Pension Plans and Other Retirement Benefits

3 Months Ended

May 02, 2020

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	May 2, 2020		May 4, 2019		May 2, 2020		May 4, 2019
Service cost	$	12,540	$	11,049	$	709	$	552
Interest cost	12,519		12,990		801		967
Expected return on plan assets	(22,242)		(18,488)		—		—
Amortization of net actuarial loss and prior service cost	5,509		4,509		1,034		936


Total expense	$	8,326	$	10,060	$	2,544	$	2,455

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 2021 for the funded plan. We anticipate making contributions of $3.1 million to provide current benefits coming due under the unfunded plan in fiscal 2021.

The amounts included in recognized actuarial losses in the table above have been reclassified in their entirety from accumulated other comprehensive income to the Consolidated Statements of (Loss) Income, net of related tax effects, for the periods presented.