Cover Page
Cover Page | 6 Months Ended |
Aug. 01, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Aug. 1, 2020 |
Document Transition Report | false |
Entity File Number | 1-4908 |
Entity Registrant Name | The TJX Companies, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 04-2207613 |
Entity Address, Address Line One | 770 Cochituate Road |
Entity Address, City or Town | Framingham |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01701 |
City Area Code | 508 |
Local Phone Number | 390-1000 |
Title of 12(b) Security | Common Stock, par value $1.00 per share |
Trading Symbol | TJX |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,199,061,133 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0000109198 |
Current Fiscal Year End Date | --01-30 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 6,667,575 | $ 9,781,596 | $ 11,076,463 | $ 19,059,181 |
Cost of sales, including buying and occupancy costs | 5,174,490 | 7,026,057 | 9,588,955 | 13,663,942 |
Selling, general and administrative expenses | 1,527,768 | 1,731,335 | 2,841,688 | 3,433,736 |
Interest expense, net | 57,336 | 2,897 | 80,687 | 3,714 |
(Loss) income before income taxes | (92,019) | 1,021,307 | (1,434,867) | 1,957,789 |
(Provision) benefit for income taxes | (122,201) | (262,345) | 333,158 | (498,649) |
Net (loss) income | $ (214,220) | $ 758,962 | $ (1,101,709) | $ 1,459,140 |
Basic (loss) earnings per share (in dollars per share) | $ (0.18) | $ 0.63 | $ (0.92) | $ 1.20 |
Weighted average common shares – basic (in shares) | 1,198,634 | 1,210,525 | 1,198,222 | 1,212,528 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.18) | $ 0.62 | $ (0.92) | $ 1.19 |
Weighted average common shares – diluted (in shares) | 1,198,634 | 1,228,986 | 1,198,222 | 1,231,211 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (214,220) | $ 758,962 | $ (1,101,709) | $ 1,459,140 |
Additions to other comprehensive (loss) income: | ||||
Foreign currency translation adjustments, net of related tax provisions | 69,378 | (83,743) | (59,780) | (90,904) |
Reclassifications from other comprehensive income (loss) to net (loss) income: | ||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 4,797 | 3,992 | 9,594 | 7,984 |
Amortization of loss on cash flow hedge, net of related tax provisions | 208 | 208 | 416 | 416 |
Other comprehensive income (loss), net of tax | 74,383 | (79,543) | (49,770) | (82,504) |
Total comprehensive (loss) income | $ (139,837) | $ 679,419 | $ (1,151,479) | $ 1,376,636 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Statement of Comprehensive Income [Abstract] | |||||
Foreign currency translation adjustments, tax (benefit) provision | $ 5,462 | $ 1,681 | $ (1,486) | $ (952) | $ (1,189) |
Amortization of prior service cost and deferred gains/losses, tax (provision) benefit | (1,746) | (1,453) | (3,492) | (2,906) | (6,019) |
Amortization of loss on cash flow hedge, tax provision (benefit) | $ 76 | $ 76 | $ 152 | $ 152 | $ 303 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 6,620,411 | $ 3,216,752 | $ 2,186,382 |
Accounts receivable, net | 444,229 | 386,261 | 377,057 |
Merchandise inventories | 3,744,062 | 4,872,592 | 5,087,046 |
Prepaid expenses and other current assets | 403,621 | 368,048 | 438,994 |
Federal, state and foreign income taxes recoverable | 305,624 | 46,969 | 179,125 |
Total current assets | 11,517,947 | 8,890,622 | 8,268,604 |
Net property at cost | 5,100,411 | 5,325,048 | 5,041,878 |
Non-current deferred income taxes, net | 48,600 | 12,132 | 5,642 |
Operating lease right of use assets | 9,063,854 | 9,060,332 | 8,944,302 |
Goodwill | 97,131 | 95,546 | 95,938 |
Other assets | 740,459 | 761,323 | 498,615 |
TOTAL ASSETS | 26,568,402 | 24,145,003 | 22,854,979 |
Current liabilities: | |||
Accounts payable | 2,422,140 | 2,672,557 | 2,607,651 |
Accrued expenses and other current liabilities | 2,884,826 | 3,041,774 | 2,601,851 |
Current portion of operating lease liabilities | 1,591,076 | 1,411,216 | 1,353,721 |
Current portion of long-term debt | 749,209 | 0 | 0 |
Federal, state and foreign income taxes payable | 0 | 24,700 | 37,518 |
Total current liabilities | 7,647,251 | 7,150,247 | 6,600,741 |
Other long-term liabilities | 848,253 | 851,116 | 776,654 |
Non-current deferred income taxes, net | 91,770 | 142,170 | 196,985 |
Long-term operating lease liabilities | 7,875,234 | 7,816,633 | 7,742,866 |
Long-term debt | 5,445,325 | 2,236,625 | 2,235,121 |
Commitments and contingencies (See Note L) | |||
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 1,199,061,133; 1,199,099,768 and 1,208,932,667 respectively | 1,199,061 | 1,199,100 | 1,208,933 |
Additional paid-in capital | 68,532 | 0 | 0 |
Accumulated other comprehensive loss | (722,941) | (673,171) | (712,825) |
Retained earnings | 4,115,917 | 5,422,283 | 4,806,504 |
Total shareholders’ equity | 4,660,569 | 5,948,212 | 5,302,612 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 26,568,402 | $ 24,145,003 | $ 22,854,979 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
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) | 1,199,061,133 | 1,199,099,768 | 1,208,932,667 |
Common stock, shares outstanding (in shares) | 1,199,061,133 | 1,199,099,768 | 1,208,932,667 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (1,101,709) | $ 1,459,140 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | ||
Depreciation and amortization | 439,525 | 427,834 |
Loss on property disposals and impairment charges | 38,970 | 3,215 |
Deferred income tax (benefit) provision | (88,562) | 37,855 |
Share-based compensation | 27,647 | 55,400 |
Changes in assets and liabilities: | ||
(Increase) in accounts receivable | (56,041) | (35,848) |
Decrease (increase) in merchandise inventories | 1,111,612 | (560,386) |
(Increase) in income taxes recoverable | (258,655) | (166,333) |
(Increase) in prepaid expenses and other current assets | (40,032) | (73,770) |
(Decrease) in accounts payable | (240,356) | (6,823) |
Increase (decrease) in accrued expenses and other liabilities | 153,502 | (113,799) |
(Decrease) in income taxes payable | (25,254) | (116,460) |
Increase in net operating lease liabilities | 209,071 | 25,284 |
Other, net | 27,057 | (36,065) |
Net cash provided by operating activities | 196,775 | 899,244 |
Cash flows from investing activities: | ||
Property additions | (309,910) | (578,018) |
Purchase of investments | (19,411) | (18,994) |
Sales and maturities of investments | 10,503 | 9,374 |
Other | 0 | 7,419 |
Net cash (used in) investing activities | (318,818) | (580,219) |
Cash flows from financing activities: | ||
Cash payments on revolving credit facilities | (1,000,000) | 0 |
Proceeds from long-term debt including revolving credit facilities | 4,988,452 | 0 |
Cash payments for debt issuance expenses | (33,872) | 0 |
Cash payments for repurchase of common stock | (201,500) | (699,751) |
Cash dividends paid | (278,250) | (517,448) |
Proceeds from issuance of common stock | 59,532 | 102,475 |
Cash payments of employee tax withholdings for performance based stock awards | (21,843) | (23,297) |
Net cash provided by (used in) financing activities | 3,512,519 | (1,138,021) |
Effect of exchange rate changes on cash | 13,183 | (24,851) |
Net increase (decrease) in cash and cash equivalents | 3,403,659 | (843,847) |
Cash and cash equivalents at beginning of year | 3,216,752 | 3,030,229 |
Cash and cash equivalents at end of period | $ 6,620,411 | $ 2,186,382 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, par value ($ per share) | $ 1 | ||||||
Beginning balance (in shares) at Feb. 02, 2019 | 1,217,183,000 | ||||||
Beginning balance at Feb. 02, 2019 | $ 5,048,606 | $ 403 | $ 1,217,183 | $ 0 | $ (630,321) | $ 4,461,744 | $ 403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 1,459,140 | 1,459,140 | |||||
Other comprehensive income (loss), net of tax | (82,504) | (82,504) | |||||
Cash dividends declared on common stock | (557,860) | (557,860) | |||||
Recognition of share-based compensation | 55,400 | 55,400 | |||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 5,094,000 | ||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 79,178 | $ 5,094 | 74,084 | ||||
Common stock repurchased and retired (in shares) | (13,344,000) | ||||||
Common stock repurchased and retired | $ (699,751) | $ (13,344) | (129,484) | (556,923) | |||
Ending balance (in shares) at Aug. 03, 2019 | 1,208,932,667 | 1,208,933,000 | |||||
Ending balance at Aug. 03, 2019 | $ 5,302,612 | $ 1,208,933 | 0 | (712,825) | 4,806,504 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, par value ($ per share) | $ 1 | ||||||
Beginning balance (in shares) at May. 04, 2019 | 1,212,668,000 | ||||||
Beginning balance at May. 04, 2019 | $ 5,131,895 | $ 1,212,668 | 0 | (633,282) | 4,552,509 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 758,962 | 758,962 | |||||
Other comprehensive income (loss), net of tax | (79,543) | (79,543) | |||||
Cash dividends declared on common stock | (278,624) | (278,624) | |||||
Recognition of share-based compensation | 29,668 | 29,668 | |||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 1,952,000 | ||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 42,711 | $ 1,952 | 40,759 | ||||
Common stock repurchased and retired (in shares) | (5,687,000) | ||||||
Common stock repurchased and retired | $ (302,457) | $ (5,687) | (70,427) | (226,343) | |||
Ending balance (in shares) at Aug. 03, 2019 | 1,208,932,667 | 1,208,933,000 | |||||
Ending balance at Aug. 03, 2019 | $ 5,302,612 | $ 1,208,933 | 0 | (712,825) | 4,806,504 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, par value ($ per share) | $ 1 | ||||||
Common stock, par value ($ per share) | $ 1 | ||||||
Beginning balance (in shares) at Feb. 01, 2020 | 1,199,099,768 | 1,199,100,000 | |||||
Beginning balance at Feb. 01, 2020 | $ 5,948,212 | $ 1,199,100 | 0 | (673,171) | 5,422,283 | ||
Ending balance (in shares) at May. 02, 2020 | 1,197,877,000 | ||||||
Ending balance at May. 02, 2020 | $ 4,739,218 | $ 1,197,877 | 8,104 | (797,324) | 4,330,561 | ||
Beginning balance (in shares) at Feb. 01, 2020 | 1,199,099,768 | 1,199,100,000 | |||||
Beginning balance at Feb. 01, 2020 | $ 5,948,212 | $ 1,199,100 | 0 | (673,171) | 5,422,283 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (1,101,709) | (1,101,709) | |||||
Other comprehensive income (loss), net of tax | (49,770) | (49,770) | |||||
Recognition of share-based compensation | 27,647 | 59,482 | (31,835) | ||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 3,348,000 | ||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | 37,689 | $ 3,348 | 34,765 | (424) | |||
Common stock repurchased and retired (in shares) | (3,387,000) | ||||||
Common stock repurchased and retired | $ (201,500) | $ (3,387) | (25,715) | (172,398) | |||
Ending balance (in shares) at Aug. 01, 2020 | 1,199,061,133 | 1,199,061,000 | |||||
Ending balance at Aug. 01, 2020 | $ 4,660,569 | $ 1,199,061 | 68,532 | (722,941) | 4,115,917 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, par value ($ per share) | $ 1 | ||||||
Beginning balance (in shares) at May. 02, 2020 | 1,197,877,000 | ||||||
Beginning balance at May. 02, 2020 | $ 4,739,218 | $ 1,197,877 | 8,104 | (797,324) | 4,330,561 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (214,220) | (214,220) | |||||
Other comprehensive income (loss), net of tax | 74,383 | 74,383 | |||||
Recognition of share-based compensation | 39,178 | 39,178 | |||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (in shares) | 1,184,000 | ||||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings | $ 22,010 | $ 1,184 | 21,250 | (424) | |||
Ending balance (in shares) at Aug. 01, 2020 | 1,199,061,133 | 1,199,061,000 | |||||
Ending balance at Aug. 01, 2020 | $ 4,660,569 | $ 1,199,061 | $ 68,532 | $ (722,941) | $ 4,115,917 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, par value ($ per share) | $ 1 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value ($ per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2020 | |
