672 ) (672 ) Merchandise purchase commitments C$ 621,719 U.S.$ 481,300 0.7741 Prepaid Exp / (Accrued Exp) 4,913 (2,940 ) 1,973 C$ 35,433 € 23,000 0.6491 (Accrued Exp) — (610 ) (610 ) £ 351,964 U.S.$ 488,400 1.3876 Prepaid Exp 28,329 — 28,329 U.S.$ 3,274 £ 2,475 0.7560 (Accrued Exp) (49 ) (49 ) A$ 33,867 U.S.$ 25,327 0.7478 Prepaid Exp / (Accrued Exp) 229 (16 ) 213 zł 355,038 £ 72,479 0.2041 (Accrued Exp) — (1,889 ) (1,889 ) U.S.$ 74,329 € 61,929 0.8332 (Accrued Exp) — (2,336 ) (2,336 ) Total fair value of derivative financial instruments $ 42,960 $ (14,191 ) $ 28,769 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2018 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at February 3, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 (Accrued Exp) $ — $ (45 ) $ (45 ) € 51,950 £ 46,095 0.8873 (Accrued Exp) — (318 ) (318 ) U.S.$ 77,079 £ 55,000 0.7136 Prepaid Exp 1,636 — 1,636 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on Float on N/A Prepaid Exp 7,854 — 7,854 Intercompany billings in TJX Europe, primarily merchandise related € 26,000 £ 22,948 0.8826 (Accrued Exp) — (2 ) (2 ) Merchandise purchase commitments C$ 462,464 U.S.$ 367,200 0.7940 Prepaid Exp / 49 (5,478 ) (5,429 ) C$ 22,562 € 15,000 0.6648 Prepaid Exp 557 — 557 £ 176,911 U.S.$ 238,000 1.3453 Prepaid Exp / 173 (12,838 ) (12,665 ) zł 288,646 £ 60,023 0.2079 (Accrued Exp) — (1,303 ) (1,303 ) A$ 28,635 U.S.$ 22,230 0.7763 Prepaid Exp / 43 (573 ) (530 ) U.S.$ 44,223 € 36,950 0.8355 Prepaid Exp 1,905 — 1,905 Total fair value of financial instruments $ 12,217 $ (20,557 ) $ (8,340 ) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at July 29, 2017 : In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Net Fair Value in U.S.$ at July 29, 2017 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 13,000 0.1940 (Accrued Exp) $ — $ (1,326 ) $ (1,326 ) € 69,200 £ 59,813 0.8643 (Accrued Exp) — (3,044 ) (3,044 ) U.S.$ 68,445 £ 55,000 0.8036 Prepaid Exp 4,174 — 4,174 A$ 40,000 $ 23,781 0.5945 (Accrued Exp) — (676 ) (676 ) Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.0M – 2.5M gal per month Float on 2.0M – 2.5M gal per month N/A Prepaid Exp 544 — 544 Intercompany billings in Europe, primarily merchandise related € 54,000 £ 47,790 0.8850 (Accrued Exp) — (730 ) (730 ) Merchandise purchase commitments C$ 571,142 U.S.$ 430,600 0.7539 (Accrued Exp) — (29,261 ) (29,261 ) C$ 33,086 € 22,500 0.6800 Prepaid Exp / 218 (361 ) (143 ) £ 252,400 U.S.$ 324,000 1.2837 (Accrued Exp) — (8,417 ) (8,417 ) A$ 26,492 U.S.$ 20,266 0.7650 (Accrued Exp) — (895 ) (895 ) zł 326,370 £ 66,993 0.2053 (Accrued Exp) — (1,917 ) (1,917 ) U.S.$ 2,284 £ 1,787 0.7824 Prepaid Exp 65 — 65 U.S.$ 74,175 € 66,313 0.8940 Prepaid Exp 3,957 — 3,957 Total fair value of financial instruments $ 8,958 $ (46,627 ) $ (37,669 ) |
Impact of Derivative Financial Instruments on Statements of Income | Presented below is the impact of derivative financial instruments on the statements of income for the periods shown: Amount of Gain (Loss) Recognized in Income by Derivative Amount of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands Location of Gain (Loss) Recognized in Income by Derivative August 4, 2018 July 29, August 4, July 29, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (2,418 ) $ (5,591 ) $ (4,210 ) $ (2,366 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 18,823 — 18,823 — Diesel fuel contracts Cost of sales, including buying and occupancy costs 1,005 2,006 5,958 (1,317 ) Intercompany billings in Europe, primarily merchandise related Cost of sales, including buying and occupancy costs (576 ) (5,045 ) (694 ) (3,444 ) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 21,171 (44,098 ) 52,628 (34,165 ) Gain / (loss) recognized in income $ 38,005 $ (52,728 ) $ 72,505 $ (41,292 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
