Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
TJX Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Accounts Payable
- Accounts payable as a percentage of total liabilities and shareholders’ equity exhibited volatility over the period. It started around 11.46% in May 2019, spiked to a high of 19.46% by October 2020, and then generally fluctuated around the 14-18% range in the following years. The trend shows periods of both sharp increases and decreases without a clear long-term directional trend.
- Accrued Expenses and Other Current Liabilities
- This line item remained fairly stable but showed a slight upward trend overall. Beginning at about 10.98% in May 2019, it increased moderately to peak near 16.37% in early 2024 before settling around 14-15% in the latest periods. This indicates a gradual increase in accrued obligations relative to total liabilities and shareholders’ equity.
- Current Portion of Operating Lease Liabilities
- The current portion of operating lease liabilities remained relatively stable, fluctuating modestly between approximately 5.06% and 5.99%. This suggests consistent lease obligations that have not significantly expanded or contracted as a proportion of total capital structure over time.
- Current Portion of Long-term Debt
- Data for this item is incomplete but shows presence from October 2020 onwards with values around 1.7% to 2.8%. The portion remained small relative to total liabilities and equity, reflecting limited short-term repayments of long-term debt.
- Federal, State, and Foreign Income Taxes Payable
- Income taxes payable demonstrated variability with generally low percentages, mostly under 1%, except for some spikes such as 0.95% in May 2021 and 1.00% in May 2024. This variability may indicate timing differences in tax payments or tax liabilities arising from operational performance changes.
- Current Liabilities
- Current liabilities as a whole showed some volatility starting near 29% in 2019, dipping sharply to 18.37% in May 2020, then climbing to a peak of 39.52% in late 2022. Following this peak, the proportion decreased slightly but remained above the 33% level most recently. The dip in 2020 likely corresponds to unusual conditions impacting liabilities, followed by recovery and growth in current liabilities.
- Other Long-term Liabilities
- Other long-term liabilities maintained relative consistency, fluctuating narrowly between about 2.7% and 3.7%. The lack of large movements suggests stable non-debt long-term obligations throughout the observed timeframe.
- Non-current Deferred Income Taxes, Net
- This item decreased from around 0.74% in mid-2019 to lows near 0.01% in mid-2021, then rose again slightly to about 0.66% by August 2025. The trend reflects some variability in deferred tax balances, possibly influenced by changes in tax structure or deferred tax asset/liability recognition.
- Long-term Operating Lease Liabilities (Exclusive of Current Portion)
- Long-term operating lease liabilities showed a gradual decline from nearly 34% in 2019 to roughly 26% by 2025. This steady decrease indicates a reduction in long-term lease obligations relative to total capitalization, potentially due to lease expirations or restructuring.
- Long-term Debt (Exclusive of Current Installments)
- Long-term debt exhibited significant variation. Initially near 10% of total capitalization, it spiked to an elevated peak of 28.3% in May 2020, then decreased steadily to levels around 8.7%-9.9% in later years. The transient surge in mid-2020 likely reflects increased borrowing, possibly for liquidity during a period of operational stress, followed by gradual deleveraging.
- Long-term Liabilities
- Long-term liabilities broadly reflected the combined patterns of leases and debt. The proportion rose to nearly 63% in mid-2020, likely driven by the spike in long-term debt, then fluctuated downwards to stabilize closer to 38%-41% in recent periods. This indicates a shift back toward a balanced long-term capital structure after a pronounced increase in 2020.
- Total Liabilities
- Total liabilities remained the dominant portion of the capital structure, generally fluctuating between 73% and 82%. A notable increase occurred in 2020, coinciding with the rise in long-term debt and current liabilities, followed by a gradual decline toward the lower end of the range. This pattern suggests episodic changes in leverage and liability management.
- Common Stock, Par Value $1
- Common stock as a percentage of total capitalization slightly decreased from about 5.4% in 2019 to roughly 3.4% by 2025, indicating either share repurchases, stock price changes affecting equity value, or capital restructuring activities that reduced equity’s relative weight.
- Additional Paid-in Capital
- Reported only sporadically from 2020 onward, this item showed modest percentages up to 1.06%. The intermittent data suggests occasional equity issuance or related events without a consistent trend.
- Accumulated Other Comprehensive Loss
- This line showed a reduction in negative balance over time, moving from a loss near -2.82% in 2019 to smaller losses around -1.35% by 2025. The improving position indicates reduced accumulated losses in other comprehensive income components.
- Retained Earnings
- Retained earnings exhibited a rising trend, increasing from about 20.24% in 2019 to approximately 24.93% by 2025. This steady growth implies sustained profitability or dividends being managed to retain earnings in the business.
- Shareholders’ Equity
- Overall shareholders’ equity as a percentage of total capital increased from around 22.8% in 2019 to nearly 27% by 2025. This upward trend corresponds with the growth in retained earnings and reduction of comprehensive losses, reflecting strengthening equity base relative to liabilities.