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Financial Instruments (Tables) | 9 Months Ended
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Oct. 31, 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 October 31, 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 October 31, 2020
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |  |
| zł | 65,000 |  | £ | 12,780 |  | 0.1966 |  | Prepaid Exp / (Accrued Exp) | $ | 195 |  | $ | (68) |  | $ | 127 |
| € | 60,000 |  | £ | 53,412 |  | 0.8902 |  | (Accrued Exp) | — |  | (904) |  | (904) |
| A$ | 80,000 |  | U.S.$ | 58,016 |  | 0.7252 |  | Prepaid Exp | 1,749 |  | — |  | 1,749 |
| U.S.$ | 72,475 |  | £ | 55,000 |  | 0.7589 |  | (Accrued Exp) | — |  | (1,280) |  | (1,280) |
| £ | 200,000 |  | U.S.$ | 249,499 |  | 1.2475 |  | (Accrued Exp) | — |  | (9,810) |  | (9,810) |
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) | — |  | (15,078) |  | (15,078) |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 637,508 |  | U.S.$ | 481,000 |  | 0.7545 |  | Prepaid Exp / (Accrued Exp) | 3,328 |  | (1,152) |  | 2,176 |
| £ | 415,653 |  | U.S.$ | 533,150 |  | 1.2827 |  | Prepaid Exp / (Accrued Exp) | 1,050 |  | (6,768) |  | (5,718) |
| A$ | 45,584 |  | U.S.$ | 32,650 |  | 0.7163 |  | Prepaid Exp | 600 |  | — |  | 600 |
| zł | 264,400 |  | £ | 53,293 |  | 0.2016 |  | Prepaid Exp | 2,189 |  | — |  | 2,189 |
| U.S.$ | 53,605 |  | € | 45,600 |  | 0.8507 |  | (Accrued Exp) | — |  | (394) |  | (394) |
Total fair value of derivative financial instruments |  | $ | 9,111 |  | $ | (35,454) |  | $ | (26,343) |
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 November 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 November 2, 2019
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |
| zł | 64,000 |  | £ | 13,144 |  | 0.2054 |  | Prepaid Exp | $ | 246 |  | $ | — |  | $ | 246 |
| € | 46,450 |  | £ | 41,712 |  | 0.8980 |  | Prepaid Exp | 1,919 |  | — |  | 1,919 |
| A$ | 50,000 |  | U.S.$ | 34,370 |  | 0.6874 |  | (Accrued Exp) | — |  | (303) |  | (303) |
| U.S.$ | 72,020 |  | £ | 55,000 |  | 0.7637 |  | (Accrued Exp) | — |  | (757) |  | (757) |
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) | — |  | (3,878) |  | (3,878) |
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 86,800 |  | £ | 76,837 |  | 0.8852 |  | Prepaid Exp | 2,411 |  | — |  | 2,411 |
Merchandise purchase commitments: |  |  |
| C$ | 642,859 |  | U.S.$ | 487,300 |  | 0.7580 |  | Prepaid Exp / (Accrued Exp) | 808 |  | (2,960) |  | (2,152) |
| C$ | 31,863 |  | € | 21,600 |  | 0.6779 |  | Prepaid Exp / (Accrued Exp) | 36 |  | (111) |  | (75) |
| £ | 308,166 |  | U.S.$ | 386,700 |  | 1.2548 |  | Prepaid Exp / (Accrued Exp) | 373 |  | (14,122) |  | (13,749) |
| A$ | 42,054 |  | U.S.$ | 28,767 |  | 0.6840 |  | Prepaid Exp / (Accrued Exp) | 46 |  | (414) |  | (368) |
| zł | 369,290 |  | £ | 76,343 |  | 0.2067 |  | Prepaid Exp / (Accrued Exp) | 2,192 |  | (148) |  | 2,044 |
| U.S.$ | 2,254 |  | £ | 1,761 |  | 0.7813 |  | Prepaid Exp | 23 |  | — |  | 23 |
| U.S.$ | 69,558 |  | € | 61,875 |  | 0.8895 |  | Prepaid Exp / (Accrued Exp) | 304 |  | (614) |  | (310) |
Total fair value of derivative financial instruments |  | $ | 8,358 |  | $ | (23,307) |  | $ | (14,949) |
Impact of Derivative Financial Instruments on Statements of (Loss) Income | Presented below is the impact of derivative financial instruments on the Consolidated Statements of Income (Loss) for the periods shown:
|  | Amount of (Loss) Gain Recognized in Income / (Loss) by Derivative
| Location of (Loss) Gain Recognized in Income / (Loss) by Derivative | Thirteen Weeks Ended | Thirty-Nine Weeks Ended
In thousands | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | (2,086) |  | $ | 7,238 |  | $ | (45,319) |  | $ | 526 |
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 | (7,059) |  | 529 |  | (19,790) |  | (2,103) |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | (310) |  | 5,144 |  | (4,201) |  | 944 |
International lease liabilities | Cost of sales, including buying and occupancy costs | — |  | 301 |  | — |  | (1,113) |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 7,302 |  | (18,622) |  | 41,629 |  | 8,536 |
(Loss) gain recognized in income / (loss) | $ | (2,153) |  | $ | (5,410) |  | $ | (27,681) |  | $ | 10,047 |

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