Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 28, 2015 | Aug. 02, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TJX | ||
Entity Registrant Name | TJX COMPANIES INC /DE/ | ||
Entity Central Index Key | 109198 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 683,473,567 | ||
Entity Public Float | $36,559,935,457 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Net sales | $29,078,407 | $27,422,696 | $25,878,372 |
Cost of sales, including buying and occupancy costs | 20,776,522 | 19,605,037 | 18,521,400 |
Selling, general and administrative expenses | 4,695,384 | 4,467,089 | 4,250,446 |
Loss on early extinguishment of debt | 16,830 | ||
Interest expense, net | 39,787 | 31,081 | 29,175 |
Income before provision for income taxes | 3,549,884 | 3,319,489 | 3,077,351 |
Provision for income taxes | 1,334,756 | 1,182,093 | 1,170,664 |
Net income | $2,215,128 | $2,137,396 | $1,906,687 |
Basic earnings per share: | |||
Net income | $3.20 | $3 | $2.60 |
Weighted average common shares - basic | 692,691 | 713,470 | 733,588 |
Diluted earnings per share: | |||
Net income | $3.15 | $2.94 | $2.55 |
Weighted average common shares - diluted | 703,545 | 726,376 | 747,555 |
Cash dividends declared per share | $0.70 | $0.58 | $0.46 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Net income | $2,215,128 | $2,137,396 | $1,906,687 |
Additions to other comprehensive income: | |||
Foreign currency translation adjustments, net of related tax provision (benefits) | -218,700 | -57,926 | 6,200 |
(Loss) on cash flow hedge, net of related tax benefit | -4,762 | ||
Recognition of net gains/losses on benefit obligations, net of related tax provision (benefit) | -139,366 | 55,285 | -41,043 |
Reclassifications from other comprehensive income to net income: | |||
Amortization of loss on cash flow hedge, net of related tax provision | 452 | ||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 7,523 | 16,501 | 14,026 |
Other comprehensive income (loss), net of tax | -354,853 | 13,860 | -20,817 |
Total comprehensive income | $1,860,275 | $2,151,256 | $1,885,870 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Foreign currency translation adjustments, related tax provision (benefit) | ($56,567) | ($41,713) | $1,285 |
(Loss) on cash flow hedge, related tax benefit | -3,149 | ||
Recognition of net gains/losses on benefit obligations, related tax provision (benefit) | -91,941 | 36,856 | -27,362 |
Amortization of loss on cash flow hedge, related tax provision | 300 | ||
Amortization of prior service cost and deferred gains/losses, related tax provisions | $4,591 | $11,001 | $9,350 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,493,775 | $2,149,746 |
Short-term investments | 282,623 | 294,702 |
Accounts receivable, net | 213,824 | 210,094 |
Merchandise inventories | 3,217,923 | 2,966,490 |
Prepaid expenses and other current assets | 356,824 | 345,327 |
Federal, state, and foreign income taxes recoverable | 12,475 | |
Current deferred income taxes, net | 137,617 | 101,639 |
Total current assets | 6,715,061 | 6,067,998 |
Property at cost: | ||
Land and buildings | 888,580 | 722,645 |
Leasehold costs and improvements | 2,780,932 | 2,720,391 |
Furniture, fixtures and equipment | 4,671,029 | 4,255,210 |
Total property at cost | 8,340,541 | 7,698,246 |
Less accumulated depreciation and amortization | 4,472,176 | 4,103,745 |
Net property at cost | 3,868,365 | 3,594,501 |
Non-current deferred income taxes, net | 24,546 | 31,508 |
Other assets | 210,539 | 194,328 |
Goodwill and tradenames, net of amortization | 309,870 | 312,687 |
TOTAL ASSETS | 11,128,381 | 10,201,022 |
Current liabilities: | ||
Accounts payable | 2,007,511 | 1,771,294 |
Accrued expenses and other current liabilities | 1,796,122 | 1,681,834 |
Federal, state and foreign income taxes payable | 126,001 | 64,715 |
Total current liabilities | 3,929,634 | 3,517,843 |
Other long-term liabilities | 888,137 | 732,999 |
Non-current deferred income taxes, net | 422,516 | 446,071 |
Long-term debt | 1,623,864 | 1,274,216 |
Commitments and contingencies (see Note M and Note O) | ||
SHAREHOLDERS' EQUITY | ||
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 684,733,200 and 705,016,838, respectively | 684,733 | 705,017 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive income (loss) | -554,385 | -199,532 |
Retained earnings | 4,133,882 | 3,724,408 |
Total shareholders' equity | 4,264,230 | 4,229,893 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $11,128,381 | $10,201,022 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, par value | $1 | $1 |
Common stock, shares issued | 684,733,200 | 705,016,838 |
Common stock, shares outstanding | 684,733,200 | 705,016,838 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | |||
Net income | $2,215,128 | $2,137,396 | $1,906,687 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 588,975 | 548,823 | 508,929 |
Loss on property disposals and impairment charges | 3,897 | 7,914 | 11,876 |
Deferred income tax provision | 102,070 | 52,233 | 13,265 |
Share-based compensation | 88,014 | 76,080 | 64,416 |
Early extinguishment of debt | 16,830 | ||
Excess tax benefits from share-based compensation | -95,063 | -82,546 | -62,472 |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable | -9,052 | 11,979 | -18,418 |
(Increase) decrease in merchandise inventories | -332,271 | 35,233 | 27,186 |
(Increase) in taxes recoverable | -12,475 | ||
Decrease (increase) in prepaid expenses and other current assets | 3,719 | -3,354 | -53,705 |
Increase (decrease) in accounts payable | 285,223 | -152,271 | 211,689 |
Increase (decrease) in accrued expenses and other liabilities | 20,800 | -29,590 | 268,901 |
Increase in income taxes payable | 144,977 | 10,994 | 176,076 |
Other | -12,403 | -12,425 | 1,290 |
Net cash provided by operating activities | 3,008,369 | 2,600,466 | 3,055,720 |
Cash flows from investing activities: | |||
Property additions | -911,522 | -946,678 | -978,228 |
Purchases of investments | -431,152 | -496,657 | -371,670 |
Sales and maturities of investments | 388,037 | 394,914 | 218,828 |
Cash paid for acquisition of Sierra Trading Post, net of cash received | 2,653 | -190,374 | |
Other | 34,490 | ||
Net cash (used in) investing activities | -954,637 | -1,045,768 | -1,286,954 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 749,475 | 499,555 | |
Cash payments for extinguishment of debt | -416,357 | ||
Cash payments for debt issuance expenses | -6,185 | -4,297 | -1,370 |
Cash payments for rate lock agreement | -7,937 | -3,251 | |
Cash payments on capital lease obligation | -1,456 | ||
Cash payments for repurchase of common stock | -1,650,704 | -1,471,096 | -1,345,082 |
Proceeds from issuance of common stock | 143,005 | 146,495 | 133,771 |
Excess tax benefits from share-based compensation | 95,063 | 82,546 | 62,472 |
Cash dividends paid | -465,902 | -393,755 | -323,922 |
Net cash (used in) financing activities | -1,559,542 | -1,143,803 | -1,475,587 |
Effect of exchange rate changes on cash | -150,161 | -73,106 | 11,666 |
Net increase in cash and cash equivalents | 344,029 | 337,789 | 304,845 |
Cash and cash equivalents at beginning of year | 2,149,746 | 1,811,957 | 1,507,112 |
Cash and cash equivalents at end of year | $2,493,775 | $2,149,746 | $1,811,957 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
In Thousands, except Share data | |||||
Balance at Jan. 28, 2012 | $3,209,290 | $746,702 | ($192,575) | $2,655,163 | |
Balance (in shares) at Jan. 28, 2012 | 746,702,000 | ||||
Net income | 1,906,687 | 1,906,687 | |||
Other comprehensive income (loss), net of tax | -20,817 | -20,817 | |||
Cash dividends declared on common stock | -336,214 | -336,214 | |||
Recognition of share-based compensation | 64,416 | 64,416 | |||
Issuance of common stock under stock incentive plan and related tax effect (in shares) | 9,159,000 | ||||
Issuance of common stock under stock incentive plan and related tax effect | 187,657 | 9,159 | 178,498 | ||
Common stock repurchased (in shares) | -32,000,000 | -31,959,000 | |||
Common stock repurchased | -1,345,082 | -31,959 | -242,914 | -1,070,209 | |
Balance at Feb. 02, 2013 | 3,665,937 | 723,902 | -213,392 | 3,155,427 | |
Balance (in shares) at Feb. 02, 2013 | 723,902,000 | ||||
Net income | 2,137,396 | 2,137,396 | |||
Other comprehensive income (loss), net of tax | 13,860 | 13,860 | |||
Cash dividends declared on common stock | -413,134 | -413,134 | |||
Recognition of share-based compensation | 76,080 | 76,080 | |||
Issuance of common stock under stock incentive plan and related tax effect (in shares) | 8,462,000 | ||||
Issuance of common stock under stock incentive plan and related tax effect | 220,850 | 8,462 | 212,388 | ||
Common stock repurchased (in shares) | -27,300,000 | -27,347,000 | |||
Common stock repurchased | -1,471,096 | -27,347 | -288,468 | -1,155,281 | |
Balance at Feb. 01, 2014 | 4,229,893 | 705,017 | -199,532 | 3,724,408 | |
Balance (in shares) at Feb. 01, 2014 | 705,016,838 | 705,017,000 | |||
Net income | 2,215,128 | 2,215,128 | |||
Other comprehensive income (loss), net of tax | -354,853 | -354,853 | |||
Cash dividends declared on common stock | -483,280 | -483,280 | |||
Recognition of share-based compensation | 88,014 | 88,014 | |||
Issuance of common stock under stock incentive plan and related tax effect (in shares) | 7,318,000 | ||||
Issuance of common stock under stock incentive plan and related tax effect | 220,032 | 7,318 | 212,714 | ||
Common stock repurchased (in shares) | -27,600,000 | -27,602,000 | |||
Common stock repurchased | -1,650,704 | -27,602 | -300,728 | -1,322,374 | |
Balance at Jan. 31, 2015 | $4,264,230 | $684,733 | ($554,385) | $4,133,882 | |
Balance (in shares) at Jan. 31, 2015 | 684,733,200 | 684,733,000 |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Summary of Accounting Policies | Note A. Summary of Accounting Policies | ||||||||||||
Basis of Presentation: The consolidated financial statements of The TJX Companies, Inc. (referred to as “TJX” or “we”) include the financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of its activities are conducted by TJX or its subsidiaries and are consolidated in these financial statements. All intercompany transactions have been eliminated in consolidation. | |||||||||||||
Fiscal Year: TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal years ended January 31, 2015 (fiscal 2015) and February 1, 2014 (fiscal 2014) each included 52 weeks. The fiscal year ended February 2, 2013 (fiscal 2013) included 53 weeks. | |||||||||||||
Earnings Per Share: All earnings per share amounts refer to diluted earnings per share, unless otherwise indicated. | |||||||||||||
Use of Estimates: Preparation of the TJX financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairments of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, reserves for uncertain tax positions, reserves for former operations and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from those estimates, and such differences could be material. | |||||||||||||
Revenue Recognition: TJX records revenue at the time of sale and receipt of merchandise by the customer, net of a reserve for estimated returns. We estimate returns based upon our historical experience. We defer recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed (“breakage”) and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue recognized from breakage was $17.8 million in fiscal 2015, $17.5 million in fiscal 2014 and $13.9 million in fiscal 2013. We estimate the date of receipt by the customer when recognizing revenue from sales by our e-commerce operations and shipping and handling costs charged to the customer are included in revenue. The shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. | |||||||||||||
Consolidated Statements of Income Classifications: Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies: gains and losses on inventory and fuel-related derivative contracts; store occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. | |||||||||||||
Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. | |||||||||||||
Cash and Cash Equivalents: TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. | |||||||||||||
As of January 31, 2015, TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion, of which $413.9 million was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. | |||||||||||||
Merchandise Inventories: Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its divisions, except STP. TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX accrues for inventory obligations at the time inventory is shipped. As a result, merchandise inventories on TJX’s balance sheet include an accrual for in-transit inventory of $495.2 million at January 31, 2015 and $451.6 million at February 1, 2014. Comparable amounts were reflected in accounts payable at those dates. | |||||||||||||
Common Stock and Equity: Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the high volume of repurchases over the past several years, TJX has no remaining balance in APIC at the end of any of the years presented. All shares repurchased have been retired. | |||||||||||||
Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Any tax benefits greater than the deferred tax assets created at the time of expensing the options are credited to APIC; any deficiencies in the tax benefits are debited to APIC to the extent a pool for such deficiencies exists. In the absence of a pool, any deficiencies are realized in the related periods’ statements of income through the provision for income taxes. Any excess income tax benefits are included in cash flows from financing activities in the statements of cash flows. The par value of restricted stock awards is also added to common stock when the stock is issued, generally at grant date. The fair value of the restricted stock awards in excess of par value is added to APIC as the awards are amortized into earnings over the related requisite service periods. | |||||||||||||
Share-Based Compensation: TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for performance-based restricted stock awards. See Note I for a detailed discussion of share-based compensation. | |||||||||||||
Interest: TJX’s interest expense is presented as a net amount. The following is a summary of net interest expense: | |||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Interest expense | $ | 64,783 | $ | 57,084 | $ | 48,582 | |||||||
Capitalized interest | (9,403 | ) | (10,993 | ) | -7,750 | ||||||||
Interest (income) | (15,593 | ) | (15,010 | ) | -11,657 | ||||||||
Interest expense, net | $ | 39,787 | $ | 31,081 | $ | 29,175 | |||||||
TJX capitalizes interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2015, 2014 and 2013 relates to costs on active owned real estate projects and development costs on a merchandising system. | |||||||||||||
Depreciation and Amortization: For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $595.6 million in fiscal 2015, $555.8 million in fiscal 2014 and $515.9 million in fiscal 2013. Amortization expense for property held under a capital lease was $1.7 million in fiscal 2013. TJX had no property held under capital lease during fiscal 2015 or fiscal 2014. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized over 3 to 10 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. | |||||||||||||
Lease Accounting: TJX begins to record rent expense when it takes possession of a store, which is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. All lease agreements involving property built to our specifications are reviewed to determine if our involvement in the construction project requires that we account for the project costs as if we were the owner for accounting purposes. | |||||||||||||
Long-Lived Assets: Information related to carrying values of TJX’s long-lived assets by geographic location is presented below: | |||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | 2,927,297 | $ | 2,693,670 | $ | 2,350,539 | |||||||
Canada | 266,332 | 214,459 | 237,232 | ||||||||||
Europe | 674,736 | 686,372 | 635,471 | ||||||||||
Total long-lived assets | $ | 3,868,365 | $ | 3,594,501 | $ | 3,223,242 | |||||||
Goodwill and Tradenames: Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, as well as the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991 and the purchase of Sierra Trading Post in fiscal 2013 (See Note B). | |||||||||||||
Goodwill totaled $169.0 million as of January 31, 2015, $169.3 million as of February 1, 2014 and $170.3 million as of February 2, 2013. Goodwill is considered to have an indefinite life and accordingly is not amortized. | |||||||||||||
Tradenames are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain and the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013. The tradenames were valued by calculating the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is carried at a value of $107.7 million and is considered to have an indefinite life. The Sierra Trading Post tradename is being amortized over 15 years and is carried at a value of $33.2 million in fiscal 2015, $35.7 million in fiscal 2014 and $38.3 million in fiscal 2013 net of amortization of $5.3 million, $2.8 million and $0.2 million, respectively. | |||||||||||||
TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. | |||||||||||||
Goodwill, tradenames and trademarks, and the related accumulated amortization if any, are included in the respective operating segment to which they relate. | |||||||||||||
Impairment of Long-Lived Assets, Goodwill and Tradenames: TJX evaluates its long-lived assets, goodwill and tradenames for indicators of impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable, and at least annually in the fourth quarter of each fiscal year. An impairment exists when the undiscounted cash flow of an asset or asset group is less than the carrying cost of that asset or asset group. | |||||||||||||
The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, which is generally at the individual store level. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if an impairment exists. The store-by-store evaluations did not indicate any recoverability issues in each of the past three fiscal years. | |||||||||||||
Goodwill is tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year, using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. We may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. In fiscal 2015 and fiscal 2014, we bypassed the qualitative assessment and performed the first step of the quantitative goodwill impairment test. | |||||||||||||
Tradenames are also tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the tradename may exceed its fair value and at least annually in the fourth quarter of each fiscal year. Testing is performed by comparing the discounted present value of assumed after-tax royalty payments to the carrying value of the tradename. | |||||||||||||
There was no impairment related to our goodwill or tradenames in fiscal 2015, 2014 or 2013. | |||||||||||||
Advertising Costs: TJX expenses advertising costs as incurred. Advertising expense was $371.3 million for fiscal 2015, $333.5 million for fiscal 2014 and $298.6 million for fiscal 2013. | |||||||||||||
Foreign Currency Translation: TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of accumulated other comprehensive income (loss). Activity of the foreign operations that affect the statements of income and cash flows is translated at average exchange rates prevailing during the fiscal year. | |||||||||||||
Loss Contingencies: TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. | |||||||||||||
New Accounting Standards: In May 2014, a pronouncement was issued that creates common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. The new guidance supersedes most preexisting revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is not permitted. The standard is to be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. For TJX, the standard will be effective in the first quarter of fiscal 2018. TJX is currently evaluating the impact of the new pronouncement on its consolidated financial statements. | |||||||||||||
Revisions: The cash flow impact of purchases and sales of investments designed to meet obligations under TJX’s Executive Savings Plan of approximately $10.0 million in both fiscal 2014 and 2013 has been adjusted to correct the presentation from ‘other’, in operating activity, to ‘Purchases of investments’ or ‘Sales and maturities of investments’ in cash flows from investing activity. These revisions to the statement of cash flows represent errors that are not deemed to be material, individually or in the aggregate, to the prior period financial statements. |
Acquisition_of_Sierra_Trading_
Acquisition of Sierra Trading Post | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Acquisition of Sierra Trading Post | Note B. Acquisition of Sierra Trading Post | ||||
On December 21, 2012, TJX acquired Sierra Trading Post (STP), an off-price Internet retailer, which included the operating assets of its online business, sierratradingpost.com and four retail locations. The final purchase price, after adjusting for customary post-closing adjustments, amounted to $193 million. | |||||
The acquisition was accounted for using the purchase method of accounting, accordingly, the purchase price has been allocated to the tangible assets and liabilities and intangible assets acquired, based on their estimated fair values. | |||||
The following table presents the allocation of the final purchase price, after adjusting for customary post-closing adjustments, to the assets and liabilities acquired based on their estimated fair values as of December 21, 2012: | |||||
Dollars in thousands | Allocation of | ||||
purchase price | |||||
Current assets | $ | 100,575 | |||
Property and equipment | 39,862 | ||||
Other assets | 497 | ||||
Intangible assets | 143,754 | ||||
Total assets acquired | 284,688 | ||||
Total liabilities assumed | 91,559 | ||||
Net assets acquired | $ | 193,129 | |||
The intangible assets include identified intangible assets of $39 million for the value of the tradename “Sierra Trading Post” which is being amortized over 15 years (See Note A) and $8 million for customer relationships which is being amortized over 6 years. The remaining balance of the intangible assets is goodwill of $97 million. | |||||
The results of STP have been included in TJX’s consolidated financial statements from the date of acquisition and have been included with the Marmaxx segment. Pro forma results of operations assuming the acquisition of STP occurred as of the beginning of fiscal 2013 have not been presented, as the inclusion of the results of operations for the acquired business would not have produced a material impact on the reported sales, net income or earnings per share of TJX. |
Reserves_Related_to_Former_Ope
Reserves Related to Former Operations | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Reserves Related to Former Operations | Note C. Reserves Related to Former Operations | ||||||||||||
TJX has a reserve for its estimate of future obligations of business operations it has closed or sold. The reserve activity for the last three fiscal years is presented below: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 31,363 | $ | 45,229 | $ | 45,381 | |||||||
Additions (reductions) to the reserve charged to net income: | |||||||||||||
Adjustments to lease-related obligations | (12,300 | ) | (3,312 | ) | 16,000 | ||||||||
Interest accretion | 525 | 1,440 | 996 | ||||||||||
Charges against the reserve: | |||||||||||||
Lease-related obligations | (4,907 | ) | (11,088 | ) | (15,682 | ) | |||||||
Termination benefits and all other | (107 | ) | (906 | ) | (1,466 | ) | |||||||
Balance at end of year | $ | 14,574 | $ | 31,363 | $ | 45,229 | |||||||
The lease-related obligations included in the reserve reflect TJX’s estimation of lease costs, net of estimated assignee/subtenant income, and the cost of probable claims against TJX for liability, as an original lessee and/or guarantor of the leases of A.J. Wright and other former TJX businesses, after mitigation of the number and cost of these lease obligations. TJX decreased this reserve by $12.3 million in fiscal 2015 and $3.3 million in fiscal 2014 and in fiscal 2013, increased the reserve by $16.0 million. In each case these adjustments were required to reflect a change in TJX’s estimate of lease-related obligations and/or assignee/subtenant income. The actual net cost of these lease-related obligations may differ from TJX’s estimate. TJX estimates that the majority of the former operations reserve will be paid in the next two years. The actual timing of cash outflows will vary depending on how the remaining lease obligations are actually settled. | |||||||||||||
