XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Long-Term Debt and Credit Lines
 6 Months Ended
Aug. 03, 2019
Debt Disclosure [Abstract]  
Long-Term Debt and Credit Lines Long-Term Debt and Credit Lines
The table below presents long-term debt, exclusive of current installments, as of August 3, 2019, February 2, 2019 and August 4, 2018. All amounts are net of unamortized debt discounts.
In thousands
August 3,
2019
February 2,
2019
August 4,
2018
General corporate debt:
 
 
 
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $167 at August 3, 2019, $189 at February 2, 2019 and $211 at August 4, 2018)
$
499,833

$
499,811

$
499,789

2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $137 at August 3, 2019, $174 at February 2, 2019 and $212 at August 4, 2018)
749,863

749,826

749,788

2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,284 at August 3, 2019, $5,657 at February 2, 2019 and $6,030 at August 4, 2018)
994,716

994,343

993,970

Debt issuance cost
(9,291
)
(10,364
)
(11,435
)
Long-term debt
$
2,235,121

$
2,233,616

$
2,232,112


TJX has two $500 million revolving credit facilities, one which matures in March 2022 and one which matures in May 2024. During the quarter, the Company amended the two agreements to reflect the impact of implementing the new lease accounting standard under ASC 842 related to the definition of rental costs used within the debt covenant calculation. For additional information about the implementation of ASC 842, see Leases within Note A— Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements. In addition, the maturity date for one of the revolving credit facilities was extended from March 2020 to May 2024.
The terms and covenants under the revolving credit facilities require quarterly payments of 6.0 basis points per annum on the committed amounts for both agreements. This rate is based on the credit ratings of TJX’s long-term debt and will vary with specified changes in the credit ratings. These agreements have no compensating balance requirements and have various covenants. Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.25 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented. As of August 3, 2019, February 2, 2019 and August 4, 2018, and during the quarters and year then ended, there were no amounts outstanding under these facilities.    
As of August 3, 2019, February 2, 2019 and August 4, 2018, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of August 3, 2019, February 2, 2019 and August 4, 2018, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of August 3, 2019, February 2, 2019 and August 4, 2018, our European business at TJX International had one uncommitted credit line of £5 million. As of August 3, 2019, February 2, 2019 and August 4, 2018, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.