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. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. 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 1, 2020 (“fiscal 2020”). 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. TJX is also impacted by the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic as discussed in Note B—Impact of the COVID-19 Pandemic. The February 1, 2020 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 January 30, 2021 (“fiscal 2021”) and is a 52-week fiscal year. Fiscal 2020 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 leases, inventory valuation, impairment of long-lived assets, goodwill and tradenames, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its unaudited consolidated financial statements and there may be changes to those estimates in future periods. We believe that our accounting estimates are appropriate after giving consideration to the ongoing uncertainties surrounding the severity and duration of the COVID-19 pandemic and the associated containment and remediation efforts. Actual amounts could differ from these estimates, and such differences could be material. Deferred Gift Card Revenue The following table presents deferred gift card revenue activity: In thousands August 1, August 3, Balance, beginning of year $ 500,844 $ 450,302 Deferred revenue 355,397 747,827 Effect of exchange rates changes on deferred revenue (854) (826) Revenue recognized (378,782) (791,293) Balance, end of period $ 476,605 $ 406,010 TJX recognized $198.7 million in gift card revenue for the three months ended August 1, 2020 and $407.6 million for the three months ended August 3, 2019. The decrease in both deferred revenue and revenue recognized versus the prior year reflects the impact of temporary store and e-commerce closures due to the COVID-19 pandemic. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Equity Investment On November 18, 2019, the Company, through a wholly owned subsidiary, completed an investment of $225 million, excluding acquisition costs, for a 25% ownership stake in privately held Familia, an established, off-price apparel and home fashions retailer with more than 275 stores throughout Russia. The Company's investment represents a non-controlling, minority position and is accounted for under the equity method of accounting. Included in the initial carrying value of $225 million, which represents the transaction date fair value, was a basis difference of $212 million related to the difference between the cost of the investment and the Company's proportionate share of the net assets of Familia. Goodwill comprised $186 million of the difference, and the remainder was allocated to the Familia tradename and customer relationships. The carrying value of the equity method investment is primarily adjusted for the Company's share in the earnings of Familia, as adjusted for basis differences, and the foreign currency exchange translation adjustment related to translating the investment from Russian rubles to U.S. dollars. The Company amortizes the tradename and customer relationships over their useful lives of 10 and 7 years, respectively, using the straight-line method. This investment is included in Other assets on our Consolidated Balance Sheets. The Company reports its share of Familia’s results on a one-quarter lag, and earnings from the Company's investment in Familia were $0.3 million for the three months ended August 1, 2020 and $0.7 million for the six months ended August 1, 2020, which has been recorded in our Consolidated Statements of (Loss) Income as a reduction to Selling, general and administrative expenses. Revaluing the investment from Russian rubles to the U.S. dollar as of August 1, 2020 resulted in a cumulative translation loss and reduced the carrying value of our investment by $32 million. The cumulative translation loss has been recorded in our Consolidated Balance Sheets as a component of Accumulated other comprehensive loss. The carrying value of the equity investment on the Consolidated Balance Sheets at August 1, 2020, including acquisition costs of $5.6 million, was $199.7 million. Familia operations have also been impacted by the COVID-19 pandemic and virtually all stores were temporarily closed. We have not impaired our investment due to our belief that any decline in fair value of our investment is temporary as almost all Familia stores have been reopened and we expect Familia to have adequate liquidity to continue operations notwithstanding the COVID-19 pandemic. Leases Supplemental cash flow information related to leases for the twenty-six weeks ended August 1, 2020 and August 3, 2019 is as follows: Twenty-Six Weeks Ended In thousands August 1, August 3, Operating cash flows paid for operating leases $ 762,823 $ 846,211 Lease liabilities arising from obtaining right of use assets $ 765,183 $ 993,979 During the first half of fiscal 2021, we negotiated rent deferrals (primarily for second quarter lease payments) for a significant number of our stores, with repayment at later dates, primarily in fiscal 2022. See Note B—Impact of the COVID-19 Pandemic for additional information. Recently Adopted Accounting Standards Simplified Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance related to simplified accounting for income taxes. The new standard simplifies accounting for income taxes by removing certain exceptions to the general principals in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted in any interim period within that year. The Company reviewed the provisions of this standard and determined that most of them do not apply to TJX. The most significant impact to the Company is the simplification of the tax benefit calculation recognized on pre-tax losses in interim periods. The Company elected to early adopt this standard as of February 2, 2020, which did not have an impact on the Company's financial statements or disclosures for the first half of fiscal 2021. From time to time, the FASB or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, we have reviewed the guidance and have determined that they will not apply or are not expected to be material to our Consolidated Financial Statements upon adoption and therefore, are not disclosed. |
Impact of the COVID-19 Pandemic
Impact of the COVID-19 Pandemic | 6 Months Ended |
Aug. 01, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic During 2019, COVID-19 emerged and spread worldwide. The World Health Organization declared COVID-19 a pandemic in March 2020, resulting in federal, state and local governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. I n March 2020, the Company temporarily closed all of its stores, distribution centers and offices, and online businesses, with Associates working remotely where possible . In May 2020, the Company began reopening stores and as of August 1, 2020, more than 4,500 of the Company’s worldwide stores, and each of its online shopping websites, were reopened. In the first quarter of fiscal 2021 the Company amended the credit agreements governing its revolving credit facilities and as a result, we expect to maintain compliance with our covenants for at least one year from the issuance of these financial statements. The impact of the COVID-19 pandemic has had and may continue to have a material impact on our business, results of operations, financial position and cash flows. Financial Actions Balance Sheet, Cash Flow and Liquidity The Company ended the second quarter with $6.6 billion of cash. During the second quarter, the Company generated positive operating cash flows and paid off the $1.0 billion it drew down in March 2020 from its revolving credit facilities maturing 2022 and 2024. Subsequent to the end of the quarter, on August 10, 2020, the Company also increased its borrowing capacity by entering into a new $500 million 364 Day Revolving Credit Facility, making a total of $1.5 billion available to the Company under revolving credit facilities. For additional information on the new credit facility, see Note J—Long-Term Debt and Credit Lines. The Company has and will continue to monitor its expenses, capital spending, and shareholder distributions due to the current environment. The Company did not declare a dividend in the first six months of fiscal 2021 and does not expect to declare a dividend in the third quarter of fiscal 2021 and has suspended its share buyback program. During the first half of fiscal 2021, we negotiated rent deferrals (primarily for second quarter lease payments) for a significant number of our stores, with repayment at later dates, primarily in fiscal 2022. Consistent with updated guidance from the FASB in April 2020, we have elected to treat the COVID-19 pandemic-related rent deferrals as a resolution of a contingency by remeasuring the remaining consideration in the contract, with a corresponding adjustment to the right-of-use asset, using the remeasured consideration. The Company did not reassess the lease classification and did not update the discount rate used to measure the lease liability. For additional information on cash flows for operating leases see Note A—Basis of Presentation and Summary of Significant Accounting Policies. For the first half of fiscal 2021, as a result of the COVID-19 pandemic, and store closures, the Company evaluated the value of its inventory. Permanent markdowns taken upon reopening of the stores, on transitional or out of season merchandise and merchandise that was already in markdown status, combined with the write-off of perishable goods, resulted in a reduction of approximately $0.4 billion in inventory for the six months ended August 1, 2020, which reflects a $0.1 billion reversal of the estimated markdowns recorded in the first quarter of fiscal 2021. TJX evaluates its long-lived assets, operating lease right of use assets, goodwill and tradenames for indicators of impairment at least annually in the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Given the substantial reduction in our sales and the reduced cash flow projections as a result of the store closures due to the COVID-19 pandemic, we determined that a triggering event occurred and that an impairment assessment was warranted for certain stores. This analysis resulted in an immaterial amount of impairment charges related to long-lived assets and operating lease right of use assets in the first half of fiscal 2021. As a result of the COVI D-19 pandemic, governments in the U.S., United Kingdom ( “ U.K. ” ), Canada and various other jurisdictions have implemented programs to encourage companies to retain and pay employees who are unable to work or are limited in the work that they can perform in light of closures or a significant decline in sales. TJX continued to pay and provide benefits to eligible impacted employees during the second quarter of fiscal 2021. As such, we qualified for certain of these provisions, which partially offset related expenses. During the second quarter of fiscal 2021 and the six months ended August 1, 2020 , these programs reduced our expenses by approximately $0.2 billion and $0.4 billion, respectively, on our Consolidated Statements of (Loss) Income, and increased Accounts receivable, net on our Consolidated Balance Sheets by approxim ately $0.1 billion. These government programs also provide for the option to defer payroll tax and VAT payments, which has resulted in an increase in Accrued expenses and other current liabilities on our Consolidated Balance Sheets b y approximately $0.2 billion. The Company also incurred incremental costs associated with the COVID-19 pandemic, including primarily from: – Incremental payroll investments in our stores for enhanced cleaning and monitoring occupancy. – Incremental expense related to the discre tionary appreciation bonus for store and distribution center Associates. |
Property at Cost
Property at Cost | 6 Months Ended |