TJX may also be contingently liable on up to ten leases of BJ’s Wholesale Club, a former TJX business, and up to two leases of Bob’s Stores, also a former TJX business, in addition to leases included in the reserve. The reserve for former operations does not reflect these leases because TJX believes that the likelihood of future liability to TJX is remote. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note D. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Amounts included in accumulated other comprehensive income (loss) relate to the Company’s foreign currency translation adjustments, minimum pension and other post-retirement liabilities and cash flow hedge on issued debt, all of which are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive income (loss) for fiscal 2015, fiscal 2014 and fiscal 2013: | |||||||||||||||||
Amounts in thousands | Foreign | Deferred | Cash Flow | Accumulated | |||||||||||||
Currency | Benefit Costs | Hedge on Debt | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
Income (Loss) | |||||||||||||||||
Balance, January 28, 2012 | $ | (24,843 | ) | $ | (167,732 | ) | $ | — | $ | (192,575 | ) | ||||||
Foreign currency translation adjustments (net of taxes of $1,285) | 6,200 | — | — | 6,200 | |||||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $27,362) | — | (41,043 | ) | — | (41,043 | ) | |||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $9,350) | — | 14,026 | — | 14,026 | |||||||||||||
Balance, February 2, 2013 | (18,643 | ) | (194,749 | ) | — | (213,392 | ) | ||||||||||
Foreign currency translation adjustments (net of taxes of $41,713) | (57,926 | ) | — | — | (57,926 | ) | |||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $36,856) | — | 55,285 | — | 55,285 | |||||||||||||
Amortization of deferred benefit costs (net of taxes of $11,001) | — | 16,501 | — | 16,501 | |||||||||||||
Balance, February 1, 2014 | (76,569 | ) | (122,963 | ) | — | (199,532 | ) | ||||||||||
Foreign currency translation adjustments (net of taxes of $56,567) | (218,700 | ) | — | — | (218,700 | ) | |||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $91,941) | — | (139,366 | ) | — | (139,366 | ) | |||||||||||
Loss on cash flow hedge (net of taxes of $3,149) | — | — | (4,762 | ) | (4,762 | ) | |||||||||||
Amortization of loss on cash flow hedge (net of taxes of $300) | — | — | 452 | 452 | |||||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,591) | — | 7,523 | — | 7,523 | |||||||||||||
Balance, January 31, 2015 | $ | (295,269 | ) | $ | (254,806 | ) | $ | (4,310 | ) | $ | (554,385 | ) |
Capital_Stock_and_Earnings_Per
Capital Stock and Earnings Per Share | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Capital Stock and Earnings Per Share | Note E. Capital Stock and Earnings Per Share | ||||||||||||
Capital Stock: TJX repurchased and retired 27.7 million shares of its common stock at a cost of $1.7 billion during fiscal 2015, on a “trade date basis.” TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $1.7 billion in fiscal 2015, $1.5 billion in fiscal 2014 and $1.3 billion in fiscal 2013 and repurchased 27.6 million shares in fiscal 2015, 27.3 million shares in fiscal 2014 and 32.0 million shares in fiscal 2013. These expenditures were funded primarily by cash generated from operations. In April 2012, TJX completed the $1 billion stock repurchase program announced in February 2011, in October 2013 TJX completed the $2 billion stock repurchase program announced in February 2012, and in September 2014, TJX completed the $1.5 billion stock repurchase program announced in February 2013. In February 2014, TJX’s Board of Directors announced a stock repurchase program that authorizes the repurchase of up to an additional $2.0 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through January 31, 2015, TJX repurchased 10.8 million shares of common stock at a cost of $685.8 million. At January 31, 2015, $1.3 billion remained available for purchase under this program. | |||||||||||||
In February 2015, TJX’s Board of Directors announced another stock repurchase program that authorized the repurchase of up to an additional $2 billion of TJX common stock from time to time. | |||||||||||||
All shares repurchased under the stock repurchase programs have been retired. | |||||||||||||
TJX has five million shares of authorized but unissued preferred stock, $1 par value. | |||||||||||||
Earnings Per Share: The following schedule presents the calculation of basic and diluted earnings per share for income from continuing operations: | |||||||||||||
Fiscal Year Ended | |||||||||||||
Amounts in thousands except per share amounts | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Basic earnings per share: | |||||||||||||
Net income | $ | 2,215,128 | $ | 2,137,396 | $ | 1,906,687 | |||||||
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||||
Basic earnings per share | $ | 3.2 | $ | 3 | $ | 2.6 | |||||||
Diluted earnings per share: | |||||||||||||
Net income | $ | 2,215,128 | $ | 2,137,396 | $ | 1,906,687 | |||||||
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||||
Assumed exercise / vesting of: | |||||||||||||
Stock options and awards | 10,854 | 12,906 | 13,967 | ||||||||||
Weighted average common stock outstanding for diluted earnings per share calculation | 703,545 | 726,376 | 747,555 | ||||||||||
Diluted earnings per share | $ | 3.15 | $ | 2.94 | $ | 2.55 | |||||||
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the related fiscal period’s average price of TJX’s common stock. Such options are excluded because they would have an antidilutive effect. There were 8.8 million, 4.7 million and 4.9 million such options excluded at the end of fiscal 2015, fiscal 2014 and fiscal 2013, respectively. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||
Financial Instruments | Note F. Financial Instruments | ||||||||||||||||||||||||||||
As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest rates and foreign currency exchange rates and fuel costs, to the extent deemed appropriate, through the use of derivative financial instruments. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the statements of financial position and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of other comprehensive income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. TJX does not hedge its net investments in foreign subsidiaries. | |||||||||||||||||||||||||||||
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 for diesel fuel price increases as incurred by the carrier. 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 2014, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2015. Similarly, during fiscal 2015, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the fiscal year ending January 30, 2016 (“fiscal 2016”). The hedge agreements outstanding at January 31, 2015 relate to approximately 44% of TJX’s estimated notional diesel requirements for fiscal 2016. These diesel fuel hedge agreements will settle throughout fiscal 2016. TJX elected not to apply hedge accounting rules to these contracts. | |||||||||||||||||||||||||||||
Foreign Currency Contracts: TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by TJX Europe (United Kingdom, Ireland, Germany and Poland), TJX Canada (Canada), Marmaxx (U.S.) and HomeGoods (U.S.) in currencies other than their respective functional currencies. These contracts typically have a term of twelve months or less. The contracts outstanding at January 31, 2015 cover a portion of such actual and anticipated merchandise purchases throughout fiscal 2016. TJX elected not to apply hedge accounting rules to these contracts. | |||||||||||||||||||||||||||||
TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. The changes in fair value of these contracts are recorded in selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in selling, general and administrative expenses. | |||||||||||||||||||||||||||||
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 31, 2015: | |||||||||||||||||||||||||||||
In thousands | Pay | Receive | Blended | Balance Sheet | Current | Current | Net Fair | ||||||||||||||||||||||
Contract | Location | Asset | (Liability) | Value in | |||||||||||||||||||||||||
Rate | U.S.$ | U.S.$ | U.S.$ at | ||||||||||||||||||||||||||
January 31, | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | |||||||||||||||||||||||||||||
zł 94,073 | C$ 32,318 | 0.3435 | Prepaid Exp/ | $ | 153 | $ | (81 | ) | $ | 72 | |||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
€ 39,000 | £ 30,988 | 0.7946 | Prepaid Exp/ | 2,536 | (72 | ) | 2,464 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
€ 19,850 | U.S.$ 22,647 | 1.1409 | Prepaid Exp | 108 | — | 108 | |||||||||||||||||||||||
U.S.$ 83,401 | £ 55,000 | 0.6595 | (Accrued Exp) | — | (725 | ) | (725 | ) | |||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Fixed on 1.2M | Float on 1.2M | N/A | (Accrued Exp | ) | — | (15,324 | ) | (15,324 | ) | |||||||||||||||||||
—1.9M gal per | —1.9M gal | ||||||||||||||||||||||||||||
month | per month | ||||||||||||||||||||||||||||
Merchandise purchase commitments | |||||||||||||||||||||||||||||
C$ 322,492 | U.S.$ 281,890 | 0.8741 | Prepaid Exp | 28,789 | — | 28,789 | |||||||||||||||||||||||
C$ 13,426 | € 9,500 | 0.7076 | Prepaid Exp | 183 | — | 183 | |||||||||||||||||||||||
£ 77,722 | U.S.$ 123,500 | 1.589 | Prepaid Exp | 6,477 | — | 6,477 | |||||||||||||||||||||||
zł 139,215 | £ 25,547 | 0.1835 | Prepaid Exp / | 1,172 | (166 | ) | 1,006 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
U.S.$ 12,590 | € 10,353 | 0.8223 | Prepaid Exp / | 1 | (898 | ) | (897 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
Total fair value of financial instruments | $ | 39,419 | $ | (17,266 | ) | $ | 22,153 | ||||||||||||||||||||||
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2014: | |||||||||||||||||||||||||||||
In thousands | Pay | Receive | Blended | Balance Sheet | Current | Current | Net Fair | ||||||||||||||||||||||
Contract | Location | Asset | (Liability) | Value in | |||||||||||||||||||||||||
Rate | U.S.$ | U.S.$ | U.S.$ at | ||||||||||||||||||||||||||
February 1, | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | |||||||||||||||||||||||||||||
zł 84,073 | C$ 29,082 | 0.3459 | (Accrued Exp) | $ | — | $ | (348 | ) | $ | (348 | ) | ||||||||||||||||||
€ 39,000 | £ 32,646 | 0.8371 | Prepaid Exp | 1,015 | — | 1,015 | |||||||||||||||||||||||
€ 44,850 | U.S.$ 60,827 | 1.3562 | Prepaid Exp | 335 | — | 335 | |||||||||||||||||||||||
U.S.$ 90,309 | £ 55,000 | 0.609 | (Accrued Exp) | — | (182 | ) | (182 | ) | |||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Fixed on 1.2M | Float on 1.2M | N/A | Prepaid Exp | 137 | — | 137 | ||||||||||||||||||||||
—1.9M gal per | —1.9M gal per | ||||||||||||||||||||||||||||
month | month | ||||||||||||||||||||||||||||
Merchandise purchase commitments | |||||||||||||||||||||||||||||
C$ 388,745 | U.S.$ 365,100 | 0.9392 | Prepaid Exp / | 16,466 | (40 | ) | 16,426 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
C$ 15,202 | € 10,500 | 0.6907 | Prepaid Exp / | 548 | (38 | ) | 510 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
£ 174,102 | U.S.$ 280,700 | 1.6123 | Prepaid Exp / | 132 | (5,385 | ) | (5,253 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
zł 113,571 | £ 22,442 | 0.1976 | Prepaid Exp | 984 | — | 984 | |||||||||||||||||||||||
U.S.$ 442 | ¥ 2,680 | 6.0633 | Prepaid Exp | — | — | — | |||||||||||||||||||||||
U.S.$ 12,464 | € 9,159 | 0.7348 | Prepaid Exp / | 2 | (114 | ) | (112 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
Total fair value of financial instruments | $ | 19,619 | $ | (6,107 | ) | $ | 13,512 | ||||||||||||||||||||||
The impact of derivative financial instruments on the statements of income during fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: | |||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||
Income by Derivative | |||||||||||||||||||||||||||||
In thousands | Location of Gain (Loss) Recognized in | January 31, | February 1, | February 2, | |||||||||||||||||||||||||
Income by Derivative | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(53 weeks) | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | Selling, general | $ | 7,413 | $ | 6,099 | $ | (7,661 | ) | |||||||||||||||||||||
and administrative | |||||||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Cost of sales, including buying and occupancy costs | (16,050 | ) | (1,831 | ) | 4,261 | |||||||||||||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 41,554 | 22,338 | (2,084 | ) | ||||||||||||||||||||||||
Gain / (loss) recognized in income | $ | 32,917 | $ | 26,606 | $ | (5,484 | ) | ||||||||||||||||||||||
Included in the table above are realized gains of $24.3 million in fiscal 2015, $10.7 million in fiscal 2014 and gains of $1.2 million in fiscal 2013, all of which were largely offset by gains and losses on the underlying hedged item. |
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Disclosures about Fair Value of Financial Instruments | Note G. Disclosures about Fair Value of Financial Instruments | ||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy: | |||||||||||||
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | ||||||||||||
Level 3: | Unobservable inputs for the asset or liability | ||||||||||||
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Level 1 | |||||||||||||
Assets: | |||||||||||||
Executive Savings Plan investments | $ | 151,936 | $ | 131,049 | $ | 101,903 | |||||||
Level 2 | |||||||||||||
Assets: | |||||||||||||
Short-term investments | $ | 282,623 | $ | 294,702 | $ | 235,853 | |||||||
Foreign currency exchange contracts | 39,419 | 19,482 | 5,980 | ||||||||||
Diesel fuel contracts | — | 137 | 3,372 | ||||||||||
Liabilities: | |||||||||||||
Foreign currency exchange contracts | $ | 1,942 | $ | 6,107 | $ | 11,874 | |||||||
Diesel fuel contracts | 15,324 | — | — | ||||||||||
Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices. | |||||||||||||
Short-term investments, foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations which include observable market information. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2. | |||||||||||||
The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt at January 31, 2015 was $1.73 billion compared to a carrying value of $1.62 billion. The fair value of long-term debt at February 1, 2014 was $1.34 billion compared to a carrying value of $1.27 billion. The fair value of long-term debt at February 2, 2013 was $911.0 million compared to a carrying value of $774.6 million. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. | |||||||||||||
TJX’s cash equivalents are stated at cost, which approximates fair value, due to the short maturities of these instruments. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Segment Information | Note H. Segment Information | ||||||||||||
TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls and tjmaxx.com) and the HomeGoods segment both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX Europe segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. TJX also operates STP, an off-price Internet retailer in the U.S. that operates a small number of stores. The results of STP are included in the Marmaxx segment. | |||||||||||||
All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions. | |||||||||||||
The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Apparel | |||||||||||||
Clothing including footwear | 57 | % | 58 | % | 59 | % | |||||||
Jewelry and accessories | 14 | 14 | 13 | ||||||||||
Home fashions | 29 | 28 | 28 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
For fiscal 2015, TJX Canada and TJX Europe accounted for 24% of TJX’s net sales, 19% of segment profit and 23% of consolidated assets. | |||||||||||||
TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, loss on early extinguishment of debt and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. | |||||||||||||
Presented below is financial information with respect to TJX’s business segments: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Net sales: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 18,687,880 | $ | 17,929,576 | $ | 17,011,409 | |||||||
HomeGoods | 3,414,351 | 2,993,718 | 2,657,111 | ||||||||||
TJX Canada | 2,883,863 | 2,877,834 | 2,925,991 | ||||||||||
TJX Europe | 4,092,313 | 3,621,568 | 3,283,861 | ||||||||||
$ | 29,078,407 | $ | 27,422,696 | $ | 25,878,372 | ||||||||
Segment profit: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 2,736,694 | $ | 2,612,693 | $ | 2,486,274 | |||||||
HomeGoods | 463,193 | 386,541 | 324,623 | ||||||||||
TJX Canada | 393,622 | 405,363 | 414,914 | ||||||||||
TJX Europe | 337,406 | 275,453 | 215,713 | ||||||||||
3,930,915 | 3,680,050 | 3,441,524 | |||||||||||
General corporate expense | 324,414 | 329,480 | 334,998 | ||||||||||
Loss on early extinguishment of debt | 16,830 | — | — | ||||||||||
Interest expense, net | 39,787 | 31,081 | 29,175 | ||||||||||
Income before provision for income taxes | $ | 3,549,884 | $ | 3,319,489 | $ | 3,077,351 | |||||||
Business segment information (continued): | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Identifiable assets: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 5,014,573 | $ | 4,700,347 | $ | 4,569,887 | |||||||
HomeGoods | 777,214 | 638,742 | 569,476 | ||||||||||
TJX Canada | 1,020,955 | 962,101 | 978,577 | ||||||||||
TJX Europe | 1,531,661 | 1,510,132 | 1,261,556 | ||||||||||
Corporate(1) | 2,783,978 | 2,389,700 | 2,132,359 | ||||||||||
$ | 11,128,381 | $ | 10,201,022 | $ | 9,511,855 | ||||||||
Capital expenditures: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 445,041 | $ | 551,839 | $ | 590,307 | |||||||
HomeGoods | 148,354 | 99,828 | 90,291 | ||||||||||
TJX Canada | 100,779 | 104,888 | 132,874 | ||||||||||
TJX Europe | 217,348 | 190,123 | 164,756 | ||||||||||
$ | 911,522 | $ | 946,678 | $ | 978,228 | ||||||||
Depreciation and amortization: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 340,830 | $ | 318,414 | $ | 293,820 | |||||||
HomeGoods | 54,867 | 47,176 | 47,915 | ||||||||||
TJX Canada | 66,141 | 66,295 | 64,810 | ||||||||||
TJX Europe | 123,547 | 114,651 | 99,487 | ||||||||||
Corporate(2) | 3,590 | 2,287 | 2,897 | ||||||||||
$ | 588,975 | $ | 548,823 | $ | 508,929 | ||||||||
-1 | Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, the trust assets in connection with the Executive Savings Plan and deferred taxes. Consolidated cash, including cash held in our foreign entities, is included with Corporate assets for consistency with the reporting of cash for our segments in the U.S. | ||||||||||||
-2 | Includes debt discount accretion and debt expense amortization. |
Stock_Incentive_Plan
Stock Incentive Plan | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Stock Incentive Plan | Note I. Stock Incentive Plan | ||||||||||||||||||||||||
TJX has a Stock Incentive Plan under which options and other share-based awards may be granted to its directors, officers and key employees. This plan has been approved by TJX’s shareholders, and all share-based compensation awards are made under this plan. The Stock Incentive Plan, as amended with shareholder approval, has provided for the issuance of up to 347.8 million shares with 40.4 million shares available for future grants as of January 31, 2015. TJX issues shares under the plan from authorized but unissued common stock. | |||||||||||||||||||||||||
As of January 31, 2015, there was $124.6 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of two years. | |||||||||||||||||||||||||
Options for the purchase of common stock are granted with an exercise price that is 100% of market price on the grant date, generally vest in thirds over a three-year period starting one year after the grant, and have a ten-year maximum term. When options are granted with other vesting terms (as in fiscal 2014, when certain options granted that year vested in full on the first anniversary of the grant date), such information is incorporated into the valuation. | |||||||||||||||||||||||||
The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
January 31, | February 1, | February 2, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Risk-free interest rate | 1.79 | % | 1.42 | % | 0.7 | % | |||||||||||||||||||
Dividend yield | 1.2 | % | 1 | % | 1 | % | |||||||||||||||||||
Expected volatility factor | 24.2 | % | 25.9 | % | 29 | % | |||||||||||||||||||
Expected option life in years | 4.5 | 4.4 | 4.5 | ||||||||||||||||||||||
Weighted average fair value of options issued | $ | 12 | $ | 11.92 | $ | 10.28 | |||||||||||||||||||
The risk-free interest rate is for periods within the contractual life of the option based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data to estimate option exercises, employee termination behavior and dividend yield within the valuation model. Expected volatility is based on a combination of implied volatility from traded options on our stock, and historical volatility during a term approximating the expected life of the option granted. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon historical exercise trends. Employee groups and option characteristics are considered separately for valuation purposes when applicable. | |||||||||||||||||||||||||
Stock Options: A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below (shares in thousands): | |||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Options | WAEP | Options | WAEP | Options | WAEP | ||||||||||||||||||||
(53 weeks) | |||||||||||||||||||||||||
Outstanding at beginning of year | 32,628 | $ | 28.3 | 36,620 | $ | 22.31 | 40,944 | $ | 18.27 | ||||||||||||||||
Granted | 4,849 | 59.7 | 4,742 | 56.71 | 4,951 | 45.09 | |||||||||||||||||||
Exercised | (6,981 | ) | 20.39 | (8,258 | ) | 17.71 | (8,385 | ) | 15.9 | ||||||||||||||||
Forfeitures | (418 | ) | 48.76 | (476 | ) | 34.74 | (890 | ) | 23.35 | ||||||||||||||||
Outstanding at end of year | 30,078 | $ | 34.91 | 32,628 | $ | 28.3 | 36,620 | $ | 22.31 | ||||||||||||||||
Options exercisable at end of year | 21,001 | $ | 25.75 | 22,473 | $ | 20.19 | 24,050 | $ | 17.02 | ||||||||||||||||
The total intrinsic value of options exercised was $286.3 million in fiscal 2015, $289.8 million in fiscal 2014 and $223.8 million in fiscal 2013. | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 31, 2015: | |||||||||||||||||||||||||
Shares in thousands | Shares | Aggregate | Weighted | WAEP | |||||||||||||||||||||
Intrinsic | Average | ||||||||||||||||||||||||
Value | Remaining | ||||||||||||||||||||||||
Contract Life | |||||||||||||||||||||||||
Options outstanding expected to vest | 8,354 | $ | 81,276 | 9.0 years | $ | 56.21 | |||||||||||||||||||
Options exercisable | 21,001 | $ | 843,971 | 5.3 years | $ | 25.75 | |||||||||||||||||||
Total outstanding options vested and expected to vest | 29,355 | $ | 925,247 | 6.3 years | $ | 34.42 | |||||||||||||||||||
Options outstanding expected to vest represents total unvested options of 9.0 million adjusted for anticipated forfeitures. | |||||||||||||||||||||||||
Performance-Based Restricted Stock and Performance-Based Deferred Stock Awards: TJX grants performance-based restricted stock and performance-based deferred stock awards (collectively, “performance-based stock awards”) under the Stock Incentive Plan. These awards are granted without a purchase price to the recipient and are subject to vesting conditions, including specified performance criteria aligned with management incentive plans for a period generally of one to three years. The grant date fair value of the awards is charged to income over the requisite service period during which the recipient must remain employed. The fair value of the awards is determined at date of grant in accordance with ASC Topic 718 and assumes that performance goals will be achieved. If such goals are not met, or only partially met, awards and related compensation costs recognized are reduced on a pro rata basis. | |||||||||||||||||||||||||
A summary of the status of our nonvested performance-based stock awards and changes during fiscal 2015 is presented below: | |||||||||||||||||||||||||
Shares in thousands | Restricted | Weighted | |||||||||||||||||||||||
and | Average | ||||||||||||||||||||||||
Deferred | Grant Date | ||||||||||||||||||||||||
Awards | Fair Value | ||||||||||||||||||||||||
Nonvested at beginning of year | 1,806 | $ | 41.85 | ||||||||||||||||||||||
Granted | 718 | 62.85 | |||||||||||||||||||||||
Vested | (654 | ) | 32.68 | ||||||||||||||||||||||
Forfeited | (60 | ) | 51.81 | ||||||||||||||||||||||
Nonvested at end of year | 1,810 | $ | 53.16 | ||||||||||||||||||||||
