Document and Entity Information
Document and Entity Information - Aug. 01, 2015 - shares | Total |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Aug. 1, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | TJX |
Entity Registrant Name | TJX COMPANIES INC /DE/ |
Entity Central Index Key | 109,198 |
Current Fiscal Year End Date | --01-30 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 674,370,829 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Net sales | $ 7,363,731 | $ 6,917,212 | $ 14,229,368 | $ 13,408,388 |
Cost of sales, including buying and occupancy costs | 5,219,191 | 4,935,856 | 10,139,432 | 9,613,856 |
Selling, general and administrative expenses | 1,247,538 | 1,122,758 | 2,416,195 | 2,195,808 |
Loss on early extinguishment of debt | 16,830 | 16,830 | ||
Interest expense, net | 10,808 | 11,150 | 22,432 | 20,745 |
Income before provision for income taxes | 886,194 | 830,618 | 1,651,309 | 1,561,149 |
Provision for income taxes | 336,859 | 312,994 | 627,373 | 589,208 |
Net income | $ 549,335 | $ 517,624 | $ 1,023,936 | $ 971,941 |
Basic earnings per share: | ||||
Net income | $ 0.81 | $ 0.75 | $ 1.51 | $ 1.39 |
Weighted average common shares - basic | 676,082 | 694,217 | 678,735 | 697,622 |
Diluted earnings per share: | ||||
Net income | $ 0.80 | $ 0.73 | $ 1.49 | $ 1.37 |
Weighted average common shares - diluted | 685,322 | 705,200 | 688,579 | 709,220 |
Cash dividends declared per share | $ 0.210 | $ 0.175 | $ 0.420 | $ 0.350 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Net income | $ 549,335 | $ 517,624 | $ 1,023,936 | $ 971,941 |
Additions to other comprehensive income: | ||||
Foreign currency translation adjustments, net of related tax provision (benefit) | (35,289) | (2,641) | 6,164 | 33,450 |
(Loss) on cash flow hedge, net of related tax benefit | (4,762) | (4,762) | ||
Reclassifications from other comprehensive income to net income: | ||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions | 5,565 | 1,618 | 10,932 | 3,236 |
Amortization Of Loss On Derivative Net Of Tax Provision | 171 | 113 | 342 | 113 |
Other comprehensive income (loss), net of tax | (29,553) | (5,672) | 17,438 | 32,037 |
Total comprehensive income | $ 519,782 | $ 511,952 | $ 1,041,374 | $ 1,003,978 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Foreign currency translation adjustments, related tax provision (benefit) | $ (32,188) | $ 2,075 | $ (13,033) | $ 8,219 |
(Loss) on cash flow hedge, related tax benefit | (3,175) | (3,175) | ||
Amortization of prior service cost and deferred gains/losses, related tax provisions | $ 3,660 | 1,078 | $ 7,191 | 2,157 |
Amortization Of Loss On Derivative Related Tax Provision (Benefit) | $ 113 | $ 76 | $ 225 | $ 76 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 1,910,770 | $ 2,493,775 | $ 2,183,330 |
Short-term investments | 327,506 | 282,623 | 285,003 |
Accounts receivable, net | 260,952 | 213,824 | 242,549 |
Merchandise inventories | 3,749,636 | 3,217,923 | 3,388,182 |
Prepaid expenses and other current assets | 405,032 | 356,824 | 380,671 |
Federal, state, and foreign income taxes recoverable | 14,743 | 12,475 | |
Current deferred income taxes, net | 128,198 | 137,617 | 114,028 |
Total current assets | 6,796,837 | 6,715,061 | 6,593,763 |
Property at cost: | |||
Land and buildings | 905,386 | 888,580 | 755,892 |
Leasehold costs and improvements | 2,886,571 | 2,780,932 | 2,829,345 |
Furniture, fixtures and equipment | 4,936,611 | 4,671,029 | 4,564,882 |
Total property at cost | 8,728,568 | 8,340,541 | 8,150,119 |
Less accumulated depreciation and amortization | 4,732,590 | 4,472,176 | 4,374,082 |
Net property at cost | 3,995,978 | 3,868,365 | 3,776,037 |
Non-current deferred income taxes, net | 21,449 | 24,546 | 27,703 |
Other assets | 218,239 | 210,539 | 213,051 |
Goodwill and tradename, net of amortization | 308,539 | 309,870 | 311,443 |
TOTAL ASSETS | 11,341,042 | 11,128,381 | 10,921,997 |
Current liabilities: | |||
Accounts payable | 2,258,997 | 2,007,511 | 2,148,432 |
Accrued expenses and other current liabilities | 1,834,153 | 1,796,122 | 1,645,976 |
Federal, state and foreign income taxes payable | 67,711 | 126,001 | 30,521 |
Total current liabilities | 4,160,861 | 3,929,634 | 3,824,929 |
Other long-term liabilities | 888,281 | 888,137 | 727,910 |
Non-current deferred income taxes, net | 391,874 | 422,516 | 470,737 |
Long-term debt | $ 1,623,959 | $ 1,623,864 | $ 1,623,769 |
Commitments and contingencies | |||
SHAREHOLDERS' EQUITY | |||
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 674,370,829; 684,733,200 and 692,941,647, respectively | $ 674,370 | $ 684,733 | $ 692,942 |
Additional paid-in capital | 0 | 0 | 0 |
Accumulated other comprehensive income (loss) | (536,947) | (554,385) | (167,495) |
Retained earnings | 4,138,644 | 4,133,882 | 3,749,205 |
Total shareholders' equity | 4,276,067 | 4,264,230 | 4,274,652 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 11,341,042 | $ 11,128,381 | $ 10,921,997 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, shares issued | 674,370,829 | 684,733,200 | 692,941,647 |
Common stock, shares outstanding | 674,370,829 | 684,733,200 | 692,941,647 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 1,023,936 | $ 971,941 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 298,458 | 291,651 |
Loss on property disposals and impairment charges | 1,366 | 1,734 |
Deferred income tax provision | (14,902) | 9,647 |
Share-based compensation | 43,767 | 42,000 |
Excess tax benefits from share-based compensation | (33,977) | (21,025) |
Loss on early extinguishment of debt | 16,830 | |
Changes in assets and liabilities: | ||
(Increase) in accounts receivable | (46,922) | (31,778) |
(Increase) in merchandise inventories | (525,327) | (406,861) |
(Increase) in taxes recoverable | (2,268) | |
(Increase) in prepaid expenses and other current assets | (59,869) | (42,664) |
Increase in accounts payable | 249,627 | 367,191 |
Increase (decrease) in accrued expenses and other liabilities | 8,297 | (109,476) |
(Decrease) in income taxes payable | (23,761) | (13,050) |
Other | 10,155 | 12,235 |
Net cash provided by operating activities | 928,580 | 1,088,375 |
Cash flows from investing activities: | ||
Property additions | (404,875) | (425,115) |
Purchase of investments | (225,687) | (193,509) |
Sales and maturities of investments | 159,729 | 195,263 |
Net cash (used in) investing activities | (470,833) | (423,361) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 749,475 | |
Cash payments for extinguishment of debt | (416,357) | |
Cash payments for repurchase of common stock | (851,081) | (799,784) |
Cash payments for debt issuance expenses | (6,185) | |
Cash payments for rate lock agreement | (7,937) | |
Proceeds from issuance of common stock | 47,992 | 30,470 |
Excess tax benefits from share-based compensation | 33,977 | 21,025 |
Cash dividends paid | (262,882) | (224,269) |
Net cash (used in) financing activities | (1,031,994) | (653,562) |
Effect of exchange rate changes on cash | (8,758) | 22,132 |
Net (decrease) increase in cash and cash equivalents | (583,005) | 33,584 |
Cash and cash equivalents at beginning of year | 2,493,775 | 2,149,746 |
Cash and cash equivalents at end of period | $ 1,910,770 | $ 2,183,330 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Aug. 01, 2015 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Balance (in shares) at Jan. 31, 2015 | 684,733,200 | 684,733,000 | |||
Balance at Jan. 31, 2015 | $ 4,264,230 | $ 684,733 | $ (554,385) | $ 4,133,882 | |
Net income | 1,023,936 | 1,023,936 | |||
Other comprehensive income (loss), net of tax | 17,438 | 17,438 | |||
Cash dividends declared on common stock | (284,602) | (284,602) | |||
Recognition of share-based compensation | 43,767 | $ 43,767 | |||
Issuance of common stock under Stock Incentive Plan and related tax effect (in shares) | 2,295,000 | ||||
