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Financial Instruments (Tables)

6 Months Ended

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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- 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
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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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

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-Publisher FASB
-Name Accounting Standards Codification
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