Financial Instruments (Tables)

12 Months Ended

Feb. 03, 2018

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2018:


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 February 3, 2018
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł 67,000		£ 14,035		0.2095		(Accrued Exp)		$	—	$	(45	)	$	(45	)
		€ 51,950		£ 46,095		0.8873		(Accrued Exp)			—		(318	)		(318	)
		U.S.$ 77,079		£ 55,000		0.7136		Prepaid Exp			1,636		—			1,636

Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.2M – 3.0M gal per month		Float on 2.2M – 3.0M gal per month		N/A		Prepaid Exp			7,854		—			7,854
Intercompany billings in TJX Europe, primarily merchandise related
		€ 26,000		£ 22,948		0.8826		(Accrued Exp	)		—		(2	)		(2	)

Merchandise purchase commitments
		C$ 462,464		U.S.$ 367,200		0.7940		Prepaid Exp / (Accrued Exp)			49		(5,478	)		(5,429	)
		C$ 22,562		€ 15,000		0.6648		Prepaid Exp			557		—			557
		£ 176,911		U.S.$ 238,000		1.3453		Prepaid Exp / (Accrued Exp)			173		(12,838	)		(12,665	)
		zł 288,646		£ 60,023		0.2079		(Accrued Exp)			—		(1,303	)		(1,303	)
		A$ 28,635		U.S.$ 22,230		0.7763		Prepaid Exp / (Accrued Exp)			43		(573	)		(530	)
		U.S.$ 44,223		€ 36,950		0.8355		Prepaid Exp			1,905		—			1,905
Total fair value of financial instruments										$	12,217	$	(20,557	)	$	(8,340	)

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 impact of derivative financial instruments on the statements of income during fiscal 2018, fiscal 2017 and fiscal 2016 are as follows:


		Amount of Gain (Loss) Recognized in Income by Derivative
In thousands	Location of Gain (Loss) Recognized in Income by Derivative	February 3, 2018			January 28, 2017			January 30, 2016
		(53 weeks)
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	1,207		$	(17,250	)	$	(3,927	)

Economic hedges for which hedge accounting was not elected:
Diesel contracts	Cost of sales, including buying and occupancy costs		7,946			3,906			(21,797	)
Intercompany billings in Europe, primarily merchandise related	Cost of sales, including buying and occupancy costs		(3,042	)		(8,684	)		(5,768	)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs		(45,886	)		5,626			49,107
(Loss) gain recognized in income		$	(39,775	)	$	(16,402	)	$	17,615