Financial Instruments (Tables)

6 Months Ended

Aug. 03, 2013

Derivative Financial Instruments Related Fair Value and Balance Sheet Classification

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 3, 2013:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location			Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at August 3, 2013
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest
	zł	94,073	C$	29,598		0.3146		(Accrued Exp	)	$	—	$	(930	)	$	(930	)
	£	25,000	C$	38,946		1.5578		(Accrued Exp	)		—		(859	)		(859	)
	€	44,281	£	35,781		0.8080		(Accrued Exp	)		—		(4,191	)		(4,191	)
	€	44,850	U.S.$	59,273		1.3216		Prepaid Exp / (Accrued Exp)			1,112		(1,424	)		(312	)
	U.S.$	87,117	£	55,000		0.6313		(Accrued Exp	)		—		(3,095	)		(3,095	)
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 350K - 1.9M gal per month		Float on 350K - 1.9M gal per month		N/A		Prepaid Exp			1,443		—			1,443
Merchandise purchase commitments
	C$	351,970	U.S.$	340,731		0.9681		Prepaid Exp / (Accrued Exp)			3,459		(921	)		2,538
	C$	7,234	€	5,350		0.7396		Prepaid Exp			141		—			141
	£	99,797	U.S.$	152,500		1.5281		Prepaid Exp / (Accrued Exp)			838		(920	)		(82	)
	£	27,346	zł	135,214		4.9446		(Accrued Exp)			—		(432	)		(432	)
	U.S.$	19,497	€	14,917		0.7651		Prepaid Exp / (Accrued Exp)			314		(6	)		308

Total fair value of financial instruments										$	7,307	$	(12,778	)	$	(5,471	)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at July 28, 2012:


In thousands	Pay		Receive		Blended Contract Rate		Balance Sheet Location		Current Asset U.S.$		Current (Liability) U.S.$			Net Fair Value in U.S.$ at July 28, 2012
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest
	£	40,000	C$	63,330		1.5833		(Accrued Exp)	$	—	$	(167	)	$	(167	)
	zł	91,500	C$	27,247		0.2978		Prepaid Exp / (Accrued Exp)		344		(178	)		166
	€	25,000	£	21,335		0.8534		Prepaid Exp		2,722		—			2,722
	€	102,002	U.S.$	136,656		1.3397		Prepaid Exp		10,746		—			10,746
	U.S.$	85,389	£	55,000		0.6441		Prepaid Exp		1,191		—			1,191
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 430K - 1.7M gal per month		Float on 430K - 1.7M gal per month		N/A		(Accrued Exp)		—		(4	)		(4	)
Merchandise purchase commitments
	C$	277,963	U.S.$	277,245		0.9974		Prepaid Exp / (Accrued Exp)		2,053		(1,559	)		494
	C$	6,425	€	5,050		0.7860		Prepaid Exp / (Accrued Exp)		3		(179	)		(176	)
	£	81,860	U.S.$	129,500		1.5820		Prepaid Exp / (Accrued Exp)		1,129		(553	)		576
	£	31,094	€	38,000		1.2221		Prepaid Exp / (Accrued Exp)		220		(2,367	)		(2,147	)
	U.S.$	15,197	€	12,166		0.8006		Prepaid Exp / (Accrued Exp)		67		(264	)		(197	)

Total fair value of financial instruments									$	18,475	$	(5,271	)	$	13,204

Impact of Derivative Financial Instruments on Statements of Income

The impact of derivative financial instruments on the statements of income during the second quarter of fiscal 2014 and the second quarter of fiscal 2013 is as follows:


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirteen Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	August 3, 2013			July 28, 2012
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	(4,423	)	$	9,613
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		2,206			(3,218	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		11,796			8,917

Gain recognized in income		$	9,579		$	15,312


		Amount of Gain (Loss) Recognized in Income by Derivative
		Twenty-Six Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	August 3, 2013			July 28, 2012
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	1,863		$	13,265
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(755	)		(668	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		12,803			(1,486	)

Gain recognized in income		$	13,911		$	11,111