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: In thousands August 4, February 3, July 29, Level 1 Assets: Executive Savings Plan investments $ 258,798 $ 249,045 $ 221,978 Level 2 Assets: Short-term investments $ — $ 506,165 $ 502,757 Foreign currency exchange contracts 36,096 4,363 8,414 Diesel fuel contracts 6,864 7,854 544 Liabilities: Foreign currency exchange contracts $ 14,191 $ 20,557 $ 46,627 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Segment Reporting [Abstract] | |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 4, July 29, August 4, July 29, Net sales: In the United States: Marmaxx $ 5,847,721 $ 5,284,639 $ 11,228,639 $ 10,251,774 HomeGoods 1,327,346 1,156,398 2,596,677 2,277,667 TJX Canada 937,736 832,026 1,791,572 1,570,797 TJX International 1,218,312 1,084,637 2,402,947 2,041,486 $ 9,331,115 $ 8,357,700 $ 18,019,835 $ 16,141,724 Segment profit: In the United States: Marmaxx $ 830,315 $ 746,881 $ 1,580,771 $ 1,434,046 HomeGoods 142,090 141,345 289,450 293,437 TJX Canada 138,735 83,229 263,919 186,109 TJX International 48,691 38,967 89,517 45,827 1,159,831 1,010,422 2,223,657 1,959,419 General corporate expense 164,245 109,045 268,365 215,693 Interest expense, net 3,029 9,677 7,177 19,518 Income before provision for income taxes $ 992,557 $ 891,700 $ 1,948,115 $ 1,724,208 |
Pension Plans and Other Retir29
Pension Plans and Other Retirement Benefits (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
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 periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 4, July 29, August 4, July 29, Service cost $ 11,613 $ 11,804 $ 611 $ 587 Interest cost 13,965 13,759 853 843 Expected return on plan assets (20,962 ) (17,382 ) — — Recognized actuarial losses 3,114 5,574 821 833 Total expense $ 7,730 $ 13,755 $ 2,285 $ 2,263 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 4, July 29, August 4, July 29, Service cost $ 23,226 $ 23,609 $ 1,222 $ 1,175 Interest cost 27,930 27,518 1,706 1,686 Expected return on plan assets (41,924 ) (34,764 ) — — Recognized actuarial losses 6,228 11,154 1,642 1,664 Total expense $ 15,460 $ 27,517 $ 4,570 $ 4,525 |
Long-Term Debt and Credit Lin30
Long-Term Debt and Credit Lines (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of August 4, 2018 , February 3, 2018 and July 29, 2017 . All amounts are net of unamortized debt discounts. In thousands August 4, February 3, July 29, General corporate debt: 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $211 at August 4, 2018, $234 at February 3, 2018 and $256 at July 29, 2017) $ 499,789 $ 499,766 $ 499,744 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $212 at August 4, 2018, $250 at February 3, 2018 and $287 at July 29, 2017) 749,788 749,750 749,713 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $6,030 at August 4, 2018, $6,403 at February 3, 2018 and $6,776 at July 29, 2017) 993,970 993,597 993,224 Debt issuance cost (11,435 ) (12,506 ) (13,578 ) Long-term debt $ 2,232,112 $ 2,230,607 $ 2,229,103 |
Basis of Presentation and Sum31
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Aug. 04, 2018USD ($)Location | Feb. 03, 2018USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings, net of tax | $ 58,712 | |
Revenue recognized | $ 774,955 | |
Percentage owned in subsidiary company | 83.00% | |
Asset Impairment Charges | $ 99,300 | |
Impairment | (97,254) | |
Sierra Trading Post | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Impairment | (97,254) | |
Impairment charge related to long lived assets | $ 2,000 | |
Retained Earnings | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings, net of tax | $ 58,712 | |
Sales Revenue Net | Other Revenue | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 1.00% | |
Minimum | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Number of lease locations | Location | 4,200 |
Basis of Presentation and Sum32
Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) $ in Thousands | 6 Months Ended |
Aug. 04, 2018USD ($) | |
Movement in Contract with Customer, Liability [Roll Forward] | |
Beginning balance | $ 406,506 |
Deferred revenue | 731,890 |
Effect of exchange rates changes on deferred revenue | (4,871) |
Revenue recognized | 774,955 |
Ending balance | $ 358,570 |
Basis of Presentation and Sum33
Basis of Presentation and Summary of Significant Accounting Policies - Roll Forward of Goodwill by Component (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Aug. 04, 2018 | Feb. 03, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, balance | $ 100,069 | $ 195,871 |
Impairment | (97,254) | |
Effect of exchange rate changes on goodwill | (1,955) | 1,452 |
Goodwill, balance | 98,114 | 100,069 |
Winners | ||
Goodwill [Roll Forward] | ||
Goodwill, balance | 1,784 | 1,686 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | (77) | 98 |
Goodwill, balance | 1,707 | 1,784 |
Sierra Trading Post | ||
Goodwill [Roll Forward] | ||
Goodwill, balance | 0 | 97,254 |
Impairment | (97,254) | |
Effect of exchange rate changes on goodwill | 0 | 0 |