There were 717,500 shares of performance-based stock awards, with a weighted average grant date fair value of $62.85, granted in fiscal 2015, 743,576 shares of performance-based stock awards, with a weighted average grant date fair value of $51.02, granted in fiscal 2014, and 730,500 shares of performance-based stock awards, with a weighted average grant date fair value of $41.74, granted in fiscal 2013. The fair value of performance-based stock awards that vested was $21.4 million in fiscal 2015, $14.2 million in fiscal 2014 and $9.7 million in fiscal 2013. In fiscal 2013, TJX also awarded 281,076 shares of performance-based restricted stock which were not recognized under ASC Topic 718 as granted during fiscal 2013 because all of the applicable performance terms had not been established during the fiscal year. These shares were recognized as having been granted in fiscal 2014. | |||||||||||||||||||||||||
Other Awards: TJX also awards deferred shares to its outside directors under the Stock Incentive Plan. The outside directors are awarded two annual deferred share awards, each representing shares of TJX common stock valued at $70,000. One award vests immediately and is payable, with accumulated dividends, in stock at the earlier of separation from service as a director or a change of control. The second award vests based on service as a director until the annual meeting that follows the award and is payable, with accumulated dividends, in stock following the vesting date, unless an irrevocable advance election is made whereby it is payable at the same time as the first award. As of the end of fiscal 2015, a total of 283,802 of these deferred shares were outstanding under the plan. |
Pension_Plans_and_Other_Retire
Pension Plans and Other Retirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Pension Plans and Other Retirement Benefits | Note J. Pension Plans and Other Retirement Benefits | ||||||||||||||||||||||||
Pension: TJX has a funded defined benefit retirement plan that covers a majority of its full-time U.S. employees hired prior to February 1, 2006. No employee contributions are required, or permitted, and benefits are based principally on compensation earned in each year of service. TJX’s funded defined benefit retirement plan assets are invested in domestic and international equity and fixed income securities, both directly and through investment funds. The plan does not invest in TJX securities. TJX also has an unfunded supplemental retirement plan that covers certain key employees and provides additional retirement benefits based on final average compensation for certain of those employees (the primary benefit) or, alternatively, based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations (the alternative benefit). | |||||||||||||||||||||||||
Presented below is financial information relating to TJX’s funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated: | |||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
In thousands | January 31, | February 1, | January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 996,968 | $ | 1,018,712 | $ | 59,566 | $ | 61,033 | |||||||||||||||||
Service cost | 40,481 | 44,623 | 1,398 | 1,716 | |||||||||||||||||||||
Interest cost | 49,522 | 44,654 | 3,001 | 2,447 | |||||||||||||||||||||
Actuarial losses (gains) | 251,144 | (84,970 | ) | 19,552 | (2,925 | ) | |||||||||||||||||||
Benefits paid | (28,348 | ) | (23,431 | ) | (1,279 | ) | (2,705 | ) | |||||||||||||||||
Expenses paid | (2,945 | ) | (2,620 | ) | — | — | |||||||||||||||||||
Plan amendment | 3,067 | — | — | — | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 1,309,889 | $ | 996,968 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Accumulated benefit obligation at end of year | $ | 1,203,464 | $ | 921,723 | $ | 68,591 | $ | 49,957 | |||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
In thousands | January 31, | February 1, | January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 944,801 | $ | 876,083 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 107,240 | 64,769 | — | — | |||||||||||||||||||||
Employer contribution | 150,000 | 30,000 | 1,279 | 2,705 | |||||||||||||||||||||
Benefits paid | (28,348 | ) | (23,431 | ) | (1,279 | ) | (2,705 | ) | |||||||||||||||||
Expenses paid | (2,945 | ) | (2,620 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,170,748 | $ | 944,801 | $ | — | $ | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 1,309,889 | $ | 996,968 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Fair value of plan assets at end of year | 1,170,748 | 944,801 | — | — | |||||||||||||||||||||
Funded status – excess obligation | $ | 139,141 | $ | 52,167 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Net liability recognized on consolidated balance sheets | $ | 139,141 | $ | 52,167 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||
Plan amendment | $ | 3,067 | $ | — | $ | — | $ | 2 | |||||||||||||||||
Accumulated actuarial losses | 401,165 | 205,923 | 29,198 | 11,792 | |||||||||||||||||||||
Amounts included in accumulated other comprehensive income (loss) | $ | 404,232 | $ | 205,923 | $ | 29,198 | $ | 11,794 | |||||||||||||||||
The consolidated balance sheets reflect the funded status of the plans with any unrecognized prior service cost and actuarial gains and losses recorded in accumulated other comprehensive income (loss). The combined net accrued liability of $221.4 million at January 31, 2015 is reflected on the balance sheet as of that date as a current liability of $3.5 million and a long-term liability of $217.9 million. | |||||||||||||||||||||||||
The combined net accrued liability of $111.7 million at February 1, 2014 is reflected on the balance sheet as of that date as a current liability of $3.4 million and a long-term liability of $108.3 million. | |||||||||||||||||||||||||
The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2016 for the funded plan is $377,000. The estimated net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2016 is $33.8 million for the funded plan and $5.2 million for the unfunded plan. | |||||||||||||||||||||||||
The Society of Actuaries recently issued new mortality tables projecting longer life expectancies that will result in higher postretirement benefit obligations for U.S. companies. We updated our mortality assumptions at January 31, 2015. The new mortality assumptions increased our funded plan’s benefit obligation by $59 million and the unfunded plan’s benefit obligation by $4 million at January 31, 2015. Both of these amounts are included in actuarial gains/losses presented in the change in the projected benefit obligation. Additional actuarial losses for fiscal 2015 are primarily due to the reduction in discount rate. | |||||||||||||||||||||||||
TJX determined the assumed discount rate using the BOND: Link model in fiscal 2015 and fiscal 2014. TJX uses the BOND: Link model as this model allows for the selection of specific bonds resulting in better matches in timing of the plans’ expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date: | |||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
January 31, | February 1, | January 31, | February 1, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Discount rate | 4 | % | 5 | % | 3.7 | % | 4.8 | % | |||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 6 | % | 6 | % | |||||||||||||||||
TJX made aggregate cash contributions of $151.3 million in fiscal 2015, $32.7 million in fiscal 2014 and $77.8 million in fiscal 2013 to the funded plan and to fund current benefit and expense payments under the unfunded plan. TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. We do not anticipate any required funding in fiscal 2016 for the funded plan. We anticipate making contributions of $3.3 million to provide current benefits coming due under the unfunded plan in fiscal 2016. | |||||||||||||||||||||||||
The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our pension plans: | |||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | January 31, | February 1, | February 2, | |||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
(53 weeks) | (53 weeks) | ||||||||||||||||||||||||
Net periodic pension cost: | |||||||||||||||||||||||||
Service cost | $ | 40,481 | $ | 44,623 | $ | 41,813 | $ | 1,398 | $ | 1,716 | $ | 1,448 | |||||||||||||
Interest cost | 49,522 | 44,654 | 42,029 | 3,001 | 2,447 | 2,321 | |||||||||||||||||||
Expected return on plan assets | (65,187 | ) | (60,474 | ) | (54,759 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | — | — | — | 2 | 3 | 3 | |||||||||||||||||||
Amortization of net actuarial loss | 13,848 | 28,070 | 25,373 | 2,146 | 2,884 | 1,465 | |||||||||||||||||||
Expense related to current period | 38,664 | 56,873 | 54,456 | 6,547 | 7,050 | 5,237 | |||||||||||||||||||
Correction of prior years pension accruals | — | — | 26,964 | — | — | — | |||||||||||||||||||
Total expense | $ | 38,664 | $ | 56,873 | $ | 81,420 | $ | 6,547 | $ | 7,050 | $ | 5,237 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||
Net (gain) loss | $ | 209,091 | $ | (89,265 | ) | $ | 61,692 | $ | 19,552 | $ | (2,925 | ) | $ | 6,666 | |||||||||||
Amortization of net (loss) | (13,848 | ) | (28,070 | ) | (25,373 | ) | (2,146 | ) | (2,884 | ) | (1,465 | ) | |||||||||||||
Plan amendment | 3,067 | — | — | (2 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Total recognized in other comprehensive income | $ | 198,310 | $ | (117,335 | ) | $ | 36,319 | $ | 17,404 | $ | (5,812 | ) | $ | 5,198 | |||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 236,974 | $ | (60,462 | ) | $ | 117,739 | $ | 23,951 | $ | 1,238 | $ | 10,435 | ||||||||||||
Weighted average assumptions for expense purposes: | |||||||||||||||||||||||||
Discount rate | 5.00% | 4.40% | 4.80% | 4.80% | 4.00% | 4.40% | |||||||||||||||||||
Expected rate of return on plan assets | 7.00% | 7.00% | 7.40% | N/A | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 6.00% | 6.00% | 6.00% | |||||||||||||||||||
The rate of compensation increase presented for the unfunded plan (for measurement purposes and expense purposes) is the rate assumed for participants eligible for the primary benefit. The assumed rate of compensation increase for participants eligible for the alternative benefit under the unfunded plan is the same rate as assumed for the funded plan. | |||||||||||||||||||||||||
During fiscal 2013, TJX recorded an adjustment to its pension accrual to correct an understatement related to a computational error that commenced in fiscal 2008. The cumulative impact through fiscal 2012 of correcting for the error resulted in incremental pension expense of $27.0 million and an increase in the projected benefit obligation of $33.8 million. Management evaluated the impact of correcting the error in fiscal 2013 and determined that there was no material impact on that year, or the prior year financial statements as reported. | |||||||||||||||||||||||||
TJX develops its long-term rate of return assumption by evaluating input from professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. | |||||||||||||||||||||||||
The unrecognized gains and losses in excess of 10% of the projected benefit obligation are amortized over the average remaining service life of participants. | |||||||||||||||||||||||||
The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | |||||||||||||||||||||||||
In thousands | Funded Plan | Unfunded Plan | |||||||||||||||||||||||
Expected Benefit Payments | Expected Benefit Payments | ||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
2016 | $ | 30,120 | $ | 3,252 | |||||||||||||||||||||
2017 | 33,387 | 6,543 | |||||||||||||||||||||||
2018 | 37,166 | 6,658 | |||||||||||||||||||||||
2019 | 41,199 | 6,978 | |||||||||||||||||||||||
2020 | 45,375 | 7,396 | |||||||||||||||||||||||
2021 through 2025 | 294,930 | 31,804 | |||||||||||||||||||||||
The following table presents the fair value hierarchy (See Note G) for pension assets measured at fair value on a recurring basis as of January 31, 2015: | |||||||||||||||||||||||||
Funded Plan | |||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Short-term investments | $ | 136,276 | $ | — | $ | — | $ | 136,276 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic equity | 77,373 | — | — | 77,373 | |||||||||||||||||||||
International equity | 157,392 | — | — | 157,392 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Corporate and government bond funds | — | 300,761 | — | 300,761 | |||||||||||||||||||||
Common/Collective Trusts | — | 485,619 | 8,283 | 493,902 | |||||||||||||||||||||
Limited Partnerships | — | — | 5,044 | 5,044 | |||||||||||||||||||||
Fair value of plan assets | $ | 371,041 | $ | 786,380 | $ | 13,327 | $ | 1,170,748 | |||||||||||||||||
The following table presents the fair value hierarchy for pension assets measured at fair value on a recurring basis as of February 1, 2014: | |||||||||||||||||||||||||
Funded Plan | |||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Short-term investments | $ | 57,217 | $ | — | $ | — | $ | 57,217 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic equity | 74,415 | — | — | 74,415 | |||||||||||||||||||||
International equity | 150,149 | — | — | 150,149 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Corporate and government bond funds | — | 214,954 | — | 214,954 | |||||||||||||||||||||
Common/Collective Trusts | — | 429,932 | 10,421 | 440,353 | |||||||||||||||||||||
Limited Partnerships | — | — | 7,713 | 7,713 | |||||||||||||||||||||
Fair value of plan assets | $ | 281,781 | $ | 644,886 | $ | 18,134 | $ | 944,801 | |||||||||||||||||
The following table presents a reconciliation of Level 3 plan assets measured at fair value for the years ended January 31, 2015 and February 1, 2014: | |||||||||||||||||||||||||
In thousands | Common/Collective Trusts | Limited Partnerships | |||||||||||||||||||||||
Balance as of February 2, 2013 | $ | 13,158 | $ | 11,064 | |||||||||||||||||||||
Earned income, net of management expenses | 671 | 312 | |||||||||||||||||||||||
Unrealized gain on investment | 676 | 507 | |||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (4,084 | ) | (4,170 | ) | |||||||||||||||||||||
Balance as of February 1, 2014 | $ | 10,421 | $ | 7,713 | |||||||||||||||||||||
Earned income, net of management expenses | 557 | 786 | |||||||||||||||||||||||
Unrealized gain on investment | 51 | 76 | |||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (2,746 | ) | (3,531 | ) | |||||||||||||||||||||
Balance as of January 31, 2015 | $ | 8,283 | $ | 5,044 | |||||||||||||||||||||
Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the independent pricing sources. | |||||||||||||||||||||||||
Short-term investments are primarily cash related to funding of the plan which had yet to be invested as of balance sheet dates. | |||||||||||||||||||||||||
Certain corporate and government bonds are valued at the closing price reported in the active market in which the bond is traded. Other bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. All bonds are priced by independent pricing sources. | |||||||||||||||||||||||||
The investments in the limited partnerships are stated at the fair value of the plan’s partnership interest based on information supplied by the partnerships as compared to financial statements of the limited partnership or other fair value information as determined by management. Any cash equivalents or short-term investments are stated at cost which approximates fair value. The fair value of the investments in the common/collective trusts is determined based on net asset value as reported by their fund managers. | |||||||||||||||||||||||||
The following is a summary of TJX’s target allocation for plan assets along with the actual allocation of plan assets as of the valuation date for the fiscal years presented: | |||||||||||||||||||||||||
Actual Allocation for | |||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
Target Allocation | January 31, | February 1, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Equity securities | 50% | 44% | 51% | ||||||||||||||||||||||
Fixed income | 50% | 45% | 44% | ||||||||||||||||||||||
All other – primarily cash | — | 11% | 5% | ||||||||||||||||||||||
TJX employs a total return investment approach whereby a mix of equities and fixed income investments is used to seek to maximize the long-term return on plan assets with a prudent level of risk. Risks are sought to be mitigated through asset diversification and the use of multiple investment managers. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. | |||||||||||||||||||||||||
TJX also sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code for all eligible U.S. employees and a similar type of plan for eligible employees in Puerto Rico. Assets under the plans totaled $1,275.4 million as of December 31, 2014 and $1,137.3 million as of December 31, 2013 and are invested in a variety of funds. Employees may contribute up to 50% of eligible pay, subject to limitation. TJX matches employee contributions, up to 5% of eligible pay, including a basic match at rates between 25% and 75% (based upon date of hire and other eligibility criteria) plus a discretionary match, generally up to 25%, based on TJX’s performance. Eligible employees are automatically enrolled in the U.S. plan at a 2% deferral rate, unless the employee elects otherwise. TJX contributed $31.2 million in fiscal 2015, $29.7 million in fiscal 2014 and $16.1 million in fiscal 2013 to these employee savings plans. Employees cannot invest their contributions in the TJX stock fund option in the plans, and may elect to invest no more than 50% of TJX’s contribution in the TJX stock fund. The TJX stock fund represents 7.4% at December 31, 2014, 8.3% of plan investments at December 31, 2013, and 7.2% of plan investments at December 31, 2012. TJX also maintained a 401(k) plan for eligible associates of Sierra Trading Post through December 31, 2013. All assets under this plan (which totaled $13.4 million) were transferred to the TJX 401(k) plan as of January 1, 2014. | |||||||||||||||||||||||||
TJX also has a nonqualified savings plan (the Executive Savings Plan) for certain U.S. employees. TJX matches employee deferrals at various rates which amounted to $3.5 million in fiscal 2015, $2.4 million in fiscal 2014 and $4.0 million in fiscal 2013. Although the plan is unfunded, in order to help meet its future obligations TJX transfers an amount generally equal to employee deferrals and the related company match to a separate “rabbi” trust. The trust assets, which are invested in a variety of mutual funds, are included in other assets on the balance sheets. | |||||||||||||||||||||||||
In addition to the plans described above, TJX also maintains retirement/deferred savings plans for eligible associates at its foreign subsidiaries. We contributed $9.3 million for these plans in fiscal 2015, $8.1 million in fiscal 2014 and $7.1 million in fiscal 2013. | |||||||||||||||||||||||||
Multiemployer Pension Plans: TJX contributes to certain multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. TJX contributed $11.5 million in fiscal 2015, $11.5 million in fiscal 2014 and $10.9 million in fiscal 2013 to the National Retirement Fund (EIN #13-6130178) and was listed in the plan’s Form 5500 as providing more than 5% of the total contributions for the plan year ending December 31, 2013. Based on information TJX received from the plan, the Pension Protection Act Zone Status of the National Retirement Fund is Critical and a rehabilitation plan has been implemented. | |||||||||||||||||||||||||
The risks of participating in multiemployer pension plans are different from the risks of single-employer pension plans in certain respects, including the following: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (c) if we cease to have an obligation to contribute to a multiemployer plan in which we had been a contributing employer, we may be required to pay to the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||
Postretirement Medical: TJX has a postretirement medical plan that provides limited postretirement medical benefits to retirees who are eligible for the defined benefit plan and who retired at age 55 or older with ten or more years of service. During fiscal 2006, TJX eliminated this benefit for all active associates and modified the benefit that was offered to retirees enrolled in the plan at that time. | |||||||||||||||||||||||||
TJX paid $174,000 of benefits in fiscal 2015 and will pay similar amounts over the next several years. The postretirement medical liability as of January 31, 2015 is estimated at $1.1 million, which is reflected on the balance sheet as a current liability of $167,000 and a long-term liability of $932,000. | |||||||||||||||||||||||||
The amendment to plan benefits in fiscal 2006 resulted in a negative plan amendment of $46.8 million which is being amortized into income over the average remaining life of the active plan participants. The unamortized balance of $9.4 million as of January 31, 2015 is included in accumulated other comprehensive income (loss) of which approximately $3.5 million will be amortized into income in fiscal 2016. During fiscal 2015, there was a pre-tax net benefit of $3.5 million reflected in the consolidated statements of income as it relates to this postretirement medical plan. |
LongTerm_Debt_and_Credit_Lines
Long-Term Debt and Credit Lines | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Long-Term Debt and Credit Lines | Note K. Long-Term Debt and Credit Lines | ||||||||
The table below presents long-term debt, exclusive of current installments, as of January 31, 2015 and February 1, 2014. All amounts are net of unamortized debt discounts. | |||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
General corporate debt: | |||||||||
4.20% senior unsecured notes, redeemed on July 8, 2014 (effective interest rate of 4.20% after reduction of unamortized debt discount of $8 in fiscal 2014) | $ | — | $ | 399,992 | |||||
6.95% senior unsecured notes, maturing April 15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $294 and $364 in fiscal 2015 and 2014, respectively) | 374,706 | 374,636 | |||||||
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $367 and $412 in fiscal 2015 and 2014, respectively) | 499,633 | 499,588 | |||||||
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $475 in fiscal 2015) | 749,525 | — | |||||||
Long-term debt | $ | 1,623,864 | $ | 1,274,216 | |||||
The aggregate maturities of long-term debt, exclusive of current installments at January 31, 2015 are as follows: | |||||||||
In thousands | Long-Term | ||||||||
Debt | |||||||||
Fiscal Year | |||||||||
2017 | $ | — | |||||||
2018 | — | ||||||||
2019 | — | ||||||||
2020 | 375,000 | ||||||||
Later years | 1,250,000 | ||||||||
Less amount representing unamortized debt discount | (1,136 | ) | |||||||
Aggregate maturities of long-term debt | $ | 1,623,864 | |||||||
At January 31, 2015, TJX had outstanding $750 million aggregate principal amount of 2.75% seven-year notes, due June 2021. TJX entered into rate-lock agreements to hedge the underlying treasury rate of all of the 2.75% notes prior to their issuance. The agreements were accounted for as cash flow hedges and the pre-tax realized loss of $7.9 million was recorded as a component of other comprehensive income and is being amortized to interest expense over the term of the notes, resulting in an effective fixed interest rate of 2.91%. On July 8, 2014 TJX used a portion of the proceeds of the 2.75% seven-year notes to redeem the 4.20% notes and recorded a pre-tax loss on the early extinguishment of debt of $16.8 million, which includes $16.4 million of redemption premium and $0.4 million to write off unamortized debt expenses and discount. | |||||||||
At January 31, 2015, TJX also had outstanding $500 million aggregate principal amount of 2.50% ten-year notes due May 2023 and $375 million aggregate principal amount of 6.95% ten-year notes due April 2019. TJX entered into rate-lock agreements to hedge the underlying treasury rate of $250 million of the 2.50% notes and all of the 6.95% notes. The costs of these agreements are being amortized to interest expense over the term of the respective notes, resulting in an effective fixed interest rate of 2.57% for the 2.50% notes and 7.00% for the 6.95% notes. | |||||||||
