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Long-Term Debt and Credit Lines | 9 Months Ended
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Nov. 02, 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 November 2, 2019, February 2, 2019 and November 3, 2018. All amounts are net of unamortized debt discounts.
In thousands | November 2, 2019 | February 2, 2019 | November 3, 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 $156 at November 2, 2019, $189 at February 2, 2019 and $200 at November 3, 2018) | $ | 499,844 |  | $ | 499,811 |  | $ | 499,800 |
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $119 at November 2, 2019, $174 at February 2, 2019 and $194 at November 3, 2018) | 749,881 |  | 749,826 |  | 749,806 |
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,097 at November 2, 2019, $5,657 at February 2, 2019 and $5,844 at November 3, 2018) | 994,903 |  | 994,343 |  | 994,156 |
Debt issuance cost | (8,755) |  | (10,364) |  | (10,898) |
Long-term debt | $ | 2,235,873 |  | $ | 2,233,616 |  | $ | 2,232,864 |
TJX has two $500 million revolving credit facilities, one which matures in March 2022 and one which matures in May 2024. During fiscal 2020, 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 November 2, 2019, February 2, 2019 and November 3, 2018, and during the quarters and year then ended, there were no amounts outstanding under these facilities. As of November 2, 2019, February 2, 2019 and November 3, 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 November 2, 2019, February 2, 2019 and November 3, 2018, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of November 2, 2019, February 2, 2019 and November 3, 2018, our European business at TJX International had one uncommitted credit line of £5 million. As of November 2, 2019, February 2, 2019 and November 3, 2018, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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