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Financial Instruments (Tables) | 3 Months Ended
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May 04, 2024
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 May 4, 2024:
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 May 4, 2024
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |  |
| zł | 10 |  | £ | 2 |  | 0.1973 |  | (Accrued Exp) | $ | — |  | $ | (0.0) |  | $ | (0.0) |
| € | 78 |  | £ | 67 |  | 0.8622 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (0.1) |  | 0.0 |
| A$ | 146 |  | U.S.$ | 98 |  | 0.6743 |  | Prepaid Exp / (Accrued Exp) | 1.7 |  | (0.2) |  | 1.5 |
| U.S.$ | 70 |  | £ | 55 |  | 0.7898 |  | (Accrued Exp) | — |  | (0.5) |  | (0.5) |
| £ | 100 |  | U.S.$ | 126 |  | 1.2608 |  | Prepaid Exp / (Accrued Exp) | 0.8 |  | (0.3) |  | 0.5 |
| € | 200 |  | U.S.$ | 219 |  | 1.0937 |  | Prepaid Exp / (Accrued Exp) | 2.0 |  | (0.3) |  | 1.7 |
Economic hedges for which hedge accounting was not elected: |  |  |
| Diesel fuel contracts | Fixed on 3.0M – 4.2M gal per month | Float on 3.0M – 4.2M gal per month | N/A | (Accrued Exp) | — |  | (8.1) |  | (8.1) |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 142 |  | £ | 121 |  | 0.8547 |  | (Accrued Exp) | — |  | (0.6) |  | (0.6) |
Merchandise purchase commitments: |  |  |  |  |
| C$ | 851 |  | U.S.$ | 630 |  | 0.7400 |  | Prepaid Exp / (Accrued Exp) | 7.7 |  | (0.6) |  | 7.1 |
| C$ | 37 |  | € | 25 |  | 0.6812 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (0.0) |  | 0.1 |
| £ | 379 |  | U.S.$ | 477 |  | 1.2585 |  | Prepaid Exp / (Accrued Exp) | 2.7 |  | (1.6) |  | 1.1 |
| A$ | 94 |  | U.S.$ | 63 |  | 0.6633 |  | Prepaid Exp / (Accrued Exp) | 0.3 |  | (0.3) |  | 0.0 |
| zł | 534 |  | £ | 105 |  | 0.1971 |  | Prepaid Exp / (Accrued Exp) | 0.0 |  | (0.7) |  | (0.7) |
| U.S.$ | 133 |  | € | 123 |  | 0.9190 |  | Prepaid Exp / (Accrued Exp) | 0.1 |  | (1.2) |  | (1.1) |
Total fair value of derivative financial instruments |  | $ | 15.5 |  | $ | (14.5) |  | $ | 1.0 |
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:
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 February 3, 2024
Fair value hedges: |  |  |  |  |  |  |
Intercompany balances, primarily debt: |  |  |
| € | 78 |  | £ | 67 |  | 0.8622 |  | Prepaid Exp / (Accrued Exp) | $ | 0.1 |  | $ | (0.1) |  | $ | 0.0 |
| A$ | 140 |  | U.S.$ | 95 |  | 0.6751 |  | Prepaid Exp | 2.7 |  | — |  | 2.7 |
| U.S.$ | 70 |  | £ | 55 |  | 0.7898 |  | (Accrued Exp) | — |  | (0.2) |  | (0.2) |
| £ | 100 |  | U.S.$ | 127 |  | 1.2727 |  | Prepaid Exp | 0.8 |  | — |  | 0.8 |
| € | 200 |  | U.S.$ | 219 |  | 1.0969 |  | Prepaid Exp / (Accrued Exp) | 3.0 |  | (0.3) |  | 2.7 |
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) | — |  | (7.2) |  | (7.2) |
Intercompany billings in TJX International, primarily merchandise: |  |
| € | 130 |  | £ | 112 |  | 0.8604 |  | Prepaid Exp | 0.9 |  | — |  | 0.9 |
Merchandise purchase commitments: |  |  |  |
| C$ | 668 |  | U.S.$ | 495 |  | 0.7408 |  | Prepaid Exp / (Accrued Exp) | 1.4 |  | (3.6) |  | (2.2) |
| C$ | 29 |  | € | 20 |  | 0.6797 |  | (Accrued Exp) | — |  | (0.3) |  | (0.3) |
| £ | 353 |  | U.S.$ | 443 |  | 1.2549 |  | Prepaid Exp / (Accrued Exp) | 1.5 |  | (5.0) |  | (3.5) |
| zł | 508 |  | £ | 98 |  | 0.1930 |  | Prepaid Exp / (Accrued Exp) | 0.0 |  | (3.1) |  | (3.1) |
| A$ | 82 |  | U.S.$ | 55 |  | 0.6620 |  | Prepaid Exp / (Accrued Exp) | 0.8 |  | (0.1) |  | 0.7 |
| U.S.$ | 109 |  | € | 100 |  | 0.9191 |  | Prepaid Exp / (Accrued Exp) | 0.3 |  | (1.0) |  | (0.7) |
Total fair value of derivative financial instruments |  | $ | 11.5 |  | $ | (20.9) |  | $ | (9.4) |
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) |
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 | May 4, 2024 | April 29, 2023 |  |
Fair value hedges: |  |  |  |  |
Intercompany balances, primarily debt | Selling, general and administrative expenses | $ | 1 |  | $ | 6 |  |  |
Economic hedges for which hedge accounting was not elected: |  |  |
Diesel fuel contracts | Cost of sales, including buying and occupancy costs | (5) |  | (18) |  |  |
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 | 11 |  | 8 |  |  |
Gain (loss) recognized in income | $ | 7 |  | $ | (4) |  |  |

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