At January 31, 2015, TJX had two $500 million revolving credit facilities, one which matures in June 2017 and one which matures in May 2016. As of January 31, 2015 and February 1, 2014 and during the years then ended, there were no amounts outstanding under these facilities. At January 31, 2015 the agreements require quarterly payments on the unused committed amounts of 8.0 basis points for the agreement maturing in 2017 and 12.5 basis points for the agreement maturing in 2016. These rates are based on the credit ratings of TJX’s long-term debt and would vary with specified changes in the credit ratings. These agreements have no compensating balance requirements and have various covenants. Each of these facilities requires TJX to maintain a ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization (“EBITDAR”) of not more that 2.75 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented. | |||||||||
As of January 31, 2015 and February 1, 2014, TJX’s foreign subsidiaries had uncommitted credit facilities. TJX Canada had two credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of January 31, 2015 and February 1, 2014, and during the years then ended there were no amounts outstanding on the Canadian credit line for operating expenses. As of January 31, 2015 and February 1, 2014, TJX Europe had a credit line of £20 million. As of January 31, 2015 and February 1, 2014, and during the years then ended there were no amounts outstanding on this U.K. credit line. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Taxes | Note L. Income Taxes | ||||||||||||
For financial reporting purposes, components of income before income taxes are as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
United States | $ | 2,943,745 | $ | 2,746,925 | $ | 2,517,696 | |||||||
Foreign | 606,139 | 572,564 | 559,655 | ||||||||||
Income before provision for income taxes | $ | 3,549,884 | $ | 3,319,489 | $ | 3,077,351 | |||||||
The provision for income taxes includes the following: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 896,672 | $ | 815,811 | $ | 842,149 | |||||||
State | 180,616 | 177,009 | 162,200 | ||||||||||
Foreign | 155,398 | 136,626 | 153,083 | ||||||||||
Deferred: | |||||||||||||
Federal | 87,057 | 73,206 | 22,394 | ||||||||||
State | 14,231 | 5,928 | 1,583 | ||||||||||
Foreign | 782 | (26,487 | ) | (10,745 | ) | ||||||||
Provision for income taxes | $ | 1,334,756 | $ | 1,182,093 | $ | 1,170,664 | |||||||
TJX had net deferred tax (liabilities) assets as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 18,305 | $ | 25,711 | |||||||||
Reserves for lease obligations and computer intrusion | 16,242 | 29,108 | |||||||||||
Pension, stock compensation, postretirement and employee benefits | 351,171 | 280,381 | |||||||||||
Leases | 47,464 | 43,966 | |||||||||||
Other | 74,451 | 66,984 | |||||||||||
Total gross deferred tax assets | 507,633 | 446,150 | |||||||||||
Valuation allowance | (5,122 | ) | (4,359 | ) | |||||||||
Net deferred tax asset | $ | 502,511 | $ | 441,791 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | $ | 474,179 | $ | 432,262 | |||||||||
Capitalized inventory | 50,536 | 48,612 | |||||||||||
Tradename/intangibles | 47,443 | 45,528 | |||||||||||
Undistributed foreign earnings | 181,822 | 217,916 | |||||||||||
Other | 8,884 | 10,397 | |||||||||||
Total deferred tax liabilities | $ | 762,864 | $ | 754,715 | |||||||||
Net deferred tax (liability) | $ | (260,353 | ) | $ | (312,924 | ) | |||||||
Current asset | $ | 137,617 | $ | 101,639 | |||||||||
Non-current asset | 24,546 | 31,508 | |||||||||||
Non-current liability | (422,516 | ) | (446,071 | ) | |||||||||
Total | $ | (260,353 | ) | $ | (312,924 | ) | |||||||
TJX has provided for deferred U.S. taxes on all undistributed earnings through January 31, 2015 from its subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong, and Australia. For all other foreign subsidiaries, no income taxes have been provided on the approximately $566.6 million of undistributed earnings as of January 31, 2015 because such earnings are considered to be indefinitely reinvested in the business. A determination of the amount of unrecognized deferred tax liability related to the undistributed earnings is not practicable because of the complexities associated with the hypothetical calculations. | |||||||||||||
As of January 31, 2015, TJX had available for state income tax purposes net operating loss carryforwards of $61.5 million which expire, if unused, in the years 2016 through 2034. As of February 1, 2014, TJX had available for state income tax purposes net operating loss carryforwards of $35.9 million. TJX has analyzed the realization of the state net operating loss carryforwards on an individual state basis. For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance of $5.1 million has been provided for the deferred tax asset as of January 31, 2015, and $4.4 million as of February 1, 2014. | |||||||||||||
As of January 31, 2015, TJX had available for foreign income tax purposes (primarily related to Germany and Poland) net operating loss carryforwards of $48.3 million, of which $2.8 million will expire, if unused, in the years 2016 through 2018. The remaining loss carryforwards do not expire. As of February 1, 2014, TJX had available for foreign income tax purposes (primarily related to Germany and Poland) net operating loss carryforwards of $77.1 million. | |||||||||||||
The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effective state income tax rate | 3.6 | 3.6 | 3.5 | ||||||||||
Impact of foreign operations | (0.9 | ) | (0.8 | ) | (0.3 | ) | |||||||
All other | (0.1 | ) | (2.2 | ) | (0.2 | ) | |||||||
Worldwide effective income tax rate | 37.6 | % | 35.6 | % | 38 | % | |||||||
TJX’s effective income tax rate increased for fiscal 2015 as compared to fiscal 2014 primarily due to the impact of last year’s tax benefits of approximately $80 million, primarily due to a reduction in our reserve for uncertain tax positions as a result of settlements with state taxing authorities and the reversal of valuation allowances against foreign net operating loss carryforwards. | |||||||||||||
TJX had net unrecognized tax benefits (net of federal benefit on state issues) of $32.7 million as of January 31, 2015, $26.2 million as of February 1, 2014 and $125.3 million as of February 2, 2013. | |||||||||||||
A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 48,680 | $ | 148,777 | $ | 144,505 | |||||||
Additions for uncertain tax positions taken in current year | 4,771 | 4,212 | 1,949 | ||||||||||
Additions for uncertain tax positions taken in prior years | 5,278 | 5,096 | 3,009 | ||||||||||
Reductions for uncertain tax positions taken in prior years | (2,747 | ) | (69,292 | ) | — | ||||||||
Reductions resulting from lapse of statute of limitations | — | (317 | ) | (129 | ) | ||||||||
Settlements with tax authorities | (363 | ) | (39,796 | ) | (557 | ) | |||||||
Balance at end of year | $ | 55,619 | $ | 48,680 | $ | 148,777 | |||||||
Included in the gross amount of unrecognized tax benefits are items that will impact future effective tax rates upon recognition. These items amounted to $34.8 million as of January 31, 2015, $27.8 million as of February 1, 2014 and $129.0 million as of February 2, 2013. | |||||||||||||
TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S., fiscal years through 2010 are no longer subject to examination. In Canada, the fiscal years through 2006 are no longer subject to examination. In all other jurisdictions, the tax years through fiscal 2006 are no longer subject to examination. | |||||||||||||
TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The amount of interest and penalties expensed was $1.9 million for the year ended January 31, 2015, $4.0 million for the year ended February 1, 2014 and $4.7 million for the year ended February 2, 2013. The accrued amounts for interest and penalties are $10.1 million as of January 31, 2015, $8.1 million as of February 1, 2014 and $38.6 million as of February 2, 2013. | |||||||||||||
Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the financial statements as of January 31, 2015. During the next twelve months, it is reasonably possible that such circumstances may occur that would have a material effect on previously unrecognized tax benefits. 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 estimated at $0 million to $14.4 million. |
Commitments
Commitments | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments | Note M. Commitments | ||||
TJX is committed under long-term leases related to its continuing operations for the rental of real estate and fixtures and equipment. Most of TJX’s leases are store operating leases with ten-year terms and options to extend for one or more five-year periods in the U.S. and Canada and ten to fifteen year terms in Europe, some of which have options to extend. Many of the Company’s leases contain escalation clauses and we have the right to terminate some of the leases before the expiration date under specified circumstances and some with specified payments. In addition, TJX is generally required to pay insurance, real estate taxes and other operating expenses including, in some cases, rentals based on a percentage of sales. These expenses in the aggregate were approximately one-third of the total minimum rent in fiscal 2015, fiscal 2014 and fiscal 2013 and are not included in the table below. | |||||
The following is a schedule of future minimum lease payments for continuing operations as of January 31, 2015: | |||||
In thousands | Operating | ||||
Leases | |||||
Fiscal Year | |||||
2016 | $ | 1,303,196 | |||
2017 | 1,198,498 | ||||
2018 | 1,055,838 | ||||
2019 | 924,690 | ||||
2020 | 778,074 | ||||
Later years | 2,348,705 | ||||
Total future minimum lease payments | $ | 7,609,001 | |||
Rental expense under operating leases for continuing operations amounted to $1,321.6 million for fiscal 2015, $1,238.2 million for fiscal 2014 and $1,171.6 million for fiscal 2013. Rental expense includes contingent rent and is reported net of sublease income. Contingent rent paid was $15.2 million in fiscal 2015, $15.7 million in fiscal 2014 and $15.0 million in fiscal 2013. Sublease income was $0.8 million in fiscal 2015, $0.9 million in fiscal 2014 and in fiscal 2013. The total net present value of TJX’s minimum operating lease obligations approximated $6,499.2 million as of January 31, 2015. | |||||
We have entered into a lease agreement for the construction and occupancy of a new home office facility in Canada. We are deemed the owner of the construction project for accounting purposes and therefore the construction costs incurred to date by the lessor of $60.7 million are included as a construction in progress asset along with a related liability of the same amount on our balance sheet. The asset is included in “land and buildings” and the liability is included in “other long-term liabilities.” Upon completion of the project, a sale-leaseback analysis is performed to determine if the Company can record a sale to remove the assets and related obligation and record the lease as either an operating or capital lease obligation. If the Company is precluded from derecognizing the assets when construction is complete due to continuing involvement beyond a normal leaseback, the lease is accounted for as a financing transaction and the recorded asset and related financing obligation remain on the Consolidated Balance Sheet. Accordingly, the asset is depreciated over its estimated useful life in accordance with the Company’s policy and a portion of the lease payments is allocated to ground rent and treated as an operating lease. The portion of the lease payment allocated to ground rental expense is based on the fair value of the land at the commencement of construction. Lease payments allocated to the building are recognized as reductions to the financing obligation and interest expense. This transaction is disclosed in supplemental cash flow information as a non-cash investing and financing activity. | |||||
TJX had outstanding letters of credit totaling $42.9 million as of January 31, 2015 and $55.3 million as of February 1, 2014. Letters of credit are issued by TJX primarily for the purchase of inventory. | |||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities, Current and Long Term | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Accrued Expenses and Other Liabilities, Current and Long Term | Note N. Accrued Expenses and Other Liabilities, Current and Long Term | ||||||||
The major components of accrued expenses and other current liabilities are as follows: | |||||||||
Fiscal Year Ended | |||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Employee compensation and benefits, current | $ | 470,887 | $ | 479,003 | |||||
Computer Intrusion reserve | 7,616 | 12,854 | |||||||
Reserve for former operations, short term | 6,965 | 14,586 | |||||||
Rent, utilities and occupancy, including real estate taxes | 205,819 | 179,953 | |||||||
Merchandise credits and gift certificates | 274,557 | 246,438 | |||||||
Insurance | 38,514 | 34,364 | |||||||
Sales tax collections and V.A.T. taxes | 118,821 | 102,572 | |||||||
All other current liabilities | 672,943 | 612,064 | |||||||
Accrued expenses and other current liabilities | $ | 1,796,122 | $ | 1,681,834 | |||||
All other current liabilities include accruals for advertising, property additions, dividends, freight, interest, reserve for sales returns, expense payables, purchased services and other items, each of which is individually less than 5% of current liabilities. | |||||||||
The major components of other long-term liabilities are as follows: | |||||||||
Fiscal Year Ended | |||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Employee compensation and benefits, long term | $ | 460,086 | $ | 334,847 | |||||
Reserve for former operations, long term | 7,609 | 16,777 | |||||||
Accrued rent | 203,216 | 195,586 | |||||||
Landlord allowances | 97,861 | 106,151 | |||||||
Tax reserve, long term | 28,088 | 50,227 | |||||||
Financing lease obligation | 60,733 | — | |||||||
All other long-term liabilities | 30,544 | 29,411 | |||||||
Other long-term liabilities | $ | 888,137 | $ | 732,999 |
Contingent_Obligations_and_Con
Contingent Obligations and Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Contingent Obligations and Contingencies | Note O. Contingent Obligations and Contingencies |
Contingent Obligations: TJX has contingent obligations on leases, for which it was a lessee or guarantor, which were assigned to third parties without TJX being released by the landlords. Over many years, TJX has assigned numerous leases that we originally leased or guaranteed to a significant number of third parties. With the exception of leases of former businesses for which TJX has reserved, we have rarely had a claim with respect to assigned leases, and accordingly, we do not expect that such leases will have a material adverse impact on our financial condition, results of operations or cash flows. TJX does not generally have sufficient information about these leases to estimate our potential contingent obligations under them, which could be triggered in the event that one or more of the current tenants does not fulfill their obligations related to one or more of these leases. | |
TJX also has contingent obligations in connection with certain assigned or sublet properties that TJX is able to estimate. We estimate that the undiscounted obligations of (i) leases of former operations not included in our reserve for former operations and (ii) properties of our former operations if the subtenants do not fulfill their obligations, are approximately $69 million as of January 31, 2015. We believe that most or all of these contingent obligations will not revert to us and, to the extent they do, will be resolved for substantially less due to mitigating factors including our expectation to further sublet. | |
TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to breach of warranty or losses related to such matters as title to assets sold, specified environmental matters or certain income taxes. These obligations are typically limited in time and amount. There are no amounts reflected in our balance sheets with respect to these contingent obligations. | |
Contingencies: TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of our business. In addition, TJX is a defendant in several lawsuits filed in federal and state courts brought as putative class or collective actions on behalf of various groups of current and former salaried and hourly associates in the U.S. The lawsuits allege violations of the Fair Labor Standards Act and of state wage and hour and other labor statutes, including alleged misclassification of positions as exempt from overtime, alleged entitlement to additional wages for alleged off-the-clock work by hourly employees and alleged failure to pay all wages due upon termination. The lawsuits are in various procedural stages and seek unspecified monetary damages, injunctive relief and attorneys’ fees. At this time, TJX is not able to predict the outcome of these lawsuits or the amount of any loss that may arise from them. |
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Supplemental Cash Flows Information | Note P. Supplemental Cash Flows Information | ||||||||||||
The cash flows required to satisfy obligations of former operations discussed in Note C are classified as a reduction in cash provided by operating activities. There are no remaining operating activities relating to these operations. | |||||||||||||
TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Cash paid for: | |||||||||||||
Interest on debt | $ | 66,265 | $ | 52,196 | $ | 45,653 | |||||||
Income taxes | 1,091,128 | 1,240,377 | 971,732 | ||||||||||
Changes in accrued expenses due to: | |||||||||||||
Dividends payable | $ | 17,377 | $ | 19,380 | $ | 12,291 | |||||||
Property additions | 8,254 | (6,432 | ) | 33,615 | |||||||||
Non-cash investing and financing activity: | |||||||||||||
Construction in progress | $ | (60,733 | ) | $ | — | $ | — | ||||||
Financing lease obligation | 60,733 | — | — |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Note Q. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
Presented below is selected quarterly consolidated financial data for fiscal 2015 and fiscal 2014 which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. | |||||||||||||||||
In thousands except per share amounts | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
Net sales | $ | 6,491,176 | $ | 6,917,212 | $ | 7,366,066 | $ | 8,303,953 | |||||||||
Gross earnings(1) | 1,813,176 | 1,981,356 | 2,162,437 | 2,344,916 | |||||||||||||
Net income | 454,317 | 517,624 | 594,957 | 648,230 | |||||||||||||
Basic earnings per share | 0.65 | 0.75 | 0.86 | 0.95 | |||||||||||||
Diluted earnings per share | 0.64 | 0.73 | 0.85 | 0.93 | |||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
Net sales | $ | 6,189,609 | $ | 6,442,424 | $ | 6,981,876 | $ | 7,808,787 | |||||||||
Gross earnings(1) | 1,756,076 | 1,855,685 | 2,047,411 | 2,158,487 | |||||||||||||
Net income | 452,890 | 479,559 | 622,655 | 582,292 | |||||||||||||
Basic earnings per share | 0.63 | 0.67 | 0.88 | 0.82 | |||||||||||||
Diluted earnings per share | 0.62 | 0.66 | 0.86 | 0.81 | |||||||||||||
-1 | Gross earnings equal net sales less cost of sales, including buying and occupancy costs. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Basis of Presentation | Basis of Presentation: The consolidated financial statements of The TJX Companies, Inc. (referred to as “TJX” or “we”) include the financial statements of all of TJX’s subsidiaries, all of which are wholly owned. All of its activities are conducted by TJX or its subsidiaries and are consolidated in these financial statements. All intercompany transactions have been eliminated in consolidation. | ||||||||||||
Fiscal Year | Fiscal Year: TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The fiscal years ended January 31, 2015 (fiscal 2015) and February 1, 2014 (fiscal 2014) each included 52 weeks. The fiscal year ended February 2, 2013 (fiscal 2013) included 53 weeks. | ||||||||||||
Earnings Per Share | Earnings Per Share: All earnings per share amounts refer to diluted earnings per share, unless otherwise indicated. | ||||||||||||
Use of Estimates | Use of Estimates: Preparation of the TJX financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairments of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, reserves for uncertain tax positions, reserves for former operations and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from those estimates, and such differences could be material. | ||||||||||||
Revenue Recognition | Revenue Recognition: TJX records revenue at the time of sale and receipt of merchandise by the customer, net of a reserve for estimated returns. We estimate returns based upon our historical experience. We defer recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise. Based on historical experience, we estimate the amount of gift cards and store cards that will not be redeemed (“breakage”) and, to the extent allowed by local law, these amounts are amortized into income over the redemption period. Revenue recognized from breakage was $17.8 million in fiscal 2015, $17.5 million in fiscal 2014 and $13.9 million in fiscal 2013. We estimate the date of receipt by the customer when recognizing revenue from sales by our e-commerce operations and shipping and handling costs charged to the customer are included in revenue. The shipping and handling costs incurred by TJX are included in cost of sales, including buying and occupancy costs. | ||||||||||||
Consolidated Statements of Income Classifications | Consolidated Statements of Income Classifications: Cost of sales, including buying and occupancy costs, includes the cost of merchandise sold including foreign currency gains and losses on merchandise purchases denominated in other currencies: gains and losses on inventory and fuel-related derivative contracts; store occupancy costs (including real estate taxes, utility and maintenance costs and fixed asset depreciation); the costs of operating distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. | ||||||||||||
Selling, general and administrative expenses include store payroll and benefit costs; communication costs; credit and check expenses; advertising; administrative and field management payroll, benefits and travel costs; corporate administrative costs and depreciation; gains and losses on non-inventory related foreign currency exchange contracts; and other miscellaneous income and expense items. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents: TJX generally considers highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. These investments are classified as trading securities and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. | ||||||||||||
As of January 31, 2015, TJX’s cash and cash equivalents held outside the U.S. were $1.2 billion, of which $413.9 million was held in countries where TJX has the intention to reinvest any undistributed earnings indefinitely. | |||||||||||||
Merchandise Inventories | Merchandise Inventories: Inventories are stated at the lower of cost or market. TJX uses the retail method for valuing inventories at all of its divisions, except STP. TJX utilizes a permanent markdown strategy and lowers the cost value of the inventory that is subject to markdown at the time the retail prices are lowered in the stores. TJX accrues for inventory obligations at the time inventory is shipped. As a result, merchandise inventories on TJX’s balance sheet include an accrual for in-transit inventory of $495.2 million at January 31, 2015 and $451.6 million at February 1, 2014. Comparable amounts were reflected in accounts payable at those dates. | ||||||||||||
Common Stock and Equity | Common Stock and Equity: Equity transactions consist primarily of the repurchase by TJX of its common stock under its stock repurchase programs and the recognition of compensation expense and issuance of common stock under TJX’s Stock Incentive Plan. Under TJX’s stock repurchase programs the Company repurchases its common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par first charged against any available additional paid-in capital (“APIC”) and the balance charged to retained earnings. Due to the high volume of repurchases over the past several years, TJX has no remaining balance in APIC at the end of any of the years presented. All shares repurchased have been retired. | ||||||||||||
