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Financial Instruments (Tables)

6 Months Ended

Aug. 01, 2020

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 1, 2020:

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 1,2020
Fair value hedges:
Intercompany balances, primarily debt and related interest:
			zł			65,000			£			12,780			0.1966			(Accrued Exp)			$	—		$	(628)		$	(628)
			€			60,000			£			53,412			0.8902			(Accrued Exp)			—			(1,033)			(1,033)
			A$			110,000			U.S.$			70,802			0.6437			(Accrued Exp)			—			(7,798)			(7,798)
			U.S.$			72,475			£			55,000			0.7589			(Accrued Exp)			—			(448)			(448)
			£			200,000			U.S.$			249,499			1.2475			(Accrued Exp)			—			(12,538)			(12,538)
			C$			550,000			U.S.$			390,766			0.7105			(Accrued Exp)			—			(19,571)			(19,571)
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 2.9M – 3.5M gal per month						Float on 2.9M – 3.5M gal per month			N/A			(Accrued Exp)			—			(13,920)			(13,920)
Intercompany billings in TJX International, primarily merchandise related:
			€			73,400			£			65,678			0.8948			(Accrued Exp)			—			(570)			(570)
Merchandise purchase commitments:
			C$			271,576			U.S.$			201,700			0.7427			Prepaid Exp / (Accrued Exp)			737			(1,647)			(910)
			£			240,694			U.S.$			304,800			1.2663			Prepaid Exp / (Accrued Exp)			34			(10,415)			(10,381)
			A$			40,156			U.S.$			28,250			0.7035			(Accrued Exp)			—			(447)			(447)
			zł			87,000			£			18,059			0.2076			Prepaid Exp			419			—			419
			U.S.$			3,771			€			3,383			0.8971			Prepaid Exp			213			—			213
Total fair value of derivative financial instruments																																				$	1,403		$	(69,015)		$	(67,612)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2020:

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 1, 2020
Fair value hedges:
Intercompany balances, primarily debt and related interest:
			zł			45,000			£			8,930			0.1984			Prepaid Exp			$	270		$	—		$	270
			A$			50,000			U.S.$			33,911			0.6782			Prepaid Exp			275			—			275
			U.S.$			72,475			£			55,000			0.7589			Prepaid Exp			743			—			743
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 2.9M – 3.5M gal per month						Float on 2.9M– 3.5M gal per month			N/A			(Accrued Exp)			—			(9,927)			(9,927)
Intercompany billings in TJX International, primarily merchandise related:
			€			58,700			£			49,848			0.8492			Prepaid Exp			655			—			655
Merchandise purchase commitments:
			C$			609,340			U.S.$			463,200			0.7602			Prepaid Exp / (Accrued Exp)			2,877			(207)			2,670
			C$			37,051			€			25,200			0.6801			Prepaid Exp / (Accrued Exp)			61			(44)			17
			£			265,653			U.S.$			341,880			1.2869			Prepaid Exp / (Accrued Exp)			11			(9,792)			(9,781)
			zł			362,700			£			72,217			0.1991			Prepaid Exp			1,903			—			1,903
			A$			29,400			U.S.$			20,151			0.6854			Prepaid Exp			435			—			435
			U.S.$			49,849			€			44,635			0.8954			Prepaid Exp / (Accrued Exp)			10			(235)			(225)
Total fair value of derivative financial instruments																																				$	7,240		$	(20,205)		$	(12,965)

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)

Impact of Derivative Financial Instruments on Statements of (Loss) Income

Presented below is the impact of derivative financial instruments on the Consolidated Statements of (Loss) 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 1, 2020			August 3, 2019			August 1, 2020			August 3, 2019
Fair value hedges:
Intercompany balances, primarily debt and related interest			Selling, general and administrative expenses			$	(38,060)		$	(10,345)		$	(43,233)		$	(6,712)
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			10,123			(6,319)			(12,731)			(2,632)
Intercompany billings in TJX International, primarily merchandise related			Cost of sales, including buying and occupancy costs			(2,039)			(6,351)			(3,891)			(4,200)
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			(15,808)			17,369			34,327			27,158
Gain recognized in (loss) / income									$	(45,784)		$	(5,538)		$	(25,528)		$	15,457

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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=121590274&loc=SL5624181-113959

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-Publisher FASB
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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