Issuance of common stock under Stock Incentive Plan and related tax effect | 62,379 | $ 2,295 | 60,084 | ||
Common stock repurchased (in shares) | (12,658,000) | ||||
Common stock repurchased | $ (851,081) | $ (12,658) | $ (103,851) | (734,572) | |
Balance (in shares) at Aug. 01, 2015 | 674,370,829 | 674,370,000 | |||
Balance at Aug. 01, 2015 | $ 4,276,067 | $ 674,370 | $ (536,947) | $ 4,138,644 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2015 | |
Summary of Significant Accounting Policies | Note A. Summary of Significant Accounting Policies Basis of Presentation: These interim results are not necessarily indicative of results for the full fiscal year, because TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The January 31, 2015 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Fiscal Year: Share-Based Compensation: Cash and Cash Equivalents Investments: Merchandise Inventories Leases: Therefore, the lease is accounted for as a financing transaction and the asset and related financing obligation recorded at January 31, 2015 remain on the consolidated balance sheet at August 1, 2015. New Accounting Standards: In April 2015, a pronouncement was issued that allows employers with fiscal year ends that do not coincide with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end. This update is effective for interim and annual reporting periods beginning after December 15, 2015. TJX is currently evaluating the impact of the new pronouncement. In April 2015, a pronouncement was issued that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. For TJX, the standard will be effective in the first quarter of fiscal 2017. TJX is currently evaluating the impact of the new pronouncement on its consolidated financial statements. Revisions: |
Reserves Related to Former Oper
Reserves Related to Former Operations | 6 Months Ended |
Aug. 01, 2015 | |
Reserves Related to Former Operations | Note B. Reserves Related to Former Operations Reserves Related to Former Operations: Twenty-Six Weeks Ended In thousands August 1, August 2, Balance at beginning of year $ 14,574 $ 31,363 Additions (reductions) to the reserve charged to net income: Adjustments to lease-related obligations — (6,500 ) Interest accretion — 415 Charges against the reserve: Lease-related obligations (1,150 ) (3,232 ) Other (388 ) (34 ) Balance at end of period $ 13,036 $ 22,012 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. During the first six months of fiscal 2015, TJX decreased this reserve by $6.5 million to reflect a change in the Company’s estimate of the 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 12 leases of former TJX businesses, 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 Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Aug. 01, 2015 | |
Accumulated Other Comprehensive Income (Loss) | Note C. Accumulated Other Comprehensive Income (Loss) Amounts included in accumulated other comprehensive income (loss) are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive income (loss) for the related periods: In thousands Foreign Deferred Cash Flow Accumulated Balance, January 31, 2015 $ (295,269 ) $ (254,806 ) $ (4,310 ) $ (554,385 ) Foreign currency translation adjustments (net of taxes of $13,033) 6,164 — — 6,164 Amortization of prior service cost and deferred gains/losses (net of taxes of $7,191) — 10,932 — 10,932 Amortization of loss on cash flow hedge (net of taxes of $225) — — 342 342 Balance, August 1, 2015 $ (289,105 ) $ (243,874 ) $ (3,968 ) $ (536,947 ) |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share | 6 Months Ended |
Aug. 01, 2015 | |
Capital Stock and Earnings Per Share | Note D. Capital Stock and Earnings Per Share Capital Stock: In February 2014, TJX’s Board of Directors announced a stock repurchase program that authorized 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 August 1, 2015, TJX repurchased 23.5 million shares of common stock at a cost of $1.5 billion. At August 1, 2015, $459.2 million 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 $2.0 billion of TJX common stock from time to time, all of which remained available at August 1, 2015. 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: Thirteen Weeks Ended In thousands, except per share data August 1, August 2, Basic earnings per share Net income $ 549,335 $ 517,624 Weighted average common shares outstanding for basic EPS 676,082 694,217 Basic earnings per share $ 0.81 $ 0.75 Diluted earnings per share Net income $ 549,335 $ 517,624 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 676,082 694,217 Assumed exercise/vesting of: Stock options and awards 9,240 10,983 Weighted average common shares outstanding for diluted EPS 685,322 705,200 Diluted earnings per share $ 0.80 $ 0.73 Twenty-Six Weeks Ended In thousands, except per share data August 1, August 2, Basic earnings per share Net income $ 1,023,936 $ 971,941 Weighted average common shares outstanding for basic EPS 678,735 697,622 Basic earnings per share $ 1.51 $ 1.39 Diluted earnings per share Net income $ 1,023,936 $ 971,941 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 678,735 697,622 Assumed exercise/vesting of: Stock options and awards 9,844 11,598 Weighted average common shares outstanding for diluted EPS 688,579 709,220 Diluted earnings per share $ 1.49 $ 1.37 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 no such options excluded for either the thirteen weeks or the twenty-six weeks ended August 1, 2015. There were 4.6 million such options excluded for the thirteen weeks ended August 2, 2014 and 4.2 million such options excluded for the twenty-six weeks ended August 2, 2014. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Aug. 01, 2015 | |
Financial Instruments | Note E. 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. When and to the extent deemed appropriate, TJX seeks to minimize risk from changes in interest rates and foreign currency exchange rates and fuel costs 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: Foreign Currency 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 August 1, 2015: In thousands Pay Receive Blended Balance Sheet Current Asset Current Net Fair Fair value hedges: Intercompany balances, primarily debt and related interest zł 87,073 C$ 29,560 0.3395 (Accrued Exp) $ — $ (440 ) $ (440 ) zł 25,000 £ 4,547 0.1819 Prepaid Exp 496 — 496 € 39,000 £ 28,873 0.7403 Prepaid Exp 2,075 — 2,075 € 19,850 U.S.$ 22,647 1.1409 Prepaid Exp 777 — 777 U.S.$ 83,400 £ 55,000 0.6595 Prepaid Exp 2,423 — 2,423 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 1.2M Float on 1.2M – 3.0M gal per N/A (Accrued Exp) — (12,414 ) (12,414 ) Merchandise purchase commitments C$ 454,974 U.S.$ 364,410 0.8009 Prepaid Exp 16,976 — 16,976 C$ 18,935 € 13,700 0.7235 Prepaid Exp 592 — 592 £ 192,482 U.S.$ 297,000 1.5430 Prepaid Exp / 493 (4,087 ) (3,594 ) U.S.$ 929 £ 605 0.6512 Prepaid Exp 16 — 16 zł 230,328 £ 40,405 0.1754 Prepaid Exp 2,170 — 2,170 U.S.$ 30,473 € 27,486 0.9020 Prepaid Exp / 185 (448 ) (263 ) Total fair value of financial instruments $ 26,203 $ (17,389 ) $ 8,814 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 2, 2014: In thousands Pay Receive Blended Balance Sheet Current Asset Current Net Fair Fair value hedges: Intercompany balances, primarily debt and related interest zł 87,073 C$ 30,585 0.3513 Prepaid Exp / $ 375 $ (192 ) $ 183 € 39,000 £ 31,968 0.8197 Prepaid Exp 1,191 — 1,191 € 44,850 U.S.$ 61,842 1.3789 Prepaid Exp 1,576 — 1,576 U.S.$ 90,309 £ 55,000 0.6090 Prepaid Exp 2,041 — 2,041 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 525K -1.8M gal per Float on 525K -1.8M gal per N/A Prepaid Exp 273 — 273 Merchandise purchase commitments C$ 360,131 U.S.$ 327,800 0.9102 Prepaid Exp / 1,171 (2,870 ) (1,699 ) C$ 16,255 € 10,800 0.6644 Prepaid Exp / 18 (398 ) (380 ) £ 105,657 U.S.