Financial Instruments (Tables)

6 Months Ended

Aug. 02, 2014

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 2, 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 August 2, 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)	$	375	$	(192	)	$	183

	€	39,000	£	31,968		0.8197	Prepaid Exp		1,191		—			1,191

	€	44,850	U.S.$	61,842		1.3789	Prepaid Exp		1,576		—			1,576

	U.S.$	90,309	£	55,000		0.6090	Prepaid Exp		2,041		—			2,041

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 525K - 1.8M gal per month		Float on 525K - 1.8M gal per month		N/A	Prepaid Exp		273		—			273

Merchandise purchase commitments
	C$	360,131	U.S.$	327,800		0.9102	Prepaid Exp / (Accrued Exp)		1,171		(2,870	)		(1,699	)

	C$	16,255	€	10,800		0.6644	Prepaid Exp / (Accrued Exp)		18		(398	)		(380	)

	£	105,657	U.S.$	174,000		1.6468	Prepaid Exp / (Accrued Exp)		554		(4,207	)		(3,653	)

	zł	168,860	£	32,535		0.1927	Prepaid Exp / (Accrued Exp)		724		(20	)		704

	U.S.$	28,980	€	21,243		0.7330	(Accrued Exp)		—		(453	)		(453	)

	U.S.$	113	¥	691		6.1216	(Accrued Exp)		—		(1	)		(1	)


Total fair value of financial instruments								$	7,923	$	(8,141	)	$	(218	)

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	)

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	August 2, 2014			August 3, 2013
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	3,936		$	(4,423	)

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(321	)		2,206

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(3,378	)		11,796


(Loss) / gain recognized in income		$	237		$	9,579


		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 2, 2014			August 3, 2013
Fair value hedges:

Intercompany balances, primarily short-term debt and related interest	Selling, general and administrative expenses	$	3,878		$	1,863

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		905			(755	)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(15,696	)		12,803


(Loss) / gain recognized in income		$	(10,913	)	$	13,911