| Statement [Line Items] | Period [Axis] |
|---|
2016-01-31 - 2017-01-28 |
|---|
Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan |
Presented below is
financial information relating to TJX’s funded defined
benefit pension plan (qualified pension plan or funded plan) and
its unfunded supplemental pension plan (unfunded plan) for the
fiscal years indicated. The Company has elected the practical
expedient pursuant to ASU 2015-04 and has selected the measurement
date of January 31, the calendar month end closest to the
Company’s fiscal year end.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan
Fiscal Year
Ended
|
|
|
Unfunded Plan
Fiscal Year
Ended
|
|
|
In thousands |
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
Change in projected benefit
obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at
beginning of year
|
|
$ |
1,213,000 |
|
|
$ |
1,309,889 |
|
|
$ |
84,967 |
|
|
$ |
82,238 |
|
|
Service cost
|
|
|
45,440 |
|
|
|
50,080 |
|
|
|
1,835 |
|
|
|
1,562 |
|
|
Interest cost
|
|
|
56,094 |
|
|
|
51,710 |
|
|
|
3,391 |
|
|
|
3,033 |
|
|
Actuarial (gains) losses
|
|
|
91,114 |
|
|
|
(170,674 |
) |
|
|
740 |
|
|
|
3,806 |
|
|
Settlements
|
|
|
(103,197 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Benefits paid
|
|
|
(28,751 |
) |
|
|
(24,956 |
) |
|
|
(4,624 |
) |
|
|
(5,672 |
) |
|
Expenses paid
|
|
|
(4,690 |
) |
|
|
(3,049 |
) |
|
|
— |
|
|
|
— |
|
|
Plan amendment
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Projected benefit obligation at end
of year
|
|
$ |
1,269,010 |
|
|
$ |
1,213,000 |
|
|
$ |
86,309 |
|
|
$ |
84,967 |
|
|
Accumulated benefit obligation at end
of year
|
|
$ |
1,151,151 |
|
|
$ |
1,120,602 |
|
|
$ |
71,273 |
|
|
$ |
70,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan
Fiscal Year
Ended
|
|
|
Unfunded Plan
Fiscal Year
Ended
|
|
|
In thousands |
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at
beginning of year
|
|
$ |
1,119,842 |
|
|
$ |
1,170,748 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Actual return on plan
assets
|
|
|
143,756 |
|
|
|
(72,901 |
) |
|
|
— |
|
|
|
— |
|
|
Employer contribution
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
4,624 |
|
|
|
5,672 |
|
|
Settlements
|
|
|
(103,197 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Benefits paid
|
|
|
(28,751 |
) |
|
|
(24,956 |
) |
|
|
(4,624 |
) |
|
|
(5,672 |
) |
|
Expenses paid
|
|
|
(4,690 |
) |
|
|
(3,049 |
) |
|
|
— |
|
|
|
— |
|
|
Fair value of plan assets at end of
year
|
|
$ |
1,176,960 |
|
|
$ |
1,119,842 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Reconciliation of funded
status:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at end
of year
|
|
$ |
1,269,010 |
|
|
$ |
1,213,000 |
|
|
$ |
86,309 |
|
|
$ |
84,967 |
|
|
Fair value of plan assets at end of
year
|
|
|
1,176,960 |
|
|
|
1,119,842 |
|
|
|
— |
|
|
|
— |
|
|
Funded status – excess
obligation
|
|
$ |
92,050 |
|
|
$ |
93,158 |
|
|
$ |
86,309 |
|
|
$ |
84,967 |
|
|
Net liability recognized on
consolidated balance sheets
|
|
$ |
92,050 |
|
|
$ |
93,158 |
|
|
$ |
86,309 |
|
|
$ |
84,967 |
|
|
Amounts not yet reflected in net
periodic benefit cost and included in accumulated other
comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost
|
|
$ |
2,313 |
|
|
$ |
2,690 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Accumulated actuarial
losses
|
|
|
303,612 |
|
|
|
348,289 |
|
|
|
26,438 |
|
|
|
29,046 |
|
|
Amounts included in accumulated other
comprehensive income (loss)
