View Filing Data

Print Document View Excel Document

Document and Entity Information	9 Months Ended
Document and Entity Information	Oct. 28, 2017 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 28, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	TJX
Entity Registrant Name	TJX COMPANIES INC /DE/
Entity Central Index Key	0000109198
Current Fiscal Year End Date	--02-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	632,302,505

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Net sales	$ 8,762,220	$ 8,291,688	$ 24,903,944	$ 23,716,097
Cost of sales, including buying and occupancy costs	6,150,020	5,843,873	17,652,767	16,778,977
Selling, general and administrative expenses	1,584,219	1,462,574	4,479,470	4,190,872
Loss on early extinguishment of debt		51,773		51,773
Pension settlement charge		31,173		31,173
Interest expense, net	7,981	12,462	27,499	33,918
Income before provision for income taxes	1,020,000	889,833	2,744,208	2,629,384
Provision for income taxes	378,564	340,047	1,013,536	1,009,078
Net income	$ 641,436	$ 549,786	$ 1,730,672	$ 1,620,306
Basic earnings per share:
Net income	$ 1.01	$ 0.84	$ 2.71	$ 2.46
Weighted average common shares - basic	634,022	653,559	639,191	657,746
Diluted earnings per share:
Net income	$ 1.00	$ 0.83	$ 2.67	$ 2.43
Weighted average common shares - diluted	642,881	661,721	648,672	666,632
Cash dividends declared per share	$ 0.3125	$ 0.2600	$ 0.9375	$ 0.7800

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Net income	$ 641,436	$ 549,786	$ 1,730,672	$ 1,620,306
Additions to other comprehensive income:
Foreign currency translation adjustments, net of related tax provision (benefit)	(46,029)	(94,590)	79,393	(93,304)
Recognition of net (losses) on benefit obligations, net of related tax provision (benefit)		(71,525)		(71,525)
Reclassifications from other comprehensive income to net income:
Pension settlement charge, net of related tax provision (benefit)		18,804		18,804
Amortization of prior service cost and deferred gains, net of related tax provision (benefit)	3,669	5,263	11,401	11,427
Amortization of loss on cash flow hedge, net of related tax provision (benefit)	171	171	513	513
Other comprehensive income (loss), net of tax	(42,189)	(141,877)	91,307	(134,085)
Total comprehensive income	$ 599,247	$ 407,909	$ 1,821,979	$ 1,486,221

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Foreign currency translation adjustments, Tax provision (benefit)	$ (18,110)	$ (14,123)	$ 16,212	$ (17,241)
Recognition of net (losses) on benefit obligations, Tax provision (benefit)	0	47,051	0	47,051
Pension settlement charge, Tax provision (benefit)	0	12,369	0	12,369
Amortization of prior service cost and deferred gains, Tax provision (benefit)	2,414	3,462	7,500	7,517
Amortization of loss on cash flow hedge, Tax provision (benefit)	$ 112	$ 112	$ 337	$ 337

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Current assets:
Cash and cash equivalents	$ 2,364,244	$ 2,929,849	$ 2,375,532
Short-term investments	511,618	543,242	450,804
Accounts receivable, net	345,866	258,831	306,426
Merchandise inventories	4,725,850	3,644,959	4,384,171
Prepaid expenses and other current assets	422,719	358,058	409,986
Federal, state, and foreign income taxes recoverable	19,737	15,835	15,415
Total current assets	8,390,034	7,750,774	7,942,334
Net property at cost	4,858,284	4,532,894	4,318,829
Non-current deferred income taxes, net	6,655	6,193	3,624
Goodwill	196,365	195,871	196,011
Other assets	426,357	398,076	406,038
TOTAL ASSETS	13,877,695	12,883,808	12,866,836
Current liabilities:
Accounts payable	2,986,374	2,230,904	2,686,845
Accrued expenses and other current liabilities	2,361,422	2,320,464	2,155,587
Federal, state and foreign income taxes payable	120,185	206,288	52,082
Total current liabilities	5,467,981	4,757,656	4,894,514
Other long-term liabilities	1,159,975	1,073,954	1,098,491
Non-current deferred income taxes, net	374,276	314,000	317,107
Long-term debt	2,229,855	2,227,599	2,226,913
Commitments and contingencies (See Note K)
SHAREHOLDERS' EQUITY
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
Common stock, authorized 1,200,000,000 shares, par value $1, issued and outstanding 632,302,505; 646,319,046 and 651,900,739 respectively	632,303	646,319	651,901
Additional paid-in capital	0	0	0
Accumulated other comprehensive (loss)	(602,919)	(694,226)	(801,557)
Retained earnings	4,616,224	4,558,506	4,479,467
Total shareholders' equity	4,645,608	4,510,599	4,329,811
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 13,877,695	$ 12,883,808	$ 12,866,836

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, par value	$ 1	$ 1	$ 1
Preferred stock, shares issued	0	0	0
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	632,302,505	646,319,046	651,900,739
Common stock, shares outstanding	632,302,505	646,319,046	651,900,739

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016
Cash flows from operating activities:
Net income	$ 1,730,672	$ 1,620,306
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	532,424	492,395
Loss on property disposals and impairment charges	2,209	1,648
Deferred income tax provision	35,802	52,629
Share-based compensation	77,152	77,380
Excess tax benefits from share-based compensation		(60,332)
Loss on early extinguishment of debt		51,773
Pension settlement charge		31,173
Changes in assets and liabilities:
(Increase) in accounts receivable	(84,403)	(72,487)
(Increase) in merchandise inventories	(1,042,664)	(758,601)
(Increase) in taxes recoverable	(3,902)	(4,356)
(Increase) in prepaid expenses and other current assets	(50,357)	(38,174)
Increase in accounts payable	733,340	524,981
Increase in accrued expenses and other liabilities	83,082	232,910
(Decrease) in income taxes payable	(86,842)	(19,000)
Other	2,910	(19,986)
Net cash provided by operating activities	1,929,423	2,112,259
Cash flows from investing activities:
Property additions	(827,529)	(767,197)
Purchase of investments	(630,079)	(533,807)
Sales and maturities of investments	658,225	432,046
Other		(2,324)
Net cash (used in) investing activities	(799,383)	(871,282)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		992,540
Cash payments for extinguishment of debt		(425,584)
Cash payments for repurchase of common stock	(1,238,982)	(1,175,000)
Cash payments for debt issuance expenses		(9,921)
Cash payment for rate lock agreement		(3,150)
Proceeds from issuance of common stock	89,198	110,902
Excess tax benefits from share-based compensation		60,332
Cash dividends paid	(566,949)	(481,859)
Cash payments of employee tax withholdings for performance based stock awards	(16,823)	(24,965)
Other	(2,312)
Net cash (used in) financing activities	(1,735,868)	(956,705)
Effect of exchange rate changes on cash	40,223	(4,213)
Net (decrease) increase in cash and cash equivalents	(565,605)	280,059
Cash and cash equivalents at beginning of year	2,929,849	2,095,473
Cash and cash equivalents at end of period	$ 2,364,244	$ 2,375,532

Consolidated Statement of Shareholders' Equity - 9 months ended Oct. 28, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning Balance at Jan. 28, 2017	$ 4,510,599	$ 646,319		$ (694,226)	$ 4,558,506
Beginning Balance (Shares) at Jan. 28, 2017	646,319,046	646,319
Net income	$ 1,730,672				1,730,672
Other comprehensive income (loss), net of tax	91,307			91,307
Cash dividends declared on common stock	(597,595)				(597,595)
Recognition of share-based compensation	77,152		$ 77,152
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings	72,455	$ 2,726	69,729
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings (Shares)		2,726
Common stock repurchased and retired	$ (1,238,982)	$ (16,742)	$ (146,881)		(1,075,359)
Common stock repurchased and retired (Shares)		(16,742)
Ending balance (in shares) at Oct. 28, 2017	632,302,505	632,303
Ending balance at Oct. 28, 2017	$ 4,645,608	$ 632,303		$ (602,919)	$ 4,616,224
Ending balance (Shares) at Oct. 28, 2017	632,302,505	632,303

Basis of Presentation

9 Months Ended

Oct. 28, 2017

Basis of Presentation

Note A. Basis of Presentation

Basis of Presentation

The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its financial statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited consolidated financial statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 28, 2017 (“fiscal 2017”).

These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.

The January 28, 2017 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.

Fiscal Year

TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 3, 2018 (“fiscal 2018”) and is a 53-week fiscal year. Fiscal 2017 was a 52-week fiscal year.

Use of Estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairment of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from those estimates, and such differences could be material.

Future Adoption of New Accounting Standards

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated guidance on revenue recognition. The new guidance supersedes most preexisting revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2017, and interim periods therein, with an option to adopt the standard early. The standard shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We believe that there will be no change in the timing or amount of revenue recognized under the new standard as it relates to revenue from point of sale at the registers in our stores, which constitutes more than 95% of the Company’s revenue. Sales from e-commerce will be recognized at the shipping point rather than receipt by the customer. We believe there will be a slight change in the presentation and timing of revenue related to loyalty benefit programs. The new standard will require a change in the presentation of our sales return reserve on the balance sheet, which we currently record net. The new standard will require the reserve to be established at the gross sales value with an asset established for the value of the merchandise returned. We do not expect these changes to have a material impact on our financial condition or results of operations other than additional disclosure requirements. We plan to adopt this standard in the first quarter of the fiscal year ending February 2, 2019 under the modified retrospective approach, which will result in a cumulative adjustment to retained earnings. We continue to evaluate the impact this standard will have on our Consolidated Financial Statements and Notes thereto.

