TJ Maxx 2009 Annual Report Download - page 87

amounts for interest and penalties are $50.6 million as of January 30, 2010, $51.1 million as of January 31, 2009 and
$52.5 million as of January 26, 2008.
Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law,
expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions; it is
reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may
change materially from those represented on the financial statements as of January 30, 2010. During the next
twelve months, it is reasonably possible that such circumstances may occur that would have a material effect on
previously unrecognized tax benefits. As a result, the total net amount of unrecognized tax benefits may decrease, which
would reduce the provision for taxes on earnings by a range estimated at $1.0 million to $49.0 million.
L. Pension Plans and Other Retirement Benefits
Pension: TJX has a funded defined benefit retirement plan covering the majority of its full-time U.S. employees. As
a result of an amendment to the plan, employees hired after February 1, 2006 do not participate in this plan but are
eligible to receive enhanced employer contributions to their 401(k) plans. This plan amendment has not had a material
impact on pension expense in the periods presented, but is expected to reduce net periodic pension costs gradually in
subsequent years due to a reduction in the number of participants. Employees who had attained twenty-one years of age
and completed one year of service prior to amendment were, and remain, covered under the plan. No employee
contributions are required, and benefits are based on compensation earned in each year of service. Our funded defined
benefit retirement plan assets are invested in domestic and international equity and fixed income securities, both directly
and through investment funds. The plan does not invest in the securities of TJX. TJX also has an unfunded supplemental
retirement plan which covers certain key employees and provides additional retirement benefits based on average
compensation for certain of those employees.
Presented below is financial information relating to TJX’s funded defined benefit retirement plan (funded plan) and
its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated:
In thousands
January 30,
2010
January 31,
2009
January 30,
2010
January 31,
2009
(53 weeks) (53 weeks)
Funded Plan
Fiscal Year Ended
Unfunded Plan
Fiscal Year Ended
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $492,413 $447,684 $ 55,463 $51,588
Service cost 30,049 30,406 876 1,069
Interest cost 31,320 28,711 2,923 3,366
Actuarial losses (gains) 39,931 (1,411) 7,686 2,252
Settlements ——(12,156) —
Benefits paid (11,403) (10,713) (3,065) (2,812)
Expenses paid (2,107) (2,264) ——
Projected benefit obligation at end of year $580,203 $492,413 $ 51,727 $55,463
Accumulated benefit obligation at end of year $532,276 $451,260 $ 41,855 $42,560
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