Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2020

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 31, 2020:


In thousands		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at October 31, 2020
Fair value hedges:
Intercompany balances, primarily debt and related interest:
	zł	65,000	£	12,780	0.1966	Prepaid Exp / (Accrued Exp)	$	195	$	(68)	$	127
	€	60,000	£	53,412	0.8902	(Accrued Exp)	—		(904)		(904)
	A$	80,000	U.S.$	58,016	0.7252	Prepaid Exp	1,749		—		1,749
	U.S.$	72,475	£	55,000	0.7589	(Accrued Exp)	—		(1,280)		(1,280)
	£	200,000	U.S.$	249,499	1.2475	(Accrued Exp)	—		(9,810)		(9,810)

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 2.9M – 3.5M gal per month		Float on 2.9M – 3.5M gal per month	N/A	(Accrued Exp)	—		(15,078)		(15,078)


Merchandise purchase commitments:
	C$	637,508	U.S.$	481,000	0.7545	Prepaid Exp / (Accrued Exp)	3,328		(1,152)		2,176

	£	415,653	U.S.$	533,150	1.2827	Prepaid Exp / (Accrued Exp)	1,050		(6,768)		(5,718)
	A$	45,584	U.S.$	32,650	0.7163	Prepaid Exp	600		—		600
	zł	264,400	£	53,293	0.2016	Prepaid Exp	2,189		—		2,189

	U.S.$	53,605	€	45,600	0.8507	(Accrued Exp)	—		(394)		(394)
Total fair value of derivative financial instruments							$	9,111	$	(35,454)	$	(26,343)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2020:


In thousands		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at February 1, 2020
Fair value hedges:
Intercompany balances, primarily debt and related interest:
	zł	45,000	£	8,930	0.1984	Prepaid Exp	$	270	$	—	$	270
	A$	50,000	U.S.$	33,911	0.6782	Prepaid Exp	275		—		275
	U.S.$	72,475	£	55,000	0.7589	Prepaid Exp	743		—		743
Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 2.9M – 3.5M gal per month		Float on 2.9M– 3.5M gal per month	N/A	(Accrued Exp)	—		(9,927)		(9,927)
Intercompany billings in TJX International, primarily merchandise related:
	€	58,700	£	49,848	0.8492	Prepaid Exp	655		—		655
Merchandise purchase commitments:
	C$	609,340	U.S.$	463,200	0.7602	Prepaid Exp / (Accrued Exp)	2,877		(207)		2,670
	C$	37,051	€	25,200	0.6801	Prepaid Exp / (Accrued Exp)	61		(44)		17
	£	265,653	U.S.$	341,880	1.2869	Prepaid Exp / (Accrued Exp)	11		(9,792)		(9,781)
	zł	362,700	£	72,217	0.1991	Prepaid Exp	1,903		—		1,903
	A$	29,400	U.S.$	20,151	0.6854	Prepaid Exp	435		—		435
	U.S.$	49,849	€	44,635	0.8954	Prepaid Exp / (Accrued Exp)	10		(235)		(225)
Total fair value of derivative financial instruments							$	7,240	$	(20,205)	$	(12,965)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 2019:


In thousands		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at November 2, 2019
Fair value hedges:
Intercompany balances, primarily debt and related interest:
	zł	64,000	£	13,144	0.2054	Prepaid Exp	$	246	$	—	$	246
	€	46,450	£	41,712	0.8980	Prepaid Exp	1,919		—		1,919
	A$	50,000	U.S.$	34,370	0.6874	(Accrued Exp)	—		(303)		(303)
	U.S.$	72,020	£	55,000	0.7637	(Accrued Exp)	—		(757)		(757)
Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 2.7M – 3.3M gal per month		Float on 2.7M – 3.3M gal per month	N/A	(Accrued Exp)	—		(3,878)		(3,878)
Intercompany billings in TJX International, primarily merchandise related:
	€	86,800	£	76,837	0.8852	Prepaid Exp	2,411		—		2,411


Merchandise purchase commitments:
	C$	642,859	U.S.$	487,300	0.7580	Prepaid Exp / (Accrued Exp)	808		(2,960)		(2,152)
	C$	31,863	€	21,600	0.6779	Prepaid Exp / (Accrued Exp)	36		(111)		(75)
	£	308,166	U.S.$	386,700	1.2548	Prepaid Exp / (Accrued Exp)	373		(14,122)		(13,749)
	A$	42,054	U.S.$	28,767	0.6840	Prepaid Exp / (Accrued Exp)	46		(414)		(368)
	zł	369,290	£	76,343	0.2067	Prepaid Exp / (Accrued Exp)	2,192		(148)		2,044
	U.S.$	2,254	£	1,761	0.7813	Prepaid Exp	23		—		23
	U.S.$	69,558	€	61,875	0.8895	Prepaid Exp / (Accrued Exp)	304		(614)		(310)
Total fair value of derivative financial instruments							$	8,358	$	(23,307)	$	(14,949)

Presented below is the impact of derivative financial instruments on the Consolidated Statements of Income (Loss) for the periods shown:


		Amount of (Loss) Gain Recognized in Income / (Loss) by Derivative
	Location of (Loss) Gain Recognized in Income / (Loss) by Derivative	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In thousands		October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Fair value hedges:
Intercompany balances, primarily debt and related interest	Selling, general and administrative expenses	$	(2,086)	$	7,238	$	(45,319)	$	526
Economic hedges for which hedge accounting was not elected:
Intercompany receivable	Selling, general and administrative expenses	—		—		—		3,257
Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(7,059)		529		(19,790)		(2,103)
Intercompany billings in TJX International, primarily merchandise related	Cost of sales, including buying and occupancy costs	(310)		5,144		(4,201)		944
International lease liabilities	Cost of sales, including buying and occupancy costs	—		301		—		(1,113)
Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	7,302		(18,622)		41,629		8,536
(Loss) gain recognized in income / (loss)		$	(2,153)	$	(5,410)	$	(27,681)	$	10,047