Aug. 01, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property at Cost | Property at Cost The following table presents the components of property at cost: In thousands August 1, February 1, August 3, Land and buildings $ 1,461,878 $ 1,426,222 $ 1,235,675 Leasehold costs and improvements 3,599,362 3,541,413 3,410,862 Furniture, fixtures and equipment 6,397,233 6,404,643 6,096,876 Total property at cost $ 11,458,473 $ 11,372,278 $ 10,743,413 Less: accumulated depreciation and amortization 6,358,062 6,047,230 5,701,535 Net property at cost $ 5,100,411 $ 5,325,048 $ 5,041,878 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Aug. 01, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income 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 twelve months ended February 1, 2020 and the six months ended August 1, 2020: In thousands Foreign Deferred Cash Accumulated Balance, February 2, 2019 $ (453,177) $ (175,745) $ (1,399) $ (630,321) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,189) (3,943) — — (3,943) Recognition of net gains/losses on benefit obligations (net of taxes of $20,489) — (56,275) — (56,275) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $6,019) — 16,537 — 16,537 Balance, February 1, 2020 $ (457,120) $ (215,483) $ (568) $ (673,171) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,486) (59,780) — — (59,780) Reclassifications from other comprehensive loss to net (loss): Amortization of loss on cash flow hedge (net of taxes of $152) — — 416 416 Amortization of prior service cost and deferred gains/losses (net of taxes of $3,492) — 9,594 — 9,594 Balance, August 1, 2020 $ (516,900) $ (205,889) $ (152) $ (722,941) |
Capital Stock and (Loss) Earnin
Capital Stock and (Loss) Earnings Per Share | 6 Months Ended |
Aug. 01, 2020 | |
Equity [Abstract] | |
Capital Stock and (Loss) Earnings Per Share | Capital Stock and (Loss) Earnings Per Share Capital Stock In March 2020, in connection with the actions taken related to the COVID-19 pandemic as described in Note B—Impact of the COVID-19 Pandemic, the Company suspended its share repurchase program. During the first quarter of fiscal 2021, prior to the suspension of our share repurchase program, TJX repurchased and retired 3.2 million shares of its common stock at a cost of $190.1 million on a "trade date" basis. All share repurchases occurred during the first quarter of fiscal 2021. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $201.5 million for the six months ended August 1, 2020, and $699.8 million for the six months ended August 3, 2019. These expenditures were funded by cash generated from operations. In February 2020, the Company announced that its Board of Directors had approved in January 2020 a new stock repurchase program that authorizes the repurchase of up to an additional $1.5 billion of TJX common stock from time to time. 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. As of August 1, 2020, TJX had approximately $3.0 billion available under these previously announced stock repurchase programs. All shares repurchased under the stock repurchase programs have been retired. (Loss) Earnings Per Share The following table presents the calculation of basic and diluted (loss) earnings per share for net (loss) income: Thirteen Weeks Ended Twenty-Six Weeks Ended Amounts in thousands, expect per share amounts August 1, August 3, August 1, August 3, Basic (loss) earnings per share: Net (loss) income $ (214,220) $ 758,962 $ (1,101,709) $ 1,459,140 Weighted average common shares outstanding for basic (loss) earnings per share calculation 1,198,634 1,210,525 1,198,222 1,212,528 Basic (loss) earnings per share $ (0.18) $ 0.63 $ (0.92) $ 1.20 Diluted (loss) earnings per share: Net (loss) income $ (214,220) $ 758,962 $ (1,101,709) $ 1,459,140 Weighted average common shares outstanding for basic (loss) earnings per share calculations 1,198,634 1,210,525 1,198,222 1,212,528 Assumed exercise / vesting of: Stock options and awards — 18,461 — 18,683 Weighted average common shares outstanding for diluted (loss) earnings per share calculation 1,198,634 1,228,986 1,198,222 1,231,211 Diluted (loss) earnings per share $ (0.18) $ 0.62 $ (0.92) $ 1.19 Cash dividends declared per share $ — $ 0.230 $ — $ 0.460 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Aug. 01, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial InstrumentsAs a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance 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 (loss) 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 2020, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2021, and during the first six months of fiscal 2021, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first six months of fiscal 2022. The hedge agreements outstanding at August 1, 2020 relate to approximately 50% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2021 and approximately 50% of TJX’s estimated notional diesel requirements for the first six months of fiscal 2022. These diesel fuel hedge agreements will settle throughout the remainder of fiscal 2021 and throughout the first seven months of fiscal 2022. TJX elected not to apply hedge accounting to these contracts. Foreign Currency Contracts TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. As a result of the COVID-19 pandemic, there was a significant change in the Company's anticipated merchandise purchases and we early settled derivative contracts designed to hedge merchandise purchases that would no longer take place. The settlement of these contracts resulted in a net gain of $24.8 million in the first quarter of fiscal 2021. The contracts outstanding at August 1, 2020 cover the merchandise purchases the Company is committed to over the next several months. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. All merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. The inflow of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this exposure. TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. The changes in fair value of these contracts are recorded in selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in selling, general and administrative expenses. The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 1, 2020: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at August 1,2020 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 65,000 £ 12,780 0.1966 (Accrued Exp) $ — $ (628) $ (628) € 60,000 £ 53,412 0.8902 (Accrued Exp) — (1,033) (1,033) A$ 110,000 U.S.$ 70,802 0.6437 (Accrued Exp) — (7,798) (7,798) U.S.$ 72,475 £ 55,000 0.7589 (Accrued Exp) — (448) (448) £ 200,000 U.S.$ 249,499 1.2475 (Accrued Exp) — (12,538) (12,538) C$ 550,000 U.S.$ 390,766 0.7105 (Accrued Exp) — (19,571) (19,571) Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.9M – 3.5M gal per month Float on 2.9M – 3.5M gal per month N/A (Accrued Exp) — (13,920) (13,920) Intercompany billings in TJX International, primarily merchandise related: € 73,400 £ 65,678 0.8948 (Accrued Exp) — (570) (570) Merchandise purchase commitments: C$ 271,576 U.S.$ 201,700 0.7427 Prepaid Exp / (Accrued Exp) 737 (1,647) (910) £ 240,694 U.S.$ 304,800 1.2663 Prepaid Exp / (Accrued Exp) 34 (10,415) (10,381) A$ 40,156 U.S.$ 28,250 0.7035 (Accrued Exp) — (447) (447) zł 87,000 £ 18,059 0.2076 Prepaid Exp 419 — 419 U.S.$ 3,771 € 3,383 0.8971 Prepaid Exp 213 — 213 Total fair value of derivative financial instruments $ 1,403 $ (69,015) $ (67,612) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2020: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at February 1, 2020 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 45,000 £ 8,930 0.1984 Prepaid Exp $ 270 $ — $ 270 A$ 50,000 U.S.$ 33,911 0.6782 Prepaid Exp 275 — 275 U.S.$ 72,475 £ 55,000 0.7589 Prepaid Exp 743 — 743 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.9M – 3.5M gal per month Float on 2.9M– 3.5M gal per month N/A (Accrued Exp) — (9,927) (9,927) Intercompany billings in TJX International, primarily merchandise related: € 58,700 £ 49,848 0.8492 Prepaid Exp 655 — 655 Merchandise purchase commitments: C$ 609,340 U.S.$ 463,200 0.7602 Prepaid Exp / (Accrued Exp) 2,877 (207) 2,670 C$ 37,051 € 25,200 0.6801 Prepaid Exp / (Accrued Exp) 61 (44) 17 £ 265,653 U.S.$ 341,880 1.2869 Prepaid Exp / (Accrued Exp) 11 (9,792) (9,781) zł 362,700 £ 72,217 0.1991 Prepaid Exp 1,903 — 1,903 A$ 29,400 U.S.$ 20,151 0.6854 Prepaid Exp 435 — 435 U.S.$ 49,849 € 44,635 0.8954 Prepaid Exp / (Accrued Exp) 10 (235) (225) Total fair value of derivative financial instruments $ 7,240 $ (20,205) $ (12,965) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 3, 2019: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at August 3,2019 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 64,000 £ 13,055 0.2040 (Accrued Exp) $ — $ (585) $ (585) € 55,950 £ 49,560 0.8858 (Accrued Exp) — (2,208) (2,208) A$ 40,000 U.S.$ 28,249 0.7062 Prepaid Exp 944 — 944 U.S.$ 72,020 £ 55,000 0.7637 (Accrued Exp) — (4,785) (4,785) Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.7M – 3.3M gal per month Float on 2.7M – 3.3M gal per month N/A (Accrued Exp) — (6,575) (6,575) Intercompany billings in TJX International, primarily merchandise related: € 89,000 £ 80,029 0.8992 (Accrued Exp) — (1,687) (1,687) Lease liability in TJX International: zł 330,044 € 77,479 0.2348 Prepaid Exp 866 — 866 Merchandise purchase commitments: C$ 702,924 U.S.$ 529,750 0.7536 Prepaid Exp / (Accrued Exp) 1,323 (4,800) (3,477) C$ 38,119 € 25,400 0.6663 (Accrued Exp) — (592) (592) £ 313,490 U.S.$ 403,600 1.2874 Prepaid Exp / (Accrued Exp) 20,418 (12) 20,406 A$ 32,229 U.S.$ 22,665 0.7032 Prepaid Exp 690 — 690 zł 418,012 £ 85,810 0.2053 (Accrued Exp) — (3,267) (3,267) U.S.$ 3,834 £ 3,052 0.7960 (Accrued Exp) — (120) (120) U.S.$ 79,010 € 69,427 0.8787 (Accrued Exp) — (1,567) (1,567) Total fair value of derivative financial instruments $ 24,241 $ (26,198) $ (1,957) Presented below is the impact of derivative financial instruments on the Consolidated Statements of (Loss) Income for the periods shown: Amount of Gain (Loss) Recognized Location of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (38,060) $ (10,345) $ (43,233) $ (6,712) 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 10,123 (6,319) (12,731) (2,632) Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs (2,039) (6,351) (3,891) (4,200) International lease liabilities Cost of sales, including buying and occupancy costs — 108 — (1,414) Merchandise purchase commitments Cost of sales, including buying and occupancy costs (15,808) 17,369 34,327 27,158 Gain recognized in (loss) / income $ (45,784) $ (5,538) $ (25,528) $ 15,457 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: In thousands August 1, February 1, August 3, Level 1 Assets: Executive Savings Plan investments $ 324,270 $ 305,777 $ 282,548 Level 2 Assets: Foreign currency exchange contracts 1,403 7,240 24,241 Liabilities: Foreign currency exchange contracts $ 55,095 $ 10,278 $ 19,623 Diesel fuel contracts 13,920 9,927 6,575 Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices. Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2. The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt as of August 1, 2020 was $6.4 billion compared to a carrying value of $5.4 billion. The fair value of the current portion of long-term debt as of August 1, 2020 was $762.7 million compared to a carrying value of $749.2 million. For additional information on the new debt issuances, see Note J—Long-Term Debt and Credit Lines. The fair value of long-term debt as of February 1, 2020 and August 3, 2019 was $2.3 billion compared to a carrying value of $2.2 billion. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. |
Segment Information
Segment Information | 6 Months Ended |
Aug. 01, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls, tjmaxx.com and marshalls.com) and the HomeGoods segment (HomeGoods 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, interest expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. 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 (loss) income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Net sales: In the United States: Marmaxx $ 3,959,340 $ 6,106,697 $ 6,657,119 $ 11,908,457 HomeGoods 1,235,973 1,424,836 1,995,838 2,821,701 TJX Canada 591,918 967,460 971,554 1,815,195 TJX International 880,344 1,282,603 1,451,952 2,513,828 Total net sales $ 6,667,575 $ 9,781,596 $ 11,076,463 $ 19,059,181 Segment profit (loss): In the United States: Marmaxx $ 100,471 $ 855,199 $ (609,198) $ 1,651,192 HomeGoods 97,576 128,942 (56,127) 265,727 TJX Canada 21,965 118,217 (75,216) 215,249 TJX International (131,262) 50,459 (389,879) 78,946 Total segment profit (loss) 88,750 1,152,817 (1,130,420) 2,211,114 General corporate expense 123,433 128,613 223,760 249,611 Interest expense, net 57,336 2,897 80,687 3,714 (Loss) income before income taxes $ (92,019) $ 1,021,307 $ (1,434,867) $ 1,957,789 |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 6 Months Ended |
