Financial Instruments (Tables)

12 Months Ended

Jan. 30, 2016

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 30, 2016:


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 January 30, 2016
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł 87,073		C$ 29,950		0.3440		Prepaid Exp		$	144	$	—		$	144
		zł 45,000		£ 7,403		0.1645		(Accrued Exp)			—		(448	)		(448	)
		€ 45,000		£ 34,496		0.7666		(Accrued Exp)			—		(200	)		(200	)
		U.S.$ 77,957		£ 55,000		0.7055		Prepaid Exp			535		—			535

Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 900K —3.0M gal per month		Float on 900K —3.0M gal per month		N/A		(Accrued Exp	)		—		(13,952	)		(13,952	)
Intercompany billings in Europe, primarily merchandise related		€ 60,000		£ 46,113		0.7686		Prepaid Exp			566		—			566

Merchandise purchase commitments
		C$ 434,271		U.S.$ 322,050		0.7416		Prepaid Exp / (Accrued Exp)			12,891		(1,601	)		11,290
		C$ 16,719		€ 11,250		0.6729		Prepaid Exp / (Accrued Exp)			316		(90	)		226
		£ 174,235		U.S.$ 262,250		1.5052		Prepaid Exp			13,996		—			13,996
		zł 195,892		£ 33,088		0.1689		Prepaid Exp / (Accrued Exp)			123		(926	)		(803	)
		U.S.$ 18,243		€ 16,724		0.9167		Prepaid Exp / (Accrued Exp)			72		(190	)		(118	)
Total fair value of financial instruments										$	28,643	$	(17,407	)	$	11,236

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 31, 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 January 31, 2015
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł 94,073		C$ 32,318		0.3435		Prepaid Exp / (Accrued Exp)	$	153	$	(81	)	$	72
		€ 39,000		£ 30,988		0.7946		Prepaid Exp / (Accrued Exp)		2,536		(72	)		2,464
		€ 19,850		U.S.$ 22,647		1.1409		Prepaid Exp		108		—			108
		U.S.$ 83,401		£ 55,000		0.6595		(Accrued Exp)		—		(725	)		(725	)

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		(Accrued Exp)		—		(15,324	)		(15,324	)

Merchandise purchase commitments
		C$ 322,492		U.S.$ 281,890		0.8741		Prepaid Exp		28,789		—			28,789
		C$ 13,426		€ 9,500		0.7076		Prepaid Exp		183		—			183
		£ 77,722		U.S.$ 123,500		1.5890		Prepaid Exp		6,477		—			6,477
		zł 139,215		£ 25,547		0.1835		Prepaid Exp / (Accrued Exp)		1,172		(166	)		1,006
		U.S.$ 12,590		€ 10,353		0.8223		Prepaid Exp / (Accrued Exp)		1		(898	)		(897	)
Total fair value of financial instruments									$	39,419	$	(17,266	)	$	22,153

The impact of derivative financial instruments on the statements of income during fiscal 2016, fiscal 2015 and fiscal 2014 are as follows:


		Amount of Gain (Loss) Recognized in Income by Derivative
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	January 30, 2016			January 31, 2015			February 1, 2014
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(3,927	)	$	7,413		$	6,099

Economic hedges for which hedge accounting was not elected:
Diesel contracts	Cost of sales, including buying and occupancy costs		(21,797	)		(16,050	)		(1,831	)
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		(5,768	)		—			—

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		49,107			41,554			22,338
Gain recognized in income		$	17,615		$	32,917		$	26,606