$ 174,000 1.6468 Prepaid Exp / 554 (4,207 ) (3,653 ) zł 168,860 £ 32,535 0.1927 Prepaid Exp / 724 (20 ) 704 U.S.$ 28,980 € 21,243 0.7330 (Accrued Exp) — (453 ) (453 ) U.S.$ 113 ¥ 691 6.1216 (Accrued Exp) — (1 ) (1 ) Total fair value of financial instruments $ 7,923 $ (8,141 ) $ (218 ) Presented below is the impact of derivative financial instruments on the statements of income for the periods shown: Amount of Gain (Loss) Recognized Thirteen Weeks Ended In thousands Location of Gain (Loss) August 1, 2015 August 2, 2014 Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and $ 5,664 $ 3,936 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Cost of sales, including buying (11,491 ) (321 ) Merchandise purchase commitments Cost of sales, including buying 21,195 (3,378 ) Gain / (loss) recognized in income $ 15,368 $ 237 Amount of Gain (Loss) Recognized Twenty-Six Weeks Ended In thousands Location of Gain (Loss) August 1, 2015 August 2, 2014 Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and $ 7,708 $ 3,878 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Cost of sales, including buying (9,291 ) 905 Merchandise purchase commitments Cost of sales, including buying 7,543 (15,696 ) Gain / (loss) recognized in income $ 5,960 $ (10,913 ) |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments | 6 Months Ended |
Aug. 01, 2015 | |
Disclosures about Fair Value of Financial Instruments | Note F. 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: In thousands August 1, January 31, August 2, Level 1 Assets: Executive Savings Plan investments $ 167,669 $ 151,936 $ 150,193 Level 2 Assets: Short-term investments $ 327,506 $ 282,623 $ 285,003 Foreign currency exchange contracts 26,203 39,419 7,650 Diesel fuel contracts — — 273 Liabilities: Foreign currency exchange contracts $ 4,975 $ 1,942 $ 8,141 Diesel fuel contracts 12,414 15,324 — Investments designed to meet obligations under the Executive Savings Plan are invested in securities traded in active markets and are recorded at unadjusted quoted prices. Short-term investments, foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations which include observable market information. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2. The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt as of August 1, 2015 was $1.69 billion compared to a carrying value of $1.62 billion. The fair value of long-term debt as of January 31, 2015 was $1.73 billion compared to a carrying value of $1.62 billion. The fair value of long-term debt as of August 2, 2014 was $1.68 billion compared to a carrying value of $1.62 billion. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations. TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments. |
Segment Information
Segment Information | 6 Months Ended |
Aug. 01, 2015 | |
Segment Information | Note G. 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 that operates sierratradingpost.com and a small number of stores in the U.S. The results of STP are included with 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. On July 28, 2015, TJX announced that it had signed a definitive agreement to acquire Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for AUD $80 million. TJX expects the transaction, which has customary conditions to closing, to be consummated by the end of calendar 2015. TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity. Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended In thousands August 1, August 2, Net sales: In the United States: Marmaxx $ 4,805,883 $ 4,493,878 HomeGoods 895,378 773,071 TJX Canada 699,347 695,924 TJX Europe 963,123 954,339 $ 7,363,731 $ 6,917,212 Segment profit: In the United States: Marmaxx $ 715,546 $ 685,614 HomeGoods 112,135 94,635 TJX Canada 119,681 95,024 TJX Europe 50,874 55,614 998,236 930,887 General corporate expense 101,234 72,289 Loss on early extinguishment of debt — 16,830 Interest expense, net 10,808 11,150 Income before provision for income taxes $ 886,194 $ 830,618 Twenty-Six Weeks Ended In thousands August 1, August 2, Net sales: In the United States: Marmaxx $ 9,301,293 $ 8,728,633 HomeGoods 1,775,571 1,530,223 TJX Canada 1,319,559 1,304,344 TJX Europe 1,832,945 1,845,188 $ 14,229,368 $ 13,408,388 Segment profit: In the United States: Marmaxx $ 1,367,849 $ 1,308,688 HomeGoods 233,434 192,840 TJX Canada 164,853 139,047 TJX Europe 77,229 93,875 1,843,365 1,734,450 General corporate expense 169,624 135,726 Loss on early extinguishment of debt — 16,830 Interest expense, net 22,432 20,745 Income before provision for income taxes $ 1,651,309 $ 1,561,149 |
Pension Plans and Other Retirem
Pension Plans and Other Retirement Benefits | 6 Months Ended |
Aug. 01, 2015 | |
Pension Plans and Other Retirement Benefits | Note H. Pension Plans and Other Retirement Benefits Presented below is financial information related to TJX’s funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental retirement plan (unfunded plan) for the periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 1, August 2, August 1, August 2, Service cost $ 13,053 $ 10,123 $ 694 $ 449 Interest cost 12,949 12,297 871 694 Expected return on plan assets (19,493 ) (16,302 ) — — Recognized actuarial losses 8,547 3,256 1,379 306 Total expense $ 15,056 $ 9,374 $ 2,944 $ 1,449 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 2, August 1, August 2, Service cost $ 26,108 $ 20,246 $ 1,387 $ 899 Interest cost 25,898 24,594 1,742 1,388 Expected return on plan assets (38,986 ) (32,605 ) — — Amortization of prior service cost — — — 1 Recognized actuarial losses 17,094 6,513 2,758 609 Total expense $ 30,114 $ 18,748 $ 5,887 $ 2,897 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 sufficient to avoid restrictions with respect to the funding of TJX’s nonqualified plans under the Internal Revenue Code. TJX does not anticipate any required funding in fiscal 2016 for the funded plan. TJX anticipates making payments of $3.3 million to provide current benefits coming due under the unfunded plan in fiscal 2016. The amounts included in amortization of prior service cost and recognized actuarial losses in the table above have been reclassified in their entirety from other comprehensive income to the statements of income, net of related tax effects, for the periods presented. TJX also has an unfunded postretirement medical plan which was closed to new benefits in fiscal 2006. The liability as of August 1, 2015 is estimated at $1.1 million, of which $1.0 million is included in non-current liabilities on the balance sheet. The amendment to the plan benefits in fiscal 2006 resulted in a negative plan amendment which is being amortized to income over the estimated average remaining life of the eligible plan participants. Amortization from other comprehensive income to net income was $864,000 for both the quarters ended August 1, 2015 and August 2, 2014. Amortization from other comprehensive income to net income was $1.7 million for both the twenty-six weeks ended August 1, 2015 and the twenty-six weeks ended August 2, 2014. |
Long-Term Debt and Credit Lines
Long-Term Debt and Credit Lines | 6 Months Ended |
Aug. 01, 2015 | |