Aug. 01, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Retirement Benefits | Pension Plans and Other Retirement Benefits Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 1, August 3, August 1, August 3, Service cost $ 12,540 $ 11,049 $ 709 $ 552 Interest cost 12,519 12,990 801 967 Expected return on plan assets (22,242) (18,488) — — Amortization of net actuarial loss and prior service cost 5,509 4,509 1,034 936 Total expense $ 8,326 $ 10,060 $ 2,544 $ 2,455 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Service cost $ 25,080 $ 22,098 $ 1,418 $ 1,104 Interest cost 25,038 25,980 1,602 1,934 Expected return on plan assets (44,484) (36,976) — — Amortization of net actuarial loss and prior service cost 11,018 9,018 2,068 1,872 Total expense $ 16,652 $ 20,120 $ 5,088 $ 4,910 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 2021 for the funded plan. We anticipate making contributions of $3.1 million to provide current benefits coming due under the unfunded plan in fiscal 2021. The amounts included in amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from accumulated other comprehensive loss to the Consolidated Statements of (Loss) Income, net of related tax effects, for the periods presented. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 6 Months Ended |
Aug. 01, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Lines | Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current installments, as of August 1, 2020, February 1, 2020 and August 3, 2019. All amounts are net of unamortized debt discounts. In thousands August 1, February 1, August 3, General corporate debt: 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $63 at August 1, 2020, $100 at February 1, 2020 and $137 at August 3, 2019) $ 749,937 $ 749,900 $ 749,863 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $122 at August 1, 2020, $145 at February 1, 2020 and $167 at August 3, 2019) 499,878 499,855 499,833 3.50% senior unsecured notes, maturing April 15, 2025 (effective interest rate of 3.58% after reduction of unamortized debt discount of $4,713 at August 1, 2020) 1,245,287 — — 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $4,538 at August 1, 2020, $4,911 at February 1, 2020 and $5,284 at August 3, 2019) 995,462 995,089 994,716 3.75% senior unsecured notes, maturing April 15, 2027 (effective interest rate of 3.76% after reduction of unamortized debt discount of $493 at August 1, 2020) 749,507 — — 3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount of $1,510 at August 1, 2020) 1,248,490 — — 4.50% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount of $4,368 at August 1, 2020) 745,632 — — Total debt 6,234,193 2,244,844 2,244,412 Current maturities of long-term debt, net of debt issuance costs (749,209) — — Debt issuance costs (39,659) (8,219) (9,291) Long-term debt $ 5,445,325 $ 2,236,625 $ 2,235,121 On April 1, 2020, given the rapidly changing environment and level of uncertainty created by the COVID-19 pandemic and the associated impact on future earnings, the Company completed the issuance and sale of (a) $1.25 billion aggregate principal amount of 3.50% notes due 2025, (b) $750 million aggregate principal amount of 3.75% notes due 2027, (c) $1.25 billion aggregate principal amount of 3.875% notes due 2030 and (d) $750 million aggregate principal amount of 4.50% notes due 2050, all of which was outstanding at August 1, 2020. As of the fiscal period ended August 1, 2020, TJX had two $500 million revolving credit facilities, one which matures in March 2022 and one which matures in May 2024. I n July 2020, t he Company paid off the $1.0 billion it had drawn down on these revolving credit facilities during the first quarter of fiscal 2021. The six month interest rate on these borrowings was 1.757% through May 15, 2020, and increased to 2.007% through the payoff date. The terms of these revolving credit facilities require quarterly payments on the committed amount and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company’s long term debt ratings, and require usages fees based on total credit extensions under such facilities. As of August 1, 2020, February 1, 2020 and August 3, 2019, and during the quarter and year then ended, there were no amounts outstanding under these facilities. Subsequent to the fiscal q uarter ending August 1, 2020, on August 10, 2020, the Company increased its borrowing capacity by entering into a new $500 million 364 Day Revolving Credit Facility, maturing in August 2021. With the new 364 Day Revolving Credit Facility, the Company has increased its borrowing capacity to $1.5 billion, all of which currently remains available to the Company. Th e terms of the 364 Day Revolving Credit Facility require quarterly payments on committed amounts and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company's long-term debt ratings. Beginning with the fiscal period ending May 1, 2021, the terms and covenants under the existing revolving credit facilities and the new 364 Day revolving Credit Facility require the Company to maintain a quarterly-tested leverage ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (“EBITDAR”) of not more than 5.00 to 1.00, with an incremental 0.50 stepdown each quarter thereafter, until the fourth quarter of fiscal 2022 when the new covenant of 3.50 to 1.00 permanently applies. In addition, the Company is required to maintain a minimum liquidity, defined as unrestricted cash and cash equivalents and aggregate borrowing availability under the 2022 revolving credit facility and the 2024 revolving credit facility plus, under the 364 Day Revolving Credit Facility, borrowing ability under that facility, of at least $1.5 billion through the period ending April 30, 2021, as well as minimum EBITDAR of $650 million for the fiscal quarter ending January 30, 2021. As of August 1, 2020, February 1, 2020 and August 3, 2019, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of August 1, 2020, February 1, 2020 and August 3, 2019, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line. As of August 1, 2020, February 1, 2020 and August 3, 2019, our European business at TJX International had an uncommitted credit line of £5 million. As of August 1, 2020, February 1, 2020 and August 3, 2019, and during the quarters and year then ended, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The e ffective income tax rate was (132.8)% for the second quarter of fiscal 2021 and 25.7% for the second quarter of fiscal 2020. The e ffective income tax rate was 23.2% for the six months ended August 1, 2020 compared to 25.5% for the six months ended August 3, 2019. The second quarter’s negative effective income tax rate is primarily due to the reversal of income tax benefit recorded in the first quarter of fiscal 2021 related to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020. The CARES Act provides for net operating losses incurred in fiscal 2021 to be carried back to earlier tax years with higher tax rates than the current year. The projected losses subject to carry back to earlier years decreased in the second quarter of fiscal 2021, resulting in a reduction of the year to date income tax benefit and a second quarter negative effective income tax rate. TJX had net unrecognized tax benefits of $262.2 million as of August 1, 2020, $254.8 million as of February 1, 2020 and $241.6 million as of August 3, 2019. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy 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 $32.0 million as of August 1, 2020, $27.9 million as of February 1, 2020 and $27.3 million as of August 3, 2019. 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 $36.0 million. |
Contingent Obligations and Cont
Contingent Obligations and Contingencies | 6 Months Ended |
Aug. 01, 2020 | |
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. We have had numerous leases from our former operations where our guarantee required us to satisfy some of these lease obligations and we established appropriate reserves. We may 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. We may also be contingently liable for assignments and subleases if the subtenants or assignees do not fulfill their obligations. TJX estimates the undiscounted value of these contingent obligations as of August 1, 2020 to be approximately $13.4 million. TJX believes that most or all of these contingent obligations will not revert to the Company and, to the extent they do, may be resolved for substantially less due to mitigating factors including TJX's 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 including 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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2020 | |
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. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. 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 1, 2020 (“fiscal 2020”). 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. TJX is also impacted by the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic as discussed in Note B—Impact of the COVID-19 Pandemic. The February 1, 2020 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 January 30, 2021 (“fiscal 2021”) and is a 52-week fiscal year. Fiscal 2020 was also a 52-week fiscal year. |
Use of Estimates | Use of EstimatesThe 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 leases, inventory valuation, impairment of long-lived assets, goodwill and tradenames, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its unaudited consolidated financial statements and there may be changes to those estimates in future periods. We believe that our accounting estimates are appropriate after giving consideration to the ongoing uncertainties surrounding the severity and duration of the COVID-19 pandemic and the associated containment and remediation efforts. Actual amounts could differ from these estimates, and such differences could be material. |
Equity Investment | Equity Investment On November 18, 2019, the Company, through a wholly owned subsidiary, completed an investment of $225 million, excluding acquisition costs, for a 25% ownership stake in privately held Familia, an established, off-price apparel and home fashions retailer with more than 275 stores throughout Russia. The Company's investment represents a non-controlling, minority position and is accounted for under the equity method of accounting. Included in the initial carrying value of $225 million, which represents the transaction date fair value, was a basis difference of $212 million related to the difference between the cost of the investment and the Company's proportionate share of the net assets of Familia. Goodwill comprised $186 million of the difference, and the remainder was allocated to the Familia tradename and customer relationships. The carrying value of the equity method investment is primarily adjusted for the Company's share in the earnings of Familia, as adjusted for basis differences, and the foreign currency exchange translation adjustment related to translating the investment from Russian rubles to U.S. dollars. The Company amortizes the tradename and customer relationships over their useful lives of 10 and 7 years, respectively, using the straight-line method. This investment is included in Other assets on our Consolidated Balance Sheets. The Company reports its share of Familia’s results on a one-quarter lag, and earnings from the Company's investment in Familia were $0.3 million for the three months ended August 1, 2020 and $0.7 million for the six months ended August 1, 2020, which has been recorded in our Consolidated Statements of (Loss) Income as a reduction to Selling, general and administrative expenses. Revaluing the investment from Russian rubles to the U.S. dollar as of August 1, 2020 resulted in a cumulative translation loss and reduced the carrying value of our investment by $32 million. The cumulative translation loss has been recorded in our Consolidated Balance Sheets as a component of Accumulated other comprehensive loss. The carrying value of the equity investment on the Consolidated Balance Sheets at August 1, 2020, including acquisition costs of $5.6 million, was $199.7 million. Familia operations have also been impacted by the COVID-19 pandemic and virtually all stores were temporarily closed. We have not impaired our investment due to our belief that any decline in fair value of our investment is temporary as almost all Familia stores have been reopened and we expect Familia to have adequate liquidity to continue operations notwithstanding the COVID-19 pandemic. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Simplified Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance related to simplified accounting for income taxes. The new standard simplifies accounting for income taxes by removing certain exceptions to the general principals in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted in any interim period within that year. The Company reviewed the provisions of this standard and determined that most of them do not apply to TJX. The most significant impact to the Company is the simplification of the tax benefit calculation recognized on pre-tax losses in interim periods. The Company elected to early adopt this standard as of February 2, 2020, which did not have an impact on the Company's financial statements or disclosures for the first half of fiscal 2021. From time to time, the FASB or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, we have reviewed the guidance and have determined that they will not apply or are not expected to be material to our Consolidated Financial Statements upon adoption and therefore, are not disclosed. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Accounting Policies [Abstract] | |
