Financial Instruments (Tables)

12 Months Ended

Jan. 28, 2017

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 28, 2017:


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 28, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł 67,000		£ 13,000		0.1940		(Accrued Exp)	$	—	$	(6	)	$	(6	)
		€ 63,000		£ 54,452		0.8643		Prepaid Exp		263		—			263
		U.S.$ 68,445		£ 55,000		0.8036		Prepaid Exp		1,196		—			1,196

Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.1M — 2.5M gal per month		Float on 2.1M — 2.5M gal per month		N/A		Prepaid Exp		2,183		—			2,183
Intercompany billings in Europe, primarily merchandise related		€ 68,000		£ 58,306		0.8574		Prepaid Exp		262		—			262

Merchandise purchase commitments
		C$ 462,025		U.S.$ 349,750		0.7570		Prepaid Exp / (Accrued Exp)		1,089		(3,081	)		(1,992	)
		C$ 19,571		€ 13,650		0.6975		Prepaid Exp / (Accrued Exp)		22		(290	)		(268	)
		£ 180,963		U.S.$ 227,500		1.2572		Prepaid Exp / (Accrued Exp)		2,327		(2,695)			(368	)
		zł 249,079		£ 48,593		0.1951		Prepaid Exp / (Accrued Exp)		681		(927	)		(246	)
		U.S.$ 22,226		€ 20,686		0.9307		Prepaid Exp / (Accrued Exp)		178		(257	)		(79	)
Total fair value of financial instruments									$	8,201	$	(7,256	)	$	945

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 impact of derivative financial instruments on the statements of income during fiscal 2017, fiscal 2016 and fiscal 2015 are as follows:


		Amount of Gain (Loss) Recognized in Income by Derivative
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	January 28, 2017			January 30, 2016			January 31, 2015
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(17,250	)	$	(3,927	)	$	7,413

Economic hedges for which hedge accounting was not elected:
Diesel contracts	Cost of sales, including buying and occupancy costs		3,906			(21,797	)		(16,050	)
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		(8,684	)		(5,768	)		—

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		5,626			49,107			41,554
(Loss) Gain recognized in income		$	(16,402	)	$	17,615		$	32,917