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Financial Instruments (Tables)

3 Months Ended

May 05, 2018

Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 5, 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 May 5, 2018
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł			67,000			£	14,035				0.2095			Prepaid Exp		$	247			$	—			$	247
		€			53,950			£	47,868				0.8873			(Accrued Exp)			—				(252	)			(252	)
		£			30,000			C$	54,038				1.8013			Prepaid Exp			1,256			$	—				1,256
		U.S.$			77,079			£	55,000				0.7136			(Accrued Exp)			—				(1,771	)			(1,771	)
Net Investment Hedges:
		C$			1,710,000			U.S.$	1,341,426				0.7845			Prepaid Exp / (Accrued Exp)			9,808				(1,563	)			8,245
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			10,249				—				10,249
Intercompany billings in Europe, primarily merchandise related		€			50,000			£	43,340				0.8668			(Accrued Exp)			—				(1,205	)			(1,205	)
Merchandise purchase commitments
		C$			518,624			U.S.$	409,350				0.7893			Prepaid Exp / (Accrued Exp)			5,322				(422	)			4,900
		C$			25,760			€	16,500				0.6405			Prepaid Exp / (Accrued Exp)			82				(360	)			(278	)
		£			333,666			U.S.$	469,400				1.4068			Prepaid Exp / (Accrued Exp)			15,418				(594	)			14,824
		A$			30,728			U.S.$	23,772				0.7736			Prepaid Exp / (Accrued Exp)			602				(30	)			572
		zł			299,988			£	62,531				0.2084			Prepaid Exp / (Accrued Exp)			560				(235	)			325
		U.S.$			41,644			€	33,611				0.8071			Prepaid Exp / (Accrued Exp)			23				(1,243	)			(1,220	)
Total fair value of derivative financial instruments																		$	43,567			$	(7,675	)		$	35,892

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 April 29, 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 April 29, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest
		zł			67,000			£	13,000				0.1940				(Accrued Exp)			$	—			$	(292	)		$	(292	)
		€			66,000			£	57,048				0.8644				Prepaid Exp				1,565				—				1,565
		U.S.$			68,445			£	55,000				0.8036				Prepaid Exp				3,319				—				3,319
		A$			10,000			$	5,799				0.5799				Prepaid Exp				60				—				60
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				(Accrued Exp)				—				(1,585	)			(1,585	)
Intercompany billings in Europe, primarily merchandise related
		€			85,000			£	72,765				0.8561				Prepaid Exp				1,546				—				1,546
Merchandise purchase commitments
		C$			521,997			U.S.$	394,800				0.7563				Prepaid Exp				11,755				—				11,755
		C$			24,743			€	17,500				0.7073				Prepaid Exp				953				—				953
		£			209,383			U.S.$	263,000				1.2561				(Accrued Exp)				—				(8,919	)			(8,919	)
		A$			17,940			U.S.$	13,573				0.7566				Prepaid Exp / (Accrued Exp)				162				(19	)			143
		zł			269,048			£	52,774				0.1962				Prepaid Exp / (Accrued Exp)				411				(1,243	)			(832	)
		U.S.$			36,314			€	33,862				0.9325				Prepaid Exp				683				—				683
Total fair value of financial instruments																				$	20,454			$	(12,058	)		$	8,396

Impact of Derivative Financial Instruments on Statements of Income

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		May 5, 2018		April 29, 2017
Fair value hedges:
Intercompany balances, primarily debt and related interest		Selling, general and administrative expenses		$(1,792)		$3,225
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts		Cost of sales, including buying and occupancy costs		4,953		(3,323)
Intercompany billings in Europe, primarily merchandise related		Cost of sales, including buying and occupancy costs		(118)		1,601
Merchandise purchase commitments		Cost of sales, including buying and occupancy costs		31,457		9,933
Gain recognized in income				$34,500		$11,436

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959

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X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

+ Details

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