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Microsoft Excel LibreOffice Calc

TJX Cos. Inc. (TJX)


Analysis of Debt

Difficulty: Advanced


Debt Accounting Policy

Interest

TJX’s interest expense is presented net of capitalized interest and interest income.

TJX capitalizes interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2019, 2018 and 2017 relates to costs on owned real estate projects and development costs on a merchandising system.

Source: 10-K (filing date: 2019-04-03).


Total Debt (Carrying Amount)

TJX Cos. Inc., Statement of Financial Position, Debt

USD $ in thousands

Microsoft Excel LibreOffice Calc
Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015 Feb 1, 2014
Long-term debt hidden hidden hidden hidden hidden hidden
Total long-term debt (carrying amount) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31), 10-K (filing date: 2014-04-01).

Item Description The company
Total long-term debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. TJX Cos. Inc.’s total debt increased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Feb 2, 2019
Selected Financial Data (USD $ in thousands)
Total long-term debt (fair value) hidden
Ratio
Debt, fair value to carrying amount hidden

Based on: 10-K (filing date: 2019-04-03).


Weighted-average Interest Rate on Debt

Weighted-average effective interest rate on debt: hidden

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
hidden hidden hidden
hidden hidden hidden
hidden hidden hidden
Total hidden hidden
hidden

Based on: 10-K (filing date: 2019-04-03).

1 USD $ in thousands

2 Weighted-average interest rate = 100 × hidden ÷ hidden = hidden


Interest Costs Incurred

TJX Cos. Inc.

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015 Feb 1, 2014
Interest expense, excluding capitalized interest hidden hidden hidden hidden hidden hidden
Capitalized interest hidden hidden hidden hidden hidden hidden
Interest expense hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31), 10-K (filing date: 2014-04-01).

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.’s interest expense, excluding capitalized interest increased from 2017 to 2018 and from 2018 to 2019.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. TJX Cos. Inc.’s capitalized interest declined from 2017 to 2018 and from 2018 to 2019.
Interest expense Total interest costs incurred during the period and either capitalized or charged against earnings. TJX Cos. Inc.’s interest expense increased from 2017 to 2018 but then declined significantly from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015 Feb 1, 2014
Selected Financial Data (USD $ in thousands)
Net income hidden hidden hidden hidden hidden hidden
Add: Income tax expense hidden hidden hidden hidden hidden hidden
Add: Interest expense, excluding capitalized interest hidden hidden hidden hidden hidden hidden
Earnings before interest and tax (EBIT) hidden hidden hidden hidden hidden hidden
 
Interest expense hidden hidden hidden hidden hidden hidden
Ratio With and Without Capitalized Interest
Interest coverage ratio (excluding capitalized interest)1 hidden hidden hidden hidden hidden hidden
Adjusted interest coverage ratio (including capitalized interest)2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31), 10-K (filing date: 2014-04-01).

2019 Calculations

1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, excluding capitalized interest
= hidden ÷ hidden = hidden

2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest expense
= hidden ÷ hidden = hidden


Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). TJX Cos. Inc.’s adjusted interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.