Document and Entity Information
Document and Entity Information | 3 Months Ended |
May 04, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | May 4, 2019 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | TJX |
Entity Registrant Name | TJX COMPANIES INC /DE/ |
Entity Central Index Key | 0000109198 |
Current Fiscal Year End Date | --02-01 |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1,212,667,546 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 9,277,585 | $ 8,688,720 |
Cost of sales, including buying and occupancy costs | 6,637,885 | 6,178,239 |
Selling, general and administrative expenses | 1,702,401 | 1,550,775 |
Interest expense, net | 817 | 4,148 |
Income before provision for income taxes | 936,482 | 955,558 |
Provision for income taxes | 236,304 | 239,177 |
Net income | $ 700,178 | $ 716,381 |
Basic earnings per share: | ||
Net income (in dollars per share) | $ 0.58 | $ 0.57 |
Weighted average common shares – basic (in shares) | 1,214,531 | 1,253,224 |
Diluted earnings per share: | ||
Net income (in dollars per share) | $ 0.57 | $ 0.56 |
Weighted average common shares – diluted (in shares) | 1,233,407 | 1,268,872 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 700,178 | $ 716,381 |
Additions to other comprehensive loss: | ||
Foreign currency translation adjustments, net of related tax benefits | (7,161) | (122,529) |
Gain on net investment hedges, net of related tax provision | 0 | 6,044 |
Reclassifications from other comprehensive loss to net income: | ||
Amortization of loss on cash flow hedge, net of related tax provisions | 208 | 206 |
Amortization of prior service cost and deferred gains, net of related tax provisions | 3,992 | 2,608 |
Other comprehensive loss, net of tax | (2,961) | (113,671) |
Total comprehensive income | $ 697,217 | $ 602,710 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, related tax benefits | $ 2,633 | $ 1,206 | $ 8,233 |
Gain on net investment hedges, related tax provision | 2,201 | 7,113 | |
Amortization of prior service cost and deferred gains, tax provisions | 1,453 | 1,328 | 4,280 |
Amortization of loss on cash flow hedge, net of related tax provisions | $ 76 | $ 77 | $ 304 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 2,235,056 | $ 3,030,229 | $ 2,681,105 |
Short-term investments | 0 | 0 | 435,903 |
Accounts receivable, net | 393,276 | 346,298 | 368,314 |
Merchandise inventories | 5,057,202 | 4,579,033 | 4,369,893 |
Prepaid expenses and other current assets | 381,678 | 513,662 | 567,060 |
Total current assets | 8,067,212 | 8,469,222 | 8,422,275 |
Net property at cost | 5,018,598 | 5,255,208 | 5,026,092 |
Non-current deferred income taxes, net | 5,801 | 6,467 | 3,178 |
Operating lease right of use assets | 8,810,367 | ||
Goodwill | 96,685 | 97,552 | 98,614 |
Other assets | 490,401 | 497,580 | 456,965 |
TOTAL ASSETS | 22,489,064 | 14,326,029 | 14,007,124 |
Current liabilities: | |||
Accounts payable | 2,578,370 | 2,644,143 | 2,509,089 |
Accrued expenses and other current liabilities | 2,468,588 | 2,733,076 | 2,220,842 |
Current portion of operating lease liabilities | 1,343,243 | ||
Federal, state and foreign income taxes payable | 190,818 | 154,155 | 246,933 |
Total current liabilities | 6,581,019 | 5,531,374 | 4,976,864 |
Other long-term liabilities | 752,968 | 1,354,242 | 1,275,843 |
Non-current deferred income taxes, net | 167,283 | 158,191 | 260,649 |
Long-term operating lease liabilities | 7,621,531 | ||
Long-term debt | 2,234,368 | 2,233,616 | 2,231,360 |
Commitments and contingencies (See Note K) | |||
SHAREHOLDERS’ EQUITY | |||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | 0 | 0 | 0 |
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,212,667,546; 1,217,182,508 and 1,250,405,376 respectively | 1,212,668 | 1,217,183 | 1,250,405 |
Additional paid-in capital | 0 | 0 | 0 |
Accumulated other comprehensive loss | (633,282) | (630,321) | (555,530) |
Retained earnings | 4,552,509 | 4,461,744 | 4,567,533 |
Total shareholders’ equity | 5,131,895 | 5,048,606 | 5,262,408 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 22,489,064 | $ 14,326,029 | $ 14,007,124 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Statement of Financial Position [Abstract] | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 1,212,667,546 | 1,217,182,508 | 1,250,405,376 |
Common stock, shares outstanding (in shares) | 1,212,667,546 | 1,217,182,508 | 1,250,405,376 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Operating Activities | ||
Net income | $ 700,178 | $ 716,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 212,201 | 192,295 |
Loss on property disposals and impairment charges | 2,304 | 1,744 |
Deferred income tax provision | 8,098 | 7,335 |
Share-based compensation | 25,732 | 24,029 |
Changes in assets and liabilities: | ||
(Increase) in accounts receivable | (47,658) | (43,787) |
(Increase) in merchandise inventories | (487,085) | (225,187) |
(Increase) decrease in prepaid expenses and other current assets | (13,991) | 219,532 |
(Decrease) increase in accounts payable | (60,472) | 44,037 |
(Decrease) in accrued expenses and other liabilities | (240,156) | (318,544) |
Increase in income taxes payable | 38,217 | 133,663 |
Other | 11,871 | (26,613) |
Net cash provided by operating activities | 149,239 | 724,885 |
Investing Activities | ||
Property additions | (316,909) | (264,943) |
Purchase of investments | (14,642) | (148,239) |
Sales and maturities of investments | 4,842 | 192,690 |
Net cash (used in) investing activities | (326,709) | (220,492) |
Financing Activities | ||
Cash payments for repurchase of common stock | (397,294) | (395,399) |
Cash dividends paid | (238,758) | (197,296) |
Proceeds from issuance of common stock | 59,772 | 84,561 |
Cash payments of employee tax withholdings for performance based stock awards | (23,305) | (16,015) |
Other | 0 | (1,858) |
Net cash (used in) financing activities | (599,585) | (526,007) |
Effect of exchange rate changes on cash | (18,118) | (55,758) |
Net decrease in cash and cash equivalents | (795,173) | (77,372) |
Cash and cash equivalents at beginning of year | 3,030,229 | 2,758,477 |
Cash and cash equivalents at end of period | $ 2,235,056 | $ 2,681,105 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance at Feb. 03, 2018 | $ 5,148,309 | $ 1,256,018 | $ 0 | $ (441,859) | $ 4,334,150 |
Beginning balance (in shares) at Feb. 03, 2018 | 1,256,018 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 716,381 | 716,381 | |||
Cumulative effect of accounting change | 58,712 | 58,712 | |||
Other comprehensive loss, net of tax | (113,671) | (113,671) | |||
Cash dividends declared on common stock | (244,500) | (244,500) | |||
Recognition of share-based compensation | 24,029 | 24,029 | |||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 4,085 | ||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 68,547 | $ 4,085 | 66,504 | (2,042) | |
Common stock repurchased and retired (in shares) | (9,698) | ||||
Common stock repurchased and retired | (395,399) | $ (9,698) | (90,533) | (295,168) | |
Ending balance at May. 05, 2018 | $ 5,262,408 | $ 1,250,405 | 0 | (555,530) | 4,567,533 |
Ending balance (in shares) at May. 05, 2018 | 1,250,405,376 | 1,250,405 | |||
Beginning balance at Feb. 02, 2019 | $ 5,048,606 | $ 1,217,183 | 0 | (630,321) | 4,461,744 |
Beginning balance (in shares) at Feb. 02, 2019 | 1,217,182,508 | 1,217,183 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 700,178 | 700,178 | |||
Cumulative effect of accounting change | 403 | 403 | |||
Other comprehensive loss, net of tax | (2,961) | (2,961) | |||
Cash dividends declared on common stock | (279,236) | (279,236) | |||
Recognition of share-based compensation | 25,732 | 25,732 | |||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 3,142 | ||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 36,467 | $ 3,142 | 33,325 | ||
Common stock repurchased and retired (in shares) | (7,657) | ||||
Common stock repurchased and retired | (397,294) | $ (7,657) | (59,057) | (330,580) | |
Ending balance at May. 04, 2019 | $ 5,131,895 | $ 1,212,668 | $ 0 | $ (633,282) | $ 4,552,509 |
Ending balance (in shares) at May. 04, 2019 | 1,212,667,546 | 1,212,668 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
May 04, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (“fiscal 2019”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 2, 2019 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2020 (“ fiscal 2020 ”) and is a 52-week fiscal year. Fiscal 2019 was also a 52-week fiscal year. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairment of long-lived assets, goodwill and tradenames, reserves for uncertain tax positions, leases 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. Reclassifications As a result of a two -for-one stock split in the form of a stock dividend to shareholders of record as of October 30, 2018, certain amounts in prior years’ Consolidated Financial Statements have been retroactively adjusted to conform to the current year presentation. As such, all share activity, earnings per share and dividends per share amounts have been adjusted to reflect the two -for-one stock split. See Note D—Capital Stock and Earnings per Share of Notes to Consolidated Financial Statements for additional information. Deferred Gift Card Revenue The following table presents deferred gift card revenue activity: In thousands May 4, May 5, Balance, beginning of period $ 450,302 $ 406,506 Deferred revenue 340,600 330,516 Effect of exchange rates changes on deferred revenue (648 ) (3,153 ) Revenue recognized (383,658 ) (371,815 ) Balance, end of period $ 406,596 $ 362,054 Summary of Accounting Policies Leases We adopted ASU No. 2016-02, Leases (Topic 842), as of February 3, 2019, using the modified retrospective method under ASU 2018-11. The transition method allows entities to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented. Our reporting for comparative periods is presented in accordance with ASC 840, Leases. Adoption of the new standard resulted in the recording of right of use (“ROU”) assets and lease liabilities of approximately $9 billion , as of February 3, 2019. The Company elected the transition package of three practical expedients, which among other things, allowed us to carry forward the historical lease classification. We have elected, under Topic 842, the practical expedient to not separate non lease components from the lease components to which they relate and instead to combine them and account for them as a single lease component. The Company also elected the accounting policy election to keep leases with a term of twelve months or less off the Consolidated Balance Sheets and recognizes these lease payments on a straight-line basis over the lease term. Operating leases are included in "Operating