Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Feb. 02, 2019 | Mar. 02, 2019 | Aug. 04, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 2, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TJX | ||
Entity Registrant Name | TJX COMPANIES INC /DE/ | ||
Entity Central Index Key | 0000109198 | ||
Current Fiscal Year End Date | --02-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1,214,588,500 | ||
Entity Public Float | $ 60.5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 38,972,934 | $ 35,864,664 | $ 33,183,744 |
Cost of sales, including buying and occupancy costs | 27,831,177 | 25,502,167 | 23,565,754 |
Selling, general and administrative expenses | 6,923,564 | 6,375,071 | 5,768,467 |
Impairment of goodwill and other long-lived assets, related to Sierra | 0 | 99,250 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 51,773 |
Pension settlement charge | 36,122 | 0 | 31,173 |
Interest expense, net | 8,860 | 31,588 | 43,534 |
Income before provision for income taxes | 4,173,211 | 3,856,588 | 3,723,043 |
Provision for income taxes | 1,113,413 | 1,248,640 | 1,424,809 |
Net income | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Basic earnings per share: | |||
Net income, Basic (in dollars per share) | $ 2.47 | $ 2.05 | $ 1.75 |
Weighted average common shares - basic (in share) | 1,241,153 | 1,273,654 | 1,311,294 |
Diluted earnings per share: | |||
Net income, Diluted (in dollars per share) | $ 2.43 | $ 2.02 | $ 1.73 |
Weighted average common shares - diluted (in dollars per share) | 1,259,252 | 1,292,209 | 1,328,864 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Additions to other comprehensive income: | |||
Foreign currency translation adjustments, net of related tax benefit of $8,233 in fiscal 2019, and provisions of $36,929 and $25,656 in fiscal 2018 and fiscal 2017, respectively | (192,664) | 211,752 | (52,611) |
Gain on net investment hedges, net of related tax provision of $7,113 in fiscal 2019 | 19,538 | 0 | 0 |
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $19,813 in fiscal 2019, provision of $8,989 in fiscal 2018 and benefit of $7,394 in fiscal 2017 | (54,420) | 24,691 | (11,239) |
Reclassifications from other comprehensive income to net income: | |||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 and $12,369 in fiscal 2017 | 26,481 | 0 | 18,804 |
Amortization of loss on cash flow hedge, net of related tax provisions of $304, $438 and $450 in fiscal 2019, 2018 and 2017, respectively | 847 | 696 | 684 |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $4,280, $9,592, and $11,584 in fiscal 2019, 2018 and 2017, respectively | 11,756 | 15,228 | 17,608 |
Other comprehensive (loss) income, net of tax | (188,462) | 252,367 | (26,754) |
Total comprehensive income | $ 2,871,336 | $ 2,860,315 | $ 2,271,480 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, related tax provisions (benefit) | $ 8,233 | $ 36,929 | $ 25,656 |
Gain on investment hedges, tax provision | 7,113 | ||
Recognition of net gains/losses on benefit obligations, related tax provision (benefit) | (19,813) | 8,989 | (7,394) |
Pension settlement charge, Tax provision (benefit) | 9,641 | 0 | 12,369 |
Amortization of loss on cash flow hedge, Tax provision (benefit) | 304 | 438 | 450 |
Amortization of prior service cost and deferred gains/losses, related tax provisions | $ 4,280 | $ 9,592 | $ 11,584 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,030,229 | $ 2,758,477 |
Short-term investments | 0 | 506,165 |
Accounts receivable, net | 346,298 | 327,166 |
Merchandise inventories | 4,579,033 | 4,187,243 |
Prepaid expenses and other current assets | 513,662 | 706,676 |
Total current assets | 8,469,222 | 8,485,727 |
Net property at cost | 5,255,208 | 5,006,053 |
Non-current deferred income taxes, net | 6,467 | 6,558 |
Goodwill | 97,552 | 100,069 |
Other assets | 497,580 | 459,608 |
TOTAL ASSETS | 14,326,029 | 14,058,015 |
Current liabilities: | ||
Accounts payable | 2,644,143 | 2,488,373 |
Accrued expenses and other current liabilities | 2,733,076 | 2,522,961 |
Federal, state and foreign income taxes payable | 154,155 | 114,203 |
Total current liabilities | 5,531,374 | 5,125,537 |
Other long-term liabilities | 1,354,242 | 1,320,505 |
Non-current deferred income taxes, net | 158,191 | 233,057 |
Long-term debt | 2,233,616 | 2,230,607 |
Commitments and contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | 0 | 0 |
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,217,182,508 and 1,256,018,044, respectively | 1,217,183 | 1,256,018 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive (loss) income | (630,321) | (441,859) |
Retained earnings | 4,461,744 | 4,334,150 |
Total shareholders’ equity | 5,048,606 | 5,148,309 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 14,326,029 | $ 14,058,015 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 02, 2019 | Feb. 03, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | |
Preferred stock, par value ($ per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 1,800,000,000 | |
Common stock, par value ($ per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,217,182,508 | 1,256,018,044 |
Common stock, shares outstanding (in shares) | 1,217,182,508 | 1,256,018,044 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 819,655 | 725,957 | 658,796 |
Loss on property disposals and impairment charges | 17,653 | 8,871 | 5,207 |
Deferred income tax (benefit) | (88,594) | (137,440) | (5,503) |
Share-based compensation | 103,557 | 101,362 | 102,251 |
Impairment of goodwill and other long-lived assets, related to Sierra | 0 | 99,250 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 51,773 |
Pension settlement charge | 36,122 | 0 | 31,173 |
Excess tax benefits from share-based compensation | 0 | 0 | (70,999) |
Changes in assets and liabilities: | |||
(Increase) in accounts receivable | (23,532) | (62,358) | (23,235) |
(Increase) decrease in merchandise inventories | (465,429) | (450,377) | 11,862 |
Decrease (increase) in prepaid expenses and other current assets | 236,342 | (317,850) | (9,600) |
Increase in accounts payable | 198,212 | 205,111 | 48,253 |
Increase in accrued expenses and other liabilities | 169,418 | 334,522 | 389,399 |
Increase (decrease) in income taxes payable | 40,965 | (94,492) | 146,766 |
Other | (15,708) | 5,120 | (7,518) |
Net cash provided by operating activities | 4,088,459 | 3,025,624 | 3,626,859 |
Cash flows from investing activities: | |||
Property additions | (1,125,139) | (1,057,617) | (1,024,747) |
Purchases of investments | (161,625) | (861,256) | (716,953) |
Sales and maturities of investments | 636,560 | 906,137 | 529,146 |
Other | 26,652 | 0 | (2,324) |
Net cash (used in) investing activities | (623,552) | (1,012,736) | (1,214,878) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 0 | 0 | 992,540 |
Cash payments for extinguishment of debt | 0 | 0 | (425,584) |
Cash payments for debt issuance expenses | 0 | 0 | (9,921) |
Cash payments on build to suit leases | (7,115) | (3,138) | 0 |
Cash payments for rate lock agreement | 0 | 0 | (3,150) |
Cash payments for repurchase of common stock | (2,406,997) | (1,644,581) | (1,699,998) |
Proceeds from issuance of common stock | 255,241 | 133,687 | 164,190 |
Cash payments of employee tax withholdings for performance based stock awards | (16,014) | (19,274) | (24,965) |
Excess tax benefits from share-based compensation | 0 | 0 | 70,999 |
Cash dividends paid | (922,596) | (764,040) | (650,988) |
Net cash (used in) financing activities | (3,097,481) | (2,297,346) | (1,586,877) |
Effect of exchange rate changes on cash | (95,674) | 113,086 | 9,272 |
Net increase (decrease) in cash and cash equivalents | 271,752 | (171,372) | 834,376 |
Cash and cash equivalents at beginning of year | 2,758,477 | 2,929,849 | 2,095,473 |
Cash and cash equivalents at end of year | $ 3,030,229 | $ 2,758,477 | $ 2,929,849 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning Balance at Jan. 30, 2016 | $ 4,307,075 | $ 1,326,992 | $ (667,472) | $ 3,647,555 | |
Beginning Balance (Shares) at Jan. 30, 2016 | 1,326,992,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,298,234 | 2,298,234 | |||
Other comprehensive (loss), net of tax | (26,754) | (26,754) | |||
Cash dividends declared on common stock | (680,183) | (680,183) | |||
Recognition of share-based compensation | 102,251 | $ 102,251 | |||
Issuance of common stock under stock incentive plan and related tax effect | 209,974 | $ 10,202 | 204,873 | (5,101) | |
Issuance of common stock under stock incentive plan and related tax effect (shares) | 10,202,000 | ||||
Common stock repurchased | $ (1,699,998) | $ (44,556) | (307,124) | (1,348,318) | |
Common stock repurchased (shares) | (44,600,000) | (44,556,000) | |||
Ending balance at Jan. 28, 2017 | $ 4,510,599 | $ 1,292,638 | (694,226) | 3,912,187 | |
Ending balance (shares) at Jan. 28, 2017 | 1,292,638,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,607,948 | 2,607,948 | |||
Other comprehensive (loss), net of tax | 252,367 | 252,367 | |||
Cash dividends declared on common stock | (793,878) | (793,878) | |||
Recognition of share-based compensation | 101,362 | 101,362 | |||
Issuance of common stock under stock incentive plan and related tax effect | 114,492 | $ 7,790 | 110,597 | (3,895) | |
Issuance of common stock under stock incentive plan and related tax effect (shares) | 7,790,000 | ||||
Common stock repurchased | $ (1,644,581) | $ (44,410) | (211,959) | (1,388,212) | |
Common stock repurchased (shares) | (44,400,000) | (44,410,000) | |||
Ending balance at Feb. 03, 2018 | $ 5,148,309 | $ 1,256,018 | (441,859) | 4,334,150 | |
Ending balance (shares) at Feb. 03, 2018 | 1,256,018,044 | 1,256,018,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 3,059,798 | 3,059,798 | |||
Cumulative effect of new accounting principle in period of adoption | 58,712 | 58,712 | |||
Other comprehensive (loss), net of tax | (188,462) | (188,462) | |||
Cash dividends declared on common stock | (965,539) | (965,539) | |||
Recognition of share-based compensation | 103,557 | 103,557 | |||
Issuance of common stock under stock incentive plan and related tax effect | 239,228 | $ 11,988 | 227,240 | ||
Issuance of common stock under stock incentive plan and related tax effect (shares) | 11,988,000 | ||||
Common stock repurchased | $ (2,406,997) | $ (50,823) | $ (330,797) | (2,025,377) | |
Common stock repurchased (shares) | (50,800,000) | (50,823,000) | |||
Ending balance at Feb. 02, 2019 | $ 5,048,606 | $ 1,217,183 | $ (630,321) | $ 4,461,744 | |
Ending balance (shares) at Feb. 02, 2019 | 1,217,182,508 | 1,217,183,000 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Accounting Policies | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Accounting Policies | Basis of Presentation and Summary of Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of its activities are conducted by TJX or its subsidiaries and are consolidated in these financial statements. All intercompany transactions have been eliminated in consolidation. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal year ended February 2, 2019 (“fiscal 2019 ”) was a 52 -week fiscal year. Fiscal 2018 was a 53 -week year and fiscal 2017 was a 52 -week fiscal year. Use of Estimates The preparation of TJX’s 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, 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, online 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 was no change in the timing or amount of revenue recognized under the new standard as it related to revenue from point of sale at the registers in our stores, which constitutes more than 98% of our 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. Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1.0% 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 that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received 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 of Notes to Consolidated Financial Statements. 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. Fiscal Period In thousands February 2, Balance, February 3, 2018 $ 406,506 Deferred revenue 1,677,251 Effect of exchange rates changes on deferred revenue (6,279 ) Revenue recognized (1,627,176 ) Balance, February 2, 2019 $ 450,302 TJX recognized $1.6 billion in gift card revenue for the fiscal period 2019 . Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue recognized from breakage was $20.6 million in fiscal 2019 , $21.1 million in fiscal 2018 and $20.5 million in fiscal 2017 . 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. We estimate the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separate from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on our Consolidated Balance Sheets. Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of February 2, 2019 , TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion , of which $420.6 million was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. Merchandise Inventories Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (e.g. inventory in transit and unprocessed inventory in our distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. As a result, merchandise inventories on TJX’s balance sheet include in-transit inventory of $832.1 million at February 2, 2019 and $755.4 million at February 3, 2018 . Comparable amounts were reflected in accounts payable at those dates. Common Stock and Equity In fiscal 2019, we completed a two-for-one stock split of the Company’s common stock in the form of a stock dividend. For additional information see Note D - Capital Stock and Earnings Per Share of Notes to Consolidated Financial Statements. Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the high volume of repurchases over the past several years, TJX has no remaining balance in APIC at the end of any of the years presented. All shares repurchased have been retired. Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Prior to fiscal 2018, any tax benefits greater than the deferred tax assets created at the time of expensing the options were credited to APIC; any deficiencies in the tax benefits were debited to APIC to the extent a pool for such deficiencies existed. In the absence of a pool, any deficiencies were realized in the related periods’ statements of income through the provision for income taxes. Beginning in fiscal 2018 , upon adoption of ASU 2016-9-Compensation-Stock compensation (Topic 718): Improvements to employee share-based payment accountin g, any excess tax benefits or deficiencies are included in the provision for income taxes. The par value of performance-based deferred stock awards, performance share units and restricted stock units is added to common stock when shares are delivered following vesting. The par value of performance-based restricted stock awards is added to common stock when the stock is issued, generally at grant date. The fair value of stock awards and units in excess of any par value is added to APIC as the awards are amortized into earnings over the related requisite service periods. Share-Based Compensation TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. See Note H – Stock Incentive Plan of Notes to Consolidated Financial Statements for a detailed discussion of share-based compensation. Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Interest expense $ 69,102 $ 69,237 $ 69,219 Capitalized interest (4,263 ) (4,942 ) (7,548 ) Interest (income) (55,979 ) (32,707 ) (18,137 ) Interest expense, net $ 8,860 $ 31,588 $ 43,534 TJX capitalizes interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2019 , 2018 and 2017 relates to costs on owned real estate projects and development costs on a merchandising system. Depreciation and Amortization For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years . Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years ), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years . Depreciation and amortization expense for property was $818.9 million in fiscal 2019 , $727.2 million in fiscal 2018 and $664.5 million in fiscal 2017 . TJX had no property held under capital leases during fiscal 2019 , 2018 , or 2017 . Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized over 5 years . Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. Lease Accounting The Company generally leases stores, distribution centers and office space under operating leases. Store lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for percentage of sales in excess of specified levels. We recognize rent on a straight-line basis over the term of the lease, including rent holiday periods and scheduled rent increases. We begin recording rent expense when we take possession of a store, which is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. Asset Retirement Obligations The Company establishes an asset retirement obligation, and related asset, for leases of property that require us to return the property to its original condition (commonly referred to as a reinstatement provision) if and when we exit the facility. These reinstatement provisions are primarily applicable to our TJX International locations. The income statement impact of our asset retirement obligation is recorded in general corporate expenses and our operating divisions are charged the actual costs incurred when a retirement takes place. Build-to-Suit Accounting Lease agreements involving property built to our specifications are reviewed to determine if our involvement in the construction project requires that we account for the project costs as if we were the owner for accounting purposes. We have entered into several lease agreements where we are deemed the owner of a construction project for accounting purposes. Thus, during construction of the facility the construction costs incurred by us as the lessor are included as a construction in progress asset along with a related liability of the same amount on our balance sheet. Upon completion of the project, a sale-leaseback analysis is performed to determine if the Company should record a sale to remove the related asset and related obligation and record the lease as either an operating or capital lease obligation. If the Company is precluded from derecognizing the asset when construction is complete, due to continuing involvement beyond a normal leaseback, the lease is accounted for as a financing transaction and the recorded asset and related financing obligation remain on the Consolidated Balance Sheets. Accordingly, the asset is depreciated over its estimated useful life in accordance with the Company’s policy and a portion of the lease payments is allocated to ground rent and treated as an operating lease. The portion of the lease payment allocated to ground rental expense is based on the fair value of the land at the commencement of construction. Lease payments allocated to the non-land asset are recognized as reductions to the financing obligation and interest expense. As disclosed in “Future Adoption of New Accounting Standards,” our accounting for build-to-suit leases will change upon adoption of the new lease accounting standard. Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83% -owned subsidiary and represents goodwill associated with the T.J. Maxx chain, 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 in fiscal 2013, rebranded as Sierra in fiscal 2019, 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 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 (92 ) (2,425 ) (2,517 ) Balance, February 2, 2019 $ 70,027 $ 1,692 $ — $ 25,833 $ 97,552 Goodwill is considered to have an indefinite life and accordingly is not amortized. In fiscal 2018 , the Company recorded an impairment charge of $99.3 million which included $97.3 million of Sierra goodwill and $2.0 million for certain long-lived assets of Sierra as the estimated fair value of this business fell below the carrying value due to a decrease in projected revenue growth rates. The impairment charge is included within the Marmaxx segment results. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued by calculating the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years . The Trade Secret tradename is being amortized over 7 years . The following is a roll forward of tradenames. Fiscal Year Ended February 2, 2019 February 3, 2018 In thousands Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets Sierra Trading Post $ 38,500 $ (15,614 ) $ — $ 22,886 $ 38,500 $ (13,029 ) $ — $ 25,471 Trade Secret $ 12,541 $ (4,117 ) $ (1,048 ) $ 7,376 $ 12,541 $ (2,899 ) $ 2,072 $ 11,714 Indefinite-lived intangible asset Marshalls $ 107,695 $ — $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years . Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate. Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates its long-lived assets, goodwill and tradenames for indicators of impairment at least annually in the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The evaluation for long-lived assets including tradenames that are amortized, is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This analysis resulted in immaterial impairment charges of store fixed assets in fiscal 2019 and fiscal 2018 . The store-by-store evaluations did not indicate any recoverability issues in fiscal 2017 . Goodwill and tradenames with an indefinite life are tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year. The carrying value of tradenames with an indefinite life is compared to its fair value determined by calculating the discounted present value of assumed after-tax royalty payments to the carrying value of the tradename. There was no impairment related to tradenames in fiscal 2019 , 2018 or 2017 . Goodwill is tested for impairment by using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. We may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. In fiscal 2019 and fiscal 2018 , we bypassed the qualitative assessment and performed the first step of the quantitative goodwill impairment test. In fiscal 2018 the Company recorded an impairment charge of $97.3 million for Sierra goodwill as the estimated fair value of this business fell below the carrying value due to a decrease in projected revenue growth rates. There were no impairments related to our goodwill in fiscal 2019 or 2017 . Advertising Costs TJX expenses advertising costs as incurred. Advertising expense was $446.3 million for fiscal 2019 , $412.4 million for fiscal 2018 and $402.6 million for fiscal 2017 . Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the statements of income and cash flows is translated at average exchange rates prevailing during the fiscal year. Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, we have reviewed the guidance and have determined that they will not apply or are not expected to be material to our Consolidated Financial Statements upon adoption and therefore, are not disclosed. Leases In February 2016, the Financial Accounting Standards Board issued updated guidance on leases to increase transparency and comparability among organizations by requiring lessees to recognize right of use 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 previously 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 will adopt this standard on February 3, 2019 using the optional transition method under ASU 2018-11. The Company implemented a new lease accounting system and evaluated our lease portfolio to assess the impact this standard will have on our Consolidated Financial Statements and Notes thereto. 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 will not be material. Any impact to the income statement will be the result of the timing of expense recognition and will not be incremental over the term of the lease. For example, under ASC 842 certain initial direct costs will no longer be capitalized and amortized over the lease term and will be expensed as incurred. In addition, in certain instances, the cost of our renewal options may be recognized earlier in the life of the lease than under the existing lease accounting rules. On adoption of this standard we will recognize an operating lease liability of approximately $9 billion on our statement of financial condition as of February 3, 2019 with corresponding right of use assets based on the present value of the remaining minimum rental payments associated with our more than 4,300 leased locations. This impact includes the derecognition of build-to-suit lease assets and liabilities when we do not control the building during the construction period. We do not believe the new standard will have a notable impact on our liquidity and we do not believe it will have an impact on our debt-covenant compliance under our current agreements. We will implement the transition package of three practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classifications. As our leases do not provide an implicit rate, nor is one readily available, we will use our incremental borrowing rate based on information available at commencement date to determine the present value of future payments. Income Statement - Reporting Comprehensive Income In February 2018, the FASB issued updated guidance related to reporting comprehensive income. The amendments in the update allow for a one-time reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effect as a result from the enactment of the Tax Cuts and Jobs Act of 2017 (“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 will adopt the standard in the first quarter of fiscal 2020 and plans on electing not to reclassify the stranded tax effects as of result of the 2017 Tax Act to retained earnings. The Company is still evaluating the impact of the adoption on its consolidated disclosures. Intangibles-Goodwill and Other-Internal-Use Software In August 2018, the FASB issued guidance related to accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The standard allows entities who are customers in hosting arrangements that are service contracts to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The guidance specifies classification for capitalizing implementation costs and related amortization expense within the financial statements and requires additional disclosures. The guidance will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2019. Early adoption is permitted and can be applied either retrospectively or prospectively. The Company is currently evaluating the transition methods and the impact of the adoption of this standard 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 arisi |