Long-Term Debt and Credit Lines | Note I. Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current installments, as of August 1, 2015, January 31, 2015 and August 2, 2014. All amounts are net of unamortized debt discounts. In thousands August 1, January 31, August 2, General corporate debt: 6.95% senior unsecured notes, maturing April 15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $258 at August 1, 2015, $294 at January 31, 2015 and $329 at August 2, 2014) $ 374,742 $ 374,706 $ 374,671 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $346 at August 1, 2015, $367 at January 31, 2015 and $389 at August 2, 2014) 499,654 499,633 499,611 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $437 at August 1, 2015, $475 at January 31, 2015 and $513 at August 2, 2014) 749,563 749,525 749,487 Long-term debt $ 1,623,959 $ 1,623,864 $ 1,623,769 At August 1, 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%. At August 1, 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 August 1, 2015, January 31, 2015 and August 2, 2014, TJX had two $500 million revolving credit facilities, one which matures in June 2017 and one which matures in May 2016. As of August 1, 2015, January 31, 2015 and August 2, 2014, and during the quarters and year then ended, there were no amounts outstanding under these facilities. At August 1, 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, depreciation and amortization, and consolidated rentals (“EBITDAR”) of not more than 2.75 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at August 1, 2015, January 31, 2015 and August 2, 2014. As of August 1, 2015, January 31, 2015 and August 2, 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 August 1, 2015, January 31, 2015 and August 2, 2014, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of August 1, 2015, January 31, 2015 and August 2, 2014, TJX Europe had a credit line of £20 million. As of August 1, 2015, January 31, 2015, and August 2, 2014, and during the quarters and year then ended, there were no amounts outstanding on the European credit line. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 01, 2015 | |
Income Taxes | Note J. Income Taxes The effective income tax rate was 38.0% for the fiscal 2016 second quarter and 37.7% for the fiscal 2015 second quarter. The effective income tax rate for the six months ended August 1, 2015 was 38.0% as compared to 37.7% for last year’s comparable period. The increase in the effective income tax rate for the second quarter of fiscal 2016 was primarily due to the jurisdictional mix of income and the valuation allowance on operating losses in Austria and the Netherlands. TJX had net unrecognized tax benefits of $34.8 million as of August 1, 2015, $32.7 million as of January 31, 2015 and $28.1 million as of August 2, 2014. TJX is subject to U.S. federal income tax as well as income tax in multiple states, local and foreign jurisdictions. In the U.S., fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, including Canada, the tax years through fiscal 2006 are no longer subject to examination. TJX’s accounting policy classifies interest and penalties related to income tax matters as part of income tax expense. The total accrued amount on the balance sheets for interest and penalties was $10.9 million as of August 1, 2015; $10.1 million as of January 31, 2015 and $8.8 million as of August 2, 2014. Based on the outcome of tax examinations or judicial or administrative proceedings, or as a result of the expiration of statute of limitations in specific jurisdictions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those presented in the financial statements. During the next 12 months, it is reasonably possible that tax examinations of prior years’ tax returns or judicial or administrative proceedings that reflect such positions taken by TJX may be finalized. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings, by a range of zero to $15.5 million. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2015 | |
Basis of Presentation | Basis of Presentation: These interim results are not necessarily indicative of results for the full fiscal year, because TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The January 31, 2015 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. |
Fiscal Year | Fiscal Year: |
Share-Based Compensation | Share-Based Compensation: |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Investments | Investments: |
Merchandise Inventories | Merchandise Inventories |
Leases | Leases: Therefore, the lease is accounted for as a financing transaction and the asset and related financing obligation recorded at January 31, 2015 remain on the consolidated balance sheet at August 1, 2015. |
New Accounting Standards | New Accounting Standards: In April 2015, a pronouncement was issued that allows employers with fiscal year ends that do not coincide with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end. This update is effective for interim and annual reporting periods beginning after December 15, 2015. TJX is currently evaluating the impact of the new pronouncement. In April 2015, a pronouncement was issued that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. For TJX, the standard will be effective in the first quarter of fiscal 2017. TJX is currently evaluating the impact of the new pronouncement on its consolidated financial statements. |
Revisions | Revisions: |
Reserves Related to Former Op20
Reserves Related to Former Operations (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Reserves Related to Former Operations | TJX has a reserve for its estimate of future obligations related to former business operations that TJX has either closed or sold. The reserve activity is presented below: Twenty-Six Weeks Ended In thousands August 1, August 2, Balance at beginning of year $ 14,574 $ 31,363 Additions (reductions) to the reserve charged to net income: Adjustments to lease-related obligations — (6,500 ) Interest accretion — 415 Charges against the reserve: Lease-related obligations (1,150 ) (3,232 ) Other (388 ) (34 ) Balance at end of period $ 13,036 $ 22,012 |
Accumulated Other Comprehensi21
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table details the changes in accumulated other comprehensive income (loss) for the related periods: In thousands Foreign Deferred Cash Flow Accumulated Balance, January 31, 2015 $ (295,269 ) $ (254,806 ) $ (4,310 ) $ (554,385 ) Foreign currency translation adjustments (net of taxes of $13,033) 6,164 — — 6,164 Amortization of prior service cost and deferred gains/losses (net of taxes of $7,191) — 10,932 — 10,932 Amortization of loss on cash flow hedge (net of taxes of $225) — — 342 342 Balance, August 1, 2015 $ (289,105 ) $ (243,874 ) $ (3,968 ) $ (536,947 ) |
Capital Stock and Earnings Pe22
Capital Stock and Earnings Per Share (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Earnings per Share | Earnings per share: Thirteen Weeks Ended In thousands, except per share data August 1, August 2, Basic earnings per share Net income $ 549,335 $ 517,624 Weighted average common shares outstanding for basic EPS 676,082 694,217 Basic earnings per share $ 0.81 $ 0.75 Diluted earnings per share Net income $ 549,335 $ 517,624 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 676,082 694,217 Assumed exercise/vesting of: Stock options and awards 9,240 10,983 Weighted average common shares outstanding for diluted EPS 685,322 705,200 Diluted earnings per share $ 0.80 $ 0.73 Twenty-Six Weeks Ended In thousands, except per share data August 1, August 2, Basic earnings per share Net income $ 1,023,936 $ 971,941 Weighted average common shares outstanding for basic EPS 678,735 697,622 Basic earnings per share $ 1.51 $ 1.39 Diluted earnings per share Net income $ 1,023,936 $ 971,941 Shares for basic and diluted earnings per share calculations: Weighted average common shares outstanding for basic EPS 678,735 697,622 Assumed exercise/vesting of: Stock options and awards 9,844 11,598 Weighted average common shares outstanding for diluted EPS 688,579 709,220 Diluted earnings per share $ 1.49 $ 1.37 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Aug. 01, 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 August 1, 2015: In thousands Pay Receive Blended Balance Sheet Current Asset Current Net Fair Fair value hedges: Intercompany balances, primarily debt and related interest zł 87,073 C$ 29,560 0.3395 (Accrued Exp) $ — $ (440 ) $ (440 ) zł 25,000 £ 4,547 0.1819 Prepaid Exp 496 — 496 € 39,000 £ 28,873 0.7403 Prepaid Exp 2,075 — 2,075 € 19,850 U.S.