Pension Plans and Other Retirement Benefits (Tables)

12 Months Ended

Feb. 02, 2013

Changes In Funded And Unfunded Pension And Retirement Plan

Presented below is financial information relating to TJX’s funded defined benefit retirement plan (funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated:

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands	February 2, 2013			January 28, 2012			February 2, 2013			January 28, 2012
	(53 weeks)						(53 weeks)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	850,687		$	666,356		$	53,351		$	49,526
Service cost		41,813			33,858			1,448			1,188
Interest cost		42,029			38,567			2,321			2,410
Correction of prior years pension accruals		33,788			—			—			—
Actuarial losses (gains)		70,438			128,154			6,666			3,582
Benefits paid		(17,989	)		(14,151	)		(2,753	)		(3,355	)
Expenses paid		(2,054	)		(2,097	)		—			—
Projected benefit obligation at end of year	$	1,018,712		$	850,687		$	61,033		$	53,351
Accumulated benefit obligation at end of year	$	939,905		$	785,402		$	49,879		$	46,775

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
In thousands	February 2, 2013			January 28, 2012			February 2, 2013			January 28, 2012
	(53 weeks)						(53 weeks)
Change in plan assets:
Fair value of plan assets at beginning of year	$	750,797		$	663,591		$	—		$	—
Actual return on plan assets		70,329			28,454			—			—
Employer contribution		75,000			75,000			2,753			3,355
Benefits paid		(17,989	)		(14,151	)		(2,753	)		(3,355	)
Expenses paid		(2,054	)		(2,097	)		—			—
Fair value of plan assets at end of year	$	876,083		$	750,797		$	—		$	—
Reconciliation of funded status:
Projected benefit obligation at end of year	$	1,018,712		$	850,687		$	61,033		$	53,351
Fair value of plan assets at end of year		876,083			750,797			—			—
Funded status – excess obligation	$	142,629		$	99,890		$	61,033		$	53,351
Net liability recognized on consolidated balance sheets	$	142,629		$	99,890		$	61,033		$	53,351
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss):
Prior service cost	$	—		$	—		$	5		$	8
Accumulated actuarial losses		323,258			286,939			17,601			12,400
Amounts included in accumulated other comprehensive income (loss)	$	323,258		$	286,939		$	17,606		$	12,408

Weighted Average Assumptions for Obligation

Weighted average assumptions for measurement purposes for determining the obligation at the year end measurement date:

	Funded Plan Fiscal Year Ended						Unfunded Plan Fiscal Year Ended
	February 2, 2013			January 28, 2012			February 2, 2013			January 28, 2012
Discount rate		4.40	%		4.80	%		4.00	%		4.40	%
Rate of compensation increase		4.00	%		4.00	%		6.00	%		6.00	%

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our pension plans:

	Funded Plan Fiscal Year Ended									Unfunded Plan Fiscal Year Ended
Dollars in thousands	February 2, 2013			January 28, 2012			January 29, 2011			February 2, 2013			January 28, 2012			January 29, 2011
	(53 weeks)									(53 weeks)
Net periodic pension cost:
Service cost	$	41,813		$	33,858		$	32,142		$	1,448		$	1,188		$	1,202
Interest cost		42,029			38,567			34,429			2,321			2,410			2,682
Expected return on plan assets		(54,759	)		(49,059	)		(40,043	)		—			—			—
Amortization of prior service cost		—			—			—			3			4			81
Amortization of net actuarial loss		25,373			10,854			11,172			1,465			666			941
Expense related to current period		54,456			34,220			37,700			5,237			4,268			4,906
Correction of prior years pension accruals		26,964			—			—			—			—			—
Total expense	$	81,420		$	34,220		$	37,700		$	5,237		$	4,268		$	4,906
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	$	61,692		$	148,759		$	4,454		$	6,666		$	3,582		$	(2,727	)
Amortization of net (loss)		(25,373	)		(10,854	)		(11,172	)		(1,465	)		(666	)		(941	)
Amortization of prior service cost		—			—			—			(3	)		(4	)		(81	)
Total recognized in other comprehensive income	$	36,319		$	137,905		$	(6,718	)	$	5,198		$	2,912		$	(3,749	)
Total recognized in net periodic benefit cost and other comprehensive income	$	117,739		$	172,125		$	30,982		$	10,435		$	7,180		$	1,157
Weighted average assumptions for expense purposes:
Discount rate		4.80%			5.75%			6.00%			4.40%			5.25%			5.75%
Expected rate of return on plan assets		7.40%			7.50%			8.00%			N/A			N/A			N/A
Rate of compensation increase		4.00%			4.00%			4.00%			6.00%			6.00%			6.00%