Leases

In February 2016, the FASB issued updated guidance on leases that aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The new standard is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods; early adoption is permitted and modified retrospective application is required. The Company has established a cross-functional team to implement the updated lease guidance and is in the process of evaluating its lease portfolio and the impact this standard will have on our Consolidated Financial Statements and Notes thereto. The Company expects this standard to have a material impact on its statement of financial condition as it will record a significant asset and liability associated with its more than 4,000 leased locations. The Company continues to assess if the initial lease term will differ under the new standard versus current accounting practice. If the lease term remains unchanged, the income statement impact of the new standard is not expected to be material. We plan to adopt this standard in the first quarter of the fiscal year ending February 1, 2020.

Cash Flows

In August 2016, a pronouncement was issued that addresses diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. The new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. The standard, which is to be applied retrospectively, will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted. TJX does not expect this standard to have a material impact on our consolidated financial statements.

Goodwill

In January 2017, the FASB issued updated guidance on goodwill that aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. TJX does not expect the adoption of this standard to have a material impact on our consolidated financial statements.

Retirement Benefits

In March 2017, the FASB issued updated guidance related to retirement benefits, which requires that an employer report the service cost component of net periodic pension and net periodic post retirement cost in the same line item as other compensation costs arising from services rendered by the employees during the period. It also requires the other components of net periodic pension and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. Additionally, only the service cost component is eligible for capitalization. This pronouncement is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. The amendments in this update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We are currently evaluating the presentation of the other components of net benefit cost. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s financial statements.

Hedging Activities

In August 2017, the FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. The updated guidance is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s financial statements.

Recently Adopted Accounting Standards

Share Based Compensation

In the first quarter of 2017, TJX adopted a pronouncement that aims to simplify several aspects of accounting and reporting for share-based payment transactions. One provision within this pronouncement requires that excess income tax benefits and tax deficiencies related to share-based payments be recognized within income tax expense in the statement of income, rather than within additional paid-in capital on the balance sheet. The adoption of this provision is to be applied prospectively. The impact to TJX’s results of operations related to this provision for the three and nine months ended October 28, 2017 was a decrease in the provision for income taxes of $12.6 million and $40.5 million, respectively. The impact of this benefit on TJX’s future results of operations will depend in part on the market prices for TJX’s shares on the dates there are taxable events related to share awards, and therefore the impact is difficult to predict. The remaining provisions within the pronouncement did not have a material impact on our consolidated financial statements.

Property at Cost

9 Months Ended

Oct. 28, 2017

Property at Cost

Note B. Property at Cost

The following table presents the components of property at cost:


In thousands	October 28, 2017		January 28, 2017		October 29, 2016
Land and buildings	$	1,294,992	$	1,247,585	$	1,118,739
Leasehold costs and improvements		3,145,922		2,884,054		2,811,515
Furniture, fixtures and equipment		5,172,488		4,871,764		4,725,863

Total property at cost	$	9,613,402	$	9,003,403	$	8,656,117
Less accumulated depreciation and amortization		4,755,118		4,470,509		4,337,288

Net property at cost	$	4,858,284	$	4,532,894	$	4,318,829

Depreciation expense was $534.0 million for the nine months ended October 28, 2017 and $484.5 for the nine months ended October 29, 2016. Depreciation expense was $658.8 million for the twelve months ended January 28, 2017.

As previously disclosed, during fiscal 2017, the Company identified fully depreciated assets that were no longer in use and should have been written off during fiscal 2017 or prior periods. The October 29, 2016 property at cost and accumulated depreciation were each reduced by $869 million, and, therefore there was no impact to net property at cost. This error was not material to our consolidated financial statements; however, we have revised the October 29, 2016 amounts to reflect the write-off that should have been recorded at that time.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Oct. 28, 2017

Accumulated Other Comprehensive Income (Loss)

Note C. Accumulated Other Comprehensive Income (Loss)

Amounts included in accumulated other comprehensive income (loss) are recorded net of taxes. The following table details the changes in accumulated other comprehensive income (loss) for the nine months ended October 28, 2017:


In thousands	Foreign Currency Translation			Deferred Benefit Costs			Cash Flow Hedge on Debt			Accumulated Other Comprehensive Income (Loss)
Balance, January 28, 2017	$	(491,803	)	$	(199,481	)	$	(2,942	)	$	(694,226	)
Additions to other comprehensive income:
Foreign currency translation adjustments (net of taxes of $16,212)		79,393			—			—			79,393
Reclassifications from other comprehensive income to net income:
Amortization of prior service cost and deferred gains (net of taxes of $7,500)		—			11,401			—			11,401
Amortization of loss on cash flow hedge (net of taxes of $337)		—			—			513			513

Balance, October 28, 2017	$	(412,410	)	$	(188,080	)	$	(2,429	)	$	(602,919	)

Capital Stock and Earnings Per Share

9 Months Ended

Oct. 28, 2017

Capital Stock and Earnings Per Share

Note D. Capital Stock and Earnings Per Share

Capital Stock

TJX repurchased and retired 4.9 million shares of its common stock at a cost of $350.0 million during the quarter ended October 28, 2017, on a “trade date” basis. During the nine months ended October 28, 2017, TJX repurchased and retired 16.9 million shares of its common stock at a cost of $1.25 billion, on a “trade date” basis. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $1.2 billion for both the nine months ended October 28, 2017 and October 29, 2016.

In February 2016, TJX announced that its Board of Directors had approved 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 October 28, 2017, TJX repurchased 19.7 million shares of common stock at a cost of $1.5 billion. At October 28, 2017, $0.5 billion remained available for purchase under this program.

In February 2017, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.0 billion of TJX common stock from time to time, all of which remained available at October 28, 2017.

All shares repurchased under the stock repurchase programs have been retired.

Earnings Per Share

The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income:


	Thirteen Weeks Ended
In thousands, except per share data	October 28, 2017		October 29, 2016
Basic earnings per share
Net income	$	641,436	$	549,786
Weighted average common shares outstanding for basic EPS		634,022		653,559
Basic earnings per share	$	1.01	$	0.84
Diluted earnings per share
Net income	$	641,436	$	549,786
Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		634,022		653,559
Assumed exercise/vesting of:
Stock options and awards		8,859		8,162

Weighted average common shares outstanding for diluted EPS		642,881		661,721

Diluted earnings per share	$	1.00	$	0.83


	Thirty-Nine Weeks Ended
In thousands, except per share data	October 28, 2017		October 29, 2016
Basic earnings per share
Net income	$	1,730,672	$	1,620,306
Weighted average common shares outstanding for basic EPS		639,191		657,746
Basic earnings per share	$	2.71	$	2.46
Diluted earnings per share
Net income	$	1,730,672	$	1,620,306
Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		639,191		657,746
Assumed exercise/vesting of:
Stock options and awards		9,481		8,886

Weighted average common shares outstanding for diluted EPS		648,672		666,632

Diluted earnings per share	$	2.67	$	2.43

The weighted average common shares for the diluted earnings per share calculation exclude the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the related fiscal period’s average price of TJX’s common stock. Such options are excluded because they would have an antidilutive effect. There were 12.6 million such options excluded for each of the thirteen weeks and thirty-nine weeks ended October 28, 2017. There were 4.3 million such options excluded for each of the thirteen weeks and thirty-nine weeks ended October 29, 2016.

Financial Instruments

9 Months Ended

Oct. 28, 2017

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. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the statements of financial position and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of other comprehensive income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. TJX does not hedge its net investments in foreign subsidiaries.

Diesel Fuel Contracts

TJX hedges portions of its estimated notional diesel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing (and the resulting per mile surcharges payable by TJX) by setting a fixed price per gallon for the period being hedged. During fiscal 2017, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2018. During the first nine months of fiscal 2018, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first nine months of fiscal 2019. The hedge agreements outstanding at October 28, 2017 relate to approximately 51% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2018 and approximately 34% of TJX’s estimated notional diesel requirements for the first nine months of fiscal 2019. These diesel fuel hedge agreements will settle throughout the remainder of fiscal 2018 and throughout the first ten months of fiscal 2019. TJX elected not to apply hedge accounting rules to these contracts.

Foreign Currency Contracts

TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations at TJX International (United Kingdom, Ireland, Germany, Poland, Austria, The Netherlands and Australia), TJX Canada (Canada), Marmaxx (U.S.) and HomeGoods (U.S.) in currencies other than their respective functional currencies. These contracts typically have a term of twelve months or less. The contracts outstanding at October 28, 2017 cover a portion of such actual and anticipated merchandise purchases throughout the remainder of fiscal 2018 and throughout the second quarter of fiscal 2019. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the United Kingdom. All merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. The inflow of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. However, with the growth of TJX’s Euro denominated retail operations, the intercompany billings committed to the Euro denominated operations is generating Euros in excess of those needed to meet merchandise commitments to outside vendors. TJX calculates this excess Euro exposure each month and enters into forward contracts of approximately 30 days duration to mitigate the exposure. TJX elected not to apply hedge accounting rules to these contracts.

TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. The changes in fair value of these contracts are recorded in selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in selling, general and administrative expenses.