$ 22,647 1.1409 Prepaid Exp 777 — 777 U.S.$ 83,400 £ 55,000 0.6595 Prepaid Exp 2,423 — 2,423 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 1.2M Float on 1.2M – 3.0M gal per N/A (Accrued Exp) — (12,414 ) (12,414 ) Merchandise purchase commitments C$ 454,974 U.S.$ 364,410 0.8009 Prepaid Exp 16,976 — 16,976 C$ 18,935 € 13,700 0.7235 Prepaid Exp 592 — 592 £ 192,482 U.S.$ 297,000 1.5430 Prepaid Exp / 493 (4,087 ) (3,594 ) U.S.$ 929 £ 605 0.6512 Prepaid Exp 16 — 16 zł 230,328 £ 40,405 0.1754 Prepaid Exp 2,170 — 2,170 U.S.$ 30,473 € 27,486 0.9020 Prepaid Exp / 185 (448 ) (263 ) Total fair value of financial instruments $ 26,203 $ (17,389 ) $ 8,814 The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 2, 2014: In thousands Pay Receive Blended Balance Sheet Current Asset Current Net Fair Fair value hedges: Intercompany balances, primarily debt and related interest zł 87,073 C$ 30,585 0.3513 Prepaid Exp / $ 375 $ (192 ) $ 183 € 39,000 £ 31,968 0.8197 Prepaid Exp 1,191 — 1,191 € 44,850 U.S.$ 61,842 1.3789 Prepaid Exp 1,576 — 1,576 U.S.$ 90,309 £ 55,000 0.6090 Prepaid Exp 2,041 — 2,041 Economic hedges for which hedge accounting was not elected: Diesel contracts Fixed on 525K -1.8M gal per Float on 525K -1.8M gal per N/A Prepaid Exp 273 — 273 Merchandise purchase commitments C$ 360,131 U.S.$ 327,800 0.9102 Prepaid Exp / 1,171 (2,870 ) (1,699 ) C$ 16,255 € 10,800 0.6644 Prepaid Exp / 18 (398 ) (380 ) £ 105,657 U.S.$ 174,000 1.6468 Prepaid Exp / 554 (4,207 ) (3,653 ) zł 168,860 £ 32,535 0.1927 Prepaid Exp / 724 (20 ) 704 U.S.$ 28,980 € 21,243 0.7330 (Accrued Exp) — (453 ) (453 ) U.S.$ 113 ¥ 691 6.1216 (Accrued Exp) — (1 ) (1 ) Total fair value of financial instruments $ 7,923 $ (8,141 ) $ (218 ) |
Impact of Derivative Financial Instruments on Statements of Income | Presented below is the impact of derivative financial instruments on the statements of income for the periods shown: Amount of Gain (Loss) Recognized Thirteen Weeks Ended In thousands Location of Gain (Loss) August 1, 2015 August 2, 2014 Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and $ 5,664 $ 3,936 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Cost of sales, including buying (11,491 ) (321 ) Merchandise purchase commitments Cost of sales, including buying 21,195 (3,378 ) Gain / (loss) recognized in income $ 15,368 $ 237 Amount of Gain (Loss) Recognized Twenty-Six Weeks Ended In thousands Location of Gain (Loss) August 1, 2015 August 2, 2014 Fair value hedges: Intercompany balances, primarily debt and related interest Selling, general and $ 7,708 $ 3,878 Economic hedges for which hedge accounting was not elected: Diesel fuel contracts Cost of sales, including buying (9,291 ) 905 Merchandise purchase commitments Cost of sales, including buying 7,543 (15,696 ) Gain / (loss) recognized in income $ 5,960 $ (10,913 ) |
Disclosures about Fair Value 24
Disclosures about Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Aug. 01, 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: In thousands August 1, January 31, August 2, Level 1 Assets: Executive Savings Plan investments $ 167,669 $ 151,936 $ 150,193 Level 2 Assets: Short-term investments $ 327,506 $ 282,623 $ 285,003 Foreign currency exchange contracts 26,203 39,419 7,650 Diesel fuel contracts — — 273 Liabilities: Foreign currency exchange contracts $ 4,975 $ 1,942 $ 8,141 Diesel fuel contracts 12,414 15,324 — |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Financial Information on Business Segments | Presented below is financial information with respect to TJX’s business segments: Thirteen Weeks Ended In thousands August 1, August 2, Net sales: In the United States: Marmaxx $ 4,805,883 $ 4,493,878 HomeGoods 895,378 773,071 TJX Canada 699,347 695,924 TJX Europe 963,123 954,339 $ 7,363,731 $ 6,917,212 Segment profit: In the United States: Marmaxx $ 715,546 $ 685,614 HomeGoods 112,135 94,635 TJX Canada 119,681 95,024 TJX Europe 50,874 55,614 998,236 930,887 General corporate expense 101,234 72,289 Loss on early extinguishment of debt — 16,830 Interest expense, net 10,808 11,150 Income before provision for income taxes $ 886,194 $ 830,618 Twenty-Six Weeks Ended In thousands August 1, August 2, Net sales: In the United States: Marmaxx $ 9,301,293 $ 8,728,633 HomeGoods 1,775,571 1,530,223 TJX Canada 1,319,559 1,304,344 TJX Europe 1,832,945 1,845,188 $ 14,229,368 $ 13,408,388 Segment profit: In the United States: Marmaxx $ 1,367,849 $ 1,308,688 HomeGoods 233,434 192,840 TJX Canada 164,853 139,047 TJX Europe 77,229 93,875 1,843,365 1,734,450 General corporate expense 169,624 135,726 Loss on early extinguishment of debt — 16,830 Interest expense, net 22,432 20,745 Income before provision for income taxes $ 1,651,309 $ 1,561,149 |
Pension Plans and Other Retir26
Pension Plans and Other Retirement Benefits (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan | Presented below is financial information related to TJX’s funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental retirement plan (unfunded plan) for the periods shown: Funded Plan Unfunded Plan Thirteen Weeks Ended Thirteen Weeks Ended In thousands August 1, August 2, August 1, August 2, Service cost $ 13,053 $ 10,123 $ 694 $ 449 Interest cost 12,949 12,297 871 694 Expected return on plan assets (19,493 ) (16,302 ) — — Recognized actuarial losses 8,547 3,256 1,379 306 Total expense $ 15,056 $ 9,374 $ 2,944 $ 1,449 Funded Plan Unfunded Plan Twenty-Six Weeks Ended Twenty-Six Weeks Ended In thousands August 1, August 2, August 1, August 2, Service cost $ 26,108 $ 20,246 $ 1,387 $ 899 Interest cost 25,898 24,594 1,742 1,388 Expected return on plan assets (38,986 ) (32,605 ) — — Amortization of prior service cost — — — 1 Recognized actuarial losses 17,094 6,513 2,758 609 Total expense $ 30,114 $ 18,748 $ 5,887 $ 2,897 |
Long-Term Debt and Credit Lin27
Long-Term Debt and Credit Lines (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Long-Term Debt, Exclusive of Current Installments | The table below presents long-term debt, exclusive of current installments, as of August 1, 2015, January 31, 2015 and August 2, 2014. All amounts are net of unamortized debt discounts. In thousands August 1, January 31, August 2, General corporate debt: 6.95% senior unsecured notes, maturing April 15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $258 at August 1, 2015, $294 at January 31, 2015 and $329 at August 2, 2014) $ 374,742 $ 374,706 $ 374,671 2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $346 at August 1, 2015, $367 at January 31, 2015 and $389 at August 2, 2014) 499,654 499,633 499,611 2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $437 at August 1, 2015, $475 at January 31, 2015 and $513 at August 2, 2014) 749,563 749,525 749,487 Long-term debt $ 1,623,959 $ 1,623,864 $ 1,623,769 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Weeks in the fiscal year | 364 days | 364 days | ||||
Share-based compensation | $ 22,600 | $ 22,200 | $ 43,767 | $ 42,000 | ||
Options to purchase common stock exercised | 0.5 | 2.2 | ||||
Options outstanding to purchase common stock | 27.7 | 27.7 | ||||
Unrecognized compensation cost related to nonvested share-based compensation arrangements | $ 112,800 | $ 112,800 | ||||
Cash and cash equivalents | 1,910,770 | 2,183,330 | $ 1,910,770 | 2,183,330 | $ 2,493,775 | $ 2,149,746 |
Highly liquid investments maximum maturity days | 90 days | |||||
In-transit inventory accrual | 638,200 | $ 472,600 | $ 638,200 | $ 472,600 | $ 495,200 | |
Assets held for sale | 12,400 | |||||
Outside United States | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | 1,100,300 | 1,100,300 | ||||
Reinvest Undistributed Earnings | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | $ 327,000 | $ 327,000 | ||||
