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Financial Instruments (Tables)

12 Months Ended

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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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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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 815
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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