What's behind AZO's fluctuating interest expenses?

AutoZone's fluctuating interest expenses can be attributed to several factors:

1. **Financial Agreements**: The company has various financial agreements, including a revolver, which can lead to fluctuations in interest expenses depending on the terms and usage of these agreements.
2. **Total Debt**: The company's total liabilities were reported at $22.57 billion, which is a significant figure that contributes to the interest expenses. Any change in this figure, such as an increase or decrease in debt, will directly impact the interest expenses.
3. **Interest Rates**: Interest rates can vary over time, and AutoZone's interest expenses are influenced by these rates. If the company has variable-rate debt, changes in interest rates can significantly affect interest expenses.

In conclusion, AutoZone's interest expenses are influenced by its financial agreements, total debt, and interest rates. These factors can fluctuate, leading to changes in interest expenses.