|
|
$ |
305,925 |
|
|
$ |
350,979 |
|
|
$ |
26,438 |
|
|
$ |
29,046 |
|
|
Weighted Average Assumptions for Obligation |
Presented below are
weighted average assumptions for measurement purposes for
determining the obligation at the year-end measurement
date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan
Fiscal Year
Ended
|
|
|
Unfunded Plan
Fiscal Year
Ended
|
|
|
|
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
Discount rate
|
|
|
4.40 |
% |
|
|
4.80 |
% |
|
|
4.00 |
% |
|
|
4.20 |
% |
|
Rate of compensation
increase
|
|
|
4.00 |
% |
|
|
4.00 |
% |
|
|
6.00 |
% |
|
|
6.00 |
% |
|
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) |
The following are the
components of net periodic benefit cost and other amounts
recognized in other comprehensive income (loss) related to our
pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan
Fiscal Year
Ended
|
|
|
Unfunded Plan
Fiscal Year
Ended
|
|
|
Dollars in
thousands |
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
January 31,
2015 |
|
|
January 28,
2017 |
|
|
January 30,
2016 |
|
|
January 31,
2015 |
|
|
Net periodic pension cost:
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
45,440 |
|
|
$ |
50,080 |
|
|
$ |
40,481 |
|
|
$ |
1,835 |
|
|
$ |
1,562 |
|
|
$ |
1,398 |
|
|
Interest cost
|
|
|
56,094 |
|
|
|
51,710 |
|
|
|
49,522 |
|
|
|
3,391 |
|
|
|
3,033 |
|
|
|
3,001 |
|
|
Expected return on plan
assets
|
|
|
(70,535 |
) |
|
|
(78,042 |
) |
|
|
(65,187 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of prior service
cost
|
|
|
377 |
|
|
|
377 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Amortization of net actuarial
loss
|
|
|
31,397 |
|
|
|
33,146 |
|
|
|
13,848 |
|
|
|
3,349 |
|
|
|
3,958 |
|
|
|
2,146 |
|
|
Settlement charge
|
|
|
31,173 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total expense
|
|
$ |
93,946 |
|
|
$ |
57,271 |
|
|
$ |
38,664 |
|
|
$ |
8,575 |
|
|
$ |
8,553 |
|
|
$ |
6,547 |
|
|
Other changes in plan assets and
benefit obligations recognized in other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gain) loss
|
|
$ |
17,894 |
|
|
$ |
(19,731 |
) |
|
$ |
209,091 |
|
|
$ |
740 |
|
|
$ |
3,806 |
|
|
$ |
19,552 |
|
|
Amortization of net (loss)
|
|
|
(31,397 |
) |
|
|
(33,146 |
) |
|
|
(13,848 |
) |
|
|
(3,349 |
) |
|
|
(3,958 |
) |
|
|
(2,146 |
) |
|
Settlement charge
|
|
|
(31,173 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of prior service
cost
|
|
|
(377 |
) |
|
|
(377 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
Plan amendment
|
|
|
— |
|
|
|
— |
|
|
|
3,067 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total recognized in other
comprehensive income (loss)
|
|
$ |
(45,053 |
) |
|
$ |
(53,254 |
) |
|
$ |
198,310 |
|
|
$ |
(2,609 |
) |
|
$ |
(152 |
) |
|
$ |
17,404 |
|
|
Total recognized in net periodic
benefit cost and other comprehensive income (loss)
|
|
$ |
48,893 |
|
|
$ |
4,017 |
|
|
$ |
236,974 |
|
|
$ |
5,966 |
|
|
$ |
8,401 |
|
|
$ |
23,951 |
|
|
Weighted average assumptions for
expense purposes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.80%/3.80% |
|
|
|
4.00% |
|
|
|
5.00% |
|
|
|
4.20% |
|
|
|
3.70% |
|
|
|
4.80% |
|
|
Expected rate of return on plan
assets
|
|
|
6.50%/6.00% |
|
|
|
6.75% |
|
|
|
7.00% |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Rate of compensation
increase
|
|
|
4.00% |
|
|
|
4.00% |
|
|
|
4.00% |
|
|
|
6.00% |
|
|
|
6.00% |
|
|
|
6.00% |
|
|
Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter |
The following is a
