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Financial Instruments (Tables)

3 Months Ended

May 01, 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 May 1, 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 May 1, 2021
Fair value hedges:
Intercompany balances, primarily debt and related interest:
			zł			45,000			£			8,846			0.1966			Prepaid Exp			$	353		$	—		$	353
			A$			80,000			U.S.$			62,032			0.7754			(Accrued Exp)			—			(98)			(98)
			U.S.$			75,102			£			55,000			0.7323			Prepaid Exp			1,505			—			1,505
			£			450,000			U.S.$			620,918			1.3798			Prepaid Exp / (Accrued Exp)			40			(5,582)			(5,542)
			€			200,000			U.S.$			244,699			1.2235			Prepaid Exp			2,301			—			2,301
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 3.1M – 3.8M gal per month						Float on 3.1M – 3.8M gal per month			N/A			Prepaid Exp			17,816			—			17,816
Intercompany billings in TJX International, primarily merchandise related:
			€			163,000			£			141,240			0.8665			(Accrued Exp)			—			(166)			(166)
Merchandise purchase commitments:
			C$			574,390			U.S.$			457,000			0.7956			(Accrued Exp)			—			(11,054)			(11,054)
			C$			29,455			€			19,500			0.6620			(Accrued Exp)			—			(444)			(444)
			£			282,746			U.S.$			391,800			1.3857			Prepaid Exp / (Accrued Exp)			1,939			(3,751)			(1,812)
			A$			50,830			U.S.$			39,125			0.7697			Prepaid Exp / (Accrued Exp)			42			(356)			(314)
			U.S.$			53,680			€			44,400			0.8271			Prepaid Exp / (Accrued Exp)			185			(267)			(82)
Total fair value of derivative financial instruments																					$	24,181		$	(21,718)		$	2,463

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 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 derivative 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 May 2, 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  May 2, 2020
Fair value hedges:
Intercompany balances, primarily debt and related interest:
			zł			65,000			£			12,780			0.1966			Prepaid Exp			$	351		$	—		$	351
			€			60,000			£			53,412			0.8902			Prepaid Exp			437			—			437
			A$			110,000			U.S.$			70,802			0.6437			Prepaid Exp / (Accrued Exp)			1,788			(1,656)			132
			U.S.$			72,475			£			55,000			0.7589			(Accrued Exp)			—			(3,744)			(3,744)
			£			200,000			U.S.$			249,499			1.2475			Prepaid Exp / (Accrued Exp)			999			(2,332)			(1,333)
			C$			350,000			U.S.$			248,821			0.7109			Prepaid Exp / (Accrued Exp)			640			(478)			162
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)			—			(30,167)			(30,167)
Intercompany billings in TJX International, primarily merchandise related:
			€			49,100			£			43,144			0.8787			(Accrued Exp)			—			(65)			(65)
Merchandise purchase commitments:
			C$			77,979			U.S.$			59,200			0.7592			Prepaid Exp			3,819			—			3,819
			£			63,618			U.S.$			82,200			1.2921			Prepaid Exp			2,469			—			2,469
			A$			17,438			U.S.$			11,780			0.6755			Prepaid Exp			578			—			578
			zł			69,400			£			13,880			0.2000			Prepaid Exp			666			—			666
			U.S.$			30,651			€			27,588			0.9001			Prepaid Exp / (Accrued Exp)			30			(404)			(374)
Total fair value of derivative financial instruments																					$	11,777		$	(38,846)		$	(27,069)

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
In thousands						May 1, 2021			May 2, 2020
Fair value hedges:
Intercompany balances, primarily debt and related interest			Selling, general and administrative expenses			$	(2,864)		$	(5,173)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts			Cost of sales, including buying and occupancy costs			13,570			(22,854)
Intercompany billings in TJX International, primarily merchandise related			Cost of sales, including buying and occupancy costs			118			(1,852)
Merchandise purchase commitments			Cost of sales, including buying and occupancy costs			(15,969)			50,135
(Loss) gain recognized in income / (loss)						$	(5,145)		$	20,256

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- References

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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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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
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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
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