Property at Cost
Property at Cost | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property at Cost | Property at Cost Presented below are the components of property at cost: Fiscal Year Ended In thousands February 2, February 3, Land and buildings $ 1,457,835 $ 1,355,777 Leasehold costs and improvements 3,377,045 3,254,830 Furniture, fixtures and equipment 5,894,239 5,357,701 Total property at cost $ 10,729,119 $ 9,968,308 Less accumulated depreciation and amortization 5,473,911 4,962,255 Net property at cost $ 5,255,208 $ 5,006,053 Presented below is information related to carrying values of TJX’s long-lived assets by geographic location: Fiscal Year Ended In thousands February 2, February 3, United States $ 3,756,929 $ 3,514,628 Canada 303,414 308,259 Europe 1,154,564 1,151,972 Australia 40,301 31,194 Total long-lived assets $ 5,255,208 $ 5,006,053 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Amounts included in accumulated other comprehensive (loss) income relate to the Company’s foreign currency translation adjustments, deferred gains/losses on pension and other post-retirement obligations and a cash flow hedge on issued debt, all of which are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive (loss) income for fiscal 2019 , fiscal 2018 and fiscal 2017 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Accumulated Balance, January 30, 2016 $ (439,192 ) $ (224,654 ) $ (3,626 ) $ (667,472 ) Foreign currency translation adjustments (net of taxes of $25,656) (52,611 ) — — (52,611 ) Recognition of net gains/losses on benefit obligations (net of taxes of $7,394) — (11,239 ) — (11,239 ) Pension settlement charge (net of taxes of $12,369) — 18,804 — 18,804 Amortization of loss on cash flow hedge (net of taxes of $450) — — 684 684 Amortization of prior service cost and deferred gains/losses (net of taxes of $11,584) — 17,608 — 17,608 Balance, January 28, 2017 (491,803 ) (199,481 ) (2,942 ) (694,226 ) 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 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 ) Foreign currency translation adjustments (net of taxes of $8,233) (192,664 ) — — (192,664 ) Recognition of net gains/losses on investment hedges (net of taxes $7,113) 19,538 — — 19,538 Recognition of net gains/losses on benefit obligations (net of taxes of $19,813) — (54,420 ) — (54,420 ) Pension settlement charge (net of taxes of $9,641) — 26,481 — 26,481 Amortization of loss on cash flow hedge (net of taxes of $304) — — 847 847 Amortization of prior service cost and deferred gains/losses (net of taxes of $4,280) — 11,756 — 11,756 Balance, February 2, 2019 $ (453,177 ) $ (175,745 ) $ (1,399 ) $ (630,321 ) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock In fiscal 2019, we completed a two -for-one stock split of the Company’s common stock in the form of a stock dividend. One additional share was paid for each share held by holders of record as of the close of business on October 30, 2018. The shares were distributed on November 6, 2018 and resulted in the issuance of 617 million shares of common stock. In connection with our stock split, the shareholders approved an increase in the number of authorized shares of common stock of 0.6 billion to 1.8 billion shares. As a result, the Consolidated Balance Sheets and the Consolidated Statements of Shareholders' Equity have been adjusted to retroactively present the two-for-one stock split. In addition, all historical per share amounts and references to common stock activity, as well as basic and diluted share amounts utilized in the calculation of earnings per share in these notes to the consolidated financial statements, have been adjusted to reflect this stock split. TJX repurchased and retired 51.8 million shares of its common stock at a cost of $2.5 billion during fiscal 2019 , 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 $2.4 billion in fiscal 2019 , $1.6 billion in fiscal 2018 and $1.7 billion in fiscal 2017 , and repurchased 50.8 million shares in fiscal 2019 , 44.4 million shares in fiscal 2018 and 44.6 million shares in fiscal 2017 . These expenditures were funded primarily by cash generated from operations. As of February 2, 2019 TJX had approximately $1.7 billion available under previously announced stock repurchase programs. In February 2019 , our Board of Directors approved the repurchase of an additional $1.5 billion of TJX common stock from time to time. All shares repurchased under the stock repurchase programs have been retired. TJX has five million shares of authorized but unissued preferred stock, $1 par value. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share for net income: Fiscal Year Ended Amounts in thousands except per share amounts February 2, February 3, January 28, (53 weeks) Basic earnings per share: Net income $ 3,059,798 $ 2,607,948 $ 2,298,234 Weighted average common stock outstanding for basic earnings per share calculation 1,241,153 1,273,654 1,311,294 Basic earnings per share $ 2.47 $ 2.05 $ 1.75 Diluted earnings per share: Net income $ 3,059,798 $ 2,607,948 $ 2,298,234 Weighted average common stock outstanding for basic earnings per share calculation 1,241,153 1,273,654 1,311,294 Assumed exercise / vesting of: Stock options and awards 18,099 18,555 17,570 Weighted average common stock outstanding for diluted earnings per share calculation 1,259,252 1,292,209 1,328,864 Diluted earnings per share $ 2.43 $ 2.02 $ 1.73 Cash dividends declared per share $ 0.78 $ 0.63 $ 0.52 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 6.1 million , 24.9 million and 16.3 million such options excluded at the end of fiscal 2019 , fiscal 2018 and fiscal 2017 , respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Feb. 02, 2019 | |
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 2019 , TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2020 . The hedge agreements outstanding at February 2, 2019 relate to approximately 50% of TJX’s estimated notional diesel requirements for fiscal 2020 . These diesel fuel hedge agreements will settle throughout fiscal 2020 and the first month of fiscal 2021 . TJX elected not to apply hedge accounting rules to these contracts. Foreign Currency Contracts TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies, primarily in TJX International and TJX Canada. These contracts typically have a term of twelve months or less. The contracts outstanding at February 2, 2019 cover a portion of such actual and anticipated merchandise purchases throughout 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 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 rules 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 February 2, 2019 : 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 2, 2019 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 59,000 £ 12,021 0.2037 Prepaid Exp $ 56 $ — $ 56 € 55,950 £ 49,560 0.8858 Prepaid Exp / 126 (140 ) (14 ) A$ 30,000 U.S.$ 21,483 0.7161 (Accrued Exp) — (314 ) (314 ) U.S.$ 72,020 £ 55,000 0.7637 Prepaid Exp 1,037 — 1,037 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.7M - 3.3M gal per month Float on 2.7M - 3.3M gal per month N/A (Accrued Exp) — (3,786 ) (3,786 ) Intercompany billings in TJX International, primarily merchandise related: € 46,600 £ 41,835 0.8977 Prepaid Exp 1,300 — 1,300 Merchandise purchase commitments: C$ 546,083 U.S.$ 414,100 0.7583 Prepaid Exp / 1,239 (4,741 ) (3,502 ) C$ 31,455 € 20,700 0.6581 (Accrued Exp) — (248 ) (248 ) £ 173,624 U.S.$ 230,000 1.3247 Prepaid Exp / 3,459 (1,466 ) 1,993 zł 280,167 £ 57,586 0.2055 Prepaid Exp / 707 (86 ) 621 A$ 51,043 U.S.$ 36,961 0.7241 Prepaid Exp / 97 (213 ) (116 ) U.S.$ 56,847 € 49,355 0.8682 Prepaid Exp / 115 (207 ) (92 ) Total fair value of financial instruments $ 8,136 $ (11,201 ) $ (3,065 ) 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 2.2M – 3.0M gal per month Float on 2.2M – 3.0M gal per month N/A Prepaid Exp 7,854 — 7,854 Intercompany billings in TJX International, 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 / (Accrued 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 impact of derivative financial instruments on the statements of income during fiscal 2019 , fiscal 2018 and fiscal 2017 are as follows: Amount of Gain (Loss) Recognized in Income by Derivative In thousands Location of Gain (Loss) Recognized in Income by Derivative February 2, February 3, January 28, (53 weeks) Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (2,674 ) $ 1,207 $ (17,250 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 18,823 — — Diesel contracts Cost of sales, including buying and occupancy costs 1,373 7,946 3,906 Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 1,137 (3,042 ) (8,684 ) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 60,407 (45,886 ) 5,626 Gain (loss) recognized in income $ 79,066 $ (39,775 ) $ (16,402 ) Included in the table above are a realized gain of $73.8 million in fiscal 2019 , and losses of $30.5 million in fiscal 2018 and $6.1 million in fiscal 2017 , all of which were largely offset by gains and losses on the underlying hedged item. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: Fiscal Year Ended In thousands February 2, February 3, Level 1 Assets: Executive Savings Plan investments $ 253,215 $ 249,045 Level 2 Assets: Short-term investments $ — $ 506,165 Foreign currency exchange contracts 8,136 4,363 Diesel fuel contracts — 7,854 Liabilities: Foreign currency exchange contracts $ 7,415 $ 20,557 Diesel fuel contracts 3,786 — 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 at February 2, 2019 was $2.17 billion compared to a carrying value of $2.23 billion . The fair value of long-term debt at February 3, 2018 was $2.16 billion compared to a carrying value of $2.23 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 | 12 Months Ended |
Feb. 02, 2019 | |
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. In addition to our four main business segments, Sierra operates sierra.com and retail stores in the U.S. The results of Sierra are included in the Marmaxx segment. All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions. The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows: Fiscal Fiscal Fiscal Apparel Clothing including footwear 52 % 52 % 54 % Jewelry and accessories 15 15 15 Home fashions 33 33 31 Total 100 % 100 % 100 % TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, loss on early extinguishment of debt, pension settlement charge and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. 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: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Net sales: In the United States Marmaxx $ 24,057,970 $ 22,249,105 $ 21,246,034 HomeGoods 5,787,365 5,116,328 4,404,607 TJX Canada 3,869,779 3,642,282 3,171,127 TJX International 5,257,820 4,856,949 4,361,976 $ 38,972,934 $ 35,864,664 $ 33,183,744 Segment profit: In the United States Marmaxx (1) $ 3,253,949 $ 2,949,358 $ 2,995,045 HomeGoods 671,871 674,511 613,778 TJX Canada 551,617 530,113 413,417 TJX International 285,790 249,226 235,519 4,763,227 $ 4,403,208 $ 4,257,759 General corporate expense 545,034 515,032 408,236 Loss on early extinguishment of debt — — 51,773 Pension settlement charge 36,122 — 31,173 Interest expense, net 8,860 31,588 43,534 Income before provision for income taxes $ 4,173,211 $ 3,856,588 $ 3,723,043 (1) Fiscal 2018 amount includes an impairment charge of $99.3 million for goodwill and certain long-lived assets of Sierra. Business segment information (continued): Fiscal Year Ended In thousands February 2, February 3, January 28, Identifiable assets: In the United States Marmaxx $ 6,223,110 $ 5,676,464 $ 5,440,448 HomeGoods 1,416,687 1,237,811 1,086,947 TJX Canada 914,789 1,459,924 1,345,003 TJX International 2,344,033 2,321,001 1,789,140 Corporate (1) 3,427,410 3,362,815 3,222,270 Total identifiable assets $ 14,326,029 $ 14,058,015 $ 12,883,808 Capital expenditures: In the United States Marmaxx $ 598,955 $ 532,348 $ 449,169 HomeGoods 170,978 149,505 173,979 TJX Canada 82,333 88,761 100,437 TJX International 272,873 287,003 301,162 Total capital expenditures $ 1,125,139 $ 1,057,617 $ 1,024,747 Depreciation and amortization: In the United States Marmaxx $ 456,420 $ 399,014 $ 385,007 HomeGoods 110,978 94,709 77,287 TJX Canada 66,365 68,033 62,427 TJX International 180,631 159,010 129,376 Corporate (2) 5,261 5,191 4,699 Total depreciation and amortization $ 819,655 $ 725,957 $ 658,796 (1) Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, prepaid service contracts and the trust assets in connection with the Executive Savings Plan. Consolidated cash, including cash held in our foreign entities, is included with corporate assets for consistency with the reporting of cash for our segments in the U.S. (2) Includes debt discount accretion and debt expense amortization. |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Feb. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan TJX has a Stock Incentive Plan under which options and other share-based awards may be granted to its directors, officers and key employees. This plan has been approved by TJX’s shareholders, and all share-based compensation awards are made under this plan. The Stock Incentive Plan, as amended with shareholder approval, has provided for the issuance of up to 695.7 million shares with 46.3 million shares available for future grants as of February 2, 2019 . TJX issues shares under the plan from authorized but unissued common stock. All share amounts and per share data presented have been adjusted to reflect the two-for-one stock split completed on November 6, 2018. Total compensation cost related to share-based compensation was $103.6 million , $101.4 million and $102.3 million in fiscal 2019 , 2018 and 2017 , respectively. As of February 2, 2019 , there was $146.5 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 2 years . Stock Options Options for the purchase of common stock are granted with an exercise price that is 100% of market price on the grant date, generally vest in thirds over a 3 -year period starting 1 year after the grant, and have a 10 -year maximum term. When options are granted with other vesting terms, the vesting information is reflected in the valuation. The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Fiscal Year Ended February 2, February 3, January 28, Risk-free interest rate 2.88 % 1.75 % 1.20 % Dividend yield 1.4 % 1.5 % 1.2 % Expected volatility factor 23.5 % 23.5 % 23.8 % Expected option life in years 4.9 4.8 4.8 Weighted average fair value of options issued $ 11.85 $ 7.16 $ 7.28 The risk-free interest rate is for periods within the contractual life of the option based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data to estimate option exercises, employee termination behavior and dividend yield within the valuation model. Expected volatility is based on a combination of implied volatility from traded options on our stock, and historical volatility during a term approximating the expected life of the option granted. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon historical exercise trends. Employee groups and option characteristics are considered separately for valuation purposes when applicable. A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below: Fiscal Year Ended Shares in thousands February 2, February 3, January 28, Options WAEP Options WAEP Options WAEP Outstanding at beginning of year 55,260 $ 27.52 54,706 $ 24.35 57,372 $ 20.84 Granted 6,143 53.98 9,404 36.61 8,610 37.52 Exercised (11,670 ) 21.88 (8,192 ) 16.12 (10,530 ) 15.42 Forfeitures (680 ) 38.59 (658 ) 35.70 (746 ) 33.08 Outstanding at end of year 49,053 $ 32.02 55,260 $ 27.52 54,706 $ 24.35 Options exercisable at end of year 34,344 $ 26.95 37,952 $ 23.28 37,960 $ 19.35 The total intrinsic value of options exercised was $284.4 million in fiscal 2019 , $176.7 million in fiscal 2018 and $239.7 million in fiscal 2017 . The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of February 2, 2019 : Shares in thousands Shares Aggregate Intrinsic Value Weighted Average Remaining Contract Life WAEP Options outstanding expected to vest (1) 13,672 $ 98,458 8.8 years $ 43.73 Options exercisable 34,344 $ 754,018 5.0 years $ 26.95 Total outstanding options vested and expected to vest 48,016 $ 852,476 6.1 years $ 31.72 (1) Reflects 14.6 million unvested options, net of anticipated forfeitures. Stock Awards TJX granted restricted stock units and performance share units under the Stock Incentive Plan during fiscal 2019 . Restricted stock units, performance share units, and previously-granted performance-based stock awards are collectively referred to as stock awards. These awards were granted without a purchase price to the recipient and are subject to vesting conditions. Vesting conditions for performance share units and performance-based stock awards include specified performance criteria, generally for a period of three fiscal years. The grant date fair value of the stock awards is charged to income over the requisite service period during which the recipient must remain employed. The fair value of the stock awards is determined at date of grant in accordance with ASC Topic 718 and, for performance share units and performance-based stock awards, assumes that performance goals will be achieved at target. Performance share units, performance-based stock awards and related compensation costs recognized are adjusted, as applicable, for performance above or below the target specified in the award. A summary of the status of our nonvested stock awards and changes during fiscal 2019 is presented below: Shares in thousands Stock Awards Weighted Average Grant Date Fair Value Nonvested at beginning of year 3,045 $ 38.68 Granted 1,268 41.17 Vested (859 ) 35.03 Forfeited (32 ) 39.93 Nonvested at end of year 3,422 $ 40.51 There were 1,267,802 shares of restricted stock unit and performance share unit awards, with a weighted average grant date fair value of $41.17 , granted in fiscal 2019 , 1,124,012 shares of performance-based stock awards, with a weighted average grant date fair value of $38.36 , granted in fiscal 2018 , and 1,027,146 shares of performance-based stock awards, with a weighted average grant date fair value of $39.25 , granted in fiscal 2017 . The fair value of performance-based stock awards that vested was $30.1 million in fiscal 2019 , $35.2 million in fiscal 2018 , and $38.5 million in fiscal 2017 . Other Awards TJX also awards deferred shares to its outside directors under the Stock Incentive Plan. As of the end of fiscal 2019 , a total of 607,552 of these deferred shares were outstanding under the plan. |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 12 Months Ended |
