Financial Instruments (Tables)

3 Months Ended

May 03, 2014

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 3, 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 May 3, 2014
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest
		zł 87,073	C$	30,585		0.3513	Prepaid Exp / (Accrued Exp)	$	26	$	(651	)	$	(625	)
		€ 39,000	£	32,369		0.8300	Prepaid Exp / (Accrued Exp)		513		(49	)		464
		€ 44,850	U.S.$	61,842		1.3789	(Accrued Exp)		—		(350	)		(350	)
		U.S.$ 90,309	£	55,000		0.6090	Prepaid Exp		2,248		—			2,248

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 1.6M - 1.8M gal per month		Float on 1.6M - 1.8M gal per month		N/A	Prepaid Exp		1,001		—			1,001
Merchandise purchase commitments
		C$ 411,075	U.S.$	374,675		0.9115	Prepaid Exp / (Accrued Exp)		3,346		(2,621	)		725
		C$ 15,483	€	10,200		0.6588	Prepaid Exp / (Accrued Exp)		56		(8	)		48
		£ 145,258	U.S.$	236,200		1.6261	(Accrued Exp)		—		(8,698	)		(8,698	)
		zł 128,099	£	25,079		0.1958	Prepaid Exp / (Accrued Exp)		265		(54	)		211
		U.S.$ 23,376	€	17,001		0.7273	Prepaid Exp / (Accrued Exp)		207		(8	)		199
		U.S.$ 844	¥	5,138		6.0877	(Accrued Exp)		—		(24	)		(24	)

Total fair value of financial instruments								$	7,662	$	(12,463	)	$	(4,801	)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 4, 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 May 4, 2013
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest
		zł 141,500		C$ 44,551		0.3148		(Accrued Exp	)	$	—	$	(604	)	$	(604	)
		£ 25,000		C$ 38,946		1.5578		(Accrued Exp	)		—		(475	)		(475	)
		€ 44,281		£ 35,781		0.8080		(Accrued Exp	)		—		(2,537	)		(2,537	)
		€ 90,292		U.S.$ 118,511		1.3125		(Accrued Exp	)		—		(111	)		(111	)
		U.S.$ 87,117		£ 55,000		0.6313		(Accrued Exp	)		—		(1,572	)		(1,572	)

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 1.5M - 1.7M gal per month		Float on 1.5M - 1.7M gal per month		N/A		(Accrued Exp	)		—		(427	)		(427	)
Merchandise purchase commitments
		C$ 323,489		U.S.$ 319,678		0.9882		Prepaid Exp / (Accrued Exp	)		1,954		(2,757	)		(803	)
		C$ 8,149		€ 6,100		0.7486		(Accrued Exp	)		—		(79	)		(79	)
		£ 111,217		U.S.$ 171,000		1.5375		Prepaid Exp / (Accrued Exp	)		717		(2,875	)		(2,158	)
		£ 4,289		€ 5,000		1.1658		(Accrued Exp	)		—		(123	)		(123	)
		£ 12,823		zł 62,813		4.8985		Prepaid Exp			168		—			168
		U.S.$ 9,907		€ 7,580		0.7651		Prepaid Exp / (Accrued Exp	)		71		(35	)		36

Total fair value of financial instruments										$	2,910	$	(11,595	)	$	(8,685	)

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


	Location of Gain (Loss) Recognized in Income by Derivative	Amount of Gain (Loss) Recognized in Income by Derivative
		Thirteen Weeks Ended
In thousands		May 3, 2014			May 4, 2013
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	(58	)	$	6,286

Economic hedges for which hedge accounting was not elected:
Diesel contracts	Cost of sales, including buying and occupancy costs		1,226			(2,961	)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(12,318	)		1,007

(Loss) gain recognized in income		$	(11,150	)	$	4,332