Schedule of Benefits Expected to be Paid in Each of Next Five Fiscal Years and Thereafter

The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:

In thousands	Funded Plan Expected Benefit Payments		Unfunded Plan Expected Benefit Payments
Fiscal Year
2014	$	23,766	$	3,517
2015		26,424		3,433
2016		29,492		2,462
2017		32,938		4,797
2018		36,714		4,859
2019 through 2023		244,079		22,738

Fair Value for Pension Assets Measured at Fair Value On Recurring Basis

The following table presents the fair value hierarchy (see Note F) for pension assets measured at fair value on a recurring basis as of February 2, 2013:

	Funded Plan
In thousands	Level 1		Level 2		Level 3		Total
Asset category:
Short-term investments	$	144,008	$	—	$	—	$	144,008
Equity Securities:
Domestic equity		65,105		—		—		65,105
International equity		61,944		—		—		61,944
Fixed Income Securities:
Corporate and government bond funds		—		203,931		—		203,931
Common/Collective Trusts		—		376,873		13,158		390,031
Limited Partnerships		—		—		11,064		11,064
Fair value of plan assets	$	271,057	$	580,804	$	24,222	$	876,083

The following table presents the fair value hierarchy for pension assets measured at fair value on a recurring basis as of January 28, 2012:

	Funded Plan
In thousands	Level 1		Level 2		Level 3		Total
Asset category:
Short-term investments	$	82,220	$	—	$	—	$	82,220
Equity Securities:
Domestic equity		98,386		—		—		98,386
International equity		44,679		—		—		44,679
Fixed Income Securities:
Corporate and government bond funds		—		31,349		—		31,349
Common/Collective Trusts		—		467,346		14,775		482,121
Limited Partnerships		—		—		12,042		12,042
Fair value of plan assets	$	225,285	$	498,695	$	26,817	$	750,797

Reconciliation of Level 3 Plan Assets Measured at Fair Value

The following table presents a reconciliation of Level 3 plan assets measured at fair value for the years ended February 2, 2013 and January 28, 2012:

In thousands	Common/Collective Trusts			Limited Partnerships
Balance as of January 29, 2011	$	16,100		$	10,609
Earned income, net of management expenses		517			230
Unrealized gain on investment		1,427			2,291
Purchases, sales, issuances and settlements, net		(3,269	)		(1,088	)
Balance as of January 28, 2012	$	14,775		$	12,042
Earned income, net of management expenses		1,258			348
Unrealized gain on investment		39			595
Purchases, sales, issuances and settlements, net		(2,914	)		(1,921	)
Balance as of February 2, 2013	$	13,158		$	11,064

Summary of Target Allocation for Plan Assets Along with Actual Allocation of Plan Assets as of Valuation Date

The following is a summary of TJX’s target allocation for plan assets along with the actual allocation of plan assets as of the valuation date for the fiscal years presented:

			Actual Allocation for Fiscal Year Ended
	Target Allocation		February 2, 2013		January 28, 2012
Equity securities		50%		46%		44%
Fixed income		50%		44%		46%
All other – primarily cash		—		10%		10%