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Financial Instruments (Tables) | 6 Months Ended
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Jul. 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 July 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 July 29, 2023
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |  |
| € | 60 |  | £ | 52 |  | 0.8738 |  | Prepaid Exp | $ | 0.6 |  | $ | — |  | $ | 0.6 |
| A$ | 162 |  | U.S.$ | 112 |  | 0.6926 |  | Prepaid Exp | 3.5 |  | — |  | 3.5 |
| U.S.$ | 69 |  | £ | 55 |  | 0.8010 |  | Prepaid Exp | 2.0 |  | — |  | 2.0 |
| £ | 200 |  | U.S.$ | 244 |  | 1.2191 |  | (Accrued Exp) | — |  | (13.4) |  | (13.4) |
| € | 200 |  | U.S.$ | 219 |  | 1.0964 |  | Prepaid Exp / (Accrued Exp) | 0.3 |  | (3.3) |  | (3.0) |
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) | — |  | (2.0) |  | (2.0) |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 107 |  | £ | 91 |  | 0.8526 |  | (Accrued Exp) | — |  | (0.8) |  | (0.8) |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 876 |  | U.S.$ | 655 |  | 0.7473 |  | Prepaid Exp / (Accrued Exp) | 0.2 |  | (9.0) |  | (8.8) |
| C$ | 28 |  | € | 19 |  | 0.6799 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (0.3) |  | (0.2) |
| £ | 376 |  | U.S.$ | 468 |  | 1.2462 |  | Prepaid Exp / (Accrued Exp) | 0.5 |  | (15.5) |  | (15.0) |
| A$ | 96 |  | U.S.$ | 65 |  | 0.6810 |  | Prepaid Exp | 1.3 |  | — |  | 1.3 |
| zł | 605 |  | £ | 114 |  | 0.1878 |  | (Accrued Exp) | — |  | (4.4) |  | (4.4) |
| U.S.$ | 110 |  | € | 101 |  | 0.9139 |  | Prepaid Exp / (Accrued Exp) | 1.3 |  | (0.3) |  | 1.0 |
Total fair value of derivative financial instruments |  | $ | 9.8 |  | $ | (49.0) |  | $ | (39.2) |
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 July 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 July 30, 2022
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |
| € | 60 |  | £ | 51 |  | 0.8428 |  | Prepaid Exp | $ | 0.3 |  | $ | — |  | $ | 0.3 |
| A$ | 170 |  | U.S.$ | 120 |  | 0.7034 |  | Prepaid Exp / (Accrued Exp) | 0.8 |  | (1.0) |  | (0.2) |
| U.S.$ | 75 |  | £ | 55 |  | 0.7368 |  | (Accrued Exp) | — |  | (6.8) |  | (6.8) |
| £ | 150 |  | U.S.$ | 204 |  | 1.3578 |  | Prepaid Exp | 19.1 |  | — |  | 19.1 |
| € | 200 |  | U.S.$ | 223 |  | 1.1156 |  | Prepaid Exp / (Accrued Exp) | 14.7 |  | (0.1) |  | 14.6 |
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 | 38.2 |  | — |  | 38.2 |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 206 |  | £ | 174 |  | 0.8462 |  | Prepaid Exp | 2.1 |  | — |  | 2.1 |
Merchandise purchase commitments: |  |  |
| C$ | 807 |  | U.S.$ | 635 |  | 0.7867 |  | Prepaid Exp / (Accrued Exp) | 6.7 |  | (1.0) |  | 5.7 |
| C$ | 26 |  | € | 19 |  | 0.7314 |  | (Accrued Exp) | — |  | (0.7) |  | (0.7) |
| £ | 440 |  | U.S.$ | 569 |  | 1.2941 |  | Prepaid Exp / (Accrued Exp) | 30.0 |  | (2.2) |  | 27.8 |
| A$ | 71 |  | U.S.$ | 51 |  | 0.7141 |  | Prepaid Exp / (Accrued Exp) | 1.1 |  | (0.4) |  | 0.7 |
| zł | 701 |  | £ | 124 |  | 0.1770 |  | Prepaid Exp / (Accrued Exp) | 2.2 |  | (0.0) |  | 2.2 |
| U.S.$ | 114 |  | € | 105 |  | 0.9188 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (6.0) |  | (5.9) |
Total fair value of derivative financial instruments |  | $ | 115.3 |  | $ | (18.2) |  | $ | 97.1 |
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 (Loss) Gain Recognized in Income by Derivative
| Location of (Loss) Gain Recognized in Income by Derivative | Thirteen Weeks Ended | Twenty-Six Weeks Ended
In millions | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt | Selling, general and administrative expenses | $ | (3) |  | $ | 9 |  | $ | 3 |  | $ | 33 |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 10 |  | 10 |  | (8) |  | 54 |
Intercompany billings in TJX International, primarily merchandise | Cost of sales, including buying and occupancy costs | 4 |  | 0 |  | 4 |  | 0 |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | (30) |  | 7 |  | (22) |  | 48 |
(Loss) gain recognized in income | $ | (19) |  | $ | 26 |  | $ | (23) |  | $ | 135 |

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