Minimum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Short-term investments maturity term | 90 days | |||||
Maximum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Short-term investments maturity term | 1 year |
Reserve Activity (Detail)
Reserve Activity (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
Schedule Of Dispositions And Reserves Related To Former Operations [Line Items] | ||
Balance at beginning of year | $ 14,574 | $ 31,363 |
Adjustments to lease-related obligations | (6,500) | |
Interest accretion | 415 | |
Lease-related obligations | (1,150) | (3,232) |
Other | (388) | (34) |
Balance at end of period | $ 13,036 | $ 22,012 |
Reserves Related to Former Op30
Reserves Related to Former Operations - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014USD ($) | |
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 | $ (6,500) | |
Former operations reserve to be paid, in years | 2 years | |
Number of leases on which company is liable | 12 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (554,385) | |||
Foreign currency translation adjustments (net of taxes of $13,033) | $ (35,289) | $ (2,641) | 6,164 | $ 33,450 |
Amortization of prior service cost and deferred gains/losses (net of taxes of $7,191) | 10,932 | |||
Amortization of loss on cash flow hedge (net of taxes of $225) | 342 | |||
Ending balance | (536,947) | $ (167,495) | (536,947) | $ (167,495) |
Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (295,269) | |||
Foreign currency translation adjustments (net of taxes of $13,033) | 6,164 | |||
Ending balance | (289,105) | (289,105) | ||
Deferred Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (254,806) | |||
Amortization of prior service cost and deferred gains/losses (net of taxes of $7,191) | 10,932 | |||
Ending balance | (243,874) | (243,874) | ||
Cash Flow Hedge on Debt | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (4,310) | |||
Amortization of loss on cash flow hedge (net of taxes of $225) | 342 | |||
Ending balance | $ (3,968) | $ (3,968) |
Changes in Accumulated Other 32
Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments, taxes | $ (32,188) | $ 2,075 | $ (13,033) | $ 8,219 |
Amortization of prior service cost and deferred gains/losses, taxes | 3,660 | 1,078 | 7,191 | 2,157 |
Amortization of loss on cash flow hedge, taxes | $ 113 | $ 76 | $ 225 | $ 76 |
Capital Stock and Earnings Pe33
Capital Stock and Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Capital Unit [Line Items] | ||||||
Shares repurchased and retired shares | 6,600,000 | 12,700,000 | ||||
Shares repurchased and retired value | $ 440,000 | $ 855,000 | ||||
Cash expenditures under repurchase programs | $ 851,081 | $ 799,800 | ||||
Stock repurchase program, common stock purchase value | $ 2,000,000 | $ 2,000,000 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value | $ 1 | $ 1 | ||||
Antidilutive options excluded | 0 | 4,600,000 | 0 | 4,200,000 | ||
Stock Repurchase Programs 2014 | ||||||
Capital Unit [Line Items] | ||||||
Shares repurchased and retired shares | 23,500,000 | |||||
Shares repurchased and retired value | $ 1,500,000 | |||||
Remaining available stock under stock repurchase plan | $ 459,200 | $ 459,200 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Capital Stock And Earnings Per Share | ||||
Net income | $ 549,335 | $ 517,624 | $ 1,023,936 | $ 971,941 |
Weighted average common shares outstanding for basic EPS | 676,082 | 694,217 | 678,735 | 697,622 |
Basic earnings per share | $ 0.81 | $ 0.75 | $ 1.51 | $ 1.39 |
Net income | $ 549,335 | $ 517,624 | $ 1,023,936 | $ 971,941 |
Weighted average common shares outstanding for basic EPS | 676,082 | 694,217 | 678,735 | 697,622 |
Assumed exercise / vesting of Stock options and awards | 9,240 | 10,983 | 9,844 | 11,598 |
Weighted average common shares outstanding for diluted EPS | 685,322 | 705,200 | 688,579 | 709,220 |
Diluted earnings per share | $ 0.80 | $ 0.73 | $ 1.49 | $ 1.37 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Aug. 01, 2015 | |
Diesel Fuel Contracts Remainder of Fiscal Year Twenty Sixteen | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Hedge of diesel fuel requirement | 56.00% |
Diesel Fuel Contracts, First Six Months Of Fiscal Year Two Thousand Seventeen | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Hedge of diesel fuel requirement | 40.00% |
Summary of Derivative Financial
Summary of Derivative Financial Instruments Related Fair Value and Balance Sheet Classification (Detail) € in Thousands, ¥ in Thousands, £ in Thousands, PLN in Thousands, CAD in Thousands, $ in Thousands | 6 Months Ended | ||||||||||
Aug. 01, 2015USD ($) | Aug. 02, 2014USD ($) | Aug. 01, 2015EUR (€) | Aug. 01, 2015CAD | Aug. 01, 2015GBP (£) | Aug. 01, 2015PLN | Aug. 02, 2014JPY (¥) | Aug. 02, 2014EUR (€) | Aug. 02, 2014CAD | Aug. 02, 2014GBP (£) | Aug. 02, 2014PLN | |
Derivatives, Fair Value [Line Items] | |||||||||||
Current Asset | $ 26,203 | $ 7,923 | |||||||||
Current (Liability) | (17,389) | (8,141) | |||||||||
Net Fair Value | $ 8,814 | $ (218) | |||||||||
Diesel Fuel Contracts | (Accrued Expense) | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Economic hedges for which hedge accounting was not elected, Diesel contracts, Pay | Fixed on 1.2M - 3.0M gal per month | Fixed on 525K -1.8M gal per month | |||||||||
Economic hedges for which hedge accounting was not elected, Diesel contracts, Receive | Float on 1.2M - 3.0M gal per month | Float on 525K -1.8M gal per month | |||||||||
Current Asset | $ 273 | ||||||||||
Current (Liability) | $ (12,414) | ||||||||||
Net Fair Value | (12,414) | 273 | |||||||||
Intercompany Balances, Primarily And Related Interest | (Accrued Expense) | Conversion Of Euro To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | € | € 44,850 | ||||||||||
Hedge accounting not elected, Receive | $ 61,842 | ||||||||||
Intercompany Balances, Primarily And Related Interest | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Canadian Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | PLN | PLN 87,073 | ||||||||||
Hedge accounting not elected, Receive | CAD | CAD 30,585 | ||||||||||
Blended Contract Rate | 0.3513 | 0.3513 | 0.3513 | 0.3513 | 0.3513 | 0.3513 | |||||
Current Asset | $ 375 | ||||||||||
Current (Liability) | (192) | ||||||||||
Net Fair Value | $ 183 | ||||||||||
Intercompany Balances, Primarily And Related Interest | Prepaid Expense / (Accrued Expense) | Conversion Of Euro To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | € | € 39,000 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 31,968 | ||||||||||
Intercompany Balances, Primarily And Related Interest | Prepaid Expense | Conversion Of Euro To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Blended Contract Rate | 0.8197 | 0.8197 | 0.8197 | 0.8197 | 0.8197 | 0.8197 | |||||
Current Asset | $ 1,191 | ||||||||||
Net Fair Value | $ 1,191 | ||||||||||
Intercompany Balances, Primarily And Related Interest | Prepaid Expense | Conversion Of Euro To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Blended Contract Rate | 1.3789 | 1.3789 | 1.3789 | 1.3789 | 1.3789 | 1.3789 | |||||
Current Asset | $ 1,576 | ||||||||||
Net Fair Value | 1,576 | ||||||||||
Intercompany Balances, Primarily And Related Interest | Prepaid Expense | Conversion Of US Dollar To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | $ 90,309 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 55,000 | ||||||||||
Blended Contract Rate | 0.6090 | 0.6090 | 0.6090 | 0.6090 | 0.6090 | 0.6090 | |||||
Current Asset | $ 2,041 | ||||||||||
Net Fair Value | 2,041 | ||||||||||
Merchandise Purchase Commitments | (Accrued Expense) | Conversion Of Pound To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | £ | £ 105,657 | ||||||||||
Hedge accounting not elected, Receive | $ 174,000 | ||||||||||
