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Financial Instruments (Tables) | 12 Months Ended
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Jan. 29, 2022
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 29, 2022:
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 29, 2022
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt and related interest: |  |  |
| zł | 25,000 |  | £ | 4,541 |  | 0.1816 |  | Prepaid Exp | $ | 72 |  | $ | — |  | $ | 72 |
| € | 60,000 |  | £ | 50,568 |  | 0.8428 |  | Prepaid Exp | 111 |  | — |  | 111 |
| A$ | 170,000 |  | U.S.$ | 122,061 |  | 0.7180 |  | Prepaid Exp | 2,047 |  | — |  | 2,047 |
| U.S.$ | 74,646 |  | £ | 55,000 |  | 0.7368 |  | (Accrued Exp) | — |  | (918) |  | (918) |
| € | 200,000 |  | U.S.$ | 230,319 |  | 1.1516 |  | Prepaid Exp | 4,535 |  |  | 4,535 |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel contracts | Diesel fuel contracts | Fixed on 3.6M - 4.0M gal per month |  | Float on 3.6M - 4.0M gal per month | N/A | Prepaid Exp | 23,649 |  | — |  | 23,649 |
Intercompany billings in TJX International, primarily merchandise related: |  |  |
| € | 91,000 |  | £ | 75,894 |  | 0.8340 |  | (Accrued Exp) | — |  | (145) |  | (145) |
Merchandise purchase commitments: |  |  |  |
| C$ | 987,756 |  | U.S.$ | 783,000 |  | 0.7927 |  | Prepaid Exp / (Accrued Exp) | 6,641 |  | (80) |  | 6,561 |
| C$ | 38,138 |  | € | 26,500 |  | 0.6948 |  | (Accrued Exp) | — |  | (248) |  | (248) |
| £ | 325,482 |  | U.S.$ | 442,100 |  | 1.3583 |  | Prepaid Exp / (Accrued Exp) | 6,023 |  | (632) |  | 5,391 |
| zł | 453,000 |  | £ | 82,112 |  | 0.1813 |  | Prepaid Exp / (Accrued Exp) | 744 |  | (449) |  | 295 |
| A$ | 65,551 |  | U.S.$ | 47,500 |  | 0.7246 |  | Prepaid Exp | 1,270 |  | — |  | 1,270 |
| U.S.$ | 66,989 |  | € | 59,000 |  | 0.8807 |  | (Accrued Exp) | — |  | (820) |  | (820) |
Total fair value of financial instruments |  |  | $ | 45,092 |  | $ | (3,292) |  | $ | 41,800 |
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 financial instruments |  |  | $ | 9,029 |  | $ | (21,921) |  | $ | (12,892) |
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the Consolidated Statement of Income during fiscal 2022, fiscal 2021 and fiscal 2020 is presented below:
| Location of Gain (Loss) Recognized in Income by Derivative | Amount of Gain (Loss) Recognized in Income by Derivative
In thousands | January 29, 2022 | January 30, 2021 | February 1, 2020
Fair value hedges: |  |  |  |
Intercompany balances, primarily debt and related interest | Selling, general and administrative expenses | $ | 36,033 |  | $ | (59,829) |  | $ | 4,788 |
Economic hedges for which hedge accounting was not elected: |  |  |
Intercompany receivable | Selling, general and administrative expenses | — |  | — |  | 3,257 |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 43,306 |  | (5,638) |  | (9,780) |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | 5,021 |  | (4,249) |  | 2,652 |
International lease liabilities | Cost of sales, including buying and occupancy costs | — |  | — |  | (1,113) |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 23,952 |  | (4,468) |  | 10,484 |
Gain (loss) recognized in income | $ | 108,312 |  | $ | (74,184) |  | $ | 10,288 |

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