TJX Cos. Inc. (NYSE:TJX)

The quarterly financial data reveal several notable trends in the composition of liabilities and shareholders’ equity as a percentage of total liabilities and shareholders’ equity.

Current Liabilities

Current liabilities exhibited fluctuations over the observed periods, initially ranging from approximately 29% to over 37%. A significant drop occurred in the May 2020 quarter to 18.37%, likely reflecting a temporary reduction in obligations. Subsequently, this category rebounded and mostly stabilized between 33% and 39%, indicating a consistent short-term liability burden relative to total financing.

Accounts Payable

Accounts payable demonstrated volatility, with initial values around 11% to 15%, a sharp decline to 4.21% in May 2020, and then a recovery to a range mostly between 13% and 18% afterward. The May 2020 dip suggests a temporary reduction in payables, which normalized in following quarters.

Accrued Expenses and Other Current Liabilities

This category showed minor variability, mostly oscillating between 10.2% and 16.4%, with a noticeable increase from mid-2020 onward, peaking near 16.4% in early 2024. The upward trend signals a gradual buildup of accrued expenses and other short-term obligations.

Operating Lease Liabilities

The current portion of operating lease liabilities was relatively stable, maintaining around 5% to 6% over all periods. Long-term operating lease liabilities showed a declining trend from approximately 34% in early 2019 to about 26-28% by 2025, indicating a reduction in long-term lease commitments or reclassification impacts.

Long-Term Debt

The long-term debt, exclusive of current installments, experienced substantial shifts. There was a notable spike to 28.3% in May 2020, presumably reflecting increased borrowing or debt restructuring, followed by a steady decrease toward approximately 9% by 2025. The current portion of long-term debt appeared sporadically and remained below 3%, suggesting limited short-term debt maturities.

Other Long-Term Liabilities and Deferred Income Taxes

Other long-term liabilities remained relatively steady, fluctuating mildly around 3%. Non-current deferred income taxes showed a gradual decline from about 0.7% to roughly 0.5%, indicating a modest reduction in deferred tax liabilities over time.

Total Liabilities and Shareholders’ Equity

Total liabilities generally hovered around 75% to 82%, with peaks in 2020 attributed to increased long-term debt and possibly lease liabilities. After the peak period, a gradual decrease in liabilities share was observed, settling near 73% to 75% by 2025.

Shareholders’ Equity

The equity portion of total financing inversely correlates with liabilities, starting near 23% in early 2019 and experiencing a drop to around 17.5% by mid-2020, consistent with the rise in liabilities during that period. From that point onward, shareholders’ equity steadily increased, reaching close to 27% by 2025, signaling strengthening equity base or retained earnings accumulation.

Retained Earnings and Comprehensive Loss

Retained earnings fluctuated moderately; a drop was seen in May 2020, correlating with overall equity trends, before recovering and increasing steadily to over 24% by 2025. Accumulated other comprehensive loss remained negative throughout, varying between -3.1% and -1.4%, with a tendency to reduce in absolute value over time, suggesting gradual improvement in comprehensive income components.

Common Stock and Additional Paid-in Capital

Common stock percentage declined gradually from around 5.4% to 3.5%, which may imply share repurchases or changes in equity structure. Additional paid-in capital showed minimal presence, peaking slightly in 2020–2021 but mostly absent or negligible otherwise.

In summary, the data depict a structural shift in the company’s financing with a peak in liabilities in mid-2020 followed by a stabilization characterized by declining debt levels and a strengthening equity position. The periods of temporary reductions in accounts payable and accrued expenses correspond with this general trend. Lease liabilities have decreased over the longer term, potentially reflecting lease maturity or changes in leasing strategy. Overall, the company appears to be managing its liabilities with a cautious reduction in debt and a gradual build-up of equity.