Goodwill, balance | 0 | 0 |
T.K. Maxx | ||
Goodwill [Roll Forward] | ||
Goodwill, balance | 28,258 | 26,904 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | (1,878) | 1,354 |
Goodwill, balance | 26,380 | 28,258 |
Marmaxx | ||
Goodwill [Roll Forward] | ||
Goodwill, balance | 70,027 | 70,027 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | 0 | 0 |
Goodwill, balance | $ 70,027 | $ 70,027 |
Property at Cost - Additional i
Property at Cost - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 204.2 | $ 174.5 | $ 397.9 | $ 347.1 | $ 726 |
Property at Cost - Components o
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Property, Plant and Equipment [Abstract] | |||
Land and buildings | $ 1,395,034 | $ 1,355,777 | $ 1,271,189 |
Leasehold costs and improvements | 3,263,267 | 3,254,830 | 3,088,783 |
Furniture, fixtures and equipment | 5,619,196 | 5,357,701 | 5,234,345 |
Total property at cost | 10,277,497 | 9,968,308 | 9,594,317 |
Less accumulated depreciation and amortization | 5,177,043 | 4,962,255 | 4,849,627 |
Net property at cost | $ 5,100,454 | $ 5,006,053 | $ 4,744,690 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income - Change in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | $ 5,227,073,000 | $ 4,540,804,000 | $ 5,227,073,000 | $ 4,540,804,000 | $ 5,148,309,000 | |
Foreign currency translation adjustments, net of related taxes | (59,733,000) | 130,667,000 | (182,264,000) | 125,422,000 | 211,752,000 | |
Recognition of net gains/losses on benefit obligations, net of related tax provision (benefit) | 24,691,000 | |||||
Amortization of loss on cash flow hedge, net of related tax provision (benefit) | 210,000 | 171,000 | 416,000 | 342,000 | 696,000 | |
Amortization of prior service cost and deferred gains, related tax provision | 3,162,000 | 3,866,000 | 5,770,000 | 7,732,000 | 15,228,000 | |
Net investment hedges net of taxes | 13,495,000 | $ 0 | 19,539,000 | $ 0 | ||
Foreign Currency Translation | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | (462,315,000) | (462,315,000) | (280,051,000) | $ (491,803,000) | ||
Foreign currency translation adjustments, net of related taxes | (182,264,000) | 211,752,000 | ||||
Deferred Benefit Costs | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | (153,792,000) | (153,792,000) | (159,562,000) | (199,481,000) | ||
Recognition of net gains/losses on benefit obligations, net of related tax provision (benefit) | 24,691,000 | |||||
Amortization of prior service cost and deferred gains, related tax provision | 15,228,000 | |||||
Amortization of prior service cost and deferred gains, net of related tax provisions | 5,770,000 | |||||
Cash Flow Hedge on Debt | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | (1,830,000) | (1,830,000) | (2,246,000) | (2,942,000) | ||
Amortization of loss on cash flow hedge, net of related tax provision (benefit) | 416,000 | 696,000 | ||||
Net Investment Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | 19,539,000 | 19,539,000 | ||||
Net investment hedges net of taxes | 19,539,000 | |||||
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Stockholders' Equity Attributable to Parent | $ (598,398,000) | $ (598,398,000) | $ (441,859,000) | $ (694,226,000) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Equity [Abstract] | |||||
Foreign currency translation adjustments, related tax (benefit) provision | $ 12,519 | $ 54,866 | $ 13,725 | $ 34,323 | $ 36,929 |
Net investment hedges, related tax (benefit) provision | 4,912 | 7,113 | |||
Recognition of net gains/losses on benefit obligations, related tax provision (benefit) | 8,989 | ||||
Amortization of deferred benefit costs, taxes | 773 | 2,543 | 2,101 | 5,086 | 9,592 |
Amortization of loss on cash flow hedge, related tax provisions | $ 76 | $ 112 | $ 153 | $ 225 | $ 438 |
- Capital Stock and Earnings Pe
- Capital Stock and Earnings Per Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Capital Unit [Line Items] | |||||
Common stock repurchased and retired | $ 989,999,000 | ||||
Cash payments for repurchase of common stock | 990,000,000 | $ 885,000,000 | |||
Remaining available stock under stock repurchase plan | $ 3,135,780,269 | $ 3,135,780,269 | |||
Antidilutive options excluded | 0 | 8,000,000 | |||
Trade Date Basis | |||||
Capital Unit [Line Items] | |||||
Common stock repurchased and retired (in shares) | 6,400,000 | 11,300,000 | |||
Common stock repurchased and retired | $ 600,000,000 | $ 1,000,000,000 | |||
