Pension Plans and Other Retirement Benefits

6 Months Ended

Aug. 03, 2019

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	August 3, 2019			August 4, 2018			August 3, 2019		August 4, 2018
Service cost	$	11,049		$	11,613		$	552	$	611
Interest cost	12,990			13,965			967		853
Expected return on plan assets	(18,488		)	(20,962		)	—		—
Recognized actuarial losses	4,509			3,114			936		821
Total expense	$	10,060		$	7,730		$	2,455	$	2,285



	Funded Plan						Unfunded Plan
	Twenty-Six Weeks Ended						Twenty-Six Weeks Ended
In thousands	August 3, 2019			August 4, 2018			August 3, 2019		August 4, 2018
Service cost	$	22,098		$	23,226		$	1,104	$	1,222
Interest cost	25,980			27,930			1,934		1,706
Expected return on plan assets	(36,976		)	(41,924		)	—		—
Recognized actuarial losses	9,018			6,228			1,872		1,642
Total expense	$	20,120		$	15,460		$	4,910	$	4,570

TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. We do not anticipate any required funding in fiscal 2020 for the funded plan. We anticipate making contributions of $4.8 million to provide current benefits coming due under the unfunded plan in fiscal 2020.

The amounts included in recognized actuarial losses in the table above have been reclassified in their entirety from AOCI to the Consolidated Statements of Income, net of related tax effects, for the periods presented.