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Financial Instruments (Tables)

3 Months Ended

May 04, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 4, 2019:

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 4, 2019
Fair value hedges:
Intercompany balances, primarily debt and related interest
	zł	59,000		£	12,021		0.2037		Prepaid Exp	$	451		$	—		$	451
	€	55,950		£	49,560		0.8858		Prepaid Exp	2,160			—			2,160
	A$	30,000		U.S.$	21,228		0.7076		Prepaid Exp	47			—			47
	U.S.$	72,020		£	55,000		0.7637		Prepaid Exp	1,261			—			1,261
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.4M – 3.3M gal per month			Float on 2.4M – 3.3M gal per month		N/A		(Accrued Exp)	—			(299		)	(299		)
Intercompany billings in TJX International, primarily merchandise related:
	€	71,600		£	61,777		0.8628		Prepaid Exp	1,163			—			1,163
Lease liability in TJX International:
	zł	690,366		€	160,851		0.2330		(Accrued Exp)	—			(473		)	(473		)
Merchandise purchase commitments:
	C$	620,729		U.S.$	466,600		0.7517		Prepaid Exp / (Accrued Exp)	3,814			(633		)	3,181
	C$	27,377		€	18,050		0.6593		(Accrued Exp)	—			(142		)	(142		)
	£	293,928		U.S.$	387,400		1.3180		Prepaid Exp / (Accrued Exp)	883			(2,661		)	(1,778		)
	A$	44,708		U.S.$	32,064		0.7172		Prepaid Exp	602			—			602
	zł	359,743		£	72,401		0.2013		Prepaid Exp / (Accrued Exp)	1,430			(88		)	1,342
	U.S.$	55,559		€	48,467		0.8724		(Accrued Exp)	—			(977		)	(977		)
Total fair value of derivative financial instruments										$	11,811		$	(5,273	)	$	6,538

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 2, 2019:

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 2, 2019
Fair value hedges:
Intercompany balances, primarily debt and related interest:
	zł	59,000		£	12,021		0.2037		Prepaid Exp	$	56		$	—		$	56
	€	55,950		£	49,560		0.8858		Prepaid Exp / (Accrued Exp)	126			(140		)	(14		)
	A$	30,000		U.S.$	21,483		0.7161		(Accrued Exp)	—			(314		)	(314		)
	U.S.$	72,020		£	55,000		0.7637		Prepaid Exp	1,037			—			1,037
Economic hedges for which hedge accounting was not elected:
Diesel contracts		Fixed on 2.7M – 3.3M gal per month			Float on 2.7M– 3.3M gal per month		N/A		(Accrued Exp)	—			(3,786		)	(3,786		)
Intercompany billings in TJX International, primarily merchandise related:
	€	46,600		£	41,835		0.8977		Prepaid Exp	1,300			—			1,300
Merchandise purchase commitments:
	C$	546,083		U.S.$	414,100		0.7583		Prepaid Exp / (Accrued Exp)	1,239			(4,741		)	(3,502		)
	C$	31,455		€	20,700		0.6581		(Accrued Exp)	—			(248		)	(248		)
	£	173,624		U.S.$	230,000		1.3247		Prepaid Exp / (Accrued Exp)	3,459			(1,466		)	1,993
	zł	280,167		£	57,586		0.2055		Prepaid Exp / (Accrued Exp)	707			(86		)	621
	A$	51,043		U.S.$	36,961		0.7241		Prepaid Exp / (Accrued Exp)	97			(213		)	(116		)
	U.S.$	56,847		€	49,355		0.8682		Prepaid Exp / (Accrued Exp)	115			(207		)	(92		)
Total fair value of derivative financial instruments										$	8,136		$	(11,201	)	$	(3,065	)

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 TJX International, 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

Impact of Derivative Financial Instruments on Statements of Income

Presented below is the impact of derivative financial instruments on the Consolidated 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 4, 2019				May 5, 2018
Fair value hedges:
Intercompany balances, primarily debt and related interest		Selling, general and administrative expenses		$	3,633			$	(1,792	)
Economic hedges for which hedge accounting was not elected:
Intercompany receivable		Selling, general and administrative expenses		3,257				—
Diesel fuel contracts		Cost of sales, including buying and occupancy costs		3,687				4,953
Intercompany billings in TJX International, primarily merchandise related		Cost of sales, including buying and occupancy costs		2,151				(118		)
International lease liabilities		Cost of sales, including buying and occupancy costs		(1,522		)		—
Merchandise purchase commitments		Cost of sales, including buying and occupancy costs		9,789				31,457
Gain / (loss) recognized in income				$	20,995			$	34,500

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- References

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- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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