Feb. 02, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits Pension TJX has a funded defined benefit retirement plan that covers eligible U.S. employees hired prior to February 1, 2006. No employee contributions are required, or permitted, and benefits are based principally on compensation earned in each year of service. TJX’s funded defined benefit retirement plan assets are invested in domestic and international equity and fixed income securities, both directly and through investment funds. The plan does not invest in TJX securities. TJX also has an unfunded supplemental retirement plan that covers certain key employees and provides additional retirement benefits based on final average compensation for certain of those employees (the “primary benefit”) or, alternatively, based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations (the “alternative benefit”). Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the fiscal years indicated. The Company has elected the practical expedient pursuant to ASU 2015-4– Compensation-retirement benefits (Topic 715) and has selected the measurement date of January 31, the calendar month end closest to the Company’s fiscal year end. Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, February 2, February 3, Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,404,089 $ 1,269,010 $ 91,047 $ 86,309 Service cost 45,342 46,845 2,391 1,888 Interest cost 54,355 55,301 3,600 3,316 Actuarial (gains)/losses (38,304 ) 67,232 5,955 4,580 Settlements (207,369 ) — — — Benefits paid (33,226 ) (30,993 ) (6,234 ) (5,046 ) Expenses paid (3,717 ) (3,306 ) — — Projected benefit obligation at end of year $ 1,221,170 $ 1,404,089 $ 96,759 $ 91,047 Accumulated benefit obligation at end of year $ 1,100,358 $ 1,277,216 $ 80,166 $ 77,668 Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, February 2, February 3, Change in plan assets: Fair value of plan assets at beginning of year $ 1,417,531 $ 1,176,960 $ — $ — Actual return on plan assets (27,884 ) 174,870 — — Employer contribution 100,000 100,000 6,234 5,046 Settlements (207,369 ) — — — Benefits paid (33,226 ) (30,993 ) (6,234 ) (5,046 ) Expenses paid (3,717 ) (3,306 ) — — Fair value of plan assets at end of year $ 1,245,335 $ 1,417,531 $ — $ — Reconciliation of funded status: Projected benefit obligation at end of year $ 1,221,170 $ 1,404,089 $ 96,759 $ 91,047 Fair value of plan assets at end of year 1,245,335 1,417,531 — — Funded status – excess (asset) obligation $ (24,165 ) $ (13,442 ) $ 96,759 $ 91,047 Net (asset) liability recognized on consolidated balance sheets $ (24,165 ) $ (13,442 ) $ 96,759 $ 91,047 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): Prior service cost $ 1,558 $ 1,935 $ — $ — Accumulated actuarial losses 264,160 243,761 30,709 28,164 Amounts included in accumulated other comprehensive income (loss) $ 265,718 $ 245,696 $ 30,709 $ 28,164 The Consolidated Balance Sheets reflect the funded status of the plans with any unrecognized prior service cost and actuarial gains and losses recorded in accumulated other comprehensive income (loss). The combined net accrued liability of $72.6 million at February 2, 2019 is reflected on the balance sheet as of that date as a current liability of $4.7 million , a long-term liability of $92.1 million , and a long-term asset of $24.2 million . The combined net accrued liability of $77.6 at February 3, 2018 is reflected on the balance sheet as of that date as a current liability of $2.4 million , a long-term liability of $88.6 million , and a long-term asset of $13.4 million . The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2020 for the funded plan is $0.4 million . The estimated net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2020 is $17.7 million for the funded plan and $3.7 million for the unfunded plan. TJX determined the assumed discount rate using the BOND: Link model in fiscal 2019 and fiscal 2018 . TJX uses the BOND: Link model as this model allows for the selection of specific bonds resulting in better matches in timing of the plans’ expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date: Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended February 2, February 3, February 2, February 3, Discount rate 4.30% 4.00% 4.10% 3.80% Rate of compensation increase 4.00% 4.00% 6.00% 6.00% TJX made aggregate cash contributions of $106.2 million in fiscal 2019 , $105.0 million in fiscal 2018 and $54.6 million in fiscal 2017 to the funded plan and to fund current benefit and expense payments under the unfunded plan. TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. We do not anticipate any required funding in fiscal 2020 for the funded plan. We anticipate making contributions of $4.8 million to provide current benefits coming due under the unfunded plan in fiscal 2020 . The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) related to our pension plans: Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, January 28, February 2, February 3, January 28, Net periodic pension cost: Service cost $ 45,342 $ 46,845 $ 45,440 $ 2,391 $ 1,888 $ 1,835 Interest cost 54,355 55,301 56,094 3,600 3,316 3,391 Expected return on plan assets (79,190 ) (69,345 ) (70,535 ) — — — Amortization of prior service cost 377 377 377 — — — Amortization of net actuarial loss 12,250 21,557 31,397 3,409 2,852 3,349 Settlement charge 36,122 — 31,173 — — — Total expense $ 69,256 $ 54,735 $ 93,946 $ 9,400 $ 8,056 $ 8,575 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss $ 68,770 $ (38,293 ) $ 17,894 $ 5,955 $ 4,580 $ 740 Amortization of net (loss) (12,250 ) (21,557 ) (31,397 ) (3,409 ) (2,852 ) (3,349 ) Settlement charge (36,122 ) — (31,173 ) — — — Amortization of prior service cost (377 ) (377 ) (377 ) — — — Total recognized in other comprehensive income (loss) $ 20,021 $ (60,227 ) $ (45,053 ) $ 2,546 $ 1,728 $ (2,609 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 89,277 $ (5,492 ) $ 48,893 $ 11,946 $ 9,784 $ 5,966 Weighted average assumptions for expense purposes: Discount rate 4.00%/4.40% 4.40% 4.80%/3.80% 3.80% 4.00% 4.20% Expected rate of return on plan assets 6.00%/6.00% 6.00% 6.50%/6.00% N/A N/A N/A Rate of compensation increase 4.00% 4.00% 4.00% 6.00% 6.00% 6.00% During the third quarter of fiscal 2019 , TJX annuitized and transferred current pension obligations for certain U.S. retirees and beneficiaries under the funded plan through the purchase of a group annuity contract with an insurance company. TJX transferred $207.4 million of pension plan assets to the insurance company, thereby reducing its pension benefit obligations. The transaction had no cash impact on TJX but did result in a non-cash pre-tax pension settlement charge of $36.1 million , which is reported separately on the Consolidated Statements of Income. As a result of the annuity purchase the Company re-measured the funded status of its pension plan as of September 30, 2018. The assumptions for pension expense presented above includes a discount rate of 4.00% through the measurement date and 4.40% thereafter. The expected rate of return on plan assets is 6.00% through the measurement date and 6.00% thereafter. The discount rate for determining the obligation at the measurement date is 4.40% . During the third quarter of fiscal 2017 , TJX offered eligible former TJX Associates, who had not yet commenced receiving their pension benefit, an opportunity to receive a lump sum payout of their vested pension benefit. On October 21, 2016, the Company’s pension plan paid $103.2 million from pension plan assets to those who accepted this offer, thereby reducing its pension benefit obligations. The transaction had no cash impact on TJX but did result in a non-cash pre-tax pension settlement charge of $31.2 million , which is reported separately on the Consolidated Statements of Income. As a result of the lump sum payout the Company re-measured the funded status of its pension plan as of September 30, 2016. The assumptions for pension expense presented above includes a discount rate of 4.80% through the measurement date and 3.80% thereafter. The expected rate of return on plan assets is 6.50% through the measurement date and 6.00% thereafter. The rate of compensation increase presented for the unfunded plan (for measurement purposes and expense purposes) is the rate assumed for participants eligible for the primary benefit. The assumed rate of compensation increase for participants eligible for the alternative benefit under the unfunded plan is the same rate as assumed for the funded plan. TJX develops its long-term rate of return assumption by evaluating input from professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. The unrecognized gains and losses in excess of 10% of the projected benefit obligation are amortized over the average remaining service life of participants. The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: In thousands Funded Plan Expected Benefit Payments Unfunded Plan Expected Benefit Payments Fiscal Year 2020 $ 25,557 $ 4,799 2021 30,134 3,684 2022 35,072 4,625 2023 40,515 47,780 2024 46,200 6,104 2025 through 2029 313,971 32,706 The following table presents the fair value hierarchy (See Note F – Fair Value Measurements of Notes to Consolidated Financial Statements) for pension assets measured at fair value on a recurring basis as of February 2, 2019 and February 3, 2018 : Funded Plan at February 2, 2019 In thousands Level 1 Level 2 Total Asset category: Short-term investments $ 111,803 $ — $ 111,803 Equity Securities 226,042 — 226,042 Fixed Income Securities: Corporate and government bond funds — 376,438 376,438 Futures Contracts — 1,029 1,029 Total assets in the fair value hierarchy $ 337,845 $ 377,467 $ 715,312 Assets measured at net asset value* — — 530,023 Fair value of assets $ 337,845 $ 377,467 $ 1,245,335 Funded Plan at February 3, 2018 In thousands Level 1 Level 2 Total Asset category: Short-term investments $ 109,183 $ — $ 109,183 Equity Securities 279,635 — 279,635 Fixed Income Securities: Corporate and government bond funds — 420,117 420,117 Futures Contracts — 337 337 Total assets in the fair value hierarchy $ 388,818 $ 420,454 $ 809,272 Assets measured at net asset value* — — 608,259 Fair value of assets $ 388,818 $ 420,454 $ 1,417,531 * In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above. Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the independent pricing sources. Short-term investments are primarily cash related to funding of the plan which had yet to be invested as of balance sheet dates. Certain corporate and government bonds are valued at the closing price reported in the active market in which the bond is traded. Other bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. All bonds are priced by independent pricing sources. Assets measured at net asset value include investments in limited partnerships which are stated at the fair value of the plan’s partnership interest based on information supplied by the partnerships as compared to financial statements of the limited partnership or other fair value information as determined by management. Cash equivalents or short-term investments are stated at cost which approximates fair value, and the fair value of common/collective trusts is determined based on net asset value as reported by their fund managers. The following is a summary of TJX’s target allocation guidelines for qualified pension plan assets as of February 2, 2019 along with the actual allocation of qualified pension plan assets as of the valuation date for the fiscal years presented: Target Allocation February 2, February 3, Return-seeking assets 50% 43% 47% Liability-hedging assets 50% 49% 46% All other – primarily cash —% 8% 7% Under TJX’s investment policy, plan assets are to be invested with the objective of generating investment returns that, in combination with funding contributions, provide adequate assets to meet all current and reasonably anticipated future benefit obligations under the plan. The investment policy includes a dynamic asset allocation strategy, whereby, over time, in connection with any improvements in the plan’s funded status, the target allocation of return-seeking assets (generally, equities and other instruments with similar risk profile) may decline and the target allocation of liability-hedging assets (generally, fixed income and other instruments with a similar risk profile) may increase. Risks are sought to be mitigated through asset diversification and the use of multiple investment managers. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. Other Retirement Benefits TJX also sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code for all eligible U.S. employees and a similar type of plan for eligible employees in Puerto Rico. Employees may contribute up to 50% of eligible pay, subject to limitations. TJX matches employee contributions, up to 5% of eligible pay, including a basic match at rates of 25% or 75% (based upon date of hire and other eligibility criteria) plus a discretionary match, generally up to 25% , based on TJX’s performance. TJX may also make additional discretionary contributions. Eligible employees are automatically enrolled in the U.S. plan at a 2% deferral rate, unless the employee elects otherwise. The total cost to TJX for these plans was $60.8 million in fiscal 2019 , $54.5 million in fiscal 2018 and $45.6 million in fiscal 2017 . The plans previously included a TJX stock fund in which participants could invest a portion of TJX’s matching contribution. The TJX stock fund was closed to new investments, other than reinvestment of dividends, at the end of calendar 2015 and was eliminated from the plans during fiscal 2019. The TJX stock fund represented 3.9% of plan assets at December 31, 2017. TJX also has a nonqualified savings plan (the Executive Savings Plan) for certain U.S. employees. TJX matches employee deferrals at various rates which amounted to $6.0 million in fiscal 2019 , $6.3 million in fiscal 2018 and $5.8 million in fiscal 2017 . Although the plan is unfunded, in order to help meet its future obligations TJX transfers an amount generally equal to employee deferrals and the related company match to a separate “rabbi” trust. The trust assets, which are invested in a variety of mutual funds, are included in other assets on the balance sheets. In addition to the plans described above, TJX also contributes to retirement/deferred savings plans for eligible Associates at certain of its foreign subsidiaries. We contributed $15.3 million for these plans in fiscal 2019 , $12.6 million for these plans in fiscal 2018 and $10.2 million in fiscal 2017 . Multiemployer Pension Plans TJX contributes to certain multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. TJX contributed $18.5 million in fiscal 2019 , $16.3 million in fiscal 2018 and $14.5 million in fiscal 2017 to the Legacy Plan of the National Retirement Fund (EIN #13-6130178, plan #1), the Adjustable Plan of the National Retirement Fund (EIN #13-6130178, plan #2), and their respective successor funds described below. TJX was listed in the Form 5500 for the Legacy Plan of the National Retirement Fund and the Adjustable Plan of the National Retirement Fund as providing more than 5% of the total contributions for the plan year ending December 31, 2017. Based on information available to TJX, effective January 1, 2018 a portion of each of the Legacy Plan of the National Retirement Fund and the Adjustable Plan of the National Retirement Fund was transferred to the Legacy Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #1) and the Adjustable Plan of the UNITE HERE Retirement Fund (EIN #82-0994119, plan #2), respectively, two newly established multiemployer defined benefit pension plans. In addition, based on information available to TJX, the Pension Protection Act Zone Status for each of the Legacy Plan of the National Retirement Fund and the Legacy Plan of the UNITE HERE Retirement Fund is Critical and rehabilitation plans have been implemented. The risks of participating in multiemployer pension plans are different from the risks of single-employer pension plans in certain respects, including the following: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (c) if we cease to have an obligation to contribute to a multiemployer plan in which we had been a contributing employer, or in certain other circumstances, we may be required to pay to the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 12 Months Ended |
Feb. 02, 2019 | |
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 February 2, 2019 and February 3, 2018 . All amounts are net of unamortized debt discounts. In thousands February 2, February 3, 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 $189 and $234 in fiscal 2019 and 2018, respectively) $ 499,811 $ 499,766 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $174 and $250 in fiscal 2019 and 2018, respectively) $ 749,826 $ 749,750 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,657 and $6,403 in fiscal 2019 and 2018, respectively) $ 994,343 $ 993,597 Debt issuance cost $ (10,364 ) $ (12,506 ) Total long-term debt $ 2,233,616 $ 2,230,607 The aggregate maturities of long-term debt, inclusive of current installments at February 2, 2019 are as follows: In thousands Long-Term Debt Fiscal Year 2020 $ — 2021 — 2022 750,000 2023 — 2024 500,000 Later years 1,000,000 Less amount representing unamortized debt discount (6,020 ) Less amount representing debt issuance cost (10,364 ) Aggregate maturities of long-term debt $ 2,233,616 On September 12, 2016, TJX issued $1.0 billion aggregate principal amount of 2.25% ten -year notes due September 2026. TJX entered into a rate-lock agreement to hedge $700 million of the 2.25% notes. The cost of these agreements are being amortized to interest expense over the term of the notes resulting in an effective fixed rate of 2.36% . On October 12, 2016, TJX used a portion of the proceeds from the 2.25% ten-year notes to redeem all outstanding 6.95% ten-year notes and recorded a pre-tax loss on the early extinguishment of debt of $51.8 million , which includes $50.6 million of redemption premium and $1.2 million to write off unamortized debt expenses and discount. At February 2, 2019 , TJX also had outstanding $500 million aggregate principal amount of 2.50% ten -year notes due May 2023 and $750 million aggregate principal amount of 2.75% seven -year notes due June 2021. TJX entered into rate-lock agreements to hedge the underlying treasury rate of $250 million of the 2.50% notes. The costs of these agreements are being amortized to interest expense over the term of the respective notes, resulting in an effective fixed interest rate of 2.57% for the 2.50% notes. TJX also entered into rate-lock agreements to hedge the underlying treasury rate of all of the 2.75% notes prior to their issuance. The agreements were accounted for as cash flow hedges and the pre-tax realized loss of $7.9 million was recorded as a component of other comprehensive income and is being amortized to interest expense over the term of the notes, resulting in an effective fixed interest rate of 2.91% . At February 2, 2019 , TJX had two $500 million revolving credit facilities, one which matures in March 2020 and one which matures in March 2022. The $500 million revolving credit facilities maturing in March 2020 and March 2022 were also outstanding at February 3, 2018 . In March 2017, the maturity of the $500 million revolving credit facility scheduled to mature in March 2021 was extended to March 2022. No other terms of the facility were modified at that time. 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 February 2, 2019 and February 3, 2018 , and during the years then ended, there were no amounts outstanding under these facilities. As of February 2, 2019 and February 3, 2018 , 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 February 2, 2019 and February 3, 2018 , and during the years then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of February 2, 2019 and February 3, 2018 , our European business at TJX International had an uncommitted credit line of £5 million . As of February 2, 2019 and February 3, 2018 , and during the years then ended, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The 2017 Tax Act made broad and complex changes to the U.S. tax code which had a significant impact on our fiscal 2018 and fiscal 2019 tax expense, including reducing the U.S. federal corporate tax rate from 35% to 21% , expanded rules regarding expensing of fixed assets, and required one-time transition tax on certain undistributed earnings of foreign subsidiaries. Other provisions that became effective in Fiscal 2019 impacting income taxes include: an exemption from U.S. tax on dividends of future foreign earnings, expanded limitations on executive compensation, a minimum tax on certain foreign earnings in excess of 10% of the foreign subsidiaries tangible assets (i.e. global intangible low-taxed income or “GILTI”), and allows a benefit for foreign derived intangible income (FDII). In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax impacts of the 2017 Tax Act. We have completed our analysis in the fourth quarter of fiscal 2019 and determined there is no material adjustment to the income tax expense. We have recorded current tax on GILTI relative to fiscal 2019 operations and will continue to account for GILTI as a period cost when incurred. For financial reporting purposes, components of income before income taxes are as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) United States $ 3,463,785 $ 3,255,057 $ 3,196,370 Foreign $ 709,426 $ 601,531 $ 526,673 Income before provision for income taxes $ 4,173,211 $ 3,856,588 $ 3,723,043 The provision for income taxes includes the following: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Current: Federal $ 711,369 $ 1,063,141 $ 1,068,778 State 251,187 160,650 213,505 Foreign 238,692 161,974 148,367 Deferred: Federal (62,278 ) (164,523 ) (3,107 ) State (27,831 ) 27,595 (10,583 ) Foreign 2,274 (197 ) 7,849 Provision for income taxes $ 1,113,413 $ 1,248,640 $ 1,424,809 TJX had net deferred tax (liabilities) assets as follows: Fiscal Year Ended In thousands February 2, February 3, Deferred tax assets: Net operating loss carryforward $ 49,489 $ 40,088 Reserves for lease obligations 2,799 3,637 Pension, stock compensation, postretirement and employee benefits 273,482 232,887 Leases 45,740 42,999 Accruals and reserves 42,709 51,281 Other 65,776 25,599 Total gross deferred tax assets $ 479,995 $ 396,491 Valuation allowance (51,711 ) (42,332 ) Net deferred tax asset $ 428,284 $ 354,159 Deferred tax liabilities: Property, plant and equipment $ 497,906 $ 437,621 Capitalized inventory 42,981 45,125 Tradename/intangibles 14,019 12,628 Undistributed foreign earnings 1,856 65,013 Other 23,246 20,271 Total deferred tax liabilities $ 580,008 $ 580,658 Net deferred tax (liability) $ (151,724 ) $ (226,499 ) Non-current asset $ 6,467 $ 6,558 Non-current liability (158,191 ) (233,057 ) Total $ (151,724 ) $ (226,499 ) TJX has provided for all applicable state and foreign withholding taxes on all undistributed earnings of its foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through February 2, 2019 . We have not provided for state and foreign withholding taxes on the approximately $1.4 billion of undistributed earnings related to all other foreign subsidiaries as such earnings are considered to be indefinitely reinvested in the business. The net amount of unrecognized state tax liabilities related to the undistributed earnings is approximately $1 million . As of February 2, 2019 and February 3, 2018 , for state income tax purposes, TJX had net operating loss carryforwards of $133.2 million and $113.9 million respectively, which expire, if unused, in the years 2020 through 2038 . TJX has analyzed the realization of the state net operating loss carryforwards on an individual state basis. For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $10 million has been provided for the deferred tax asset as of February 2, 2019 and $8.9 million as of February 3, 2018 . As of February 2, 2019 and February 3, 2018 , the Company had available for foreign income tax purposes (related to Australia, Austria and the Netherlands) net operating loss carryforwards of $138.8 million and $111 million respectively, of which $18.3 million will expire, if unused, in fiscal years 2025 through 2028 . The remaining loss carryforwards do not expire. For the deferred tax assets associated with the net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized, TJX had valuation allowances recorded of approximately $41.7 million as of February 2, 2019 , and approximately $33.4 million as of February 3, 2018 . The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: Fiscal Year Ended February 2, February 3, January 28, (53 weeks) U.S. federal statutory income tax rate 21.0 % 33.7 % 35.0 % Effective state income tax rate 4.5 3.6 3.5 Impact of foreign operations 1.2 (0.1 ) (0.2 ) Excess share-based compensation (1.2 ) (1.3 ) — Impact of 2017 Tax Act 1.5 (2.3 ) — All other (0.3 ) (1.2 ) — Worldwide effective income tax rate 26.7 % 32.4 % 38.3 % TJX’s effective income tax rate decreased for fiscal 2019 as compared to fiscal 2018 . The decrease is primarily driven by the decrease in the U.S. federal statutory rate to 21% . The reduced tax rates per the 2017 Tax Act were applicable for all of fiscal 2019 versus only a portion of fiscal 2018. TJX had net unrecognized tax benefits of $233.4 million as of February 2, 2019 , $57.3 million as of February 3, 2018 and $38.5 million as of January 28, 2017 . A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, Balance at beginning of year $ 61,704 $ 49,092 $ 43,326 Additions for uncertain tax positions taken in current year 7,406 6,504 7,018 Additions for uncertain tax positions taken in prior years 177,741 7,990 327 Reductions for uncertain tax positions taken in prior years — (587 ) (334 ) Reductions resulting from lapse of statute of limitations (1,388 ) (1,295 ) (1,245 ) Settlements with tax authorities (1,268 ) — — Balance at end of year $ 244,195 $ 61,704 $ 49,092 Included in the gross amount of unrecognized tax benefits are items that will impact future effective tax rates upon recognition. These items amounted to $222 million as of February 2, 2019 , $55.8 million as of February 3, 2018 and $43.8 million as of January 28, 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. and in Canada, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2009 are no longer subject to examination. TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The amount of interest and penalties expensed was $11.9 million for the year ended February 2, 2019 , $1.9 million for the year ended February 3, 2018 and $1.4 million for the year ended January 28, 2017 . The accrued amounts for interest and penalties are $23.6 million as of February 2, 2019 , $11.9 million as of February 3, 2018 and $8.0 million as of January 28, 2017 . Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the financial statements as of February 2, 2019 . During the next twelve months, it is reasonably possible that state tax audit resolutions may reduce unrecognized tax benefits by $0 to $30 million , which would reduce the provision for taxes on earnings. The US Treasury issued several proposed regulations supplementing the 2017 Tax Act in 2018, including detailed guidance clarifying the calculation of the mandatory tax on previously unrepatriated earnings, expansion of existing foreign tax credit rules to newly created categories, and various other guidance. These proposed regulations are intended to be applied retroactively. As a result, the Company will monitor their impact to the Company's filing positions and will record any impacts as a discrete event in the period that the guidance is finalized. |