Stock Repurchase Programs 2017 | |||||
Capital Unit [Line Items] | |||||
Common stock repurchased and retired (in shares) | 9,600,000 | ||||
Common stock repurchased and retired | $ 864,200,000 | ||||
Stock repurchase program, common stock purchase value | $ 1,000,000,000 | ||||
Stock Repurchase Programs 2018 | |||||
Capital Unit [Line Items] | |||||
Stock repurchase program, common stock purchase value | $ 3,000,000,000 |
Capital Stock and Earnings Pe39
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 | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Basic earnings per share: | ||||
Net income | $ 739,626 | $ 552,957 | $ 1,456,007 | $ 1,089,236 |
Weighted average common shares outstanding for basic EPS | 623,426 | 639,127 | 625,019 | 641,776 |
Basic earnings per share | $ 1.19 | $ 0.87 | $ 2.33 | $ 1.70 |
Diluted earnings per share: | ||||
Stock options and awards | 9,534 | 9,190 | 8,665 | 10,116 |
Weighted average common shares outstanding for diluted EPS | 632,960 | 648,317 | 633,684 | 651,892 |
Diluted earnings per share | $ 1.17 | $ 0.85 | $ 2.30 | $ 1.67 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | $ 27,000 | |||
Gain (loss) recognized in income | $ 38,005 | $ (52,728) | $ 72,505 | $ (41,292) |
Hedge of diesel fuel requirement, remainder of fiscal year 2019 | 49.00% | |||
Hedge of diesel fuel requirement, fiscal year 2020 | 46.00% | |||
Intercompany Dividends | Selling, General And Administrative Expenses | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | 18,823 | $ 18,823 | ||
Foreign currency (loss) on declared dividends | $ 18,000 |
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 | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Aug. 04, 2018CAD ($)gal / mo | Jul. 29, 2017CAD ($)gal / mo | Feb. 03, 2018CAD ($)gal / mo | Aug. 04, 2018AUD ($) | Aug. 04, 2018PLN (zł) | Aug. 04, 2018GBP (£) | Aug. 04, 2018EUR (€) | Aug. 04, 2018USD ($) | Feb. 03, 2018AUD ($) | Feb. 03, 2018PLN (zł) | Feb. 03, 2018GBP (£) | Feb. 03, 2018EUR (€) | Feb. 03, 2018USD ($) | Jul. 29, 2017AUD ($) | Jul. 29, 2017PLN (zł) | Jul. 29, 2017GBP (£) | Jul. 29, 2017EUR (€) | Jul. 29, 2017USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | $ 42,960 | $ 12,217 | $ 8,958 | |||||||||||||||
Current (Liability) U.S.$ | (14,191) | (20,557) | (46,627) | |||||||||||||||
Net Fair Value in U.S.$ | 28,769 | (8,340) | (37,669) | |||||||||||||||
Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | 6,864 | 7,854 | 544 | |||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 6,864 | $ 7,854 | $ 544 | |||||||||||||||
Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | ||||||||||||
Current Asset U.S.$ | $ 141 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 141 | |||||||||||||||||
Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.1940 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.1940 | 0.1940 | 0.1940 | 0.1940 | 0.1940 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (45) | (1,326) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (45) | $ (1,326) | ||||||||||||||||
Conversion Of Zloty To Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2053 | 0.2079 | 0.2079 | 0.2079 | 0.2079 | 0.2079 | 0.2079 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | $ (1,303) | (1,917) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (1,303) | $ (1,917) | ||||||||||||||||
Conversion Of Zloty To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2041 | 0.2041 | 0.2041 | 0.2041 | 0.2041 | 0.2041 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (1,889) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (1,889) | |||||||||||||||||
Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8873 | 0.8643 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8643 | 0.8643 | 0.8643 | 0.8643 | 0.8643 |
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | $ (518) | $ (318) | (3,044) | |||||||||||||||
Net Fair Value in U.S.$ | $ (518) | $ (318) | $ (3,044) | |||||||||||||||
Conversion Of Euro To Pound | Intercompany billings in Europe, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8841 | 0.8850 | 0.8826 | 0.8841 | 0.8841 | 0.8841 | 0.8841 | 0.8841 | 0.8826 | 0.8826 | 0.8826 | 0.8826 | 0.8826 | 0.8850 | 0.8850 | 0.8850 | 0.8850 | 0.8850 |
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | $ (672) | $ (2) | (730) | |||||||||||||||
Net Fair Value in U.S.$ | $ (672) | $ (2) | $ (730) | |||||||||||||||
Conversion Of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.8013 | 1.8013 | 1.8013 | 1.8013 | 1.8013 | 1.8013 | ||||||||||||
