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Financial Instruments (Tables)

9 Months Ended

Oct. 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 October 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 October 29, 2022
Fair value hedges:
Intercompany balances, primarily debt related:
			€			60,000			£			51,156			0.8526			(Accrued Exp)			$	—		$	(794)		$	(794)
			A$			170,000			U.S.$			119,579			0.7034			Prepaid Exp			10,612			—			10,612
			U.S.$			74,646			£			55,000			0.7368			(Accrued Exp)			—			(11,295)			(11,295)
			£			200,000			U.S.$			246,811			1.2341			Prepaid Exp / (Accrued Exp)			20,765			(4,074)			16,691
			€			200,000			U.S.$			217,236			1.0862			Prepaid Exp / (Accrued Exp)			17,655			(547)			17,108
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 3.1M – 3.9M gal per month						Float on 3.1M – 3.9M gal per month			N/A			Prepaid Exp			18,365			—			18,365
Intercompany billings in TJX International, primarily merchandise related:
			€			222,000			£			194,677			0.8769			Prepaid Exp			4,170			—			4,170
Merchandise purchase commitments:
			C$			710,029			U.S.$			542,000			0.7633			Prepaid Exp / (Accrued Exp)			22,308			(459)			21,849
			C$			16,101			€			12,000			0.7453			Prepaid Exp / (Accrued Exp)			151			(39)			112
			£			388,909			U.S.$			474,500			1.2201			Prepaid Exp / (Accrued Exp)			29,735			(2,977)			26,758
			A$			79,273			U.S.$			54,250			0.6843			Prepaid Exp			3,600			—			3,600
			zł			614,000			£			108,039			0.1760			(Accrued Exp)			—			(2,806)			(2,806)
			U.S.$			87,699			€			84,500			0.9635			Prepaid Exp / (Accrued Exp)			263			(3,953)			(3,690)
Total fair value of derivative financial instruments																					$	127,624		$	(26,944)		$	100,680

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 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

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						Thirty-Nine Weeks Ended
In thousands						October 29, 2022			October 30, 2021			October 29, 2022			October 30, 2021
Fair value hedges:
Intercompany balances, primarily debt related			Selling, general and administrative expenses			$	23,328		$	7,750		$	56,684		$	20,303
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts			Cost of sales, including buying and occupancy costs			(491)			9,908			53,038			30,754
Intercompany billings in TJX International, primarily merchandise related			Cost of sales, including buying and occupancy costs			(6,004)			887			(6,122)			4,432
Merchandise purchase commitments			Cost of sales, including buying and occupancy costs			65,215			3,760			113,609			(499)
Gain recognized in income						$	82,048		$	22,305		$	217,209		$	54,990

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- References

No definition available.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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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
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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