lease right of use assets", "Current portion of operating lease liabilities", and "Long-term operating lease liabilities" on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. At the inception of the arrangement, the Company determines if an arrangement is a lease based on assessment of the terms and conditions of the contract. Operating lease ROU assets and lease liabilities are recognized at possession date based on the present value of lease payments over the lease term. The majority of our leases are retail store locations and the possession date is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. Our lessors do not provide an implicit rate, nor is one readily available, therefore we use our incremental borrowing rate based on the information available at possession date in determining the present value of future lease payments. The incremental borrowing rate is calculated based on the US Consumer Discretionary yield curve and adjusted for collateralization and foreign currency impact for TJX International and Canada leases. The operating lease ROU asset also includes any acquisition costs offset by lease incentives. Our lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term within " Cost of sales, including buying and occupancy costs ". Impact of New Lease Standard on Consolidated Balance Sheet Line Items As a result of applying the new lease standard using the optional transition method, the following adjustments were made to accounts on the Condensed Consolidated Balance Sheet as of February 3, 2019: In thousands As Reported February 2, 2019 Adjustments Adjusted February 3, 2019 CONDENSED CONSOLIDATED BALANCE SHEETS: Prepaid expenses and other current assets $ 513,662 $ (149,029 ) (a) $ 364,633 Net property at cost 5,255,208 (281,361 ) (b),(f) 4,973,847 Operating lease right of use asset — 8,704,584 (c) 8,704,584 Other assets 497,580 (30,086 ) (b) 467,494 Total Assets $ 14,326,029 $ 8,244,108 $ 22,570,137 Accrued expenses and other current liabilities 2,733,076 (3,819 ) 2,729,257 Current portion of operating lease liabilities — 1,481,555 (d) 1,481,555 Other long-term liabilities 1,354,242 (593,137 ) (e),(f) 761,105 Long-term operating lease liabilities — 7,359,106 (d) 7,359,106 Retained earnings 4,461,744 403 (f),(g) 4,462,147 Total Liabilities and Shareholders' Equity $ 14,326,029 $ 8,244,108 $ 22,570,137 (a) Represents prepaid rent reclassified to operating lease right of use assets and current portion of operating lease liabilities. (b) Represents impact of reclassifying initial direct costs to operating lease right of use assets. (c) Represents capitalization of operating lease right of use assets and reclassification of lease acquisition costs, straight-line rent, prepaid rent and tenant incentives. (d) Represents recognition of current and long-term operating lease liabilities. (e) Represents reclassification of straight-line rent to operating lease right of use assets. (f) Represents de-recognition of assets and liabilities related to non-TJX owned properties under previously existing build-to-suit accounting rules. (g) Represents impairment at transition on operating lease right of use assets. See Note L—Leases of Notes to Consolidated Financial Statements for additional information. Future Adoption of New Accounting Standards Intangibles-Goodwill and Other-Internal-Use Software In August 2018, the Financial Accounting Standards Board "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 Consolidated 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 Leases See Leases in this Note A for the impact upon adoption. 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 adopted the standard and made the policy election not to reclassify the stranded tax effects from AOCI to retained earnings. |
Property at Cost
Property at Cost | 3 Months Ended |
May 04, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property at Cost | Property at Cost The following table presents the components of property at cost: In thousands May 4, February 2, May 5, Land and buildings (a) $ 1,219,604 $ 1,457,835 $ 1,377,854 Leasehold costs and improvements (a) 3,379,543 3,377,045 3,245,902 Furniture, fixtures and equipment 6,016,591 5,894,239 5,455,039 Total property at cost $ 10,615,738 $ 10,729,119 $ 10,078,795 Less accumulated depreciation and amortization (a) 5,597,140 5,473,911 5,052,703 Net property at cost $ 5,018,598 $ 5,255,208 $ 5,026,092 (a) See leases note in Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for impact of lease accounting changes. Depreciation expense was $209.7 million for the three months ended May 4, 2019 and $193.7 million for the three months ended May 5, 2018 . Depreciation expense was $818.9 million for the twelve months ended February 2, 2019 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Amounts included in accumulated other comprehensive loss are recorded net of taxes. The following table details the changes in accumulated other comprehensive loss for the three months ended May 4, 2019 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Accumulated Other Comprehensive Income (Loss) Balance, February 3, 2018 $ (280,051 ) $ (159,562 ) $ (2,246 ) $ (441,859 ) Additions to other comprehensive loss: 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 Reclassifications from other comprehensive loss to net income: 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 ) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $2,633) (7,161 ) — — (7,161 ) Reclassifications from other comprehensive loss to net income: Amortization of prior service cost and deferred gains (net of taxes of $1,453) — 3,992 — 3,992 Amortization of loss on cash flow hedge (net of taxes of $76) — — 208 208 Balance, May 4, 2019 $ (460,338 ) $ (171,753 ) $ (1,191 ) $ (633,282 ) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | 3 Months Ended |
May 04, 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 6.7 million shares of its common stock at a cost of $350.0 million during the quarter ended May 4, 2019 , on a “trade date” basis. TJX reflects stock repurchases in its Consolidated Financial Statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $397.3 million for the three months ended May 4, 2019 , and $395.4 million for the three months ended May 5, 2018 . These expenditures were funded by cash generated from current and prior period operations. In February 2019, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.5 billion of TJX common stock from time to time. In February 2018, our Board of Directors approved the repurchase of an additional $3.0 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through May 4, 2019 , TJX repurchased 33.1 million shares of common stock at a cost of $1.7 billion . As of May 4, 2019 , TJX had approximately $2.8 billion available under these previously announced stock repurchase programs. All shares repurchased under the stock repurchase programs have been retired. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”) for net income: Thirteen Weeks Ended In thousands, except per share amounts May 4, May 5, Basic earnings per share Net income $ 700,178 $ 716,381 Weighted average common shares outstanding for basic EPS 1,214,531 1,253,224 Basic earnings per share $ 0.58 $ 0.57 Diluted earnings per share Net income $ 700,178 $ 716,381 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 1,214,531 1,253,224 Assumed exercise/vesting of: Stock options and awards 18,876 15,648 Weighted average common shares outstanding for diluted EPS 1,233,407 1,268,872 Diluted earnings per share $ 0.57 $ 0.56 Cash dividends declared per share $ 0.230 $ 0.195 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 6.0 million such options excluded for the thirteen weeks ended May 4, 2019 . There were 17.1 million such options excluded for the thirteen weeks ended May 5, 2018 . |
Financial Instruments
Financial Instruments | 3 Months Ended |
May 04, 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 Consolidated Balance Sheets 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 , and during the first three months of fiscal 2020 , TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first three months of fiscal 2021. The hedge agreements outstanding at May 4, 2019 relate to approximately 51% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2020 and approximately 45% of TJX’s estimated notional diesel requirements for the first three months of fiscal 2021. These diesel fuel hedge agreements will settle throughout the remainder of fiscal 2020 and throughout the first four months of fiscal 2021. TJX elected not to apply hedge accounting to these contracts. Foreign Currency Contracts TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in TJX International (United Kingdom, Ireland, Germany, Poland, Austria, The Netherlands and Australia), TJX Canada (Canada), Marmaxx (U.S.) and HomeGoods (U.S.) in currencies other than their respective functional currencies. These contracts typically have a term of twelve months or less. The contracts outstanding at May 4, 2019 cover a portion of such actual and anticipated merchandise purchases throughout the remainder of fiscal 2020 . Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the United Kingdom. All merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. The inflow of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. However, with the growth of TJX’s Euro denominated retail operations, the intercompany billings committed to the Euro denominated operations is generating Euros in excess of those needed to meet merchandise commitments to outside vendors. TJX calculates this excess Euro exposure each month and enters into forward contracts of approximately 30 days duration to mitigate the exposure. During the fiscal quarter ended May 4, 2019 , TJX entered into derivative contracts to hedge Polish leases that are denominated in Euros and paid in Zlotys in order to mitigate the foreign currency exposure as a result of implementing ASU No. 2016-02, Leases. TJX elected not to apply hedge accounting to these contracts. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt, certain intercompany dividends 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. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 4, 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 May 4, 2019 Fair value hedges: Intercompany balances, primarily debt and related interest zł 59,000 £ 12,021 0.2037 Prepaid Exp $ 451 $ — $ 451 € 55,950 £ 49,560 0.8858 Prepaid Exp 2,160 — 2,160 A$ 30,000 U.S.$ 21,228 0.7076 Prepaid Exp 47 — 47 U.S.