TJX Cos. Inc., balance sheet: debt

US$ in millions

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Current portion of long-term debt	—)	500)	—)	750)	—)	—)
Long-term debt, excluding current portion	2,862)	2,859)	3,355)	5,333)	2,237)	2,234)
Total long-term debt, inclusive of current maturities (carrying amount)	2,862)	3,359)	3,355)	6,083)	2,237)	2,234)

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Debt item	Description	The company
Total long-term debt, inclusive of current maturities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	TJX Cos. Inc. total debt increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

	Feb 3, 2024
Selected Financial Data (US$ in millions)
Current maturities of long-term debt	—)
Long-term debt, exclusive of current maturities	2,630)
Total long-term debt, inclusive of current maturities (fair value)	2,630)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average effective interest rate on debt: 2.56%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.32%	998)	23)
1.18%	499)	6)
3.89%	496)	19)
1.61%	500)	8)
4.52%	383)	17)
Total	2,876)	74)
2.56%

¹ US$ in millions

² Weighted-average interest rate = 100 × 74 ÷ 2,876 = 2.56%

TJX Cos. Inc., interest costs incurred

US$ in millions

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Interest expense, excluding capitalized interest	79)	84)	120)	194)	59)	65)
Capitalized interest	3)	7)	4)	5)	2)	4)
Interest expense	82)	91)	123)	199)	61)	69)

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Debt item	Description	The company
Interest expense, excluding capitalized interest	Amount of the cost of borrowed funds accounted for as interest expense for debt.	TJX Cos. Inc. interest expense, excluding capitalized interest decreased from 2022 to 2023 and from 2023 to 2024.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	TJX Cos. Inc. capitalized interest increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Interest expense	Total interest costs incurred during the period and either capitalized or charged against earnings.	TJX Cos. Inc. interest expense decreased from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Selected Financial Data (US$ in millions)
Net income	4,474)	3,498)	3,283)	90)	3,272)	3,060)
Add: Income tax expense	1,493)	1,138)	1,115)	(1)	1,134)	1,113)
Add: Interest expense, excluding capitalized interest	79)	84)	120)	194)	59)	65)
Earnings before interest and tax (EBIT)	6,046)	4,720)	4,517)	283)	4,465)	4,238)

Interest expense	82)	91)	123)	199)	61)	69)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	76.53	56.19	37.80	1.46	75.57	65.36
Adjusted interest coverage ratio (with capitalized interest)²	73.73	51.87	36.67	1.42	72.72	61.33

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, excluding capitalized interest
= 6,046 ÷ 79 = 76.53

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= 6,046 ÷ 82 = 73.73

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	TJX Cos. Inc. adjusted interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024.

TJX Cos. Inc. (NYSE:TJX)

Analysis of Debt