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Pension Plans and Other Retirement Benefits
 3 Months Ended
May 04, 2013
Pension Plans and Other Retirement Benefits

Note G. Pension Plans and Other Retirement Benefits

Presented below is financial information related to TJX’s funded defined benefit retirement plan (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

    May 4,
2013		     April 28,
2012		     May 4,
2013		      April 28,
2012		  

Service cost

    $ 11,274      $ 9,825      $ 521       $ 339   

Interest cost

      11,325        10,263        593         570   

Expected return on plan assets

      (14,624 )      (13,926 )      —           —     

Amortization of prior service cost

      —          —          1         1   

Recognized actuarial losses

      6,918        7,097        560         475   
  

 

 

    

 

 

    

 

 

     

 

 

  

Total expense

    $ 14,893      $ 13,259      $ 1,675       $ 1,385   
  

 

 

    

 

 

    

 

 

     

 

 

  

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 2014 for the funded plan. TJX anticipates making payments of $3.5 million to provide current benefits coming due under the unfunded plan in fiscal 2014.

The amounts included in amortization of prior service cost and recognized actuarial losses in the table above have been reclassified in their entirety from other comprehensive income to the statements of income, net of related tax effects, for both periods presented.