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2017:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at October 28, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	67,000	£	13,000		0.1940	(Accrued Exp)	$	—	$	(1,211	)	$	(1,211	)
	€	49,950	£	43,317		0.8672	Prepaid Exp / (Accrued Exp)		277		(1,600	)		(1,323	)
	U.S.$	68,445	£	55,000		0.8036	Prepaid Exp		3,849		—			3,849
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 250k – 2.5M gal per month		Float on 250k – 2.5M gal per month		N/A	Prepaid Exp		5,226		—			5,226
Intercompany billings in Europe, primarily merchandise related	€	27,000	£	24,062		0.8912	Prepaid Exp		202		—			202
Merchandise purchase commitments
	C$	511,004	U.S.$	399,650		0.7821	Prepaid Exp / (Accrued Exp)		5,023		(4,770	)		253
	C$	25,305	€	17,000		0.6718	Prepaid Exp / (Accrued Exp)		63		(62	)		1
	£	163,682	U.S.$	214,000		1.3074	Prepaid Exp / (Accrued Exp)		678		(2,298	)		(1,620	)
	A$	27,187	U.S.$	21,351		0.7853	Prepaid Exp		467		—			467
	zł	313,150	£	65,249		0.2084	Prepaid Exp / (Accrued Exp)		580		(350	)		230
	U.S.$	2,928	£	2,245		0.7667	Prepaid Exp		16		—			16
	U.S.$	68,723	€	58,859		0.8565	Prepaid Exp / (Accrued Exp)		729		(989	)		(260	)

Total fair value of derivative financial instruments								$	17,110	$	(11,280	)	$	5,830

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2017:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at January 28, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	67,000	£	13,000		0.1940	(Accrued Exp)	$	—	$	(6	)	$	(6	)
	€	63,000	£	54,452		0.8643	Prepaid Exp		263		—			263
	U.S.$	68,445	£	55,000		0.8036	Prepaid Exp		1,196		—			1,196
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.1M – 2.5M gal per month		Float on 2.1M– 2.5M gal per month		N/A	Prepaid Exp		2,183		—			2,183
Intercompany billings in Europe, primarily merchandise related
	€	68,000	£	58,306		0.8574	Prepaid Exp		262		—			262
Merchandise purchase commitments
	C$	462,025	U.S.$	349,750		0.7570	Prepaid Exp / (Accrued Exp)		1,089		(3,081	)		(1,992	)
	C$	19,571	€	13,650		0.6975	Prepaid Exp / (Accrued Exp)		22		(290	)		(268	)
	£	180,963	U.S.$	227,500		1.2572	Prepaid Exp / (Accrued Exp)		2,327		(2,695	)		(368	)
	zł	249,079	£	48,593		0.1951	Prepaid Exp / (Accrued Exp)		681		(927	)		(246	)
	U.S.$	22,226	€	20,686		0.9307	Prepaid Exp / (Accrued Exp)		178		(257	)		(79	)

Total fair value of financial instruments								$	8,201	$	(7,256	)	$	945

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 29, 2016:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	57,073	C$	19,606		0.3435	Prepaid Exp	$	199	$	—		$	199
	zł	45,000	£	7,403		0.1645	(Accrued Exp)		—		(2,357	)		(2,357	)
	€	61,000	£	47,211		0.7740	(Accrued Exp)		—		(9,681	)		(9,681	)
	U.S.$	77,957	£	55,000		0.7055	(Accrued Exp)		—		(10,999	)		(10,999	)
	£	25,000	C$	41,123		1.6449	Prepaid Exp		45		—			45
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.1M – 2.3M gal per month		Float on 2.1M – 2.3M gal per month		N/A	Prepaid Exp		1,485		—			1,485
Intercompany billings in Europe, primarily merchandise related	€	88,000	£	79,577		0.9043	Prepaid Exp		186		—			186
Merchandise purchase commitments
	C$	461,631	U.S.$	355,350		0.7698	Prepaid Exp		10,434		—			10,434
	C$	21,643	€	14,900		0.6885	Prepaid Exp		217		—			217
	£	191,518	U.S.$	252,600		1.3189	Prepaid Exp / (Accrued Exp)		18,824		(626	)		18,198
	zł	258,005	£	50,292		0.1949	Prepaid Exp / (Accrued Exp)		1		(3,875	)		(3,874	)
	U.S.$	675	£	468		0.6934	(Accrued Exp)		—		(106	)		(106	)
	U.S.$	49,288	€	43,819		0.8891	Prepaid Exp / (Accrued Exp)		19		(1,122	)		(1,103	)

Total fair value of derivative financial instruments								$	31,410	$	(28,766	)	$	2,644

Presented below is the impact of derivative financial instruments on the statements of income for the periods shown:


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirteen Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	October 28, 2017			October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(1,454	)	$	(10,549	)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		4,947			4,241
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		328			(5,911	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		13,336			23,105

Gain recognized in income		$	17,157		$	10,886


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirty-Nine Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	October 28, 2017			October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(3,820	)	$	(23,835	)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		3,630			3,012
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		(3,116	)		(14,987	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(20,829	)		15,826

Loss recognized in income		$	(24,135	)	$	(19,984	)

Fair Value Measurements

9 Months Ended

Oct. 28, 2017

Fair Value Measurements

Note F. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy:

Level 1:

Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2:

Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability

Level 3:

Unobservable inputs for the asset or liability

The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:


In thousands	October 28, 2017		January 28, 2017		October 29, 2016
Level 1
Assets:
Executive Savings Plan investments	$	231,618	$	195,733	$	185,042
Level 2
Assets:
Short-term investments	$	511,618	$	543,242	$	450,804
Foreign currency exchange contracts		11,884		6,018		29,925
Diesel fuel contracts		5,226		2,183		1,485
Liabilities:
Foreign currency exchange contracts	$	11,280	$	7,256	$	28,766

Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.

Short-term investments, foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX’s investments are primarily high-grade commercial paper, institutional money market funds and time deposits with major banks. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2.

The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2. The fair value of long-term debt as of October 28, 2017 was $2.20 billion compared to a carrying value of $2.23 billion. The fair value of long-term debt as of January 28, 2017 was $2.17 billion compared to a carrying value of $2.23 billion. The fair value of long-term debt as of October 29, 2016 was $2.25 billion compared to a carrying value of $2.23 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

9 Months Ended

Oct. 28, 2017

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 (HomeGoods and Homesense) both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, Homesense and tkmaxx.com in Europe and T.K. Maxx in Australia. TJX also operates Sierra Trading Post (“STP”), an off-price Internet retailer that operates sierratradingpost.com and retail stores in the U.S. The results of STP are included in the Marmaxx segment.

All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions.

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	October 28, 2017		October 29, 2016
Net sales:
In the United States:
Marmaxx	$	5,298,479	$	5,252,815
HomeGoods		1,228,768		1,078,373
TJX Canada		983,236		855,473
TJX International		1,251,737		1,105,027

	$	8,762,220	$	8,291,688

Segment profit:
In the United States:
Marmaxx	$	666,092	$	703,092
HomeGoods		163,835		149,739
TJX Canada		206,472		142,491
TJX International		87,066		87,821

		1,123,465		1,083,143
General corporate expense		95,484		97,902
Loss on early extinguishment of debt		—		51,773
Pension settlement charge		—		31,173
Interest expense, net		7,981		12,462

Income before provision for income taxes	$	1,020,000	$	889,833


	Thirty-Nine Weeks Ended
In thousands	October 28, 2017		October 29, 2016
Net sales:
In the United States:
Marmaxx	$	15,550,253	$	15,217,188
HomeGoods		3,506,435		3,075,472
TJX Canada		2,554,033		2,297,831
TJX International		3,293,223		3,125,606

	$	24,903,944	$	23,716,097

Segment profit:
In the United States:
Marmaxx	$	2,100,138	$	2,154,238
HomeGoods		457,272		415,996
TJX Canada		392,581		321,942
TJX International		132,893		145,047

		3,082,884		3,037,223
General corporate expense		311,177		290,975
Loss on early extinguishment of debt		—		51,773
Pension settlement charge		—		31,173
Interest expense, net		27,499		33,918

Income before provision for income taxes	$	2,744,208	$	2,629,384

Pension Plans and Other Retirement Benefits

9 Months Ended

Oct. 28, 2017

Pension Plans and Other Retirement Benefits

Note H. Pension Plans and Other Retirement Benefits

Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:


	Funded Plan						Unfunded Plan
	Thirteen Weeks Ended						Thirteen Weeks Ended
In thousands	October 28, 2017			October 29, 2016			October 28, 2017		October 29, 2016
Service cost	$	11,655		$	11,360		$	403	$	293
Interest cost		13,866			14,023			820		793
Expected return on plan assets		(17,309	)		(17,633	)		—		—
Recognized actuarial losses		5,428			7,943			641		783

Expense related to current period		13,640			15,693			1,864		1,869
Pension settlement charge		—			31,173			—		—

Total expense	$	13,640		$	46,866		$	1,864	$	1,869


	Funded Plan						Unfunded Plan
	Thirty-Nine Weeks Ended						Thirty-Nine Weeks Ended
In thousands	October 28, 2017			October 29, 2016			October 28, 2017		October 29, 2016
Service cost	$	35,264		$	33,778		$	1,578	$	1,376
Interest cost		41,384			42,747			2,506		2,543
Expected return on plan assets		(52,073	)		(53,503	)		—		—
Recognized actuarial losses		16,582			22,362			2,305		2,512

Net periodic pension cost		41,157			45,384			6,389		6,431
Pension settlement charge		—			31,173			—		—

Total expense	$	41,157		$	76,557		$	6,389	$	6,431

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 2018 for the funded plan. TJX anticipates making payments of $4.1 million to provide current benefits coming due under the unfunded plan in fiscal 2018.

