Company Quick10K Filing
TJX
Price54.83 EPS3
Shares1,229 P/E22
MCap67,381 P/FCF36
Net Debt240 EBIT3,921
TEV67,621 TEV/EBIT17
TTM 2019-11-02, in MM, except price, ratios
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8-K 2018-01-16

TJX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 tjx-20210501xex101.htm
EX-10.2 tjx-20210501xex102.htm
EX-31.1 tjx-20210501xex311.htm
EX-31.2 tjx-20210501xex312.htm
EX-32.1 tjx-20210501xex321.htm
EX-32.2 tjx-20210501xex322.htm

TJX Earnings 2021-05-01

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
1.61.10.60.2-0.3-0.82012201420172020
Ops, Inv, Fin

tjx-20210501
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(mark one)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended May 1, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 1-4908 
The TJX Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2207613
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
770 Cochituate Road Framingham, Massachusetts
 01701
(Address of principal executive offices) (Zip Code)
(508) 390-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTJXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  
The number of shares of registrant’s common stock outstanding as of May 21, 2021: 1,206,487,186



The TJX Companies, Inc.
TABLE OF CONTENTS

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
IN THOUSANDS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks Ended
 May 1,
2021
May 2,
2020
Net sales$10,086,661 $4,408,888 
Cost of sales, including buying and occupancy costs7,255,635 4,414,465 
Selling, general and administrative expenses2,064,992 1,313,920 
Interest expense, net44,688 23,351 
Income (loss) before income taxes721,346 (1,342,848)
(Provision) benefit for income taxes(187,416)455,359 
Net income (loss)
$533,930 $(887,489)
Basic earnings (loss) per share
$0.44 $(0.74)
Weighted average common shares – basic1,205,439 1,197,809 
Diluted earnings (loss) per share
$0.44 $(0.74)
Weighted average common shares – diluted1,221,517 1,197,809 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
IN THOUSANDS
 
 Thirteen Weeks Ended
 May 1,
2021
May 2,
2020
Net income (loss)$533,930 $(887,489)
Additions to other comprehensive income (loss):
Foreign currency translation adjustments, net of related tax provision of $2,898 in fiscal 2022 and tax benefit of $6,948 in fiscal 2021
22,249 (129,158)
Reclassifications from other comprehensive income (loss) to net income (loss):
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,056 in fiscal 2022 and $1,746 in fiscal 2021
2,901 4,797 
Amortization of loss on cash flow hedge, net of related tax provisions of $603 in fiscal 2022 and $76 in fiscal 2021
(263)208 
Other comprehensive income (loss), net of tax24,887 (124,153)
Total comprehensive income (loss)$558,817 $(1,011,642)
The accompanying notes are an integral part of the unaudited consolidated financial statements.
4


THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN THOUSANDS, EXCEPT SHARE DATA
 
May 1,
2021
January 30,
2021
May 2,
2020
ASSETS
Current assets:
Cash and cash equivalents$8,775,485 $10,469,570 $4,287,835 
Accounts receivable, net621,177 461,139 172,463 
Merchandise inventories5,114,643 4,337,389 4,945,720 
Prepaid expenses and other current assets440,533 434,977 408,587 
Federal, state and foreign income taxes recoverable 64,211 36,262 481,643 
Total current assets15,016,049 15,739,337 10,296,248 
Net property at cost5,067,824 5,036,096 5,201,697 
Non-current deferred income taxes, net135,765 127,191 36,742 
Operating lease right of use assets9,121,628 8,989,998 9,073,898 
Goodwill99,324 98,998 94,469 
Other assets860,844 821,935 712,186 
TOTAL ASSETS$30,301,434 $30,813,555 $25,415,240 
LIABILITIES
Current liabilities:
Accounts payable$4,433,295 $4,823,397 $1,071,190 
Accrued expenses and other current liabilities3,536,637 3,471,459 2,187,885 
Current portion of operating lease liabilities1,650,574 1,677,605 1,399,290 
Current portion of long-term debt 749,684  
Federal, state and foreign income taxes payable286,455 81,523 11,182 
Total current liabilities9,906,961 10,803,668 4,669,547 
Other long-term liabilities1,033,236 1,063,902 786,008 
Non-current deferred income taxes, net33,930 37,164 113,229 
Long-term operating lease liabilities7,853,229 7,743,216 7,914,825 
Long-term debt5,334,864 5,332,921 7,192,413 
Commitments and contingencies (See Note K)
SHAREHOLDERS’ EQUITY
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
   