Deferred gift card revenue | The following table presents deferred gift card revenue activity: In thousands August 1, August 3, Balance, beginning of year $ 500,844 $ 450,302 Deferred revenue 355,397 747,827 Effect of exchange rates changes on deferred revenue (854) (826) Revenue recognized (378,782) (791,293) Balance, end of period $ 476,605 $ 406,010 |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases for the twenty-six weeks ended August 1, 2020 and August 3, 2019 is as follows: Twenty-Six Weeks Ended In thousands August 1, August 3, Operating cash flows paid for operating leases $ 762,823 $ 846,211 Lease liabilities arising from obtaining right of use assets $ 765,183 $ 993,979 |
Property at Cost (Tables)
Property at Cost (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of Property at Cost | The following table presents the components of property at cost: In thousands August 1, February 1, August 3, Land and buildings $ 1,461,878 $ 1,426,222 $ 1,235,675 Leasehold costs and improvements 3,599,362 3,541,413 3,410,862 Furniture, fixtures and equipment 6,397,233 6,404,643 6,096,876 Total property at cost $ 11,458,473 $ 11,372,278 $ 10,743,413 Less: accumulated depreciation and amortization 6,358,062 6,047,230 5,701,535 Net property at cost $ 5,100,411 $ 5,325,048 $ 5,041,878 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss) Income | The following table details the changes in accumulated other comprehensive loss for the twelve months ended February 1, 2020 and the six months ended August 1, 2020: In thousands Foreign Deferred Cash Accumulated Balance, February 2, 2019 $ (453,177) $ (175,745) $ (1,399) $ (630,321) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,189) (3,943) — — (3,943) Recognition of net gains/losses on benefit obligations (net of taxes of $20,489) — (56,275) — (56,275) Reclassifications from other comprehensive loss to net income: Amortization of loss on cash flow hedge (net of taxes of $303) — — 831 831 Amortization of prior service cost and deferred gains/losses (net of taxes of $6,019) — 16,537 — 16,537 Balance, February 1, 2020 $ (457,120) $ (215,483) $ (568) $ (673,171) Additions to other comprehensive loss: Foreign currency translation adjustments (net of taxes of $1,486) (59,780) — — (59,780) Reclassifications from other comprehensive loss to net (loss): Amortization of loss on cash flow hedge (net of taxes of $152) — — 416 416 Amortization of prior service cost and deferred gains/losses (net of taxes of $3,492) — 9,594 — 9,594 Balance, August 1, 2020 $ (516,900) $ (205,889) $ (152) $ (722,941) |
Capital Stock and (Loss) Earn_2
Capital Stock and (Loss) Earnings Per Share (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Equity [Abstract] | |
(Loss) Earnings Per Share Calculation | The following table presents the calculation of basic and diluted (loss) earnings per share for net (loss) income: Thirteen Weeks Ended Twenty-Six Weeks Ended Amounts in thousands, expect per share amounts August 1, August 3, August 1, August 3, Basic (loss) earnings per share: Net (loss) income $ (214,220) $ 758,962 $ (1,101,709) $ 1,459,140 Weighted average common shares outstanding for basic (loss) earnings per share calculation 1,198,634 1,210,525 1,198,222 1,212,528 Basic (loss) earnings per share $ (0.18) $ 0.63 $ (0.92) $ 1.20 Diluted (loss) earnings per share: Net (loss) income $ (214,220) $ 758,962 $ (1,101,709) $ 1,459,140 Weighted average common shares outstanding for basic (loss) earnings per share calculations 1,198,634 1,210,525 1,198,222 1,212,528 Assumed exercise / vesting of: Stock options and awards — 18,461 — 18,683 Weighted average common shares outstanding for diluted (loss) earnings per share calculation 1,198,634 1,228,986 1,198,222 1,231,211 Diluted (loss) earnings per share $ (0.18) $ 0.62 $ (0.92) $ 1.19 Cash dividends declared per share $ — $ 0.230 $ — $ 0.460 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification | The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 1, 2020: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at August 1,2020 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 65,000 £ 12,780 0.1966 (Accrued Exp) $ — $ (628) $ (628) € 60,000 £ 53,412 0.8902 (Accrued Exp) — (1,033) (1,033) A$ 110,000 U.S.$ 70,802 0.6437 (Accrued Exp) — (7,798) (7,798) U.S.$ 72,475 £ 55,000 0.7589 (Accrued Exp) — (448) (448) £ 200,000 U.S.$ 249,499 1.2475 (Accrued Exp) — (12,538) (12,538) C$ 550,000 U.S.$ 390,766 0.7105 (Accrued Exp) — (19,571) (19,571) Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.9M – 3.5M gal per month Float on 2.9M – 3.5M gal per month N/A (Accrued Exp) — (13,920) (13,920) Intercompany billings in TJX International, primarily merchandise related: € 73,400 £ 65,678 0.8948 (Accrued Exp) — (570) (570) Merchandise purchase commitments: C$ 271,576 U.S.$ 201,700 0.7427 Prepaid Exp / (Accrued Exp) 737 (1,647) (910) £ 240,694 U.S.$ 304,800 1.2663 Prepaid Exp / (Accrued Exp) 34 (10,415) (10,381) A$ 40,156 U.S.$ 28,250 0.7035 (Accrued Exp) — (447) (447) zł 87,000 £ 18,059 0.2076 Prepaid Exp 419 — 419 U.S.$ 3,771 € 3,383 0.8971 Prepaid Exp 213 — 213 Total fair value of derivative financial instruments $ 1,403 $ (69,015) $ (67,612) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2020: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at February 1, 2020 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 45,000 £ 8,930 0.1984 Prepaid Exp $ 270 $ — $ 270 A$ 50,000 U.S.$ 33,911 0.6782 Prepaid Exp 275 — 275 U.S.$ 72,475 £ 55,000 0.7589 Prepaid Exp 743 — 743 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.9M – 3.5M gal per month Float on 2.9M– 3.5M gal per month N/A (Accrued Exp) — (9,927) (9,927) Intercompany billings in TJX International, primarily merchandise related: € 58,700 £ 49,848 0.8492 Prepaid Exp 655 — 655 Merchandise purchase commitments: C$ 609,340 U.S.$ 463,200 0.7602 Prepaid Exp / (Accrued Exp) 2,877 (207) 2,670 C$ 37,051 € 25,200 0.6801 Prepaid Exp / (Accrued Exp) 61 (44) 17 £ 265,653 U.S.$ 341,880 1.2869 Prepaid Exp / (Accrued Exp) 11 (9,792) (9,781) zł 362,700 £ 72,217 0.1991 Prepaid Exp 1,903 — 1,903 A$ 29,400 U.S.$ 20,151 0.6854 Prepaid Exp 435 — 435 U.S.$ 49,849 € 44,635 0.8954 Prepaid Exp / (Accrued Exp) 10 (235) (225) Total fair value of derivative financial instruments $ 7,240 $ (20,205) $ (12,965) The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 3, 2019: In thousands Pay Receive Blended Balance Sheet Current Current Net Fair Value in U.S.$ at August 3,2019 Fair value hedges: Intercompany balances, primarily debt and related interest: zł 64,000 £ 13,055 0.2040 (Accrued Exp) $ — $ (585) $ (585) € 55,950 £ 49,560 0.8858 (Accrued Exp) — (2,208) (2,208) A$ 40,000 U.S.$ 28,249 0.7062 Prepaid Exp 944 — 944 U.S.$ 72,020 £ 55,000 0.7637 (Accrued Exp) — (4,785) (4,785) Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Fixed on 2.7M – 3.3M gal per month Float on 2.7M – 3.3M gal per month N/A (Accrued Exp) — (6,575) (6,575) Intercompany billings in TJX International, primarily merchandise related: € 89,000 £ 80,029 0.8992 (Accrued Exp) — (1,687) (1,687) Lease liability in TJX International: zł 330,044 € 77,479 0.2348 Prepaid Exp 866 — 866 Merchandise purchase commitments: C$ 702,924 U.S.$ 529,750 0.7536 Prepaid Exp / (Accrued Exp) 1,323 (4,800) (3,477) C$ 38,119 € 25,400 0.6663 (Accrued Exp) — (592) (592) £ 313,490 U.S.$ 403,600 1.2874 Prepaid Exp / (Accrued Exp) 20,418 (12) 20,406 A$ 32,229 U.S.$ 22,665 0.7032 Prepaid Exp 690 — 690 zł 418,012 £ 85,810 0.2053 (Accrued Exp) — (3,267) (3,267) U.S.$ 3,834 £ 3,052 0.7960 (Accrued Exp) — (120) (120) U.S.$ 79,010 € 69,427 0.8787 (Accrued Exp) — (1,567) (1,567) Total fair value of derivative financial instruments $ 24,241 $ (26,198) $ (1,957) |
Impact of Derivative Financial Instruments on Statements of (Loss) Income | Presented below is the impact of derivative financial instruments on the Consolidated Statements of (Loss) Income for the periods shown: Amount of Gain (Loss) Recognized Location of Gain (Loss) Recognized in Income by Derivative Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and administrative expenses $ (38,060) $ (10,345) $ (43,233) $ (6,712) 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 10,123 (6,319) (12,731) (2,632) Intercompany billings in TJX International, primarily merchandise related Cost of sales, including buying and occupancy costs (2,039) (6,351) (3,891) (4,200) International lease liabilities Cost of sales, including buying and occupancy costs — 108 — (1,414) Merchandise purchase commitments Cost of sales, including buying and occupancy costs (15,808) 17,369 34,327 27,158 Gain recognized in (loss) / income $ (45,784) $ (5,538) $ (25,528) $ 15,457 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: In thousands August 1, February 1, August 3, Level 1 Assets: Executive Savings Plan investments $ 324,270 $ 305,777 $ 282,548 Level 2 Assets: Foreign currency exchange contracts 1,403 7,240 24,241 Liabilities: Foreign currency exchange contracts $ 55,095 $ 10,278 $ 19,623 Diesel fuel contracts 13,920 9,927 6,575 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Segment Reporting [Abstract] | |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Net sales: In the United States: Marmaxx $ 3,959,340 $ 6,106,697 $ 6,657,119 $ 11,908,457 HomeGoods 1,235,973 1,424,836 1,995,838 2,821,701 TJX Canada 591,918 967,460 971,554 1,815,195 TJX International 880,344 1,282,603 1,451,952 2,513,828 Total net sales $ 6,667,575 $ 9,781,596 $ 11,076,463 $ 19,059,181 Segment profit (loss): In the United States: Marmaxx $ 100,471 $ 855,199 $ (609,198) $ 1,651,192 HomeGoods 97,576 128,942 (56,127) 265,727 TJX Canada 21,965 118,217 (75,216) 215,249 TJX International (131,262) 50,459 (389,879) 78,946 Total segment profit (loss) 88,750 1,152,817 (1,130,420) 2,211,114 General corporate expense 123,433 128,613 223,760 249,611 Interest expense, net 57,336 2,897 80,687 3,714 (Loss) income before income taxes $ (92,019) $ 1,021,307 $ (1,434,867) $ 1,957,789 |
Pension Plans and Other Retir_2
Pension Plans and Other Retirement Benefits (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Retirement Benefits [Abstract] | |
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 1, August 3, August 1, August 3, Service cost $ 12,540 $ 11,049 $ 709 $ 552 Interest cost 12,519 12,990 801 967 Expected return on plan assets (22,242) (18,488) — — Amortization of net actuarial loss and prior service cost 5,509 4,509 1,034 936 Total expense $ 8,326 $ 10,060 $ 2,544 $ 2,455 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 3, August 1, August 3, Service cost $ 25,080 $ 22,098 $ 1,418 $ 1,104 Interest cost 25,038 25,980 1,602 1,934 Expected return on plan assets (44,484) (36,976) — — Amortization of net actuarial loss and prior service cost 11,018 9,018 2,068 1,872 Total expense $ 16,652 $ 20,120 $ 5,088 $ 4,910 |
Long-Term Debt and Credit Lin_2