Shares issued under TJX’s Stock Incentive Plan are issued from authorized but unissued shares, and proceeds received are recorded by increasing common stock for the par value of the shares with the excess over par added to APIC. Income tax benefits upon the expensing of options result in the creation of a deferred tax asset, while income tax benefits due to the exercise of stock options reduce deferred tax assets up to the amount that an asset for the related grant has been created. Any tax benefits greater than the deferred tax assets created at the time of expensing the options are credited to APIC; any deficiencies in the tax benefits are debited to APIC to the extent a pool for such deficiencies exists. In the absence of a pool, any deficiencies are realized in the related periods’ statements of income through the provision for income taxes. Any excess income tax benefits are included in cash flows from financing activities in the statements of cash flows. The par value of restricted stock awards is also added to common stock when the stock is issued, generally at grant date. The fair value of the restricted stock awards in excess of par value is added to APIC as the awards are amortized into earnings over the related requisite service periods. | |||||||||||||
Share-Based Compensation | Share-Based Compensation: TJX accounts for share-based compensation by estimating the fair value of each award on the date of grant. TJX uses the Black-Scholes option pricing model for options awarded and the market price on the grant date for performance-based restricted stock awards. See Note I for a detailed discussion of share-based compensation. | ||||||||||||
Interest | Interest: TJX’s interest expense is presented as a net amount. The following is a summary of net interest expense: | ||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Interest expense | $ | 64,783 | $ | 57,084 | $ | 48,582 | |||||||
Capitalized interest | (9,403 | ) | (10,993 | ) | -7,750 | ||||||||
Interest (income) | (15,593 | ) | (15,010 | ) | -11,657 | ||||||||
Interest expense, net | $ | 39,787 | $ | 31,081 | $ | 29,175 | |||||||
TJX capitalizes interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2015, 2014 and 2013 relates to costs on active owned real estate projects and development costs on a merchandising system. | |||||||||||||
Depreciation and Amortization | Depreciation and Amortization: For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $595.6 million in fiscal 2015, $555.8 million in fiscal 2014 and $515.9 million in fiscal 2013. Amortization expense for property held under a capital lease was $1.7 million in fiscal 2013. TJX had no property held under capital lease during fiscal 2015 or fiscal 2014. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized over 3 to 10 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred. | ||||||||||||
Lease Accounting | Lease Accounting: TJX begins to record rent expense when it takes possession of a store, which is typically 30 to 60 days prior to the opening of the store and generally occurs before the commencement of the lease term, as specified in the lease. All lease agreements involving property built to our specifications are reviewed to determine if our involvement in the construction project requires that we account for the project costs as if we were the owner for accounting purposes. | ||||||||||||
Long-Lived Assets | Long-Lived Assets: Information related to carrying values of TJX’s long-lived assets by geographic location is presented below: | ||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | 2,927,297 | $ | 2,693,670 | $ | 2,350,539 | |||||||
Canada | 266,332 | 214,459 | 237,232 | ||||||||||
Europe | 674,736 | 686,372 | 635,471 | ||||||||||
Total long-lived assets | $ | 3,868,365 | $ | 3,594,501 | $ | 3,223,242 | |||||||
Goodwill and Tradenames | Goodwill and Tradenames: Goodwill includes the excess of the purchase price paid over the carrying value of the minority interest acquired in fiscal 1990 in TJX’s former 83%-owned subsidiary and represents goodwill associated with the T.J. Maxx chain, as well as the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991 and the purchase of Sierra Trading Post in fiscal 2013 (See Note B). | ||||||||||||
Goodwill totaled $169.0 million as of January 31, 2015, $169.3 million as of February 1, 2014 and $170.3 million as of February 2, 2013. Goodwill is considered to have an indefinite life and accordingly is not amortized. | |||||||||||||
Tradenames are the value assigned to the name “Marshalls,” acquired by TJX in fiscal 1996 as part of the acquisition of the Marshalls chain and the value assigned to the name “Sierra Trading Post,” acquired by TJX in fiscal 2013. The tradenames were valued by calculating the discounted present value of assumed after-tax royalty payments. The Marshalls tradename is carried at a value of $107.7 million and is considered to have an indefinite life. The Sierra Trading Post tradename is being amortized over 15 years and is carried at a value of $33.2 million in fiscal 2015, $35.7 million in fiscal 2014 and $38.3 million in fiscal 2013 net of amortization of $5.3 million, $2.8 million and $0.2 million, respectively. | |||||||||||||
TJX occasionally acquires or licenses other trademarks to be used in connection with private label merchandise. Such trademarks are included in other assets and are amortized to cost of sales, including buying and occupancy costs, over their useful life, generally from 7 to 10 years. | |||||||||||||
Goodwill, tradenames and trademarks, and the related accumulated amortization if any, are included in the respective operating segment to which they relate. | |||||||||||||
Impairment of Long-Lived Assets, Goodwill and Tradename | Impairment of Long-Lived Assets, Goodwill and Tradenames: TJX evaluates its long-lived assets, goodwill and tradenames for indicators of impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable, and at least annually in the fourth quarter of each fiscal year. An impairment exists when the undiscounted cash flow of an asset or asset group is less than the carrying cost of that asset or asset group. | ||||||||||||
The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows which are largely independent of other groups of assets, which is generally at the individual store level. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if an impairment exists. The store-by-store evaluations did not indicate any recoverability issues in each of the past three fiscal years. | |||||||||||||
Goodwill is tested for impairment whenever events or changes in circumstances indicate that an impairment may have occurred and at least annually in the fourth quarter of each fiscal year, using a quantitative assessment by comparing the carrying value of the related reporting unit to its fair value. An impairment exists when this analysis, using typical valuation models such as the discounted cash flow method, shows that the fair value of the reporting unit is less than the carrying cost of the reporting unit. We may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The assessment of qualitative factors is optional and at the Company’s discretion. In fiscal 2015 and fiscal 2014, we bypassed the qualitative assessment and performed the first step of the quantitative goodwill impairment test. | |||||||||||||
Tradenames are also tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the tradename may exceed its fair value and at least annually in the fourth quarter of each fiscal year. Testing is performed by comparing the discounted present value of assumed after-tax royalty payments to the carrying value of the tradename. | |||||||||||||
There was no impairment related to our goodwill or tradenames in fiscal 2015, 2014 or 2013. | |||||||||||||
Advertising Costs | Advertising Costs: TJX expenses advertising costs as incurred. Advertising expense was $371.3 million for fiscal 2015, $333.5 million for fiscal 2014 and $298.6 million for fiscal 2013. | ||||||||||||
Foreign Currency Translation | Foreign Currency Translation: TJX’s foreign assets and liabilities are translated into U.S. dollars at fiscal year-end exchange rates with resulting translation gains and losses included in shareholders’ equity as a component of accumulated other comprehensive income (loss). Activity of the foreign operations that affect the statements of income and cash flows is translated at average exchange rates prevailing during the fiscal year. | ||||||||||||
Loss Contingencies | Loss Contingencies: TJX records a reserve for loss contingencies when it is both probable that a loss will be incurred and the amount of the loss is reasonably estimable. TJX evaluates pending litigation and other contingencies at least quarterly and adjusts the reserve for such contingencies for changes in probable and reasonably estimable losses. TJX includes an estimate for related legal costs at the time such costs are both probable and reasonably estimable. | ||||||||||||
New Accounting Standards | New Accounting Standards: In May 2014, a pronouncement was issued that creates common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. The new guidance supersedes most preexisting revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is not permitted. The standard is to be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. For TJX, the standard will be effective in the first quarter of fiscal 2018. TJX is currently evaluating the impact of the new pronouncement on its consolidated financial statements. | ||||||||||||
Revisions | Revisions: The cash flow impact of purchases and sales of investments designed to meet obligations under TJX’s Executive Savings Plan of approximately $10.0 million in both fiscal 2014 and 2013 has been adjusted to correct the presentation from ‘other’, in operating activity, to ‘Purchases of investments’ or ‘Sales and maturities of investments’ in cash flows from investing activity. These revisions to the statement of cash flows represent errors that are not deemed to be material, individually or in the aggregate, to the prior period financial statements. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Summary of Net Interest Expense | Interest: TJX’s interest expense is presented as a net amount. The following is a summary of net interest expense: | ||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Interest expense | $ | 64,783 | $ | 57,084 | $ | 48,582 | |||||||
Capitalized interest | (9,403 | ) | (10,993 | ) | -7,750 | ||||||||
Interest (income) | (15,593 | ) | (15,010 | ) | -11,657 | ||||||||
Interest expense, net | $ | 39,787 | $ | 31,081 | $ | 29,175 | |||||||
Summary of Long-Lived Assets by Geographic Location | Long-Lived Assets: Information related to carrying values of TJX’s long-lived assets by geographic location is presented below: | ||||||||||||
Fiscal Year Ended | |||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | 2,927,297 | $ | 2,693,670 | $ | 2,350,539 | |||||||
Canada | 266,332 | 214,459 | 237,232 | ||||||||||
Europe | 674,736 | 686,372 | 635,471 | ||||||||||
Total long-lived assets | $ | 3,868,365 | $ | 3,594,501 | $ | 3,223,242 | |||||||
Acquisition_of_Sierra_Trading_1
Acquisition of Sierra Trading Post (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Assets and Liabilities Acquired Based on Estimated Fair Values | The following table presents the allocation of the final purchase price, after adjusting for customary post-closing adjustments, to the assets and liabilities acquired based on their estimated fair values as of December 21, 2012: | ||||
Dollars in thousands | Allocation of | ||||
purchase price | |||||
Current assets | $ | 100,575 | |||
Property and equipment | 39,862 | ||||
Other assets | 497 | ||||
Intangible assets | 143,754 | ||||
Total assets acquired | 284,688 | ||||
Total liabilities assumed | 91,559 | ||||
Net assets acquired | $ | 193,129 | |||
Reserves_Related_to_Former_Ope1
Reserves Related to Former Operations (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Reserves Related to Former Operations | TJX has a reserve for its estimate of future obligations of business operations it has closed or sold. The reserve activity for the last three fiscal years is presented below: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 31,363 | $ | 45,229 | $ | 45,381 | |||||||
Additions (reductions) to the reserve charged to net income: | |||||||||||||
Adjustments to lease-related obligations | (12,300 | ) | (3,312 | ) | 16,000 | ||||||||
Interest accretion | 525 | 1,440 | 996 | ||||||||||
Charges against the reserve: | |||||||||||||
Lease-related obligations | (4,907 | ) | (11,088 | ) | (15,682 | ) | |||||||
Termination benefits and all other | (107 | ) | (906 | ) | (1,466 | ) | |||||||
Balance at end of year | $ | 14,574 | $ | 31,363 | $ | 45,229 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The following table details the changes in accumulated other comprehensive income (loss) for fiscal 2015, fiscal 2014 and fiscal 2013: | ||||||||||||||||
Amounts in thousands | Foreign | Deferred | Cash Flow | Accumulated | |||||||||||||
Currency | Benefit Costs | Hedge on Debt | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
Income (Loss) | |||||||||||||||||
Balance, January 28, 2012 | $ | (24,843 | ) | $ | (167,732 | ) | $ | — | $ | (192,575 | ) | ||||||
Foreign currency translation adjustments (net of taxes of $1,285) | 6,200 | — | — | 6,200 | |||||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $27,362) | — | (41,043 | ) | — | (41,043 | ) | |||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $9,350) | — | 14,026 | — | 14,026 | |||||||||||||
Balance, February 2, 2013 | (18,643 | ) | (194,749 | ) | — | (213,392 | ) | ||||||||||
Foreign currency translation adjustments (net of taxes of $41,713) | (57,926 | ) | — | — | (57,926 | ) | |||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $36,856) | — | 55,285 | — | 55,285 | |||||||||||||
Amortization of deferred benefit costs (net of taxes of $11,001) | — | 16,501 | — | 16,501 | |||||||||||||
Balance, February 1, 2014 | (76,569 | ) | (122,963 | ) | — | (199,532 | ) | ||||||||||
Foreign currency translation adjustments (net of taxes of $56,567) | (218,700 | ) | — | — | (218,700 | ) | |||||||||||
Recognition of net gains/losses on benefit obligations (net of taxes of $91,941) | — | (139,366 | ) | — | (139,366 | ) | |||||||||||
Loss on cash flow hedge (net of taxes of $3,149) | — | — | (4,762 | ) | (4,762 | ) | |||||||||||
Amortization of loss on cash flow hedge (net of taxes of $300) | — | — | 452 | 452 | |||||||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,591) | — | 7,523 | — | 7,523 | |||||||||||||
Balance, January 31, 2015 | $ | (295,269 | ) | $ | (254,806 | ) | $ | (4,310 | ) | $ | (554,385 | ) |
Capital_Stock_and_Earnings_Per1
Capital Stock and Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings per Share | Earnings Per Share: The following schedule presents the calculation of basic and diluted earnings per share for income from continuing operations: | ||||||||||||
Fiscal Year Ended | |||||||||||||
Amounts in thousands except per share amounts | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Basic earnings per share: | |||||||||||||
Net income | $ | 2,215,128 | $ | 2,137,396 | $ | 1,906,687 | |||||||
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||||
Basic earnings per share | $ | 3.2 | $ | 3 | $ | 2.6 | |||||||
Diluted earnings per share: | |||||||||||||
Net income | $ | 2,215,128 | $ | 2,137,396 | $ | 1,906,687 | |||||||
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||||
Assumed exercise / vesting of: | |||||||||||||
Stock options and awards | 10,854 | 12,906 | 13,967 | ||||||||||
Weighted average common stock outstanding for diluted earnings per share calculation | 703,545 | 726,376 | 747,555 | ||||||||||
Diluted earnings per share | $ | 3.15 | $ | 2.94 | $ | 2.55 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Financial Instruments Related Fair Value and Balance Sheet Classification | The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 31, 2015: | ||||||||||||||||||||||||||||
In thousands | Pay | Receive | Blended | Balance Sheet | Current | Current | Net Fair | ||||||||||||||||||||||
Contract | Location | Asset | (Liability) | Value in | |||||||||||||||||||||||||
Rate | U.S.$ | U.S.$ | U.S.$ at | ||||||||||||||||||||||||||
January 31, | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | |||||||||||||||||||||||||||||
zł 94,073 | C$ 32,318 | 0.3435 | Prepaid Exp/ | $ | 153 | $ | (81 | ) | $ | 72 | |||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
€ 39,000 | £ 30,988 | 0.7946 | Prepaid Exp/ | 2,536 | (72 | ) | 2,464 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
€ 19,850 | U.S.$ 22,647 | 1.1409 | Prepaid Exp | 108 | — | 108 | |||||||||||||||||||||||
U.S.$ 83,401 | £ 55,000 | 0.6595 | (Accrued Exp) | — | (725 | ) | (725 | ) | |||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Fixed on 1.2M | Float on 1.2M | N/A | (Accrued Exp | ) | — | (15,324 | ) | (15,324 | ) | |||||||||||||||||||
—1.9M gal per | —1.9M gal | ||||||||||||||||||||||||||||
month | per month | ||||||||||||||||||||||||||||
Merchandise purchase commitments | |||||||||||||||||||||||||||||
C$ 322,492 | U.S.$ 281,890 | 0.8741 | Prepaid Exp | 28,789 | — | 28,789 | |||||||||||||||||||||||
C$ 13,426 | € 9,500 | 0.7076 | Prepaid Exp | 183 | — | 183 | |||||||||||||||||||||||
£ 77,722 | U.S.$ 123,500 | 1.589 | Prepaid Exp | 6,477 | — | 6,477 | |||||||||||||||||||||||
zł 139,215 | £ 25,547 | 0.1835 | Prepaid Exp / | 1,172 | (166 | ) | 1,006 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
U.S.$ 12,590 | € 10,353 | 0.8223 | Prepaid Exp / | 1 | (898 | ) | (897 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
Total fair value of financial instruments | $ | 39,419 | $ | (17,266 | ) | $ | 22,153 | ||||||||||||||||||||||
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2014: | |||||||||||||||||||||||||||||
In thousands | Pay | Receive | Blended | Balance Sheet | Current | Current | Net Fair | ||||||||||||||||||||||
Contract | Location | Asset | (Liability) | Value in | |||||||||||||||||||||||||
Rate | U.S.$ | U.S.$ | U.S.$ at | ||||||||||||||||||||||||||
February 1, | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | |||||||||||||||||||||||||||||
zł 84,073 | C$ 29,082 | 0.3459 | (Accrued Exp) | $ | — | $ | (348 | ) | $ | (348 | ) | ||||||||||||||||||
€ 39,000 | £ 32,646 | 0.8371 | Prepaid Exp | 1,015 | — | 1,015 | |||||||||||||||||||||||
€ 44,850 | U.S.$ 60,827 | 1.3562 | Prepaid Exp | 335 | — | 335 | |||||||||||||||||||||||
U.S.$ 90,309 | £ 55,000 | 0.609 | (Accrued Exp) | — | (182 | ) | (182 | ) | |||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Fixed on 1.2M | Float on 1.2M | N/A | Prepaid Exp | 137 | — | 137 | ||||||||||||||||||||||
—1.9M gal per | —1.9M gal per | ||||||||||||||||||||||||||||
month | month | ||||||||||||||||||||||||||||
Merchandise purchase commitments | |||||||||||||||||||||||||||||
C$ 388,745 | U.S.$ 365,100 | 0.9392 | Prepaid Exp / | 16,466 | (40 | ) | 16,426 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
C$ 15,202 | € 10,500 | 0.6907 | Prepaid Exp / | 548 | (38 | ) | 510 | ||||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
£ 174,102 | U.S.$ 280,700 | 1.6123 | Prepaid Exp / | 132 | (5,385 | ) | (5,253 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
zł 113,571 | £ 22,442 | 0.1976 | Prepaid Exp | 984 | — | 984 | |||||||||||||||||||||||
U.S.$ 442 | ¥ 2,680 | 6.0633 | Prepaid Exp | — | — | — | |||||||||||||||||||||||
U.S.$ 12,464 | € 9,159 | 0.7348 | Prepaid Exp / | 2 | (114 | ) | (112 | ) | |||||||||||||||||||||
(Accrued Exp) | |||||||||||||||||||||||||||||
Total fair value of financial instruments | $ | 19,619 | $ | (6,107 | ) | $ | 13,512 | ||||||||||||||||||||||
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the statements of income during fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: | ||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||
Income by Derivative | |||||||||||||||||||||||||||||
In thousands | Location of Gain (Loss) Recognized in | January 31, | February 1, | February 2, | |||||||||||||||||||||||||
Income by Derivative | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(53 weeks) | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Intercompany balances, primarily debt and related interest | Selling, general | $ | 7,413 | $ | 6,099 | $ | (7,661 | ) | |||||||||||||||||||||
and administrative | |||||||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
Diesel contracts | Cost of sales, including buying and occupancy costs | (16,050 | ) | (1,831 | ) | 4,261 | |||||||||||||||||||||||
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 41,554 | 22,338 | (2,084 | ) | ||||||||||||||||||||||||
Gain / (loss) recognized in income | $ | 32,917 | $ | 26,606 | $ | (5,484 | ) |
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Level 1 | |||||||||||||
Assets: | |||||||||||||
Executive Savings Plan investments | $ | 151,936 | $ | 131,049 | $ | 101,903 | |||||||
Level 2 | |||||||||||||
Assets: | |||||||||||||
Short-term investments | $ | 282,623 | $ | 294,702 | $ | 235,853 | |||||||
Foreign currency exchange contracts | 39,419 | 19,482 | 5,980 | ||||||||||
Diesel fuel contracts | — | 137 | 3,372 | ||||||||||
Liabilities: | |||||||||||||
Foreign currency exchange contracts | $ | 1,942 | $ | 6,107 | $ | 11,874 | |||||||
Diesel fuel contracts | 15,324 | — | — |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Percentages of Consolidated Revenues by Major Product Category | The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows: | ||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Apparel | |||||||||||||
Clothing including footwear | 57 | % | 58 | % | 59 | % | |||||||
Jewelry and accessories | 14 | 14 | 13 | ||||||||||
Home fashions | 29 | 28 | 28 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Net sales: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 18,687,880 | $ | 17,929,576 | $ | 17,011,409 | |||||||
HomeGoods | 3,414,351 | 2,993,718 | 2,657,111 | ||||||||||
TJX Canada | 2,883,863 | 2,877,834 | 2,925,991 | ||||||||||
TJX Europe | 4,092,313 | 3,621,568 | 3,283,861 | ||||||||||
$ | 29,078,407 | $ | 27,422,696 | $ | 25,878,372 | ||||||||
Segment profit: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 2,736,694 | $ | 2,612,693 | $ | 2,486,274 | |||||||
HomeGoods | 463,193 | 386,541 | 324,623 | ||||||||||
TJX Canada | 393,622 | 405,363 | 414,914 | ||||||||||
TJX Europe | 337,406 | 275,453 | 215,713 | ||||||||||
3,930,915 | 3,680,050 | 3,441,524 | |||||||||||
General corporate expense | 324,414 | 329,480 | 334,998 | ||||||||||
Loss on early extinguishment of debt | 16,830 | — | — | ||||||||||
Interest expense, net | 39,787 | 31,081 | 29,175 | ||||||||||
Income before provision for income taxes | $ | 3,549,884 | $ | 3,319,489 | $ | 3,077,351 | |||||||
Business segment information (continued): | |||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Identifiable assets: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 5,014,573 | $ | 4,700,347 | $ | 4,569,887 | |||||||
HomeGoods | 777,214 | 638,742 | 569,476 | ||||||||||
TJX Canada | 1,020,955 | 962,101 | 978,577 | ||||||||||
TJX Europe | 1,531,661 | 1,510,132 | 1,261,556 | ||||||||||
Corporate(1) | 2,783,978 | 2,389,700 | 2,132,359 | ||||||||||
$ | 11,128,381 | $ | 10,201,022 | $ | 9,511,855 | ||||||||
Capital expenditures: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 445,041 | $ | 551,839 | $ | 590,307 | |||||||
HomeGoods | 148,354 | 99,828 | 90,291 | ||||||||||
TJX Canada | 100,779 | 104,888 | 132,874 | ||||||||||
TJX Europe | 217,348 | 190,123 | 164,756 | ||||||||||
$ | 911,522 | $ | 946,678 | $ | 978,228 | ||||||||
Depreciation and amortization: | |||||||||||||
In the United States | |||||||||||||
Marmaxx | $ | 340,830 | $ | 318,414 | $ | 293,820 | |||||||
HomeGoods | 54,867 | 47,176 | 47,915 | ||||||||||
TJX Canada | 66,141 | 66,295 | 64,810 | ||||||||||
TJX Europe | 123,547 | 114,651 | 99,487 | ||||||||||
Corporate(2) | 3,590 | 2,287 | 2,897 | ||||||||||
$ | 588,975 | $ | 548,823 | $ | 508,929 | ||||||||
-1 | Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, the trust assets in connection with the Executive Savings Plan and deferred taxes. Consolidated cash, including cash held in our foreign entities, is included with Corporate assets for consistency with the reporting of cash for our segments in the U.S. | ||||||||||||
-2 | Includes debt discount accretion and debt expense amortization. |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model | The fair value of options is estimated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: | ||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
January 31, | February 1, | February 2, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Risk-free interest rate | 1.79 | % | 1.42 | % | 0.7 | % | |||||||||||||||||||
Dividend yield | 1.2 | % | 1 | % | 1 | % | |||||||||||||||||||
Expected volatility factor | 24.2 | % | 25.9 | % | 29 | % | |||||||||||||||||||
Expected option life in years | 4.5 | 4.4 | 4.5 | ||||||||||||||||||||||
Weighted average fair value of options issued | $ | 12 | $ | 11.92 | $ | 10.28 | |||||||||||||||||||