Commitments
Commitments | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments TJX is committed under long-term leases related to its continuing operations for the rental of real estate and fixtures and equipment. Most of TJX’s leases are store operating leases with initial ten year terms and options to extend for one or more five year periods in the U.S. and Canada; initial ten to fifteen year terms in Europe and initial seven to ten year terms in Australia, some of which have options to extend. Many of the Company’s leases contain escalation clauses and we have the right to terminate some of the leases before the expiration date under specified circumstances and some with specified payments. In addition, TJX is generally required to pay insurance, real estate taxes and other operating expenses including, in some cases, rentals based on a percentage of sales. These expenses in the aggregate were approximately one-third of the total minimum rent in fiscal 2019 , fiscal 2018 and fiscal 2017 and are not included in the table below. The following is a schedule of future minimum lease payments for continuing operations as of February 2, 2019 : In thousands Operating Leases Fiscal Year 2020 $ 1,676,700 2021 1,603,378 2022 1,441,444 2023 1,253,420 2024 1,042,184 Later years 2,774,845 Total future minimum lease payments $ 9,791,971 Rental expense under operating leases for continuing operations amounted to $1.7 billion for fiscal 2019 , $1.6 billion for fiscal 2018 and $1.4 billion for fiscal 2017 . Rental expense includes contingent rent and is reported net of sublease income. Contingent rent paid was $22.8 million in fiscal 2019 , $18.4 million in fiscal 2018 and $14.7 million in fiscal 2017 . Sublease income was $1.2 million in fiscal 2019 , $1.3 million in fiscal 2018 and $1.2 million in fiscal 2017 . As of February 2, 2019 we have a number of lease agreements for facilities and stores that resulted in TJX being considered the owner of the property for accounting purposes. The build-to-suit lease assets related to these properties are included in “land and buildings” and the related liabilities of $243.3 million are included as build-to-suit lease obligations in “other long-term liabilities.” TJX had outstanding letters of credit totaling $41.9 million as of February 2, 2019 and $40.2 million as of February 3, 2018 . Letters of credit are issued by TJX primarily for the purchase of inventory. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities, Current and Long Term | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities, Current and Long Term | Accrued Expenses and Other Liabilities, Current and Long-Term The major components of accrued expenses and other current liabilities are as follows: Fiscal Year Ended In thousands February 2, February 3, Employee compensation and benefits, current $ 737,920 $ 686,294 Dividends payable 241,972 199,029 Accrued capital additions 119,172 90,336 Rent, utilities and occupancy, including real estate taxes 243,192 234,183 Merchandise credits and gift certificates 450,302 399,482 Sales tax collections and V.A.T. taxes 170,249 200,005 All other current liabilities 770,269 713,632 Total accrued expenses and other current liabilities $ 2,733,076 $ 2,522,961 All other current liabilities include accruals for advertising, customer rewards liability, interest, insurance, reserve for sales returns, reserve for taxes, fair value of derivatives, expense payables and other items, each of which is individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows: Fiscal Year Ended In thousands February 2, February 3, Employee compensation and benefits, long-term $ 449,065 $ 442,624 Accrued rent 269,057 263,178 Landlord allowances 80,425 88,747 Income taxes payable — 176,772 Tax reserve, long-term 235,467 44,753 Build-to-suit lease obligations 243,258 221,917 Asset retirement obligation 49,692 49,266 All other long-term liabilities 27,278 33,248 Total other long-term liabilities $ 1,354,242 $ 1,320,505 |
Contingent Obligations and Cont
Contingent Obligations and Contingencies | 12 Months Ended |
Feb. 02, 2019 | |
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 our 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 or assignees do not fulfill their obligations, are approximately $37.1 million as of February 2, 2019 . 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 such matters 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 compare at pricing. The lawsuits are in various procedural stages and seek monetary damages, injunctive relief and attorneys’ fees. |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Feb. 02, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Supplemental Cash Flows Information TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Cash paid for: Interest on debt $ 64,007 $ 64,308 $ 72,619 Income taxes 1,147,511 1,289,964 1,282,172 Non-cash investing and financing activity: Build-to-suit construction in progress $ (40,911 ) $ (27,207 ) $ (94,291 ) Build-to-suit lease obligation 40,911 27,207 94,291 Dividends payable 42,943 29,836 29,195 Property additions 28,836 (21,627 ) (20,908 ) |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Presented below is selected quarterly consolidated financial data for fiscal 2019 and fiscal 2018 which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. Amounts in thousands except per share amounts First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Fiscal Year Ended February 2, 2019 (52 weeks) Net sales $ 8,688,720 $ 9,331,115 $ 9,825,759 $ 11,127,340 Gross earnings (1) 2,510,481 2,695,300 2,842,276 3,093,700 Net income 716,381 739,626 762,253 841,538 Basic earnings per share (4) 0.57 0.59 0.62 0.69 Diluted earnings per share (4) 0.56 0.58 0.61 0.68 Fiscal Year Ended February 3, 2018 (53 weeks) Net sales $ 7,784,024 $ 8,357,700 $ 8,762,220 $ 10,960,720 Gross earnings (1) 2,253,952 2,385,025 2,612,200 3,111,320 Net income 536,279 552,957 641,436 877,276 Basic earnings per share (4) 0.41 0.43 0.51 0.70 Diluted earnings per share (4) 0.41 0.42 0.50 0.69 (1) Gross earnings equal net sales less cost of sales, including buying and occupancy costs. (2) The third quarter of fiscal 2019 includes a $36.1 million pension settlement charge. (3) The fourth quarter of fiscal 2018 includes 14 weeks, a $99.3 million impairment charge and a net benefit related to the 2017 Tax Act. (4) Adjusted for two -for-one stock split completed in November 2018. See Note D - Capital Stock and Earnings Per Share. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Accounting Policies (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto of The TJX Companies, Inc. (referred to as “TJX,” “we” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of its activities are conducted by TJX or its subsidiaries and are consolidated in these financial statements. All intercompany transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal year ended February 2, 2019 (“fiscal 2019 ”) was a 52 -week fiscal year. Fiscal 2018 was a 53 -week year and fiscal 2017 was a 52 -week fiscal year. |
Use of Estimates | Use of Estimates The preparation of TJX’s 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, 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 | 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, online 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 was no change in the timing or amount of revenue recognized under the new standard as it related to revenue from point of sale at the registers in our stores, which constitutes more than 98% of our 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. Net Sales Net sales consist primarily of merchandise sales, which are recorded net of a reserve for estimated returns, any discounts and sales taxes, for the sales of merchandise both within our stores and online. Net sales also include an immaterial amount of other revenues that represent less than 1.0% 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 that are accounted for as consideration reducing the transaction price. Merchandise sales from our stores are recognized at the point of sale when TJX provides the merchandise to the customer. The performance obligation is fulfilled at this point when the customer has obtained control by paying for and leaving with the merchandise. Merchandise sales made online are recognized when the product has been shipped, which is when legal title has passed and when TJX is entitled to payment, and the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Shipping and handling activities related to online sales occur after the customer obtains control of the goods. TJX’s policy is to treat shipping costs as part of our fulfillment center costs within our operating expenditures. As a result, shipping fee revenues received 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 of Notes to Consolidated Financial Statements. 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. Fiscal Period In thousands February 2, Balance, February 3, 2018 $ 406,506 Deferred revenue 1,677,251 Effect of exchange rates changes on deferred revenue (6,279 ) Revenue recognized (1,627,176 ) Balance, February 2, 2019 $ 450,302 TJX recognized $1.6 billion in gift card revenue for the fiscal period 2019 . Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed (referred to as breakage) and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue recognized from breakage was $20.6 million in fiscal 2019 , $21.1 million in fiscal 2018 and $20.5 million in fiscal 2017 . 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. We estimate the variable consideration using the expected value method when calculating the returns reserve because the difference in applying it to the individual contract would not differ materially. Returns are estimated based on historical experience and are required to be established and presented at the gross sales value with an asset established for the estimated value of the merchandise returned separate from the refund liability. Liabilities for return allowances are included in “Accrued expenses and other current liabilities” and the estimated value of the merchandise to be returned is included in “Prepaid expenses and other current assets” on our Consolidated Balance Sheets. |
Consolidated Statements of Income Classifications | Consolidated Statements of Income Classifications Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies; gains and losses on inventory and fuel-related derivative contracts; asset retirement obligation costs; divisional occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. |
Cash and Cash Equivalents | Cash and Cash Equivalents TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. As of February 2, 2019 , TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion , of which $420.6 million was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. |
Merchandise Inventories | Merchandise Inventories Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its businesses, except T.K. Maxx in Australia. The businesses that utilize the retail method have some inventory that is initially valued at cost before the retail method is applied as that inventory has not been fully processed for sale (e.g. inventory in transit and unprocessed inventory in our distribution centers). Under the retail method, TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX records inventory at the time title transfers, which is typically at the time when inventory is shipped. As a result, merchandise inventories on TJX’s balance sheet include in-transit inventory of $832.1 million at February 2, 2019 and $755.4 million at February 3, 2018 . Comparable amounts were reflected in accounts payable at those dates. |
Common Stock and Equity | Common Stock and Equity In fiscal 2019, we completed a two-for-one stock split of the Company’s common stock in the form of a stock dividend. For additional information see Note D - Capital Stock and Earnings Per Share of Notes to Consolidated Financial Statements. Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs, the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the high volume of repurchases over the past several years, TJX has no remaining balance in APIC at the end of any of the years presented. All shares repurchased have been retired. Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Prior to fiscal 2018, any tax benefits greater than the deferred tax assets created at the time of expensing the options were credited to APIC; any deficiencies in the tax benefits were debited to APIC to the extent a pool for such deficiencies existed. In the absence of a pool, any deficiencies were realized in the related periods’ statements of income through the provision for income taxes. Beginning in fiscal 2018 , upon adoption of ASU 2016-9-Compensation-Stock compensation (Topic 718): Improvements to employee share-based payment accountin g, any excess tax benefits or deficiencies are included in the provision for income taxes. The par value of performance-based deferred stock awards, performance share units and restricted stock units is added to common stock when shares are delivered following vesting. The par value of performance-based restricted stock awards is added to common stock when the stock is issued, generally at grant date. The fair value of stock awards and units in excess of any par value is added to APIC as the awards are amortized into earnings over the related requisite service periods. |
Share-Based Compensation | Share-Based Compensation TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for stock awards. See Note H – Stock Incentive Plan of Notes to Consolidated Financial Statements for a detailed discussion of share-based compensation. |
Interest | Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Interest expense $ 69,102 $ 69,237 $ 69,219 Capitalized interest (4,263 ) (4,942 ) (7,548 ) Interest (income) (55,979 ) (32,707 ) (18,137 ) Interest expense, net $ 8,860 $ 31,588 $ 43,534 TJX capitalizes interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2019 , 2018 and 2017 relates to costs on owned real estate projects and development costs on a merchandising system. |
Depreciation and Amortization | Depreciation and Amortization For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years . Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years ), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years . Depreciation and amortization expense for property was $818.9 million in fiscal 2019 , $727.2 million in fiscal 2018 and $664.5 million in fiscal 2017 . TJX had no property held under capital leases during fiscal 2019 , 2018 , or 2017 . Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized over 5 years . Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. |
Lease Accounting | Lease Accounting The Company generally leases stores, distribution centers and office space under operating leases. Store lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for percentage of sales in excess of specified levels. We recognize rent on a straight-line basis over the term of the lease, including rent holiday periods and scheduled rent increases. We begin recording rent expense when we take possession of a store, which is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. Asset Retirement Obligations The Company establishes an asset retirement obligation, and related asset, for leases of property that require us to return the property to its original condition (commonly referred to as a reinstatement provision) if and when we exit the facility. These reinstatement provisions are primarily applicable to our TJX International locations. The income statement impact of our asset retirement obligation is recorded in general corporate expenses and our operating divisions are charged the actual costs incurred when a retirement takes place. Build-to-Suit Accounting Lease agreements involving property built to our specifications are reviewed to determine if our involvement in the construction project requires that we account for the project costs as if we were the owner for accounting purposes. We have entered into several lease agreements where we are deemed the owner of a construction project for accounting purposes. Thus, during construction of the facility the construction costs incurred by us as the lessor are included as a construction in progress asset along with a related liability of the same amount on our balance sheet. Upon completion of the project, a sale-leaseback analysis is performed to determine if the Company should record a sale to remove the related asset and related obligation and record the lease as either an operating or capital lease obligation. If the Company is precluded from derecognizing the asset when construction is complete, due to continuing involvement beyond a normal leaseback, the lease is accounted for as a financing transaction and the recorded asset and related financing obligation remain on the Consolidated Balance Sheets. Accordingly, the asset is depreciated over its estimated useful life in accordance with the Company’s policy and a portion of the lease payments is allocated to ground rent and treated as an operating lease. The portion of the lease payment allocated to ground rental expense is based on the fair value of the land at the commencement of construction. Lease payments allocated to the non-land asset are recognized as reductions to the financing obligation and interest expense. As disclosed in “Future Adoption of New Accounting Standards,” our accounting for build-to-suit leases will change upon adoption of the new lease accounting standard. |
Goodwill and Tradenames | Goodwill and Tradenames Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83% -owned subsidiary and represents goodwill associated with the T.J. Maxx chain, 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 in fiscal 2013, rebranded as Sierra in fiscal 2019, 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 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 (92 ) (2,425 ) (2,517 ) Balance, February 2, 2019 $ 70,027 $ 1,692 $ — $ 25,833 $ 97,552 Goodwill is considered to have an indefinite life and accordingly is not amortized. In fiscal 2018 , the Company recorded an impairment charge of $99.3 million which included $97.3 million of Sierra goodwill and $2.0 million for certain long-lived assets of Sierra as the estimated fair value of this business fell below the carrying value due to a decrease in projected revenue growth rates. The impairment charge is included within the Marmaxx segment results. Tradenames, which are included in other assets, are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain, the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013 and the value assigned to the name “Trade Secret,” acquired by TJX in fiscal 2016. The tradenames were valued by calculating the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is considered to have an indefinite life and accordingly is not amortized. The Sierra Trading Post tradename is being amortized over 15 years . The Trade Secret tradename is being amortized over 7 years . The following is a roll forward of tradenames. Fiscal Year Ended February 2, 2019 February 3, 2018 In thousands Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets Sierra Trading Post $ 38,500 $ (15,614 ) $ — $ 22,886 $ 38,500 $ (13,029 ) $ — $ 25,471 Trade Secret $ 12,541 $ (4,117 ) $ (1,048 ) $ 7,376 $ 12,541 $ (2,899 ) $ 2,072 $ 11,714 Indefinite-lived intangible asset Marshalls $ 107,695 $ — $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years . Goodwill, tradenames and trademarks, and the related accumulated amortization or impairment if any, are included in the respective operating segment to which they relate. |
