Financial Instruments (Tables)

9 Months Ended

Nov. 02, 2013

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 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 November 2, 2013

Fair value hedges:

Intercompany balances, primarily short-term debt and related interest
	£	25,000	C$	38,946		1.5578	(Accrued Exp)	$	—	$	(2,486	)	$	(2,486	)

	zł	84,073	C$	26,440		0.3145	(Accrued Exp)		—		(1,628	)		(1,628	)

	€	44,281	£	35,781		0.8080	(Accrued Exp)		—		(2,778	)		(2,778	)

	€	44,850	U.S.$	59,273		1.3216	Prepaid Exp / (Accrued Exp)		2,048		(3,274	)		(1,226	)

	U.S.$	87,117	£	55,000		0.6313	Prepaid Exp		413		—			413

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 175K - 1.9M gal per month		Float on 175K - 1.9M gal per month		N/A	(Accrued Exp)		—		(733	)		(733	)
Merchandise purchase commitments
	C$	342,060	U.S.$	328,680		0.9609	Prepaid Exp / (Accrued Exp)		2,277		(1,382	)		895

	C$	12,867	€	9,250		0.7189	Prepaid Exp / (Accrued Exp)		171		(35	)		136

	£	185,934	U.S.$	295,200		1.5877	Prepaid Exp, / (Accrued Exp)		2,032		(2,675	)		(643	)

	zł	126,753	£	25,321		0.1998	Prepaid Exp / (Accrued Exp)		54		(363	)		(309	)

	U.S.$	16,843	€	12,647		0.7509	Prepaid Exp / (Accrued Exp)		276		(63	)		213


Total fair value of financial instruments								$	7,271	$	(15,417	)	$	(8,146	)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 27, 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 October 27, 2012

Fair value hedges:

Intercompany balances, primarily short-term debt and related interest
	£	40,000	C$	63,330		1.5833	(Accrued Exp)	$	—	$	(1,082	)	$	(1,082	)

	zł	141,500	C$	42,120		0.2977	Prepaid Exp / (Accrued Exp)		72		(1,844	)		(1,772	)

	€	44,281	£	36,742		0.8297	Prepaid Exp / (Accrued Exp)		1,975		(163	)		1,812

	€	90,292	U.S.$	122,237		1.3538	Prepaid Exp		5,369		—			5,369

	U.S.$	85,389	£	55,000		0.6441	Prepaid Exp		3,150		—			3,150

	zł	16,324	£	3,131		0.1918	(Accrued Exp)		—		(61	)		(61	)

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 300K - 1.7M gal per month		Float on 300K - 1.7M gal per month		N/A	Prepaid Exp		1,832		—			1,832
Merchandise purchase commitments
	C$	346,351	U.S.$	348,853		1.0072	Prepaid Exp / (Accrued Exp)		2,888		(801	)		2,087

	C$	6,130	€	4,900		0.7993	Prepaid Exp		200		—			200

	£	93,494	U.S.$	149,400		1.5980	Prepaid Exp / (Accrued Exp)		300		(1,462	)		(1,162	)

	£	8,126	€	10,000		1.2306	Prepaid Exp / (Accrued Exp)		53		(212	)		(159	)

	U.S.$	8,232	€	6,543		0.7948	Prepaid Exp / (Accrued Exp)		240		(6	)		234


Total fair value of financial instruments								$	16,079	$	(5,631	)	$	10,448

Presented below is the impact of derivative financial instruments on the statements of income for the periods shown:


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirteen Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	November 2, 2013			October 27, 2012
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	1,504		$	(7,227	)

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(2,012	)		2,900

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(2,687	)		(2,694	)


Loss recognized in income		$	(3,195	)	$	(7,021	)


		Amount of Gain (Loss) Recognized in Income by Derivative
		Thirty-Nine Weeks Ended
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	November 2, 2013			October 27, 2012
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	3,367		$	6,038

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(2,767	)		2,232

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		10,116			(4,180	)


Gain recognized in income		$	10,716		$	4,090