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,206,386,746; 1,204,698,124 and 1,197,877,094 respectively
1,206,387 1,204,698 1,197,877 
Additional paid-in capital321,475 260,515 8,104 
Accumulated other comprehensive loss(581,184)(606,071)(797,324)
Retained earnings5,192,536 4,973,542 4,330,561 
Total shareholders’ equity6,139,214 5,832,684 4,739,218 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$30,301,434 $30,813,555 $25,415,240 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
5


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN THOUSANDS
 
 Thirteen Weeks Ended
 May 1,
2021
May 2,
2020
Cash flows from operating activities:
Net income (loss)$533,930 $(887,489)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization215,379 219,460 
Loss on property disposals and impairment charges931 26,424 
Deferred income tax (benefit)(16,181)(48,464)
Share-based compensation50,536 (11,531)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(156,999)210,419 
(Increase) in merchandise inventories(750,553)(136,027)
(Increase) in income taxes recoverable(27,949)(434,674)
Decrease (increase) in prepaid expenses and other current assets12,254 (39,580)
(Decrease) in accounts payable(410,244)(1,567,597)
Increase (decrease) in accrued expenses and other liabilities12,214 (578,178)
Increase (decrease) in income taxes payable203,740 (13,290)
(Decrease) increase in net operating lease liabilities(50,319)65,578 
Other, net(49,466)34,466 
Net cash (used in) operating activities(432,727)(3,160,483)
Cash flows from investing activities:
Property additions(225,293)(210,525)
Purchase of investments(7,345)(14,792)
Sales and maturities of investments7,733 4,214 
Net cash (used in) investing activities(224,905)(221,103)
Cash flows from financing activities:
Payments on debt(750,000) 
Proceeds from long-term debt including revolving credit facilities 4,988,452 
Payments for debt issuance expenses (33,872)
Payments for repurchase of common stock (201,500)
Cash dividends paid(315,215)(278,250)
Proceeds from issuance of common stock36,539 37,444 
Payments of employee tax withholdings for performance based stock awards(24,426)(21,765)
Net cash (used in) provided by financing activities(1,053,102)4,490,509 
Effect of exchange rate changes on cash16,649 (37,840)
Net (decrease) increase in cash and cash equivalents(1,694,085)1,071,083 
Cash and cash equivalents at beginning of year10,469,570 3,216,752 
Cash and cash equivalents at end of period$8,775,485 $4,287,835 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
6


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN THOUSANDS
Thirteen Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, January 30, 20211,204,698 $1,204,698 $260,515 $(606,071)$4,973,542 $5,832,684 
Net income    533,930 533,930 
Other comprehensive income, net of tax   24,887  24,887 
Cash dividends declared on common stock    (314,936)(314,936)
Recognition of share-based compensation  50,536   50,536 
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings1,689 1,689 10,424   12,113 
Balance, May 1, 20211,206,387 $1,206,387 $321,475 $(581,184)$5,192,536 $6,139,214 

Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
Loss
Retained
Earnings
Total
Balance, February 1, 20201,199,100 $1,199,100 $ $(673,171)$5,422,283 $5,948,212 
Net (loss)— — — — (887,489)(887,489)
Other comprehensive (loss), net of tax— — — (124,153)— (124,153)
Recognition (reversal) of share-based compensation— — 20,304 — (31,835)(11,531)
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings2,164 2,164 13,515 — — 15,679 
Common stock repurchased and retired(3,387)(3,387)(25,715)— (172,398)(201,500)
Balance, May 2, 20201,197,877 $1,197,877 $8,104 $(797,324)$4,330,561 $4,739,218 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
7