$ 72,020 £ 55,000 0.7637 Prepaid Exp 1,261 — 1,261 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.4M – 3.3M gal per month Float on 2.4M – 3.3M gal per month N/A (Accrued Exp) — (299 ) (299 ) Intercompany billings in TJX International, primarily merchandise related: € 71,600 £ 61,777 0.8628 Prepaid Exp 1,163 — 1,163 Lease liability in TJX International: zł 690,366 € 160,851 0.2330 (Accrued Exp) — (473 ) (473 ) Merchandise purchase commitments: C$ 620,729 U.S.$ 466,600 0.7517 Prepaid Exp / (Accrued Exp) 3,814 (633 ) 3,181 C$ 27,377 € 18,050 0.6593 (Accrued Exp) — (142 ) (142 ) £ 293,928 U.S.$ 387,400 1.3180 Prepaid Exp / (Accrued Exp) 883 (2,661 ) (1,778 ) A$ 44,708 U.S.$ 32,064 0.7172 Prepaid Exp 602 — 602 zł 359,743 £ 72,401 0.2013 Prepaid Exp / (Accrued Exp) 1,430 (88 ) 1,342 U.S.$ 55,559 € 48,467 0.8724 (Accrued Exp) — (977 ) (977 ) Total fair value of derivative financial instruments $ 11,811 $ (5,273 ) $ 6,538 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 / (Accrued 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 Float on 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 / (Accrued 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 / (Accrued Exp) 115 (207 ) (92 ) Total fair value of derivative 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 May 5, 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 May 5, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 Prepaid Exp $ 247 $ — $ 247 € 53,950 £ 47,868 0.8873 (Accrued Exp) — (252 ) (252 ) £ 30,000 C$ 54,038 1.8013 Prepaid Exp 1,256 — 1,256 U.S.$ 77,079 £ 55,000 0.7136 (Accrued Exp) — (1,771 ) (1,771 ) Net Investment Hedges: C$ 1,710,000 U.S.$ 1,341,426 0.7845 Prepaid Exp / (Accrued Exp) 9,808 (1,563 ) 8,245 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 10,249 — 10,249 Intercompany billings in TJX International, primarily merchandise related: € 50,000 £ 43,340 0.8668 (Accrued Exp) — (1,205 ) (1,205 ) Merchandise purchase commitments: C$ 518,624 U.S.$ 409,350 0.7893 Prepaid Exp / 5,322 (422 ) 4,900 C$ 25,760 € 16,500 0.6405 Prepaid Exp / 82 (360 ) (278 ) £ 333,666 U.S.$ 469,400 1.4068 Prepaid Exp / 15,418 (594 ) 14,824 A$ 30,728 U.S.$ 23,772 0.7736 Prepaid Exp / (Accrued Exp) 602 (30 ) 572 zł 299,988 £ 62,531 0.2084 Prepaid Exp / 560 (235 ) 325 U.S.$ 41,644 € 33,611 0.8071 Prepaid Exp / (Accrued Exp) 23 (1,243 ) (1,220 ) Total fair value of derivative financial instruments $ 43,567 $ (7,675 ) $ 35,892 Presented below is the impact of derivative financial instruments on the Consolidated Statements of Income for the periods shown: Amount of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended In thousands Location of Gain (Loss) Recognized in Income by Derivative May 4, May 5, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ 3,633 $ (1,792 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 3,257 — Diesel fuel contracts Cost of sales, including buying and occupancy costs 3,687 4,953 Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 2,151 (118 ) International lease liabilities Cost of sales, including buying and occupancy costs (1,522 ) — Merchandise purchase commitments Cost of sales, including buying and occupancy costs 9,789 31,457 Gain / (loss) recognized in income $ 20,995 $ 34,500 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 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: In thousands May 4, February 2, May 5, Level 1 Assets: Executive Savings Plan investments $ 278,540 $ 253,215 $ 248,640 Level 2 Assets: Short-term investments $ — $ — $ 435,903 Foreign currency exchange contracts 11,811 8,136 33,318 Diesel fuel contracts — — 10,249 Liabilities: Foreign currency exchange contracts $ 4,974 $ 7,415 $ 7,675 Diesel fuel contracts 299 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 as of May 4, 2019 and February 2, 2019 approximated the carrying value of $2.2 billion . The fair value of long-term debt as of May 5, 2018 was $2.1 billion compared to a carrying value of $2.2 billion . These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. |
Segment Information
Segment Information | 3 Months Ended |
May 04, 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. 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, 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. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended In thousands May 4, May 5, Net sales: In the United States: Marmaxx $ 5,801,760 $ 5,380,918 HomeGoods 1,396,865 1,269,331 TJX Canada 847,735 853,836 TJX International 1,231,225 1,184,635 $ 9,277,585 $ 8,688,720 Segment profit: In the United States: Marmaxx $ 795,993 $ 750,456 HomeGoods 136,785 147,360 TJX Canada 97,032 125,184 TJX International 28,487 40,826 1,058,297 1,063,826 General corporate expense 120,998 104,120 Interest expense, net 817 4,148 Income before provision for income taxes $ 936,482 $ 955,558 Segment assets as of May 4, 2019 increased from February 2, 2019 due to inclusion of operating lease right of use assets in segment assets. As of May 4, 2019, the breakdown of the Company’s operating right of use assets by segment is $4.3 billion in Marmaxx, $1.4 billion in HomeGoods, $1.0 billion in TJX Canada and $2.1 billion in TJX International. |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 3 Months Ended |
May 04, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands May 4, May 5, May 4, May 5, Service cost $ 11,049 $ 11,613 $ 552 $ 611 Interest cost 12,990 13,965 967 853 Expected return on plan assets (18,488 ) (20,962 ) — — Recognized actuarial losses 4,509 3,114 936 821 Total expense $ 10,060 $ 7,730 $ 2,455 $ 2,285 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 amounts included in recognized actuarial losses in the table above have been reclassified in their entirety from AOCI to the Consolidated Statements of Income, net of related tax effects, for the periods presented. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 3 Months Ended |
May 04, 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 May 4, 2019 , February 2, 2019 and May 5, 2018 . All amounts are net of unamortized debt discounts. In thousands May 4, February 2, May 5, 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 $178 at May 4, 2019, $189 at February 2, 2019 and $223 at May 5, 2018) $ 499,822 $ 499,811 $ 499,777 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $156 at May 4, 2019, $174 at February 2, 2019 and $231 at May 5, 2018) 749,844 749,826 749,769 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,471 at May 4, 2019, $5,657 at February 2, 2019 and $6,217 at May 5, 2018) 994,529 994,343 993,783 Debt issuance cost (9,827 ) (10,364 ) (11,969 ) Long-term debt $ 2,234,368 $ 2,233,616 $ 2,231,360 TJX has two $500 million revolving credit facilities, one which matures in March 2022 and one which matures in May 2024. Subsequent to May 4, 2019 , the Company amended the two agreements to reflect the impact of implementing the new lease accounting standard under ASC 842. For additional information about the implementation of ASC 842, see Leases within Note A— Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements. In addition, the maturity date for one of the revolving credit facilities was extended from March 2020 to May 2024. As of May 4, 2019, 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 to consolidated earnings before interest, taxes, depreciation and amortization and consolidated rentals (EBITDAR) of not more than 3.25 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 May 4, 2019 , February 2, 2019 and May 5, 2018 , and during the quarters and year then ended, there were no amounts outstanding under these facilities. As of May 4, 2019 , February 2, 2019 and May 5, 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 May 4, 2019 , February 2, 2019 and May 5, 2018 , there were no amounts outstanding on the Canadian credit line for operating expenses. As of May 4, 2019 , February 2, 2019 and May 5, 2018 , our European business at TJX International had one uncommitted credit line of £5 million . As of May 4, 2019 , February 2, 2019 and May 5, 2018 , and during the quarters and year then ended, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate was 25.2% for the first quarter of fiscal 2020 and 25.0% for the first quarter of fiscal 2019 . The increase in the effective income tax rate was primarily due to the reduction of excess tax benefit from share-based compensation and the expanded limitations on executive compensation, offset by a reduction in the impact of the foreign operations. TJX had net unrecognized tax benefits of $237.7 million as of May 4, 2019 , $233.4 million as of February 2, 2019 and $58.7 million as of May 5, 2018 . 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 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 classifies interest and penalties related to income tax matters as part of income tax expense. The total accrued amount on the Consolidated Balance Sheets for interest and penalties was $25.5 million as of May 4, 2019 , $23.6 million as of February 2, 2019 and $12.5 million as of May 5, 2018 . Based on the outcome of tax examinations or judicial or administrative proceedings, or as a result of the expiration of statutes of limitations in specific jurisdictions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those presented in the Consolidated Financial Statements. During the next 12 months, it is reasonably possible that tax examinations of prior years’ tax returns or judicial or administrative proceedings that reflect such positions taken by TJX may be finalized. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings, by a range of zero to $31 million . |
Contingent Obligations and Cont
Contingent Obligations and Contingencies | 3 Months Ended |
May 04, 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 its financial condition, results of operations or cash flows. TJX does not generally have sufficient information about these leases to estimate our potential contingent obligations under them, which could be triggered in the event that one or more of the current tenants does not fulfill their obligations related to one or more of these leases. TJX may also be contingently liable on up to eight leases of former TJX businesses, for which we believe the likelihood of future liability to TJX is remote, and has contingent obligations in connection with certain assigned or sublet properties that TJX is able to estimate. We estimate that the undiscounted obligations of (i) leases of former operations not included in our reserve for former operations and (ii) properties of our former operations if the subtenants or assignees do not fulfill their obligations, are approximately $34.1 million as of May 4, 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 matters such as title to assets sold, specified environmental matters or certain income taxes. These obligations are often limited in time and amount. There are no amounts reflected in our Consolidated 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. In connection with ongoing litigation, an immaterial amount has been accrued in the accompanying Consolidated Financial Statements. |