Current Asset U.S.$ | $ 2,484 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 2,484 | |||||||||||||||||
Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8036 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.8036 | 0.8036 | 0.8036 | 0.8036 | 0.8036 | ||||||
Current Asset U.S.$ | $ 1,636 | $ 4,174 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 1,636 | $ 4,174 | ||||||||||||||||
Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | ||||||||||||
Current (Liability) U.S.$ | $ (5,097) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (5,097) | |||||||||||||||||
Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7824 | 0.7824 | 0.7824 | 0.7824 | 0.7824 | 0.7824 | ||||||||||||
Current Asset U.S.$ | $ 65 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 65 | |||||||||||||||||
Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7560 | 0.7560 | 0.7560 | 0.7560 | 0.7560 | 0.7560 | ||||||||||||
Current Asset U.S.$ | ||||||||||||||||||
Current (Liability) U.S.$ | (49) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (49) | |||||||||||||||||
Conversion Of Australian Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.5631 | 0.5631 | 0.5631 | 0.5631 | 0.5631 | 0.5631 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (64) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (64) | |||||||||||||||||
Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7539 | 0.7539 | 0.7539 | 0.7539 | 0.7539 | 0.7539 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (29,261) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (29,261) | |||||||||||||||||
Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7741 | 0.7940 | 0.7741 | 0.7741 | 0.7741 | 0.7741 | 0.7741 | 0.7940 | 0.7940 | 0.7940 | 0.7940 | 0.7940 | ||||||
Current Asset U.S.$ | $ 4,913 | $ 49 | ||||||||||||||||
Current (Liability) U.S.$ | (2,940) | (5,478) | ||||||||||||||||
Net Fair Value in U.S.$ | $ 1,973 | $ (5,429) | ||||||||||||||||
Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6648 | 0.6648 | 0.6648 | 0.6648 | 0.6648 | 0.6648 | ||||||||||||
Current Asset U.S.$ | $ 557 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 557 | |||||||||||||||||
Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6491 | 0.6800 | 0.6491 | 0.6491 | 0.6491 | 0.6491 | 0.6491 | 0.6800 | 0.6800 | 0.6800 | 0.6800 | 0.6800 | ||||||
Current Asset U.S.$ | $ 0 | $ 218 | ||||||||||||||||
Current (Liability) U.S.$ | (610) | (361) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (610) | $ (143) | ||||||||||||||||
Conversion Of Pound To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.2837 | 1.2837 | 1.2837 | 1.2837 | 1.2837 | 1.2837 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (8,417) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (8,417) | |||||||||||||||||
Conversion Of Pound To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.3876 | 1.3453 | 1.3876 | 1.3876 | 1.3876 | 1.3876 | 1.3876 | 1.3453 | 1.3453 | 1.3453 | 1.3453 | 1.3453 | ||||||
Current Asset U.S.$ | $ 28,329 | $ 173 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | (12,838) | ||||||||||||||||
Net Fair Value in U.S.$ | $ 28,329 | $ (12,665) | ||||||||||||||||
Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.5945 | 0.5945 | 0.5945 | 0.5945 | 0.5945 | 0.5945 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (676) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (676) | |||||||||||||||||
Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7650 | 0.7650 | 0.7650 | 0.7650 | 0.7650 | 0.7650 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (895) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (895) | |||||||||||||||||
Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7478 | 0.7763 | 0.7478 | 0.7478 | 0.7478 | 0.7478 | 0.7478 | 0.7763 | 0.7763 | 0.7763 | 0.7763 | 0.7763 | ||||||
Current Asset U.S.$ | $ 229 | $ 43 | ||||||||||||||||
Current (Liability) U.S.$ | (16) | (573) | ||||||||||||||||
Net Fair Value in U.S.$ | $ 213 | $ (530) | ||||||||||||||||
Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8940 | 0.8355 | 0.8355 | 0.8355 | 0.8355 | 0.8355 | 0.8355 | 0.8940 | 0.8940 | 0.8940 | 0.8940 | 0.8940 | ||||||
Current Asset U.S.$ | $ 1,905 | $ 3,957 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | 1,905 | 3,957 | ||||||||||||||||
Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8332 | 0.8332 | 0.8332 | 0.8332 | 0.8332 | 0.8332 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (2,336) | |||||||||||||||||