Impairment of Long-Lived Assets, Goodwill and Tradenames | Impairment of Long-Lived Assets, Goodwill and Tradenames TJX evaluates its long-lived assets, goodwill and tradenames for indicators of impairment at least annually in the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The evaluation for long-lived assets including tradenames that are amortized, is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, generally at the individual store level for fixed assets and the reporting unit for tradenames that are amortized. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if the carrying value of the asset or asset group is recoverable. If the cash flow is less than the carrying value then an impairment charge will be recorded to the extent the fair value of an asset or asset group is less than the carrying value of that asset or asset group. This analysis resulted in immaterial impairment charges of store fixed assets in fiscal 2019 and fiscal 2018 . The store-by-store evaluations did not indicate any recoverability issues in fiscal 2017 . Goodwill and tradenames with an indefinite life are tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year. The carrying value of tradenames with an indefinite life is compared to its fair value determined by calculating the discounted present value of assumed after-tax royalty payments to the carrying value of the tradename. There was no impairment related to tradenames in fiscal 2019 , 2018 or 2017 . Goodwill is tested for impairment by using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. We may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. In fiscal 2019 and fiscal 2018 , we bypassed the qualitative assessment and performed the first step of the quantitative goodwill impairment test. In fiscal 2018 the Company recorded an impairment charge of $97.3 million for Sierra goodwill as the estimated fair value of this business fell below the carrying value due to a decrease in projected revenue growth rates. There were no impairments related to our goodwill in fiscal 2019 or 2017 . |
Advertising Costs | Advertising Costs TJX expenses advertising costs as incurred. |
Foreign Currency Translation | Foreign Currency Translation TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of accumulated other comprehensive (loss) income. Activity of the foreign operations that affect the statements of income and cash flows is translated at average exchange rates prevailing during the fiscal year. |
Loss Contingencies | Loss Contingencies TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. |
Future Adoption of New Accounting Standards | Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, we have reviewed the guidance and have determined that they will not apply or are not expected to be material to our Consolidated Financial Statements upon adoption and therefore, are not disclosed. Leases In February 2016, the Financial Accounting Standards Board issued updated guidance on leases to increase transparency and comparability among organizations by requiring lessees to recognize right of use 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 previously 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 will adopt this standard on February 3, 2019 using the optional transition method under ASU 2018-11. The Company implemented a new lease accounting system and evaluated our lease portfolio to assess the impact this standard will have on our Consolidated Financial Statements and Notes thereto. 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 will not be material. Any impact to the income statement will be the result of the timing of expense recognition and will not be incremental over the term of the lease. For example, under ASC 842 certain initial direct costs will no longer be capitalized and amortized over the lease term and will be expensed as incurred. In addition, in certain instances, the cost of our renewal options may be recognized earlier in the life of the lease than under the existing lease accounting rules. On adoption of this standard we will recognize an operating lease liability of approximately $9 billion on our statement of financial condition as of February 3, 2019 with corresponding right of use assets based on the present value of the remaining minimum rental payments associated with our more than 4,300 leased locations. This impact includes the derecognition of build-to-suit lease assets and liabilities when we do not control the building during the construction period. We do not believe the new standard will have a notable impact on our liquidity and we do not believe it will have an impact on our debt-covenant compliance under our current agreements. We will implement the transition package of three practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classifications. As our leases do not provide an implicit rate, nor is one readily available, we will use our incremental borrowing rate based on information available at commencement date to determine the present value of future payments. Income Statement - Reporting Comprehensive Income In February 2018, the FASB issued updated guidance related to reporting comprehensive income. The amendments in the update allow for a one-time reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effect as a result from the enactment of the Tax Cuts and Jobs Act of 2017 (“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 will adopt the standard in the first quarter of fiscal 2020 and plans on electing not to reclassify the stranded tax effects as of result of the 2017 Tax Act to retained earnings. The Company is still evaluating the impact of the adoption on its consolidated disclosures. Intangibles-Goodwill and Other-Internal-Use Software In August 2018, the FASB issued guidance related to accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The standard allows entities who are customers in hosting arrangements that are service contracts to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The guidance specifies classification for capitalizing implementation costs and related amortization expense within the financial statements and requires additional disclosures. The guidance will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2019. Early adoption is permitted and can be applied either retrospectively or prospectively. The Company is currently evaluating the transition methods and the impact of the adoption of this standard 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 all periods presented, 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, 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 completed our analysis in the fourth quarter of fiscal 2019 and determined there is no material adjustment to the income tax expense. Compensation Retirement Defined Benefit Plans Disclosure Framework In the fourth quarter of fiscal 2019, TJX early adopted Compensation - Retirement Benefits - Defined Benefit Plans (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which this new pronouncement removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. Adopting the pronouncement did not result in any change to TJX disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Accounting Policies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Contract with Customer Liability | Fiscal Period In thousands February 2, Balance, February 3, 2018 $ 406,506 Deferred revenue 1,677,251 Effect of exchange rates changes on deferred revenue (6,279 ) Revenue recognized (1,627,176 ) Balance, February 2, 2019 $ 450,302 |
Summary of Interest Expense, Net | Interest TJX’s interest expense is presented net of capitalized interest and interest income. The following is a summary of interest expense, net: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Interest expense $ 69,102 $ 69,237 $ 69,219 Capitalized interest (4,263 ) (4,942 ) (7,548 ) Interest (income) (55,979 ) (32,707 ) (18,137 ) Interest expense, net $ 8,860 $ 31,588 $ 43,534 |
Roll Forward of Goodwill by Component | The following is a roll forward of goodwill by component: In thousands Marmaxx Winners Sierra 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 (92 ) (2,425 ) (2,517 ) Balance, February 2, 2019 $ 70,027 $ 1,692 $ — $ 25,833 $ 97,552 |
Schedule of Finite-Lived Intangible Assets | The following is a roll forward of tradenames. Fiscal Year Ended February 2, 2019 February 3, 2018 In thousands Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Gross Carrying Amount Accumulated Amortization Impact of FX Net Carrying Value Definite-lived intangible assets Sierra Trading Post $ 38,500 $ (15,614 ) $ — $ 22,886 $ 38,500 $ (13,029 ) $ — $ 25,471 Trade Secret $ 12,541 $ (4,117 ) $ (1,048 ) $ 7,376 $ 12,541 $ (2,899 ) $ 2,072 $ 11,714 Indefinite-lived intangible asset Marshalls $ 107,695 $ — $ — $ 107,695 $ 107,695 $ — $ — $ 107,695 |
Property at Cost (Tables)
Property at Cost (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Property at Cost | Presented below are the components of property at cost: Fiscal Year Ended In thousands February 2, February 3, Land and buildings $ 1,457,835 $ 1,355,777 Leasehold costs and improvements 3,377,045 3,254,830 Furniture, fixtures and equipment 5,894,239 5,357,701 Total property at cost $ 10,729,119 $ 9,968,308 Less accumulated depreciation and amortization 5,473,911 4,962,255 Net property at cost $ 5,255,208 $ 5,006,053 |
Summary of Long-Lived Assets by Geographic Location | Presented below is information related to carrying values of TJX’s long-lived assets by geographic location: Fiscal Year Ended In thousands February 2, February 3, United States $ 3,756,929 $ 3,514,628 Canada 303,414 308,259 Europe 1,154,564 1,151,972 Australia 40,301 31,194 Total long-lived assets $ 5,255,208 $ 5,006,053 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table details the changes in accumulated other comprehensive (loss) income for fiscal 2019 , fiscal 2018 and fiscal 2017 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Accumulated Balance, January 30, 2016 $ (439,192 ) $ (224,654 ) $ (3,626 ) $ (667,472 ) Foreign currency translation adjustments (net of taxes of $25,656) (52,611 ) — — (52,611 ) Recognition of net gains/losses on benefit obligations (net of taxes of $7,394) — (11,239 ) — (11,239 ) Pension settlement charge (net of taxes of $12,369) — 18,804 — 18,804 Amortization of loss on cash flow hedge (net of taxes of $450) — — 684 684 Amortization of prior service cost and deferred gains/losses (net of taxes of $11,584) — 17,608 — 17,608 Balance, January 28, 2017 (491,803 ) (199,481 ) (2,942 ) (694,226 ) 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 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 ) Foreign currency translation adjustments (net of taxes of $8,233) (192,664 ) — — (192,664 ) Recognition of net gains/losses on investment hedges (net of taxes $7,113) 19,538 — — 19,538 Recognition of net gains/losses on benefit obligations (net of taxes of $19,813) — (54,420 ) — (54,420 ) Pension settlement charge (net of taxes of $9,641) — 26,481 — 26,481 Amortization of loss on cash flow hedge (net of taxes of $304) — — 847 847 Amortization of prior service cost and deferred gains/losses (net of taxes of $4,280) — 11,756 — 11,756 Balance, February 2, 2019 $ (453,177 ) $ (175,745 ) $ (1,399 ) $ (630,321 ) |
Capital Stock and Earnings Pe_2
Capital Stock and Earnings Per Share (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for net income: Fiscal Year Ended Amounts in thousands except per share amounts February 2, February 3, January 28, (53 weeks) Basic earnings per share: Net income $ 3,059,798 $ 2,607,948 $ 2,298,234 Weighted average common stock outstanding for basic earnings per share calculation 1,241,153 1,273,654 1,311,294 Basic earnings per share $ 2.47 $ 2.05 $ 1.75 Diluted earnings per share: Net income $ 3,059,798 $ 2,607,948 $ 2,298,234 Weighted average common stock outstanding for basic earnings per share calculation 1,241,153 1,273,654 1,311,294 Assumed exercise / vesting of: Stock options and awards 18,099 18,555 17,570 Weighted average common stock outstanding for diluted earnings per share calculation 1,259,252 1,292,209 1,328,864 Diluted earnings per share $ 2.43 $ 2.02 $ 1.73 Cash dividends declared per share $ 0.78 $ 0.63 $ 0.52 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
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 February 2, 2019 : 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 2, 2019 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 59,000 £ 12,021 0.2037 Prepaid Exp $ 56 $ — $ 56 € 55,950 £ 49,560 0.8858 Prepaid Exp / 126 (140 ) (14 ) A$ 30,000 U.S.$ 21,483 0.7161 (Accrued Exp) — (314 ) (314 ) U.S.$ 72,020 £ 55,000 0.7637 Prepaid Exp 1,037 — 1,037 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.7M - 3.3M gal per month Float on 2.7M - 3.3M gal per month N/A (Accrued Exp) — (3,786 ) (3,786 ) Intercompany billings in TJX International, primarily merchandise related: € 46,600 £ 41,835 0.8977 Prepaid Exp 1,300 — 1,300 Merchandise purchase commitments: C$ 546,083 U.S.$ 414,100 0.7583 Prepaid Exp / 1,239 (4,741 ) (3,502 ) C$ 31,455 € 20,700 0.6581 (Accrued Exp) — (248 ) (248 ) £ 173,624 U.S.$ 230,000 1.3247 Prepaid Exp / 3,459 (1,466 ) 1,993 zł 280,167 £ 57,586 0.2055 Prepaid Exp / 707 (86 ) 621 A$ 51,043 U.S.$ 36,961 0.7241 Prepaid Exp / 97 (213 ) (116 ) U.S.$ 56,847 € 49,355 0.8682 Prepaid Exp / 115 (207 ) (92 ) Total fair value of financial instruments $ 8,136 $ (11,201 ) $ (3,065 ) 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 2.2M – 3.0M gal per month Float on 2.2M – 3.0M gal per month N/A Prepaid Exp 7,854 — 7,854 Intercompany billings in TJX International, 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 / (Accrued 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 ) |
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the statements of income during fiscal 2019 , fiscal 2018 and fiscal 2017 are as follows: Amount of Gain (Loss) Recognized in Income by Derivative In thousands Location of Gain (Loss) Recognized in Income by Derivative February 2, February 3, January 28, (53 weeks) Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (2,674 ) $ 1,207 $ (17,250 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 18,823 — — Diesel contracts Cost of sales, including buying and occupancy costs 1,373 7,946 3,906 Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 1,137 (3,042 ) (8,684 ) Merchandise purchase commitments Cost of sales, including buying and occupancy costs 60,407 (45,886 ) 5,626 Gain (loss) recognized in income $ 79,066 $ (39,775 ) $ (16,402 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: Fiscal Year Ended In thousands February 2, February 3, Level 1 Assets: Executive Savings Plan investments $ 253,215 $ 249,045 Level 2 Assets: Short-term investments $ — $ 506,165 Foreign currency exchange contracts 8,136 4,363 Diesel fuel contracts — 7,854 Liabilities: Foreign currency exchange contracts $ 7,415 $ 20,557 Diesel fuel contracts 3,786 — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Segment Reporting [Abstract] | |
Percentages of Consolidated Revenues by Major Product Category | The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows: Fiscal Fiscal Fiscal Apparel Clothing including footwear 52 % 52 % 54 % Jewelry and accessories 15 15 15 Home fashions 33 33 31 Total 100 % 100 % 100 % |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Net sales: In the United States Marmaxx $ 24,057,970 $ 22,249,105 $ 21,246,034 HomeGoods 5,787,365 5,116,328 4,404,607 TJX Canada 3,869,779 3,642,282 3,171,127 TJX International 5,257,820 4,856,949 4,361,976 $ 38,972,934 $ 35,864,664 $ 33,183,744 Segment profit: In the United States Marmaxx (1) $ 3,253,949 $ 2,949,358 $ 2,995,045 HomeGoods 671,871 674,511 613,778 TJX Canada 551,617 530,113 413,417 TJX International 285,790 249,226 235,519 4,763,227 $ 4,403,208 $ 4,257,759 General corporate expense 545,034 515,032 408,236 Loss on early extinguishment of debt — — 51,773 Pension settlement charge 36,122 — 31,173 Interest expense, net 8,860 31,588 43,534 Income before provision for income taxes $ 4,173,211 $ 3,856,588 $ 3,723,043 (1) Fiscal 2018 amount includes an impairment charge of $99.3 million for goodwill and certain long-lived assets of Sierra. Business segment information (continued): Fiscal Year Ended In thousands February 2, February 3, January 28, Identifiable assets: In the United States Marmaxx $ 6,223,110 $ 5,676,464 $ 5,440,448 HomeGoods 1,416,687 1,237,811 1,086,947 TJX Canada 914,789 1,459,924 1,345,003 TJX International 2,344,033 2,321,001 1,789,140 Corporate (1) 3,427,410 3,362,815 3,222,270 Total identifiable assets $ 14,326,029 $ 14,058,015 $ 12,883,808 Capital expenditures: In the United States Marmaxx $ 598,955 $ 532,348 $ 449,169 HomeGoods 170,978 149,505 173,979 TJX Canada 82,333 88,761 100,437 TJX International 272,873 287,003 301,162 Total capital expenditures $ 1,125,139 $ 1,057,617 $ 1,024,747 Depreciation and amortization: In the United States Marmaxx $ 456,420 $ 399,014 $ 385,007 HomeGoods 110,978 94,709 77,287 TJX Canada 66,365 68,033 62,427 TJX International 180,631 159,010 129,376 Corporate (2) 5,261 5,191 4,699 Total depreciation and amortization $ 819,655 $ 725,957 $ 658,796 (1) Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, prepaid service contracts and the trust assets in connection with the Executive Savings Plan. Consolidated cash, including cash held in our foreign entities, is included with corporate assets for consistency with the reporting of cash for our segments in the U.S. (2) Includes debt discount accretion and debt expense amortization. |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Fiscal Year Ended February 2, February 3, January 28, Risk-free interest rate 2.88 % 1.75 % 1.20 % Dividend yield 1.4 % 1.5 % 1.2 % Expected volatility factor 23.5 % 23.5 % 23.8 % Expected option life in years 4.9 4.8 4.8 Weighted average fair value of options issued $ 11.85 $ 7.16 $ 7.28 |
Schedule of Stock Options and Related Weighted Average Exercise Prices | A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below: Fiscal Year Ended Shares in thousands February 2, February 3, January 28, Options WAEP Options WAEP Options WAEP Outstanding at beginning of year 55,260 $ 27.52 54,706 $ 24.35 57,372 $ 20.84 Granted 6,143 53.98 9,404 36.61 8,610 37.52 Exercised (11,670 ) 21.88 (8,192 ) 16.12 (10,530 ) 15.42 Forfeitures (680 ) 38.59 (658 ) 35.70 (746 ) 33.08 Outstanding at end of year 49,053 $ 32.02 55,260 $ 27.52 54,706 $ 24.35 Options exercisable at end of year 34,344 $ 26.95 37,952 $ 23.28 37,960 $ 19.35 |
Schedule of Stock Options Outstanding Expected to Vest and Stock Options Outstanding Exercisable | The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of February 2, 2019 : Shares in thousands Shares Aggregate Intrinsic Value Weighted Average Remaining Contract Life WAEP Options outstanding expected to vest (1) 13,672 $ 98,458 8.8 years $ 43.73 Options exercisable 34,344 $ 754,018 5.0 years $ 26.95 Total outstanding options vested and expected to vest 48,016 $ 852,476 6.1 years $ 31.72 (1) Reflects 14.6 million unvested options, net of anticipated forfeitures. |
Summary of Nonvested Performance-Based Stock Awards | A summary of the status of our nonvested stock awards and changes during fiscal 2019 is presented below: Shares in thousands Stock Awards Weighted Average Grant Date Fair Value Nonvested at beginning of year 3,045 $ 38.68 Granted 1,268 41.17 Vested (859 ) 35.03 Forfeited (32 ) 39.93 Nonvested at end of year 3,422 $ 40.51 |
Pension Plans and Other Retir_2
Pension Plans and Other Retirement Benefits (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Retirement Benefits [Abstract] | |
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the fiscal years indicated. The Company has elected the practical expedient pursuant to ASU 2015-4– Compensation-retirement benefits (Topic 715) and has selected the measurement date of January 31, the calendar month end closest to the Company’s fiscal year end. Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, February 2, February 3, Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,404,089 $ 1,269,010 $ 91,047 $ 86,309 Service cost 45,342 46,845 2,391 1,888 Interest cost 54,355 55,301 3,600 3,316 Actuarial (gains)/losses (38,304 ) 67,232 5,955 4,580 Settlements (207,369 ) — — — Benefits paid (33,226 ) (30,993 ) (6,234 ) (5,046 ) Expenses paid (3,717 ) (3,306 ) — — Projected benefit obligation at end of year $ 1,221,170 $ 1,404,089 $ 96,759 $ 91,047 Accumulated benefit obligation at end of year $ 1,100,358 $ 1,277,216 $ 80,166 $ 77,668 Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, February 2, February 3, Change in plan assets: Fair value of plan assets at beginning of year $ 1,417,531 $ 1,176,960 $ — $ — Actual return on plan assets (27,884 ) 174,870 — — Employer contribution 100,000 100,000 6,234 5,046 Settlements (207,369 ) — — — Benefits paid (33,226 ) (30,993 ) (6,234 ) (5,046 ) Expenses paid (3,717 ) (3,306 ) — — Fair value of plan assets at end of year $ 1,245,335 $ 1,417,531 $ — $ — Reconciliation of funded status: Projected benefit obligation at end of year $ 1,221,170 $ 1,404,089 $ 96,759 $ 91,047 Fair value of plan assets at end of year 1,245,335 1,417,531 — — Funded status – excess (asset) obligation $ (24,165 ) $ (13,442 ) $ 96,759 $ 91,047 Net (asset) liability recognized on consolidated balance sheets $ (24,165 ) $ (13,442 ) $ 96,759 $ 91,047 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): Prior service cost $ 1,558 $ 1,935 $ — $ — Accumulated actuarial losses 264,160 243,761 30,709 28,164 Amounts included in accumulated other comprehensive income (loss) $ 265,718 $ 245,696 $ 30,709 $ 28,164 |
Weighted Average Assumptions for Obligation | Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date: Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended February 2, February 3, February 2, February 3, Discount rate 4.30% 4.00% 4.10% 3.80% Rate of compensation increase 4.00% 4.00% 6.00% 6.00% |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) | The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) related to our pension plans: Funded Plan Fiscal Year Ended Unfunded Plan Fiscal Year Ended In thousands February 2, February 3, January 28, February 2, February 3, January 28, Net periodic pension cost: Service cost $ 45,342 $ 46,845 $ 45,440 $ 2,391 $ 1,888 $ 1,835 Interest cost 54,355 55,301 56,094 3,600 3,316 3,391 Expected return on plan assets (79,190 ) (69,345 ) (70,535 ) — — — Amortization of prior service cost 377 377 377 — — — Amortization of net actuarial loss 12,250 21,557 31,397 3,409 2,852 3,349 Settlement charge 36,122 — 31,173 — — — Total expense $ 69,256 $ 54,735 $ 93,946 $ 9,400 $ 8,056 $ 8,575 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss $ 68,770 $ (38,293 ) $ 17,894 $ 5,955 $ 4,580 $ 740 Amortization of net (loss) (12,250 ) (21,557 ) (31,397 ) (3,409 ) (2,852 ) (3,349 ) Settlement charge (36,122 ) — (31,173 ) — — — Amortization of prior service cost (377 ) (377 ) (377 ) — — — Total recognized in other comprehensive income (loss) $ 20,021 $ (60,227 ) $ (45,053 ) $ 2,546 $ 1,728 $ (2,609 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 89,277 $ (5,492 ) $ 48,893 $ 11,946 $ 9,784 $ 5,966 Weighted average assumptions for expense purposes: Discount rate 4.00%/4.40% 4.40% 4.80%/3.80% 3.80% 4.00% 4.20% Expected rate of return on plan assets 6.00%/6.00% 6.00% 6.50%/6.00% N/A N/A N/A Rate of compensation increase 4.00% 4.00% 4.00% 6.00% 6.00% 6.00% |
Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter | The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: In thousands Funded Plan Expected Benefit Payments Unfunded Plan Expected Benefit Payments Fiscal Year 2020 $ 25,557 $ 4,799 2021 30,134 3,684 2022 35,072 4,625 2023 40,515 47,780 2024 46,200 6,104 2025 through 2029 313,971 32,706 |