Leases
Leases | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Leases | Leases TJX is committed under long-term leases related to its continuing operations for the rental of real estate and certain service contracts containing embedded leases, all of which are operating leases. Real estate leases represent virtually all of our store locations as well as some of our distribution centers and office space. Most of TJX’s leases in the U.S. and Canada are store operating leases with ten -year terms and options to extend for one or more five -year periods. Leases in Europe generally have an initial term of ten to fifteen years and leases in Australia generally have an initial lease term of primarily seven to ten years , some of which have options to extend. Many of the Company's leases have options to terminate prior to the lease expiration date. The exercise of both lease renewal and termination options is at our sole discretion and is not reasonably certain at lease commencement. The Company has deemed that major store renovations provide an economic disincentive to terminate the lease and when these renovations occur the Company reassesses the lease term to determine if the next lease option is reasonably certain of being exercised. While the overwhelming majority of leases have fixed payment schedules, some leases have variable lease payments based on market indices adjusted periodically for inflation, or include rental payments based on a percentage of retail sales over contractual levels. In addition, for real estate leases, TJX is generally required to pay insurance, real estate taxes and other operating expenses including common area maintenance based on proportionate share of premises, and some of these costs are based on a market index, primarily in Canada. For leases with these variable payments based on a market index, the current lease payment amount is used in the calculation of the operating lease liability and corresponding operating lease assets included on the Consolidated Balance Sheets. The operating lease ROU assets also includes any lease payments made in advance of the assets use and is reduced by lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Supplemental balance sheet information related to leases as of May 4, 2019 is as follows: May 4, Weighted-average remaining lease term (years): 7.4 Weighted-average discount rate: 3.1 % The following table is a summary of the Company’s components of net lease cost for the thirteen weeks ended May 4, 2019 : Thirteen Weeks Ended In thousands Classification May 4, Operating lease cost Cost of sales, including buying and occupancy costs $ 430,331 Variable and short term lease cost Cost of sales, including buying and occupancy costs 281,506 Total lease cost $ 711,837 Supplemental cash flow information related to leases for the thirteen weeks ended May 4, 2019 is as follows: Thirteen Weeks Ended In thousands May 4, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 421,488 Lease liabilities arising from obtaining right of use assets $ 453,198 The following table summarizes the maturity of lease liabilities under operating leases as of May 4, 2019 : In thousands May 4, Fiscal year 2020 (remaining 9 months) $ 1,292,888 2021 1,650,563 2022 1,499,833 2023 1,326,566 2024 1,129,183 Later years 3,138,587 Total lease payments (a) 10,037,620 Less: imputed interest (b) 1,072,846 Total lease liabilities (c) $ 8,964,774 (a) Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to our Lease Accounting Policy. (b) Calculated using the incremental borrowing rate for each lease. (c) Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities. The following table represents the gross minimum rental commitments under noncancelable leases, as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019: In thousands February 2, 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 lease payments $ 9,791,971 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 04, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (“fiscal 2019”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 2, 2019 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP. |
Fiscal Year | Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2020 (“ fiscal 2020 ”) and is a 52-week fiscal year. Fiscal 2019 was also a 52-week fiscal year. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairment of long-lived assets, goodwill and tradenames, reserves for uncertain tax positions, leases 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. |
Reclassifications | Reclassifications As a result of a two -for-one stock split in the form of a stock dividend to shareholders of record as of October 30, 2018, certain amounts in prior years’ Consolidated Financial Statements have been retroactively adjusted to conform to the current year presentation. As such, all share activity, earnings per share and dividends per share amounts have been adjusted to reflect the two -for-one stock split. See Note D—Capital Stock and Earnings per Share of Notes to Consolidated Financial Statements for additional information. |
Leases | Summary of Accounting Policies Leases We adopted ASU No. 2016-02, Leases (Topic 842), as of February 3, 2019, using the modified retrospective method under ASU 2018-11. The transition method allows entities to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented. Our reporting for comparative periods is presented in accordance with ASC 840, Leases. Adoption of the new standard resulted in the recording of right of use (“ROU”) assets and lease liabilities of approximately $9 billion , as of February 3, 2019. The Company elected the transition package of three practical expedients, which among other things, allowed us to carry forward the historical lease classification. We have elected, under Topic 842, the practical expedient to not separate non lease components from the lease components to which they relate and instead to combine them and account for them as a single lease component. The Company also elected the accounting policy election to keep leases with a term of twelve months or less off the Consolidated Balance Sheets and recognizes these lease payments on a straight-line basis over the lease term. Operating leases are included in "Operating lease right of use assets", "Current portion of operating lease liabilities", and "Long-term operating lease liabilities" on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. At the inception of the arrangement, the Company determines if an arrangement is a lease based on assessment of the terms and conditions of the contract. Operating lease ROU assets and lease liabilities are recognized at possession date based on the present value of lease payments over the lease term. The majority of our leases are retail store locations and the possession date is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. Our lessors do not provide an implicit rate, nor is one readily available, therefore we use our incremental borrowing rate based on the information available at possession date in determining the present value of future lease payments. The incremental borrowing rate is calculated based on the US Consumer Discretionary yield curve and adjusted for collateralization and foreign currency impact for TJX International and Canada leases. The operating lease ROU asset also includes any acquisition costs offset by lease incentives. Our lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term within " Cost of sales, including buying and occupancy costs ". |
Future Adoption of New Accounting Standards and Recently Adopted Accounting Standards | Future Adoption of New Accounting Standards Intangibles-Goodwill and Other-Internal-Use Software In August 2018, the Financial Accounting Standards Board "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 Consolidated 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 Leases See Leases in this Note A for the impact upon adoption. 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 adopted the standard and made the policy election not to reclassify the stranded tax effects from AOCI to retained earnings. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
May 04, 2019 | |
Accounting Policies [Abstract] | |
Deferred gift card revenue | The following table presents deferred gift card revenue activity: In thousands May 4, May 5, Balance, beginning of period $ 450,302 $ 406,506 Deferred revenue 340,600 330,516 Effect of exchange rates changes on deferred revenue (648 ) (3,153 ) Revenue recognized (383,658 ) (371,815 ) Balance, end of period $ 406,596 $ 362,054 |
Impact of new lease standard on consolidated balance sheet line items | As a result of applying the new lease standard using the optional transition method, the following adjustments were made to accounts on the Condensed Consolidated Balance Sheet as of February 3, 2019: In thousands As Reported February 2, 2019 Adjustments Adjusted February 3, 2019 CONDENSED CONSOLIDATED BALANCE SHEETS: Prepaid expenses and other current assets $ 513,662 $ (149,029 ) (a) $ 364,633 Net property at cost 5,255,208 (281,361 ) (b),(f) 4,973,847 Operating lease right of use asset — 8,704,584 (c) 8,704,584 Other assets 497,580 (30,086 ) (b) 467,494 Total Assets $ 14,326,029 $ 8,244,108 $ 22,570,137 Accrued expenses and other current liabilities 2,733,076 (3,819 ) 2,729,257 Current portion of operating lease liabilities — 1,481,555 (d) 1,481,555 Other long-term liabilities 1,354,242 (593,137 ) (e),(f) 761,105 Long-term operating lease liabilities — 7,359,106 (d) 7,359,106 Retained earnings 4,461,744 403 (f),(g) 4,462,147 Total Liabilities and Shareholders' Equity $ 14,326,029 $ 8,244,108 $ 22,570,137 (a) Represents prepaid rent reclassified to operating lease right of use assets and current portion of operating lease liabilities. (b) Represents impact of reclassifying initial direct costs to operating lease right of use assets. (c) Represents capitalization of operating lease right of use assets and reclassification of lease acquisition costs, straight-line rent, prepaid rent and tenant incentives. (d) Represents recognition of current and long-term operating lease liabilities. (e) Represents reclassification of straight-line rent to operating lease right of use assets. (f) Represents de-recognition of assets and liabilities related to non-TJX owned properties under previously existing build-to-suit accounting rules. (g) Represents impairment at transition on operating lease right of use assets. |
Property at Cost (Tables)
Property at Cost (Tables) | 3 Months Ended |