THE TJX COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021 (“fiscal 2021”).
These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.
The January 30, 2021 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
COVID-19 Pandemic
The novel coronavirus disease (“COVID-19”), was first identified in December 2019 before spreading worldwide. The Company has been, and may continue to be, impacted by the COVID-19 pandemic. In response to the pandemic, primarily during the first quarter of fiscal 2021, the Company took several steps to strengthen its financial position and balance sheet and to maintain financial liquidity and flexibility. The COVID-19 pandemic is complex and rapidly evolving and the severity and duration of the pandemic is still unknown. Additionally, the resurgence or the emergence of new variants has caused and may continue to cause intermittent or prolonged periods of temporary store closures, and could elicit further actions and recommendations from governments and public health authorities that could impact our operations. In the first quarter of fiscal 2021, the Company temporarily closed all of its stores, distribution centers and offices, and online businesses until the second quarter of fiscal 2021, while during the first quarter of fiscal 2022, our stores in the United States remained open for the entire first quarter, and we had (and continue to have) store closures primarily in Europe and Canada. The Company continues to monitor developments, including government requirements and recommendations at the national, state, and local level that could result in possible additional impacts to our operations. The Company cannot reasonably estimate the duration and severity of this pandemic which has had, and may continue to have, a material impact on its business, results of operations, financial position and cash flows.
Fiscal Year
TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 29, 2022 (“fiscal 2022”) and is a 52-week fiscal year. Fiscal 2021 was also a 52-week fiscal year.
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to leases, inventory valuation, impairment of long-lived assets, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the ongoing uncertainties surrounding the severity and duration of the COVID-19 pandemic and the associated containment and remediation efforts. Actual amounts could differ from these estimates, and such differences could be material.
Reclassifications
Certain reclassifications have been made to prior year financial information to conform to the current year’s presentation.
8


Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
In thousandsMay 1,
2021
May 2,
2020
Balance, beginning of year$576,187 $500,844 
Deferred revenue323,773 158,948 
Effect of exchange rates changes on deferred revenue2,899 (4,680)
Revenue recognized(365,854)(180,062)
Balance, end of period$537,005 $475,050 
The increase in both deferred revenue and revenue recognized versus the prior year reflects the impact of the temporary store and e-commerce closures in the first quarter of fiscal 2021 due to the COVID-19 pandemic. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.
Leases
Supplemental cash flow information related to leases for the thirteen weeks ended May 1, 2021 and May 2, 2020 is as follows:
Thirteen Weeks Ended
In thousandsMay 1,
2021
May 2,
2020
Operating cash flows paid for operating leases$531,836 $445,901 
Lease liabilities arising from obtaining right of use assets$488,666 $553,075 
During fiscal 2021, the Company negotiated rent deferrals for a significant number of its stores, with repayment primarily throughout fiscal 2022.
Future Adoption of New Accounting Standards
From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company has reviewed the guidance and have determined that they will not apply or are not expected to be material to its Consolidated Financial Statements upon adoption and therefore are not disclosed.
Note B. Property at Cost
The following table presents the components of property at cost:
In thousandsMay 1,
2021
January 30,
2021
May 2,
2020
Land and buildings
$1,723,049 $1,668,381 $1,551,968 
Leasehold costs and improvements
3,611,943 3,568,829 3,437,975 
Furniture, fixtures and equipment6,602,759 6,525,615 6,343,510 
Total property at cost$11,937,751 $11,762,825 $11,333,453 
Less: accumulated depreciation and amortization
6,869,927 6,726,729 6,131,756 
Net property at cost$5,067,824 $5,036,096 $5,201,697 
Depreciation expense was $212 million for the three months ended May 1, 2021 and $217 million for the three months ended May 2, 2020.
9


