TJ Maxx 2009 Annual Report Download - page 88

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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 plan assets:
Fair value of plan assets at beginning of year $314,212 $ 436,416 $—$—
Actual return on plan assets 75,018 (109,227) ——
Employer contribution 132,700 —15,221 2,812
Benefits paid (11,403) (10,713) (3,065) (2,812)
Settlements ——(12,156) —
Expenses paid (2,107) (2,264) ——
Fair value of plan assets at end of year $508,420 $ 314,212 $—$—
Reconciliation of funded status:
Projected benefit obligation at end of year $580,203 $ 492,413 $ 51,727 $55,463
Fair value of plan assets at end of year 508,420 314,212 ——
Funded status—excess obligation $ 71,783 $ 178,201 $ 51,727 $55,463
Net liability recognized on consolidated balance sheets $ 71,783 $ 178,201 $ 51,727 $55,463
Amounts not yet reflected in net periodic benefit cost and included in
accumulated other comprehensive income (loss):
Prior service cost $—$15$93$ 218
Accumulated actuarial losses 155,752 176,274 13,152 8,958
Amounts included in accumulated other comprehensive income
(loss) $155,752 $ 176,289 $ 13,245 $ 9,176
The consolidated balance sheets reflect the funded status of the plans with any unrecognized prior service cost and
actuarial gains and losses recorded in accumulated other comprehensive income (loss). The combined net accrued
liability of $123.5 million at January 30, 2010 is reflected on the balance sheet as of that date as a current liability of
$3.8 million and a long-term liability of $119.7 million.
The combined net accrued liability of $233.7 million at January 31, 2009 is reflected on the balance sheet as of that
date as a current liability of $13.1 million and a long-term liability of $220.6 million.
The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net
periodic benefit cost in fiscal 2011 for the unfunded plan is $81,000. There is no estimated amortization for the funded
plan. The estimated net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into
net periodic benefit cost in fiscal 2011 is $10.8 million for the funded plan and $2.3 million for the unfunded plan.
Weighted average assumptions for measurement purposes for determining the obligation at the year end
measurement date:
January 30,
2010
January 31,
2009
January 30,
2010
January 31,
2009
Funded Plan
Fiscal Year Ended
Unfunded Plan
Fiscal Year Ended
Discount rate 6.00% 6.50% 5.75% 6.50%
Expected return on plan assets 8.00% 8.00% N/A N/A
Rate of compensation increase 4.00% 4.00% 6.00% 6.00%
TJX selects the assumed discount rate using the Citigroup Pension Liability Index. TJX develops its long-term rate of
return assumption by evaluating input from professional advisors taking into account the asset allocation of the portfolio
and long-term asset class return expectations, as well as long-term inflation assumptions.
F-25