Financial Instruments (Tables)

9 Months Ended

Nov. 01, 2014

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

Fair value hedges:

Intercompany balances, primarily debt and related interest

	zł	87,073	C$	30,519		0.3505	Prepaid Exp	$	1,313	$	—		$	1,313

	€	39,000	£	31,968		0.8197	Prepaid Exp		2,151		—			2,151

	€	44,850	U.S.$	61,842		1.3789	Prepaid Exp		5,635		—			5,635

	U.S.$	90,309	£	55,000		0.6090	(Accrued Exp)		—		(2,393	)		(2,393	)

Economic hedges for which hedge accounting was not elected:

Diesel contracts		Fixed on 390K - 1.8M gal per month		Float on 390K - 1.8M gal per month		N/A	(Accrued Exp)		—		(5,360	)		(5,360	)

Merchandise purchase commitments

	C$	293,187	U.S.$	267,020		0.9107	Prepaid Exp		7,060		—			7,060

	C$	7,206	€	5,000		0.6939	Prepaid Exp / (Accrued Exp)		4		(135	)		(131	)

	£	103,088	U.S.$	168,500		1.6345	Prepaid Exp / (Accrued Exp)		3,690		(5	)		3,685

	zł	151,572	£	28,638		0.1889	Prepaid Exp		992		—			992

	U.S.$	21,525	€	16,401		0.7620	(Accrued Exp)		—		(981	)		(981	)


Total fair value of financial instruments								$	20,845	$	(8,874	)	$	11,971

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 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	)

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 1, 2014			November 2, 2013
Fair value hedges:

Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	1,842		$	1,504

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(5,614	)		(2,012	)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		16,476			(2,687	)


Gain / (loss) recognized in income		$	12,704		$	(3,195	)


		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 1, 2014			November 2, 2013
Fair value hedges:

Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	5,720		$	3,367

Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(4,709	)		(2,767	)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		780			10,116


Gain/ (loss) recognized in income		$	1,791		$	10,716