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Pension Plans and Other Retirement Benefits | 3 Months Ended
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Apr. 29, 2023
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 millions | April 29, 2023 | April 30, 2022 | April 29, 2023 | April 30, 2022
Service cost | $ | 8 |  | $ | 12 |  | $ | 1 |  | $ | 1 |
Interest cost | 18 |  | 15 |  | 1 |  | 1 |
Expected return on plan assets | (20) |  | (22) |  | — |  | — |
Amortization of net actuarial loss and prior service cost | 0 |  | 4 |  | 0 |  | 1 |
Total expense | $ | 6 |  | $ | 9 |  | $ | 2 |  | $ | 3 |
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 2024 for the funded plan. The Company anticipates making contributions of $4 million to provide current benefits coming due under the unfunded plan in fiscal 2024. 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) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented. Subsequent to the end of the quarter, the Company announced that it will be offering eligible, former TJX Associates who have not yet commenced their qualified pension plan benefit an opportunity to receive a voluntary lump sum payout of their vested pension plan benefit. As a result, the Company anticipates an immaterial non-cash settlement charge. This potential non-cash settlement charge is expected to be incurred in the third quarter of fiscal 2024 and would impact the Company’s pretax profit margin and earnings per share results.

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