Merchandise Purchase Commitments | (Accrued Expense) | Conversion Of US Dollar To Euro | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Blended Contract Rate | 0.7330 | 0.7330 | 0.7330 | 0.7330 | 0.7330 | 0.7330 | |||||
Current (Liability) | $ (453) | ||||||||||
Net Fair Value | (453) | ||||||||||
Merchandise Purchase Commitments | (Accrued Expense) | Conversion of Us Dollar to Yen | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | $ 113 | ||||||||||
Hedge accounting not elected, Receive | ¥ | ¥ 691 | ||||||||||
Blended Contract Rate | 6.1216 | 6.1216 | 6.1216 | 6.1216 | 6.1216 | 6.1216 | |||||
Current (Liability) | $ (1) | ||||||||||
Net Fair Value | (1) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | CAD | CAD 360,131 | ||||||||||
Hedge accounting not elected, Receive | $ 327,800 | ||||||||||
Blended Contract Rate | 0.9102 | 0.9102 | 0.9102 | 0.9102 | 0.9102 | 0.9102 | |||||
Current Asset | $ 1,171 | ||||||||||
Current (Liability) | (2,870) | ||||||||||
Net Fair Value | $ (1,699) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Canadian Dollar To Euro | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | CAD | CAD 16,255 | ||||||||||
Hedge accounting not elected, Receive | € | € 10,800 | ||||||||||
Blended Contract Rate | 0.6644 | 0.6644 | 0.6644 | 0.6644 | 0.6644 | 0.6644 | |||||
Current Asset | $ 18 | ||||||||||
Current (Liability) | (398) | ||||||||||
Net Fair Value | $ (380) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Pound To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | £ | £ 192,482 | ||||||||||
Hedge accounting not elected, Receive | $ 297,000 | ||||||||||
Blended Contract Rate | 1.5430 | 1.6468 | 1.5430 | 1.5430 | 1.5430 | 1.5430 | 1.6468 | 1.6468 | 1.6468 | 1.6468 | 1.6468 |
Current Asset | $ 493 | $ 554 | |||||||||
Current (Liability) | (4,087) | (4,207) | |||||||||
Net Fair Value | (3,594) | $ (3,653) | |||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of Zloty To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | PLN | PLN 168,860 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 32,535 | ||||||||||
Blended Contract Rate | 0.1927 | 0.1927 | 0.1927 | 0.1927 | 0.1927 | 0.1927 | |||||
Current Asset | $ 724 | ||||||||||
Current (Liability) | (20) | ||||||||||
Net Fair Value | 704 | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense / (Accrued Expense) | Conversion Of US Dollar To Euro | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | $ 30,473 | $ 28,980 | |||||||||
Hedge accounting not elected, Receive | € | € 27,486 | € 21,243 | |||||||||
Blended Contract Rate | 0.9020 | 0.9020 | 0.9020 | 0.9020 | 0.9020 | ||||||
Current Asset | $ 185 | ||||||||||
Current (Liability) | (448) | ||||||||||
Net Fair Value | (263) | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of US Dollar To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | $ 929 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 605 | ||||||||||
Blended Contract Rate | 0.6512 | 0.6512 | 0.6512 | 0.6512 | 0.6512 | ||||||
Current Asset | $ 16 | ||||||||||
Net Fair Value | 16 | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Canadian Dollar To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | CAD | CAD 454,974 | ||||||||||
Hedge accounting not elected, Receive | $ 364,410 | ||||||||||
Blended Contract Rate | 0.8009 | 0.8009 | 0.8009 | 0.8009 | 0.8009 | ||||||
Current Asset | $ 16,976 | ||||||||||
Net Fair Value | $ 16,976 | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Canadian Dollar To Euro | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | CAD | CAD 18,935 | ||||||||||
Hedge accounting not elected, Receive | € | € 13,700 | ||||||||||
Blended Contract Rate | 0.7235 | 0.7235 | 0.7235 | 0.7235 | 0.7235 | ||||||
Current Asset | $ 592 | ||||||||||
Net Fair Value | $ 592 | ||||||||||
Merchandise Purchase Commitments | Prepaid Expense | Conversion Of Zloty To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | PLN | PLN 230,328 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 40,405 | ||||||||||
Blended Contract Rate | 0.1754 | 0.1754 | 0.1754 | 0.1754 | 0.1754 | ||||||
Current Asset | $ 2,170 | ||||||||||
Net Fair Value | $ 2,170 | ||||||||||
Intercompany Balances, Primarily Short-Term Debt And Related Interest | (Accrued Expense) | Conversion Of Zloty To Canadian Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | PLN | PLN 87,073 | ||||||||||
Hedge accounting not elected, Receive | CAD | CAD 29,560 | ||||||||||
Blended Contract Rate | 0.3395 | 0.3395 | 0.3395 | 0.3395 | 0.3395 | ||||||
Current (Liability) | $ (440) | ||||||||||
Net Fair Value | $ (440) | ||||||||||
Intercompany Balances, Primarily Short-Term Debt And Related Interest | Prepaid Expense | Conversion Of Euro To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | € | € 39,000 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 28,873 | ||||||||||
Blended Contract Rate | 0.7403 | 0.7403 | 0.7403 | 0.7403 | 0.7403 | ||||||
Current Asset | $ 2,075 | ||||||||||
Net Fair Value | 2,075 | ||||||||||
Intercompany Balances, Primarily Short-Term Debt And Related Interest | Prepaid Expense | Conversion Of Euro To US Dollar | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | € | € 19,850 | ||||||||||
Hedge accounting not elected, Receive | $ 22,647 | ||||||||||
Blended Contract Rate | 1.1409 | 1.1409 | 1.1409 | 1.1409 | 1.1409 | ||||||
Current Asset | $ 777 | ||||||||||
Net Fair Value | 777 | ||||||||||
Intercompany Balances, Primarily Short-Term Debt And Related Interest | Prepaid Expense | Conversion Of US Dollar To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | $ 83,400 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 55,000 | ||||||||||
Blended Contract Rate | 0.6595 | 0.6595 | 0.6595 | 0.6595 | 0.6595 | ||||||
Current Asset | $ 2,423 | ||||||||||
Net Fair Value | $ 2,423 | ||||||||||
Intercompany Balances, Primarily Short-Term Debt And Related Interest | Prepaid Expense | Conversion Of Zloty To Pound | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Hedge accounting not elected, Pay | PLN | PLN 25,000 | ||||||||||
Hedge accounting not elected, Receive | £ | £ 4,547 | ||||||||||
Blended Contract Rate | 0.1819 | 0.1819 | 0.1819 | 0.1819 | 0.1819 | ||||||
Current Asset | $ 496 | ||||||||||
Net Fair Value | $ 496 |
Impact of Derivative Financial
Impact of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | $ 15,368 | $ 237 | $ 5,960 | $ (10,913) |
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 | 5,664 | 3,936 | ||
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 | (11,491) | (321) | (9,291) | 905 |
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 | $ 21,195 | $ (3,378) | 7,543 | (15,696) |
Intercompany Balances, Primarily Short-Term Debt And Related Interest | Fair Value Hedges | Selling, General And Administrative Expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income | $ 7,708 | $ 3,878 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities on a Recurring Basis (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
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 | $ 167,669 | $ 151,936 | $ 150,193 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts, Assets | 26,203 | 39,419 | 7,650 |
Foreign currency exchange contracts, Liabilities | 4,975 | 1,942 | 8,141 |
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 | 273 | ||
Fair value measured on recurring basis, Liabilities | 12,414 | 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 | $ 327,506 | $ 282,623 | $ 285,003 |
Disclosures about Fair Value 39
Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-term debt | $ 1,690,000 | $ 1,730,000 | $ 1,680,000 |
Carrying value of long-term debt | $ 1,623,959 | $ 1,623,864 | $ 1,623,769 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) AUD in Millions | Jul. 28, 2015AUDStore | Aug. 01, 2015Segment |
Segment Reporting Information [Line Items] | ||
