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Financial Instruments (Tables)

9 Months Ended

Oct. 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 October 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 October 30, 2021
Fair value hedges:
Intercompany balances, primarily debt related:
			zł			45,000			£			8,846			0.1966			Prepaid Exp			$	780		$	—		$	780
			€			60,000			£			50,815			0.8469			(Accrued Exp)			—			(340)			(340)
			A$			170,000			U.S.$			127,603			0.7506			Prepaid Exp / (Accrued Exp)			1,866			(2,075)			(209)
			U.S.$			75,102			£			55,000			0.7323			Prepaid Exp			54			—			54
			€			200,000			U.S.$			239,776			1.1989			Prepaid Exp			6,957			—			6,957
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 3.7M – 4.0M gal per month						Float on 3.7M – 4.0M gal per month			N/A			Prepaid Exp			22,095			—			22,095
Intercompany billings in TJX International, primarily merchandise related:
			€			46,000			£			39,057			0.8491			(Accrued Exp)			—			(28)			(28)
Merchandise purchase commitments:
			C$			608,976			U.S.$			488,000			0.8013			Prepaid Exp / (Accrued Exp)			1,566			(5,909)			(4,343)
			C$			27,997			€			19,000			0.6786			(Accrued Exp)			—			(574)			(574)
			£			344,793			U.S.$			477,600			1.3852			Prepaid Exp / (Accrued Exp)			7,321			(732)			6,589
			A$			57,829			U.S.$			42,500			0.7349			(Accrued Exp)			—			(986)			(986)
			zł			442,000			£			82,252			0.1861			Prepaid Exp / (Accrued Exp)			1,349			(85)			1,264
			U.S.$			75,930			€			64,000			0.8429			(Accrued Exp)			—			(1,630)			(1,630)
Total fair value of derivative financial instruments																					$	41,988		$	(12,359)		$	29,629

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 October 31, 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  October 31, 2020
Fair value hedges:
Intercompany balances, primarily debt related:
			zł			65,000			£			12,780			0.1966			Prepaid Exp / (Accrued Exp)			$	195		$	(68)		$	127
			€			60,000			£			53,412			0.8902			(Accrued Exp)			—			(904)			(904)
			A$			80,000			U.S.$			58,016			0.7252			Prepaid Exp			1,749			—			1,749
			U.S.$			72,475			£			55,000			0.7589			(Accrued Exp)			—			(1,280)			(1,280)
			£			200,000			U.S.$			249,499			1.2475			(Accrued Exp)			—			(9,810)			(9,810)
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)			—			(15,078)			(15,078)
Merchandise purchase commitments:
			C$			637,508			U.S.$			481,000			0.7545			Prepaid Exp / (Accrued Exp)			3,328			(1,152)			2,176
			£			415,653			U.S.$			533,150			1.2827			Prepaid Exp / (Accrued Exp)			1,050			(6,768)			(5,718)
			A$			45,584			U.S.$			32,650			0.7163			Prepaid Exp			600			—			600
			zł			264,400			£			53,293			0.2016			Prepaid Exp			2,189			—			2,189
			U.S.$			53,605			€			45,600			0.8507			(Accrued Exp)			—			(394)			(394)
Total fair value of derivative financial instruments																					$	9,111		$	(35,454)		$	(26,343)

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						Thirty-Nine Weeks Ended
In thousands						October 30, 2021			October 31, 2020			October 30, 2021			October 31, 2020
Fair value hedges:
Intercompany balances, primarily debt related			Selling, general and administrative expenses			$	7,750		$	(2,086)		$	20,303		$	(45,319)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts			Cost of sales, including buying and occupancy costs			9,908			(7,059)			30,754			(19,790)
Intercompany billings in TJX International, primarily merchandise related			Cost of sales, including buying and occupancy costs			887			(310)			4,432			(4,201)
Merchandise purchase commitments			Cost of sales, including buying and occupancy costs			3,760			7,302			(499)			41,629
Gain (loss) recognized in income / (loss)						$	22,305		$	(2,153)		$	54,990		$	(27,681)

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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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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.

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