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Financial Instruments (Tables)

6 Months Ended

Jul. 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 July 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 July 30, 2022
Fair value hedges:
Intercompany balances, primarily debt related:
			€			60,000			£			50,568			0.8428			Prepaid Exp			$	343		$	—		$	343
			A$			170,000			U.S.$			119,579			0.7034			Prepaid Exp / (Accrued Exp)			810			(1,040)			(230)
			U.S.$			74,646			£			55,000			0.7368			(Accrued Exp)			—			(6,831)			(6,831)
			£			150,000			U.S.$			203,667			1.3578			Prepaid Exp			19,059			—			19,059
			€			200,000			U.S.$			223,126			1.1156			Prepaid Exp / (Accrued Exp)			14,663			(117)			14,546
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 2.6M – 3.9M gal per month						Float on 2.6M – 3.9M gal per month			N/A			Prepaid Exp			38,234			—			38,234
Intercompany billings in TJX International, primarily merchandise related:
			€			205,500			£			173,888			0.8462			Prepaid Exp			2,145			—			2,145
Merchandise purchase commitments:
			C$			807,155			U.S.$			635,000			0.7867			Prepaid Exp / (Accrued Exp)			6,657			(984)			5,673
			C$			25,978			€			19,000			0.7314			(Accrued Exp)			—			(685)			(685)
			£			439,682			U.S.$			569,000			1.2941			Prepaid Exp / (Accrued Exp)			29,989			(2,151)			27,838
			A$			71,070			U.S.$			50,750			0.7141			Prepaid Exp / (Accrued Exp)			1,055			(364)			691
			zł			701,000			£			124,092			0.1770			Prepaid Exp / (Accrued Exp)			2,215			(34)			2,181
			U.S.$			113,734			€			104,500			0.9188			Prepaid Exp / (Accrued Exp)			110			(5,970)			(5,860)
Total fair value of derivative financial instruments																					$	115,280		$	(18,176)		$	97,104

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 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

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						Twenty-Six Weeks Ended
In thousands						July 30, 2022			July 31, 2021			July 30, 2022			July 31, 2021
Fair value hedges:
Intercompany balances, primarily debt related			Selling, general and administrative expenses			$	8,961		$	15,417		$	33,356		$	12,553
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts			Cost of sales, including buying and occupancy costs			9,356			7,276			53,529			20,846
Intercompany billings in TJX International, primarily merchandise related			Cost of sales, including buying and occupancy costs			252			3,427			(118)			3,545
Merchandise purchase commitments			Cost of sales, including buying and occupancy costs			7,465			11,710			48,394			(4,259)
Gain recognized in income						$	26,034		$	37,830		$	135,161		$	32,685

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

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-Name Accounting Standards Codification
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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