Schedule of Stock Options and Related Weighted Average Exercise Prices | Stock Options: A summary of the status of TJX’s stock options and related weighted average exercise prices (“WAEP”) is presented below (shares in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Options | WAEP | Options | WAEP | Options | WAEP | ||||||||||||||||||||
(53 weeks) | |||||||||||||||||||||||||
Outstanding at beginning of year | 32,628 | $ | 28.3 | 36,620 | $ | 22.31 | 40,944 | $ | 18.27 | ||||||||||||||||
Granted | 4,849 | 59.7 | 4,742 | 56.71 | 4,951 | 45.09 | |||||||||||||||||||
Exercised | (6,981 | ) | 20.39 | (8,258 | ) | 17.71 | (8,385 | ) | 15.9 | ||||||||||||||||
Forfeitures | (418 | ) | 48.76 | (476 | ) | 34.74 | (890 | ) | 23.35 | ||||||||||||||||
Outstanding at end of year | 30,078 | $ | 34.91 | 32,628 | $ | 28.3 | 36,620 | $ | 22.31 | ||||||||||||||||
Options exercisable at end of year | 21,001 | $ | 25.75 | 22,473 | $ | 20.19 | 24,050 | $ | 17.02 | ||||||||||||||||
Schedule of Stock Options Outstanding Expected to Vest and Stock Options Outstanding Exercisable | The following table summarizes information about stock options outstanding that were expected to vest and stock options outstanding that were exercisable as of January 31, 2015: | ||||||||||||||||||||||||
Shares in thousands | Shares | Aggregate | Weighted | WAEP | |||||||||||||||||||||
Intrinsic | Average | ||||||||||||||||||||||||
Value | Remaining | ||||||||||||||||||||||||
Contract Life | |||||||||||||||||||||||||
Options outstanding expected to vest | 8,354 | $ | 81,276 | 9.0 years | $ | 56.21 | |||||||||||||||||||
Options exercisable | 21,001 | $ | 843,971 | 5.3 years | $ | 25.75 | |||||||||||||||||||
Total outstanding options vested and expected to vest | 29,355 | $ | 925,247 | 6.3 years | $ | 34.42 | |||||||||||||||||||
Summary of Nonvested Performance-Based Stock Awards | A summary of the status of our nonvested performance-based stock awards and changes during fiscal 2015 is presented below: | ||||||||||||||||||||||||
Shares in thousands | Restricted | Weighted | |||||||||||||||||||||||
and | Average | ||||||||||||||||||||||||
Deferred | Grant Date | ||||||||||||||||||||||||
Awards | Fair Value | ||||||||||||||||||||||||
Nonvested at beginning of year | 1,806 | $ | 41.85 | ||||||||||||||||||||||
Granted | 718 | 62.85 | |||||||||||||||||||||||
Vested | (654 | ) | 32.68 | ||||||||||||||||||||||
Forfeited | (60 | ) | 51.81 | ||||||||||||||||||||||
Nonvested at end of year | 1,810 | $ | 53.16 | ||||||||||||||||||||||
Pension_Plans_and_Other_Retire1
Pension Plans and Other Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information relating to TJX’s funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated: | ||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
In thousands | January 31, | February 1, | January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 996,968 | $ | 1,018,712 | $ | 59,566 | $ | 61,033 | |||||||||||||||||
Service cost | 40,481 | 44,623 | 1,398 | 1,716 | |||||||||||||||||||||
Interest cost | 49,522 | 44,654 | 3,001 | 2,447 | |||||||||||||||||||||
Actuarial losses (gains) | 251,144 | (84,970 | ) | 19,552 | (2,925 | ) | |||||||||||||||||||
Benefits paid | (28,348 | ) | (23,431 | ) | (1,279 | ) | (2,705 | ) | |||||||||||||||||
Expenses paid | (2,945 | ) | (2,620 | ) | — | — | |||||||||||||||||||
Plan amendment | 3,067 | — | — | — | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 1,309,889 | $ | 996,968 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Accumulated benefit obligation at end of year | $ | 1,203,464 | $ | 921,723 | $ | 68,591 | $ | 49,957 | |||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
In thousands | January 31, | February 1, | January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 944,801 | $ | 876,083 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 107,240 | 64,769 | — | — | |||||||||||||||||||||
Employer contribution | 150,000 | 30,000 | 1,279 | 2,705 | |||||||||||||||||||||
Benefits paid | (28,348 | ) | (23,431 | ) | (1,279 | ) | (2,705 | ) | |||||||||||||||||
Expenses paid | (2,945 | ) | (2,620 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,170,748 | $ | 944,801 | $ | — | $ | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 1,309,889 | $ | 996,968 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Fair value of plan assets at end of year | 1,170,748 | 944,801 | — | — | |||||||||||||||||||||
Funded status – excess obligation | $ | 139,141 | $ | 52,167 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Net liability recognized on consolidated balance sheets | $ | 139,141 | $ | 52,167 | $ | 82,238 | $ | 59,566 | |||||||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||
Plan amendment | $ | 3,067 | $ | — | $ | — | $ | 2 | |||||||||||||||||
Accumulated actuarial losses | 401,165 | 205,923 | 29,198 | 11,792 | |||||||||||||||||||||
Amounts included in accumulated other comprehensive income (loss) | $ | 404,232 | $ | 205,923 | $ | 29,198 | $ | 11,794 | |||||||||||||||||
Weighted Average Assumptions for Obligation | expected cash flows. Presented below are weighted average assumptions for measurement purposes for determining the obligation at the year-end measurement date: | ||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
January 31, | February 1, | January 31, | February 1, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Discount rate | 4 | % | 5 | % | 3.7 | % | 4.8 | % | |||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 6 | % | 6 | % | |||||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our pension plans: | ||||||||||||||||||||||||
Funded Plan | Unfunded Plan | ||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||
Dollars in thousands | January 31, | February 1, | February 2, | January 31, | February 1, | February 2, | |||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
(53 weeks) | (53 weeks) | ||||||||||||||||||||||||
Net periodic pension cost: | |||||||||||||||||||||||||
Service cost | $ | 40,481 | $ | 44,623 | $ | 41,813 | $ | 1,398 | $ | 1,716 | $ | 1,448 | |||||||||||||
Interest cost | 49,522 | 44,654 | 42,029 | 3,001 | 2,447 | 2,321 | |||||||||||||||||||
Expected return on plan assets | (65,187 | ) | (60,474 | ) | (54,759 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | — | — | — | 2 | 3 | 3 | |||||||||||||||||||
Amortization of net actuarial loss | 13,848 | 28,070 | 25,373 | 2,146 | 2,884 | 1,465 | |||||||||||||||||||
Expense related to current period | 38,664 | 56,873 | 54,456 | 6,547 | 7,050 | 5,237 | |||||||||||||||||||
Correction of prior years pension accruals | — | — | 26,964 | — | — | — | |||||||||||||||||||
Total expense | $ | 38,664 | $ | 56,873 | $ | 81,420 | $ | 6,547 | $ | 7,050 | $ | 5,237 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||
Net (gain) loss | $ | 209,091 | $ | (89,265 | ) | $ | 61,692 | $ | 19,552 | $ | (2,925 | ) | $ | 6,666 | |||||||||||
Amortization of net (loss) | (13,848 | ) | (28,070 | ) | (25,373 | ) | (2,146 | ) | (2,884 | ) | (1,465 | ) | |||||||||||||
Plan amendment | 3,067 | — | — | (2 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Total recognized in other comprehensive income | $ | 198,310 | $ | (117,335 | ) | $ | 36,319 | $ | 17,404 | $ | (5,812 | ) | $ | 5,198 | |||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 236,974 | $ | (60,462 | ) | $ | 117,739 | $ | 23,951 | $ | 1,238 | $ | 10,435 | ||||||||||||
Weighted average assumptions for expense purposes: | |||||||||||||||||||||||||
Discount rate | 5.00% | 4.40% | 4.80% | 4.80% | 4.00% | 4.40% | |||||||||||||||||||
Expected rate of return on plan assets | 7.00% | 7.00% | 7.40% | N/A | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 6.00% | 6.00% | 6.00% | |||||||||||||||||||
Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter | The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | ||||||||||||||||||||||||
In thousands | Funded Plan | Unfunded Plan | |||||||||||||||||||||||
Expected Benefit Payments | Expected Benefit Payments | ||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
2016 | $ | 30,120 | $ | 3,252 | |||||||||||||||||||||
2017 | 33,387 | 6,543 | |||||||||||||||||||||||
2018 | 37,166 | 6,658 | |||||||||||||||||||||||
2019 | 41,199 | 6,978 | |||||||||||||||||||||||
2020 | 45,375 | 7,396 | |||||||||||||||||||||||
2021 through 2025 | 294,930 | 31,804 | |||||||||||||||||||||||
Fair Value for Pension Assets Measured at Fair Value on Recurring Basis | The following table presents the fair value hierarchy (See Note G) for pension assets measured at fair value on a recurring basis as of January 31, 2015: | ||||||||||||||||||||||||
Funded Plan | |||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Short-term investments | $ | 136,276 | $ | — | $ | — | $ | 136,276 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic equity | 77,373 | — | — | 77,373 | |||||||||||||||||||||
International equity | 157,392 | — | — | 157,392 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Corporate and government bond funds | — | 300,761 | — | 300,761 | |||||||||||||||||||||
Common/Collective Trusts | — | 485,619 | 8,283 | 493,902 | |||||||||||||||||||||
Limited Partnerships | — | — | 5,044 | 5,044 | |||||||||||||||||||||
Fair value of plan assets | $ | 371,041 | $ | 786,380 | $ | 13,327 | $ | 1,170,748 | |||||||||||||||||
The following table presents the fair value hierarchy for pension assets measured at fair value on a recurring basis as of February 1, 2014: | |||||||||||||||||||||||||
Funded Plan | |||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Short-term investments | $ | 57,217 | $ | — | $ | — | $ | 57,217 | |||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic equity | 74,415 | — | — | 74,415 | |||||||||||||||||||||
International equity | 150,149 | — | — | 150,149 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Corporate and government bond funds | — | 214,954 | — | 214,954 | |||||||||||||||||||||
Common/Collective Trusts | — | 429,932 | 10,421 | 440,353 | |||||||||||||||||||||
Limited Partnerships | — | — | 7,713 | 7,713 | |||||||||||||||||||||
Fair value of plan assets | $ | 281,781 | $ | 644,886 | $ | 18,134 | $ | 944,801 | |||||||||||||||||
Reconciliation of Level 3 Plan Assets Measured at Fair Value | The following table presents a reconciliation of Level 3 plan assets measured at fair value for the years ended January 31, 2015 and February 1, 2014: | ||||||||||||||||||||||||
In thousands | Common/Collective Trusts | Limited Partnerships | |||||||||||||||||||||||
Balance as of February 2, 2013 | $ | 13,158 | $ | 11,064 | |||||||||||||||||||||
Earned income, net of management expenses | 671 | 312 | |||||||||||||||||||||||
Unrealized gain on investment | 676 | 507 | |||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (4,084 | ) | (4,170 | ) | |||||||||||||||||||||
Balance as of February 1, 2014 | $ | 10,421 | $ | 7,713 | |||||||||||||||||||||
Earned income, net of management expenses | 557 | 786 | |||||||||||||||||||||||
Unrealized gain on investment | 51 | 76 | |||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (2,746 | ) | (3,531 | ) | |||||||||||||||||||||
Balance as of January 31, 2015 | $ | 8,283 | $ | 5,044 | |||||||||||||||||||||
Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date | The following is a summary of TJX’s target allocation for plan assets along with the actual allocation of plan assets as of the valuation date for the fiscal years presented: | ||||||||||||||||||||||||
Actual Allocation for | |||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
Target Allocation | January 31, | February 1, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Equity securities | 50% | 44% | 51% | ||||||||||||||||||||||
Fixed income | 50% | 45% | 44% | ||||||||||||||||||||||
All other – primarily cash | — | 11% | 5% |
LongTerm_Debt_and_Credit_Lines1
Long-Term Debt and Credit Lines (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of January 31, 2015 and February 1, 2014. All amounts are net of unamortized debt discounts. | ||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
General corporate debt: | |||||||||
4.20% senior unsecured notes, redeemed on July 8, 2014 (effective interest rate of 4.20% after reduction of unamortized debt discount of $8 in fiscal 2014) | $ | — | $ | 399,992 | |||||
6.95% senior unsecured notes, maturing April 15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $294 and $364 in fiscal 2015 and 2014, respectively) | 374,706 | 374,636 | |||||||
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $367 and $412 in fiscal 2015 and 2014, respectively) | 499,633 | 499,588 | |||||||
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $475 in fiscal 2015) | 749,525 | — | |||||||
Long-term debt | $ | 1,623,864 | $ | 1,274,216 | |||||
Aggregate Maturities of Long-Term Debt, Exclusive of Current Installments | The aggregate maturities of long-term debt, exclusive of current installments at January 31, 2015 are as follows: | ||||||||
In thousands | Long-Term | ||||||||
Debt | |||||||||
Fiscal Year | |||||||||
2017 | $ | — | |||||||
2018 | — | ||||||||
2019 | — | ||||||||
2020 | 375,000 | ||||||||
Later years | 1,250,000 | ||||||||
Less amount representing unamortized debt discount | (1,136 | ) | |||||||
Aggregate maturities of long-term debt | $ | 1,623,864 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Components of Income Before Income Taxes | For financial reporting purposes, components of income before income taxes are as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
United States | $ | 2,943,745 | $ | 2,746,925 | $ | 2,517,696 | |||||||
Foreign | 606,139 | 572,564 | 559,655 | ||||||||||
Income before provision for income taxes | $ | 3,549,884 | $ | 3,319,489 | $ | 3,077,351 | |||||||
Provision for Income Taxes | The provision for income taxes includes the following: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 896,672 | $ | 815,811 | $ | 842,149 | |||||||
State | 180,616 | 177,009 | 162,200 | ||||||||||
Foreign | 155,398 | 136,626 | 153,083 | ||||||||||
Deferred: | |||||||||||||
Federal | 87,057 | 73,206 | 22,394 | ||||||||||
State | 14,231 | 5,928 | 1,583 | ||||||||||
Foreign | 782 | (26,487 | ) | (10,745 | ) | ||||||||
Provision for income taxes | $ | 1,334,756 | $ | 1,182,093 | $ | 1,170,664 | |||||||
Net Deferred Tax (Liabilities) Assets | TJX had net deferred tax (liabilities) assets as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 18,305 | $ | 25,711 | |||||||||
Reserves for lease obligations and computer intrusion | 16,242 | 29,108 | |||||||||||
Pension, stock compensation, postretirement and employee benefits | 351,171 | 280,381 | |||||||||||
Leases | 47,464 | 43,966 | |||||||||||
Other | 74,451 | 66,984 | |||||||||||
Total gross deferred tax assets | 507,633 | 446,150 | |||||||||||
Valuation allowance | (5,122 | ) | (4,359 | ) | |||||||||
Net deferred tax asset | $ | 502,511 | $ | 441,791 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | $ | 474,179 | $ | 432,262 | |||||||||
Capitalized inventory | 50,536 | 48,612 | |||||||||||
Tradename/intangibles | 47,443 | 45,528 | |||||||||||
Undistributed foreign earnings | 181,822 | 217,916 | |||||||||||
Other | 8,884 | 10,397 | |||||||||||
Total deferred tax liabilities | $ | 762,864 | $ | 754,715 | |||||||||
Net deferred tax (liability) | $ | (260,353 | ) | $ | (312,924 | ) | |||||||
Current asset | $ | 137,617 | $ | 101,639 | |||||||||
Non-current asset | 24,546 | 31,508 | |||||||||||
Non-current liability | (422,516 | ) | (446,071 | ) | |||||||||
Total | $ | (260,353 | ) | $ | (312,924 | ) | |||||||
Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate | The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below: | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effective state income tax rate | 3.6 | 3.6 | 3.5 | ||||||||||
Impact of foreign operations | (0.9 | ) | (0.8 | ) | (0.3 | ) | |||||||
All other | (0.1 | ) | (2.2 | ) | (0.2 | ) | |||||||
Worldwide effective income tax rate | 37.6 | % | 35.6 | % | 38 | % | |||||||
Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 48,680 | $ | 148,777 | $ | 144,505 | |||||||
Additions for uncertain tax positions taken in current year | 4,771 | 4,212 | 1,949 | ||||||||||
Additions for uncertain tax positions taken in prior years | 5,278 | 5,096 | 3,009 | ||||||||||
Reductions for uncertain tax positions taken in prior years | (2,747 | ) | (69,292 | ) | — | ||||||||
Reductions resulting from lapse of statute of limitations | — | (317 | ) | (129 | ) | ||||||||
Settlements with tax authorities | (363 | ) | (39,796 | ) | (557 | ) | |||||||
Balance at end of year | $ | 55,619 | $ | 48,680 | $ | 148,777 |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Future Minimum Lease Payments for Continuing Operations | The following is a schedule of future minimum lease payments for continuing operations as of January 31, 2015: | ||||
In thousands | Operating | ||||
Leases | |||||
Fiscal Year | |||||
2016 | $ | 1,303,196 | |||
2017 | 1,198,498 | ||||
2018 | 1,055,838 | ||||
2019 | 924,690 | ||||
2020 | 778,074 | ||||
Later years | 2,348,705 | ||||
Total future minimum lease payments | $ | 7,609,001 |
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities, Current and Long Term (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Schedule of Accrued Expenses and Other Current Liabilities | The major components of accrued expenses and other current liabilities are as follows: | ||||||||
Fiscal Year Ended | |||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Employee compensation and benefits, current | $ | 470,887 | $ | 479,003 | |||||
Computer Intrusion reserve | 7,616 | 12,854 | |||||||
Reserve for former operations, short term | 6,965 | 14,586 | |||||||
Rent, utilities and occupancy, including real estate taxes | 205,819 | 179,953 | |||||||
Merchandise credits and gift certificates | 274,557 | 246,438 | |||||||
Insurance | 38,514 | 34,364 | |||||||
Sales tax collections and V.A.T. taxes | 118,821 | 102,572 | |||||||
All other current liabilities | 672,943 | 612,064 | |||||||
Accrued expenses and other current liabilities | $ | 1,796,122 | $ | 1,681,834 | |||||
Schedule of Other Long-Term Liabilities | The major components of other long-term liabilities are as follows: | ||||||||
Fiscal Year Ended | |||||||||
In thousands | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Employee compensation and benefits, long term | $ | 460,086 | $ | 334,847 | |||||
Reserve for former operations, long term | 7,609 | 16,777 | |||||||
Accrued rent | 203,216 | 195,586 | |||||||
Landlord allowances | 97,861 | 106,151 | |||||||
Tax reserve, long term | 28,088 | 50,227 | |||||||
Financing lease obligation | 60,733 | — | |||||||
All other long-term liabilities | 30,544 | 29,411 | |||||||
Other long-term liabilities | $ | 888,137 | $ | 732,999 |
Supplemental_Cash_Flows_Inform1
Supplemental Cash Flows Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities | TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
In thousands | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
(53 weeks) | |||||||||||||
Cash paid for: | |||||||||||||
Interest on debt | $ | 66,265 | $ | 52,196 | $ | 45,653 | |||||||
Income taxes | 1,091,128 | 1,240,377 | 971,732 | ||||||||||
Changes in accrued expenses due to: | |||||||||||||
Dividends payable | $ | 17,377 | $ | 19,380 | $ | 12,291 | |||||||
Property additions | 8,254 | (6,432 | ) | 33,615 | |||||||||
Non-cash investing and financing activity: | |||||||||||||
Construction in progress | $ | (60,733 | ) | $ | — | $ | — | ||||||
Financing lease obligation | 60,733 | — | — |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Summary of Selected Quarterly Consolidated Financial Data | Presented below is selected quarterly consolidated financial data for fiscal 2015 and fiscal 2014 which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. | ||||||||||||||||
In thousands except per share amounts | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
Net sales | $ | 6,491,176 | $ | 6,917,212 | $ | 7,366,066 | $ | 8,303,953 | |||||||||
Gross earnings(1) | 1,813,176 | 1,981,356 | 2,162,437 | 2,344,916 | |||||||||||||
Net income | 454,317 | 517,624 | 594,957 | 648,230 | |||||||||||||
Basic earnings per share | 0.65 | 0.75 | 0.86 | 0.95 | |||||||||||||
Diluted earnings per share | 0.64 | 0.73 | 0.85 | 0.93 | |||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
Net sales | $ | 6,189,609 | $ | 6,442,424 | $ | 6,981,876 | $ | 7,808,787 | |||||||||
Gross earnings(1) | 1,756,076 | 1,855,685 | 2,047,411 | 2,158,487 | |||||||||||||
Net income | 452,890 | 479,559 | 622,655 | 582,292 | |||||||||||||
Basic earnings per share | 0.63 | 0.67 | 0.88 | 0.82 | |||||||||||||
Diluted earnings per share | 0.62 | 0.66 | 0.86 | 0.81 | |||||||||||||
-1 | Gross earnings equal net sales less cost of sales, including buying and occupancy costs. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 21, 2012 | Jan. 28, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Weeks in the fiscal year | 364 days | 364 days | 371 days | ||
Revenue recognized from store card breakage | $17,800,000 | $17,500,000 | $13,900,000 | ||
Highly liquid investments maximum maturity days | 90 days | ||||
Cash and cash equivalents | 2,493,775,000 | 2,149,746,000 | 1,811,957,000 | 1,507,112,000 | |
In-transit inventory accrual | 495,200,000 | 451,600,000 | |||
Depreciation and amortization expense | 595,600,000 | 555,800,000 | 515,900,000 | ||
Amortization expense under capital lease | 1,700,000 | ||||
Property held under capital lease | 0 | ||||
Rent expense recorded prior to minimum number of days before opening of store, in days | 30 days | ||||
Rent expense recorded prior to maximum number of days before opening of store, in days | 60 days | ||||
Percentage owned in subsidiary company | 83.00% | ||||
Goodwill | 169,000,000 | 169,300,000 | 170,300,000 | 97,000,000 | |
Intangible assets impairment | 0 | 0 | 0 | ||
Advertising expense | 371,300,000 | 333,500,000 | 298,600,000 | ||
Assets held for sale | 10,000,000 | 10,000,000 | |||
Marshalls | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Indefinite lived Tradename carried value | 107,700,000 | ||||
Sierra Trading Post | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Definite lived Tradename carried value | 33,200,000 | 35,700,000 | 38,300,000 | ||
Definite lived trade name amortization period | 15 years | ||||
Definite lived trade name amortization | 5,300,000 | 2,800,000 | 200,000 | ||
Building | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 33 years | ||||
Leaseholds and Leasehold Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful lives | Amortized over their useful life or the committed lease term (typically 10 years), whichever is shorter | ||||
Outside United States | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | 1,200,000,000 | ||||
Reinvest Undistributed Earnings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | $413,900,000 | ||||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Short-term investments maturity term | 90 days | ||||
Definite lived trade name amortization period | 7 years | ||||
Minimum | Software | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 3 years | ||||
Minimum | Furniture, Fixtures And Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 3 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Short-term investments maturity term | 1 year | ||||
Definite lived trade name amortization period | 10 years | ||||
Maximum | Software | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 10 years | ||||
Maximum | Leaseholds and Leasehold Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 10 years | ||||
Maximum | Furniture, Fixtures And Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 10 years |
Summary_of_Net_Interest_Expens
Summary of Net Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Schedule Of Interest Expenses [Line Items] | |||
Interest expense | $64,783 | $57,084 | $48,582 |
Capitalized interest | -9,403 | -10,993 | -7,750 |
Interest (income) | -15,593 | -15,010 | -11,657 |
Interest expense, net | $39,787 | $31,081 | $29,175 |
Summary_of_LongLived_Assets_By
Summary of Long-Lived Assets By Geographic Location (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Carrying values of long-lived assets | $3,868,365 | $3,594,501 | $3,223,242 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Carrying values of long-lived assets | 2,927,297 | 2,693,670 | 2,350,539 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Carrying values of long-lived assets | 266,332 | 214,459 | 237,232 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Carrying values of long-lived assets | $674,736 | $686,372 | $635,471 |
Acquisition_of_Sierra_Trading_2