May 04, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Property at Cost | The following table presents the components of property at cost: In thousands May 4, February 2, May 5, Land and buildings (a) $ 1,219,604 $ 1,457,835 $ 1,377,854 Leasehold costs and improvements (a) 3,379,543 3,377,045 3,245,902 Furniture, fixtures and equipment 6,016,591 5,894,239 5,455,039 Total property at cost $ 10,615,738 $ 10,729,119 $ 10,078,795 Less accumulated depreciation and amortization (a) 5,597,140 5,473,911 5,052,703 Net property at cost $ 5,018,598 $ 5,255,208 $ 5,026,092 (a) See leases note in Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for impact of lease accounting changes. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table details the changes in accumulated other comprehensive loss for the three months ended May 4, 2019 : In thousands Foreign Currency Translation Deferred Benefit Costs Cash Flow Hedge on Debt Accumulated Other Comprehensive Income (Loss) Balance, February 3, 2018 $ (280,051 ) $ (159,562 ) $ (2,246 ) $ (441,859 ) Additions to other comprehensive loss: 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 Reclassifications from other comprehensive loss to net income: 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 ) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $2,633) (7,161 ) — — (7,161 ) Reclassifications from other comprehensive loss to net income: Amortization of prior service cost and deferred gains (net of taxes of $1,453) — 3,992 — 3,992 Amortization of loss on cash flow hedge (net of taxes of $76) — — 208 208 Balance, May 4, 2019 $ (460,338 ) $ (171,753 ) $ (1,191 ) $ (633,282 ) |
Capital Stock and Earnings Pe_2
Capital Stock and Earnings Per Share (Tables) | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share (“EPS”) for net income: Thirteen Weeks Ended In thousands, except per share amounts May 4, May 5, Basic earnings per share Net income $ 700,178 $ 716,381 Weighted average common shares outstanding for basic EPS 1,214,531 1,253,224 Basic earnings per share $ 0.58 $ 0.57 Diluted earnings per share Net income $ 700,178 $ 716,381 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 1,214,531 1,253,224 Assumed exercise/vesting of: Stock options and awards 18,876 15,648 Weighted average common shares outstanding for diluted EPS 1,233,407 1,268,872 Diluted earnings per share $ 0.57 $ 0.56 Cash dividends declared per share $ 0.230 $ 0.195 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
May 04, 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 May 4, 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 May 4, 2019 Fair value hedges: Intercompany balances, primarily debt and related interest zł 59,000 £ 12,021 0.2037 Prepaid Exp $ 451 $ — $ 451 € 55,950 £ 49,560 0.8858 Prepaid Exp 2,160 — 2,160 A$ 30,000 U.S.$ 21,228 0.7076 Prepaid Exp 47 — 47 U.S.$ 72,020 £ 55,000 0.7637 Prepaid Exp 1,261 — 1,261 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 2.4M – 3.3M gal per month Float on 2.4M – 3.3M gal per month N/A (Accrued Exp) — (299 ) (299 ) Intercompany billings in TJX International, primarily merchandise related: € 71,600 £ 61,777 0.8628 Prepaid Exp 1,163 — 1,163 Lease liability in TJX International: zł 690,366 € 160,851 0.2330 (Accrued Exp) — (473 ) (473 ) Merchandise purchase commitments: C$ 620,729 U.S.$ 466,600 0.7517 Prepaid Exp / (Accrued Exp) 3,814 (633 ) 3,181 C$ 27,377 € 18,050 0.6593 (Accrued Exp) — (142 ) (142 ) £ 293,928 U.S.$ 387,400 1.3180 Prepaid Exp / (Accrued Exp) 883 (2,661 ) (1,778 ) A$ 44,708 U.S.$ 32,064 0.7172 Prepaid Exp 602 — 602 zł 359,743 £ 72,401 0.2013 Prepaid Exp / (Accrued Exp) 1,430 (88 ) 1,342 U.S.$ 55,559 € 48,467 0.8724 (Accrued Exp) — (977 ) (977 ) Total fair value of derivative financial instruments $ 11,811 $ (5,273 ) $ 6,538 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 / (Accrued 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 Float on 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 / (Accrued 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 / (Accrued Exp) 115 (207 ) (92 ) Total fair value of derivative 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 May 5, 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 May 5, 2018 Fair value hedges: Intercompany balances, primarily debt and related interest zł 67,000 £ 14,035 0.2095 Prepaid Exp $ 247 $ — $ 247 € 53,950 £ 47,868 0.8873 (Accrued Exp) — (252 ) (252 ) £ 30,000 C$ 54,038 1.8013 Prepaid Exp 1,256 — 1,256 U.S.$ 77,079 £ 55,000 0.7136 (Accrued Exp) — (1,771 ) (1,771 ) Net Investment Hedges: C$ 1,710,000 U.S.$ 1,341,426 0.7845 Prepaid Exp / (Accrued Exp) 9,808 (1,563 ) 8,245 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 10,249 — 10,249 Intercompany billings in TJX International, primarily merchandise related: € 50,000 £ 43,340 0.8668 (Accrued Exp) — (1,205 ) (1,205 ) Merchandise purchase commitments: C$ 518,624 U.S.$ 409,350 0.7893 Prepaid Exp / 5,322 (422 ) 4,900 C$ 25,760 € 16,500 0.6405 Prepaid Exp / 82 (360 ) (278 ) £ 333,666 U.S.$ 469,400 1.4068 Prepaid Exp / 15,418 (594 ) 14,824 A$ 30,728 U.S.$ 23,772 0.7736 Prepaid Exp / (Accrued Exp) 602 (30 ) 572 zł 299,988 £ 62,531 0.2084 Prepaid Exp / 560 (235 ) 325 U.S.$ 41,644 € 33,611 0.8071 Prepaid Exp / (Accrued Exp) 23 (1,243 ) (1,220 ) Total fair value of derivative financial instruments $ 43,567 $ (7,675 ) $ 35,892 |
Impact of Derivative Financial Instruments on Statements of Income | Presented below is the impact of derivative financial instruments on the Consolidated Statements of Income for the periods shown: Amount of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended In thousands Location of Gain (Loss) Recognized in Income by Derivative May 4, May 5, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ 3,633 $ (1,792 ) Economic hedges for which hedge accounting was not elected: Intercompany receivable Selling, general and administrative expenses 3,257 — Diesel fuel contracts Cost of sales, including buying and occupancy costs 3,687 4,953 Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs 2,151 (118 ) International lease liabilities Cost of sales, including buying and occupancy costs (1,522 ) — Merchandise purchase commitments Cost of sales, including buying and occupancy costs 9,789 31,457 Gain / (loss) recognized in income $ 20,995 $ 34,500 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 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: In thousands May 4, February 2, May 5, Level 1 Assets: Executive Savings Plan investments $ 278,540 $ 253,215 $ 248,640 Level 2 Assets: Short-term investments $ — $ — $ 435,903 Foreign currency exchange contracts 11,811 8,136 33,318 Diesel fuel contracts — — 10,249 Liabilities: Foreign currency exchange contracts $ 4,974 $ 7,415 $ 7,675 Diesel fuel contracts 299 3,786 — |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended In thousands May 4, May 5, Net sales: In the United States: Marmaxx $ 5,801,760 $ 5,380,918 HomeGoods 1,396,865 1,269,331 TJX Canada 847,735 853,836 TJX International 1,231,225 1,184,635 $ 9,277,585 $ 8,688,720 Segment profit: In the United States: Marmaxx $ 795,993 $ 750,456 HomeGoods 136,785 147,360 TJX Canada 97,032 125,184 TJX International 28,487 40,826 1,058,297 1,063,826 General corporate expense 120,998 104,120 Interest expense, net 817 4,148 Income before provision for income taxes $ 936,482 $ 955,558 |
Pension Plans and Other Retir_2
Pension Plans and Other Retirement Benefits (Tables) | 3 Months Ended |
May 04, 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 periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands May 4, May 5, May 4, May 5, Service cost $ 11,049 $ 11,613 $ 552 $ 611 Interest cost 12,990 13,965 967 853 Expected return on plan assets (18,488 ) (20,962 ) — — Recognized actuarial losses 4,509 3,114 936 821 Total expense $ 10,060 $ 7,730 $ 2,455 $ 2,285 |
Long-Term Debt and Credit Lin_2
Long-Term Debt and Credit Lines (Tables) | 3 Months Ended |
May 04, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of May 4, 2019 , February 2, 2019 and May 5, 2018 . All amounts are net of unamortized debt discounts. In thousands May 4, February 2, May 5, 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 $178 at May 4, 2019, $189 at February 2, 2019 and $223 at May 5, 2018) $ 499,822 $ 499,811 $ 499,777 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $156 at May 4, 2019, $174 at February 2, 2019 and $231 at May 5, 2018) 749,844 749,826 749,769 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,471 at May 4, 2019, $5,657 at February 2, 2019 and $6,217 at May 5, 2018) 994,529 994,343 993,783 Debt issuance cost (9,827 ) (10,364 ) (11,969 ) Long-term debt $ 2,234,368 $ 2,233,616 $ 2,231,360 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Supplemental balance sheet information, Components of net lease cost and Supplemental cash flow information | Supplemental balance sheet information related to leases as of May 4, 2019 is as follows: May 4, Weighted-average remaining lease term (years): 7.4 Weighted-average discount rate: 3.1 % The following table is a summary of the Company’s components of net lease cost for the thirteen weeks ended May 4, 2019 : Thirteen Weeks Ended In thousands Classification May 4, Operating lease cost Cost of sales, including buying and occupancy costs $ 430,331 Variable and short term lease cost Cost of sales, including buying and occupancy costs 281,506 Total lease cost $ 711,837 Supplemental cash flow information related to leases for the thirteen weeks ended May 4, 2019 is as follows: Thirteen Weeks Ended In thousands May 4, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 421,488 Lease liabilities arising from obtaining right of use assets $ 453,198 |
Operating lease liability maturity schedule | The following table summarizes the maturity of lease liabilities under operating leases as of May 4, 2019 : In thousands May 4, Fiscal year 2020 (remaining 9 months) $ 1,292,888 2021 1,650,563 2022 1,499,833 2023 1,326,566 2024 1,129,183 Later years 3,138,587 Total lease payments (a) 10,037,620 Less: imputed interest (b) 1,072,846 Total lease liabilities (c) $ 8,964,774 (a) Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to our Lease Accounting Policy. (b) Calculated using the incremental borrowing rate for each lease. (c) Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities. |
Schedule of gross minimum rental commitments under noncancelable leases | The following table represents the gross minimum rental commitments under noncancelable leases, as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019: In thousands February 2, 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 lease payments $ 9,791,971 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Nov. 06, 2018 | Oct. 30, 2018 | May 04, 2019USD ($) | Feb. 03, 2019USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Stock split ratio, common stock | 2 | 2 | ||