Long-Term Debt and Credit Lines (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of August 1, 2020, February 1, 2020 and August 3, 2019. All amounts are net of unamortized debt discounts. In thousands August 1, February 1, August 3, General corporate debt: 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $63 at August 1, 2020, $100 at February 1, 2020 and $137 at August 3, 2019) $ 749,937 $ 749,900 $ 749,863 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $122 at August 1, 2020, $145 at February 1, 2020 and $167 at August 3, 2019) 499,878 499,855 499,833 3.50% senior unsecured notes, maturing April 15, 2025 (effective interest rate of 3.58% after reduction of unamortized debt discount of $4,713 at August 1, 2020) 1,245,287 — — 2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $4,538 at August 1, 2020, $4,911 at February 1, 2020 and $5,284 at August 3, 2019) 995,462 995,089 994,716 3.75% senior unsecured notes, maturing April 15, 2027 (effective interest rate of 3.76% after reduction of unamortized debt discount of $493 at August 1, 2020) 749,507 — — 3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount of $1,510 at August 1, 2020) 1,248,490 — — 4.50% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount of $4,368 at August 1, 2020) 745,632 — — Total debt 6,234,193 2,244,844 2,244,412 Current maturities of long-term debt, net of debt issuance costs (749,209) — — Debt issuance costs (39,659) (8,219) (9,291) Long-term debt $ 5,445,325 $ 2,236,625 $ 2,235,121 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Movement in Contract with Customer, Liability [Roll Forward] | ||||
Beginning balance | $ 500,844 | $ 450,302 | ||
Deferred revenue | 355,397 | 747,827 | ||
Effect of exchange rates changes on deferred revenue | (854) | (826) | ||
Revenue recognized | $ (198,700) | $ (407,600) | (378,782) | (791,293) |
Ending balance | $ 476,605 | $ 406,010 | $ 476,605 | $ 406,010 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Nov. 18, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Gift card revenue | $ 198,700 | $ 407,600 | $ 378,782 | $ 791,293 | ||
Goodwill | 97,131 | $ 95,938 | 97,131 | $ 95,938 | $ 95,546 | |
Familia | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Investment amount | $ 225,000 | |||||
Ownership percentage | 25.00% | |||||
Difference between cost of investment and share of net assets | $ 212,000 | |||||
Goodwill | $ 186,000 | |||||
Earnings from investment | 300 | 700 | ||||
Reduction in carrying value | 32,000 | |||||
Acquisition costs | 5,600 | 5,600 | ||||
Carrying amount | $ 199,700 | $ 199,700 | ||||
Familia | Tradename | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Useful lives | 10 years | |||||
Familia | Customer relationships | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Useful lives | 7 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Accounting Policies [Abstract] | ||
Operating cash flows paid for operating leases | $ 762,823 | $ 846,211 |
Lease liabilities arising from obtaining right of use assets | $ 765,183 | $ 993,979 |
Impact of the COVID-19 Pandem_2
Impact of the COVID-19 Pandemic (Details) | Aug. 10, 2020USD ($) | Jul. 31, 2020USD ($) | Aug. 01, 2020USD ($)store | Aug. 01, 2020USD ($)store | Aug. 03, 2019USD ($) | Feb. 01, 2020USD ($) |
Unusual Risk or Uncertainty [Line Items] | ||||||
Number of reopened stores (more than) | store | 4,500 | 4,500 | ||||
Cash and cash equivalents | $ 6,620,411,000 | $ 6,620,411,000 | $ 2,186,382,000 | $ 3,216,752,000 | ||
Cash payments on revolving credit facilities | 1,000,000,000 | $ 0 | ||||
Inventory reduction | 400,000,000 | |||||
Estimated markdown reversal | 100,000,000 | |||||
Expense reduction | $ 200,000,000 | 400,000,000 | ||||
Accounts receivable net increase | 100,000,000 | |||||
Accrued expenses and other current liabilities | $ 200,000,000 | |||||
Revolving Credit Facility | Subsequent Event | ||||||
Unusual Risk or Uncertainty [Line Items] | ||||||
Revolver, maximum borrowing capacity | $ 1,500,000,000 | |||||
Revolving Credit Facility | Revolving Credit Facility Due August 2021 | Subsequent Event | ||||||
Unusual Risk or Uncertainty [Line Items] | ||||||
Revolver, maximum borrowing capacity | $ 500,000,000 | |||||
Line of credit facility, expiration period | 364 days | |||||
Revolving Credit Facility | Revolving Credit Facility Due March 11, 2022 And May 10, 2024 | ||||||
Unusual Risk or Uncertainty [Line Items] | ||||||
Cash payments on revolving credit facilities | $ 1,000,000,000 |
Property at Cost - Components o
Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Property, Plant and Equipment [Abstract] | |||
Land and buildings | $ 1,461,878 | $ 1,426,222 | $ 1,235,675 |
Leasehold costs and improvements | 3,599,362 | 3,541,413 | 3,410,862 |
Furniture, fixtures and equipment | 6,397,233 | 6,404,643 | 6,096,876 |
Total property at cost | 11,458,473 | 11,372,278 | 10,743,413 |
Less: accumulated depreciation and amortization | 6,358,062 | 6,047,230 | 5,701,535 |
Net property at cost | $ 5,100,411 | $ 5,325,048 | $ 5,041,878 |
Property at Cost - Additional i
Property at Cost - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 216.5 | $ 214.5 | $ 433.5 | $ 424.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Change in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 4,739,218 | $ 5,131,895 | $ 5,948,212 | $ 5,048,606 | $ 5,048,606 |
Foreign currency translation adjustments, net of taxes | 69,378 | (83,743) | (59,780) | (90,904) | (3,943) |
Recognition of net gains/losses on benefit obligations, net of taxes | (56,275) | ||||
Amortization of loss on cash flow hedge, net of taxes | 208 | 208 | 416 | 416 | 831 |
Amortization of prior service cost and deferred gains/losses, net of taxes | 4,797 | 3,992 | 9,594 | 7,984 | 16,537 |
Ending balance | 4,660,569 | 5,302,612 | 4,660,569 | 5,302,612 | 5,948,212 |
Foreign Currency Translation | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (457,120) | (453,177) | (453,177) | ||
Foreign currency translation adjustments, net of taxes | (59,780) | (3,943) | |||
Ending balance | (516,900) | (516,900) | (457,120) | ||
Deferred Benefit Costs | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (215,483) | (175,745) | (175,745) | ||
Recognition of net gains/losses on benefit obligations, net of taxes | (56,275) | ||||
Amortization of prior service cost and deferred gains/losses, net of taxes | 9,594 | 16,537 | |||
Ending balance | (205,889) | (205,889) | (215,483) | ||
Cash Flow Hedge on Debt | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (568) | (1,399) | (1,399) | ||
Amortization of loss on cash flow hedge, net of taxes | 416 | 831 | |||
Ending balance | (152) | (152) | (568) | ||
Accumulated Other Comprehensive (Loss) Income | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (797,324) | (633,282) | (673,171) | (630,321) | (630,321) |
Ending balance | $ (722,941) | $ (712,825) | $ (722,941) | $ (712,825) | $ (673,171) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Equity [Abstract] | |||||
Foreign currency translation adjustments, tax (benefit) provision | $ 5,462 | $ 1,681 | $ (1,486) | $ (952) | $ (1,189) |
Recognition of net gains/losses on benefit obligations, tax benefit (provision) | 20,489 | ||||
Amortization of loss on cash flow hedge, tax provision (benefit) | 76 | 76 | 152 | 152 | 303 |
Amortization of prior service cost and deferred gains/losses, tax (provision) benefit | $ (1,746) | $ (1,453) | $ (3,492) | $ (2,906) | $ (6,019) |
Capital Stock and (Loss) Earn_3
Capital Stock and (Loss) Earnings Per Share - Additional Information (Details) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | ||||
May 02, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Capital Unit [Line Items] | ||||||
Common stock repurchased and retired | $ 302,457,000 | $ 201,500,000 | $ 699,751,000 | |||
Cash payments for repurchase of common stock | 201,500,000 | $ 699,800,000 | ||||
Remaining available stock under stock repurchase plan | $ 3,000,000,000 | |||||
Antidilutive options excluded (in shares) | 5.9 | 5.9 | ||||
Trade Date Basis | ||||||
Capital Unit [Line Items] | ||||||
Common stock repurchased and retired (in shares) | 3.2 | |||||
Common stock repurchased and retired | $ 190,100,000 | |||||
Stock Repurchase Program 2020 | ||||||
Capital Unit [Line Items] | ||||||
Stock repurchase program, common stock purchase value | $ 1,500,000,000 | |||||
Stock Repurchase Program 2019 | ||||||
Capital Unit [Line Items] | ||||||
Stock repurchase program, common stock purchase value | $ 1,500,000,000 |
Capital Stock and (Loss) Earn_4
Capital Stock and (Loss) Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Basic (loss) earnings per share | ||||
Net (loss) income | $ (214,220) | $ 758,962 | $ (1,101,709) | $ 1,459,140 |
Weighted average common shares outstanding for basic (loss) earnings per share calculation (in shares) | 1,198,634 | 1,210,525 | 1,198,222 | 1,212,528 |
Basic (loss) earnings per share (in dollars per share) | $ (0.18) | $ 0.63 | $ (0.92) | $ 1.20 |
Diluted (loss) earnings per share: | ||||
Net (loss) income | $ (214,220) | $ 758,962 | $ (1,101,709) | $ 1,459,140 |
Weighted average common shares outstanding for basic (loss) earnings per share calculation (in shares) | 1,198,634 | 1,210,525 | 1,198,222 | 1,212,528 |
Assumed exercise/vesting of stock options and awards (in shares) | 0 | 18,461 | 0 | 18,683 |
Weighted average common shares outstanding for diluted (loss) earnings per share calculation (in shares) | 1,198,634 | 1,228,986 | 1,198,222 | 1,231,211 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.18) | $ 0.62 | $ (0.92) | $ 1.19 |
Cash dividends declared per share (in dollars per share) | $ 0 | $ 0.230 | $ 0 | $ 0.460 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
May 02, 2020 | Aug. 01, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge of diesel fuel requirement, remainder of fiscal year 2021 | 50.00% | |
Hedge of diesel fuel requirement, first three months of fiscal year 2022 | 50.00% | |
Foreign currency exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain on derivatives settlement | $ 24.8 | |
Term of derivative contracts | 30 days |
Financial Instruments - Summary
Financial Instruments - Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Details) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, gal / mo in Millions | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Aug. 01, 2020PLN (zł)gal / mo | Aug. 03, 2019PLN (zł)gal / mo | Feb. 01, 2020PLN (zł)gal / mo | Aug. 01, 2020GBP (£) | Aug. 01, 2020USD ($) | Aug. 01, 2020EUR (€) | Aug. 01, 2020AUD ($) | Aug. 01, 2020CAD ($) | Feb. 01, 2020GBP (£) | Feb. 01, 2020USD ($) | Feb. 01, 2020EUR (€) | Feb. 01, 2020AUD ($) | Feb. 01, 2020CAD ($) | Aug. 03, 2019GBP (£) | Aug. 03, 2019USD ($) | Aug. 03, 2019EUR (€) | Aug. 03, 2019AUD ($) | Aug. 03, 2019CAD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | $ 1,403 | $ 7,240 | $ 24,241 | |||||||||||||||
Current (Liability) U.S.$ | (69,015) | (20,205) | (26,198) | |||||||||||||||
Net Fair Value in U.S.$ | (67,612) | (12,965) | (1,957) | |||||||||||||||
Diesel fuel contracts | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Current Asset U.S.$ | 0 | 0 | 0 | |||||||||||||||
Current (Liability) U.S.$ | (13,920) | (9,927) | (6,575) | |||||||||||||||
Net Fair Value in U.S.$ | $ (13,920) | $ (9,927) | $ (6,575) | |||||||||||||||
Conversion of Zloty to Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2076 | 0.1991 | 0.2076 | 0.2076 | 0.2076 | 0.2076 | 0.2076 | 0.1991 | 0.1991 | 0.1991 | 0.1991 | 0.1991 | ||||||
Current Asset U.S.$ | $ 419 | $ 1,903 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||||||||
Net Fair Value in U.S.$ | $ 419 | $ 1,903 | ||||||||||||||||
Conversion of Zloty to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2053 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (3,267) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (3,267) | |||||||||||||||||
Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7032 | 0.6854 | 0.6854 | 0.6854 | 0.6854 | 0.6854 | 0.6854 | 0.7032 | 0.7032 | 0.7032 | 0.7032 | 0.7032 | ||||||
Current Asset U.S.$ | $ 435 | $ 690 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||||||||
Net Fair Value in U.S.$ | $ 435 | $ 690 | ||||||||||||||||
Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7035 | 0.7035 | 0.7035 | 0.7035 | 0.7035 | 0.7035 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (447) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (447) | |||||||||||||||||
Conversion of US Dollar to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7960 | 0.7960 | 0.7960 | 0.7960 | 0.7960 | 0.7960 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (120) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (120) | |||||||||||||||||
