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Financial Instruments (Tables)

12 Months Ended

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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- 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=125515794&loc=SL5624181-113959

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 815
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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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