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Financial Instruments (Tables) | 9 Months Ended
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Oct. 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 October 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 October 28, 2023
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |  |
| € | 60 |  | £ | 52 |  | 0.8738 |  | (Accrued Exp) | $ | — |  | $ | (0.1) |  | $ | (0.1) |
| A$ | 150 |  | U.S.$ | 104 |  | 0.6937 |  | Prepaid Exp | 8.4 |  | — |  | 8.4 |
| U.S.$ | 69 |  | £ | 55 |  | 0.8010 |  | (Accrued Exp) | — |  | (2.0) |  | (2.0) |
| £ | 150 |  | U.S.$ | 186 |  | 1.2396 |  | Prepaid Exp | 3.9 |  | — |  | 3.9 |
| € | 200 |  | U.S.$ | 220 |  | 1.1008 |  | Prepaid Exp | 7.8 |  | — |  | 7.8 |
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 | Prepaid Exp | 2.7 |  | — |  | 2.7 |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 118 |  | £ | 102 |  | 0.8646 |  | (Accrued Exp) | — |  | (1.1) |  | (1.1) |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 773 |  | U.S.$ | 575 |  | 0.7440 |  | Prepaid Exp | 16.8 |  | — |  | 16.8 |
| C$ | 35 |  | € | 24 |  | 0.6826 |  | Prepaid Exp / (Accrued Exp) | 0.2 |  | (0.1) |  | 0.1 |
| £ | 365 |  | U.S.$ | 458 |  | 1.2537 |  | Prepaid Exp / (Accrued Exp) | 14.7 |  | (0.1) |  | 14.6 |
| A$ | 58 |  | U.S.$ | 39 |  | 0.6677 |  | Prepaid Exp | 1.9 |  | — |  | 1.9 |
| zł | 581 |  | £ | 110 |  | 0.1900 |  | (Accrued Exp) | — |  | (3.6) |  | (3.6) |
| U.S.$ | 120 |  | € | 110 |  | 0.9190 |  | (Accrued Exp) | — |  | (3.2) |  | (3.2) |
Total fair value of derivative financial instruments |  | $ | 56.4 |  | $ | (10.2) |  | $ | 46.2 |
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 October 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 October 29, 2022
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |
| € | 60 |  | £ | 51 |  | 0.8526 |  | (Accrued Exp) | $ | — |  | $ | (0.8) |  | $ | (0.8) |
| A$ | 170 |  | U.S.$ | 120 |  | 0.7034 |  | Prepaid Exp | 10.6 |  | — |  | 10.6 |
| U.S.$ | 75 |  | £ | 55 |  | 0.7368 |  | (Accrued Exp) | — |  | (11.2) |  | (11.2) |
| £ | 200 |  | U.S.$ | 247 |  | 1.2341 |  | Prepaid Exp / (Accrued Exp) | 20.8 |  | (4.1) |  | 16.7 |
| € | 200 |  | U.S.$ | 217 |  | 1.0862 |  | Prepaid Exp / (Accrued Exp) | 17.7 |  | (0.5) |  | 17.2 |
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 | 18.4 |  | — |  | 18.4 |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 222 |  | £ | 195 |  | 0.8769 |  | Prepaid Exp | 4.2 |  | — |  | 4.2 |
Merchandise purchase commitments: |  |  |
| C$ | 710 |  | U.S.$ | 542 |  | 0.7633 |  | Prepaid Exp / (Accrued Exp) | 22.2 |  | (0.5) |  | 21.7 |
| C$ | 16 |  | € | 12 |  | 0.7453 |  | Prepaid Exp / (Accrued Exp) | 0.2 |  | (0.0) |  | 0.2 |
| £ | 389 |  | U.S.$ | 475 |  | 1.2201 |  | Prepaid Exp / (Accrued Exp) | 29.6 |  | (3.0) |  | 26.6 |
| A$ | 79 |  | U.S.$ | 54 |  | 0.6843 |  | Prepaid Exp | 3.6 |  | — |  | 3.6 |
| zł | 614 |  | £ | 108 |  | 0.1760 |  | (Accrued Exp) | — |  | (2.8) |  | (2.8) |
| U.S.$ | 88 |  | € | 85 |  | 0.9635 |  | Prepaid Exp / (Accrued Exp) | 0.3 |  | (4.0) |  | (3.7) |
Total fair value of derivative financial instruments |  | $ | 127.6 |  | $ | (26.9) |  | $ | 100.7 |
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 millions | October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt | Selling, general and administrative expenses | $ | 26 |  | $ | 24 |  | $ | 29 |  | $ | 57 |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 2 |  | (1) |  | (6) |  | 53 |
Intercompany billings in TJX International, primarily merchandise | Cost of sales, including buying and occupancy costs | (2) |  | (6) |  | 2 |  | (6) |
Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 49 |  | 65 |  | 27 |  | 113 |
Gain recognized in income | $ | 75 |  | $ | 82 |  | $ | 52 |  | $ | 217 |

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