The amounts included in 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.

During the third quarter of fiscal 2017, TJX offered eligible, former TJX Associates, who had not yet commenced receiving their pension benefit, an opportunity to receive a lump sum payout of their vested pension benefit. As a result, the Company’s pension plan paid $103.2 million from pension plan assets to those who accepted the offer, thereby reducing its pension benefit obligations. The transaction had no cash impact on TJX but did result in a non-cash pre-tax pension settlement charge of $31.2 million in last year’s third quarter, which is reported separately on the consolidated statements of income.

TJX also had maintained an unfunded postretirement medical plan, which was closed to new benefits in fiscal 2006. During the first quarter of fiscal 2017, TJX terminated the unfunded postretirement medical plan and made a discretionary lump sum payment to participants. The settlement of the liability and the recognition of the remaining negative plan amendment resulted in a pre-tax benefit of $5.5 million in the first quarter of fiscal 2017.

Long-Term Debt and Credit Lines

9 Months Ended

Oct. 28, 2017

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 October 28, 2017, January 28, 2017 and October 29, 2016. All amounts are net of unamortized debt discounts.


In thousands	October 28, 2017			January 28, 2017			October 29, 2016
General corporate debt:
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $245 at October 28, 2017, $278 at January 28, 2017 and $289 at October 29, 2016)	$	499,755		$	499,722		$	499,711
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $269 at October 28, 2017, $325 at January 28, 2017 and $344 at October 29, 2016)		749,732			749,675			749,656
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $6,590 at October 28, 2017, $7,149 at January 28, 2017 and $7,336 at October 29, 2016)		993,410			992,851			992,664
Debt issuance cost		(13,042	)		(14,649	)		(15,118	)

Long-term debt	$	2,229,855		$	2,227,599		$	2,226,913

On September 12, 2016, TJX issued $1.0 billion aggregate principal amount of 2.25% ten-year notes due September 2026 all of which was outstanding at October 28, 2017. TJX entered into a rate-lock agreement to hedge $700 million of the 2.25% notes. The cost of these agreements are being amortized to interest expense over the term of the notes resulting in an effective fixed rate of 2.36%. On October 12, 2016, TJX used a portion of the proceeds from the 2.25% ten-year notes to redeem all outstanding 6.95% ten-year notes and recorded a pre-tax loss on the early extinguishment of debt of $51.8 million, which includes $50.6 million of redemption premium and $1.2 million to write off unamortized debt expenses and discount.

At October 28, 2017, TJX also had outstanding $500 million aggregate principal amount of 2.50% ten-year notes due May 2023 and $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 $250 million of the 2.50% 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. TJX also 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 October 28, 2017, TJX had two $500 million revolving credit facilities, one which matures in March 2020 and one which matures in March 2022. At October 28, 2017, the agreements require quarterly payments of 6.0 basis points per annum on the committed amounts for both agreements. This rate is based on the credit ratings of TJX’s long-term debt and would vary with specified changes in the credit ratings. These agreements had no compensating balance requirements and had various covenants. Each of these facilities require 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 October 28, 2017, January 28, 2017 and October 29, 2016. As of October 28, 2017, January 28, 2017 and October 29, 2016, and during the quarters and year then ended, there were no amounts outstanding under any of these facilities.

As of October 28, 2017, January 28, 2017 and October 29, 2016, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of October 28, 2017, January 28, 2017 and October 29, 2016, there were no amounts outstanding on the Canadian credit line for operating expenses. As of October 28, 2017, January 28, 2017, and October 29, 2016, our European business at TJX International had an uncommitted credit line of £5 million. As of October 28, 2017, January 28, 2017, and October 29, 2016, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.

Income Taxes

9 Months Ended

Oct. 28, 2017

Income Taxes

Note J. Income Taxes

The effective income tax rate was 37.1% for the fiscal 2018 third quarter and 38.2% for the fiscal 2017 third quarter. The effective income tax rate was 36.9% for the nine months ended October 28, 2017 as compared to 38.4% for last year’s comparable period. The decrease in the effective income tax rate was primarily due to excess income tax benefits related to share-based payments, which reduced the effective income tax rate by 1.2 percentage points for the third quarter and 1.5 percentage points for the nine months ended October 28, 2017. The jurisdictional mix of income also contributed to the change of the effective income tax rate.

TJX had net unrecognized tax benefits of $41.2 million as of October 28, 2017, $38.5 million as of January 28, 2017 and $37.4 million as of October 29, 2016.

TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S., fiscal years through 2010 are no longer subject to examination. In Canada, fiscal years through 2008 are no longer subject to examination. In all other jurisdictions, fiscal years through 2009 are no longer subject to examination.

TJX’s accounting policy classifies interest and penalties related to income tax matters as part of income tax expense. The total accrued amount on the balance sheets for interest and penalties was $8.5 million as of October 28, 2017, $8.0 million as of January 28, 2017 and $7.8 million as of October 29, 2016.

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 million.

Contingent Obligations and Contingencies

9 Months Ended

Oct. 28, 2017

Contingent Obligations and Contingencies

Note K. Contingent Obligations and Contingencies

Contingent Obligations

TJX has contingent obligations on leases, for which it was a lessee or guarantor, which were assigned to third parties without TJX being released by the landlords. Over many years, TJX has assigned numerous leases that it had originally leased or guaranteed to a significant number of third parties. With the exception of leases of former businesses for which TJX has reserved, the Company has rarely had a claim with respect to assigned leases, and accordingly, the Company does not expect that such leases will have a material adverse impact on its financial condition, results of operations or cash flows. TJX does not generally have sufficient information about these leases to estimate our potential contingent obligations under them, which could be triggered in the event that one or more of the current tenants does not fulfill their obligations related to one or more of these leases.

TJX may also be contingently liable on up to nine leases of former TJX businesses, for which we believe the likelihood of future liability to TJX is remote, and has contingent obligations in connection with certain assigned or sublet properties that TJX is able to estimate. We estimate that the undiscounted obligations of (i) leases of former operations not included in our reserve for former operations and (ii) properties of our former operations if the subtenants do not fulfill their obligations, are approximately $46.8 million as of October 28, 2017. We believe that most or all of these contingent obligations will not revert to us and, to the extent they do, will be resolved for substantially less due to mitigating factors including our expectation to further sublet.

TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters such as title to assets sold, specified environmental matters or certain income taxes. These obligations are often limited in time and amount. There are no amounts reflected in our balance sheets with respect to these contingent obligations.

Contingencies

TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of our business. In addition, TJX is a defendant in several lawsuits filed in federal and state courts brought as putative class or collective actions on behalf of various groups of current and former salaried and hourly associates in the U.S. The lawsuits allege violations of the Fair Labor Standards Act and of state wage and hour and other labor statutes, including alleged misclassification of positions as exempt from overtime, alleged entitlement to additional wages for alleged off-the-clock work by hourly employees and alleged failure to pay all wages due upon termination. TJX is also a defendant in lawsuits filed in federal courts brought as putative class actions on behalf of customers relating to TJX’s compare at pricing. The lawsuits are in various procedural stages and seek unspecified monetary damages, injunctive relief and attorneys’ fees. In connection with ongoing litigation, an immaterial amount has been accrued in the accompanying financial statements.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Oct. 28, 2017
Basis of Presentation	*Basis of Presentation* The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its financial statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited consolidated financial statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 28, 2017 (“fiscal 2017”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The January 28, 2017 balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Fiscal Year	*Fiscal Year* TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 3, 2018 (“fiscal 2018”) and is a 53-week fiscal year. Fiscal 2017 was a 52-week fiscal year.
Use of Estimates	*Use of Estimates* The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, impairment of long-lived assets, goodwill and tradenames, retirement obligations, share-based compensation, casualty insurance, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from those estimates, and such differences could be material.
Future and Recently Adoption of New Accounting Standards	Future Adoption of New Accounting Standards Revenue Recognition In May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated guidance on revenue recognition. The new guidance supersedes most preexisting revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2017, and interim periods therein, with an option to adopt the standard early. The standard shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We believe that there will be no change in the timing or amount of revenue recognized under the new standard as it relates to revenue from point of sale at the registers in our stores, which constitutes more than 95% of the Company’s revenue. Sales from e-commerce will be recognized at the shipping point rather than receipt by the customer. We believe there will be a slight change in the presentation and timing of revenue related to loyalty benefit programs. The new standard will require a change in the presentation of our sales return reserve on the balance sheet, which we currently record net. The new standard will require the reserve to be established at the gross sales value with an asset established for the value of the merchandise returned. We do not expect these changes to have a material impact on our financial condition or results of operations other than additional disclosure requirements. We plan to adopt this standard in the first quarter of the fiscal year ending February 2, 2019 under the modified retrospective approach, which will result in a cumulative adjustment to retained earnings. We continue to evaluate the impact this standard will have on our Consolidated Financial Statements and Notes thereto. Leases In February 2016, the FASB issued updated guidance on leases that aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The new standard is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods; early adoption is permitted and modified retrospective application is required. The Company has established a cross-functional team to implement the updated lease guidance and is in the process of evaluating its lease portfolio and the impact this standard will have on our Consolidated Financial Statements and Notes thereto. The Company expects this standard to have a material impact on its statement of financial condition as it will record a significant asset and liability associated with its more than 4,000 leased locations. The Company continues to assess if the initial lease term will differ under the new standard versus current accounting practice. If the lease term remains unchanged, the income statement impact of the new standard is not expected to be material. We plan to adopt this standard in the first quarter of the fiscal year ending February 1, 2020. Cash Flows In August 2016, a pronouncement was issued that addresses diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. The new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. The standard, which is to be applied retrospectively, will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted. TJX does not expect this standard to have a material impact on our consolidated financial statements. Goodwill In January 2017, the FASB issued updated guidance on goodwill that aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. TJX does not expect the adoption of this standard to have a material impact on our consolidated financial statements. Retirement Benefits In March 2017, the FASB issued updated guidance related to retirement benefits, which requires that an employer report the service cost component of net periodic pension and net periodic post retirement cost in the same line item as other compensation costs arising from services rendered by the employees during the period. It also requires the other components of net periodic pension and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. Additionally, only the service cost component is eligible for capitalization. This pronouncement is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. The amendments in this update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We are currently evaluating the presentation of the other components of net benefit cost. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s financial statements. Hedging Activities In August 2017, the FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. The updated guidance is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s financial statements. Recently Adopted Accounting Standards Share Based Compensation In the first quarter of 2017, TJX adopted a pronouncement that aims to simplify several aspects of accounting and reporting for share-based payment transactions. One provision within this pronouncement requires that excess income tax benefits and tax deficiencies related to share-based payments be recognized within income tax expense in the statement of income, rather than within additional paid-in capital on the balance sheet. The adoption of this provision is to be applied prospectively. The impact to TJX’s results of operations related to this provision for the three and nine months ended October 28, 2017 was a decrease in the provision for income taxes of $12.6 million and $40.5 million, respectively. The impact of this benefit on TJX’s future results of operations will depend in part on the market prices for TJX’s shares on the dates there are taxable events related to share awards, and therefore the impact is difficult to predict. The remaining provisions within the pronouncement did not have a material impact on our consolidated financial statements.