Conversion of Pound to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.2663 | 1.2874 | 1.2869 | 1.2663 | 1.2663 | 1.2663 | 1.2663 | 1.2663 | 1.2869 | 1.2869 | 1.2869 | 1.2869 | 1.2869 | 1.2874 | 1.2874 | 1.2874 | 1.2874 | 1.2874 |
Current Asset U.S.$ | $ 34 | $ 11 | $ 20,418 | |||||||||||||||
Current (Liability) U.S.$ | (10,415) | (9,792) | (12) | |||||||||||||||
Net Fair Value in U.S.$ | $ (10,381) | $ (9,781) | $ 20,406 | |||||||||||||||
Conversion of Canadian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7427 | 0.7536 | 0.7602 | 0.7427 | 0.7427 | 0.7427 | 0.7427 | 0.7427 | 0.7602 | 0.7602 | 0.7602 | 0.7602 | 0.7602 | 0.7536 | 0.7536 | 0.7536 | 0.7536 | 0.7536 |
Current Asset U.S.$ | $ 737 | $ 2,877 | $ 1,323 | |||||||||||||||
Current (Liability) U.S.$ | (1,647) | (207) | (4,800) | |||||||||||||||
Net Fair Value in U.S.$ | $ (910) | $ 2,670 | $ (3,477) | |||||||||||||||
Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8492 | 0.8492 | 0.8492 | 0.8492 | 0.8492 | 0.8492 | ||||||||||||
Current Asset U.S.$ | $ 655 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 655 | |||||||||||||||||
Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8948 | 0.8992 | 0.8948 | 0.8948 | 0.8948 | 0.8948 | 0.8948 | 0.8992 | 0.8992 | 0.8992 | 0.8992 | 0.8992 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (570) | (1,687) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (570) | $ (1,687) | ||||||||||||||||
Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8971 | 0.8971 | 0.8971 | 0.8971 | 0.8971 | 0.8971 | ||||||||||||
Current Asset U.S.$ | $ 213 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | 213 | |||||||||||||||||
Conversion of US Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8787 | 0.8787 | 0.8787 | 0.8787 | 0.8787 | 0.8787 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (1,567) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (1,567) | |||||||||||||||||
Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.8954 | 0.8954 | 0.8954 | 0.8954 | 0.8954 | 0.8954 | ||||||||||||
Current Asset U.S.$ | $ 10 | |||||||||||||||||
Current (Liability) U.S.$ | (235) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (225) | |||||||||||||||||
Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6663 | 0.6663 | 0.6663 | 0.6663 | 0.6663 | 0.6663 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (592) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (592) | |||||||||||||||||
Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.6801 | 0.6801 | 0.6801 | 0.6801 | 0.6801 | 0.6801 | ||||||||||||
Current Asset U.S.$ | $ 61 | |||||||||||||||||
Current (Liability) U.S.$ | (44) | |||||||||||||||||
Net Fair Value in U.S.$ | 17 | |||||||||||||||||
Conversion of Zloty to Euro | International lease liabilities | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.2348 | 0.2348 | 0.2348 | 0.2348 | 0.2348 | 0.2348 | ||||||||||||
Current Asset U.S.$ | $ 866 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | 866 | |||||||||||||||||
Pay | Diesel fuel contracts | (Accrued Exp) | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.9 | 2.7 | 2.9 | |||||||||||||||
Pay | Diesel fuel contracts | (Accrued Exp) | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.5 | 3.3 | 3.5 | |||||||||||||||
Pay | Conversion of Zloty to Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 87,000 | zł 362,700 | ||||||||||||||||
Pay | Conversion of Zloty to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 418,012 | |||||||||||||||||
Pay | Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 29,400 | $ 32,229 | ||||||||||||||||
Pay | Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 40,156 | |||||||||||||||||
Pay | Conversion of US Dollar to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 3,834 | |||||||||||||||||
Pay | Conversion of Pound to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 240,694 | £ 265,653 | £ 313,490 | |||||||||||||||
Pay | Conversion of Canadian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 271,576 | $ 609,340 | $ 702,924 | |||||||||||||||
Pay | Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 58,700 | |||||||||||||||||
Pay | Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 73,400 | € 89,000 | ||||||||||||||||
Pay | Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 3,771 | |||||||||||||||||
Pay | Conversion of US Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 79,010 | |||||||||||||||||
Pay | Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 49,849 | |||||||||||||||||
Pay | Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 38,119 | |||||||||||||||||
Pay | Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 37,051 | |||||||||||||||||
Pay | Conversion of Zloty to Euro | International lease liabilities | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 330,044 | |||||||||||||||||
Receive | Diesel fuel contracts | (Accrued Exp) | Minimum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 2.9 | 2.7 | 2.9 | |||||||||||||||
Receive | Diesel fuel contracts | (Accrued Exp) | Maximum | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative nonmonetary notional amount | gal / mo | 3.5 | 3.3 | 3.5 | |||||||||||||||
Receive | Conversion of Zloty to Pound | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 18,059 | 72,217 | ||||||||||||||||
Receive | Conversion of Zloty to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 85,810 | |||||||||||||||||
Receive | Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 20,151 | 22,665 | ||||||||||||||||
Receive | Conversion of Australian Dollar to US Dollar | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 28,250 | |||||||||||||||||
Receive | Conversion of US Dollar to Pound | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 3,052 | |||||||||||||||||
Receive | Conversion of Pound to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 304,800 | 341,880 | 403,600 | |||||||||||||||
Receive | Conversion of Canadian Dollar to US Dollar | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 201,700 | $ 463,200 | $ 529,750 | |||||||||||||||
Receive | Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 49,848 | |||||||||||||||||
Receive | Conversion of Euro to Pound | Intercompany billings in TJX International, primarily merchandise related | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 65,678 | £ 80,029 | ||||||||||||||||
Receive | Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 3,383 | |||||||||||||||||
Receive | Conversion of US Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | 69,427 | |||||||||||||||||
Receive | Conversion of US Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | 44,635 | |||||||||||||||||
Receive | Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | 25,400 | |||||||||||||||||
Receive | Conversion of Canadian Dollar to Euro | Merchandise purchase commitments | Prepaid Exp / (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 25,200 | |||||||||||||||||
Receive | Conversion of Zloty to Euro | International lease liabilities | Prepaid Exp | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | € | € 77,479 | |||||||||||||||||
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 | 0.1984 | 0.1984 | 0.1984 | 0.1984 | 0.1984 | 0.1984 | ||||||||||||
Current Asset U.S.$ | $ 270 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | $ 270 | |||||||||||||||||
Fair value hedges | Conversion of Zloty to Pound | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.1966 | 0.2040 | 0.1966 | 0.1966 | 0.1966 | 0.1966 | 0.1966 | 0.2040 | 0.2040 | 0.2040 | 0.2040 | 0.2040 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (628) | (585) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (628) | $ (585) | ||||||||||||||||
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 | 0.7062 | 0.6782 | 0.6782 | 0.6782 | 0.6782 | 0.6782 | 0.6782 | 0.7062 | 0.7062 | 0.7062 | 0.7062 | 0.7062 | ||||||
Current Asset U.S.$ | $ 275 | $ 944 | ||||||||||||||||
Current (Liability) U.S.$ | 0 | 0 | ||||||||||||||||
Net Fair Value in U.S.$ | $ 275 | $ 944 | ||||||||||||||||
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 | 0.6437 | 0.6437 | 0.6437 | 0.6437 | 0.6437 | 0.6437 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (7,798) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (7,798) | |||||||||||||||||
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 | 0.7589 | 0.7589 | 0.7589 | 0.7589 | 0.7589 | 0.7589 | ||||||||||||
Current Asset U.S.$ | $ 743 | |||||||||||||||||
Current (Liability) U.S.$ | 0 | |||||||||||||||||
Net Fair Value in U.S.$ | 743 | |||||||||||||||||
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 | 0.7589 | 0.7637 | 0.7589 | 0.7589 | 0.7589 | 0.7589 | 0.7589 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | 0.7637 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (448) | (4,785) | ||||||||||||||||
Net Fair Value in U.S.$ | $ (448) | $ (4,785) | ||||||||||||||||
Fair value hedges | Conversion of Pound to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 1.2475 | 1.2475 | 1.2475 | 1.2475 | 1.2475 | 1.2475 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (12,538) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (12,538) | |||||||||||||||||
Fair value hedges | Conversion of Canadian Dollar to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Blended Contract Rate | 0.7105 | 0.7105 | 0.7105 | 0.7105 | 0.7105 | 0.7105 | ||||||||||||
Current Asset U.S.$ | $ 0 | |||||||||||||||||
Current (Liability) U.S.$ | (19,571) | |||||||||||||||||
Net Fair Value in U.S.$ | $ (19,571) | |||||||||||||||||
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 | 0.8902 | 0.8858 | 0.8902 | 0.8902 | 0.8902 | 0.8902 | 0.8902 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | 0.8858 | ||||||
Current Asset U.S.$ | $ 0 | $ 0 | ||||||||||||||||
Current (Liability) U.S.$ | (1,033) | (2,208) | ||||||||||||||||
Net Fair Value in U.S.$ | (1,033) | (2,208) | ||||||||||||||||
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 45,000 | |||||||||||||||||
Fair value hedges | Pay | Conversion of Zloty to Pound | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | zł | zł 65,000 | zł 64,000 | ||||||||||||||||
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 | $ 50,000 | $ 40,000 | ||||||||||||||||
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 | $ 110,000 | |||||||||||||||||
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 | 72,475 | |||||||||||||||||
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 | 72,475 | 72,020 | ||||||||||||||||
Fair value hedges | Pay | Conversion of Pound to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | £ 200,000 | |||||||||||||||||
Fair value hedges | Pay | Conversion of Canadian Dollar to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 550,000 | |||||||||||||||||
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 | € | € 60,000 | € 55,950 | ||||||||||||||||
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 | £ | £ 8,930 | |||||||||||||||||
Fair value hedges | Receive | Conversion of Zloty to Pound | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | £ | 12,780 | £ 13,055 | ||||||||||||||||
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 | $ 33,911 | $ 28,249 | ||||||||||||||||
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 | 70,802 | |||||||||||||||||
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 | |||||||||||||||||
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 | 55,000 | ||||||||||||||||
Fair value hedges | Receive | Conversion of Pound to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | 249,499 | |||||||||||||||||
Fair value hedges | Receive | Conversion of Canadian Dollar to US Dollar | Intercompany balances, primarily debt and related interest: | (Accrued Exp) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||
Derivative notional amount | $ 390,766 | |||||||||||||||||
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 | £ | £ 53,412 | £ 49,560 |
Financial Instruments - Impact
Financial Instruments - Impact of Derivative Financial Instruments on Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in (loss) / income | $ (45,784) | $ (5,538) | $ (25,528) | $ 15,457 |
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | Fair Value Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in (loss) / income | (38,060) | (10,345) | (43,233) | (6,712) |