schedule of the benefits expected to be paid in each of the next
five fiscal years and in the aggregate for the five fiscal years
thereafter:
|
|
|
|
|
|
|
|
|
| In
thousands |
|
Funded Plan
Expected Benefit Payments
|
|
|
Unfunded Plan
Expected Benefit Payments
|
|
|
Fiscal Year
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
36,344 |
|
|
|
4,063 |
|
|
2019
|
|
|
39,888 |
|
|
|
4,534 |
|
|
2020
|
|
|
43,673 |
|
|
|
39,428 |
|
|
2021
|
|
|
47,775 |
|
|
|
4,425 |
|
|
2022
|
|
|
52,167 |
|
|
|
4,380 |
|
|
2023 through 2027
|
|
|
329,327 |
|
|
|
26,285 |
|
|
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 28,
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan |
|
|
In thousands |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
|
Asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
63,704 |
|
|
$ |
— |
|
|
$ |
63,704 |
|
|
Equity Securities
|
|
|
208,451 |
|
|
|
— |
|
|
|
208,451 |
|
|
Fixed Income Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and government bond
funds
|
|
|
— |
|
|
|
386,777 |
|
|
|
386,777 |
|
|
Futures Contracts
|
|
|
— |
|
|
|
(31 |
) |
|
|
(31 |
) |
|
Total assets in the fair value
hierarchy
|
|
$ |
272,155 |
|
|
$ |
386,746 |
|
|
$ |
658,901 |
|
|
Assets measured at net asset
value*
|
|
|
— |
|
|
|
— |
|
|
|
518,059 |
|
|
Fair value of assets
|
|
$ |
272,155 |
|
|
$ |
386,746 |
|
|
$ |
1,176,960 |
|
| * |
In accordance with Subtopic 820-10, certain investments
that were measured using net asset value per share (or its
equivalent) as a practical expedient have not been classified in
the fair value hierarchy. The fair value amounts presented in this
table are intended to permit reconciliation of the fair value
hierarchy to the fair value of assets presented above. |
The following table
presents the fair value hierarchy for pension assets measured at
fair value on a recurring basis as of January 30,
2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Plan |
|
|
In thousands |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
|
Asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
57,713 |
|
|
$ |
— |
|
|
$ |
57,713 |
|
|
Equity Securities
|
|
|
216,526 |
|
|
|
— |
|
|
|
216,526 |
|
|
Fixed Income Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and government bond
funds
|
|
|
— |
|
|
|
337,864 |
|
|
|
337,864 |
|
|
Futures Contracts
|
|
|
— |
|
|
|
(33 |
) |
|
|
(33 |
) |
|
Total assets in the fair value
hierarchy
|
|
$ |
274,239 |
|
|
$ |
337,831 |
|
|
$ |
612,070 |
|
|
Assets measured at net asset
value*
|
|
|
— |
|
|
|
— |
|
|
|
507,772 |
|
|
Fair value of assets
|
|
$ |
274,239 |
|
|
$ |
337,831 |
|
|
$ |
1,119,842 |
|
| * |
In accordance with Subtopic 820-10, certain investments
that were measured using net asset value per share (or its
equivalent) as a practical expedient have not been classified in
the fair value hierarchy. The fair value amounts presented in this
table are intended to permit reconciliation of the fair value
hierarchy to the fair value of assets presented above. |
|
Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date |
The following is a
summary of TJX’s target allocation guidelines for 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 28,
2017 |
|
|
January 30,
2016 |
|
|
Return-seeking assets (previously
equity securities)
|
|
|
50% |
|
|
|
44% |
|
|
|
40% |
|
|
Liability-hedging assets (previously
fixed income)
|
|
|
50% |
|
|
|
51% |
|
|
|
55% |
|
|
All other – primarily
cash
|
|
|
— |
|
|
|
5% |
|
|
|
5% |
|
|