Lease liabilities | $ 8,964,774 | |||
Operating lease right of use assets | $ 8,810,367 | $ 8,704,584 | ||
Accounting Standards Update 2016-02 | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | 9,000,000 | |||
Operating lease right of use assets | $ 8,704,584 | |||
Minimum | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease term of possession previous to opening store | 30 days | |||
Maximum | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease term of possession previous to opening store | 60 days |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Movement in Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | $ 450,302 | $ 406,506 |
Deferred revenue | 340,600 | 330,516 |
Effect of exchange rates changes on deferred revenue | (648) | (3,153) |
Revenue recognized | (383,658) | (371,815) |
Ending balance | $ 406,596 | $ 362,054 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Impact of New Lease Standard on Consolidated Balance Sheet Line Items (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | May 05, 2018 |
Prepaid expenses and other current assets | $ 381,678 | $ 364,633 | $ 513,662 | $ 567,060 |
Net property at cost | 5,018,598 | 4,973,847 | 5,255,208 | 5,026,092 |
Operating lease right of use assets | 8,810,367 | 8,704,584 | ||
Other assets | 490,401 | 467,494 | 497,580 | 456,965 |
TOTAL ASSETS | 22,489,064 | 22,570,137 | 14,326,029 | 14,007,124 |
Accrued expenses and other current liabilities | 2,468,588 | 2,729,257 | 2,733,076 | 2,220,842 |
Current portion of operating lease liabilities | 1,343,243 | 1,481,555 | ||
Other long-term liabilities | 752,968 | 761,105 | 1,354,242 | 1,275,843 |
Long-term operating lease liabilities | 7,621,531 | 7,359,106 | ||
Retained earnings | 4,552,509 | 4,462,147 | 4,461,744 | 4,567,533 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 22,489,064 | 22,570,137 | $ 14,326,029 | $ 14,007,124 |
Accounting Standards Update 2016-02 | ||||
Prepaid expenses and other current assets | (149,029) | |||
Net property at cost | (281,361) | |||
Operating lease right of use assets | 8,704,584 | |||
Other assets | (30,086) | |||
TOTAL ASSETS | 8,244,108 | |||
Accrued expenses and other current liabilities | (3,819) | |||
Current portion of operating lease liabilities | 1,481,555 | |||
Other long-term liabilities | (593,137) | |||
Long-term operating lease liabilities | 7,359,106 | |||
Retained earnings | 403 | |||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 8,244,108 |
Property at Cost - Components o
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | May 05, 2018 |
Property, Plant and Equipment [Abstract] | ||||
Land and buildings | $ 1,219,604 | $ 1,457,835 | $ 1,377,854 | |
Leasehold costs and improvements | 3,379,543 | 3,377,045 | 3,245,902 | |
Furniture, fixtures and equipment | 6,016,591 | 5,894,239 | 5,455,039 | |
Total property at cost | 10,615,738 | 10,729,119 | 10,078,795 | |
Less accumulated depreciation and amortization | 5,597,140 | 5,473,911 | 5,052,703 | |
Net property at cost | $ 5,018,598 | $ 4,973,847 | $ 5,255,208 | $ 5,026,092 |
Property at Cost - Additional i
Property at Cost - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 209.7 | $ 193.7 | $ 818.9 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 5,048,606 | $ 5,148,309 | $ 5,148,309 |
Foreign currency translation adjustments, net of taxes | (7,161) | (122,529) | (192,664) |
Recognition of net gains/losses on investment hedges, net of taxes | 0 | 6,044 | 19,538 |
Recognition of net gains/losses on benefit obligations, net of taxes | (54,420) | ||
Pension settlement charge, net of taxes | 26,481 | ||
Amortization of loss on cash flow hedge, net of taxes | 208 | 206 | 847 |
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 3,992 | 2,608 | 11,756 |
Ending balance | 5,131,895 | 5,262,408 | 5,048,606 |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (453,177) | (280,051) | (280,051) |
Foreign currency translation adjustments, net of taxes | (7,161) | (192,664) | |
Recognition of net gains/losses on investment hedges, net of taxes | 19,538 | ||
Ending balance | (460,338) | (453,177) | |
Deferred Benefit Costs | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (175,745) | (159,562) | (159,562) |
Recognition of net gains/losses on benefit obligations, net of taxes | (54,420) | ||
Pension settlement charge, net of taxes | 26,481 | ||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 3,992 | 11,756 | |
Ending balance | (171,753) | (175,745) | |
Cash Flow Hedge on Debt | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,399) | (2,246) | (2,246) |
Amortization of loss on cash flow hedge, net of taxes | 208 | 847 | |
Ending balance | (1,191) | (1,399) | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (630,321) | (441,859) | (441,859) |
Ending balance | $ (633,282) | $ (555,530) | $ (630,321) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Equity [Abstract] | |||
Foreign currency translation adjustments, related tax benefits | $ 2,633 | $ 1,206 | $ 8,233 |
Gain on net investment hedges, related tax provision | 2,201 | 7,113 | |
Recognition of net gains/losses on benefit obligations, related tax provision (benefit) | (19,813) | ||
Pension settlement charge, net of related tax provision | 9,641 | ||
Amortization of loss on cash flow hedge, related tax provisions | 76 | 77 | 304 |
Amortization of prior service cost and deferred gains, related tax provision | $ 1,453 | $ 1,328 | $ 4,280 |
Capital Stock and Earnings Pe_3
Capital Stock and Earnings Per Share - Capital Stock and Earnings Per Share - Additional Information (Detail) | Nov. 06, 2018shares | Oct. 30, 2018 | May 04, 2019USD ($)shares | May 05, 2018USD ($)shares | May 04, 2019USD ($)shares | Feb. 28, 2019USD ($) | Feb. 02, 2019shares | Oct. 22, 2018shares | Feb. 28, 2018USD ($) |
Capital Unit [Line Items] | |||||||||
Stock split ratio, common stock | 2 | 2 | |||||||
Common stock, shares authorized (in shares) | shares | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 600,000,000 | |||
Issuance of common stock in result from stock split (in shares) | shares | 617,000,000 | ||||||||
Common stock repurchased and retired | $ 397,294,000 | $ 395,399,000 | |||||||
Cash payments for repurchase of common stock | 397,300,000 | $ 395,400,000 | |||||||
Remaining available stock under stock repurchase plan | $ 2,800,000,000 | $ 2,800,000,000 | |||||||
Antidilutive options excluded | shares | 6,000,000 | 17,100,000 | |||||||
Trade date basis | |||||||||
Capital Unit [Line Items] | |||||||||
Common stock repurchased and retired (in shares) | shares | 6,700,000 | ||||||||
Common stock repurchased and retired | $ 350,000,000 | ||||||||
Stock repurchase program 2019 | |||||||||
Capital Unit [Line Items] | |||||||||
Stock repurchase program, common stock purchase value | $ 1,500,000,000 | ||||||||
Stock repurchase programs 2018 | |||||||||
Capital Unit [Line Items] | |||||||||
Common stock repurchased and retired (in shares) | shares | 33,100,000 | ||||||||
Common stock repurchased and retired | $ 1,700,000,000 | ||||||||
Stock repurchase program, common stock purchase value | $ 3,000,000,000 |
Capital Stock and Earnings Pe_4
Capital Stock and Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Basic earnings per share: | ||
Net income | $ 700,178 | $ 716,381 |
Weighted average common shares outstanding for basic EPS (in shares) | 1,214,531 | 1,253,224 |
Basic earnings per share (in dollars per share) | $ 0.58 | $ 0.57 |
Diluted earnings per share: | ||
Net income | $ 700,178 | $ 716,381 |
Shares for basic and diluted earnings per share calculations: | ||
Weighted average common shares outstanding for basic EPS (in shares) | 1,214,531 | 1,253,224 |
Stock options and awards (in shares) | 18,876 | 15,648 |
Weighted average common shares outstanding for diluted EPS (in shares) | 1,233,407 | 1,268,872 |
Diluted earnings per share (in dollars per share) | $ 0.57 | $ 0.56 |
Cash dividends declared per share (in dollars per share) | $ 0.23 | $ 0.195 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended |
May 04, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedge of diesel fuel requirement, remainder of fiscal year 2020 | 51.00% |
Hedge of diesel fuel requirement, fiscal year 2021 | 45.00% |
Financial Instruments - Summary
Financial Instruments - Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Details) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, gal / mo in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
May 04, 2019GBP (£)gal / mo | May 05, 2018GBP (£)gal / mo | Feb. 02, 2019GBP (£)gal / mo | May 04, 2019AUD ($) | May 04, 2019PLN (zł) | May 04, 2019CAD ($) | May 04, 2019EUR (€) | May 04, 2019USD ($) | Feb. 02, 2019AUD ($) | Feb. 02, 2019PLN (zł) | Feb. 02, 2019CAD ($) | Feb. 02, 2019EUR (€) | Feb. 02, 2019USD ($) | May 05, 2018AUD ($) | May 05, 2018PLN (zł) | May 05, 2018CAD ($) | May 05, 2018EUR (€) | May 05, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | $ 11,811 | $ 8,136 | $ 43,567 | |||||||||||||||
Current (Liability) U.S.$ | (5,273) | (11,201) | (7,675) | |||||||||||||||
Net fair value in U.S.$ | 6,538 | (3,065) | 35,892 | |||||||||||||||
Diesel contracts | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | 10,249 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net fair value in U.S.$ | $ 10,249 | |||||||||||||||||
Diesel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | 0 | 0 | ||||||||||||||||
Current (Liability) U.S.$ | (299) | (3,786) | ||||||||||||||||
Net fair value in U.S.$ | $ (299) | $ (3,786) | ||||||||||||||||
Conversion Of Zloty To Pound | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2013 | 0.2084 | 0.2055 | 0.2013 | 0.2013 | 0.2013 | 0.2013 | 0.2013 | 0.2055 | 0.2055 | 0.2055 | 0.2055 | 0.2055 | 0.2084 | 0.2084 | 0.2084 | 0.2084 | 0.2084 |
Current Asset U.S.$ | $ 1,430 | $ 707 | $ 560 | |||||||||||||||
Current (Liability) U.S.$ | (88) | (86) | (235) | |||||||||||||||
Net fair value in U.S.$ | $ 1,342 | $ 621 | $ 325 | |||||||||||||||
Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8628 | 0.8977 | 0.8628 | 0.8628 | 0.8628 | 0.8628 | 0.8628 | 0.8977 | 0.8977 | 0.8977 | 0.8977 | 0.8977 | ||||||
Current Asset U.S.$ | $ 1,163 | $ 1,300 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||||||||
Net fair value in U.S.$ | $ 1,163 | $ 1,300 | ||||||||||||||||
Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8668 | 0.8668 | 0.8668 | 0.8668 | 0.8668 | 0.8668 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (1,205) | |||||||||||||||||
Net fair value in U.S.$ | $ (1,205) | |||||||||||||||||
Conversion Of Zloty To Euro | International lease liabilities | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2330 | 0.2330 | 0.2330 | 0.2330 | 0.2330 | 0.2330 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (473) | |||||||||||||||||