Intercompany receivable | Selling, general and administrative expenses | Economic Hedges For Which Hedge Accounting Was Not Elected | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in (loss) / income | 0 | 0 | 0 | 3,257 |
Diesel fuel 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 recognized in (loss) / income | 10,123 | (6,319) | (12,731) | (2,632) |
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 recognized in (loss) / income | (2,039) | (6,351) | (3,891) | (4,200) |
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 recognized in (loss) / income | 0 | 108 | 0 | (1,414) |
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 recognized in (loss) / income | $ (15,808) | $ 17,369 | $ 34,327 | $ 27,158 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Executive Savings Plan investments | Level 1 | |||
Assets: | |||
Executive Savings Plan investments | $ 324,270 | $ 305,777 | $ 282,548 |
Foreign currency exchange contracts | Level 2 | |||
Assets: | |||
Foreign currency exchange contracts | 1,403 | 7,240 | 24,241 |
Liabilities: | |||
Foreign currency exchange contracts | 55,095 | 10,278 | 19,623 |
Diesel fuel contracts | Level 2 | |||
Liabilities: | |||
Diesel fuel contracts | $ 13,920 | $ 9,927 | $ 6,575 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt | $ 5,445,325 | $ 2,236,625 | $ 2,235,121 |
Current portion of long-term debt | 749,209 | 0 | 0 |
Reported Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt | 5,400,000 | 2,200,000 | 2,200,000 |
Current portion of long-term debt | 749,200 | ||
Estimate of Fair Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt | 6,400,000 | $ 2,300,000 | $ 2,300,000 |
Current portion of long-term debt | $ 762,700 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Aug. 01, 2020Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Segment Information - Financial
Segment Information - Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 6,667,575 | $ 9,781,596 | $ 11,076,463 | $ 19,059,181 |
General corporate expense | 1,527,768 | 1,731,335 | 2,841,688 | 3,433,736 |
Interest expense, net | 57,336 | 2,897 | 80,687 | 3,714 |
(Loss) income before income taxes | (92,019) | 1,021,307 | (1,434,867) | 1,957,789 |
Marmaxx | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 3,959,340 | 6,106,697 | 6,657,119 | 11,908,457 |
HomeGoods | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 1,235,973 | 1,424,836 | 1,995,838 | 2,821,701 |
TJX Canada | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 591,918 | 967,460 | 971,554 | 1,815,195 |
TJX International | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 880,344 | 1,282,603 | 1,451,952 | 2,513,828 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 88,750 | 1,152,817 | (1,130,420) | 2,211,114 |
Operating segments | Marmaxx | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 100,471 | 855,199 | (609,198) | 1,651,192 |
Operating segments | HomeGoods | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 97,576 | 128,942 | (56,127) | 265,727 |
Operating segments | TJX Canada | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 21,965 | 118,217 | (75,216) | 215,249 |
Operating segments | TJX International | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | (131,262) | 50,459 | (389,879) | 78,946 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
General corporate expense | $ 123,433 | $ 128,613 | $ 223,760 | $ 249,611 |
Pension Plans and Other Retir_3
Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 12,540 | $ 11,049 | $ 25,080 | $ 22,098 |
Interest cost | 12,519 | 12,990 | 25,038 | 25,980 |
Expected return on plan assets | (22,242) | (18,488) | (44,484) | (36,976) |
Amortization of net actuarial loss and prior service cost | 5,509 | 4,509 | 11,018 | 9,018 |
Total expense | 8,326 | 10,060 | 16,652 | 20,120 |
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 709 | 552 | 1,418 | 1,104 |
Interest cost | 801 | 967 | 1,602 | 1,934 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss and prior service cost | 1,034 | 936 | 2,068 | 1,872 |
Total expense | $ 2,544 | $ 2,455 | $ 5,088 | $ 4,910 |
Pension Plans and Other Retir_4
Pension Plans and Other Retirement Benefits - Additional Information (Details) $ in Millions | 6 Months Ended |
Aug. 01, 2020USD ($) | |
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 2021 | $ 3.1 |
Long-Term Debt and Credit Lin_3
Long-Term Debt and Credit Lines - Exclusive of Current Installments (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Debt Instrument [Line Items] | |||
Current maturities of long-term debt, net of debt issuance costs | $ (749,209) | $ 0 | $ 0 |
Debt issuance costs | (39,659) | (8,219) | (9,291) |
Long-term debt | 5,445,325 | 2,236,625 | 2,235,121 |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt | 6,234,193 | 2,244,844 | 2,244,412 |
Senior Notes | 2.75% Senior Unsecured Notes Due June 15, 2021 | |||
Debt Instrument [Line Items] | |||
Total debt | 749,937 | 749,900 | 749,863 |
Senior Notes | 2.50% Senior Unsecured Notes Due May 15, 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 499,878 | 499,855 | 499,833 |
Senior Notes | 3.50% Senior Unsecured Notes Due April 15, 2025 | |||
Debt Instrument [Line Items] | |||
Total debt | 1,245,287 | 0 | 0 |
Senior Notes | 2.25% Senior Unsecured Notes Due September 15, 2026 | |||
Debt Instrument [Line Items] | |||
Total debt | 995,462 | 995,089 | 994,716 |
Senior Notes | 3.75% Senior Unsecured Notes Due April 15, 2027 | |||
Debt Instrument [Line Items] | |||
Total debt | 749,507 | 0 | 0 |
Senior Notes | 3.875% Senior Unsecured Notes Due April 15, 2030 | |||
Debt Instrument [Line Items] | |||
Total debt | 1,248,490 | 0 | 0 |
Senior Notes | 4.50% Senior Unsecured Notes Due April 15, 2050 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 745,632 | $ 0 | $ 0 |
Long-Term Debt and Credit Lin_4
Long-Term Debt and Credit Lines - Exclusive of Current Installments - Additional Information (Details) - Senior Notes - USD ($) $ in Thousands | 6 Months Ended | |||
Aug. 01, 2020 | Apr. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | |
2.75% Senior Unsecured Notes Due June 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.75% | |||
Maturity date | Jun. 15, 2021 | |||
Effective interest rate | 2.76% | |||
Unamortized debt discount | $ 63 | $ 100 | $ 137 | |
2.50% Senior Unsecured Notes Due May 15, 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.50% | |||
Maturity date | May 15, 2023 | |||
Effective interest rate | 2.51% | |||
Unamortized debt discount | $ 122 | 145 | 167 | |
3.50% Senior Unsecured Notes Due April 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.50% | 3.50% | ||
Maturity date | Apr. 15, 2025 | |||
Effective interest rate | 3.58% | |||
Unamortized debt discount | $ 4,713 | |||
2.25% Senior Unsecured Notes Due September 15, 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.25% | |||
Maturity date | Sep. 15, 2026 | |||
Effective interest rate | 2.32% | |||
Unamortized debt discount | $ 4,538 | $ 4,911 | $ 5,284 | |
3.75% Senior Unsecured Notes Due April 15, 2027 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.75% | 3.75% | ||
Maturity date | Apr. 15, 2027 | |||
Effective interest rate | 3.76% | |||
Unamortized debt discount | $ 493 | |||
3.875% Senior Unsecured Notes Due April 15, 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 3.875% | 3.875% | ||
Maturity date | Apr. 15, 2030 | |||
Effective interest rate | 3.89% | |||
Unamortized debt discount | $ 1,510 | |||
4.50% Senior Unsecured Notes Due April 15, 2050 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 4.50% | 4.50% | ||
Maturity date | Apr. 15, 2050 | |||
Effective interest rate | 4.52% | |||
Unamortized debt discount | $ 4,368 |
Long-Term Debt and Credit Lin_5
Long-Term Debt and Credit Lines - Additional Information (Details) | Aug. 10, 2020USD ($) | Jul. 31, 2020USD ($) | May 31, 2020USD ($) | Aug. 01, 2020USD ($)CreditFacility | Aug. 03, 2019USD ($)CreditFacility | Aug. 01, 2020CAD ($)CreditFacility | Aug. 01, 2020GBP (£)CreditFacility | May 15, 2020 | Apr. 01, 2020USD ($) | Feb. 01, 2020USD ($)CreditFacility | Feb. 01, 2020CAD ($)CreditFacility | Feb. 01, 2020GBP (£)CreditFacility | Aug. 03, 2019CAD ($)CreditFacility | Aug. 03, 2019GBP (£)CreditFacility |
Debt Instrument [Line Items] | ||||||||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | |||||||||||
Cash payments on revolving credit facilities | $ 1,000,000,000 | $ 0 | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | |||||||||||
Revolving Credit Facility | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolver, maximum borrowing capacity | $ 1,500,000,000 | |||||||||||||
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 | $ 10,000,000 | |||||||||||
TJX International | TJX Europe Credit Line | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facilities, amount outstanding | £ | £ 0 | £ 0 | £ 0 | |||||||||||
Current borrowing capacity | £ | £ 5,000,000 | £ 5,000,000 | £ 5,000,000 | |||||||||||
Revolving Credit Facility Due March 11, 2022 | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolver, maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Revolving Credit Facility Due May 10, 2024 | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolver, maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Revolving Credit Facility Due March 11, 2022 And May 10, 2024 | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Cash payments on revolving credit facilities | $ 1,000,000,000 | |||||||||||||
Revolving Credit Facility Due August 2021 | Revolving Credit Facility | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolver, maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Line of credit facility, expiration period | 364 days | |||||||||||||
Senior Notes | 3.50% Senior Unsecured Notes Due April 15, 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 1,250,000,000 | |||||||||||||
Debt instrument, interest rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||
Effective interest rate | 3.58% | 3.58% | 3.58% | |||||||||||
Senior Notes | 3.75% Senior Unsecured Notes Due April 15, 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 750,000,000 | |||||||||||||
Debt instrument, interest rate | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||||
Effective interest rate | 3.76% | 3.76% | 3.76% | |||||||||||
Senior Notes | 3.875% Senior Unsecured Notes Due April 15, 2030 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 1,250,000,000 | |||||||||||||
Debt instrument, interest rate | 3.875% | 3.875% | 3.875% | 3.875% | ||||||||||
Effective interest rate | 3.89% | 3.89% | 3.89% | |||||||||||
Senior Notes | 4.50% Senior Unsecured Notes Due April 15, 2050 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 750,000,000 | |||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||||
Effective interest rate | 4.52% | 4.52% | 4.52% | |||||||||||
Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective interest rate | 2.007% | 1.757% | ||||||||||||
Stepdown in ratio each quarter after fiscal quarter of 2022 | 0.50 | |||||||||||||
Required minimum liquidity | $ 1,500,000,000 | |||||||||||||
Required EBITDAR | $ 650,000,000 | |||||||||||||
Line of Credit | Revolving Credit Facility | Covenant period one | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Ratio of funded debt to EBITDAR | 500.00% | |||||||||||||
Line of Credit | Revolving Credit Facility | Covenant period two | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Ratio of funded debt to EBITDAR | 350.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Income Taxes [Line Items] | |||||
Effective income tax rate | (132.80%) | 25.70% | 23.20% | 25.50% | |
Net unrecognized tax benefits | $ 262,200,000 | $ 241,600,000 | $ 262,200,000 | $ 241,600,000 | $ 254,800,000 |
Accrued amounts for interest and penalties | 32,000,000 | $ 27,300,000 | 32,000,000 | $ 27,300,000 | $ 27,900,000 |
Minimum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | 0 | 0 | |||
Maximum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 36,000,000 | $ 36,000,000 |
Contingent Obligations and Co_2
Contingent Obligations and Contingencies (Details) $ in Millions | 6 Months Ended |
Aug. 01, 2020USD ($)Lease | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of leases subject to contingent liability, maximum | Lease | 8 |
Estimated contingent obligations | $ | $ 13.4 |