Number of business segments | 4 | |
Number of business segments expected to be acquired | Store | 35 | |
Expected payments to acquire business | AUD | AUD 80 | |
United States | ||
Segment Reporting Information [Line Items] | ||
Number of business segments | 2 |
Financial Information on Busine
Financial Information on Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 7,363,731 | $ 6,917,212 | $ 14,229,368 | $ 13,408,388 |
Segment profit | 998,236 | 930,887 | 1,843,365 | 1,734,450 |
General corporate expense | 101,234 | 72,289 | 169,624 | 135,726 |
Loss on early extinguishment of debt | 16,830 | 16,830 | ||
Interest expense, net | 10,808 | 11,150 | 22,432 | 20,745 |
Income before provision for income taxes | 886,194 | 830,618 | 1,651,309 | 1,561,149 |
Income before provision for income taxes | 1,651,309 | 1,561,149 | ||
Marmaxx | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,805,883 | 4,493,878 | 9,301,293 | 8,728,633 |
Segment profit | 715,546 | 685,614 | 1,367,849 | 1,308,688 |
HomeGoods | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 895,378 | 773,071 | 1,775,571 | 1,530,223 |
Segment profit | 112,135 | 94,635 | 233,434 | 192,840 |
TJX Canada | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 699,347 | 695,924 | 1,319,559 | 1,304,344 |
Segment profit | 119,681 | 95,024 | 164,853 | 139,047 |
TJX Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 963,123 | 954,339 | 1,832,945 | 1,845,188 |
Segment profit | $ 50,874 | $ 55,614 | $ 77,229 | $ 93,875 |
Financial Information Related t
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Funded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 13,053 | $ 10,123 | $ 26,108 | $ 20,246 |
Interest cost | 12,949 | 12,297 | 25,898 | 24,594 |
Expected return on plan assets | (19,493) | (16,302) | (38,986) | (32,605) |
Recognized actuarial losses | 8,547 | 3,256 | 17,094 | 6,513 |
Total expense | 15,056 | 9,374 | 30,114 | 18,748 |
Unfunded Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 694 | 449 | 1,387 | 899 |
Interest cost | 871 | 694 | 1,742 | 1,388 |
Amortization of prior service cost | 1 | |||
Recognized actuarial losses | 1,379 | 306 | 2,758 | 609 |
Total expense | $ 2,944 | $ 1,449 | $ 5,887 | $ 2,897 |
Pension Plans and Other Retir43
Pension Plans and Other Retirement Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Pension Plans and Other Retirement Benefits [Line Items] | ||||
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 | |||
Amortization from other comprehensive income to net income | $ 864,000 | $ 864,000 | 1,700,000 | $ 1,700,000 |
Post Retirement Medical Plan | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Estimated cost retirement medical liability, non-current liability | 1,100,000 | 1,100,000 | ||
Post Retirement Medical Plan | Other Noncurrent Liabilities | ||||
Pension Plans and Other Retirement Benefits [Line Items] | ||||
Estimated cost retirement medical liability, non-current liability | $ 1,000,000 | $ 1,000,000 |
Long-Term Debt, Exclusive of Cu
Long-Term Debt, Exclusive of Current Installments (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,623,959 | $ 1,623,864 | $ 1,623,769 |
6.95% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 374,742 | 374,706 | 374,671 |
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 499,654 | 499,633 | 499,611 |
2.75% Seven-Year Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 749,563 | $ 749,525 | $ 749,487 |
Long-Term Debt, Exclusive of 45
Long-Term Debt, Exclusive of Current Installments (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 | |
6.95% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 6.95% | ||
Maturity date | Apr. 15, 2019 | ||
Unamortized debt discount | $ 258 | $ 294 | $ 329 |
Effective interest rate | 6.98% | ||
2.50% Ten-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.50% | ||
Maturity date | May 15, 2023 | ||
Unamortized debt discount | $ 346 | 367 | 389 |
Effective interest rate | 2.51% | ||
2.75% Seven-Year Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.75% | ||
Maturity date | Jun. 15, 2021 | ||
Unamortized debt discount | $ 437 | $ 475 | $ 513 |
Effective interest rate | 2.76% |
Long-Term Debt and Credit Lin46
Long-Term Debt and Credit Lines - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||||||
Aug. 01, 2015USD ($)CreditFacility | Aug. 02, 2014USD ($)CreditFacility | Jan. 31, 2015USD ($)CreditFacility | Aug. 01, 2015CADCreditFacility | Aug. 01, 2015GBP (£)CreditFacility | Jan. 31, 2015CADCreditFacility | Jan. 31, 2015GBP (£)CreditFacility | Aug. 02, 2014CADCreditFacility | Aug. 02, 2014GBP (£)CreditFacility | |
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities, number | CreditFacility | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated rentals, depreciation and amortization | 275.00% | 275.00% | 275.00% | ||||||
Credit facilities, amount outstanding | $ 0 | $ 0 | $ 0 | ||||||
2.75% Seven-Year Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 750,000,000 | ||||||||
Debt instrument, interest rate | 2.75% | 2.75% | 2.75% | ||||||
Debt instrument maturity period, years | 7 years | ||||||||
Debt instrument maturity date | 2021-06 | ||||||||
Effective fixed rate | 2.91% | 2.91% | 2.91% | ||||||
Cash flow hedges, pre-tax realized loss | $ 7,900,000 | ||||||||
2.50% Ten-Year Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||
Debt instrument, interest rate | 2.50% | 2.50% | 2.50% | ||||||
Debt instrument maturity period, years | 10 years | ||||||||
Debt instrument maturity date | 2023-05 | ||||||||
Effective fixed rate | 2.57% | 2.57% | 2.57% | ||||||
2.50% Ten-Year Notes | Interest Rate Contract | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount hedged into treasury rate-lock agreement | $ 250,000,000 | ||||||||
6.95% Ten-Year Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 375,000,000 | ||||||||
Debt instrument, interest rate | 6.95% | 6.95% | 6.95% | ||||||
Debt instrument maturity period, years | 10 years | ||||||||
Debt instrument maturity date | 2019-04 | ||||||||
Effective fixed rate | 7.00% | 7.00% | 7.00% | ||||||
6.95% Ten-Year Notes | Interest Rate Contract | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount hedged into treasury rate-lock agreement | $ 375,000,000 | ||||||||
Revolving Credit Facility May 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | 2016-05 | 2016-05 | 2016-05 | ||||||
Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Basis points on revolving credit facility | 0.125% | ||||||||
Revolving Credit Facility June 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | 2017-06 | 2017-06 | 2017-06 | ||||||
Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Basis points on revolving credit facility | 0.08% | ||||||||
TJX Canada Facility | Other Operating Expense | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | CAD | CAD 10,000,000 | CAD 10,000,000 | CAD 10,000,000 | ||||||
Credit facilities, amount outstanding | CAD | 0 | 0 | 0 | ||||||
TJX Canada Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | CAD | CAD 10,000,000 | CAD 10,000,000 | CAD 10,000,000 | ||||||
TJX Europe Credit Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Current borrowing capacity | £ | £ 20,000,000 | £ 20,000,000 | £ 20,000,000 | ||||||
Credit facilities, amount outstanding | £ | £ 0 | £ 0 | £ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 | |
Income Taxes [Line Items] | |||||
Effective income tax rate | 38.00% | 37.70% | 38.00% | 37.70% | |
Net unrecognized tax benefits | $ 34,800,000 | $ 28,100,000 | $ 32,700,000 | ||
Accrued amounts for interest and penalties | $ 10,900,000 | $ 8,800,000 | 10,900,000 | $ 8,800,000 | $ 10,100,000 |
Minimum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | 0 | 0 | |||
Maximum | |||||
Income Taxes [Line Items] | |||||
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings | $ 15,500,000 | $ 15,500,000 |