Net fair value in U.S.$ | $ (473) | |||||||||||||||||
Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7172 | 0.7172 | 0.7172 | 0.7172 | 0.7172 | 0.7172 | ||||||||||||
Current Asset U.S.$ | $ 602 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net fair value in U.S.$ | $ 602 | |||||||||||||||||
Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7736 | 0.7241 | 0.7241 | 0.7241 | 0.7241 | 0.7241 | 0.7241 | 0.7736 | 0.7736 | 0.7736 | 0.7736 | 0.7736 | ||||||
Current Asset U.S.$ | $ 97 | $ 602 | ||||||||||||||||
Current (Liability) U.S.$ | (213) | (30) | ||||||||||||||||
Net fair value in U.S.$ | $ (116) | $ 572 | ||||||||||||||||
Conversion Of Canadian Dollar To US Dollar | Net Investment Hedges | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7845 | 0.7845 | 0.7845 | 0.7845 | 0.7845 | 0.7845 | ||||||||||||
Current Asset U.S.$ | $ 9,808 | |||||||||||||||||
Current (Liability) U.S.$ | (1,563) | |||||||||||||||||
Net fair value in U.S.$ | $ 8,245 | |||||||||||||||||
Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7517 | 0.7893 | 0.7583 | 0.7517 | 0.7517 | 0.7517 | 0.7517 | 0.7517 | 0.7583 | 0.7583 | 0.7583 | 0.7583 | 0.7583 | 0.7893 | 0.7893 | 0.7893 | 0.7893 | 0.7893 |
Current Asset U.S.$ | $ 3,814 | $ 1,239 | $ 5,322 | |||||||||||||||
Current (Liability) U.S.$ | (633) | (4,741) | (422) | |||||||||||||||
Net fair value in U.S.$ | $ 3,181 | $ (3,502) | $ 4,900 | |||||||||||||||
Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6593 | 0.6581 | 0.6593 | 0.6593 | 0.6593 | 0.6593 | 0.6593 | 0.6581 | 0.6581 | 0.6581 | 0.6581 | 0.6581 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (142) | (248) | ||||||||||||||||
Net fair value in U.S.$ | $ (142) | $ (248) | ||||||||||||||||
Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6405 | 0.6405 | 0.6405 | 0.6405 | 0.6405 | 0.6405 | ||||||||||||
Current Asset U.S.$ | $ 82 | |||||||||||||||||
Current (Liability) U.S.$ | (360) | |||||||||||||||||
Net fair value in U.S.$ | $ (278) | |||||||||||||||||
Conversion Of Pound To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.3180 | 1.4068 | 1.3247 | 1.3180 | 1.3180 | 1.3180 | 1.3180 | 1.3180 | 1.3247 | 1.3247 | 1.3247 | 1.3247 | 1.3247 | 1.4068 | 1.4068 | 1.4068 | 1.4068 | 1.4068 |
Current Asset U.S.$ | $ 883 | $ 3,459 | $ 15,418 | |||||||||||||||
Current (Liability) U.S.$ | (2,661) | (1,466) | (594) | |||||||||||||||
Net fair value in U.S.$ | $ (1,778) | $ 1,993 | $ 14,824 | |||||||||||||||
Conversion Of US Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8724 | 0.8724 | 0.8724 | 0.8724 | 0.8724 | 0.8724 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (977) | |||||||||||||||||
Net fair value in U.S.$ | (977) | |||||||||||||||||
Conversion Of US Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8071 | 0.8682 | 0.8682 | 0.8682 | 0.8682 | 0.8682 | 0.8682 | 0.8071 | 0.8071 | 0.8071 | 0.8071 | 0.8071 | ||||||
Current Asset U.S.$ | $ 115 | $ 23 | ||||||||||||||||
Current (Liability) U.S.$ | (207) | (1,243) | ||||||||||||||||
Net fair value in U.S.$ | (92) | (1,220) | ||||||||||||||||
Pay | Diesel contracts | Prepaid Exp | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.2 | |||||||||||||||||
Pay | Diesel contracts | Prepaid Exp | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3 | |||||||||||||||||
Pay | Diesel contracts | (Accrued Exp) | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.4 | 2.7 | ||||||||||||||||
Pay | Diesel contracts | (Accrued Exp) | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.3 | 3.3 | ||||||||||||||||
Pay | Conversion Of Zloty To Pound | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 359,743 | zł 280,167 | zł 299,988 | |||||||||||||||
Pay | Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 71,600 | € 46,600 | ||||||||||||||||
Pay | Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 50,000 | |||||||||||||||||
Pay | Conversion Of Zloty To Euro | International lease liabilities | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 690,366 | |||||||||||||||||
Pay | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 44,708 | |||||||||||||||||
Pay | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 51,043 | $ 30,728 | ||||||||||||||||
Pay | Conversion Of Canadian Dollar To US Dollar | Net Investment Hedges | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 1,710,000 | |||||||||||||||||
Pay | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 620,729 | $ 546,083 | 518,624 | |||||||||||||||
Pay | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 27,377 | $ 31,455 | ||||||||||||||||
Pay | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 25,760 | |||||||||||||||||
Pay | Conversion Of Pound To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 293,928 | £ 333,666 | £ 173,624 | |||||||||||||||
Pay | Conversion Of US Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 55,559 | |||||||||||||||||
Pay | Conversion Of US Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 56,847 | 41,644 | ||||||||||||||||
Receive | Diesel contracts | Prepaid Exp | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.2 | |||||||||||||||||
Receive | Diesel contracts | Prepaid Exp | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3 | |||||||||||||||||
Receive | Diesel contracts | (Accrued Exp) | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.4 | 2.7 | ||||||||||||||||
Receive | Diesel contracts | (Accrued Exp) | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.3 | 3.3 | ||||||||||||||||
Receive | Conversion Of Zloty To Pound | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 72,401 | £ 62,531 | £ 57,586 | |||||||||||||||
Receive | Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 61,777 | £ 41,835 | ||||||||||||||||
Receive | Conversion Of Euro To Pound | Intercompany billings in TJX International, primarily merchandise related: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 43,340 | |||||||||||||||||
Receive | Conversion Of Zloty To Euro | International lease liabilities | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 160,851 | |||||||||||||||||
Receive | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 32,064 | |||||||||||||||||
Receive | Conversion Of Australian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 36,961 | 23,772 | ||||||||||||||||
Receive | Conversion Of Canadian Dollar To US Dollar | Net Investment Hedges | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 1,341,426 | |||||||||||||||||
Receive | Conversion Of Canadian Dollar To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 466,600 | 414,100 | 409,350 | |||||||||||||||
Receive | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | 18,050 | 20,700 | ||||||||||||||||
Receive | Conversion Of Canadian Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 16,500 | |||||||||||||||||
Receive | Conversion Of Pound To US Dollar | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 387,400 | $ 230,000 | $ 469,400 | |||||||||||||||
Receive | Conversion Of US Dollar To Euro | Merchandise purchase commitments: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 48,467 | |||||||||||||||||
Receive | Conversion Of US Dollar To Euro | Merchandise purchase commitments: | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ 33,611 | € 49,355 | ||||||||||||||||
Fair value hedges | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2037 | 0.2095 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2037 | 0.2095 | 0.2095 | 0.2095 | 0.2095 | 0.2095 |
Current Asset U.S.$ | $ 451 | $ 56 | $ 247 | |||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | 0 | |||||||||||||||
Net fair value in U.S.$ | $ 451 | $ 56 | $ 247 | |||||||||||||||
Fair value hedges | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8858 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | ||||||||||||
Current Asset U.S.$ | $ 2,160 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net fair value in U.S.$ | $ 2,160 | |||||||||||||||||
Fair value hedges | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | 0.8873 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (252) | |||||||||||||||||
Net fair value in U.S.$ | $ (252) | |||||||||||||||||
Fair value hedges | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
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) | |||||||||||||||||
Fair value hedges | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7076 | 0.7076 | 0.7076 | 0.7076 | 0.7076 | 0.7076 | ||||||||||||
Current Asset U.S.$ | $ 47 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net fair value in U.S.$ | $ 47 | |||||||||||||||||
Fair value hedges | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7161 | 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) | |||||||||||||||||
Fair value hedges | Conversion of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.8013 | 1.8013 | 1.8013 | 1.8013 | 1.8013 | 1.8013 | ||||||||||||
Current Asset U.S.$ | $ 1,256 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net fair value in U.S.$ | $ 1,256 | |||||||||||||||||
Fair value hedges | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | ||||||
Current Asset U.S.$ | $ 1,261 | $ 1,037 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||||||||
Net fair value in U.S.$ | 1,261 | 1,037 | ||||||||||||||||
Fair value hedges | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | 0.7136 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (1,771) | |||||||||||||||||
Net fair value in U.S.$ | (1,771) | |||||||||||||||||
Fair value hedges | Pay | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 59,000 | zł 59,000 | zł 67,000 | |||||||||||||||
Fair value hedges | Pay | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 55,950 | |||||||||||||||||
Fair value hedges | Pay | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 53,950 | |||||||||||||||||
Fair value hedges | Pay | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 55,950 | |||||||||||||||||
Fair value hedges | Pay | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 30,000 | |||||||||||||||||
Fair value hedges | Pay | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 30,000 | |||||||||||||||||
Fair value hedges | Pay | Conversion of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 30,000 | |||||||||||||||||
Fair value hedges | Pay | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 72,020 | $ 72,020 | ||||||||||||||||
Fair value hedges | Pay | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 77,079 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of Zloty To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 12,021 | £ 14,035 | £ 12,021 | |||||||||||||||