Fair Value for Pension Assets Measured at Fair Value on Recurring Basis | The following table presents the fair value hierarchy (See Note F – Fair Value Measurements of Notes to Consolidated Financial Statements) for pension assets measured at fair value on a recurring basis as of February 2, 2019 and February 3, 2018 : Funded Plan at February 2, 2019 In thousands Level 1 Level 2 Total Asset category: Short-term investments $ 111,803 $ — $ 111,803 Equity Securities 226,042 — 226,042 Fixed Income Securities: Corporate and government bond funds — 376,438 376,438 Futures Contracts — 1,029 1,029 Total assets in the fair value hierarchy $ 337,845 $ 377,467 $ 715,312 Assets measured at net asset value* — — 530,023 Fair value of assets $ 337,845 $ 377,467 $ 1,245,335 Funded Plan at February 3, 2018 In thousands Level 1 Level 2 Total Asset category: Short-term investments $ 109,183 $ — $ 109,183 Equity Securities 279,635 — 279,635 Fixed Income Securities: Corporate and government bond funds — 420,117 420,117 Futures Contracts — 337 337 Total assets in the fair value hierarchy $ 388,818 $ 420,454 $ 809,272 Assets measured at net asset value* — — 608,259 Fair value of assets $ 388,818 $ 420,454 $ 1,417,531 * In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above. |
Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date | The following is a summary of TJX’s target allocation guidelines for qualified pension plan assets as of February 2, 2019 along with the actual allocation of qualified pension plan assets as of the valuation date for the fiscal years presented: Target Allocation February 2, February 3, Return-seeking assets 50% 43% 47% Liability-hedging assets 50% 49% 46% All other – primarily cash —% 8% 7% |
Long-Term Debt and Credit Lin_2
Long-Term Debt and Credit Lines (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of February 2, 2019 and February 3, 2018 . All amounts are net of unamortized debt discounts. In thousands February 2, February 3, 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 $189 and $234 in fiscal 2019 and 2018, respectively) $ 499,811 $ 499,766 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $174 and $250 in fiscal 2019 and 2018, respectively) $ 749,826 $ 749,750 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,657 and $6,403 in fiscal 2019 and 2018, respectively) $ 994,343 $ 993,597 Debt issuance cost $ (10,364 ) $ (12,506 ) Total long-term debt $ 2,233,616 $ 2,230,607 |
Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments | The aggregate maturities of long-term debt, inclusive of current installments at February 2, 2019 are as follows: In thousands Long-Term Debt Fiscal Year 2020 $ — 2021 — 2022 750,000 2023 — 2024 500,000 Later years 1,000,000 Less amount representing unamortized debt discount (6,020 ) Less amount representing debt issuance cost (10,364 ) Aggregate maturities of long-term debt $ 2,233,616 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | For financial reporting purposes, components of income before income taxes are as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) United States $ 3,463,785 $ 3,255,057 $ 3,196,370 Foreign $ 709,426 $ 601,531 $ 526,673 Income before provision for income taxes $ 4,173,211 $ 3,856,588 $ 3,723,043 |
Provision for Income Taxes | The provision for income taxes includes the following: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Current: Federal $ 711,369 $ 1,063,141 $ 1,068,778 State 251,187 160,650 213,505 Foreign 238,692 161,974 148,367 Deferred: Federal (62,278 ) (164,523 ) (3,107 ) State (27,831 ) 27,595 (10,583 ) Foreign 2,274 (197 ) 7,849 Provision for income taxes $ 1,113,413 $ 1,248,640 $ 1,424,809 |
Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax (liabilities) assets as follows: Fiscal Year Ended In thousands February 2, February 3, Deferred tax assets: Net operating loss carryforward $ 49,489 $ 40,088 Reserves for lease obligations 2,799 3,637 Pension, stock compensation, postretirement and employee benefits 273,482 232,887 Leases 45,740 42,999 Accruals and reserves 42,709 51,281 Other 65,776 25,599 Total gross deferred tax assets $ 479,995 $ 396,491 Valuation allowance (51,711 ) (42,332 ) Net deferred tax asset $ 428,284 $ 354,159 Deferred tax liabilities: Property, plant and equipment $ 497,906 $ 437,621 Capitalized inventory 42,981 45,125 Tradename/intangibles 14,019 12,628 Undistributed foreign earnings 1,856 65,013 Other 23,246 20,271 Total deferred tax liabilities $ 580,008 $ 580,658 Net deferred tax (liability) $ (151,724 ) $ (226,499 ) Non-current asset $ 6,467 $ 6,558 Non-current liability (158,191 ) (233,057 ) Total $ (151,724 ) $ (226,499 ) |
Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate | The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: Fiscal Year Ended February 2, February 3, January 28, (53 weeks) U.S. federal statutory income tax rate 21.0 % 33.7 % 35.0 % Effective state income tax rate 4.5 3.6 3.5 Impact of foreign operations 1.2 (0.1 ) (0.2 ) Excess share-based compensation (1.2 ) (1.3 ) — Impact of 2017 Tax Act 1.5 (2.3 ) — All other (0.3 ) (1.2 ) — Worldwide effective income tax rate 26.7 % 32.4 % 38.3 % |
Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, Balance at beginning of year $ 61,704 $ 49,092 $ 43,326 Additions for uncertain tax positions taken in current year 7,406 6,504 7,018 Additions for uncertain tax positions taken in prior years 177,741 7,990 327 Reductions for uncertain tax positions taken in prior years — (587 ) (334 ) Reductions resulting from lapse of statute of limitations (1,388 ) (1,295 ) (1,245 ) Settlements with tax authorities (1,268 ) — — Balance at end of year $ 244,195 $ 61,704 $ 49,092 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments for Continuing Operations | The following is a schedule of future minimum lease payments for continuing operations as of February 2, 2019 : In thousands Operating Leases Fiscal Year 2020 $ 1,676,700 2021 1,603,378 2022 1,441,444 2023 1,253,420 2024 1,042,184 Later years 2,774,845 Total future minimum lease payments $ 9,791,971 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities, Current and Long Term (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | The major components of accrued expenses and other current liabilities are as follows: Fiscal Year Ended In thousands February 2, February 3, Employee compensation and benefits, current $ 737,920 $ 686,294 Dividends payable 241,972 199,029 Accrued capital additions 119,172 90,336 Rent, utilities and occupancy, including real estate taxes 243,192 234,183 Merchandise credits and gift certificates 450,302 399,482 Sales tax collections and V.A.T. taxes 170,249 200,005 All other current liabilities 770,269 713,632 Total accrued expenses and other current liabilities $ 2,733,076 $ 2,522,961 |
Schedule of Other Long-Term Liabilities | The major components of other long-term liabilities are as follows: Fiscal Year Ended In thousands February 2, February 3, Employee compensation and benefits, long-term $ 449,065 $ 442,624 Accrued rent 269,057 263,178 Landlord allowances 80,425 88,747 Income taxes payable — 176,772 Tax reserve, long-term 235,467 44,753 Build-to-suit lease obligations 243,258 221,917 Asset retirement obligation 49,692 49,266 All other long-term liabilities 27,278 33,248 Total other long-term liabilities $ 1,354,242 $ 1,320,505 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities | TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended In thousands February 2, February 3, January 28, (53 weeks) Cash paid for: Interest on debt $ 64,007 $ 64,308 $ 72,619 Income taxes 1,147,511 1,289,964 1,282,172 Non-cash investing and financing activity: Build-to-suit construction in progress $ (40,911 ) $ (27,207 ) $ (94,291 ) Build-to-suit lease obligation 40,911 27,207 94,291 Dividends payable 42,943 29,836 29,195 Property additions 28,836 (21,627 ) (20,908 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Consolidated Financial Data | Presented below is selected quarterly consolidated financial data for fiscal 2019 and fiscal 2018 which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. Amounts in thousands except per share amounts First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Fiscal Year Ended February 2, 2019 (52 weeks) Net sales $ 8,688,720 $ 9,331,115 $ 9,825,759 $ 11,127,340 Gross earnings (1) 2,510,481 2,695,300 2,842,276 3,093,700 Net income 716,381 739,626 762,253 841,538 Basic earnings per share (4) 0.57 0.59 0.62 0.69 Diluted earnings per share (4) 0.56 0.58 0.61 0.68 Fiscal Year Ended February 3, 2018 (53 weeks) Net sales $ 7,784,024 $ 8,357,700 $ 8,762,220 $ 10,960,720 Gross earnings (1) 2,253,952 2,385,025 2,612,200 3,111,320 Net income 536,279 552,957 641,436 877,276 Basic earnings per share (4) 0.41 0.43 0.51 0.70 Diluted earnings per share (4) 0.41 0.42 0.50 0.69 (1) Gross earnings equal net sales less cost of sales, including buying and occupancy costs. (2) The third quarter of fiscal 2019 includes a $36.1 million pension settlement charge. (3) The fourth quarter of fiscal 2018 includes 14 weeks, a $99.3 million impairment charge and a net benefit related to the 2017 Tax Act. (4) Adjusted for two -for-one stock split completed in November 2018. See Note D - Capital Stock and Earnings Per Share. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Accounting Policies - (Additional Information) (Details) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Accounting Policies [Abstract] | |||
Weeks in the fiscal year | 364 days | 371 days | 364 days |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Accounting Policies - Revenue Recognition (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Concentration Risk [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 58,712 | ||
Revenue recognized | 1,627,176 | ||
Revenue recognized from store card breakage | $ 20,600 | $ 21,100 | $ 20,500 |
Point of sale at the registers | Key revenue streams concentration risk | Sales revenue net | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 98.00% | ||
Retained Earnings | |||
Concentration Risk [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 58,712 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Accounting Policies - Deferred Gift Card Revenue (Details) $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($) | |
Movement in Contract with Customer, Liability [Roll Forward] | |
Beginning Balance | $ 406,506 |
Deferred revenue | 1,677,251 |
Effect of exchange rates changes on deferred revenue | (6,279) |
Revenue recognized | (1,627,176) |
Ending Balance | $ 450,302 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Accounting Policies - Cash and Cash Equivalents (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Cash and Cash Equivalents [Line Items] | ||||
Highly liquid investments maximum maturity days | 90 days | |||
Cash and cash equivalents | $ 3,030,229 | $ 2,758,477 | $ 2,929,849 | $ 2,095,473 |
Minimum | ||||
Cash and Cash Equivalents [Line Items] | ||||
Short-term investments maturity term | 90 days | |||
Maximum | ||||
Cash and Cash Equivalents [Line Items] | ||||
Short-term investments maturity term | 1 year | |||
Outside United States | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,200,000 | |||
Reinvest Undistributed Earnings | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 420,600 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Accounting Policies - Merchandise Inventories (Additional Information) (Details) - USD ($) $ in Millions | Feb. 02, 2019 | Feb. 03, 2018 |
Accounting Policies [Abstract] | ||
In-transit inventory | $ 832.1 | $ 755.4 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Accounting Policies - Summary of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Accounting Policies [Abstract] | |||
Interest expense | $ 69,102 | $ 69,237 | $ 69,219 |
Capitalized interest | (4,263) | (4,942) | (7,548) |
Interest (income) | (55,979) | (32,707) | (18,137) |
Interest expense, net | $ 8,860 | $ 31,588 | $ 43,534 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Accounting Policies - Depreciation and Amortization (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 818,900,000 | $ 727,200,000 | $ 664,500,000 |
Property held under capital leases | $ 0 | $ 0 | $ 0 |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 33 years | ||
Leaseholds and Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 15 years | ||
Leaseholds and Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 10 years | ||
Furniture, Fixtures And Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 10 years | ||
Furniture, Fixtures And Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Trademarks [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Trademarks [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 5 years |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Accounting Policies - Lease Accounting (Additional Information) (Details) | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Rent expense recorded prior to minimum number of days before opening of store, in days | 30 days |
Rent expense recorded prior to maximum number of days before opening of store, in days | 60 days |
Basis of Presentation and Su_12
Basis of Presentation and Summary of Accounting Policies - Roll Forward of Goodwill by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 100,069 | $ 195,871 |
Impairment | (97,254) | |
Effect of exchange rate changes on goodwill | (2,517) | 1,452 |
Ending balance | 97,552 | 100,069 |
Winners | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,784 | 1,686 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | (92) | 98 |
Ending balance | 1,692 | 1,784 |
Sierra Trading Post | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 97,254 |
Impairment | (97,254) | |
Effect of exchange rate changes on goodwill | 0 | |
Ending balance | 0 | 0 |
T.K. Maxx | ||
Goodwill [Roll Forward] | ||
Beginning balance | 28,258 | 26,904 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | (2,425) | 1,354 |
Ending balance | 25,833 | 28,258 |
Marmaxx | ||
Goodwill [Roll Forward] | ||
Beginning balance | 70,027 | 70,027 |
Impairment | 0 | |
Effect of exchange rate changes on goodwill | 0 | |
Ending balance | $ 70,027 | $ 70,027 |
Basis of Presentation and Su_13
Basis of Presentation and Summary of Accounting Policies - Roll Forward Finite Intangible Assets (Details) - Trade Names - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Trade Secret | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,541 | $ 12,541 |
Accumulated Amortization | (4,117) | (2,899) |
Impact of FX | (1,048) | 2,072 |
Net Carrying Value | 11,714 | |
Sierra Trading Post | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38,500 | 38,500 |
Accumulated Amortization | (15,614) | (13,029) |
Net Carrying Value | 25,471 | |
Marshalls | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset | $ 107,700 | $ 107,695 |
Basis of Presentation and Su_14
Basis of Presentation and Summary of Accounting Policies - Goodwill and Tradenames (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill [Line Items] | |||
Percentage owned in subsidiary company | 83.00% | ||
Impairment charge | $ 0 | $ 99,250 | $ 0 |
Impairment charge related to goodwill | 97,254 | ||
Sierra Trading Post | |||
Goodwill [Line Items] | |||
Impairment charge related to goodwill | 97,254 | ||
Impairment charge related to long lived assets | 2,000 | ||
Trade Names | Sierra Trading Post | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Definite lived Tradename carried value | $ 22,886 | 25,471 | |
Trade Names | Marshalls | |||
Goodwill [Line Items] | |||
Indefinite-Lived Trade Names | $ 107,700 | 107,695 | |
Trade Names | Trade Secret | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Definite lived Tradename carried value | $ 7,376 | 11,714 | |
Impact from foreign exchange | $ 1,048 | $ (2,072) | |
Minimum | Trademarks [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum | Trademarks [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Basis of Presentation and Su_15
Basis of Presentation and Summary of Accounting Policies - Impairment of Long-Lived Assets, Goodwill and Tradenames (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill [Line Items] | |||
Impairment charge related to goodwill | $ 97,254,000 | ||
Intangible assets impairment | $ 0 | $ 0 | |
Sierra Trading Post | |||
Goodwill [Line Items] | |||
Impairment charge related to goodwill | 97,254,000 | ||
Trade Names | |||
Goodwill [Line Items] | |||
Impairment related to tradenames | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Su_16
Basis of Presentation and Summary of Accounting Policies - Advertising Costs (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 446.3 | $ 412.4 | $ 402.6 |
Basis of Presentation and Su_17
Basis of Presentation and Summary of Accounting Policies - Leases (Additional Information) (Details) $ in Billions | 12 Months Ended | |
Feb. 02, 2019Location | Feb. 03, 2019USD ($) | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of lease locations | Location | 4,300 | |
Subsequent Event | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, right-of-use asset | $ 9 | |
Operating lease, liability | $ 9 |
Property at Cost - Components o
Property at Cost - Components of Property at Cost (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land and buildings | $ 1,457,835 | $ 1,355,777 |
Leasehold costs and improvements | 3,377,045 | 3,254,830 |
Furniture, fixtures and equipment | 5,894,239 | 5,357,701 |
Total property at cost | 10,729,119 | 9,968,308 |
Less accumulated depreciation and amortization | 5,473,911 | 4,962,255 |
Net property at cost | $ 5,255,208 | $ 5,006,053 |
Property at Cost - Summary of L
Property at Cost - Summary of Long-Lived Assets By Geographic Location (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 5,255,208 | $ 5,006,053 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 3,756,929 | 3,514,628 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 303,414 | 308,259 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | 1,154,564 | 1,151,972 |
Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Carrying values of long-lived assets | $ 40,301 | $ 31,194 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 5,148,309 | $ 4,510,599 | $ 4,307,075 |
Foreign currency translation adjustments, net of related tax provision (benefit) | (192,664) | 211,752 | (52,611) |
Recognition of net gains/losses on benefit obligations, net of related tax provision (benefit) | (54,420) | 24,691 | (11,239) |
Recognition of net gains/losses on investments (net of taxes) | 19,538 | 0 | 0 |
Pension settlement charge (net of taxes) | 26,481 | 0 | 18,804 |
Amortization of loss on cash flow hedge, net of related tax provision (benefit) | 847 | 696 | 684 |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 11,756 | 15,228 | 17,608 |
Ending balance | 5,048,606 | 5,148,309 | 4,510,599 |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (280,051) | (491,803) | (439,192) |
Foreign currency translation adjustments, net of related tax provision (benefit) | (192,664) | 211,752 | (52,611) |
Recognition of net gains/losses on investments (net of taxes) | 19,538 | ||
Ending balance | (453,177) | (280,051) | (491,803) |
Deferred Benefit Costs | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (159,562) | (199,481) | (224,654) |
Recognition of net gains/losses on benefit obligations, net of related tax provision (benefit) | (54,420) | 24,691 | (11,239) |
Pension settlement charge (net of taxes) | 26,481 | 18,804 | |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 11,756 | 15,228 | 17,608 |
Ending balance | (175,745) | (159,562) | (199,481) |
Cash Flow Hedge on Debt | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (2,246) | (2,942) | (3,626) |
Amortization of loss on cash flow hedge, net of related tax provision (benefit) | 847 | 696 | 684 |
Ending balance | (1,399) | (2,246) | (2,942) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (441,859) | (694,226) | (667,472) |
Ending balance | $ (630,321) | $ (441,859) | $ (694,226) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Equity [Abstract] | |||
Foreign currency translation adjustments, related tax provisions (benefit) | $ 8,233 | $ 36,929 | $ 25,656 |
Recognition of net gains/losses on investment hedges | 7,113 | ||
Recognition of net gains/losses on benefit obligations, related tax provision (benefit) | (19,813) | 8,989 | (7,394) |
Pension settlement charge, Tax provision (benefit) | 9,641 | 0 | 12,369 |
Amortization of loss on cash flow hedge, Tax provision (benefit) | 304 | 438 | 450 |
Amortization of prior service cost and deferred gains/losses, related tax provisions | $ 4,280 | $ 9,592 | $ 11,584 |
Capital Stock and Earnings Pe_3
Capital Stock and Earnings Per Share - Additional Information (Detail) | Nov. 06, 2018shares | Feb. 02, 2019USD ($)$ / sharesshares | Feb. 03, 2018USD ($)$ / sharesshares | Jan. 28, 2017USD ($)shares |
Capital Unit [Line Items] | ||||
Stock split ratio, common stock | 2 | |||
Issuance of common stock in result from stock split (in shares) | 617,000,000 | |||
Common stock, shares authorized (in shares) | 600,000,000 | 1,800,000,000 | ||
Common stock repurchased and retired | $ | $ 2,400,000,000 | $ 1,600,000,000 | $ 1,700,000,000 | |
Repurchase of common stock (in shares) | 50,800,000 | 44,400,000 | 44,600,000 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | |||
Preferred stock, par value ($ per share) | $ / shares | $ 1 | $ 1 | ||
Antidilutive options excluded (in shares) | 6,100,000 | 24,900,000 | 16,300,000 | |
Trade Date Basis | ||||
Capital Unit [Line Items] | ||||
Common stock repurchased and retired (in shares) | 51,800,000 | |||
Common stock repurchased and retired | $ | $ 2,500,000,000 | |||
Stock Repurchase Programs 2018 | ||||
Capital Unit [Line Items] | ||||
Remaining available stock under stock repurchase plan | $ | 1,700,000,000 | |||
Stock Repurchase Programs 2019 | ||||
Capital Unit [Line Items] | ||||
Stock repurchase program, common stock purchase value | $ | $ 1,500,000,000 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Basic earnings per share: | |||||||||||
Net income | $ 841,538 | $ 762,253 | $ 739,626 | $ 716,381 | $ 877,276 | $ 641,436 | $ 552,957 | $ 536,279 | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Weighted average common shares - basic (in share) | 1,241,153 | 1,273,654 | 1,311,294 | ||||||||
Net income, Basic (in dollars per share) | $ 0.69 | $ 0.62 | $ 0.59 | $ 0.57 | $ 0.70 | $ 0.51 | $ 0.43 | $ 0.41 | $ 2.47 | $ 2.05 | $ 1.75 |
Diluted earnings per share: | |||||||||||
Net income | $ 841,538 | $ 762,253 | $ 739,626 | $ 716,381 | $ 877,276 | $ 641,436 | $ 552,957 | $ 536,279 | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Weighted average common shares - basic (in share) | 1,241,153 | 1,273,654 | 1,311,294 | ||||||||
Stock options and awards | 18,099 | 18,555 | 17,570 | ||||||||
Weighted average common shares - diluted (in dollars per share) | 1,259,252 | 1,292,209 | 1,328,864 | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.68 | $ 0.61 | $ 0.58 | $ 0.56 | $ 0.69 | $ 0.50 | $ 0.42 | $ 0.41 | $ 2.43 | $ 2.02 | $ 1.73 |
Common Stock, Dividends, Per Share, Declared | $ 0.78 | $ 0.625 | $ 0.52 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Derivative [Line Items] | |||
Hedge of diesel fuel requirement, remainder of fiscal year 2018 | 50.00% | ||
Increase (decrease) in net investment hedge | $ 27,000 | ||
Gain (loss) on derivative | 79,066 | $ (39,775) | $ (16,402) |
Realized gains/losses on derivative | 73,800 | $ (30,500) | $ (6,100) |
Selling, General and Administrative Expenses | Intercompany Dividends | |||
Derivative [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | (18,000) | ||
Gain (loss) on derivative | $ 18,823 |
Summary of Derivative Financial
Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Detail) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, gal / mo in Millions | 12 Months Ended | |||||||||||
Feb. 02, 2019CAD ($)gal / mo | Feb. 03, 2018CAD ($)gal / mo | Feb. 02, 2019AUD ($) | Feb. 02, 2019PLN (zł) | Feb. 02, 2019GBP (£) | Feb. 02, 2019EUR (€) | Feb. 02, 2019USD ($) | Feb. 03, 2018AUD ($) | Feb. 03, 2018PLN (zł) | Feb. 03, 2018GBP (£) | Feb. 03, 2018EUR (€) | Feb. 03, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||||
Current Asset U.S.$ | $ 8,136 | $ 12,217 | ||||||||||
Current (Liability) U.S.$ | (11,201) | (20,557) | ||||||||||
Net Fair Value in U.S.$ | $ (3,065) | $ (8,340) | ||||||||||
Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | ||||||
Current Asset U.S.$ | $ 56 | |||||||||||
Net Fair Value in U.S.$ | $ 56 | |||||||||||
Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of US Dollar To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7637 | 0.7136 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 |
Current Asset U.S.$ | $ 1,037 | $ 1,636 | ||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 1,037 | $ 1,636 | ||||||||||
Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (45) | |||||||||||
Net Fair Value in U.S.$ | $ (45) | |||||||||||
Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | ||||||
Current (Liability) U.S.$ | $ (318) | |||||||||||
Net Fair Value in U.S.$ | (318) | |||||||||||
Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7161 | 0.7161 | 0.7161 | 0.7161 | 0.7161 | 0.7161 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (314) | |||||||||||
Net Fair Value in U.S.$ | $ (314) | |||||||||||
Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8858 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | ||||||
Current Asset U.S.$ | $ 126 | |||||||||||
Current (Liability) U.S.$ | (140) | |||||||||||
Net Fair Value in U.S.$ | (14) | |||||||||||
Diesel Fuel Contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Current Asset U.S.$ | 7,854 | |||||||||||
Net Fair Value in U.S.$ | $ 7,854 | |||||||||||
Diesel Fuel Contracts | (Accrued Expense) | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Current Asset U.S.$ | 0 | |||||||||||
Current (Liability) U.S.$ | (3,786) | |||||||||||
Net Fair Value in U.S.$ | $ (3,786) | |||||||||||
Intercompany Billings In Europe, Primarily Merchandise Related | Prepaid Expense | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8977 | 0.8977 | 0.8977 | 0.8977 | 0.8977 | 0.8977 | ||||||
Current Asset U.S.$ | $ 1,300 | |||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||
Net Fair Value in U.S.$ | $ 1,300 | |||||||||||
Intercompany Billings In Europe, Primarily Merchandise Related | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8826 | 0.8826 | 0.8826 | 0.8826 | 0.8826 | 0.8826 | ||||||
Current (Liability) U.S.$ | $ (2) | |||||||||||
Net Fair Value in U.S.$ | $ (2) | |||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
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 | |||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8355 | 0.8355 | 0.8355 | 0.8355 | 0.8355 | 0.8355 | ||||||
Current Asset U.S.$ | $ 1,905 | |||||||||||
Net Fair Value in U.S.$ | $ 1,905 | |||||||||||
Merchandise Purchase Commitments | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.2079 | 0.2079 | 0.2079 | 0.2079 | 0.2079 | 0.2079 | ||||||
Current (Liability) U.S.$ | $ (1,303) | |||||||||||
Net Fair Value in U.S.$ | $ (1,303) | |||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.2055 | 0.2055 | 0.2055 | 0.2055 | 0.2055 | 0.2055 | ||||||
Current Asset U.S.$ | $ 707 | |||||||||||
Current (Liability) U.S.$ | (86) | |||||||||||
Net Fair Value in U.S.$ | $ 621 | |||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7241 | 0.7763 | 0.7241 | 0.7241 | 0.7241 | 0.7241 | 0.7241 | 0.7763 | 0.7763 | 0.7763 | 0.7763 | 0.7763 |
Current Asset U.S.$ | $ 97 | $ 43 | ||||||||||
Current (Liability) U.S.$ | (213) | (573) | ||||||||||
Net Fair Value in U.S.$ | $ (116) | $ (530) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.7583 | 0.7940 | 0.7583 | 0.7583 | 0.7583 | 0.7583 | 0.7583 | 0.7940 | 0.7940 | 0.7940 | 0.7940 | 0.7940 |
Current Asset U.S.$ | $ 1,239 | $ 49 | ||||||||||
Current (Liability) U.S.$ | (4,741) | (5,478) | ||||||||||
Net Fair Value in U.S.$ | $ (3,502) | $ (5,429) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.6581 | 0.6581 | 0.6581 | 0.6581 | 0.6581 | 0.6581 | ||||||
Current Asset U.S.$ | $ 0 | |||||||||||
Current (Liability) U.S.$ | (248) | |||||||||||
Net Fair Value in U.S.$ | $ (248) | |||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 1.3247 | 1.3453 | 1.3247 | 1.3247 | 1.3247 | 1.3247 | 1.3247 | 1.3453 | 1.3453 | 1.3453 | 1.3453 | 1.3453 |
Current Asset U.S.$ | $ 3,459 | $ 173 | ||||||||||
Current (Liability) U.S.$ | (1,466) | (12,838) | ||||||||||
Net Fair Value in U.S.$ | $ 1,993 | (12,665) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Blended Contract Rate | 0.8682 | 0.8682 | 0.8682 | 0.8682 | 0.8682 | 0.8682 | ||||||
Current Asset U.S.$ | $ 115 | |||||||||||
Current (Liability) U.S.$ | (207) | |||||||||||
Net Fair Value in U.S.$ | (92) | |||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | zł | zł 59,000 | |||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of US Dollar To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 72,020 | 77,079 | ||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | zł | zł 67,000 | |||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | € 51,950 | |||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 30,000 | |||||||||||
Pay | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | € 55,950 | |||||||||||
Pay | Intercompany Billings In Europe, Primarily Merchandise Related | Prepaid Expense | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | 46,600 | |||||||||||
Pay | Intercompany Billings In Europe, Primarily Merchandise Related | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | 26,000 | |||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 22,562 | |||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 44,223 | |||||||||||
Pay | Merchandise Purchase Commitments | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | zł | zł 288,646 | |||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | zł | zł 280,167 | |||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 51,043 | $ 28,635 | ||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 546,083 | $ 462,464 | ||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 31,455 | |||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | ÂŁ 173,624 | ÂŁ 176,911 | ||||||||||
Pay | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 56,847 | |||||||||||
Pay | Minimum | Diesel Fuel Contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 2.2 | |||||||||||
Pay | Minimum | Diesel Fuel Contracts | (Accrued Expense) | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 2.7 | |||||||||||
Pay | Maximum | Diesel Fuel Contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 3 | |||||||||||
Pay | Maximum | Diesel Fuel Contracts | (Accrued Expense) | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 3.3 | |||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 12,021 | |||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense | Conversion Of US Dollar To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 55,000 | 55,000 | ||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 14,035 | |||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 46,095 | |||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 21,483 | |||||||||||
Receive | Intercompany Balances, Primarily Debt And Related Interest | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 49,560 | |||||||||||
Receive | Intercompany Billings In Europe, Primarily Merchandise Related | Prepaid Expense | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 41,835 | |||||||||||
Receive | Intercompany Billings In Europe, Primarily Merchandise Related | (Accrued Expense) | Conversion Of Euro To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | 22,948 | |||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | 15,000 | |||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | € 36,950 | |||||||||||
Receive | Merchandise Purchase Commitments | (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | ÂŁ 60,023 | |||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | ÂŁ | ÂŁ 57,586 | |||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Australian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 36,961 | 22,230 | ||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | 414,100 | 367,200 | ||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | 20,700 | |||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 230,000 | $ 238,000 | ||||||||||
Receive | Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Notional Amount | € | € 49,355 | |||||||||||
Receive | Minimum | Diesel Fuel Contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 2.2 | |||||||||||
Receive | Minimum | Diesel Fuel Contracts | (Accrued Expense) | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 2.7 | |||||||||||
Receive | Maximum | Diesel Fuel Contracts | Prepaid Expense | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 3 | |||||||||||
Receive | Maximum | Diesel Fuel Contracts | (Accrued Expense) | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate | gal / mo | 3.3 |
Impact of Derivative Financial
Impact of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | $ 79,066 | $ (39,775) | $ (16,402) |
Intercompany Balances, Primarily And Related Interest | Fair Value Hedges | Selling, General and Administrative Expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (2,674) | 1,207 | (17,250) |
Intercompany Dividends | Selling, General and Administrative Expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 18,823 | ||
Diesel Fuel Contracts | Economic Hedges For Which Hedge Accounting Was Not Elected | Cost Of Sales, Including Buying And Occupancy Costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 1,373 | 7,946 | 3,906 |
Intercompany Billings In Europe, Primarily Merchandise Related | Economic Hedges For Which Hedge Accounting Was Not Elected | Cost Of Sales, Including Buying And Occupancy Costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 1,137 | (3,042) | (8,684) |
Merchandise Purchase Commitments | Economic Hedges For Which Hedge Accounting Was Not Elected | Cost Of Sales, Including Buying And Occupancy Costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | $ 60,407 | $ (45,886) | $ 5,626 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities on a Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Level 1 | Executive Savings Plan Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measured on recurring basis, Assets | $ 253,215 | $ 249,045 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts, Assets | 8,136 | 4,363 |
Foreign currency exchange contracts, Liabilities | 7,415 | 20,557 |
Level 2 | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measured on recurring basis, Assets | 0 | 506,165 |
Level 2 | Diesel Fuel Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measured on recurring basis, Assets | 0 | 7,854 |
Fair value measured on recurring basis, Liabilities | $ 3,786 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value of long-term debt | $ 2,170,000 | $ 2,160,000 |
Carrying value of long-term debt | $ 2,233,616 | $ 2,230,607 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Feb. 02, 2019Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Percentages of Consolidated Rev
Percentages of Consolidated Revenues by Major Product Category (Detail) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue percentage | 100.00% | 100.00% | 100.00% |
Home Fashions | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 33.00% | 33.00% | 31.00% |
Apparel | Clothing Including Footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 52.00% | 52.00% | 54.00% |
Apparel | Jewelry and Accessories | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 15.00% | 15.00% | 15.00% |
Financial Information on Busine
Financial Information on Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 11,127,340 | $ 9,825,759 | $ 9,331,115 | $ 8,688,720 | $ 10,960,720 | $ 8,762,220 | $ 8,357,700 | $ 7,784,024 | $ 38,972,934 | $ 35,864,664 | $ 33,183,744 | |
Segment profit | 4,763,227 | 4,403,208 | 4,257,759 | |||||||||
General corporate expense | 545,034 | 515,032 | 408,236 | |||||||||
Loss on early extinguishment of debt | 0 | 0 | 51,773 | |||||||||
Pension settlement charge | $ 31,173 | 36,122 | 0 | 31,173 | ||||||||
Interest expense, net | 8,860 | 31,588 | 43,534 | |||||||||
Income before provision for income taxes | 4,173,211 | 3,856,588 | 3,723,043 | |||||||||
Impairment charge | 0 | 99,250 | 0 | |||||||||
Identifiable assets | 14,326,029 | 14,058,015 | 12,883,808 | 14,326,029 | 14,058,015 | 12,883,808 | ||||||
Capital expenditures | 1,125,139 | 1,057,617 | 1,024,747 | |||||||||
Depreciation and amortization | 819,655 | 725,957 | 658,796 | |||||||||
Marmaxx | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 24,057,970 | 22,249,105 | 21,246,034 | |||||||||
Segment profit | 3,253,949 | 2,949,358 | 2,995,045 | |||||||||
Identifiable assets | 6,223,110 | 5,676,464 | 5,440,448 | 6,223,110 | 5,676,464 | 5,440,448 | ||||||
Capital expenditures | 598,955 | 532,348 | 449,169 | |||||||||
Depreciation and amortization | 456,420 | 399,014 | 385,007 | |||||||||
HomeGoods | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 5,787,365 | 5,116,328 | 4,404,607 | |||||||||
Segment profit | 671,871 | 674,511 | 613,778 | |||||||||
Identifiable assets | 1,416,687 | 1,237,811 | 1,086,947 | 1,416,687 | 1,237,811 | 1,086,947 | ||||||
Capital expenditures | 170,978 | 149,505 | 173,979 | |||||||||
Depreciation and amortization | 110,978 | 94,709 | 77,287 | |||||||||
TJX Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 3,869,779 | 3,642,282 | 3,171,127 | |||||||||
Segment profit | 551,617 | 530,113 | 413,417 | |||||||||
Identifiable assets | 914,789 | 1,459,924 | 1,345,003 | 914,789 | 1,459,924 | 1,345,003 | ||||||
Capital expenditures | 82,333 | 88,761 | 100,437 | |||||||||
Depreciation and amortization | 66,365 | 68,033 | 62,427 | |||||||||
TJX International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 5,257,820 | 4,856,949 | 4,361,976 | |||||||||
Segment profit | 285,790 | 249,226 | 235,519 | |||||||||
Identifiable assets | 2,344,033 | 2,321,001 | 1,789,140 | 2,344,033 | 2,321,001 | 1,789,140 | ||||||
Capital expenditures | 272,873 | 287,003 | 301,162 | |||||||||
Depreciation and amortization | 180,631 | 159,010 | 129,376 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Identifiable assets | $ 3,427,410 | $ 3,362,815 | $ 3,222,270 | 3,427,410 | 3,362,815 | 3,222,270 | ||||||
Depreciation and amortization | $ 5,261 | $ 5,191 | $ 4,699 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for issuance under Stock Incentive Plan | 695,700,000 | ||
Shares available for future grants | 46,300,000 | ||
Compensation cost related to share-based compensation | $ 103.6 | $ 101.4 | $ 102.3 |
Unrecognized compensation cost related to nonvested share-based compensation | $ 146.5 | ||
Unrecognized compensation cost weighted-average recognition period, years | 2 years | ||
Options granted at market price in percentage | 100.00% | ||
Vesting period of grant, years | 3 years | ||
Term in which vesting period starts after grant, years | 1 year | ||
Maximum term of grant, years | 8 years 9 months 22 days | ||
Intrinsic value of options exercised | $ 284.4 | $ 176.7 | $ 239.7 |
Options outstanding expected to vest represents total unvested options adjusted for anticipated forfeitures | 14,600,000 | ||
Performance-based stock, granted (in shares) | 1,267,802 | 1,124,012 | 1,027,146 |
Shares granted weighted average grant date fair value (dollars per share) | $ 41.17 | $ 38.36 | $ 39.25 |
Fair value of performance-based restricted stock that vested | $ 30.1 | $ 35.2 | $ 38.5 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock and other awards, period | 3 years | ||
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred shares outstanding | 607,552 | ||
Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of grant, years | 10 years |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.88% | 1.75% | 1.20% |
Dividend yield | 1.40% | 1.50% | 1.20% |
Expected volatility factor | 23.50% | 23.50% | 23.80% |
Expected option life in years | 4 years 10 months 24 days | 4 years 9 months 18 days | 4 years 9 months 18 days |
Weighted average fair value of options issued | $ 11.85 | $ 7.16 | $ 7.28 |
Stock Options And Related Weigh
Stock Options And Related Weighted Average Exercise Price (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Outstanding at beginning of year (in shares) | 55,260 | 54,706 | 57,372 |
Options, Granted (in shares) | 6,143 | 9,404 | 8,610 |
Options, Exercised (in shares) | (11,670) | (8,192) | (10,530) |
Options, Forfeitures (in shares) | (680) | (658) | (746) |
Options, Outstanding at end of year (in shares) | 49,053 | 55,260 | 54,706 |
Options exercisable at end of year (in shares) | 34,344 | 37,952 | 37,960 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
WAEP, Outstanding at beginning of year (in dollars per share) | $ 27.52 | $ 24.35 | $ 20.84 |
WAEP, Granted (in dollars per share) | 53.98 | 36.61 | 37.52 |
WAEP, Exercised (in dollars per share) | 21.88 | 16.12 | 15.42 |
WAEP, Forfeitures (in dollars per share) | 38.59 | 35.70 | 33.08 |
WAEP, Outstanding at end of year (in dollars per share) | 32.02 | 27.52 | 24.35 |
WAEP, Options exercisable at end of year (in dollars per share) | $ 26.95 | $ 23.28 | $ 19.35 |
Schedule Of Stock Options Outst
Schedule Of Stock Options Outstanding Expected To Vest And Stock Options Outstanding Exercisable (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Options outstanding expected to vest (in shares) | shares | 13,672 |
Shares, Options exercisable (in shares) | shares | 34,344 |
Shares, Total outstanding options vested and expected to vest (in shares) | shares | 48,016 |
Aggregate Intrinsic Value, Options outstanding expected to vest | $ | $ 98,458 |
Aggregate Intrinsic Value, Options exercisable | $ | 754,018 |
Aggregate Intrinsic Value, Total outstanding options vested and expected to vest | $ | $ 852,476 |
Weighted Average Remaining Contract Life, Options outstanding expected to vest, years | 8 years 9 months 22 days |
Weighted Average Remaining Contract Life, Options exercisable, years | 5 years |
Weighted Average Remaining Contract Life, Total outstanding options vested and expected to vest, years | 6 years 1 month 7 days |
WAEP, Options outstanding expected to vest (in dollars per share) | $ / shares | $ 43.73 |
WAEP, Options exercisable (in dollars per share) | $ / shares | 26.95 |
WAEP, Total outstanding options vested and expected to vest (in dollars per share) | $ / shares | $ 31.72 |
Summary of Nonvested Performanc
Summary of Nonvested Performance-Based Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 1,267,802 | 1,124,012 | 1,027,146 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $ 41.17 | $ 38.36 | $ 39.25 |
Performance based stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at beginning of year (in shares) | 3,045,000 | ||
Granted (in shares) | 1,268,000 | ||
Vested (in shares) | (859,000) | ||
Forfeited (in shares) | (32,000) | ||
Nonvested at end of year (in shares) | 3,422,000 | 3,045,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Nonvested at beginning of year (dollars per share) | $ 38.68 | ||
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 41.17 | ||
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 35.03 | ||
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 39.93 | ||
Weighted Average Grant Date Fair Value, Nonvested at end of year (dollars per share) | $ 40.51 | $ 38.68 |
Pension Plans and Other Retir_3
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Detail) - USD ($) $ in Thousands | Oct. 21, 2016 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Feb. 02, 2019 | Feb. 03, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension plans and other retirement benefits, long-term asset | $ 24,200 | $ 13,400 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Employer contribution | $ 106,200 | $ 105,000 | $ 54,600 | |||
Benefits paid | $ (103,200) | |||||
Net (asset) liability recognized on consolidated balance sheets | (72,600) | (77,600) | ||||
Funded Plan | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Projected benefit obligation at beginning of year | 1,404,089 | 1,269,010 | ||||
Service cost | 45,342 | 46,845 | 45,440 | |||
Interest cost | 54,355 | 55,301 | 56,094 | |||
Actuarial losses | (38,304) | 67,232 | ||||
Settlements | (207,369) | 0 | ||||
Benefits paid | (33,226) | (30,993) | ||||
Expenses paid | (3,717) | (3,306) | ||||
Projected benefit obligation at end of year | 1,221,170 | 1,404,089 | 1,269,010 | |||
Accumulated benefit obligation at end of year | 1,100,358 | 1,277,216 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at beginning of year | 1,417,531 | 1,176,960 | ||||
Actual return on plan assets | (27,884) | 174,870 | ||||
Employer contribution | 100,000 | 100,000 | ||||
Settlements | (207,369) | 0 | ||||
Benefits paid | (33,226) | (30,993) | ||||
Expenses paid | (3,717) | (3,306) | ||||
Fair value of plan assets at end of year | 1,245,335 | 1,417,531 | 1,176,960 | |||
Projected benefit obligation at end of year | 1,404,089 | 1,269,010 | 1,269,010 | 1,221,170 | 1,404,089 | |
Fair value of plan assets at end of year | (1,417,531) | (1,176,960) | (1,176,960) | (1,245,335) | (1,417,531) | |
Funded status - excess (asset) obligation | (24,165) | (13,442) | ||||
Net (asset) liability recognized on consolidated balance sheets | (24,165) | (13,442) | ||||
Prior service cost | 1,558 | 1,935 | ||||
Accumulated actuarial losses | 264,160 | 243,761 | ||||
Amounts included in accumulated other comprehensive income (loss) | 265,718 | 245,696 | ||||
Unfunded Plan | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Projected benefit obligation at beginning of year | 91,047 | 86,309 | ||||
Service cost | 2,391 | 1,888 | 1,835 | |||
Interest cost | 3,600 | 3,316 | 3,391 | |||
Actuarial losses | 5,955 | 4,580 | ||||
Settlements | 0 | 0 | ||||
Benefits paid | (6,234) | (5,046) | ||||
Expenses paid | 0 | 0 | ||||
Projected benefit obligation at end of year | 96,759 | 91,047 | 86,309 | |||
Accumulated benefit obligation at end of year | 80,166 | 77,668 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at beginning of year | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contribution | 6,234 | 5,046 | ||||
Settlements | 0 | 0 | ||||
Benefits paid | (6,234) | (5,046) | ||||
Expenses paid | 0 | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | 0 | |||
Projected benefit obligation at end of year | 91,047 | 86,309 | 86,309 | 96,759 | 91,047 | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 | 0 | 0 | |
Funded status - excess (asset) obligation | 96,759 | 91,047 | ||||
Net (asset) liability recognized on consolidated balance sheets | 96,759 | 91,047 | ||||
Prior service cost | 0 | 0 | ||||
Accumulated actuarial losses | 30,709 | 28,164 | ||||
Amounts included in accumulated other comprehensive income (loss) | $ 30,709 | $ 28,164 |
Pension Plans and Other Retir_4
Pension Plans and Other Retirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 21, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Nov. 03, 2018 | Jan. 28, 2017 | Feb. 02, 2019 | Jan. 28, 2017 | Sep. 30, 2018 | Sep. 30, 2016 | Nov. 03, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Dec. 31, 2016 |
