Financial Instruments (Tables)

12 Months Ended

Feb. 01, 2014

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2014:


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 February 1, 2014
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest
		zł 84,073		C$ 29,082		0.3459		(Accrued Exp)	$	—	$	(348	)	$	(348	)
		€ 39,000		£ 32,646		0.8371		Prepaid Exp		1,015		—			1,015
		€ 44,850		U.S.$ 60,827		1.3562		Prepaid Exp		335		—			335
		U.S.$ 90,309		£ 55,000		0.6090		(Accrued Exp)		—		(182	)		(182	)
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 1.2M —1.9M gal per month		Float on 1.2M —1.9M gal per month		N/A		Prepaid Exp		137		—			137
Merchandise purchase commitments
		C$ 388,745		U.S.$ 365,100		0.9392		Prepaid Exp / (Accrued Exp)		16,466		(40	)		16,426
		C$ 15,202		€ 10,500		0.6907		Prepaid Exp / (Accrued Exp)		548		(38	)		510
		£ 174,102		U.S.$ 280,700		1.6123		Prepaid Exp / (Accrued Exp)		132		(5,385	)		(5,253	)
		zł 113,571		£ 22,442		0.1976		Prepaid Exp		984		—			984
		U.S.$ 442		¥ 2,680		6.0633		Prepaid Exp		—		—			—
		U.S.$ 12,464		€ 9,159		0.7348		Prepaid Exp / (Accrued Exp)		2		(114	)		(112	)
Total fair value of financial instruments									$	19,619	$	(6,107	)	$	13,512

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 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 February 2, 2013
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest
		zł 141,500		C$ 44,551		0.3148		(Accrued Exp)	$	—	$	(1,357	)	$	(1,357	)
		€ 44,281		£ 35,781		0.8080		(Accrued Exp)		—		(4,531	)		(4,531	)
		€ 90,292		U.S.$ 118,511		1.3125		(Accrued Exp)		—		(4,823	)		(4,823	)
		U.S.$ 87,117		£ 55,000		0.6313		(Accrued Exp)		—		(974	)		(974	)
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 1.1M —1.7M gal per month		Float on 1.1M —1.7M gal per month		N/A		Prepaid Exp		3,372		—			3,372
Merchandise purchase commitments
		C$ 238,273		U.S.$ 240,814		1.0107		Prepaid Exp / (Accrued Exp)		2,205		(189	)		2,016
		C$ 4,752		€ 3,700		0.7786		Prepaid Exp		282		—			282
		£ 67,746		U.S.$ 108,900		1.6075		Prepaid Exp		2,602		—			2,602
		£ 10,935		€ 13,000		1.1888		Prepaid Exp		565		—			565
		U.S.$ 7,099		€ 5,443		0.7667		Prepaid Exp		326		—			326

Total fair value of financial instruments									$	9,352	$	(11,874	)	$	(2,522	)

The impact of derivative financial instruments on the statements of income during fiscal 2014, fiscal 2013 and fiscal 2012 are as follows:


		Amount of Gain (Loss) Recognized in Income by Derivative
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	February 1, 2014			February 2, 2013			January 28, 2012
		(53 weeks)
Fair value hedges:
Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	6,099		$	(7,661	)	$	4,313
Economic hedges for which hedge accounting was not elected:
Diesel contracts	Cost of sales, including buying and occupancy costs		(1,831	)		4,261			1,626
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		22,338			(2,084	)		(1,345	)

Gain (loss) recognized in income		$	26,606		$	(5,484	)	$	4,594