Note C. Accumulated Other Comprehensive (Loss) Income
Amounts included in accumulated other comprehensive loss are recorded net of taxes. The following table details the changes in accumulated other comprehensive loss for the twelve months ended January 30, 2021 and the three months ended May 1, 2021:
In thousandsForeign
Currency
Translation
Deferred
Benefit
Costs
Cash
Flow
Hedge
on Debt
Accumulated
Other
Comprehensive
(Loss) Income
Balance, February 1, 2020
$(457,120)$(215,483)$(568)$(673,171)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $2,442)
15,588 — — 15,588 
Recognition of net gains/losses on benefit obligations (net of taxes of $9,974)
— 30,635 — 30,635 
Reclassifications from other comprehensive loss to net income:
Amortization of loss on cash flow hedge (net of taxes of $303)
— — 831 831 
Amortization of prior service cost and deferred gains/losses (net of taxes of $7,298)
— 20,046 — 20,046 
Balance, January 30, 2021
$(441,532)$(164,802)$263 $(606,071)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $2,898)
22,249 — — 22,249 
Reclassifications from other comprehensive loss to net income:
Amortization of loss on cash flow hedge (net of taxes of $603)
— — (263)(263)
Amortization of prior service cost and deferred gains/losses (net of taxes of $1,056)
— 2,901 — 2,901 
Balance, May 1, 2021
$(419,283)$(161,901)$ $(581,184)

Note D. Capital Stock and Earnings (Loss) Per Share
Capital Stock
Prior to the suspension of the Company’s share repurchase program, during the first quarter of fiscal 2021, TJX repurchased and retired 3.2 million shares of its common stock at a cost of $190 million on a “trade date” basis. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $201 million for the three months ended May 2, 2020. These expenditures were funded by cash generated from operations.
In February 2020, the Company announced that its Board of Directors had approved, in January 2020, a new stock repurchase program that authorizes the repurchase of up to an additional $1.5 billion of TJX common stock from time to time. In February 2019, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.5 billion of TJX common stock from time to time.
As of May 1, 2021, TJX had approximately $3.0 billion available under these previously announced stock repurchase programs.
All shares repurchased under the stock repurchase programs have been retired.
Subsequent to the end of the first quarter of fiscal 2022, the Company lifted the temporary suspension of its previously authorized stock repurchase programs.
10


Earnings (Loss) Per Share
The following table presents the calculation of basic and diluted earnings (loss) per share for net income (loss):
 Thirteen Weeks Ended
Amounts in thousands, expect per share amountsMay 1,
2021
May 2,
2020
Basic earnings (loss) per share:
Net income (loss)
$533,930 $(887,489)
Weighted average common shares outstanding for basic earnings (loss) per share calculation
1,205,439 1,197,809 
Basic earnings (loss) per share
$0.44 $(0.74)
Diluted earnings (loss) per share:
Net income (loss)
$533,930 $(887,489)
Weighted average common shares outstanding for basic earnings (loss) per share calculations
1,205,439 1,197,809 
Assumed exercise / vesting of stock options and awards16,078  
Weighted average common shares outstanding for diluted earnings (loss) per share calculation
1,221,517 1,197,809 
Diluted earnings (loss) per share
$0.44 $(0.74)
Cash dividends declared per share$0.26 $ 
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal period. Such options are excluded because they would have an antidilutive effect. There were no such options excluded for the thirteen weeks ended May 1, 2021. For the period ended May 2, 2020, as a result of the net loss for the quarter, all options were antidilutive and therefore have been excluded from the calculation.
The Board of Directors declared a quarterly dividend of $0.26 per share in the first quarter of fiscal 2022.
Note E. Financial Instruments
As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged.
11