Net Fair Value in U.S.$ | (2,336) | |||||||||||||||||
Pay | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | zł | zł 67,000 | |||||||||||||||||
Pay | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | zł | zł 67,000 | zł 67,000 | ||||||||||||||||
Pay | Conversion Of Zloty To Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | zł | zł 288,646 | zł 326,370 | ||||||||||||||||
Pay | Conversion Of Zloty To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | zł | zł 355,038 | |||||||||||||||||
Pay | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | € 53,950 | € 51,950 | € 69,200 | |||||||||||||||
Pay | Conversion Of Euro To Pound | Intercompany billings in Europe, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | 76,000 | 26,000 | 54,000 | |||||||||||||||
Pay | Conversion Of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | £ 30,000 | |||||||||||||||||
Pay | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ 77,079 | 68,445 | ||||||||||||||||
Pay | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 77,079 | |||||||||||||||||
Pay | Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 2,284 | |||||||||||||||||
Pay | Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 3,274 | |||||||||||||||||
Pay | Conversion Of Australian Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 10,000 | |||||||||||||||||
Pay | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 571,142 | |||||||||||||||||
Pay | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 621,719 | $ 462,464 | ||||||||||||||||
Pay | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 22,562 | |||||||||||||||||
Pay | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 35,433 | $ 33,086 | ||||||||||||||||
Pay | Conversion Of Pound To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | £ 252,400 | |||||||||||||||||
Pay | Conversion Of Pound To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 351,964 | 176,911 | ||||||||||||||||
Pay | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 40,000 | |||||||||||||||||
Pay | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 26,492 | |||||||||||||||||
Pay | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 33,867 | $ 28,635 | ||||||||||||||||
Pay | Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 44,223 | 74,175 | ||||||||||||||||
Pay | Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 74,329 | |||||||||||||||||
Pay | Minimum | Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2.3 | 2.2 | ||||||||||||||||
Pay | Minimum | Diesel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2 | |||||||||||||||||
Pay | Maximum | Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 3 | 3 | ||||||||||||||||
Pay | Maximum | Diesel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2.5 | |||||||||||||||||
Receive | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 14,035 | |||||||||||||||||
Receive | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 14,035 | 13,000 | ||||||||||||||||
Receive | Conversion Of Zloty To Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 60,023 | 66,993 | ||||||||||||||||
Receive | Conversion Of Zloty To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 72,479 | |||||||||||||||||
Receive | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 47,868 | 46,095 | 59,813 | |||||||||||||||
Receive | Conversion Of Euro To Pound | Intercompany billings in Europe, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 67,192 | £ 22,948 | 47,790 | |||||||||||||||
Receive | Conversion Of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 54,038 | |||||||||||||||||
Receive | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 55,000 | £ 55,000 | ||||||||||||||||
Receive | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 55,000 | |||||||||||||||||
Receive | Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | 1,787 | |||||||||||||||||
Receive | Conversion Of US Dollar To Pound | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | 2,475 | |||||||||||||||||
Receive | Conversion Of Australian Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | £ 5,631 | |||||||||||||||||
Receive | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 430,600 | |||||||||||||||||
Receive | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 481,300 | 367,200 | ||||||||||||||||
Receive | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | 15,000 | |||||||||||||||||
