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v3.25.1

Long-Term Debt and Credit Lines | 12 Months Ended
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Feb. 01, 2025
Debt Disclosure [Abstract] |
Long-Term Debt and Credit Lines | Long-Term Debt and Credit Lines The table below presents long-term debt as of February 1, 2025 and February 3, 2024. All amounts are net of unamortized debt discounts.
In millions and net of immaterial unamortized debt discounts | February 1, 2025 | February 3, 2024
General corporate debt: |  |
2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount) | 998 |  | 998 |
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount) | 500 |  | 499 |
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount) | 496 |  | 496 |
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount) | 500 |  | 500 |
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount) | 383 |  | 383 |
Total debt | 2,877 |  | 2,876 |
Debt issuance costs | (11) |  | (14) |
Long-term debt | $ | 2,866 |  | $ | 2,862 |
The aggregate maturities of long-term debt, inclusive of current installments at February 1, 2025 are as follows:
In millions |
Fiscal Year: |
2026 | $ | — |
2027 | 1,000 |
2028 | — |
2029 | 500 |
2030 | — |
Later years | 1,381 |
Unamortized debt discount | (4) |
Debt issuance costs | (11) |
Aggregate maturities of long-term debt | $ | 2,866 |
Senior Unsecured Notes As of February 1, 2025, TJX had outstanding $1 billion aggregate principal amount of 2.250% 10-year Notes due September 2026. TJX entered into a rate-lock agreement to hedge $700 million of the 2.250% notes prior to issuance. The cost of this agreement is being amortized to interest expense over the term of the note resulting in an effective fixed rate of 2.36% for the 2.25% notes. Credit Facilities The Company has two TJX revolving credit facilities, a $1 billion senior unsecured revolving credit facility maturing in June 2026 (the “2026 Revolving Credit Facility”) and a $500 million revolving credit facility that was set to mature in May 2024 (the “2024 Revolving Credit Facility”). On May 8, 2023, the Company amended the 2024 Revolving Credit Facility (as amended, the “2028 Revolving Credit Facility”) to (i) extend the maturity to May 8, 2028 and (ii) replace the London Interbank Offered Rate (“LIBOR”) with a term secured overnight financing rate plus a 0.10% credit spread adjustment (“Adjusted Term SOFR”). Term SOFR borrowings under the 2028 Revolving Credit Facility bear interest at the Adjusted Term SOFR plus a margin of 45.0 - 87.5 basis points and a quarterly facility fee payment of 5.0 - 12.5 basis points on the total commitments under the 2028 Revolving Credit Facility, in each case, based on the Company’s long-term debt ratings. All other material terms and conditions of the 2028 Revolving Credit Facility were unchanged from the 2024 Revolving Credit Facility. Additionally, on May 8, 2023, the Company amended its 2026 Revolving Credit Facility to replace the LIBOR with Adjusted Term SOFR. Term SOFR borrowings under the 2026 Revolving Credit Facility, as amended, bear interest at the Adjusted Term SOFR plus a variable margin based on the Company’s long-term debt ratings. All other material terms and conditions of the 2026 Revolving Credit Facility were unchanged. Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. As of February 1, 2025 and February 3, 2024, there were no amounts outstanding under these facilities. 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 3.50 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. In addition, as of February 1, 2025 and February 3, 2024, TJX Canada had a credit line of C$10 million and the Company’s European business at TJX International had a credit line of £5 million. As of February 1, 2025 and February 3, 2024, and during the years then ended, there were no amounts outstanding on the Canadian credit line and no amounts outstanding on the European credit line.

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