XML 29 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
Pension Plans and Other Retirement Benefits
6 Months Ended
Jul. 30, 2022
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 PlanUnfunded Plan
 Thirteen Weeks EndedThirteen Weeks Ended
In thousandsJuly 30,
2022
July 31,
2021
July 30,
2022
July 31,
2021
Service cost$12,168 $12,718 $728 $755 
Interest cost14,426 13,188 931 780 
Expected return on plan assets(22,229)(23,992) — 
Amortization of net actuarial loss and prior service cost4,276 4,697 878 1,155 
Total expense$8,641 $6,611 $2,537 $2,690 
Funded PlanUnfunded Plan
Twenty-Six Weeks EndedTwenty-Six Weeks Ended
In thousandsJuly 30,
2022
July 31,
2021
July 30,
2022
July 31,
2021
Service cost$24,336 $24,937 $1,455 $1,510 
Interest cost28,852 26,000 1,862 1,560 
Expected return on plan assets(44,457)(47,984) — 
Amortization of net actuarial loss and prior service cost8,550 7,500 1,757 2,309 
Total expense$17,281 $10,453 $5,074 $5,379 
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. The Company does not anticipate any required funding in fiscal 2023 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2023.
The amounts included in amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from Accumulated other comprehensive loss to the Consolidated Statements of Income, net of related tax effects, for the periods presented.