Receive | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | 23,000 | 22,500 | ||||||||||||||||
Receive | Conversion Of Pound To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 324,000 | |||||||||||||||||
Receive | Conversion Of Pound To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 488,400 | 238,000 | ||||||||||||||||
Receive | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 23,781 | |||||||||||||||||
Receive | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 20,266 | |||||||||||||||||
Receive | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 25,327 | $ 22,230 | ||||||||||||||||
Receive | Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | € 36,950 | € 66,313 | ||||||||||||||||
Receive | Conversion Of US Dollar To Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | € | € 61,929 | |||||||||||||||||
Receive | Minimum | Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2.3 | 2.2 | ||||||||||||||||
Receive | Minimum | Diesel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2 | |||||||||||||||||
Receive | Maximum | Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 3 | 3 | ||||||||||||||||
Receive | Maximum | Diesel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative, Nonmonetary Notional Amount | gal / mo | 2.5 |
Financial Instruments - Impact
Financial Instruments - Impact of Derivative Financial Instruments on Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | $ 38,005 | $ (52,728) | $ 72,505 | $ (41,292) |
Intercompany Balances, Primarily And Related Interest | Selling, General And Administrative Expenses | Fair Value Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | (2,418) | (5,591) | (4,210) | (2,366) |
Intercompany Dividends | Selling, General And Administrative Expenses | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | 18,823 | 18,823 | ||
Diesel contracts | Cost Of Sales, Including Buying And Occupancy Costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | 1,005 | 2,006 | 5,958 | (1,317) |
Intercompany billings in Europe, primarily merchandise related | Cost Of Sales, Including Buying And Occupancy Costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | (576) | (5,045) | (694) | (3,444) |
Merchandise purchase commitments | Cost Of Sales, Including Buying And Occupancy Costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | $ 21,171 | $ (44,098) | $ 52,628 | $ (34,165) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Fair Value Disclosures [Abstract] | |||
Fair value of long-term debt | $ 2,100,000 | $ 2,200,000 | $ 2,200,000 |
Carrying value of long-term debt | $ 2,232,112 | $ 2,230,607 | $ 2,229,103 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts, Assets | $ 36,096 | $ 4,363 | $ 8,414 |
Foreign currency exchange contracts, Liabilities | 14,191 | 20,557 | 46,627 |
Executive Savings Plan Investments | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | 258,798 | 249,045 | 221,978 |
Diesel contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | 6,864 | 7,854 | 544 |
Short-Term Investments | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | $ 0 | $ 506,165 | $ 502,757 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Aug. 04, 2018Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Segment Information - Financial
Segment Information - Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 9,331,115 | $ 8,357,700 | $ 18,019,835 | $ 16,141,724 |
Segment profit | 1,159,831 | 1,010,422 | 2,223,657 | 1,959,419 |
General corporate expense | 164,245 | 109,045 | 268,365 | 215,693 |
Interest expense, net | 3,029 | 9,677 | 7,177 | 19,518 |
Income before provision for income taxes | 992,557 | 891,700 | 1,948,115 | 1,724,208 |
Marmaxx | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,847,721 | 5,284,639 | 11,228,639 | 10,251,774 |
Segment profit | 830,315 | 746,881 | 1,580,771 | 1,434,046 |
HomeGoods | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,327,346 | 1,156,398 | 2,596,677 | 2,277,667 |
Segment profit | 142,090 | 141,345 | 289,450 | 293,437 |
TJX Canada | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 937,736 | 832,026 | 1,791,572 | 1,570,797 |
Segment profit | 138,735 | 83,229 | 263,919 | 186,109 |
TJX International | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,218,312 | 1,084,637 | 2,402,947 | 2,041,486 |
Segment profit | $ 48,691 | $ 38,967 | $ 89,517 | $ 45,827 |
Pension Plans and Other Retir47
Pension Plans and Other Retirement Benefits - Additional Information (Detail) $ in Millions | 6 Months Ended |