Acquisition of Sierra Trading Post - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
Dec. 21, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 21, 2012 | |
Business Acquisition [Line Items] | |||||
Business acquisition, acquired entity | Sierra Trading Post | ||||
Business acquisition, purchased price | $193,000,000 | ||||
Identifiable amortizable intangible assets | 143,754,000 | 143,754,000 | |||
Goodwill acquired | 97,000,000 | 169,000,000 | 169,300,000 | 170,300,000 | 97,000,000 |
Sierra Trading Post | |||||
Business Acquisition [Line Items] | |||||
Identifiable amortizable intangible assets | 39,000,000 | 39,000,000 | |||
Identifiable intangible assets, amortization period | 15 years | ||||
Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Identifiable amortizable intangible assets | $8,000,000 | $8,000,000 | |||
Identifiable intangible assets, amortization period | 6 years |
Assets_and_Liabilities_Acquire
Assets and Liabilities Acquired Based on Estimated Fair Values (Detail) (USD $) | Dec. 21, 2012 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Current assets | $100,575 |
Property and equipment | 39,862 |
Other assets | 497 |
Intangible assets | 143,754 |
Total assets acquired | 284,688 |
Total liabilities assumed | 91,559 |
Net assets acquired | $193,129 |
Reserve_Activity_Detail
Reserve Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Oct. 27, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Schedule Of Dispositions And Reserves Related To Former Operations [Line Items] | |||||
Balance at beginning of year | $31,363 | $45,229 | $45,381 | ||
Adjustments to lease-related obligations | -3,300 | 16,000 | -12,300 | -3,312 | 16,000 |
Interest accretion | 525 | 1,440 | 996 | ||
Lease-related obligations | -4,907 | -11,088 | -15,682 | ||
Termination benefits and all other | -107 | -906 | -1,466 | ||
Balance at end of year | $31,363 | $14,574 | $31,363 | $45,229 |
Reserves_Related_to_Former_Ope2
Reserves Related to Former Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Oct. 27, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Schedule Of Dispositions And Reserves Related To Former Operations [Line Items] | ||||||
Decrease in reserve for lease related obligations of former operations classified as discontinued operations | ($3,300) | $16,000 | ($12,300) | ($3,312) | $16,000 | |
Former operations reserve to be paid, in years | 2 years | |||||
BJ's Wholesale Club | ||||||
Schedule Of Dispositions And Reserves Related To Former Operations [Line Items] | ||||||
Number of leases on which company is liable | 10 | |||||
Bob's Stores | ||||||
Schedule Of Dispositions And Reserves Related To Former Operations [Line Items] | ||||||
Number of leases on which company is liable | 2 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($199,532) | ($213,392) | ($192,575) |
Foreign currency translation adjustments (net of taxes of $1,285) | -218,700 | -57,926 | 6,200 |
Recognition of net gains/losses on benefit obligations (net of taxes of $27,362) | -139,366 | 55,285 | -41,043 |
Loss on cash flow hedge (net of taxes of $3,149) | -4,762 | ||
Amortization of deferred benefit costs (net of taxes of $11,001) | 7,523 | 16,501 | 14,026 |
Amortization of loss on cash flow hedge (net of taxes of $300) | 452 | ||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,591) | 7,523 | 14,026 | |
Ending balance | -554,385 | -199,532 | -213,392 |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -76,569 | -18,643 | -24,843 |
Foreign currency translation adjustments (net of taxes of $1,285) | -218,700 | -57,926 | 6,200 |
Ending balance | -295,269 | -76,569 | -18,643 |
Deferred Benefit Costs | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -122,963 | -194,749 | -167,732 |
Recognition of net gains/losses on benefit obligations (net of taxes of $27,362) | -139,366 | 55,285 | -41,043 |
Amortization of deferred benefit costs (net of taxes of $11,001) | 16,501 | ||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,591) | 7,523 | 14,026 | |
Ending balance | -254,806 | -122,963 | -194,749 |
Rate Lock on Debt | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Loss on cash flow hedge (net of taxes of $3,149) | -4,762 | ||
Amortization of loss on cash flow hedge (net of taxes of $300) | 452 | ||
Ending balance | ($4,310) |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments, taxes | ($56,567) | ($41,713) | $1,285 |
Recognition of net gains/losses on benefit obligations, taxes | -91,941 | 36,856 | -27,362 |
Loss on cash flow hedge, taxes | -3,149 | ||
Amortization of deferred benefit costs, taxes | 11,001 | ||
Amortization of loss on cash flow hedge, taxes | 300 | ||
Amortization of prior service cost and deferred gains/losses, taxes | $4,591 | $11,001 | $9,350 |
Capital_Stock_and_Earnings_Per2
Capital Stock and Earnings Per Share - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 28, 2014 | Feb. 28, 2015 | |
Capital Unit [Line Items] | ||||||||
Shares repurchased and retired shares | 27,700,000 | |||||||
Shares repurchased and retired value | $1,700,000,000 | |||||||
Cash expenditures under repurchase programs | 1,650,704,000 | 1,471,096,000 | 1,345,082,000 | |||||
Repurchase of common stock in shares | 27,600,000 | 27,300,000 | 32,000,000 | |||||
Stock repurchased completed | 1,500,000,000 | 2,000,000,000 | 1,000,000,000 | |||||
Stock repurchase program, common stock purchase value | 2,000,000,000 | |||||||
Preferred stock, shares authorized | 5,000,000 | |||||||
Preferred stock, par value | $1 | |||||||
Antidilutive options excluded | 8,800,000 | 4,700,000 | 4,900,000 | |||||
Subsequent Event | ||||||||
Capital Unit [Line Items] | ||||||||
Stock repurchase program, common stock purchase value | 2,000,000,000 | |||||||
Stock Repurchase Programs 2012 | ||||||||
Capital Unit [Line Items] | ||||||||
Shares repurchased and retired shares | 10,800,000 | |||||||
Shares repurchased and retired value | 685,800,000 | |||||||
Remaining available stock under stock repurchase plan | $1,300,000,000 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Capital Stock And Earnings Per Share | |||||||||||
Net income | $648,230 | $594,957 | $517,624 | $454,317 | $582,292 | $622,655 | $479,559 | $452,890 | $2,215,128 | $2,137,396 | $1,906,687 |
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||
Basic earnings per share | $0.95 | $0.86 | $0.75 | $0.65 | $0.82 | $0.88 | $0.67 | $0.63 | $3.20 | $3 | $2.60 |
Net income | $648,230 | $594,957 | $517,624 | $454,317 | $582,292 | $622,655 | $479,559 | $452,890 | $2,215,128 | $2,137,396 | $1,906,687 |
Weighted average common stock outstanding for basic earnings per share calculation | 692,691 | 713,470 | 733,588 | ||||||||
Assumed exercise / vesting of Stock options and awards | 10,854 | 12,906 | 13,967 | ||||||||
Weighted average common stock outstanding for diluted earnings per share calculation | 703,545 | 726,376 | 747,555 | ||||||||
Diluted earnings per share | $0.93 | $0.85 | $0.73 | $0.64 | $0.81 | $0.86 | $0.66 | $0.62 | $3.15 | $2.94 | $2.55 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized gains/losses on derivative | $24.30 | $10.70 | $1.20 |
Diesel Fuel Contracts Fiscal Year Twenty Sixteen | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Hedge of diesel fuel requirement | 44.00% |
Summary_of_Derivative_Financia
Summary of Derivative Financial Instruments Related Fair Value and Balance Sheet Classification (Detail) | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Diesel Fuel Contracts | Diesel Fuel Contracts | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Intercompany Balances, Primarily And Related Interest | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Merchandise Purchase Commitments | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest | Intercompany Balances, Primarily Short-Term Debt And Related Interest |
(Accrued Expense) | (Accrued Expense) | (Accrued Expense) | (Accrued Expense) | (Accrued Expense) | (Accrued Expense) | (Accrued Expense) | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | (Accrued Expense) | (Accrued Expense) | Prepaid Expense | Prepaid Expense | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | Prepaid Expense / (Accrued Expense) | |||
USD ($) | USD ($) | Conversion Of Zloty To Canadian Dollar | Conversion Of Zloty To Canadian Dollar | Conversion Of Zloty To Canadian Dollar | Conversion Of US Dollar To Pound | Conversion Of US Dollar To Pound | Conversion Of Euro To Pound | Conversion Of Euro To Pound | Conversion Of Euro To Pound | Conversion Of Euro To US Dollar | Conversion Of Euro To US Dollar | Conversion Of Canadian Dollar To US Dollar | Conversion Of Canadian Dollar To US Dollar | Conversion Of Canadian Dollar To Euro | Conversion Of Canadian Dollar To Euro | Conversion Of Canadian Dollar To Euro | Conversion Of Pound To US Dollar | Conversion Of Pound To US Dollar | Conversion Of Zloty To Pound | Conversion Of Zloty To Pound | Conversion Of Zloty To Pound | Conversion of Us Dollar to Yen | Conversion of Us Dollar to Yen | Conversion Of Canadian Dollar To US Dollar | Conversion Of Canadian Dollar To US Dollar | Conversion Of Canadian Dollar To Euro | Conversion Of Canadian Dollar To Euro | Conversion Of Canadian Dollar To Euro | Conversion Of Pound To US Dollar | Conversion Of Pound To US Dollar | Conversion Of Zloty To Pound | Conversion Of Zloty To Pound | Conversion Of Zloty To Pound | Conversion Of US Dollar To Euro | Conversion Of US Dollar To Euro | Conversion Of US Dollar To Euro | Conversion Of US Dollar To Euro | Conversion Of US Dollar To Pound | Conversion Of US Dollar To Pound | Conversion Of Euro To US Dollar | Conversion Of Euro To US Dollar | Conversion Of Zloty To Canadian Dollar | Conversion Of Zloty To Canadian Dollar | Conversion Of Zloty To Canadian Dollar | Conversion Of Euro To Pound | Conversion Of Euro To Pound | Conversion Of Euro To Pound | |||
USD ($) | CAD | PLN | USD ($) | GBP (£) | USD ($) | EUR (€) | GBP (£) | USD ($) | EUR (€) | USD ($) | CAD | USD ($) | CAD | EUR (€) | USD ($) | GBP (£) | USD ($) | GBP (£) | PLN | USD ($) | JPY (¥) | USD ($) | CAD | USD ($) | CAD | EUR (€) | USD ($) | GBP (£) | USD ($) | GBP (£) | PLN | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | EUR (€) | USD ($) | CAD | PLN | USD ($) | EUR (€) | GBP (£) | |||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected, Diesel contracts, Pay | Fixed on 1.2M -1.9M gal per month | Fixed on 1.2M -1.9M gal per month | ||||||||||||||||||||||||||||||||||||||||||||||||
Hedge accounting not elected, Pay | 84,073 | $90,309 | € 39,000 | € 44,850 | 322,492 | 13,426 | £ 77,722 | 113,571 | $442 | 388,745 | 15,202 | £ 174,102 | 139,215 | $12,590 | $12,464 | $83,401 | € 19,850 | 94,073 | € 39,000 | |||||||||||||||||||||||||||||||
Economic hedges for which hedge accounting was not elected, Diesel contracts, Receive | Float on 1.2M -1.9M gal per month | Float on 1.2M -1.9M gal per month | ||||||||||||||||||||||||||||||||||||||||||||||||
Hedge accounting not elected, Receive | 29,082 | 55,000 | 32,646 | 60,827 | 281,890 | 9,500 | 123,500 | 22,442 | 2,680 | 365,100 | 10,500 | 280,700 | 25,547 | 10,353 | 9,159 | 55,000 | 22,647 | 32,318 | 30,988 | |||||||||||||||||||||||||||||||
Blended Contract Rate | 0.3459 | 0.3459 | 0.3459 | 0.609 | 0.609 | 0.8371 | 0.8371 | 0.8371 | 1.3562 | 1.3562 | 0.8741 | 0.8741 | 0.7076 | 0.7076 | 0.7076 | 1.589 | 1.589 | 0.1976 | 0.1976 | 0.1976 | 6.0633 | 6.0633 | 0.9392 | 0.9392 | 0.6907 | 0.6907 | 0.6907 | 1.6123 | 1.6123 | 0.1835 | 0.1835 | 0.1835 | 0.8223 | 0.8223 | 0.7348 | 0.7348 | 0.6595 | 0.6595 | 1.1409 | 1.1409 | 0.3435 | 0.3435 | 0.3435 | 0.7946 | 0.7946 | 0.7946 | ||||
Current Asset | 39,419 | 19,619 | 137 | 1,015 | 335 | 28,789 | 183 | 6,477 | 984 | 16,466 | 548 | 132 | 1,172 | 1 | 2 | 108 | 153 | 2,536 | ||||||||||||||||||||||||||||||||
Current (Liability) | -17,266 | -6,107 | -15,324 | -348 | -182 | -40 | -38 | -5,385 | -166 | -898 | -114 | -725 | -81 | -72 | ||||||||||||||||||||||||||||||||||||
Net Fair Value | $22,153 | $13,512 | ($15,324) | $137 | ($348) | ($182) | $1,015 | $335 | $28,789 | $183 | $6,477 | $984 | $16,426 | $510 | ($5,253) | $1,006 | ($897) | ($112) | ($725) | $108 | $72 | $2,464 |
Impact_of_Derivative_Financial
Impact of Derivative Financial Instruments on Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | $32,917 | $26,606 | ($5,484) |
Intercompany Balances, Primarily And Related Interest | Fair Value Hedges | Selling, General And Administrative Expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | 7,413 | 6,099 | -7,661 |
Diesel Fuel Contracts | Economic Hedges For Which Hedge Accounting Was Not Elected | Cost Of Sales, Including Buying And Occupancy Costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | -16,050 | -1,831 | 4,261 |
Merchandise Purchase Commitments | Economic Hedges For Which Hedge Accounting Was Not Elected | Cost Of Sales, Including Buying And Occupancy Costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income | $41,554 | $22,338 | ($2,084) |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities on a Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Level 1 | Executive Savings Plan Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | $151,936 | $131,049 | $101,903 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts, Assets | 39,419 | 19,482 | 5,980 |
Foreign currency exchange contracts, Liabilities | 1,942 | 6,107 | 11,874 |
Level 2 | Diesel Fuel Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | 137 | 3,372 | |
Fair value measured on recurring basis, Liabilities | 15,324 | ||
Level 2 | Short-Term Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on recurring basis, Assets | $282,623 | $294,702 | $235,853 |
Disclosures_about_Fair_Value_o2
Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of long-term debt | $1,730,000,000 | $1,340,000,000 | $911,000,000 |
Carrying value of long-term debt | $1,623,864,000 | $1,274,216,000 | $774,600,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 4 |
United States | |
Segment Reporting Information [Line Items] | |
Number of business segments | 2 |
TJX Canada And Europe | |
Segment Reporting Information [Line Items] | |
Percentage of segment sales | 24.00% |
Percentage of segment profit | 19.00% |
Percentage of segment consolidated assets | 23.00% |
Percentages_of_Consolidated_Re
Percentages of Consolidated Revenues by Major Product Category (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenue percentage | 100.00% | 100.00% | 100.00% |
Home Fashions | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 29.00% | 28.00% | 28.00% |
Apparel | Clothing Including Footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 57.00% | 58.00% | 59.00% |
Apparel | Jewelry and Accessories | |||
Segment Reporting Information [Line Items] | |||
Revenue percentage | 14.00% | 14.00% | 13.00% |
Financial_Information_on_Busin
Financial Information on Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | $8,303,953 | $7,366,066 | $6,917,212 | $6,491,176 | $7,808,787 | $6,981,876 | $6,442,424 | $6,189,609 | $29,078,407 | $27,422,696 | $25,878,372 | |||||
Segment profit | 3,930,915 | 3,680,050 | 3,441,524 | |||||||||||||
General corporate expense | 324,414 | 329,480 | 334,998 | |||||||||||||
Loss on early extinguishment of debt | 16,830 | |||||||||||||||
Interest expense, net | 39,787 | 31,081 | 29,175 | |||||||||||||
Income before provision for income taxes | 3,549,884 | 3,319,489 | 3,077,351 | |||||||||||||
Identifiable assets | 11,128,381 | 10,201,022 | 11,128,381 | 10,201,022 | 9,511,855 | |||||||||||
Capital expenditures | 911,522 | 946,678 | 978,228 | |||||||||||||
Depreciation and amortization | 588,975 | 548,823 | 508,929 | |||||||||||||
Marmaxx | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 18,687,880 | 17,929,576 | 17,011,409 | |||||||||||||
Segment profit | 2,736,694 | 2,612,693 | 2,486,274 | |||||||||||||
Identifiable assets | 5,014,573 | 4,700,347 | 5,014,573 | 4,700,347 | 4,569,887 | |||||||||||
Capital expenditures | 445,041 | 551,839 | 590,307 | |||||||||||||
Depreciation and amortization | 340,830 | 318,414 | 293,820 | |||||||||||||
HomeGoods | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 3,414,351 | 2,993,718 | 2,657,111 | |||||||||||||
Segment profit | 463,193 | 386,541 | 324,623 | |||||||||||||
Identifiable assets | 777,214 | 638,742 | 777,214 | 638,742 | 569,476 | |||||||||||
Capital expenditures | 148,354 | 99,828 | 90,291 | |||||||||||||
Depreciation and amortization | 54,867 | 47,176 | 47,915 | |||||||||||||
TJX Canada | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 2,883,863 | 2,877,834 | 2,925,991 | |||||||||||||
Segment profit | 393,622 | 405,363 | 414,914 | |||||||||||||
Identifiable assets | 1,020,955 | 962,101 | 1,020,955 | 962,101 | 978,577 | |||||||||||
Capital expenditures | 100,779 | 104,888 | 132,874 | |||||||||||||
Depreciation and amortization | 66,141 | 66,295 | 64,810 | |||||||||||||
TJX Europe | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | 4,092,313 | 3,621,568 | 3,283,861 | |||||||||||||
Segment profit | 337,406 | 275,453 | 215,713 | |||||||||||||
Identifiable assets | 1,531,661 | 1,510,132 | 1,531,661 | 1,510,132 | 1,261,556 | |||||||||||
Capital expenditures | 217,348 | 190,123 | 164,756 | |||||||||||||
Depreciation and amortization | 123,547 | 114,651 | 99,487 | |||||||||||||
Corporate | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Identifiable assets | 2,783,978 | [1] | 2,389,700 | [1] | 2,783,978 | [1] | 2,389,700 | [1] | 2,132,359 | [1] | ||||||
Depreciation and amortization | $3,590 | [2] | $2,287 | [2] | $2,897 | [2] | ||||||||||
[1] | Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, the trust assets in connection with the Executive Savings Plan and deferred taxes. Consolidated cash, including cash held in our foreign entities, is included with Corporate assets for consistency with the reporting of cash for our segments in the U.S. | |||||||||||||||
[2] | Includes debt discount accretion and debt expense amortization. |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for issuance under Stock Incentive Plan | 347,800,000 | ||
Shares available for future grants | 40,400,000 | ||
Unrecognized compensation cost related to nonvested share-based compensation | $124,600,000 | ||
Unrecognized compensation cost weighted-average recognition period, years | 2 years | ||
Options granted at market price in percentage | 100.00% | ||
Vesting period of grant, years | 3 years | ||
Term in which vesting period starts after grant, years | 1 year | ||
Maximum term of grant, years | 9 years | ||
Intrinsic value of options exercised | 286,300,000 | 289,800,000 | 223,800,000 |
Options outstanding expected to vest represents total unvested options adjusted for anticipated forfeitures | 9,000,000 | ||
Performance-based stock, granted | 717,500 | 743,576 | 730,500 |
Shares granted weighted average grant date fair value | $62.85 | $51.02 | $41.74 |
Fair value of performance-based restricted stock that vested | 21,400,000 | 14,200,000 | 9,700,000 |
Performance based restricted stock awarded | 281,076 | ||
Annual deferred share awards, common stock value | $70,000 | ||
Number of annual deferred share awards awarded to outside directors | 2 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock and other awards, period | 3 years | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock and other awards, period | 1 year | ||
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards that vest immediately and is payable, with accumulated dividends | 1 | ||
Deferred shares outstanding | 283,802 | ||
Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of grant, years | 10 years |
Schedule_of_Estimated_Fair_Val
Schedule of Estimated Fair Value of Options as of Grant Date by Using Black-Scholes Option Pricing Model (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.79% | 1.42% | 0.70% |
Dividend yield | 1.20% | 1.00% | 1.00% |
Expected volatility factor | 24.20% | 25.90% | 29.00% |
Expected option life in years | 4 years 6 months | 4 years 4 months 24 days | 4 years 6 months |
Weighted average fair value of options issued | $12 | $11.92 | $10.28 |
Stock_Options_And_Related_Weig
Stock Options And Related Weighted Average Exercise Price (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding at beginning of year | 32,628 | 36,620 | 40,944 |
Options, Granted | 4,849 | 4,742 | 4,951 |
Options, Exercised | -6,981 | -8,258 | -8,385 |
Options, Forfeitures | -418 | -476 | -890 |
Options, Outstanding at end of year | 30,078 | 32,628 | 36,620 |
Options exercisable at end of year | 21,001 | 22,473 | 24,050 |
WAEP, Outstanding at beginning of year | $28.30 | $22.31 | $18.27 |
WAEP, Granted | $59.70 | $56.71 | $45.09 |
WAEP, Exercised | $20.39 | $17.71 | $15.90 |
WAEP, Forfeitures | $48.76 | $34.74 | $23.35 |
WAEP, Outstanding at end of year | $34.91 | $28.30 | $22.31 |
WAEP, Options exercisable at end of year | $25.75 | $20.19 | $17.02 |
Schedule_Of_Stock_Options_Outs
Schedule Of Stock Options Outstanding Expected To Vest And Stock Options Outstanding Exercisable (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options outstanding expected to vest | 8,354 |
Shares, Options exercisable | 21,001 |
Shares, Total outstanding options vested and expected to vest | 29,355 |
Aggregate Intrinsic Value, Options outstanding expected to vest | $81,276 |
Aggregate Intrinsic Value, Options exercisable | 843,971 |
Aggregate Intrinsic Value, Total outstanding options vested and expected to vest | $925,247 |
Weighted Average Remaining Contract Life, Options outstanding expected to vest, years | 9 years |
Weighted Average Remaining Contract Life, Options exercisable, years | 5 years 3 months 18 days |
Weighted Average Remaining Contract Life, Total outstanding options vested and expected to vest, years | 6 years 3 months 18 days |
WAEP, Options outstanding expected to vest | $56.21 |
WAEP, Options exercisable | $25.75 |
WAEP, Total outstanding options vested and expected to vest | $34.42 |
Summary_of_Nonvested_Performan
Summary of Nonvested Performance-Based Stock Awards (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 717,500 | 743,576 | 730,500 |
Weighted Average Grant Date Fair Value, Granted | $62.85 | $51.02 | $41.74 |
Restricted And Deferred Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested at beginning of year | 1,806,000 | ||
Granted | 718,000 | ||
Vested | -654,000 | ||
Forfeited | -60,000 | ||
Nonvested at end of year | 1,810,000 | ||
Weighted Average Grant Date Fair Value, Nonvested at beginning of year | $41.85 | ||
Weighted Average Grant Date Fair Value, Granted | $62.85 | ||
Weighted Average Grant Date Fair Value, Vested | $32.68 | ||
Weighted Average Grant Date Fair Value, Forfeited | $51.81 | ||
Weighted Average Grant Date Fair Value, Nonvested at end of year | $53.16 |
Financial_Information_Related_
Financial Information Related to Funded Defined Benefit Pension Plan And Unfunded Supplemental Retirement Plan (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | $151,300,000 | $32,700,000 | $77,800,000 |
Net liability recognized on consolidated balance sheets | 221,400,000 | 111,700,000 | |
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 996,968,000 | 1,018,712,000 | |
Service cost | 40,481,000 | 44,623,000 | 41,813,000 |
Interest cost | 49,522,000 | 44,654,000 | 42,029,000 |
Actuarial losses (gains) | 251,144,000 | -84,970,000 | |
Benefits paid | -28,348,000 | -23,431,000 | |
Expenses paid | -2,945,000 | -2,620,000 | |
Plan amendment | 3,067,000 | ||
Projected benefit obligation at end of year | 1,309,889,000 | 996,968,000 | 1,018,712,000 |
Accumulated benefit obligation at end of year | 1,203,464,000 | 921,723,000 | |
Fair value of plan assets at beginning of year | 944,801,000 | 876,083,000 | |
Actual return on plan assets | 107,240,000 | 64,769,000 | |
Employer contribution | 150,000,000 | 30,000,000 | |
Benefits paid | -28,348,000 | -23,431,000 | |
Expenses paid | -2,945,000 | -2,620,000 | |
Fair value of plan assets at end of year | 1,170,748,000 | 944,801,000 | 876,083,000 |
Projected benefit obligation at end of year | 1,309,889,000 | 996,968,000 | 1,018,712,000 |
Fair value of plan assets at end of year | 1,170,748,000 | 944,801,000 | 876,083,000 |
Funded status - excess obligation | 139,141,000 | 52,167,000 | |
Net liability recognized on consolidated balance sheets | 139,141,000 | 52,167,000 | |
Plan amendment | 3,067,000 | ||
Accumulated actuarial losses | 401,165,000 | 205,923,000 | |
Amounts included in accumulated other comprehensive income (loss) | 404,232,000 | 205,923,000 | |
Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 59,566,000 | 61,033,000 | |
Service cost | 1,398,000 | 1,716,000 | 1,448,000 |
Interest cost | 3,001,000 | 2,447,000 | 2,321,000 |
