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Financial Instruments (Tables) | 12 Months Ended
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Jan. 28, 2023
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 28, 2023:
In millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at January 28, 2023
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |  |
| € | 60 |  | £ | 53 |  | 0.8807 |  | (Accrued Exp) | $ | — |  | $ | (0.3) |  | $ | (0.3) |
| A$ | 150 |  | U.S.$ | 105 |  | 0.7003 |  | (Accrued Exp) | — |  | (2.6) |  | (2.6) |
| U.S.$ | 69 |  | £ | 55 |  | 0.8010 |  | (Accrued Exp) | — |  | (0.3) |  | (0.3) |
| £ | 200 |  | U.S.$ | 244 |  | 1.2191 |  | (Accrued Exp) | — |  | (5.5) |  | (5.5) |
| € | 200 |  | U.S.$ | 213 |  | 1.0652 |  | Prepaid Exp / (Accrued Exp) | 0.8 |  | (7.0) |  | (6.2) |
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 3.2M - 3.6M gal per month |  | Float on 3.2M - 3.6M gal per month | N/A | Prepaid Exp | 3.9 |  | — |  | 3.9 |
Intercompany billings in TJX International, primarily merchandise related: |  |  |
| € | 146 |  | £ | 129 |  | 0.8834 |  | Prepaid Exp | 0.8 |  | — |  | 0.8 |
Merchandise purchase commitments: |  |  |  |
| C$ | 705 |  | U.S.$ | 525 |  | 0.7449 |  | Prepaid Exp / (Accrued Exp) | 2.2 |  | (7.1) |  | (4.9) |
| C$ | 23 |  | € | 16 |  | 0.7064 |  | Prepaid Exp / (Accrued Exp) | 0.4 |  | 0.0 |  | 0.4 |
| £ | 299 |  | U.S.$ | 356 |  | 1.1916 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (15.4) |  | (15.3) |
| zł | 507 |  | £ | 91 |  | 0.1788 |  | (Accrued Exp) | — |  | (3.6) |  | (3.6) |
| A$ | 104 |  | U.S.$ | 71 |  | 0.6819 |  | (Accrued Exp) | — |  | (3.3) |  | (3.3) |
| U.S.$ | 85 |  | € | 82 |  | 0.9634 |  | Prepaid Exp | 4.3 |  | — |  | 4.3 |
Total fair value of derivative financial instruments | $ | 12.5 |  | $ | (45.1) |  | $ | (32.6) |
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022:
In millions | 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: |  |  |
| zł | 25 |  | £ | 5 |  | 0.1816 |  | Prepaid Exp | $ | 0.1 |  | $ | — |  | $ | 0.1 |
| € | 60 |  | £ | 51 |  | 0.8428 |  | Prepaid Exp | 0.1 |  | — |  | 0.1 |
| A$ | 170 |  | U.S.$ | 122 |  | 0.7180 |  | Prepaid Exp | 2.0 |  | — |  | 2.0 |
| U.S.$ | 75 |  | £ | 55 |  | 0.7368 |  | (Accrued Exp) | — |  | (1.0) |  | (1.0) |
| € | 200 |  | U.S.$ | 230 |  | 1.1516 |  | Prepaid Exp | 4.5 |  | — |  | 4.5 |
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 | 23.7 |  | — |  | 23.7 |
Intercompany billings in TJX International, primarily merchandise related: |  |  |
| € | 91 |  | £ | 76 |  | 0.8340 |  | (Accrued Exp) | — |  | (0.1) |  | (0.1) |
Merchandise purchase commitments: |  |  |  |
| C$ | 988 |  | U.S.$ | 783 |  | 0.7927 |  | Prepaid Exp / (Accrued Exp) | 6.7 |  | (0.1) |  | 6.6 |
| C$ | 38 |  | € | 27 |  | 0.6948 |  | (Accrued Exp) | — |  | (0.2) |  | (0.2) |
| £ | 325 |  | U.S.$ | 442 |  | 1.3583 |  | Prepaid Exp / (Accrued Exp) | 6.0 |  | (0.6) |  | 5.4 |
| zł | 453 |  | £ | 82 |  | 0.1813 |  | Prepaid Exp / (Accrued Exp) | 0.7 |  | (0.4) |  | 0.3 |
| A$ | 66 |  | U.S.$ | 48 |  | 0.7246 |  | Prepaid Exp | 1.3 |  | — |  | 1.3 |
| U.S.$ | 67 |  | € | 59 |  | 0.8807 |  | (Accrued Exp) | — |  | (0.9) |  | (0.9) |
Total fair value of derivative financial instruments | $ | 45.1 |  | $ | (3.3) |  | $ | 41.8 |
Impact of Derivative Financial Instruments on Statements of Income | The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
| Location of Gain (Loss) Recognized in Income by Derivative | Amount of Gain (Loss) Recognized in Income by Derivative
In millions | January 28, 2023 | January 29, 2022 | January 30, 2021
Fair value hedges: |  |  |  |
Intercompany balances, primarily debt | Selling, general and administrative expenses | $ | 12 |  | $ | 36 |  | $ | (60) |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 55 |  | 43 |  | (6) |
Intercompany billings in TJX International, primarily merchandise related | Cost of sales, including buying and occupancy costs | (9) |  | 5 |  | (4) |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 71 |  | 24 |  | (4) |
Gain (loss) recognized in income | $ | 129 |  | $ | 108 |  | $ | (74) |

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