v3.26.1
Financial Instruments
 3 Months Ended
May 02, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments 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 Accumulated other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Gains and losses on derivative instruments are reported in the Consolidated Statements of Cash Flows in operating activities, under Other, net.
Diesel Fuel Contracts
TJX hedges portions of its estimated notional diesel fuel requirements in the U.S. 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 economic hedges 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. Generally, the Company’s intention is to hedge approximately 50% of its estimated notional domestic diesel fuel requirements for the succeeding twelve months. The hedge agreements outstanding at May 2, 2026 relate to approximately 40% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2027 and the first quarter of fiscal 2028. These diesel fuel hedge agreements will settle throughout fiscal 2027 and throughout the first four months of fiscal 2028. Upon settlement, the realized gains and losses on these contracts are recorded in Cost of sales, including buying and occupancy costs. 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 May 2, 2026 cover merchandise purchases the Company is committed to over the next several months in fiscal 2027. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their U.K. centralized buying function. 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 Euro denominated merchandise purchases from third-party vendors. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this excess exposure. Upon settlement, the realized gains and losses on these contracts are recorded in Cost of sales, including buying and occupancy costs. TJX elected not to apply hedge accounting to these contracts.
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.
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 2, 2026:
In millionsPayReceiveBlended
Contract
Rate		Balance Sheet
Location		Current
Asset
U.S.$		Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
May 2,
2026
Fair value hedges:
Intercompany balances, primarily debt:
€83 £73 0.8788 Prepaid Exp$1.4 $— $1.4 
A$240 U.S.$160 0.6648 (Accrued Exp)— (12.5)(12.5)
€200 U.S.$237 1.1869 Prepaid Exp1.7 — 1.7 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
0.8M – 3.9M
gal per month
Float on
0.8M – 3.9M
gal per month
N/APrepaid Exp50.0 — 50.0 
Intercompany billings in TJX International, primarily merchandise:
€161 £140 0.8709 Prepaid Exp1.7 — 1.7 
Merchandise purchase commitments:
C$985 U.S.$720 0.7311 Prepaid Exp / (Accrued Exp)0.5 (7.3)(6.8)
C$39 €24 0.6227 Prepaid Exp / (Accrued Exp)0.1 (0.3)(0.2)
£552 U.S.$740 1.3415 Prepaid Exp / (Accrued Exp)1.0 (9.9)(8.9)
zł423 £87 0.2055 Prepaid Exp / (Accrued Exp)1.4 (0.2)1.2 
A$134 U.S.$92 0.6875 (Accrued Exp)— (4.2)(4.2)
U.S.$125 €106 0.8487 Prepaid Exp / (Accrued Exp)0.5 (0.7)(0.2)
Total fair value of derivative financial instruments$58.3 $(35.1)$23.2 
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at January 31, 2026:
In millionsPayReceiveBlended
Contract
Rate		Balance Sheet
Location		Current
Asset
U.S.$		Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
January 31,
2026
Fair value hedges:
Intercompany balances, primarily debt:
€83 £73 0.8759 Prepaid Exp$0.9 $— 0.9 
A$240 U.S.$160 0.6648 (Accrued Exp)— (6.9)(6.9)
€200 U.S.$234 1.1718 (Accrued Exp)— (3.2)(3.2)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.2M – 3.9M
gal per month
Float on
3.2M– 3.9M
gal per month
N/APrepaid Exp6.2 — 6.2 
Intercompany billings in TJX International, primarily merchandise:
€111 £96 0.8680 Prepaid Exp0.2 — 0.2 
Intercompany balances in TJX International:
£168 U.S.$226 1.3472(Accrued Exp)— (3.6)(3.6)
Merchandise purchase commitments:
C$856 U.S.$620 0.7241 Prepaid Exp / (Accrued Exp)0.1 (10.8)(10.7)
C$37 €23 0.6176 Prepaid Exp / (Accrued Exp)0.0 (0.1)(0.1)
£572 U.S.$766 1.3386 (Accrued Exp)— (17.0)(17.0)
zł402 £83 0.2062 Prepaid Exp / (Accrued Exp)0.7 (0.3)0.4 
A$122 U.S.$81 0.6621 (Accrued Exp)— (4.1)(4.1)
U.S.$87 €74 0.8495 Prepaid Exp / (Accrued Exp)0.9 (0.1)0.8 
Total fair value of derivative financial instruments$9.0 $(46.1)$(37.1)
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 3, 2025:
In millionsPayReceiveBlended
Contract
Rate		Balance Sheet
Location		Current
Asset
U.S.$		Current
(Liability)
U.S.$
Net Fair 
Value in 
U.S.$ at 
May 3,
2025
Fair value hedges:
Intercompany balances, primarily debt:
€80 £68 0.8522 (Accrued Exp)$— $(0.5)$(0.5)
A$210 U.S.$135 0.6420 Prepaid Exp / (Accrued Exp)1.4 (2.1)(0.7)
U.S.$67 £55 0.8177 Prepaid Exp5.8 — 5.8 
£50 U.S.$61 1.2222 (Accrued Exp)— (5.3)(5.3)
€200 U.S.$220 1.1005 Prepaid Exp / (Accrued Exp)0.1 (9.0)(8.9)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.1M – 4.1M
gal per month
Float on
3.1M – 4.1M
gal per month
N/A(Accrued Exp)— (16.1)(16.1)
Intercompany billings in TJX International, primarily merchandise:
€195 £167 0.8549 Prepaid Exp0.8 — 0.8 
Merchandise purchase commitments:
C$926 U.S.$655 0.7070 (Accrued Exp)— (18.1)(18.1)
C$31 €20 0.6546 Prepaid Exp / (Accrued Exp)0.5 (0.0)0.5 
£488 U.S.$624 1.2778 Prepaid Exp / (Accrued Exp)0.5 (24.9)(24.4)
zł489 £95 0.1950 Prepaid Exp / (Accrued Exp)0.1 (2.4)(2.3)
A$93 U.S.$59 0.6346 Prepaid Exp / (Accrued Exp)0.0 (0.9)(0.9)
U.S.$109 €101 0.9204 Prepaid Exp / (Accrued Exp)5.1 (0.2)4.9 
Total fair value of derivative financial instruments$14.3 $(79.5)$(65.2)
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 millionsMay 2,
2026		May 3,
2025
Fair value hedges:
Intercompany balances, primarily debtSelling, general and administrative expenses$(1)$(23)
Economic hedges for which hedge accounting was not elected:
Intercompany balances in TJX InternationalSelling, general and administrative expenses4 — 
Diesel fuel contractsCost of sales, including buying and occupancy costs47 (12)
Intercompany billings in TJX International, primarily merchandiseCost of sales, including buying and occupancy costs2 (3)
Merchandise purchase commitmentsCost of sales, including buying and occupancy costs2 (59)
Gain (loss) recognized in income$54 $(97)