Actuarial losses (gains) | 19,552,000 | -2,925,000 | |
Benefits paid | -1,279,000 | -2,705,000 | |
Plan amendment | 2,000 | ||
Projected benefit obligation at end of year | 82,238,000 | 59,566,000 | 61,033,000 |
Accumulated benefit obligation at end of year | 68,591,000 | 49,957,000 | |
Employer contribution | 1,279,000 | 2,705,000 | |
Benefits paid | -1,279,000 | -2,705,000 | |
Projected benefit obligation at end of year | 82,238,000 | 59,566,000 | 61,033,000 |
Funded status - excess obligation | 82,238,000 | 59,566,000 | |
Net liability recognized on consolidated balance sheets | 82,238,000 | 59,566,000 | |
Plan amendment | 2,000 | ||
Accumulated actuarial losses | 29,198,000 | 11,792,000 | |
Amounts included in accumulated other comprehensive income (loss) | $29,198,000 | $11,794,000 |
Pension_Plans_and_Other_Retire2
Pension Plans and Other Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Jan. 31, 2015 | Dec. 31, 2014 | Feb. 01, 2014 | Dec. 31, 2013 | Feb. 02, 2013 | Dec. 31, 2012 | |
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Net accrued liability recognized in balance sheet | $221,400,000 | $111,700,000 | ||||
Pension plans and other retirement benefits, current liability | 3,500,000 | 3,400,000 | ||||
Pension plans and other retirement benefits, long-term liability | 217,900,000 | 108,300,000 | ||||
Increase in projected benefit obligation | 33,800,000 | |||||
Employer contribution | 151,300,000 | 32,700,000 | 77,800,000 | |||
Minimum percentage of pension liability | 80.00% | |||||
Anticipated employer's contribution to fund current benefit and expense payments under the unfunded plan in fiscal 2016 | 3,300,000 | |||||
Incremental pension expense | 27,000,000 | |||||
Percentage of employees contribution from eligible pay, maximum | 50.00% | |||||
Rate of eligible pay for matching employee contributions | 5.00% | |||||
Minimum range of rates for matching employee contributions | 25.00% | |||||
Maximum range of rates for matching employee contributions | 75.00% | |||||
Percentage of employees limit for contribution | 50.00% | |||||
Deferral rate | 25.00% | |||||
Percentage of plan investments representing stock funds | 7.40% | 8.30% | 7.20% | |||
Post retirement medical and life insurance benefits to retirees | Who are eligible for the defined benefit plan and who retired at age 55 or older with ten or more years of service | |||||
Estimated cost retirement medical liability | 1,100,000 | |||||
Multiemployer Pension Plans | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Pension contribution to National Retirement Fund | 11,500,000 | 11,500,000 | 10,900,000 | |||
Percentage of pension contribution | 5.00% | |||||
Retirement/Deferred Savings Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Employer contribution | 9,300,000 | 8,100,000 | 7,100,000 | |||
Funded Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Net accrued liability recognized in balance sheet | 139,141,000 | 52,167,000 | ||||
Estimated amortization of net actuarial loss for 2016 | 33,800,000 | |||||
Estimated amortization of prior service cost for 2016 | 377,000 | |||||
Increase in projected benefit obligation | 59,000,000 | |||||
Employer contribution | 150,000,000 | 30,000,000 | ||||
Excess percentage of projected benefit obligation for amortization of unrecognized gains and losses | 10.00% | |||||
Fair value of plan assets at end of year | 1,170,748,000 | 944,801,000 | 876,083,000 | |||
Defined benefit plan, benefits paid | 28,348,000 | 23,431,000 | ||||
Unfunded Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Net accrued liability recognized in balance sheet | 82,238,000 | 59,566,000 | ||||
Estimated amortization of net actuarial loss for 2016 | 5,200,000 | |||||
Increase in projected benefit obligation | 4,000,000 | |||||
Employer contribution | 1,279,000 | 2,705,000 | ||||
Defined benefit plan, benefits paid | 1,279,000 | 2,705,000 | ||||
Post Retirement Medical Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Pension plans and other retirement benefits, current liability | 167,000 | |||||
Pension plans and other retirement benefits, long-term liability | 932,000 | |||||
Minimum age of retirement | 55 years | |||||
Minimum years of employment to be eligible in post retirement medical plan | 10 years | |||||
Defined benefit plan, benefits paid | 174,000 | |||||
Cost of benefit plan amendment | 46,800,000 | |||||
Unamortized balance of plan | 9,400,000 | |||||
Amount amortized in 2016 | 3,500,000 | |||||
Pre-tax income from post retirement medical plan reflected in income statement | 3,500,000 | |||||
401(k) Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Fair value of plan assets at end of year | 1,275,400,000 | 1,137,300,000 | ||||
Deferral Rate | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Deferral rate | 2.00% | |||||
Employee Savings Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Employer contribution | 31,200,000 | 29,700,000 | 16,100,000 | |||
Fair value of plan assets at end of year | 13,400,000 | |||||
Nonqualified Savings Plan | ||||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||||
Employer contribution | $3,500,000 | $2,400,000 | $4,000,000 |
Weighted_Average_Assumptions_f
Weighted Average Assumptions for Obligation (Detail) | Jan. 31, 2015 | Feb. 01, 2014 |
Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 5.00% |
Rate of compensation increase | 4.00% | 4.00% |
Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.70% | 4.80% |
Rate of compensation increase | 6.00% | 6.00% |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $40,481 | $44,623 | $41,813 |
Interest cost | 49,522 | 44,654 | 42,029 |
Expected return on plan assets | -65,187 | -60,474 | -54,759 |
Amortization of net actuarial loss | 13,848 | 28,070 | 25,373 |
Expense related to current period | 38,664 | 56,873 | 54,456 |
Correction of prior years pension accruals | 26,964 | ||
Total expense | 38,664 | 56,873 | 81,420 |
Net (gain) loss | 209,091 | -89,265 | 61,692 |
Amortization of net (loss) | -13,848 | -28,070 | -25,373 |
Plan amendment | 3,067 | ||
Total recognized in other comprehensive income | 198,310 | -117,335 | 36,319 |
Total recognized in net periodic benefit cost and other comprehensive income | 236,974 | -60,462 | 117,739 |
Discount rate | 5.00% | 4.40% | 4.80% |
Expected rate of return on plan assets | 7.00% | 7.00% | 7.40% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,398 | 1,716 | 1,448 |
Interest cost | 3,001 | 2,447 | 2,321 |
Amortization of prior service cost | 2 | 3 | 3 |
Amortization of net actuarial loss | 2,146 | 2,884 | 1,465 |
Expense related to current period | 6,547 | 7,050 | 5,237 |
Total expense | 6,547 | 7,050 | 5,237 |
Net (gain) loss | 19,552 | -2,925 | 6,666 |
Amortization of net (loss) | -2,146 | -2,884 | -1,465 |
Plan amendment | -2 | -3 | -3 |
Total recognized in other comprehensive income | 17,404 | -5,812 | 5,198 |
Total recognized in net periodic benefit cost and other comprehensive income | $23,951 | $1,238 | $10,435 |
Discount rate | 4.80% | 4.00% | 4.40% |
Rate of compensation increase | 6.00% | 6.00% | 6.00% |
Schedule_of_Benefits_Expected_
Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | $30,120 |
2017 | 33,387 |
2018 | 37,166 |
2019 | 41,199 |
2020 | 45,375 |
2021 through 2025 | 294,930 |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 3,252 |
2017 | 6,543 |
2018 | 6,658 |
2019 | 6,978 |
2020 | 7,396 |
2021 through 2025 | $31,804 |
Fair_Value_for_Pension_Assets_
Fair Value for Pension Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Common/Collective Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $8,283 | $10,421 | $13,158 |
Limited Partnership | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,044 | 7,713 | 11,064 |
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,170,748 | 944,801 | 876,083 |
Funded Plan | Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136,276 | 57,217 | |
Funded Plan | Domestic Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,373 | 74,415 | |
Funded Plan | Corporate And Government Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 300,761 | 214,954 | |
Funded Plan | Common/Collective Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 493,902 | 440,353 | |
Funded Plan | Limited Partnership | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,044 | 7,713 | |
Funded Plan | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157,392 | 150,149 | |
Level 1 | Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 371,041 | 281,781 | |
Level 1 | Funded Plan | Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136,276 | 57,217 | |
Level 1 | Funded Plan | Domestic Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,373 | 74,415 | |
Level 1 | Funded Plan | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157,392 | 150,149 | |
Level 2 | Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 786,380 | 644,886 | |
Level 2 | Funded Plan | Corporate And Government Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 300,761 | 214,954 | |
Level 2 | Funded Plan | Common/Collective Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 485,619 | 429,932 | |
Level 3 | Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,327 | 18,134 | |
Level 3 | Funded Plan | Common/Collective Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,283 | 10,421 | |
Level 3 | Funded Plan | Limited Partnership | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $5,044 | $7,713 |
Reconciliation_of_Level_3_Plan
Reconciliation of Level 3 Plan Assets Measured at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Common/Collective Trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $10,421 | $13,158 |
Earned income, net of management expenses | 557 | 671 |
Unrealized gain on investment | 51 | 676 |
Purchases, sales, issuances and settlements, net | -2,746 | -4,084 |
Fair value of plan assets at end of year | 8,283 | 10,421 |
Limited Partnership | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 7,713 | 11,064 |
Earned income, net of management expenses | 786 | 312 |
Unrealized gain on investment | 76 | 507 |
Purchases, sales, issuances and settlements, net | -3,531 | -4,170 |
Fair value of plan assets at end of year | $5,044 | $7,713 |
Summary_of_Target_Allocation_f
Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date (Detail) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Equity Securities | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Target Allocation | 50.00% | |
Actual Allocation | 44.00% | 51.00% |
Fixed Income Securities | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Target Allocation | 50.00% | |
Actual Allocation | 45.00% | 44.00% |
Cash and Cash Equivalents | ||
Pension Plans and Other Retirement Benefits [Line Items] | ||
Actual Allocation | 11.00% | 5.00% |
LongTerm_Debt_Exclusive_of_Cur
Long-Term Debt, Exclusive of Current Installments (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Line Items] | |||
Long-term debt, exclusive of current installments | $1,623,864 | $1,274,216 | $774,600 |
4.20% Six-Year Notes | |||
Debt Disclosure [Line Items] | |||
Long-term debt, exclusive of current installments | 399,992 | ||
6.95% Ten-Year Notes | |||
Debt Disclosure [Line Items] | |||
Long-term debt, exclusive of current installments | 374,706 | 374,636 | |
2.50% Ten-Year Notes | |||
Debt Disclosure [Line Items] | |||
Long-term debt, exclusive of current installments | 499,633 | 499,588 | |
2.75% Seven-Year Notes | |||
Debt Disclosure [Line Items] | |||
Long-term debt, exclusive of current installments | $749,525 |
LongTerm_Debt_Exclusive_of_Cur1
Long-Term Debt, Exclusive of Current Installments (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Jan. 31, 2015 |
Debt Disclosure [Line Items] | ||
Unamortized debt discount | $1,136 | |
4.20% Six-Year Notes | ||
Debt Disclosure [Line Items] | ||
Debt instrument, interest rate | 4.20% | |
Debt instrument, redemption date | 8-Jul-14 | |
Unamortized debt discount | 8 | |
Effective interest rate | 4.20% | |
6.95% Ten-Year Notes | ||
Debt Disclosure [Line Items] | ||
Debt instrument, interest rate | 6.95% | |
Maturity date | 15-Apr-19 | |
Unamortized debt discount | 364 | 294 |
Effective interest rate | 6.98% | |
2.50% Ten-Year Notes | ||
Debt Disclosure [Line Items] | ||
Debt instrument, interest rate | 2.50% | |
Maturity date | 15-May-23 | |
Unamortized debt discount | 412 | 367 |
Effective interest rate | 2.51% | |
2.75% Seven-Year Notes | ||
Debt Disclosure [Line Items] | ||
Debt instrument, interest rate | 2.75% | |
Maturity date | 15-Jun-21 | |
Unamortized debt discount | $475 | |
Effective interest rate | 2.76% |
Aggregate_Maturities_of_LongTe
Aggregate Maturities of Long-Term Debt, Exclusive of Current Installments (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
2017 | $0 | ||
2018 | 0 | ||
2019 | 0 | ||
2020 | 375,000 | ||
Later years | 1,250,000 | ||
Less amount representing unamortized debt discount | -1,136 | ||
Aggregate maturities of long-term debt | $1,623,864 | $1,274,216 | $774,600 |
LongTerm_Debt_and_Credit_Lines2
Long-Term Debt and Credit Lines - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Jul. 08, 2014 | Feb. 01, 2014 | Jul. 08, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | |
USD ($) | USD ($) | 2.75% Seven-Year Notes | 4.20% Six-Year Notes | 4.20% Six-Year Notes | 4.20% Six-Year Notes | 2.50% Ten-Year Notes | 2.50% Ten-Year Notes | 6.95% Ten-Year Notes | 6.95% Ten-Year Notes | Revolving Credit Facility May 2016 | Revolving Credit Facility June 2017 | TJX Canada Facility | TJX Canada Facility | TJX Canada Facility | TJX Canada Facility | TJX Europe Credit Line | TJX Europe Credit Line | TJX UK Credit Line | TJX UK Credit Line | |
CreditFacility | USD ($) | USD ($) | Redemption premium | USD ($) | Interest Rate Contract | USD ($) | Interest Rate Contract | USD ($) | USD ($) | Other Operating Expense | Other Operating Expense | Letter of Credit | Letter of Credit | GBP (£) | GBP (£) | GBP (£) | GBP (£) | |||
USD ($) | USD ($) | USD ($) | CAD | CAD | CAD | CAD | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $750,000,000 | $500,000,000 | $375,000,000 | |||||||||||||||||
Debt instrument, interest rate | 2.75% | 4.20% | 2.50% | 6.95% | ||||||||||||||||
Debt instrument maturity period, years | 7 years | 10 years | 10 years | |||||||||||||||||
Debt instrument maturity date | 2021-06 | 2023-05 | 2019-04 | 2016-05 | 2017-06 | |||||||||||||||
Effective fixed rate | 2.91% | 2.57% | 7.00% | |||||||||||||||||
Cash flow hedges, pre-tax realized loss | 7,900,000 | |||||||||||||||||||
Debt instrument, redemption date | 8-Jul-14 | |||||||||||||||||||
Loss on early extinguishment of debt | -16,830,000 | 16,800,000 | 16,400,000 | |||||||||||||||||
Write off, unamortized debt expenses and discount | 400,000 | |||||||||||||||||||
Amount hedged into treasury rate-lock agreement | 250,000,000 | 250,000,000 | ||||||||||||||||||
Revolving credit facilities, number | 2 | |||||||||||||||||||
Current borrowing capacity | 500,000,000 | 500,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Basis points on revolving credit facility | 0.13% | 0.08% | ||||||||||||||||||
Ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization | 275.00% | |||||||||||||||||||
Credit facilities, amount outstanding | $0 | $0 | 0 | 0 | £ 0 | £ 0 |
Components_of_Income_Before_In
Components of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Taxes [Line Items] | |||
Income from continuing operations before income taxes, united states | $2,943,745 | $2,746,925 | $2,517,696 |
Income from continuing operations before income taxes, foreign | 606,139 | 572,564 | 559,655 |
Income before provision for income taxes | $3,549,884 | $3,319,489 | $3,077,351 |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | $896,672 | $815,811 | $842,149 |
State | 180,616 | 177,009 | 162,200 |
Foreign | 155,398 | 136,626 | 153,083 |
Deferred: | |||
Federal | 87,057 | 73,206 | 22,394 |
State | 14,231 | 5,928 | 1,583 |
Foreign | 782 | -26,487 | -10,745 |
Provision for income taxes | $1,334,756 | $1,182,093 | $1,170,664 |
Deferred_Tax_Assets_Liabilitie
Deferred Tax Assets (Liabilities) (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforward | $18,305 | $25,711 |
Reserves for lease obligations and computer intrusion | 16,242 | 29,108 |
Pension, stock compensation, postretirement and employee benefits | 351,171 | 280,381 |
Leases | 47,464 | 43,966 |
Other | 74,451 | 66,984 |
Total gross deferred tax assets | 507,633 | 446,150 |
Valuation allowance | -5,122 | -4,359 |
Net deferred tax asset | 502,511 | 441,791 |
Deferred tax liabilities: | ||
Property, plant and equipment | 474,179 | 432,262 |
Capitalized inventory | 50,536 | 48,612 |
Tradename/intangibles | 47,443 | 45,528 |
Undistributed foreign earnings | 181,822 | 217,916 |
Other | 8,884 | 10,397 |
Total deferred tax liabilities | 762,864 | 754,715 |
Net deferred tax (liability) | -260,353 | -312,924 |
Current asset | 137,617 | 101,639 |
Non-current asset | 24,546 | 31,508 |
Non-current liability | -422,516 | -446,071 |
Total | ($260,353) | ($312,924) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Taxes [Line Items] | |||
Income tax provided on undistributed earnings on all other foreign subsidiaries | $0 | ||
Undistributed earnings of foreign subsidiaries | 566,600,000 | ||
Valuation allowances | 5,122,000 | 4,359,000 | |
Provision for income taxes | 1,334,756,000 | 1,182,093,000 | 1,170,664,000 |
Net unrecognized tax benefits | 32,700,000 | 26,200,000 | 125,300,000 |
Unrecognized tax benefits that would impact effective tax rates | 34,800,000 | 27,800,000 | 129,000,000 |
Interest and penalties expensed | 1,900,000 | 4,000,000 | 4,700,000 |
Accrued amounts for interest and penalties | 10,100,000 | 8,100,000 | 38,600,000 |
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings, minimum | 0 | ||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings, maximum | 14,400,000 | ||
Prior Year Tax Benefit | |||
Income Taxes [Line Items] | |||
Provision for income taxes | -80,000,000 | ||
State Net Operating Loss Carryforwards | |||
Income Taxes [Line Items] | |||
State net operating loss carryforwards | 61,500,000 | 35,900,000 | |
Valuation allowances | 5,100,000 | 4,400,000 | |
State Net Operating Loss Carryforwards | Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2016 | ||
State Net Operating Loss Carryforwards | Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2034 | ||
Foreign Net Operating Loss Carryforwards | |||
Income Taxes [Line Items] | |||
Foreign net operating loss carryforwards | 48,300,000 | 77,100,000 | |
Foreign net operating loss carryforwards subject to expiration | $2,800,000 | ||
Foreign Net Operating Loss Carryforwards | Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2016 | ||
Foreign Net Operating Loss Carryforwards | Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2018 |
Reconciliation_of_US_Federal_S
Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Effective state income tax rate | 3.60% | 3.60% | 3.50% |
Impact of foreign operations | -0.90% | -0.80% | -0.30% |
All other | -0.10% | -2.20% | -0.20% |
Worldwide effective income tax rate | 37.60% | 35.60% | 38.00% |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Contingency [Line Items] | |||
Balance at beginning of year | $48,680 | $148,777 | $144,505 |
Additions for uncertain tax positions taken in current year | 4,771 | 4,212 | 1,949 |
Additions for uncertain tax positions taken in prior years | 5,278 | 5,096 | 3,009 |
Reductions for uncertain tax positions taken in prior years | -2,747 | -69,292 | |
Reductions resulting from lapse of statute of limitations | -317 | -129 | |
Settlements with tax authorities | -363 | -39,796 | -557 |
Balance at end of year | $55,619 | $48,680 | $148,777 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Commitments [Line Items] | ||||
Rental expense under operating leases for continuing operations | $1,321.60 | $1,238.20 | $1,171.60 | |
Contingent rent paid | 15.2 | 15.7 | 15 | |
Sublease income | 0.8 | 0.9 | 0.9 | |
Total net present value of minimum operating lease obligations | 6,499.20 | |||
Construction-in-progress | 60.7 | |||
Outstanding letters of credit issued for the purchase of inventory | $42.90 | $55.30 | ||
Tjx Us And Canada | Maximum | ||||
Commitments [Line Items] | ||||
Operating leases term, years | 10 years | |||
Tjx Us And Canada | Minimum | ||||
Commitments [Line Items] | ||||
Operating leases term, years | 5 years | |||
Options to extend for one of more five-year periods | 1 year | |||
TJX Europe | Maximum | ||||
Commitments [Line Items] | ||||
Operating leases term, years | 15 years | |||
Optional lease kick-out term, years | 10 years |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments for Continuing Operations (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Lease Future Minimum Payment Due | |
2016, Operating Lease | $1,303,196 |
2017, Operating Lease | 1,198,498 |
2018, Operating Lease | 1,055,838 |
2019, Operating Lease | 924,690 |
2020, Operating Lease | 778,074 |
Later years Operating Lease | 2,348,705 |
Total future minimum lease payments | $7,609,001 |
Schedule_of_Accrued_Expenses_a
Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Employee compensation and benefits, current | $470,887 | $479,003 |
Computer Intrusion reserve | 7,616 | 12,854 |
Reserve for former operations, short term | 6,965 | 14,586 |
Rent, utilities and occupancy, including real estate taxes | 205,819 | 179,953 |
Merchandise credits and gift certificates | 274,557 | 246,438 |
Insurance | 38,514 | 34,364 |
Sales tax collections and V.A.T. taxes | 118,821 | 102,572 |
All other current liabilities | 672,943 | 612,064 |
Accrued expenses and other current liabilities | $1,796,122 | $1,681,834 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities Current and Long Term - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Accrued Expenses And Current Liabilities [Line Items] | |
Liabilities less than specific percentage included in other current liabilities | All other current liabilities include accruals for advertising, property additions, dividends, freight, interest, reserve for sales returns, expense payables, purchased services and other items, each of which is individually less than 5% of current liabilities. |
Percentage of other current liability individual item which makes up current liabilities | 5.00% |
Schedule_of_Other_LongTerm_Lia
Schedule of Other Long-Term Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Other Long Term Liabilities [Line Items] | ||
Employee compensation and benefits, long term | $460,086 | $334,847 |
Reserve for former operations, long term | 7,609 | 16,777 |
Accrued rent | 203,216 | 195,586 |
Landlord allowances | 97,861 | 106,151 |
Tax reserve, long term | 28,088 | 50,227 |
Financing lease obligation | 60,733 | |
All other long-term liabilities | 30,544 | 29,411 |
Other long-term liabilities | $888,137 | $732,999 |
Contingent_Obligations_and_Con1
Contingent Obligations and Contingencies - Additional Information (Detail) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Commitment And Contingencies [Line Items] | |
Estimated contingent obligations | $69 |
Summary_of_Cash_Payments_for_I
Summary of Cash Payments for Interest and Income Taxes and Non-Cash Investing and Financing Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Schedule of Cash Flow, Supplemental [Line Items] | |||
Cash paid for: Interest on debt | $66,265 | $52,196 | $45,653 |
Cash paid for: Income taxes | 1,091,128 | 1,240,377 | 971,732 |
Changes in accrued expenses due to: Dividends payable | 17,377 | 19,380 | 12,291 |
Changes in accrued expenses due to: Property additions | 8,254 | -6,432 | 33,615 |
Non-cash investing and financing activity: Construction in progress | -60,733 | ||
Non-cash investing and financing activity: Financing lease obligation | $60,733 |
Selected_Quarterly_Consolidate
Selected Quarterly Consolidated Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Net sales | $8,303,953 | $7,366,066 | $6,917,212 | $6,491,176 | $7,808,787 | $6,981,876 | $6,442,424 | $6,189,609 | $29,078,407 | $27,422,696 | $25,878,372 | ||||||||
Gross earnings | 2,344,916 | [1] | 2,162,437 | [1] | 1,981,356 | [1] | 1,813,176 | [1] | 2,158,487 | [1] | 2,047,411 | [1] | 1,855,685 | [1] | 1,756,076 | [1] | |||
Net income | $648,230 | $594,957 | $517,624 | $454,317 | $582,292 | $622,655 | $479,559 | $452,890 | $2,215,128 | $2,137,396 | $1,906,687 | ||||||||
Basic earnings per share | $0.95 | $0.86 | $0.75 | $0.65 | $0.82 | $0.88 | $0.67 | $0.63 | $3.20 | $3 | $2.60 | ||||||||
Diluted earnings per share | $0.93 | $0.85 | $0.73 | $0.64 | $0.81 | $0.86 | $0.66 | $0.62 | $3.15 | $2.94 | $2.55 | ||||||||
[1] | Gross earnings equal net sales less cost of sales, including buying and occupancy costs. |