Diesel Fuel Contracts
TJX hedges portions of its estimated notional diesel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing (and the resulting per mile surcharges payable by TJX) by setting a fixed price per gallon for the period being hedged. During fiscal 2021, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2022, and during the first three months of fiscal 2022, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first three months of fiscal 2023. The hedge agreements outstanding at May 1, 2021 relate to approximately 48% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2022 and approximately 40% of TJX’s estimated notional diesel requirements for the first three months of fiscal 2023. These diesel fuel hedge agreements will settle throughout the remainder of fiscal 2022 and throughout the first four months of fiscal 2023. TJX elected not to apply hedge accounting to these contracts.
Foreign Currency Contracts
TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. As a result of the COVID-19 pandemic, there was a significant change in the Company's anticipated merchandise purchases during the first quarter of fiscal 2021 and the Company early settled derivative contracts designed to hedge merchandise purchases that would no longer take place. The settlement of these contracts resulted in a net gain of $25 million in the first quarter of fiscal 2021. The contracts outstanding at May 1, 2021 cover the merchandise purchases the Company is committed to over the next several months. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. All merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. The inflow of Euros to the central buying entity provides a natural hedge for merchandise purchased from third-party vendors that is denominated in Euros. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this exposure.
TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt and intercompany interest payable. The changes in fair value of these contracts are recorded in selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in selling, general and administrative expenses.
12


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 1, 2021:
In thousandsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
May 1,
2021
Fair value hedges:
Intercompany balances, primarily debt and related interest:
45,000 £8,846 0.1966 Prepaid Exp$353 $ $353 
A$80,000 U.S.$62,032 0.7754 (Accrued Exp) (98)(98)
U.S.$75,102 £55,000 0.7323 Prepaid Exp1,505  1,505 
£450,000 U.S.$620,918 1.3798 Prepaid Exp / (Accrued Exp)40 (5,582)(5,542)
200,000 U.S.$244,699 1.2235 Prepaid Exp2,301  2,301 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.1M – 3.8M
gal per month
Float on
3.1M – 3.8M
gal per month
N/APrepaid Exp17,816  17,816 
Intercompany billings in TJX International, primarily merchandise related:
163,000 £141,240 0.8665 (Accrued Exp) (166)(166)
Merchandise purchase commitments:
C$574,390 U.S.$457,000 0.7956 (Accrued Exp) (11,054)(11,054)
C$29,455 19,500 0.6620 (Accrued Exp) (444)(444)
£282,746 U.S.$391,800 1.3857 Prepaid Exp / (Accrued Exp)1,939 (3,751)(1,812)
A$50,830 U.S.$39,125 0.7697 Prepaid Exp / (Accrued Exp)42 (356)(314)
U.S.$53,680 44,400 0.8271 Prepaid Exp / (Accrued Exp)185 (267)(82)
Total fair value of derivative financial instruments$24,181 $(21,718)$2,463 














13


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 30, 2021:
In thousandsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
January 30,
2021
Fair value hedges:
Intercompany balances, primarily debt and related interest:
45,000 £8,846 0.1966 Prepaid Exp$11 $ $11 
A$80,000 U.S.$62,032 0.7754 Prepaid Exp738  738 
U.S.$75,102 £55,000 0.7323 Prepaid Exp357  357 
£200,000 U.S.$274,853 1.3743 Prepaid Exp32  32 
200,000 U.S.$244,699 1.2235 Prepaid Exp / (Accrued Exp)427 (182)245 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
1.5M – 3.8M
gal per month
Float on
1.5M– 3.8M
gal per month
N/APrepaid Exp4,880  4,880 
Merchandise purchase commitments:
C$384,679 U.S.$296,000 0.7695 Prepaid Exp / (Accrued Exp)430 (5,627)(5,197)
C$5,391 3,500 0.6492 Prepaid Exp24  24 
£203,264 U.S.$263,950 1.2986 (Accrued Exp) (15,086)(15,086)
30,000 £5,865 0.1955 (Accrued Exp) (29)(29)
A$46,985 U.S.$35,250 0.7502 Prepaid Exp / (Accrued Exp)144 (837)(693)
U.S.$99,810 83,700 0.8386 Prepaid Exp / (Accrued Exp)1,986 (160)1,826 
Total fair value of derivative financial instruments$9,029 $(21,921)$(12,892)

14


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 2, 2020:
In thousandsPayReceive