Aug. 04, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum percentage of pension liability | 80.00% |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 2.5 |
Pension Plans and Other Retir48
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11,613 | $ 11,804 | $ 23,226 | $ 23,609 |
Interest cost | 13,965 | 13,759 | 27,930 | 27,518 |
Expected return on plan assets | (20,962) | (17,382) | (41,924) | (34,764) |
Recognized actuarial losses | 3,114 | 5,574 | 6,228 | 11,154 |
Total expense | 7,730 | 13,755 | 15,460 | 27,517 |
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2,500 | 2,500 | ||
Service cost | 611 | 587 | 1,222 | 1,175 |
Interest cost | 853 | 843 | 1,706 | 1,686 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial losses | 821 | 833 | 1,642 | 1,664 |
Total expense | $ 2,285 | $ 2,263 | $ 4,570 | $ 4,525 |
Long-Term Debt and Credit Lin49
Long-Term Debt and Credit Lines - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||||||
Aug. 04, 2018CAD ($)CreditFacility | Jul. 29, 2017CAD ($)CreditFacility | Feb. 03, 2018CAD ($)CreditFacility | Aug. 04, 2018GBP (£)CreditFacility | Aug. 04, 2018USD ($)CreditFacility | Feb. 03, 2018GBP (£)CreditFacility | Feb. 03, 2018USD ($)CreditFacility | Jul. 29, 2017GBP (£)CreditFacility | Jul. 29, 2017USD ($)CreditFacility | |
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Quarterly payments on unused committed amounts | 0.06% | ||||||||
Ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization | 275.00% | 275.00% | 275.00% | ||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | ||||||
Revolving Credit Facility March 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Maturity Month/Year | 2020-03 | 2020-03 | 2020-03 | ||||||
Revolving Credit Facility March 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Maturity Month/Year | 2022-03 | 2022-03 | 2022-03 | ||||||
TJX Canada | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||
Credit facilities, amount outstanding | 0 | 0 | 0 | ||||||
TJX Canada | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | ||||||
TJX International | TJX Europe Credit Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | £ | £ 5,000,000 | £ 5,000,000 | £ 5,000,000 | ||||||
Credit facilities, amount outstanding | £ | £ 0 | £ 0 | £ 0 |
Long-Term Debt and Credit Lin50
Long-Term Debt and Credit Lines - Exclusive of Current Installments (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,232,112 | $ 2,230,607 | $ 2,229,103 |
Debt issuance cost | (11,435) | (12,506) | (13,578) |
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 499,789 | 499,766 | 499,744 |
2.75% Seven-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 749,788 | 749,750 | 749,713 |
2.25% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 993,970 | $ 993,597 | $ 993,224 |
Long-Term Debt and Credit Lin51
Long-Term Debt and Credit Lines - Exclusive of Current Installments - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | |
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.50% | ||
Maturity date | May 15, 2023 | ||
Unamortized debt discount | $ 211 | $ 234 | $ 256 |
Effective interest rate | 2.51% | ||
2.75% Seven-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.75% | ||
Maturity date | Jun. 15, 2021 | ||
Unamortized debt discount | $ 212 | 250 | 287 |
Effective interest rate | 2.76% | ||
2.25% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.25% | ||
Maturity date | Sep. 15, 2026 | ||
Unamortized debt discount | $ 6,030 | $ 6,403 | $ 6,776 |
Effective interest rate | 2.32% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Income Taxes [Line Items] | |||||
Effective income tax rate | 25.50% | 38.00% | 25.30% | 36.80% | |
Corporate tax rate | 21.00% | ||||
Net unrecognized tax benefits | $ 62,400,000 | $ 40,400,000 | $ 62,400,000 | $ 40,400,000 | $ 57,300,000 |
Accrued amounts for interest and penalties | 13,500,000 | $ 8,300,000 | 13,500,000 | $ 8,300,000 | $ 11,900,000 |
Minimum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | 0 | 0 | |||
Maximum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 22,000,000 | $ 22,000,000 |
Contingent Obligations and Co53
Contingent Obligations and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Aug. 04, 2018USD ($)Lease | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of leases subject to contingent liability, maximum | Lease | 8 |
Estimated contingent obligations | $ | $ 42.5 |