Analysis of Debt
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AutoZone Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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Total Debt (Carrying Amount)
AutoZone Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
| Debt item | Description | The company |
|---|---|---|
| Total long-term debt and finance lease liabilities (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | AutoZone Inc. total debt increased from 2021 to 2022 and from 2022 to 2023. |
Total Debt (Fair Value)
| Aug 26, 2023 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Long-term debt | |
| Finance lease liabilities | |
| Total long-term debt and finance lease liabilities (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-08-26).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on long-term debt and finance lease liabilities:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-08-26).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
AutoZone Inc., interest costs incurred
US$ in thousands
| 12 months ended: | Aug 26, 2023 | Aug 27, 2022 | Aug 28, 2021 | Aug 29, 2020 | Aug 31, 2019 | Aug 25, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense, less capitalized interest | |||||||||||||
| Capitalized interest | |||||||||||||
| Interest expense |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
| Debt item | Description | The company |
|---|---|---|
| Interest expense, less capitalized interest | Amount of the cost of borrowed funds accounted for as interest expense for debt. | AutoZone Inc. interest expense, less capitalized interest decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Capitalized interest | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | AutoZone Inc. capitalized interest decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Interest expense | Total interest costs incurred during the period and either capitalized or charged against earnings. | AutoZone Inc. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
2023 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, less capitalized interest
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | AutoZone Inc. adjusted interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |