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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 April 30, 2022
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 20, 2022: 1,171,635,933



The TJX Companies, Inc.

2


PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
IN THOUSANDS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks Ended
 April 30,
2022
May 1,
2021
Net sales$11,406,474 $10,086,661 
Cost of sales, including buying and occupancy costs8,223,213 7,255,635 
Selling, general and administrative expenses2,094,582 2,064,992 
Impairment on equity investment217,619  
Interest expense, net18,785 44,688 
Income before income taxes852,275 721,346 
Provision for income taxes264,802 187,416 
Net income
$587,473 $533,930 
Basic earnings per share
$0.50 $0.44 
Weighted average common shares – basic1,177,141 1,205,439 
Diluted earnings per share
$0.49 $0.44 
Weighted average common shares – diluted1,189,263 1,221,517 
The accompanying notes are an integral part of the unaudited consolidated financial statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
IN THOUSANDS
 
 Thirteen Weeks Ended
 April 30,
2022
May 1,
2021
Net income$587,473 $533,930 
Additions to other comprehensive (loss) income:
Foreign currency translation adjustments, net of related tax benefit of $574 in fiscal 2023 and tax provision of $2,898 in fiscal 2022
(57,612)22,249 
Reclassifications from other comprehensive (loss) income to net income:
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,375 in fiscal 2023 and $1,056 in fiscal 2022
3,778 2,901 
Amortization of loss on cash flow hedge, net of related tax provision of $603 in fiscal 2022
 (263)
Other comprehensive (loss) income, net of tax(53,834)24,887 
Total comprehensive income$533,639 $558,817 
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
 
April 30,
2022
January 29,
2022
May 1,
2021
Assets
Current assets:
Cash and cash equivalents$4,295,068 $6,226,765 $8,775,485 
Accounts receivable, net576,300 517,623 621,177 
Merchandise inventories6,989,788 5,961,573 5,114,643 
Prepaid expenses and other current assets565,351 438,099 440,533 
Federal, state and foreign income taxes recoverable 53,715 114,537 64,211 
Total current assets12,480,222 13,258,597 15,016,049 
Net property at cost5,289,164 5,270,827 5,067,824 
Non-current deferred income taxes, net177,425 184,971 135,765 
Operating lease right of use assets9,066,865 8,853,934 9,121,628 
Goodwill96,910 96,662 99,324 
Other assets599,318 796,467 860,844 
Total Assets$27,709,904 $28,461,458 $30,301,434 
Liabilities
Current liabilities:
Accounts payable$4,370,563 $4,465,427 $4,433,295 
Accrued expenses and other current liabilities3,811,585 4,244,997 3,536,637 
Current portion of operating lease liabilities1,575,582 1,576,561 1,650,574 
Federal, state and foreign income taxes payable260,789 181,155 286,455 
Total current liabilities10,018,519 10,468,140 9,906,961 
Other long-term liabilities908,907 1,015,720 1,033,236 
Non-current deferred income taxes, net54,063 44,175 33,930 
Long-term operating lease liabilities7,777,160 7,575,590 7,853,229 
Long-term debt3,355,815 3,354,841 5,334,864 
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 1,172,711,116; 1,181,188,731 and 1,206,386,746 respectively
1,172,711 1,181,189 1,206,387 
Additional paid-in capital  321,475 
Accumulated other comprehensive loss(740,984)(687,150)(581,184)
Retained earnings5,163,713 5,508,953 5,192,536 
Total shareholders’ equity5,595,440 6,002,992 6,139,214 
Total liabilities and shareholders’ equity$27,709,904 $28,461,458 $30,301,434 
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
 April 30,
2022
May 1,
2021
Cash flows from operating activities:
Net income$587,473 $533,930 
Adjustments to reconcile net income to cash (used in) operating activities:
Depreciation and amortization219,605 215,379 
Impairment on equity investment217,619  
Loss on property disposals and impairment charges3,883 931 
Deferred income tax provision (benefit)11,501 (16,181)
Share-based compensation27,336 50,536 
Changes in assets and liabilities:
(Increase) in accounts receivable(65,740)(156,999)
(Increase) in merchandise inventories(1,085,340)(750,553)
Decrease (increase) in income taxes recoverable60,822 (27,949)
(Increase) decrease in prepaid expenses and other current assets(32,816)12,254 
(Decrease) in accounts payable(52,817)(410,244)
(Decrease) increase in accrued expenses and other liabilities(565,135)12,214 
Increase in income taxes payable77,329 203,740 
(Decrease) in net operating lease liabilities(3,851)(50,319)
Other, net(34,345)(49,466)
Net cash (used in) operating activities(634,476)(432,727)
Cash flows from investing activities:
Property additions(314,351)(225,293)
Purchases of investments(15,649)(7,345)
Sales and maturities of investments5,528 7,733 
Net cash (used in) investing activities(324,472)(224,905)
Cash flows from financing activities:
Payments on debt (750,000)
Payments for repurchase of common stock(607,201) 
Cash dividends paid(309,485)(315,215)
Proceeds from issuance of common stock18,055 36,539 
Payments of employee tax withholdings for performance based stock awards(32,459)(24,426)
Net cash (used in) financing activities(931,090)(1,053,102)
Effect of exchange rate changes on cash(41,659)16,649 
Net (decrease) in cash and cash equivalents(1,931,697)(1,694,085)
Cash and cash equivalents at beginning of year6,226,765 10,469,570 
Cash and cash equivalents at end of period$4,295,068 $8,775,485 
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 29, 20221,181,189 $1,181,189 $ $(687,150)$5,508,953 $6,002,992 
Net income    587,473 587,473 
Other comprehensive (loss), net of tax   (53,834) (53,834)
Cash dividends declared on common stock    (346,922)(346,922)
Recognition of share-based compensation  27,336   27,336 
Issuance of common stock under stock incentive plan, and related tax effect1,145 1,145 (15,549)  (14,404)
Common stock repurchased(9,623)(9,623)(11,787) (585,791)(607,201)
Balance, April 30, 20221,172,711 $1,172,711 $ $(740,984)$5,163,713 $5,595,440 
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, and related tax effect1,689 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 
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 29, 2022 (“fiscal 2022”).

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 29, 2022 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
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 28, 2023 (“fiscal 2023”) and is a 52-week fiscal year. Fiscal 2022 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 inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. TJX considered the impact of COVID-19 on its estimates and the Company cannot reasonably estimate with certainty 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.
Equity Investment
In fiscal 2020, the Company acquired a minority ownership stake in privately held Familia, an off-price retailer of apparel and home fashions domiciled in Luxembourg that operates stores throughout Russia. During the quarter ended April 30, 2022, the Company announced that it has committed to divesting its minority investment and as a result, the Company performed an impairment analysis of this investment. Based on this analysis the Company concluded that there was an other-than-temporary impairment of this investment and recorded an impairment charge of $218 million representing the entirety of the Company’s investment. See Note F—Fair Value Measurements for additional information.
Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
In thousandsApril 30,
2022
May 1,
2021
Balance, beginning of year$685,202 $576,187 
Deferred revenue383,892 323,773 
Effect of exchange rates changes on deferred revenue(2,645)2,899 
Revenue recognized(443,944)(365,854)
Balance, end of period$622,505 $537,005 
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.
8


Leases
Supplemental cash flow information related to leases is as follows:
Thirteen Weeks Ended
In thousandsApril 30,
2022
May 1,
2021
Operating cash flows paid for operating leases$488,233 $531,836 
Lease liabilities arising from obtaining right of use assets$756,609 $488,666 
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”). The Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption and therefore, they are not disclosed.
Note B. Property at Cost
The following table presents the components of property at cost:
In thousandsApril 30,
2022
January 29,
2022
May 1,
2021
Land and buildings
$1,929,521 $1,911,569 $1,723,049 
Leasehold costs and improvements
3,615,202 3,652,280 3,611,943 
Furniture, fixtures and equipment6,961,560 6,871,777 6,602,759 
Total property at cost$12,506,283 $12,435,626 $11,937,751 
Less: accumulated depreciation and amortization
7,217,119 7,164,799 6,869,927 
Net property at cost$5,289,164 $5,270,827 $5,067,824 
Depreciation expense was $218 million for the three months ended April 30, 2022 and $212 million for the three months ended May 1, 2021.
Non-cash investing activities in the cash flows consist of accrued capital additions of $176 million and $90 million as of the periods ended April 30, 2022 and May 1, 2021, respectively.
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 29, 2022 and the three months ended April 30, 2022:
In thousandsForeign
Currency
Translation
Deferred
Benefit
Costs
Cash
Flow
Hedge
on Debt
Accumulated
Other
Comprehensive
(Loss) Income
Balance, January 30, 2021
$(441,532)$(164,802)$263 $(606,071)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $207)
(46,715)— — (46,715)
Recognition of net gains/losses on benefit obligations (net of taxes of $17,659)
— (48,504)— (48,504)
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 $4,588)
— 14,403 — 14,403 
Balance, January 29, 2022
$(488,247)$(198,903)$ $(687,150)
Additions to other comprehensive loss:
Foreign currency translation adjustments (net of taxes of $574)
(57,612)(57,612)
Reclassifications from other comprehensive loss to net income:
Amortization of prior service cost and deferred gains/losses (net of taxes of $1,375)
 3,778  3,778 
Balance, April 30, 2022
$(545,859)$(195,125)$ $(740,984)
Note D. Capital Stock and Earnings Per Share
Capital Stock
TJX repurchased and retired 9.5 million shares of its common stock at a cost of approximately $0.6 billion during the quarter ended April 30, 2022, on a “trade date” basis. TJX reflects stock repurchases in its consolidated financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $0.6 billion for the three months ended April 30, 2022. These expenditures were funded by cash generated from operations.
In February 2022, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $3.0 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $3.2 billion available for repurchase as of April 30, 2022.
All shares repurchased under the stock repurchase programs have been retired.
Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share:
 Thirteen Weeks Ended
Amounts in thousands, expect per share amountsApril 30,
2022
May 1,
2021
Basic earnings per share:
Net income
$587,473 $533,930 
Weighted average common shares outstanding for basic earnings per share calculation
1,177,141 1,205,439 
Basic earnings per share
$0.50 $0.44 
Diluted earnings per share:
Net income
$587,473 $533,930 
Weighted average common shares outstanding for basic earnings per share calculation
1,177,141 1,205,439 
Assumed exercise / vesting of stock options and awards12,122 16,078 
Weighted average common shares outstanding for diluted earnings per share calculation
1,189,263 1,221,517 
Diluted earnings per share
$0.49 $0.44 
Cash dividends declared per share$0.295 $0.26 
10


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 5.1 million such options excluded for the thirteen weeks ended April 30, 2022 and there were no such options excluded for the thirteen weeks ended May 1, 2021.
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 Sheet 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 Accumulated other comprehensive (loss) or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged.
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 2022, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for fiscal 2023, and during the first three months of fiscal 2023, TJX entered into agreements to hedge a portion of its estimated notional diesel requirements for the first three months of fiscal 2024. The hedge agreements outstanding at April 30, 2022 relate to approximately 51% of TJX’s estimated notional diesel requirements for the remainder of fiscal 2023 and approximately 47% of TJX’s estimated notional diesel requirements for the first three months of fiscal 2024. These diesel fuel hedge agreements will settle throughout fiscal 2023 and throughout the first four months of fiscal 2024. 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. The contracts outstanding at April 30, 2022 cover 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. A portion of the inflows 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. 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.
11


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at April 30, 2022:
In thousandsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
April 30,
2022
Fair value hedges:
Intercompany balances, primarily debt related:
25,000 £4,541 0.1816 Prepaid Exp$149 $ $149 
60,000 £50,568 0.8428 (Accrued Exp) (145)(145)
A$170,000 U.S.$122,061 0.7180 Prepaid Exp1,868  1,868 
U.S.$74,646 £55,000 0.7368 (Accrued Exp) (5,584)(5,584)
£150,000 U.S.$203,667 1.3578 Prepaid Exp15,501  15,501 
200,000 U.S.$229,237 1.1462 Prepaid Exp16,758  16,758 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.2M – 4.0M
gal per month
Float on
3.2M – 4.0M
gal per month
N/APrepaid Exp53,779  53,779 
Intercompany billings in TJX International, primarily merchandise related:
260,000 £216,610 0.8331 (Accrued Exp) (2,348)(2,348)
Merchandise purchase commitments:
C$826,057 U.S.$655,000 0.7929 Prepaid Exp14,162  14,162 
C$30,949 22,000 0.7108 (Accrued Exp) (802)(802)
£436,036 U.S.$582,300 1.3354 Prepaid Exp / (Accrued Exp)36,363 (210)36,153 
A$69,520 U.S.$50,500 0.7264 Prepaid Exp1,394  1,394 
615,000 £110,481 0.1796 Prepaid Exp2,458  2,458 
U.S.$152,073 135,500 0.8910 (Accrued Exp) (8,897)(8,897)
Total fair value of derivative financial instruments$142,432 $(17,986)$124,446 
12


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 29, 2022:
In thousandsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
January 29,
2022
Fair value hedges:
Intercompany balances, primarily debt related:
25,000 £4,541 0.1816 Prepaid Exp$72 $ $72 
60,000 £50,568 0.8428 Prepaid Exp111  111 
A$170,000 U.S.$122,061 0.7180 Prepaid Exp2,047  2,047 
U.S.$74,646 £55,000 0.7368 (Accrued Exp) (918)(918)
200,000 U.S.$230,319 1.1516 Prepaid Exp4,535  4,535 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.6M – 4.0M
gal per month
Float on
3.6M– 4.0M
gal per month
N/APrepaid Exp23,649  23,649 
Intercompany billings in TJX International, primarily merchandise related:
91,000 £75,894 0.8340 (Accrued Exp) (145)(145)
Merchandise purchase commitments:
C$987,756 U.S.$783,000 0.7927 Prepaid Exp / (Accrued Exp)6,641 (80)6,561 
C$38,138 26,500 0.6948 (Accrued Exp) (248)(248)
£325,482 U.S.$442,100 1.3583 Prepaid Exp / (Accrued Exp)6,023 (632)5,391 
453,000 £82,112 0.1813 Prepaid Exp / (Accrued Exp)744 (449)295 
A$65,551 U.S.$47,500 0.7246 Prepaid Exp1,270  1,270 
U.S.$66,989 59,000 0.8807 (Accrued Exp) (820)(820)
Total fair value of derivative financial instruments$45,092 $(3,292)$41,800 
13


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 related:
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 
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 thousandsApril 30,
2022
May 1,
2021
Fair value hedges:
Intercompany balances, primarily debt relatedSelling, general and administrative expenses$24,395 $(2,864)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contractsCost of sales, including buying and occupancy costs44,173 13,570 
Intercompany billings in TJX International, primarily merchandise relatedCost of sales, including buying and occupancy costs(370)118 
Merchandise purchase commitmentsCost of sales, including buying and occupancy costs40,929 (15,969)
Gain (loss) recognized in income$109,127 $(5,145)
14


Note F. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price”. The inputs used to measure fair value are generally classified into the following hierarchy:
Level 1:  Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2:  Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3:  Unobservable inputs for the asset or liability
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
In thousandsApril 30,
2022
January 29,
2022
May 1,
2021
Level 1
Assets:
Executive Savings Plan investments$