XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Long-Term Debt and Credit Lines
 6 Months Ended
Jul. 31, 2021
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 July 31, 2021, January 30, 2021 and August 1, 2020. All amounts are net of unamortized debt discounts.
In thousandsJuly 31,
2021		January 30,
2021		August 1,
2020
General corporate debt:
2.750% senior unsecured notes, redeemed on April 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $25 at January 30, 2021 and $63 at August 1, 2020)
$— $749,975 $749,937 
2.500% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $78 at July 31, 2021, $100 at January 30, 2021 and $122 at August 1, 2020)
499,922 499,900 499,878 
3.500% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.58% after reduction of unamortized debt discount of $4,208 at January 30, 2021 and $4,713 at August 1, 2020)
— 1,245,792 1,245,287 
2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $3,792 at July 31, 2021, $4,165 at January 30, 2021 and $4,538 at August 1, 2020)
996,208 995,835 995,462 
3.750% senior unsecured notes, redeemed on June 4, 2021 (effective interest rate of 3.76% after reduction of unamortized debt discount of $456 at January 30, 2021 and $493 at August 1, 2020)
— 749,544 749,507 
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount of $875 at July 31, 2021 and $939 at January 30, 2021)
499,125 499,061 — 
3.875% senior unsecured notes, maturing April 15, 2030; see tender offer details below (effective interest rate of 3.89% after reduction of unamortized debt discount of $537 at July 31, 2021, $568 at January 30, 2021 and $1,510 at August 1, 2020)
495,313 495,282 1,248,490 
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount of $581 at July 31, 2021 and $610 at January 30, 2021)
499,419 499,390 — 
4.500% senior unsecured notes, maturing April 15, 2050; see tender offer details below (effective interest rate of 4.52% after reduction of unamortized debt discount of $2,170 at July 31, 2021, $2,208 at January 30, 2021 and $4,368 at August 1, 2020)
383,329 383,291 745,632 
Total debt3,373,316 6,118,070 6,234,193 
Current maturities of long-term debt, net of debt issuance costs— (749,684)(749,209)
Debt issuance costs(20,424)(35,465)(39,659)
Long-term debt$3,352,892 $5,332,921 $5,445,325 
On June 4, 2021, the Company completed make-whole calls for its $1.25 billion aggregate principal amount of 3.500% Notes maturing in 2025 and its $750 million aggregate principal amount of 3.750% Notes maturing in 2027, which 3.500% Notes and 3.750% Notes were originally issued and sold during the fiscal quarter ended May 2, 2020. As a result of these redemptions prior to their scheduled maturities, the Company recorded a pre-tax debt extinguishment charge of $242 million in the second quarter of fiscal 2022.
On April 15, 2021, the Company redeemed all of the outstanding $750 million in aggregate principal amount of its 2.750% Notes due June 15, 2021 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date.
During the fiscal quarter ended May 2, 2020, the Company issued and sold $1.25 billion aggregate principal amount of 3.875% Notes due 2030 and $750 million aggregate principal amount of 4.500% Notes due 2050, portions of which were subsequently repurchased pursuant to cash tender offers completed by the Company in December 2020, reducing the aggregate principal amount outstanding to $495.5 million and $385.5 million, respectively. Interest on these notes are payable semi-annually. In November 2020, TJX completed the issuance of (a) $500 million aggregate principal amount of 1.150% Notes due 2028 and (b) $500 million aggregate principal amount of 1.600% Notes due 2031. Interest on these notes are payable semi-annually.
On June 25, 2021, the Company entered into a revolving credit agreement providing for a $1 billion senior unsecured revolving credit facility maturing on June 25, 2026 (the “2026 Revolving Credit Facility”). The 2026 Revolving Credit Facility replaced the Company's $500 million revolving credit facility that matures in March 2022 (the “2022 Revolving Credit Facility”) and the $500 million 364 day revolving credit facility that matures in August 2021 (the “364-Day Revolving Credit Facility”). Each of the 2022 Revolving Credit Facility and the 364-Day Revolving Credit Facility were terminated on June 25, 2021. With the 2026 Revolving Credit Facility and the Company’s existing $500 million revolving credit facility that matures in May 2024 (the “2024 Revolving Credit Facility”), the Company maintained its borrowing capacity of $1.5 billion, all of which remains available to the Company as of July 31, 2021. The terms of these revolving credit facilities require quarterly payments on the committed amount and payment of interest on borrowings at rates based on LIBOR or a base rate plus a variable margin, in each case based on the Company’s long-term debt ratings. The 2024 Revolving Credit Facility requires usage fees based on total credit extensions under the facility. The revolving credit facilities require the Company to maintain a quarterly-tested leverage ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals. As of July 31, 2021, January 30, 2021 and August 1, 2020, there were no amounts outstanding under any of the Company’s facilities. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented.
As of July 31, 2021, January 30, 2021 and August 1, 2020, 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 July 31, 2021, January 30, 2021 and August 1, 2020, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line. As of July 31, 2021, January 30, 2021 and August 1, 2020, our European business at TJX International had an uncommitted credit line of £5 million. As of July 31, 2021, January 30, 2021 and August 1, 2020, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.