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Microsoft Excel LibreOffice Calc

TJX Cos. Inc. (TJX)


Analysis of Property, Plant and Equipment

Difficulty: Advanced


Property, Plant and Equipment Accounting Policy

For financial reporting purposes, TJX provides for depreciation and amortization of property using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over 33 years. Leasehold costs and improvements are generally amortized over their useful life or the committed lease term (typically 10 years to 15 years), whichever is shorter. Furniture, fixtures and equipment are depreciated over 3 to 10 years. Depreciation and amortization expense for property was $818.9 million in fiscal 2019, $727.2 million in fiscal 2018 and $664.5 million in fiscal 2017. TJX had no property held under capital leases during fiscal 2019, 2018, or 2017. Maintenance and repairs are charged to expense as incurred. Significant costs incurred for internally developed software are capitalized and amortized over 5 years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in income. Pre-opening costs, including rent, are expensed as incurred.

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


Property, Plant and Equipment Disclosure

TJX Cos. Inc., Statement of Financial Position, Property, Plant and Equipment

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
Land and buildings hidden hidden hidden hidden hidden hidden
Leasehold costs and improvements hidden hidden hidden hidden hidden hidden
Furniture, fixtures and equipment hidden hidden hidden hidden hidden hidden
Property at cost hidden hidden hidden hidden hidden hidden
Accumulated depreciation and amortization hidden hidden hidden hidden hidden hidden
Net property at cost 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
Property at cost Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. TJX Cos. Inc.’s property at cost increased from 2017 to 2018 and from 2018 to 2019.
Net property at cost Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. TJX Cos. Inc.’s net property at cost increased from 2017 to 2018 and from 2018 to 2019.

Property, Plant and Equipment Ratios (Summary)

TJX Cos. Inc., Property, Plant and Equipment Ratios

Microsoft Excel LibreOffice Calc
Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015 Feb 1, 2014
Average age hidden hidden hidden hidden hidden hidden
Estimated total useful life (years) hidden hidden hidden hidden hidden hidden
Estimated age, time elapsed since purchase (years) hidden hidden hidden hidden hidden hidden
Estimated remaining life (years) 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).

Ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient. TJX Cos. Inc.’s average age of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.
Estimated total useful life Over longer time periods, this ratio is a useful measure of company’s depreciation policy and can be used for comparisons with competitors. TJX Cos. Inc.’s estimated total useful life of depreciable property, plant and equipment increased from 2017 to 2018 but then declined significantly from 2018 to 2019.
Estimated time elapsed since purchase The approximate age in years of a company’s fixed assets. Useful for comparison purposes. TJX Cos. Inc.’s estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Estimated remaining life TJX Cos. Inc.’s estimated remaining life of depreciable property, plant and equipment increased from 2017 to 2018 but then declined significantly from 2018 to 2019.

Average Age

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)
Accumulated depreciation and amortization hidden hidden hidden hidden hidden hidden
Property at cost hidden hidden hidden hidden hidden hidden
Ratio
Average age1 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 Average age = 100 × Accumulated depreciation and amortization ÷ Property at cost
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient. TJX Cos. Inc.’s average age of depreciable property, plant and equipment deteriorated from 2017 to 2018 and from 2018 to 2019.

Estimated Total Useful Life

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)
Property at cost hidden hidden hidden hidden hidden hidden
Depreciation and amortization expense for property hidden hidden hidden hidden hidden hidden
Ratio
Estimated total useful life (years)1 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 Estimated total useful life (years) = Property at cost ÷ Depreciation and amortization expense for property
= hidden ÷ hidden = hidden

Ratio Description The company
Estimated total useful life Over longer time periods, this ratio is a useful measure of company’s depreciation policy and can be used for comparisons with competitors. TJX Cos. Inc.’s estimated total useful life of depreciable property, plant and equipment increased from 2017 to 2018 but then declined significantly from 2018 to 2019.

Estimated Age, Time Elapsed since Purchase

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)
Accumulated depreciation and amortization hidden hidden hidden hidden hidden hidden
Depreciation and amortization expense for property hidden hidden hidden hidden hidden hidden
Ratio
Time elapsed since purchase (years)1 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 Time elapsed since purchase (years) = Accumulated depreciation and amortization ÷ Depreciation and amortization expense for property
= hidden ÷ hidden = hidden

Ratio Description The company
Estimated time elapsed since purchase The approximate age in years of a company’s fixed assets. Useful for comparison purposes. TJX Cos. Inc.’s estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Estimated Remaining Life

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 property at cost hidden hidden hidden hidden hidden hidden
Depreciation and amortization expense for property hidden hidden hidden hidden hidden hidden
Ratio
Estimated remaining life (years)1 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 Estimated remaining life (years) = Net property at cost ÷ Depreciation and amortization expense for property
= hidden ÷ hidden = hidden

Ratio Description The company
Estimated remaining life TJX Cos. Inc.’s estimated remaining life of depreciable property, plant and equipment increased from 2017 to 2018 but then declined significantly from 2018 to 2019.