Fair value hedges | Receive | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 49,560 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 47,868 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of Euro To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 49,560 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 21,228 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of Australian Dollar To US Dollar | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 21,483 | |||||||||||||||||
Fair value hedges | Receive | Conversion of Pound To Canadian Dollar | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 54,038 | |||||||||||||||||
Fair value hedges | Receive | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 55,000 | £ 55,000 | ||||||||||||||||
Fair value hedges | Receive | Conversion Of US Dollar To Pound | Intercompany balances, primarily debt and related interest | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 55,000 |
Financial Instruments - Impact
Financial Instruments - Impact of Derivative Financial Instruments on Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 20,995 | $ 34,500 |
Intercompany Balances, Primarily And Related Interest | Selling, General And Administrative Expenses | Fair Value Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 3,633 | (1,792) |
Intercompany Dividends | Selling, General And Administrative Expenses | Economic Hedges For Which Hedge Accounting Was Not Elected | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 3,257 | 0 |
Diesel contracts | Cost of sales, including buying and occupancy costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 3,687 | 4,953 |
Intercompany billings in TJX International, primarily merchandise related: | Cost of sales, including buying and occupancy costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 2,151 | (118) |
International lease liabilities | Cost of sales, including buying and occupancy costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | (1,522) | 0 |
Merchandise purchase commitments: | Cost of sales, including buying and occupancy costs | Economic Hedges For Which Hedge Accounting Was Not Elected | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 9,789 | $ 31,457 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Fair Value Disclosures [Abstract] | |||
Fair value of long-term debt | $ 2,200,000 | $ 2,200,000 | $ 2,100,000 |
Carrying value of long-term debt | $ 2,234,368 | $ 2,233,616 | $ 2,231,360 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts, assets | $ 11,811 | $ 8,136 | $ 33,318 |
Foreign currency exchange contracts, liabilities | 4,974 | 7,415 | 7,675 |
Short-term investments | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, assets | 0 | 0 | 435,903 |
Executive Savings Plan investments | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, assets | 278,540 | 253,215 | 248,640 |
Diesel fuel contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, assets | 0 | 0 | 10,249 |
Fair value measured on recurring basis, liabilities | $ 299 | $ 3,786 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
May 04, 2019Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Segment Information - Financial
Segment Information - Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 03, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 9,277,585 | $ 8,688,720 | |
General corporate expense | 1,702,401 | 1,550,775 | |
Interest expense, net | 817 | 4,148 | |
Income before provision for income taxes | 936,482 | 955,558 | |
Operating lease right of use assets | 8,810,367 | $ 8,704,584 | |
Marmaxx | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,801,760 | 5,380,918 | |
Operating lease right of use assets | 4,300,000 | ||
HomeGoods | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,396,865 | 1,269,331 | |
Operating lease right of use assets | 1,400,000 | ||
TJX Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 847,735 | 853,836 | |
Operating lease right of use assets | 1,000,000 | ||
TJX International | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,231,225 | 1,184,635 | |
Operating lease right of use assets | 2,100,000 | ||
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 1,058,297 | 1,063,826 | |
Operating segments | Marmaxx | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 795,993 | 750,456 | |
Operating segments | HomeGoods | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 136,785 | 147,360 | |
Operating segments | TJX Canada | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 97,032 | 125,184 | |
Operating segments | TJX International | |||
Segment Reporting Information [Line Items] | |||
Segment profit | 28,487 | 40,826 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
General corporate expense | $ 120,998 | $ 104,120 |
Pension Plans and Other Retir_3
Pension Plans and Other Retirement Benefits - Additional Information (Detail) $ in Millions | 3 Months Ended |
May 04, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum percentage of pension liability | 80.00% |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions, remainder of fiscal 2020 | $ 4.8 |
Pension Plans and Other Retir_4
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 11,049 | $ 11,613 |
Interest cost | 12,990 | 13,965 |
Expected return on plan assets | (18,488) | (20,962) |
Recognized actuarial losses | 4,509 | 3,114 |
Total expense | 10,060 | 7,730 |
Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 552 | 611 |
Interest cost | 967 | 853 |
Expected return on plan assets | 0 | 0 |
Recognized actuarial losses | 936 | 821 |
Total expense | $ 2,455 | $ 2,285 |
Long-Term Debt and Credit Lin_3
Long-Term Debt and Credit Lines - Exclusive of Current Installments (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Debt Instrument [Line Items] | |||
Debt issuance cost | $ (9,827) | $ (10,364) | $ (11,969) |
Long-term debt | 2,234,368 | 2,233,616 | 2,231,360 |
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 499,822 | 499,811 | 499,777 |
2.75% Seven-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 749,844 | 749,826 | 749,769 |
2.25% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 994,529 | $ 994,343 | $ 993,783 |
Long-Term Debt and Credit Lin_4
Long-Term Debt and Credit Lines - Exclusive of Current Installments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | |
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.50% | ||
Maturity date | May 15, 2023 | ||
Unamortized debt discount | $ 178 | $ 189 | $ 223 |
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 | $ 156 | 174 | 231 |
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 | $ 5,471 | $ 5,657 | $ 6,217 |
Effective interest rate | 2.32% |
Long-Term Debt and Credit Lin_5
Long-Term Debt and Credit Lines - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||
May 04, 2019GBP (£)CreditFacility | May 05, 2018GBP (£)CreditFacility | Feb. 02, 2019GBP (£)CreditFacility | May 04, 2019CAD ($)CreditFacility | May 04, 2019USD ($)CreditFacility | Feb. 02, 2019CAD ($)CreditFacility | Feb. 02, 2019USD ($)CreditFacility | May 05, 2018CAD ($)CreditFacility | May 05, 2018USD ($)CreditFacility | |
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Quarterly payments on unused committed amounts | 0.06% | ||||||||
Ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization | 325.00% | 325.00% | 325.00% | ||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | ||||||
TJX Canada | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | ||||||
Current borrowing capacity | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
TJX Canada | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facilities, amount outstanding | $ 0 | 0 | 0 | ||||||
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | |||||||
TJX International | TJX Europe Credit Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities, number | CreditFacility | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Credit facilities, amount outstanding | £ | £ 0 | £ 0 | £ 0 | ||||||
Current borrowing capacity | £ | £ 5,000,000 | £ 5,000,000 | £ 5,000,000 | ||||||
Revolving Credit Facility March 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Maturity Month/Year | 2022-03 | 2022-03 | 2022-03 | ||||||
Revolving Credit Facility May 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Maturity Month/Year | 2024-05 | 2024-05 | 2024-05 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Income Taxes [Line Items] | |||
Effective income tax rate | 25.20% | 25.00% | |
Net unrecognized tax benefits | $ 237,700,000 | $ 58,700,000 | $ 233,400,000 |
Accrued amounts for interest and penalties | 25,500,000 | $ 12,500,000 | $ 23,600,000 |
Minimum | |||
Income Taxes [Line Items] | |||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | 0 | ||
Maximum | |||
Income Taxes [Line Items] | |||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 31,000,000 |
Contingent Obligations and Co_2
Contingent Obligations and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
May 04, 2019USD ($)Lease | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of leases subject to contingent liability, maximum | Lease | 8 |
Estimated contingent obligations | $ | $ 34.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) | May 04, 2019extension_period |
TJX Us And Canada | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of contract | 10 years |
Minimum number of extension periods for operating lease | 1 |
Minimum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of contract | 10 years |
Minimum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of contract | 7 years |
Maximum | TJX Us And Canada | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 5 years |
Maximum | TJX Europe | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of contract | 15 years |
Maximum | TJX Australia | |
Lessee, Lease, Description [Line Items] | |
Operating lease term of contract | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | May 04, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 7 years 4 months 24 days |
Weighted-average discount rate | 3.10% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 430,331 |
Variable and short term lease cost | 281,506 |
Total lease cost | $ 711,837 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows paid for operating leases | $ 421,488 |
Lease liabilities arising from obtaining right of use assets | $ 453,198 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) $ in Thousands | May 04, 2019USD ($) |
Leases [Abstract] | |
Fiscal year 2020 (remaining 9 months) | $ 1,292,888 |
2021 | 1,650,563 |
2022 | 1,499,833 |
2023 | 1,326,566 |
2024 | 1,129,183 |
Later years | 3,138,587 |
Total lease payments | 10,037,620 |
Less: imputed interest | 1,072,846 |
Total lease liabilities | $ 8,964,774 |
Leases - Gross Minimum Rental C
Leases - Gross Minimum Rental Commitments Under Noncancelable Leases (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Leases [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 lease payments | $ 9,791,971 |