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Net accrued liability recognized in balance sheet | $ 72,600 | $ 72,600 | $ 77,600 | ||||||||||||
Pension plans and other retirement benefits, current liability | 4,700 | 4,700 | 2,400 | ||||||||||||
Pension plans and other retirement benefits, long-term liability | 92,100 | 92,100 | 88,600 | ||||||||||||
Pension plans and other retirement benefits, long-term asset | 24,200 | 24,200 | 13,400 | ||||||||||||
Employer contribution | $ 106,200 | 105,000 | $ 54,600 | ||||||||||||
Minimum percentage of pension liability | 80.00% | ||||||||||||||
Anticipated employer's contribution to fund current benefit and expense payments under the unfunded plan in fiscal 2019 | $ 4,800 | $ 4,800 | |||||||||||||
Pension settlement charge | $ 31,173 | $ 36,122 | $ 0 | 31,173 | |||||||||||
Defined benefit plan, benefits paid | $ 103,200 | ||||||||||||||
Pension expense discount rate | 4.80% | 3.80% | |||||||||||||
Expected rate of return on plan assets | 6.50% | 6.00% | |||||||||||||
Percentage of employees contribution from eligible pay, maximum | 50.00% | ||||||||||||||
Rate of eligible pay for matching employee contributions | 5.00% | ||||||||||||||
Minimum range of rates for matching employee contributions | 25.00% | ||||||||||||||
Maximum range of rates for matching employee contributions | 75.00% | ||||||||||||||
Rate of defined pension plan | 25.00% | 25.00% | |||||||||||||
Percentage of plan assets representing stock funds | 3.90% | ||||||||||||||
Multiemployer Pension Plans | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Pension contribution to National Retirement Fund | $ 18,500 | $ 16,300 | 14,500 | ||||||||||||
Percentage of pension contribution | 5.00% | ||||||||||||||
Retirement/Deferred Savings Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Employer contribution | $ 15,300 | 12,600 | 10,200 | ||||||||||||
Funded Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Excess percentage of projected benefit obligation for amortization of unrecognized gains and losses | 10.00% | ||||||||||||||
Deferral Rate | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Rate of defined pension plan | 2.00% | 2.00% | |||||||||||||
Employee Savings Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Total cost to employer | $ 60,800 | 54,500 | 45,600 | ||||||||||||
Nonqualified Savings Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Employer contribution | 6,000 | 6,300 | 5,800 | ||||||||||||
Funded Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Net accrued liability recognized in balance sheet | $ 24,165 | 24,165 | 13,442 | ||||||||||||
Estimated amortization of net actuarial loss for 2019 | $ 17,700 | 17,700 | |||||||||||||
Estimated amortization of prior service cost for 2019 | 400 | ||||||||||||||
Employer contribution | 100,000 | 100,000 | |||||||||||||
Transferred assets to plan | $ (207,400) | ||||||||||||||
Pension settlement charge | $ 36,122 | 36,122 | 0 | $ 31,173 | |||||||||||
Defined benefit plan, benefits paid | $ 33,226 | $ 30,993 | |||||||||||||
Pension expense discount rate | 4.00% | 4.00% | 4.00% | ||||||||||||
Expected rate of return on plan assets | 6.00% | 6.00% | 6.00% | 6.00% | 6.50% | 6.00% | 6.00% | ||||||||
Unfunded Plan | |||||||||||||||
Pension Plans and Other Retirement Benefits [Line Items] | |||||||||||||||
Net accrued liability recognized in balance sheet | $ (96,759) | $ (96,759) | $ (91,047) | ||||||||||||
Estimated amortization of net actuarial loss for 2019 | $ 3,700 | 3,700 | |||||||||||||
Employer contribution | 6,234 | 5,046 | |||||||||||||
Defined benefit plan, benefits paid | $ 6,234 | $ 5,046 | |||||||||||||
Pension expense discount rate | 6.00% | 6.00% | 6.00% |
Pension Plans and Other Retir_5
Pension Plans and Other Retirement Benefits - Weighted Average Assumptions for Obligation (Detail) | Feb. 02, 2019 | Nov. 03, 2018 | Sep. 30, 2018 | Feb. 03, 2018 |
Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.30% | 4.40% | 4.00% | 4.00% |
Rate of compensation increase | 4.00% | 4.00% | ||
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.10% | 3.80% | ||
Rate of compensation increase | 6.00% | 6.00% |
Pension Plans and Other Retir_6
Pension Plans and Other Retirement Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2016 | Nov. 03, 2018 | Jan. 28, 2017 | Feb. 02, 2019 | Jan. 28, 2017 | Sep. 30, 2018 | Sep. 30, 2016 | Nov. 03, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||||||
Settlement charge | $ 31,173 | $ 36,122 | $ 0 | $ 31,173 | ||||||||
Expected rate of return on plan assets | 6.50% | 6.00% | ||||||||||
Rate of compensation increase | 4.80% | 3.80% | ||||||||||
Funded Plan | ||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||||||
Service cost | 45,342 | $ 46,845 | 45,440 | |||||||||
Interest cost | 54,355 | 55,301 | 56,094 | |||||||||
Expected return on plan assets | (79,190) | (69,345) | (70,535) | |||||||||
Amortization of prior service cost | 377 | 377 | 377 | |||||||||
Amortization of net actuarial loss | 12,250 | 21,557 | 31,397 | |||||||||
Settlement charge | $ 36,122 | 36,122 | 0 | 31,173 | ||||||||
Total expense | 69,256 | 54,735 | 93,946 | |||||||||
Net (gain) loss | 68,770 | (38,293) | 17,894 | |||||||||
Amortization of net (loss) | (12,250) | (21,557) | (31,397) | |||||||||
Settlement charge | (36,122) | 0 | (31,173) | |||||||||
Amortization of prior service cost | (377) | (377) | (377) | |||||||||
Total recognized in other comprehensive income (loss) | 20,021 | (60,227) | (45,053) | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 89,277 | $ (5,492) | $ 48,893 | |||||||||
Discount rate | 4.40% | 3.80% | 4.00% | 4.80% | 4.40% | |||||||
Expected rate of return on plan assets | 6.00% | 6.00% | 6.00% | 6.00% | 6.50% | 6.00% | 6.00% | |||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | |||||||||
Unfunded Plan | ||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||||||
Service cost | $ 2,391 | $ 1,888 | $ 1,835 | |||||||||
Interest cost | 3,600 | 3,316 | 3,391 | |||||||||
Amortization of net actuarial loss | 3,409 | 2,852 | 3,349 | |||||||||
Total expense | 9,400 | 8,056 | 8,575 | |||||||||
Net (gain) loss | 5,955 | 4,580 | 740 | |||||||||
Amortization of net (loss) | (3,409) | (2,852) | (3,349) | |||||||||
Total recognized in other comprehensive income (loss) | 2,546 | 1,728 | (2,609) | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 11,946 | $ 9,784 | $ 5,966 | |||||||||
Discount rate | 3.80% | 4.00% | 4.20% | |||||||||
Rate of compensation increase | 6.00% | 6.00% | 6.00% |
Pension Plans and Other Retir_7
Pension Plans and Other Retirement Benefits - Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 25,557 |
2021 | 30,134 |
2022 | 35,072 |
2023 | 40,515 |
2024 | 46,200 |
2025 through 2029 | 313,971 |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 4,799 |
2021 | 3,684 |
2022 | 4,625 |
2023 | 47,780 |
2024 | 6,104 |
2025 through 2029 | $ 32,706 |
Pension Plans and Other Retir_8
Pension Plans and Other Retirement Benefits - Fair Value for Pension Assets Measured at Fair Value on Recurring Basis (Detail) - Funded Plan - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,245,335 | $ 1,417,531 | $ 1,176,960 |
Fair value of assets | 1,245,335 | 1,417,531 | |
Futures Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,029 | 337 | |
Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111,803 | 109,183 | |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 226,042 | 279,635 | |
Corporate and Government Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376,438 | 420,117 | |
Assets in Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 715,312 | 809,272 | |
Assets Measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 530,023 | 608,259 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 337,845 | 388,818 | |
Level 1 | Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111,803 | 109,183 | |
Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 226,042 | 279,635 | |
Level 1 | Assets in Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 337,845 | 388,818 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 377,467 | 420,454 | |
Level 2 | Futures Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,029 | 337 | |
Level 2 | Corporate and Government Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376,438 | 420,117 | |
Level 2 | Assets in Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 377,467 | $ 420,454 |
Pension Plans and Other Retir_9
Pension Plans and Other Retirement Benefits - Summary of Target Allocation Guidelines for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date (Detail) | Feb. 02, 2019 | Feb. 03, 2018 |
Return-seeking Assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Target Allocation | 50.00% | |
Actual Allocation | 43.00% | 47.00% |
Liability-hedging Assets | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Target Allocation | 50.00% | |
Actual Allocation | 49.00% | 46.00% |
Cash and Cash Equivalents | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Target Allocation | 0.00% | |
Actual Allocation | 8.00% | 7.00% |
Long-Term Debt, Exclusive of Cu
Long-Term Debt, Exclusive of Current Installments (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Debt Instrument [Line Items] | ||
Debt issuance cost | $ (10,364) | $ (12,506) |
Long-term debt | 2,233,616 | 2,230,607 |
2.50% Ten-Year Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 499,811 | 499,766 |
2.75% Seven-Year Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 749,826 | 749,750 |
2.25% Ten-Year Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 994,343 | $ 993,597 |
Long-Term Debt, Exclusive of _2
Long-Term Debt, Exclusive of Current Installments (Additional Information) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Debt Instrument [Line Items] | ||
Unamortized debt discount | $ 6,020 | |
2.50% Ten-Year Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.50% | |
Maturity date | May 15, 2023 | |
Unamortized debt discount | $ 189 | $ 234 |
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 | $ 174 | 250 |
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 | $ 5,657 | $ 6,403 |
Effective interest rate | 2.32% |
Aggregate Maturities of Long-Te
Aggregate Maturities of Long-Term Debt, Inclusive of Current Installments (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Debt Disclosure [Abstract] | ||
Fiscal Year 2020 | $ 0 | |
2021 | 0 | |
2022 | 750,000 | |
2023 | 0 | |
2024 | 500,000 | |
Later years | 1,000,000 | |
Less amount representing unamortized debt discount | (6,020) | |
Less amount representing debt issuance cost | (10,364) | $ (12,506) |
Aggregate maturities of long-term debt | $ 2,233,616 | $ 2,230,607 |
Long-Term Debt and Credit Lin_3
Long-Term Debt and Credit Lines - Additional Information (Detail) | Oct. 12, 2016USD ($) | Sep. 12, 2016USD ($) | Mar. 31, 2017USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Feb. 02, 2019CAD ($)CreditFacility | Feb. 02, 2019GBP (ÂŁ)CreditFacility | Feb. 02, 2019USD ($)CreditFacility | Feb. 03, 2018CAD ($) | Feb. 03, 2018GBP (ÂŁ) | Feb. 03, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Loss on early extinguishment of debt | $ 0 | $ 0 | $ (51,773,000) | |||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | |||||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | ||||||||||
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% | |||||||||
TJX Canada | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | ||||||||||
Credit facilities, amount outstanding | 0 | 0 | ||||||||||
TJX Canada | Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | 10,000,000 | 10,000,000 | ||||||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | ||||||||||
TJX International | TJX Europe Credit Line | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | ÂŁ | ÂŁ 5,000,000 | ÂŁ 5,000,000 | ||||||||||
Credit facilities, amount outstanding | ÂŁ | ÂŁ 0 | ÂŁ 0 | ||||||||||
2.25% Ten-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1,000,000,000 | |||||||||||
Debt instrument maturity period, years | 10 years | |||||||||||
Maturity Month/Year | 2026-09 | |||||||||||
Effective fixed rate | 2.36% | 2.36% | 2.36% | |||||||||
Debt instrument, interest rate | 2.25% | 2.25% | 2.25% | |||||||||
2.25% Ten-Year Notes | Interest Rate Contract | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 700,000,000 | |||||||||||
6.95% Ten-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on early extinguishment of debt | $ 51,800,000 | |||||||||||
Write off, unamortized debt expenses and discount | 1,200,000 | |||||||||||
Debt instrument, interest rate | 6.95% | 6.95% | 6.95% | |||||||||
6.95% Ten-Year Notes | Redemption Premium | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on early extinguishment of debt | $ 50,600,000 | |||||||||||
2.50% Ten-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||
Debt instrument maturity period, years | 10 years | |||||||||||
Maturity Month/Year | 2023-05 | |||||||||||
Effective fixed rate | 2.57% | 2.57% | 2.57% | |||||||||
Debt instrument, interest rate | 2.50% | 2.50% | 2.50% | |||||||||
2.50% Ten-Year Notes | Interest Rate Contract | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 250,000,000 | |||||||||||
2.75% Seven-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 750,000,000 | |||||||||||
Debt instrument maturity period, years | 7 years | |||||||||||
Maturity Month/Year | 2021-06 | |||||||||||
Effective fixed rate | 2.91% | 2.91% | 2.91% | |||||||||
Debt instrument, interest rate | 2.75% | 2.75% | 2.75% | |||||||||
Cash flow hedges, pre-tax realized loss | $ 7,900,000 | |||||||||||
Revolving Credit Facility March 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity Month/Year | 2020-03 | |||||||||||
Current borrowing capacity | $ 500,000,000 | |||||||||||
Credit facilities, amount outstanding | $ 500,000,000 | |||||||||||
Revolving Credit Facility March 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity Month/Year | 2021-03 | 2022-03 | ||||||||||
Current borrowing capacity | $ 500,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Minimum tax on certain foreign earnings | 10.00% | ||
Undistributed earnings of foreign subsidiaries | $ 1,400,000,000 | ||
Unrecognized tax liability related to the undistributed earnings of foreign subsidaries | 1,000,000 | ||
Valuation allowances | 51,711,000 | $ 42,332,000 | |
Net unrecognized tax benefits | 233,400,000 | 57,300,000 | $ 38,500,000 |
Unrecognized tax benefits that would impact effective tax rates | 222,000,000 | 55,800,000 | 43,800,000 |
Interest and penalties expensed | 11,900,000 | 1,900,000 | 1,400,000 |
Accrued amounts for interest and penalties | 23,600,000 | 11,900,000 | $ 8,000,000 |
State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
Foreign net operating loss carryforwards | 133,200,000 | 113,900,000 | |
Valuation allowances | 10,000,000 | 8,900,000 | |
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Foreign net operating loss carryforwards | 138,800,000 | 111,000,000 | |
Valuation allowances | $ 41,700,000 | $ 33,400,000 | |
Foreign Tax Authority | Tax Year 2025 | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, expiration year | 2025 | ||
Foreign net operating loss carryforwards subject to expiration | $ 18,300,000 | ||
Foreign Tax Authority | Tax Year 2028 | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, expiration year | 2028 | ||
Minimum | |||
Tax Credit Carryforward [Line Items] | |||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 0 | ||
Minimum | State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, expiration year | 2020 | ||
Maximum | |||
Tax Credit Carryforward [Line Items] | |||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 30,000,000 | ||
Maximum | State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards, expiration year | 2038 |
Components of Income Before Inc
Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income from continuing operations before income taxes, united states | $ 3,463,785 | $ 3,255,057 | $ 3,196,370 |
Income from continuing operations before income taxes, foreign | 709,426 | 601,531 | 526,673 |
Income before provision for income taxes | $ 4,173,211 | $ 3,856,588 | $ 3,723,043 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Current: | |||
Federal | $ 711,369 | $ 1,063,141 | $ 1,068,778 |
State | 251,187 | 160,650 | 213,505 |
Foreign | 238,692 | 161,974 | 148,367 |
Deferred: | |||
Federal | (62,278) | (164,523) | (3,107) |
State | (27,831) | 27,595 | (10,583) |
Foreign | 2,274 | (197) | 7,849 |
Provision for income taxes | $ 1,113,413 | $ 1,248,640 | $ 1,424,809 |
Deferred Tax Assets (Liabilitie
Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 49,489 | $ 40,088 |
Reserves for lease obligations | 2,799 | 3,637 |
Pension, stock compensation, postretirement and employee benefits | 273,482 | 232,887 |
Leases | 45,740 | 42,999 |
Accruals and reserves | 42,709 | 51,281 |
Other | 65,776 | 25,599 |
Total gross deferred tax assets | 479,995 | 396,491 |
Valuation allowance | (51,711) | (42,332) |
Net deferred tax asset | 428,284 | 354,159 |
Deferred tax liabilities: | ||
Property, plant and equipment | 497,906 | 437,621 |
Capitalized inventory | 42,981 | 45,125 |
Tradename/intangibles | 14,019 | 12,628 |
Undistributed foreign earnings | 1,856 | 65,013 |
Other | 23,246 | 20,271 |
Total deferred tax liabilities | 580,008 | 580,658 |
Net deferred tax (liability) | (151,724) | (226,499) |
Non-current asset | 6,467 | 6,558 |
Non-current liability | (158,191) | (233,057) |
Net deferred tax (liability) | $ (151,724) | $ (226,499) |
Reconciliation of U.S. Federal
Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 33.70% | 35.00% |
Effective state income tax rate | 4.50% | 3.60% | 3.50% |
Impact of foreign operations | 1.20% | (0.10%) | (0.20%) |
Excess share-based compensation | (1.20%) | (1.30%) | 0.00% |
Impact of 2017 Tax Act | 1.50% | (2.30%) | 0.00% |
All other | (0.30%) | (1.20%) | 0.00% |
Worldwide effective income tax rate | 26.70% | 32.40% | 38.30% |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 61,704 | $ 49,092 | $ 43,326 |
Additions for uncertain tax positions taken in current year | 7,406 | 6,504 | 7,018 |
Additions for uncertain tax positions taken in prior years | 177,741 | 7,990 | 327 |
Reductions for uncertain tax positions taken in prior years | 0 | (587) | (334) |
Reductions resulting from lapse of statute of limitations | (1,388) | (1,295) | (1,245) |
Settlements with tax authorities | (1,268) | 0 | 0 |
Balance at end of year | $ 244,195 | $ 61,704 | $ 49,092 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Commitments [Line Items] | |||
Rental expense under operating leases for continuing operations | $ 1,700 | $ 1,600 | $ 1,400 |
Contingent rent paid | 22.8 | 18.4 | 14.7 |
Sublease income | 1.2 | 1.3 | $ 1.2 |
Outstanding letters of credit issued for the purchase of inventory | 41.9 | $ 40.2 | |
Other Long Term Liabilities | |||
Commitments [Line Items] | |||
Liabilities | $ 243.3 | ||
TJX U.S and Canada | Maximum | |||
Commitments [Line Items] | |||
Operating leases, term | 10 years | ||
Options to extend, term | 5 years | ||
TJX U.S and Canada | Minimum | |||
Commitments [Line Items] | |||
Options to extend, term | 1 year | ||
TJX Europe | Maximum | |||
Commitments [Line Items] | |||
Operating leases, term | 15 years | ||
TJX Europe | Minimum | |||
Commitments [Line Items] | |||
Operating leases, term | 10 years | ||
TJX Australia | Maximum | |||
Commitments [Line Items] | |||
Operating leases, term | 10 years | ||
TJX Australia | Minimum | |||
Commitments [Line Items] | |||
Operating leases, term | 7 years |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments for Continuing Operations (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal Year 2020 | $ 1,676,700 |
2021 | 1,603,378 |
2022 | 1,441,444 |
2023 | 1,253,420 |
2024 | 1,042,184 |
Later years | 2,774,845 |
Total future minimum lease payments | $ 9,791,971 |
Schedule of Accrued Expenses an
Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, current | $ 737,920 | $ 686,294 |
Dividends payable | 241,972 | 199,029 |
Accrued capital additions | 119,172 | 90,336 |
Rent, utilities and occupancy, including real estate taxes | 243,192 | 234,183 |
Merchandise credits and gift certificates | 450,302 | 399,482 |
Sales tax collections and V.A.T. taxes | 170,249 | 200,005 |
All other current liabilities | 770,269 | 713,632 |
Total accrued expenses and other current liabilities | $ 2,733,076 | $ 2,522,961 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities Current and Long Term - Additional Information (Detail) | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Percentage of other current liability individual item which makes up current liabilities | 5.00% |
Schedule of Other Long-Term Lia
Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits, long-term | $ 449,065 | $ 442,624 |
Accrued rent | 269,057 | 263,178 |
Landlord allowances | 80,425 | 88,747 |
Income taxes payable | 0 | 176,772 |
Tax reserve, long-term | 235,467 | 44,753 |
Build-to-suit lease obligations | 243,258 | 221,917 |
Asset retirement obligation | 49,692 | 49,266 |
All other long-term liabilities | 27,278 | 33,248 |
Total other long-term liabilities | $ 1,354,242 | $ 1,320,505 |
Contingent Obligations and Co_2
Contingent Obligations and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Feb. 02, 2019USD ($)Leases | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of leases subject to contingent liability, maximum | Leases | 8 |
Estimated contingent obligations | $ | $ 37.1 |
Summary of Cash Payments for In
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for: Interest on debt | $ 64,007 | $ 64,308 | $ 72,619 |
Cash paid for: Income taxes | 1,147,511 | 1,289,964 | 1,282,172 |
Non-cash investing and financing activity: Construction in progress | (40,911) | (27,207) | (94,291) |
Non-cash investing and financing activity: Financing lease obligation | 40,911 | 27,207 | 94,291 |
Non-cash investing and financing activity: Dividends payable | 42,943 | 29,836 | 29,195 |
Non-cash investing and financing activity: Property additions | $ 28,836 | $ (21,627) | $ (20,908) |
Selected Quarterly Consolidated
Selected Quarterly Consolidated Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 11,127,340 | $ 9,825,759 | $ 9,331,115 | $ 8,688,720 | $ 10,960,720 | $ 8,762,220 | $ 8,357,700 | $ 7,784,024 | $ 38,972,934 | $ 35,864,664 | $ 33,183,744 |
Gross earnings | 3,093,700 | 2,842,276 | 2,695,300 | 2,510,481 | 3,111,320 | 2,612,200 | 2,385,025 | 2,253,952 | |||
Net income | $ 841,538 | $ 762,253 | $ 739,626 | $ 716,381 | $ 877,276 | $ 641,436 | $ 552,957 | $ 536,279 | $ 3,059,798 | $ 2,607,948 | $ 2,298,234 |
Net income, Basic (in dollars per share) | $ 0.69 | $ 0.62 | $ 0.59 | $ 0.57 | $ 0.70 | $ 0.51 | $ 0.43 | $ 0.41 | $ 2.47 | $ 2.05 | $ 1.75 |
Diluted earnings per share (in dollars per share) | $ 0.68 | $ 0.61 | $ 0.58 | $ 0.56 | $ 0.69 | $ 0.50 | $ 0.42 | $ 0.41 | $ 2.43 | $ 2.02 | $ 1.73 |
Selected Quarterly Consolidat_2
Selected Quarterly Consolidated Financial Data (Additional Information) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |||||
Impairment charge | $ 0 | $ 99,250 | $ 0 | ||
Pension settlement charge | $ (31,173) | $ (36,122) | 0 | (31,173) | |
Stock split ratio, common stock | 2 | ||||
Funded Plan | |||||
Pension settlement charge | $ (36,122) | $ (36,122) | $ 0 | $ (31,173) |