Financial Instruments (Tables)

6 Months Ended

Aug. 01, 2015

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at August 1, 2015:


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 1, 2015
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	87,073	C$	29,560		0.3395	(Accrued Exp)	$	—	$	(440	)	$	(440	)
	zł	25,000	£	4,547		0.1819	Prepaid Exp		496		—			496
	€	39,000	£	28,873		0.7403	Prepaid Exp		2,075		—			2,075
	€	19,850	U.S.$	22,647		1.1409	Prepaid Exp		777		—			777
	U.S.$	83,400	£	55,000		0.6595	Prepaid Exp		2,423		—			2,423

Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 1.2M – 3.0M gal per month		Float on 1.2M – 3.0M gal per month		N/A	(Accrued Exp)		—		(12,414	)		(12,414	)
Merchandise purchase commitments
	C$	454,974	U.S.$	364,410		0.8009	Prepaid Exp		16,976		—			16,976
	C$	18,935	€	13,700		0.7235	Prepaid Exp		592		—			592
	£	192,482	U.S.$	297,000		1.5430	Prepaid Exp / (Accrued Exp)		493		(4,087	)		(3,594	)
	U.S.$	929	£	605		0.6512	Prepaid Exp		16		—			16
	zł	230,328	£	40,405		0.1754	Prepaid Exp		2,170		—			2,170
	U.S.$	30,473	€	27,486		0.9020	Prepaid Exp / (Accrued Exp)		185		(448	)		(263	)

Total fair value of financial instruments								$	26,203	$	(17,389	)	$	8,814

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 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	)

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 1, 2015			August 2, 2014
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	5,664		$	3,936
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(11,491	)		(321	)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		21,195			(3,378	)

Gain / (loss) recognized in income		$	15,368		$	237


		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 1, 2015			August 2, 2014
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	7,708		$	3,878
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts	Cost of sales, including buying and occupancy costs		(9,291	)		905
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		7,543			(15,696	)

Gain / (loss) recognized in income		$	5,960		$	(10,913	)