TJ Maxx 2009 Annual Report Download - page 90

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Following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for
the five fiscal years thereafter:
In thousands
Funded Plan
Expected Benefit Payments
Unfunded Plan
Expected Benefit Payments
Fiscal Year
2011 $ 15,662 $ 3,753
2012 17,493 3,682
2013 19,917 3,204
2014 22,527 3,367
2015 25,330 3,259
2016 through 2020 176,433 21,605
Thefollowingtablepresentsthefairvaluehierarchy(SeeNote F) for pension and postretirement assets measured at
fair value on a recurring basis as of January 30, 2010:
Dollars in thousands Level 1 Level 2 Level 3 Total
Funded Plan
Asset category
Short-term investments $ 85,511 $ — $ — $ 85,511
Equity Securities:
Domestic equity 43,950 — — 43,950
International equity 33,784 — — 33,784
Emerging markets — — — —
Fixed Income Securities:
Corporate and government bond funds — 21,787 — 21,787
Common/Collective Trusts — 295,792 19,817 315,609
Limited Partnerships — — 7,779 7,779
Fair value of plan assets $163,245 $317,579 $27,596 $508,420
The following table presents a reconciliation of level 3 plan assets measured at fair value for the year ended
January 30, 2010:
Dollars in thousands Common/Collective Trusts Limited Partnerships
Beginning balance as of February 1, 2009 $ 35,200 $14,264
Earned income, net of management expenses (261) (570)
Unrealized gain (loss) on investment (294) (6,615)
Purchases, sales, issuances and settlements, net (14,828) 700
Ending balance as of January 30, 2010 $ 19,817 $ 7,779
Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange
are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This
information is provided by the independent pricing services IDC and Merrill Lynch.
Certain corporate and government bonds are valued at the closing price reported in the active market in which the
bond is traded. Other bonds are valued based on yields currently available on comparable securities of issuers with similar
credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted
cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes
adjustments for certain risks that may not be observable, such as credit and liquidity risks. All bonds are priced by IDC
except for mortgage-backed pools which are priced by Merrill Lynch Pricing Service.
The investments in the limited partnerships are stated at the fair value of the Plan’s partnership interest based on
information supplied by the partnerships as compared to financial statements of the limited partnership or other fair
value information as determined by management. Cash equivalents are stated at cost which approximates fair value. The
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