Property at Cost (Tables)

9 Months Ended

Oct. 28, 2017

Components of Property at Cost

The following table presents the components of property at cost:


In thousands	October 28, 2017		January 28, 2017		October 29, 2016
Land and buildings	$	1,294,992	$	1,247,585	$	1,118,739
Leasehold costs and improvements		3,145,922		2,884,054		2,811,515
Furniture, fixtures and equipment		5,172,488		4,871,764		4,725,863

Total property at cost	$	9,613,402	$	9,003,403	$	8,656,117
Less accumulated depreciation and amortization		4,755,118		4,470,509		4,337,288

Net property at cost	$	4,858,284	$	4,532,894	$	4,318,829

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Oct. 28, 2017

Changes in Accumulated Other Comprehensive Income (Loss)

The following table details the changes in accumulated other comprehensive income (loss) for the nine months ended October 28, 2017:


In thousands	Foreign Currency Translation			Deferred Benefit Costs			Cash Flow Hedge on Debt			Accumulated Other Comprehensive Income (Loss)
Balance, January 28, 2017	$	(491,803	)	$	(199,481	)	$	(2,942	)	$	(694,226	)
Additions to other comprehensive income:
Foreign currency translation adjustments (net of taxes of $16,212)		79,393			—			—			79,393
Reclassifications from other comprehensive income to net income:
Amortization of prior service cost and deferred gains (net of taxes of $7,500)		—			11,401			—			11,401
Amortization of loss on cash flow hedge (net of taxes of $337)		—			—			513			513

Balance, October 28, 2017	$	(412,410	)	$	(188,080	)	$	(2,429	)	$	(602,919	)

Capital Stock and Earnings Per Share (Tables)

9 Months Ended

Oct. 28, 2017

Earnings Per Share

The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income:


	Thirteen Weeks Ended
In thousands, except per share data	October 28, 2017		October 29, 2016
Basic earnings per share
Net income	$	641,436	$	549,786
Weighted average common shares outstanding for basic EPS		634,022		653,559
Basic earnings per share	$	1.01	$	0.84
Diluted earnings per share
Net income	$	641,436	$	549,786
Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		634,022		653,559
Assumed exercise/vesting of:
Stock options and awards		8,859		8,162

Weighted average common shares outstanding for diluted EPS		642,881		661,721

Diluted earnings per share	$	1.00	$	0.83


	Thirty-Nine Weeks Ended
In thousands, except per share data	October 28, 2017		October 29, 2016
Basic earnings per share
Net income	$	1,730,672	$	1,620,306
Weighted average common shares outstanding for basic EPS		639,191		657,746
Basic earnings per share	$	2.71	$	2.46
Diluted earnings per share
Net income	$	1,730,672	$	1,620,306
Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		639,191		657,746
Assumed exercise/vesting of:
Stock options and awards		9,481		8,886

Weighted average common shares outstanding for diluted EPS		648,672		666,632

Diluted earnings per share	$	2.67	$	2.43

Financial Instruments (Tables)

9 Months Ended

Oct. 28, 2017

Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2017:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at October 28, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	67,000	£	13,000		0.1940	(Accrued Exp)	$	—	$	(1,211	)	$	(1,211	)
	€	49,950	£	43,317		0.8672	Prepaid Exp / (Accrued Exp)		277		(1,600	)		(1,323	)
	U.S.$	68,445	£	55,000		0.8036	Prepaid Exp		3,849		—			3,849
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 250k – 2.5M gal per month		Float on 250k – 2.5M gal per month		N/A	Prepaid Exp		5,226		—			5,226
Intercompany billings in Europe, primarily merchandise related	€	27,000	£	24,062		0.8912	Prepaid Exp		202		—			202
Merchandise purchase commitments
	C$	511,004	U.S.$	399,650		0.7821	Prepaid Exp / (Accrued Exp)		5,023		(4,770	)		253
	C$	25,305	€	17,000		0.6718	Prepaid Exp / (Accrued Exp)		63		(62	)		1
	£	163,682	U.S.$	214,000		1.3074	Prepaid Exp / (Accrued Exp)		678		(2,298	)		(1,620	)
	A$	27,187	U.S.$	21,351		0.7853	Prepaid Exp		467		—			467
	zł	313,150	£	65,249		0.2084	Prepaid Exp / (Accrued Exp)		580		(350	)		230
	U.S.$	2,928	£	2,245		0.7667	Prepaid Exp		16		—			16
	U.S.$	68,723	€	58,859		0.8565	Prepaid Exp / (Accrued Exp)		729		(989	)		(260	)

Total fair value of derivative financial instruments								$	17,110	$	(11,280	)	$	5,830

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2017:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at January 28, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	67,000	£	13,000		0.1940	(Accrued Exp)	$	—	$	(6	)	$	(6	)
	€	63,000	£	54,452		0.8643	Prepaid Exp		263		—			263
	U.S.$	68,445	£	55,000		0.8036	Prepaid Exp		1,196		—			1,196
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.1M – 2.5M gal per month		Float on 2.1M– 2.5M gal per month		N/A	Prepaid Exp		2,183		—			2,183
Intercompany billings in Europe, primarily merchandise related
	€	68,000	£	58,306		0.8574	Prepaid Exp		262		—			262
Merchandise purchase commitments
	C$	462,025	U.S.$	349,750		0.7570	Prepaid Exp / (Accrued Exp)		1,089		(3,081	)		(1,992	)
	C$	19,571	€	13,650		0.6975	Prepaid Exp / (Accrued Exp)		22		(290	)		(268	)
	£	180,963	U.S.$	227,500		1.2572	Prepaid Exp / (Accrued Exp)		2,327		(2,695	)		(368	)
	zł	249,079	£	48,593		0.1951	Prepaid Exp / (Accrued Exp)		681		(927	)		(246	)
	U.S.$	22,226	€	20,686		0.9307	Prepaid Exp / (Accrued Exp)		178		(257	)		(79	)

Total fair value of financial instruments								$	8,201	$	(7,256	)	$	945

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 29, 2016:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	57,073	C$	19,606		0.3435	Prepaid Exp	$	199	$	—		$	199
	zł	45,000	£	7,403		0.1645	(Accrued Exp)		—		(2,357	)		(2,357	)
	€	61,000	£	47,211		0.7740	(Accrued Exp)		—		(9,681	)		(9,681	)
	U.S.$	77,957	£	55,000		0.7055	(Accrued Exp)		—		(10,999	)		(10,999	)
	£	25,000	C$	41,123		1.6449	Prepaid Exp		45		—			45
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.1M – 2.3M gal per month		Float on 2.1M – 2.3M gal per month		N/A	Prepaid Exp		1,485		—			1,485
Intercompany billings in Europe, primarily merchandise related	€	88,000	£	79,577		0.9043	Prepaid Exp		186		—			186
Merchandise purchase commitments
	C$	461,631	U.S.$	355,350		0.7698	Prepaid Exp		10,434		—			10,434
	C$	21,643	€	14,900		0.6885	Prepaid Exp		217		—			217
	£	191,518	U.S.$	252,600		1.3189	Prepaid Exp / (Accrued Exp)		18,824		(626	)		18,198
	zł	258,005	£	50,292		0.1949	Prepaid Exp / (Accrued Exp)		1		(3,875	)		(3,874	)
	U.S.$	675	£	468		0.6934	(Accrued Exp)		—		(106	)		(106	)
	U.S.$	49,288	€	43,819		0.8891	Prepaid Exp / (Accrued Exp)		19		(1,122	)		(1,103	)

Total fair value of derivative financial instruments								$	31,410	$	(28,766	)	$	2,644

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 in Income by Derivative
		Thirteen Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	October 28, 2017			October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(1,454	)	$	(10,549	)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		4,947			4,241
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		328			(5,911	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		13,336			23,105

