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Financial Instruments (Tables) | 6 Months Ended
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Jul. 31, 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 July 31, 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 July 31, 2021
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt related: |  |  |
| zł | 45,000 |  | £ | 8,846 |  | 0.1966 |  | Prepaid Exp | $ | 562 |  | $ | — |  | $ | 562 |
| A$ | 110,000 |  | U.S.$ | 84,198 |  | 0.7654 |  | Prepaid Exp | 3,100 |  | — |  | 3,100 |
| U.S.$ | 75,102 |  | £ | 55,000 |  | 0.7323 |  | Prepaid Exp | 1,351 |  | — |  | 1,351 |
| £ | 250,000 |  | U.S.$ | 346,344 |  | 1.3854 |  | Prepaid Exp / (Accrued Exp) | 426 |  | (1,504) |  | (1,078) |
| € | 170,000 |  | U.S.$ | 207,623 |  | 1.2213 |  | Prepaid Exp / (Accrued Exp) | 5,169 |  | (143) |  | 5,026 |
| C$ | 150,000 |  | U.S.$ | 124,009 |  | 0.8267 |  | Prepaid Exp | 3,698 |  | — |  | 3,698 |
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 3.3M – 4.0M gal per month |  | Float on 3.3M – 4.0M gal per month | N/A | Prepaid Exp | 21,805 |  | — |  | 21,805 |
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 98,000 |  | £ | 84,053 |  | 0.8577 |  | Prepaid Exp | 343 |  | — |  | 343 |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 630,947 |  | U.S.$ | 512,000 |  | 0.8115 |  | Prepaid Exp / (Accrued Exp) | 7,066 |  | (1,132) |  | 5,934 |
| C$ | 34,928 |  | € | 23,500 |  | 0.6728 |  | Prepaid Exp / (Accrued Exp) | 93 |  | (161) |  | (68) |
| £ | 396,740 |  | U.S.$ | 555,900 |  | 1.4012 |  | Prepaid Exp / (Accrued Exp) | 5,202 |  | (678) |  | 4,524 |
| A$ | 52,396 |  | U.S.$ | 39,225 |  | 0.7486 |  | Prepaid Exp / (Accrued Exp) | 656 |  | (36) |  | 620 |
| zł | 400,100 |  | £ | 75,659 |  | 0.1891 |  | Prepaid Exp / (Accrued Exp) | 961 |  | (126) |  | 835 |
| U.S.$ | 55,198 |  | € | 45,000 |  | 0.8152 |  | (Accrued Exp) | — |  | (1,713) |  | (1,713) |
Total fair value of derivative financial instruments |  | $ | 50,432 |  | $ | (5,492) |  | $ | 44,940 |
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 related: |  |  |
| 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 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 related: |  |
| 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) |
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 Gain (Loss) Recognized in Income / (Loss) by Derivative
| Location of (Loss) Gain Recognized in Income / (Loss) by Derivative | Thirteen Weeks Ended | Twenty-Six Weeks Ended
In thousands | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt related | Selling, general and administrative expenses | $ | 15,417 |  | $ | (38,060) |  | $ | 12,553 |  | $ | (43,233) |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 7,276 |  | 10,123 |  | 20,846 |  | (12,731) |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | 3,427 |  | (2,039) |  | 3,545 |  | (3,891) |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 11,710 |  | (15,808) |  | (4,259) |  | 34,327 |
Gain (loss) recognized in income / (loss) | $ | 37,830 |  | $ | (45,784) |  | $ | 32,685 |  | $ | (25,528) |

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