TJ Maxx 2009 Annual Report Download - page 92

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$3.8 million will be amortized into income in fiscal 2011. During fiscal 2010, there was a pre-tax net benefit of
$3.4 million reflected in the income statement as it relates to this post retirement medical plan.
M. Accrued Expenses and Other Liabilities, Current and Long-Term
The major components of accrued expenses and other current liabilities are as follows:
In thousands
January 30,
2010
January 31,
2009
Fiscal Year Ended
Employee compensation and benefits, current $ 394,070 $ 300,366
Computer Intrusion 23,481 42,211
Rent, utilities and occupancy, including real estate taxes 152,997 151,273
Merchandise credits and gift certificates 146,464 133,104
Insurance 39,302 40,428
Sales tax collections and V.A.T. taxes 97,167 88,528
All other current liabilities 394,521 340,856
Accrued expenses and other current liabilities $1,248,002 $1,096,766
All other current liabilities include accruals for outstanding checks, advertising, property additions, dividends,
freight, interest, reserve for sales returns, purchased services, 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:
In thousands
January 30,
2010
January 31,
2009
Fiscal Year Ended
Employee compensation and benefits, long-term $254,503 $272,881
Reserve related to discontinued operations 35,897 40,564
Accrued rent 151,006 137,876
Landlord allowances 57,693 53,761
Tax reserve, long-term 181,740 240,582
Long-term liabilities—other 16,260 19,340
Other long-term liabilities $697,099 $765,004
N. Discontinued Operations Reserve and Related Contingent Liabilities
TJX has a reserve for future obligations of discontinued operations that relates primarily to real estate leases
associated with 34 discontinued A.J. Wright stores as well as leases of former TJX businesses. The balance in the reserve
and the activity for the last three fiscal years is presented below:
In thousands
January 30,
2010
January 31,
2009
January 26,
2008
Fiscal Year Ended
Balance at beginning of year $40,564 $46,076 $ 57,677
Additions (reductions) to the reserve charged to net income:
A.J. Wright store closings 8(2,908) —
Other lease related obligations (8) 2,908 —
Interest accretion 1,761 1,820 1,820
Charges against the reserve:
Lease related obligations (5,891) (7,323) (11,214)
Termination benefits and all other (537) (9) (2,207)
Balance at end of year $35,897 $40,564 $ 46,076
The charges against the reserve in fiscal 2010, fiscal 2009 and fiscal 2008 related primarily to the closed A.J. Wright
stores. In fiscal 2009, we reserved an additional $2.9 million for exposure to certain properties related to the sale of Bob’s
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