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Financial Instruments (Tables)

3 Months Ended

Apr. 29, 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 April 29, 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 April 29, 2023
Fair value hedges:
Intercompany balances, primarily debt:
			€			60			£			53			0.8807			(Accrued Exp)			$	—		$	0.0		$	0.0
			A$			150			U.S.$			105			0.7003			Prepaid Exp			4.9			—			4.9
			U.S.$			69			£			55			0.8010			Prepaid Exp			0.2			—			0.2
			£			200			U.S.$			244			1.2191			(Accrued Exp)			—			(6.5)			(6.5)
			€			200			U.S.$			213			1.0641			Prepaid Exp / (Accrued Exp)			0.1			(8.0)			(7.9)
Economic hedges for which hedge accounting was not elected:
			Diesel fuel contracts			Fixed on 3.0M – 3.8M gal per month			Float on 3.0M – 3.8M gal per month						N/A			(Accrued Exp)			—			(19.3)			(19.3)
Intercompany billings in TJX International, primarily merchandise:
			€			100			£			88			0.8811			Prepaid Exp			0.3			—			0.3
Merchandise purchase commitments:
			C$			821			U.S.$			610			0.7434			Prepaid Exp / (Accrued Exp)			4.9			(1.5)			3.4
			C$			27			€			18			0.6790			Prepaid Exp / (Accrued Exp)			0.2			0.0			0.2
			£			367			U.S.$			445			1.2147			Prepaid Exp / (Accrued Exp)			0.2			(13.3)			(13.1)
			A$			90			U.S.$			61			0.6829			Prepaid Exp / (Accrued Exp)			1.6			(0.1)			1.5
			zł			532			£			98			0.1833			(Accrued Exp)			—			(4.1)			(4.1)
			U.S.$			120			€			112			0.9271			Prepaid Exp / (Accrued Exp)			2.6			(0.1)			2.5
Total fair value of derivative financial instruments																					$	15.0		$	(52.9)		$	(37.9)

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:
			€			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 April 30, 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  April 30, 2022
Fair value hedges:
Intercompany balances, primarily debt:
			zł			25			£			5			0.1816			Prepaid Exp			$	0.1		$	—		$	0.1
			€			60			£			51			0.8428			(Accrued Exp)			—			(0.1)			(0.1)
			A$			170			U.S.$			122			0.7180			Prepaid Exp			1.9			—			1.9
			U.S.$			75			£			55			0.7368			(Accrued Exp)			—			(5.6)			(5.6)
			£			150			U.S.$			204			1.3578			Prepaid Exp			15.5			—			15.5
			€			200			U.S.$			229			1.1462			Prepaid Exp			16.8			—			16.8
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			53.7			—			53.7
Intercompany billings in TJX International, primarily merchandise:
			€			260			£			217			0.8331			(Accrued Exp)			—			(2.3)			(2.3)
Merchandise purchase commitments:
			C$			826			U.S.$			655			0.7929			Prepaid Exp			14.2			—			14.2
			C$			31			€			22			0.7108			(Accrued Exp)			—			(0.8)			(0.8)
			£			436			U.S.$			582			1.3354			Prepaid Exp / (Accrued Exp)			36.3			(0.2)			36.1
			A$			70			U.S.$			51			0.7264			Prepaid Exp			1.4			—			1.4
			zł			615			£			110			0.1796			Prepaid Exp			2.5			—			2.5
			U.S.$			152			€			136			0.8910			(Accrued Exp)			—			(9.0)			(9.0)
Total fair value of derivative financial instruments																					$	142.4		$	(18.0)		$	124.4

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 millions						April 29, 2023			April 30, 2022
Fair value hedges:
Intercompany balances, primarily debt			Selling, general and administrative expenses			$	6		$	24
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts			Cost of sales, including buying and occupancy costs			(18)			44
Intercompany billings in TJX International, primarily merchandise			Cost of sales, including buying and occupancy costs			0			0
Merchandise purchase commitments			Cost of sales, including buying and occupancy costs			8			41
(Loss) gain recognized in income						$	(4)		$	109

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- References

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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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