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Pension Plans and Other Retirement Benefits | 9 Months Ended
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Nov. 03, 2018
Retirement Benefits [Abstract] |
Pension Plans and Other Retirement Benefits | 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 |  | November 3, 2018 |  | October 28, 2017 |  | November 3, 2018 |  | October 28, 2017
Service cost |  | $ | 10,781 |  |  | $ | 11,655 |  |  | $ | 572 |  |  | $ | 403 |
Interest cost |  | 12,837 |  |  | 13,866 |  |  | 994 |  |  | 820 |
Expected return on plan assets |  | (17,468 | ) |  | (17,309 | ) |  | — |  |  | — |
Recognized actuarial losses |  | 3,241 |  |  | 5,428 |  |  | 914 |  |  | 641 |
Expense related to current period |  | $ | 9,391 |  |  | $ | 13,640 |  |  | $ | 2,480 |  |  | $ | 1,864 |
Pension settlement charge |  | 36,122 |  |  | — |  |  | — |  |  | — |
Total expense |  | $ | 45,513 |  |  | $ | 13,640 |  |  | $ | 2,480 |  |  | $ | 1,864 |
|  | Funded Plan |  | Unfunded Plan
|  | Thirty-Nine Weeks Ended |  | Thirty-Nine Weeks Ended
In thousands |  | November 3, 2018 |  | October 28, 2017 |  | November 3, 2018 |  | October 28, 2017
Service cost |  | $ | 34,007 |  |  | $ | 35,264 |  |  | $ | 1,794 |  |  | $ | 1,578 |
Interest cost |  | 40,767 |  |  | 41,384 |  |  | 2,700 |  |  | 2,506 |
Expected return on plan assets |  | (59,392 | ) |  | (52,073 | ) |  | — |  |  | — |
Recognized actuarial losses |  | 9,469 |  |  | 16,582 |  |  | 2,556 |  |  | 2,305 |
Expense related to current period |  | $ | 24,851 |  |  | $ | 41,157 |  |  | $ | 7,050 |  |  | $ | 6,389 |
Pension settlement charge |  | 36,122 |  |  | — |  |  | — |  |  | — |
Total expense |  | $ | 60,973 |  |  | $ | 41,157 |  |  | $ | 7,050 |  |  | $ | 6,389 |
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 2019 for the funded plan. We anticipate making contributions of $2.5 million to provide current benefits coming due under the unfunded plan in fiscal 2019. 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 2019, TJX annuitized and transferred current pension obligations for certain U.S. retirees and beneficiaries under the funded plan through the purchase of a group annuity contract with an insurance company. TJX transferred $207.4 million of pension plan assets to the insurance company, 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 $36.1 million, which is reported separately on the consolidated statements of income. As a result of the annuity purchase the Company re-measured the funded status of its pension plan as of September 30, 2018. The assumptions for pension expense presented above includes a discount rate of 4.00% through the measurement date and 4.40% thereafter. The expected rate of return on plan assets is 6.00% through the measurement date and 6.00% thereafter. The discount rate for determining the obligation at the measurement date is 4.40%.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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