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Financial Instruments (Tables) | 6 Months Ended
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Aug. 03, 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 August 3, 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 August 3, 2019
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |  |
| zł | 64,000 |  | £ | 13,055 |  | 0.2040 |  | (Accrued Exp) | $ | — |  | $ | (585 | ) | $ | (585 | )
| € | 55,950 |  | £ | 49,560 |  | 0.8858 |  | (Accrued Exp) | — |  | (2,208 | ) | (2,208 | )
| A$ | 40,000 |  | U.S.$ | 28,249 |  | 0.7062 |  | Prepaid Exp | 944 |  | — |  | 944 |
| U.S.$ | 72,020 |  | £ | 55,000 |  | 0.7637 |  | (Accrued Exp) | — |  | (4,785 | ) | (4,785 | )
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 2.7M – 3.3M gal per month |  | Float on 2.7M – 3.3M gal per month | N/A |  | (Accrued Exp) | — |  | (6,575 | ) | (6,575 | )
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 89,000 |  | £ | 80,029 |  | 0.8992 |  | (Accrued Exp) | — |  | (1,687 | ) | (1,687 | )
Lease liability in TJX International: |  |  |
| zł | 330,044 |  | € | 77,479 |  | 0.2348 |  | Prepaid Exp | 866 |  | — |  | 866 |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 702,924 |  | U.S.$ | 529,750 |  | 0.7536 |  | Prepaid Exp / (Accrued Exp) | 1,323 |  | (4,800 | ) | (3,477 | )
| C$ | 38,119 |  | € | 25,400 |  | 0.6663 |  | (Accrued Exp) | — |  | (592 | ) | (592 | )
| £ | 313,490 |  | U.S.$ | 403,600 |  | 1.2874 |  | Prepaid Exp / (Accrued Exp) | 20,418 |  | (12 | ) | 20,406 |
| A$ | 32,229 |  | U.S.$ | 22,665 |  | 0.7032 |  | Prepaid Exp | 690 |  | — |  | 690 |
| zł | 418,012 |  | £ | 85,810 |  | 0.2053 |  | (Accrued Exp) | — |  | (3,267 | ) | (3,267 | )
| U.S.$ | 3,834 |  | £ | 3,052 |  | 0.7960 |  | (Accrued Exp) | — |  | (120 | ) | (120 | )
| U.S.$ | 79,010 |  | € | 69,427 |  | 0.8787 |  | (Accrued Exp) | — |  | (1,567 | ) | (1,567 | )
Total fair value of derivative financial instruments |  | $ | 24,241 |  | $ | (26,198 | ) | $ | (1,957 | )
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 fuel 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 August 4, 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 August 4, 2018
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |
| zł | 67,000 |  | £ | 14,035 |  | 0.2095 |  | Prepaid Exp | $ | 141 |  | $ | — |  | $ | 141 |
| € | 53,950 |  | £ | 47,868 |  | 0.8873 |  | (Accrued Exp) | — |  | (518 | ) | (518 | )
| £ | 30,000 |  | C$ | 54,038 |  | 1.8013 |  | Prepaid Exp | 2,484 |  | — |  | 2,484 |
| U.S.$ | 77,079 |  | £ | 55,000 |  | 0.7136 |  | (Accrued Exp) | — |  | (5,097 | ) | (5,097 | )
| A$ | 10,000 |  | £ | 5,631 |  | 0.5631 |  | (Accrued Exp) | — |  | (64 | ) | (64 | )
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 2.3M – 3.0M gal per month |  | Float on 2.3M – 3.0M gal per month | N/A |  | Prepaid Exp | 6,864 |  | — |  | 6,864 |
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 76,000 |  | £ | 67,192 |  | 0.8841 |  | (Accrued Exp) | — |  | (672 | ) | (672 | )
Merchandise purchase commitments: |  |  |
| C$ | 621,719 |  | U.S.$ | 481,300 |  | 0.7741 |  | Prepaid Exp / (Accrued Exp) | 4,913 |  | (2,940 | ) | 1,973 |
| C$ | 35,433 |  | € | 23,000 |  | 0.6491 |  | (Accrued Exp) | — |  | (610 | ) | (610 | )
| £ | 351,964 |  | U.S.$ | 488,400 |  | 1.3876 |  | Prepaid Exp | 28,329 |  | — |  | 28,329 |
| U.S.$ | 3,274 |  | £ | 2,475 |  | 0.7560 |  | (Accrued Exp) | — |  | (49 | ) | (49 | )
| A$ | 33,867 |  | U.S.$ | 25,327 |  | 0.7478 |  | Prepaid Exp / (Accrued Exp) | 229 |  | (16 | ) | 213 |
| zł | 355,038 |  | £ | 72,479 |  | 0.2041 |  | (Accrued Exp) | — |  | (1,889 | ) | (1,889 | )
| U.S.$ | 74,329 |  | € | 61,929 |  | 0.8332 |  | (Accrued Exp) | — |  | (2,336 | ) | (2,336 | )
Total fair value of derivative financial instruments |  | $ | 42,960 |  | $ | (14,191 | ) | $ | 28,769 |
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
| Location of Gain (Loss) Recognized in Income by Derivative | Thirteen Weeks Ended | Twenty-Six Weeks Ended
In thousands | August 3, 2019 | August 4, 2018 | August 3, 2019 | August 4, 2018
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | (10,345 | ) | $ | (2,418 | ) | $ | (6,712 | ) | $ | (4,210 | )
Economic hedges for which hedge accounting was not elected: |  |  |
Intercompany receivable | Selling, general and administrative expenses | — |  | 18,823 |  | 3,257 |  | 18,823 |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | (6,319 | ) | 1,005 |  | (2,632 | ) | 5,958 |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | (6,351 | ) | (576 | ) | (4,200 | ) | (694 | )
International lease liabilities | Cost of sales, including buying and occupancy costs | 108 |  | — |  | (1,414 | ) | — |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 17,369 |  | 21,171 |  | 27,158 |  | 52,628 |
Gain / (loss) recognized in income | $ | (5,538 | ) | $ | 38,005 |  | $ | 15,457 |  | $ | 72,505 |

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