Gain recognized in income		$	17,157		$	10,886


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirty-Nine Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	October 28, 2017			October 29, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(3,820	)	$	(23,835	)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		3,630			3,012
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		(3,116	)		(14,987	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(20,829	)		15,826

Loss recognized in income		$	(24,135	)	$	(19,984	)

Fair Value Measurements (Tables)

9 Months Ended

Oct. 28, 2017

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	October 28, 2017		January 28, 2017		October 29, 2016
Level 1
Assets:
Executive Savings Plan investments	$	231,618	$	195,733	$	185,042
Level 2
Assets:
Short-term investments	$	511,618	$	543,242	$	450,804
Foreign currency exchange contracts		11,884		6,018		29,925
Diesel fuel contracts		5,226		2,183		1,485
Liabilities:
Foreign currency exchange contracts	$	11,280	$	7,256	$	28,766

Segment Information (Tables)

9 Months Ended

Oct. 28, 2017

Financial Information on Business Segments

Presented below is financial information with respect to TJX’s business segments:


	Thirteen Weeks Ended
In thousands	October 28, 2017		October 29, 2016
Net sales:
In the United States:
Marmaxx	$	5,298,479	$	5,252,815
HomeGoods		1,228,768		1,078,373
TJX Canada		983,236		855,473
TJX International		1,251,737		1,105,027

	$	8,762,220	$	8,291,688

Segment profit:
In the United States:
Marmaxx	$	666,092	$	703,092
HomeGoods		163,835		149,739
TJX Canada		206,472		142,491
TJX International		87,066		87,821

		1,123,465		1,083,143
General corporate expense		95,484		97,902
Loss on early extinguishment of debt		—		51,773
Pension settlement charge		—		31,173
Interest expense, net		7,981		12,462

Income before provision for income taxes	$	1,020,000	$	889,833


	Thirty-Nine Weeks Ended
In thousands	October 28, 2017		October 29, 2016
Net sales:
In the United States:
Marmaxx	$	15,550,253	$	15,217,188
HomeGoods		3,506,435		3,075,472
TJX Canada		2,554,033		2,297,831
TJX International		3,293,223		3,125,606

	$	24,903,944	$	23,716,097

Segment profit:
In the United States:
Marmaxx	$	2,100,138	$	2,154,238
HomeGoods		457,272		415,996
TJX Canada		392,581		321,942
TJX International		132,893		145,047

		3,082,884		3,037,223
General corporate expense		311,177		290,975
Loss on early extinguishment of debt		—		51,773
Pension settlement charge		—		31,173
Interest expense, net		27,499		33,918

Income before provision for income taxes	$	2,744,208	$	2,629,384

Pension Plans and Other Retirement Benefits (Tables)

9 Months Ended

Oct. 28, 2017

Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan


	Funded Plan						Unfunded Plan
	Thirteen Weeks Ended						Thirteen Weeks Ended
In thousands	October 28, 2017			October 29, 2016			October 28, 2017		October 29, 2016
Service cost	$	11,655		$	11,360		$	403	$	293
Interest cost		13,866			14,023			820		793
Expected return on plan assets		(17,309	)		(17,633	)		—		—
Recognized actuarial losses		5,428			7,943			641		783

Expense related to current period		13,640			15,693			1,864		1,869
Pension settlement charge		—			31,173			—		—

Total expense	$	13,640		$	46,866		$	1,864	$	1,869


	Funded Plan						Unfunded Plan
	Thirty-Nine Weeks Ended						Thirty-Nine Weeks Ended
In thousands	October 28, 2017			October 29, 2016			October 28, 2017		October 29, 2016
Service cost	$	35,264		$	33,778		$	1,578	$	1,376
Interest cost		41,384			42,747			2,506		2,543
Expected return on plan assets		(52,073	)		(53,503	)		—		—
Recognized actuarial losses		16,582			22,362			2,305		2,512

Net periodic pension cost		41,157			45,384			6,389		6,431
Pension settlement charge		—			31,173			—		—

Total expense	$	41,157		$	76,557		$	6,389	$	6,431

Long-Term Debt and Credit Lines (Tables)

9 Months Ended

Oct. 28, 2017

Long-Term Debt, Exclusive of Current Installments

The table below presents long-term debt, exclusive of current installments, as of October 28, 2017, January 28, 2017 and October 29, 2016. All amounts are net of unamortized debt discounts.


In thousands	October 28, 2017			January 28, 2017			October 29, 2016
General corporate debt:
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $245 at October 28, 2017, $278 at January 28, 2017 and $289 at October 29, 2016)	$	499,755		$	499,722		$	499,711
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $269 at October 28, 2017, $325 at January 28, 2017 and $344 at October 29, 2016)		749,732			749,675			749,656
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $6,590 at October 28, 2017, $7,149 at January 28, 2017 and $7,336 at October 29, 2016)		993,410			992,851			992,664
Debt issuance cost		(13,042	)		(14,649	)		(15,118	)

Long-term debt	$	2,229,855		$	2,227,599		$	2,226,913

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Basis of Presentation - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 28, 2017 USD ($)	Oct. 29, 2016 USD ($)	Oct. 28, 2017 USD ($) Location	Oct. 29, 2016 USD ($)	Jan. 28, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weeks in the fiscal year			371 days		364 days
Provision for income taxes	$ 378,564	$ 340,047	$ 1,013,536	$ 1,009,078
Adjustments for New Accounting Pronouncement
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Provision for income taxes	$ (12,600)		$ (40,500)
Minimum
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of lease locations \| Location			4,000
Minimum \| Key revenue streams concentration risk \| Point of sale at the registers \| Sales revenue net
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			95.00%

Components of Property at Cost (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Property, Plant and Equipment [Line Items]
Land and buildings	$ 1,294,992	$ 1,247,585	$ 1,118,739
Leasehold costs and improvements	3,145,922	2,884,054	2,811,515
Furniture, fixtures and equipment	5,172,488	4,871,764	4,725,863
Total property at cost	9,613,402	9,003,403	8,656,117
Less accumulated depreciation and amortization	4,755,118	4,470,509	4,337,288
Net property at cost	$ 4,858,284	$ 4,532,894	$ 4,318,829

Property at Cost - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Jan. 28, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 534.0	$ 484.5	$ 658.8
Reduction in property at cost		(869.0)
Reduction in accumulated depreciation and amortization		$ (869.0)

Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 4,510,599
Foreign currency translation adjustments, net of related tax provision (benefit)	$ (46,029)	$ (94,590)	79,393	$ (93,304)
Amortization of prior service cost and deferred gains, net of related tax provision	3,669	5,263	11,401	11,427
Amortization of loss on cash flow hedge, net of related tax provision (benefits)	171	171	513	513
Ending balance	4,645,608	$ 4,329,811	4,645,608	$ 4,329,811
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(694,226)
Ending balance	(602,919)		(602,919)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(491,803)
Foreign currency translation adjustments, net of related tax provision (benefit)			79,393
Ending balance	(412,410)		(412,410)
Deferred Benefit Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(199,481)
Amortization of prior service cost and deferred gains, net of related tax provisions			11,401
Ending balance	(188,080)		(188,080)
Cash Flow Hedge on Debt
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(2,942)
Amortization of loss on cash flow hedge, net of related tax provision (benefits)			513
Ending balance	$ (2,429)		$ (2,429)

Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments, related tax (benefit) provision	$ (18,110)	$ (14,123)	$ 16,212	$ (17,241)
Amortization of deferred benefit costs, taxes	2,414	3,462	7,500	7,517
Amortization of loss on cash flow hedge, related tax provisions	$ 112	$ 112	337	$ 337
Deferred Income Tax Charge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred benefit costs, taxes			$ 7,500

Capital Stock and Earnings Per Share - Additional Information (Detail) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Capital Unit [Line Items]
Common stock repurchased and retired			$ 1,238,982,000
Cash payments for repurchase of common stock			$ 1,200,000,000	$ 1,200,000,000
Antidilutive options excluded	12.6	4.3	12.6	4.3
Trade Date Basis
Capital Unit [Line Items]
Common stock repurchased and retired (in shares)	4.9		16.9
Common stock repurchased and retired	$ 350,000,000		$ 1,250,000,000
Stock Repurchase Programs 2016
Capital Unit [Line Items]
Common stock repurchased and retired (in shares)			19.7
Common stock repurchased and retired			$ 1,500,000,000
Stock repurchase program, common stock purchase value						$ 2,000,000,000
Remaining available stock under stock repurchase plan	$ 500,000,000		$ 500,000,000
Stock Repurchase Programs 2017
Capital Unit [Line Items]
Stock repurchase program, common stock purchase value					$ 1,000,000,000

Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Basic earnings per share
Net income	$ 641,436	$ 549,786	$ 1,730,672	$ 1,620,306
Weighted average common shares outstanding for basic EPS	634,022	653,559	639,191	657,746
Basic earnings per share	$ 1.01	$ 0.84	$ 2.71	$ 2.46
Net income	$ 641,436	$ 549,786	$ 1,730,672	$ 1,620,306
Weighted average common shares outstanding for basic EPS	634,022	653,559	639,191	657,746
Stock options and awards	8,859	8,162	9,481	8,886
Weighted average common shares outstanding for diluted EPS	642,881	661,721	648,672	666,632
Diluted earnings per share	$ 1.00	$ 0.83	$ 2.67	$ 2.43

