Common-Size Balance Sheet: Assets
TJX Cos. Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
The analysis of the presented financial data reveals various trends in the composition of assets over multiple annual periods.
- Cash and Cash Equivalents
- There was a significant increase from 13.32% in 2020 to a peak of 33.98% in 2021, followed by a steady decline over subsequent years, reaching 16.8% by 2025. This indicates an initial accumulation of liquid assets with a gradual reduction thereafter.
- Accounts Receivable, Net
- This component remained relatively stable, fluctuating narrowly between 1.5% and 1.99% over the years, suggesting consistency in credit sales and collections proportional to total assets.
- Merchandise Inventories
- The proportion dipped notably from 20.18% in 2020 to 14.08% in 2021, then rebounded and stabilized around 20% in later years. This pattern may reflect inventory management adjustments after 2020, possibly in response to market or supply chain conditions.
- Prepaid Expenses and Other Current Assets
- A gradual increase is observed from 1.52% in 2020 to 1.94% in 2025, indicating a mild but consistent rise in prepayments or similar assets relative to total assets.
- Federal, State and Foreign Income Taxes Recoverable
- The percentage remained low and exhibited some fluctuations, peaking at 0.42% in 2023 before decreasing again, reflecting typical tax-related asset volatility.
- Current Assets
- Current assets as a percentage of total assets experienced a sharp rise from 36.82% in 2020 to 51.08% in 2021, then declined steadily to 40.92% by 2025. This suggests a temporary increase in short-term assets in 2021, followed by a normalization.
- Net Property at Cost
- The share decreased from 22.05% in 2020 to 16.34% in 2021, then showed a consistent upward trend, reaching 23.14% in 2025, overtaking the initial level. This may indicate capital investment or asset acquisition activity after 2021.
- Non-Current Deferred Income Taxes, Net
- This asset type increased initially from 0.05% in 2020 to 0.65% in 2022, then slightly decreased but remained above initial levels, suggesting changes in deferred tax asset recognition.
- Operating Lease Right-of-Use Assets
- There was a notable decline from 37.52% in 2020 to 29.18% in 2021, followed by moderate fluctuations around 30-32% in subsequent years, indicating a reduction and later stabilization in leased asset capitalization.
- Goodwill
- The proportion of goodwill remained minor and relatively stable, slightly decreasing from 0.4% in 2020 to 0.3% in 2025, indicating limited changes in intangible asset acquisitions.
- Other Assets
- A decreasing trend from 3.15% in 2020 to 2.67% in 2021 was followed by a gradual increase, doubling to 4.82% by 2025. This shows diversification or growth in miscellaneous assets.
- Long-Term Assets
- The share of long-term assets declined sharply in 2021 from 63.18% to 48.92%, then progressively increased, reaching 59.08% by 2025. This aligns with observed movements in net property and deferred tax assets, denoting asset mix adjustments toward long-term holdings over time.
Overall, the data reflects a dynamic asset allocation, with a notable liquidity spike in 2021 followed by increased investment in net property and long-term assets. The reduction in operating lease assets and the fluctuating inventory levels indicate responsive adjustments to operational strategies and possibly market conditions during the analyzed periods.
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