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Financial Instruments (Tables) | 3 Months Ended
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Apr. 30, 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 April 30, 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 April 30, 2022
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt related: |  |  |
| zł | 25,000 |  | £ | 4,541 |  | 0.1816 |  | Prepaid Exp | $ | 149 |  | $ | — |  | $ | 149 |
| € | 60,000 |  | £ | 50,568 |  | 0.8428 |  | (Accrued Exp) | — |  | (145) |  | (145) |
| A$ | 170,000 |  | U.S.$ | 122,061 |  | 0.7180 |  | Prepaid Exp | 1,868 |  | — |  | 1,868 |
| U.S.$ | 74,646 |  | £ | 55,000 |  | 0.7368 |  | (Accrued Exp) | — |  | (5,584) |  | (5,584) |
| £ | 150,000 |  | U.S.$ | 203,667 |  | 1.3578 |  | Prepaid Exp | 15,501 |  | — |  | 15,501 |
| € | 200,000 |  | U.S.$ | 229,237 |  | 1.1462 |  | Prepaid Exp | 16,758 |  | — |  | 16,758 |
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 3.2M – 4.0M gal per month |  | Float on 3.2M – 4.0M gal per month | N/A | Prepaid Exp | 53,779 |  | — |  | 53,779 |
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 260,000 |  | £ | 216,610 |  | 0.8331 |  | (Accrued Exp) | — |  | (2,348) |  | (2,348) |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 826,057 |  | U.S.$ | 655,000 |  | 0.7929 |  | Prepaid Exp | 14,162 |  | — |  | 14,162 |
| C$ | 30,949 |  | € | 22,000 |  | 0.7108 |  | (Accrued Exp) | — |  | (802) |  | (802) |
| £ | 436,036 |  | U.S.$ | 582,300 |  | 1.3354 |  | Prepaid Exp / (Accrued Exp) | 36,363 |  | (210) |  | 36,153 |
| A$ | 69,520 |  | U.S.$ | 50,500 |  | 0.7264 |  | Prepaid Exp | 1,394 |  | — |  | 1,394 |
| zł | 615,000 |  | £ | 110,481 |  | 0.1796 |  | Prepaid Exp | 2,458 |  | — |  | 2,458 |
| U.S.$ | 152,073 |  | € | 135,500 |  | 0.8910 |  | (Accrued Exp) | — |  | (8,897) |  | (8,897) |
Total fair value of derivative financial instruments |  | $ | 142,432 |  | $ | (17,986) |  | $ | 124,446 |
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 related: |  |  |
| 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 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 derivative 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 May 1, 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 May 1, 2021
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt related: |  |
| zł | 45,000 |  | £ | 8,846 |  | 0.1966 |  | Prepaid Exp | $ | 353 |  | $ | — |  | $ | 353 |
| A$ | 80,000 |  | U.S.$ | 62,032 |  | 0.7754 |  | (Accrued Exp) | — |  | (98) |  | (98) |
| U.S.$ | 75,102 |  | £ | 55,000 |  | 0.7323 |  | Prepaid Exp | 1,505 |  | — |  | 1,505 |
| £ | 450,000 |  | U.S.$ | 620,918 |  | 1.3798 |  | Prepaid Exp / (Accrued Exp) | 40 |  | (5,582) |  | (5,542) |
| € | 200,000 |  | U.S.$ | 244,699 |  | 1.2235 |  | Prepaid Exp | 2,301 |  | — |  | 2,301 |
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 3.1M – 3.8M gal per month |  | Float on 3.1M – 3.8M gal per month | N/A | Prepaid Exp | 17,816 |  | — |  | 17,816 |
Intercompany billings in TJX International, primarily merchandise related: |  |
| € | 163,000 |  | £ | 141,240 |  | 0.8665 |  | (Accrued Exp) | — |  | (166) |  | (166) |
Merchandise purchase commitments: |  |  |
| C$ | 574,390 |  | U.S.$ | 457,000 |  | 0.7956 |  | (Accrued Exp) | — |  | (11,054) |  | (11,054) |
| C$ | 29,455 |  | € | 19,500 |  | 0.6620 |  | (Accrued Exp) | — |  | (444) |  | (444) |
| £ | 282,746 |  | U.S.$ | 391,800 |  | 1.3857 |  | Prepaid Exp / (Accrued Exp) | 1,939 |  | (3,751) |  | (1,812) |
| A$ | 50,830 |  | U.S.$ | 39,125 |  | 0.7697 |  | Prepaid Exp / (Accrued Exp) | 42 |  | (356) |  | (314) |
| U.S.$ | 53,680 |  | € | 44,400 |  | 0.8271 |  | Prepaid Exp / (Accrued Exp) | 185 |  | (267) |  | (82) |
Total fair value of derivative financial instruments |  | $ | 24,181 |  | $ | (21,718) |  | $ | 2,463 |
Impact of Derivative Financial Instruments on Statements of (Loss) Income | The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
|  | Amount of Gain (Loss) Recognized in Income by Derivative
| Location of Gain (Loss) Recognized in Income by Derivative | Thirteen Weeks Ended |
In thousands | April 30, 2022 | May 1, 2021 |  |
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt related | Selling, general and administrative expenses | $ | 24,395 |  | $ | (2,864) |  |  |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 44,173 |  | 13,570 |  |  |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | (370) |  | 118 |  |  |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 40,929 |  | (15,969) |  |  |
Gain (loss) recognized in income | $ | 109,127 |  | $ | (5,145) |  |  |

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