Financial Instruments - Additional Information (Detail)	9 Months Ended
Financial Instruments - Additional Information (Detail)	Oct. 28, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Hedge of diesel fuel requirement, remainder of fiscal year 2018	51.00%
Hedge of diesel fuel requirement, fiscal year 2019	34.00%

Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Detail) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Oct. 28, 2017 USD ($)	Oct. 28, 2017 CAD ($)	Oct. 28, 2017 GBP (£)	Oct. 28, 2017 PLN (zł)	Oct. 28, 2017 EUR (€)	Oct. 28, 2017 AUD ($)	Jan. 28, 2017 USD ($)	Jan. 28, 2017 CAD ($)	Jan. 28, 2017 GBP (£)	Jan. 28, 2017 PLN (zł)	Jan. 28, 2017 EUR (€)	Oct. 29, 2016 USD ($)	Oct. 29, 2016 CAD ($)	Oct. 29, 2016 GBP (£)	Oct. 29, 2016 PLN (zł)	Oct. 29, 2016 EUR (€)
Derivatives, Fair Value [Line Items]
Current Asset	$ 17,110						$ 8,201					$ 31,410
Current (Liability)	(11,280)						(7,256)					(28,766)
Net Fair Value	5,830						945					2,644
Diesel Fuel Contracts \| Prepaid Expense
Derivatives, Fair Value [Line Items]
Current Asset	5,226						2,183					1,485
Net Fair Value	5,226						$ 2,183					$ 1,485
Intercompany Balances, Primarily Debt And Related Interest \| Prepaid Expense \| Conversion Of Euro To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| €											€ 63,000
Hedge accounting not elected, Receive \| £									£ 54,452
Blended Contract Rate							0.8643	0.8643	0.8643	0.8643	0.8643
Current Asset							$ 263
Net Fair Value							263
Intercompany Balances, Primarily Debt And Related Interest \| Prepaid Expense \| Conversion Of US Dollar To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay	$ 68,445						$ 68,445
Hedge accounting not elected, Receive \| £			£ 55,000						£ 55,000
Blended Contract Rate	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036	0.8036
Current Asset	$ 3,849						$ 1,196
Net Fair Value	$ 3,849						$ 1,196
Intercompany Balances, Primarily Debt And Related Interest \| Prepaid Expense \| Conversion Of Zloty To Canadian Dollar
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| zł															zł 57,073
Hedge accounting not elected, Receive													$ 19,606
Blended Contract Rate												0.3435	0.3435	0.3435	0.3435	0.3435
Current Asset												$ 199
Net Fair Value												$ 199
Intercompany Balances, Primarily Debt And Related Interest \| Prepaid Expense \| Conversion Of Pound To Canadian Dollar
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| £														£ 25,000
Hedge accounting not elected, Receive													$ 41,123
Blended Contract Rate												1.6449	1.6449	1.6449	1.6449	1.6449
Current Asset												$ 45
Net Fair Value												$ 45
Intercompany Balances, Primarily Debt And Related Interest \| (Accrued Expense) \| Conversion Of Zloty To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| zł				zł 67,000						zł 67,000					zł 45,000
Hedge accounting not elected, Receive \| £			£ 13,000						£ 13,000					£ 7,403
Blended Contract Rate	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1940	0.1645	0.1645	0.1645	0.1645	0.1645
Current (Liability)	$ (1,211)						$ (6)					$ (2,357)
Net Fair Value	$ (1,211)						$ (6)					$ (2,357)
Intercompany Balances, Primarily Debt And Related Interest \| (Accrued Expense) \| Conversion Of Euro To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| €																€ 61,000
Hedge accounting not elected, Receive \| £														£ 47,211
Blended Contract Rate												0.7740	0.7740	0.7740	0.7740	0.7740
Current (Liability)												$ (9,681)
Net Fair Value												(9,681)
Intercompany Balances, Primarily Debt And Related Interest \| (Accrued Expense) \| Conversion Of US Dollar To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay												$ 77,957
Hedge accounting not elected, Receive \| £														£ 55,000
Blended Contract Rate												0.7055	0.7055	0.7055	0.7055	0.7055
Current (Liability)												$ (10,999)
Net Fair Value												$ (10,999)
Intercompany Balances, Primarily Debt And Related Interest \| Prepaid Expense / (Accrued Expense) \| Conversion Of Euro To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| €					€ 49,950
Hedge accounting not elected, Receive \| £			£ 43,317
Blended Contract Rate	0.8672	0.8672	0.8672	0.8672	0.8672	0.8672
Current Asset	$ 277
Current (Liability)	(1,600)
Net Fair Value	$ (1,323)
Intercompany Billings In Europe, Primarily Merchandise Related \| Prepaid Expense \| Conversion Of Euro To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| €					€ 27,000						€ 68,000					€ 88,000
Hedge accounting not elected, Receive \| £			£ 24,062						£ 58,306					£ 79,577
Blended Contract Rate	0.8912	0.8912	0.8912	0.8912	0.8912	0.8912	0.8574	0.8574	0.8574	0.8574	0.8574	0.9043	0.9043	0.9043	0.9043	0.9043
Current Asset	$ 202						$ 262					$ 186
Net Fair Value	202						$ 262					186
Merchandise Purchase Commitments \| Prepaid Expense \| Conversion Of US Dollar To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay	$ 2,928
Hedge accounting not elected, Receive \| £			£ 2,245
Blended Contract Rate	0.7667	0.7667	0.7667	0.7667	0.7667	0.7667
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													$ 461,631
Hedge accounting not elected, Receive												$ 355,350
Blended Contract Rate												0.7698	0.7698	0.7698	0.7698	0.7698
Current Asset												$ 10,434
Net Fair Value												$ 10,434
Merchandise Purchase Commitments \| Prepaid Expense \| Conversion Of Canadian Dollar To Euro
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay													$ 21,643
Hedge accounting not elected, Receive \| €																€ 14,900
Blended Contract Rate												0.6885	0.6885	0.6885	0.6885	0.6885
Current Asset												$ 217
Net Fair Value												217
Merchandise Purchase Commitments \| Prepaid Expense \| Conversion Of Australian Dollar To US Dollar
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay						$ 27,187
Hedge accounting not elected, Receive	$ 21,351
Blended Contract Rate	0.7853	0.7853	0.7853	0.7853	0.7853	0.7853
Current Asset	$ 467
Net Fair Value	$ 467
Merchandise Purchase Commitments \| (Accrued Expense) \| Conversion Of US Dollar To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay												$ 675
Hedge accounting not elected, Receive \| £														£ 468
Blended Contract Rate												0.6934	0.6934	0.6934	0.6934	0.6934
Current (Liability)												$ (106)
Net Fair Value												$ (106)
Merchandise Purchase Commitments \| Prepaid Expense / (Accrued Expense) \| Conversion Of Zloty To Pound
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| zł				zł 313,150						zł 249,079					zł 258,005
Hedge accounting not elected, Receive \| £			£ 65,249						£ 48,593					£ 50,292
Blended Contract Rate	0.2084	0.2084	0.2084	0.2084	0.2084	0.2084	0.1951	0.1951	0.1951	0.1951	0.1951	0.1949	0.1949	0.1949	0.1949	0.1949
Current Asset	$ 580						$ 681					$ 1
Current (Liability)	(350)						(927)					(3,875)
Net Fair Value	230						(246)					(3,874)
Merchandise Purchase Commitments \| Prepaid Expense / (Accrued Expense) \| Conversion Of Canadian Dollar To US Dollar
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay		$ 511,004						$ 462,025
Hedge accounting not elected, Receive	$ 399,650						$ 349,750
Blended Contract Rate	0.7821	0.7821	0.7821	0.7821	0.7821	0.7821	0.7570	0.7570	0.7570	0.7570	0.7570
Current Asset	$ 5,023						$ 1,089
Current (Liability)	(4,770)						(3,081)
Net Fair Value	$ 253						$ (1,992)
Merchandise Purchase Commitments \| Prepaid Expense / (Accrued Expense) \| Conversion Of Canadian Dollar To Euro
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay		$ 25,305						$ 19,571
Hedge accounting not elected, Receive \| €					€ 17,000						€ 13,650
Blended Contract Rate	0.6718	0.6718	0.6718	0.6718	0.6718	0.6718	0.6975	0.6975	0.6975	0.6975	0.6975
Current Asset	$ 63						$ 22
Current (Liability)	(62)						(290)
Net Fair Value	1						(268)
Merchandise Purchase Commitments \| Prepaid Expense / (Accrued Expense) \| Conversion Of Pound To US Dollar
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay \| £			£ 163,682						£ 180,963					£ 191,518
Hedge accounting not elected, Receive	$ 214,000						$ 227,500					$ 252,600
Blended Contract Rate	1.3074	1.3074	1.3074	1.3074	1.3074	1.3074	1.2572	1.2572	1.2572	1.2572	1.2572	1.3189	1.3189	1.3189	1.3189	1.3189
Current Asset	$ 678						$ 2,327					$ 18,824
Current (Liability)	(2,298)						(2,695)					(626)
Net Fair Value	(1,620)						(368)					18,198
Merchandise Purchase Commitments \| Prepaid Expense / (Accrued Expense) \| Conversion Of US Dollar To Euro
Derivatives, Fair Value [Line Items]
Hedge accounting not elected, Pay	$ 68,723						$ 22,226					$ 49,288
Hedge accounting not elected, Receive \| €					€ 58,859						€ 20,686					€ 43,819
Blended Contract Rate	0.8565	0.8565	0.8565	0.8565	0.8565	0.8565	0.9307	0.9307	0.9307	0.9307	0.9307	0.8891	0.8891	0.8891	0.8891	0.8891
Current Asset	$ 729						$ 178					$ 19
Current (Liability)	(989)						(257)					(1,122)
Net Fair Value	$ (260)						$ (79)					$ (1,103)

