TJ Maxx 2004 Annual Report Download - page 80

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Following is a schedule of the benefits expected to be paid under the unfunded postretirement medical plan in each of the
next five fiscal years, and in the aggregate for the five fiscal years thereafter:
Expected Benefit
In Thousands Payments
Fiscal Year
2006 $ 1,741
2007 1,884
2008 2,068
2009 2,282
2010 2,522
2011 through 2015 19,945
As of January 25, 2003, in addition to TJX’s postretirement plan described above, we had a retirement prescription drug
benefit that was included in several collective bargaining agreements. The prescription drug benefit obligation as of January 25, 2003,
amounted to $8.1 million with a periodic benefit cost of $1.5 million for fiscal 2003. In fiscal 2004 the collective bargaining
agreements were amended which eliminated this obligation.
J. Accrued Expenses And Other Liabilities, Current And Long-Term
The major components of accrued expenses and other current liabilities are as follows:
January 29, January 31,
In Thousands 2005 2004
Employee compensation and benefits, current $217,011 $181,740
Rent, utilities, and occupancy, including real estate taxes 107,600 95,209
Merchandise credits and gift certificates 116,587 93,834
Sales tax collections and V.A.T. taxes 88,679 87,646
All other current liabilities 294,270 265,249
Accrued expenses and other current liabilities $824,147 $723,678
All other current liabilities include accruals for income taxes payable, insurance, property additions, dividends, freight and
other items, each of which are individually less than 5% of current liabilities.
The major components of other long-term liabilities are as follows:
January 29, January 31,
In Thousands 2005 2004
Employee compensation and benefits, long-term $125,721 $105,993
Reserve for store closing and restructuring 5,712 6,592
Reserve related to discontinued operations 12,365 17,518
Accrued rent and landlord allowances 162,313 77,842
Fair value of derivatives 85,528 59,991
Long-term liabilities — other 75,147 69,785
Other long-term liabilities $466,786 $337,721
Accrued rent for the fiscal year ended January 29, 2005 includes the effect of a one-time, non-cash charge relating to lease
accounting as discussed in Note A. Effective January 29, 2005, $47 million of cumulative unamortized landlord construction
allowances, initially recorded as a reduction of property, were reclassified to long-term liabilities as a component of accrued rent and
landlord allowances.
F-26