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Financial Instruments (Tables) | 12 Months Ended
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Jan. 30, 2021
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 January 30, 2021:
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 January 30, 2021
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |  |  |
| zł | 45,000 |  | £ | 8,846 |  | 0.1966 |  | Prepaid Exp | $ | 11 |  | $ | — |  | $ | 11 |
| A$ | 80,000 |  | U.S.$ | 62,032 |  | 0.7754 |  | Prepaid Exp | 738 |  | — |  | 738 |
| U.S.$ | 75,102 |  | £ | 55,000 |  | 0.7323 |  | Prepaid Exp | 357 |  | — |  | 357 |
| £ | 200,000 |  | U.S.$ | 274,853 |  | 1.3743 |  | Prepaid Exp | 32 |  | — |  | 32 |
| € | 200,000 |  | U.S.$ | 244,699 |  | 1.2235 |  | Prepaid Exp / (Accrued Exp) | 427 |  | (182) |  | 245 |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel contracts | Diesel fuel contracts | Fixed on 1.5M - 3.8M gal per month |  | Float on 1.5M - 3.8M gal per month | N/A | Prepaid Exp | 4,880 |  | — |  | 4,880 |
Merchandise purchase commitments: |  |  |  |
| C$ | 384,679 |  | U.S.$ | 296,000 |  | 0.7695 |  | Prepaid Exp / (Accrued Exp) | 430 |  | (5,627) |  | (5,197) |
| C$ | 5,391 |  | € | 3,500 |  | 0.6492 |  | Prepaid Exp | 24 |  | — |  | 24 |
| £ | 203,264 |  | U.S.$ | 263,950 |  | 1.2986 |  | (Accrued Exp) | — |  | (15,086) |  | (15,086) |
| zł | 30,000 |  | £ | 5,865 |  | 0.1955 |  | (Accrued Exp) | — |  | (29) |  | (29) |
| A$ | 46,985 |  | U.S.$ | 35,250 |  | 0.7502 |  | Prepaid Exp / (Accrued Exp) | 144 |  | (837) |  | (693) |
| U.S.$ | 99,810 |  | € | 83,700 |  | 0.8386 |  | Prepaid Exp / (Accrued Exp) | 1,986 |  | (160) |  | 1,826 |
Total fair value of financial instruments |  |  | $ | 9,029 |  | $ | (21,921) |  | $ | (12,892) |
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 financial instruments |  |  | $ | 7,240 |  | $ | (20,205) |  | $ | (12,965) |
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the Consolidated Statements of Income during fiscal 2021, fiscal 2020 and fiscal 2019 are as follows:
|  | Amount of Gain (Loss) Recognized in Income by Derivative
In thousands | Location of Gain (Loss) Recognized in Income by Derivative | January 30, 2021 | February 1, 2020 | February 2, 2019
Fair value hedges: |  |  |  |
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | (59,829) |  | $ | 4,788 |  | $ | (2,674) |
Economic hedges for which hedge accounting was not elected: |  |  |  |
Intercompany receivable | Selling, general and administrative expenses | — |  | 3,257 |  | 18,823 |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | (5,638) |  | (9,780) |  | 1,373 |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | (4,249) |  | 2,652 |  | 1,137 |
International lease liabilities | Cost of sales, including buying and occupancy costs | — |  | (1,113) |  | — |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | (4,468) |  | 10,484 |  | 60,407 |
(Loss) gain recognized in income | $ | (74,184) |  | $ | 10,288 |  | $ | 79,066 |

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