Impact of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ 17,157	$ 10,886	$ (24,135)	$ (19,984)
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	(1,454)	(10,549)	(3,820)	(23,835)
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	4,947	4,241	3,630	3,012
Intercompany Billings In Europe, Primarily Merchandise Related \| 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	328	(5,911)	(3,116)	(14,987)
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	$ 13,336	$ 23,105	$ (20,829)	$ 15,826

Fair Value of Financial Assets and Liabilities on a Recurring Basis (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
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	$ 231,618	$ 195,733	$ 185,042
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts, Assets	11,884	6,018	29,925
Foreign currency exchange contracts, Liabilities	11,280	7,256	28,766
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	511,618	543,242	450,804
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	$ 5,226	$ 2,183	$ 1,485

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	$ 2,200,000	$ 2,170,000	$ 2,250,000
Carrying value of long-term debt	$ 2,229,855	$ 2,227,599	$ 2,226,913

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Oct. 28, 2017 Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Information on Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Segment Reporting Information [Line Items]
Net sales	$ 8,762,220	$ 8,291,688	$ 24,903,944	$ 23,716,097
Segment profit	1,123,465	1,083,143	3,082,884	3,037,223
General corporate expense	95,484	97,902	311,177	290,975
Loss on early extinguishment of debt		51,773		51,773
Pension settlement charge		31,173		31,173
Interest expense, net	7,981	12,462	27,499	33,918
Income before provision for income taxes	1,020,000	889,833	2,744,208	2,629,384
Marmaxx
Segment Reporting Information [Line Items]
Net sales	5,298,479	5,252,815	15,550,253	15,217,188
Segment profit	666,092	703,092	2,100,138	2,154,238
HomeGoods
Segment Reporting Information [Line Items]
Net sales	1,228,768	1,078,373	3,506,435	3,075,472
Segment profit	163,835	149,739	457,272	415,996
TJX Canada
Segment Reporting Information [Line Items]
Net sales	983,236	855,473	2,554,033	2,297,831
Segment profit	206,472	142,491	392,581	321,942
TJX International
Segment Reporting Information [Line Items]
Net sales	1,251,737	1,105,027	3,293,223	3,125,606
Segment profit	$ 87,066	$ 87,821	$ 132,893	$ 145,047

Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Defined Benefit Plan Disclosure [Line Items]
Pension settlement charge		$ 31,173		$ 31,173
Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 11,655	11,360	$ 35,264	33,778
Interest cost	13,866	14,023	41,384	42,747
Expected return on plan assets	(17,309)	(17,633)	(52,073)	(53,503)
Recognized actuarial losses	5,428	7,943	16,582	22,362
Expense related to current period	13,640	15,693	41,157	45,384
Pension settlement charge		31,173		31,173
Total expense	13,640	46,866	41,157	76,557
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	403	293	1,578	1,376
Interest cost	820	793	2,506	2,543
Recognized actuarial losses	641	783	2,305	2,512
Expense related to current period	1,864	1,869	6,389	6,431
Total expense	$ 1,864	$ 1,869	$ 6,389	$ 6,431

Pension Plans and Other Retirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Apr. 30, 2016	Oct. 28, 2017	Oct. 29, 2016
Pension Plans and Other Retirement Benefits [Line Items]
Defined benefit plan, benefits paid	$ 103,200
Pension settlement charge	31,173			$ 31,173
Funded Plan
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 2018			$ 4,100
Pension settlement charge	$ 31,173			$ 31,173
Post Retirement Medical Plan
Pension Plans and Other Retirement Benefits [Line Items]
Pre-tax income from post retirement medical plan reflected in income statement		$ 5,500

Long-Term Debt, Exclusive of Current Installments (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Debt Instrument [Line Items]
Debt issuance cost	$ (13,042)	$ (14,649)	$ (15,118)
Long-term debt	2,229,855	2,227,599	2,226,913
2.50% Ten-Year Notes
Debt Instrument [Line Items]
Long-term debt	499,755	499,722	499,711
2.75% Seven-Year Notes
Debt Instrument [Line Items]
Long-term debt	749,732	749,675	749,656
2.25% Ten-Year Notes
Debt Instrument [Line Items]
Long-term debt	$ 993,410	$ 992,851	$ 992,664

Long-Term Debt, Exclusive of Current Installments (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Jan. 28, 2017
2.50% Ten-Year Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%	2.50%	2.50%
Maturity date	May 15, 2023	May 15, 2023	May 15, 2023
Unamortized debt discount	$ 245	$ 289	$ 278
Effective interest rate	2.51%	2.51%	2.51%
2.75% Seven-Year Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.75%	2.75%	2.75%
Maturity date	Jun. 15, 2021	Jun. 15, 2021	Jun. 15, 2021
Unamortized debt discount	$ 269	$ 344	$ 325
Effective interest rate	2.76%	2.76%	2.76%
2.25% Ten-Year Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.25%	2.25%	2.25%
Maturity date	Sep. 15, 2026	Sep. 15, 2026	Sep. 15, 2026
Unamortized debt discount	$ 6,590	$ 7,336	$ 7,149
Effective interest rate	2.32%	2.32%	2.32%

Long-Term Debt and Credit Lines - Additional Information (Detail)			3 Months Ended	9 Months Ended
	Oct. 12, 2016 USD ($)	Sep. 12, 2016 USD ($)	Oct. 29, 2016 USD ($)	Oct. 28, 2017 USD ($) CreditFacility	Oct. 29, 2016 USD ($)	Oct. 28, 2017 CAD ($) CreditFacility	Oct. 28, 2017 GBP (£) CreditFacility	Jan. 28, 2017 USD ($)	Jan. 28, 2017 CAD ($)	Jan. 28, 2017 GBP (£)	Oct. 29, 2016 CAD ($)	Oct. 29, 2016 GBP (£)
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ (51,773,000)		$ (51,773,000)
Revolving credit facilities, number \| CreditFacility				2		2	2
Quarterly payments on unused committed amounts				0.06%
Ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, depreciation and amortization, and consolidated rentals				275.00%		275.00%	275.00%
Credit facilities, amount outstanding			$ 0	$ 0	$ 0			$ 0
TJX Canada
Debt Instrument [Line Items]
Current borrowing capacity						$ 10,000,000			$ 10,000,000		$ 10,000,000
Credit facilities, amount outstanding						0			0		0
TJX Canada \| Letter of Credit
Debt Instrument [Line Items]
Current borrowing capacity						10,000,000			10,000,000		10,000,000
Credit facilities, amount outstanding						$ 0			$ 0		$ 0
TJX International \| TJX Europe Credit Line
Debt Instrument [Line Items]
Current borrowing capacity \| £							£ 5,000,000			£ 5,000,000		£ 5,000,000
Credit facilities, amount outstanding \| £							£ 0			£ 0		£ 0
2.25% Ten-Year Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000,000,000
Debt instrument maturity period, years		10 years
Maturity Month/Year				2026-09
Effective fixed rate				2.36%		2.36%	2.36%
Debt instrument, interest rate			2.25%	2.25%	2.25%	2.25%	2.25%	2.25%	2.25%	2.25%	2.25%	2.25%
2.25% Ten-Year Notes \| Interest Rate Contract
Debt Instrument [Line Items]
Amount hedged into treasury rate-lock agreement				$ 700,000,000
2.50% Ten-Year Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Debt instrument maturity period, years				10 years
Maturity Month/Year				2023-05
Effective fixed rate				2.57%		2.57%	2.57%
Debt instrument, interest rate			2.50%	2.50%	2.50%	2.50%	2.50%	2.50%	2.50%	2.50%	2.50%	2.50%
2.50% Ten-Year Notes \| Interest Rate Contract
Debt Instrument [Line Items]
Amount hedged into treasury rate-lock agreement				$ 250,000,000
2.75% Seven-Year Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 750,000,000
Debt instrument maturity period, years				7 years
Maturity Month/Year				2021-06
Effective fixed rate				2.91%		2.91%	2.91%
Debt instrument, interest rate			2.75%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%
Cash flow hedges, pre-tax realized loss				$ 7,900,000
Revolving Credit Facility March 2020
Debt Instrument [Line Items]
Maturity Month/Year				2020-03
Current borrowing capacity				$ 500,000,000
Revolving Credit Facility March 2022
Debt Instrument [Line Items]
Maturity Month/Year				2022-03
Current borrowing capacity				$ 500,000,000
6.95% Ten-Year Notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 51,800,000
Write off, unamortized debt expenses and discount	1,200,000
6.95% Ten-Year Notes \| Redemption Premium
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 50,600,000

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016	Jan. 28, 2017
Income Taxes [Line Items]
Effective income tax rate	37.10%	38.20%	36.90%	38.40%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	1.20%		1.50%
Net unrecognized tax benefits	$ 41,200,000	$ 37,400,000	$ 41,200,000	$ 37,400,000	$ 38,500,000
Accrued amounts for interest and penalties	8,500,000	$ 7,800,000	8,500,000	$ 7,800,000	$ 8,000,000
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	$ 15,000,000		$ 15,000,000

Contingent Obligations and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Oct. 28, 2017 USD ($) Leases
Commitment And Contingencies [Line Items]
Estimated contingent obligations \| $	$ 46.8
Number of leases subject to contingent liability, maximum \| Leases	9