Common-Size Balance Sheet: Assets
Target Corp., 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).
- Cash and Cash Equivalents
- The percentage of cash and cash equivalents relative to total assets showed a significant increase from 6.02% in early 2020 to a peak of 16.61% in early 2021. Subsequently, this figure declined to 4.18% in early 2023, followed by gradual recoveries to 6.87% and 8.24% in subsequent years. This pattern indicates fluctuations in liquidity management, with a notable buildup of cash in 2021 followed by a reduction and modest recovery thereafter.
- Inventory
- Inventory as a percentage of total assets remained relatively high throughout the period, increasing from 21.02% in 2020 to a high of 25.83% in early 2022 and maintaining around 25% in 2023. A decrease to approximately 21.47%-22.05% was observed in 2024-2025. This suggests that inventory levels peaked roughly in 2022 before being streamlined somewhat in later years.
- Accounts and Other Receivables
- Accounts and other receivables demonstrated a general upward trend, rising gradually from 1.16% in 2020 to a peak of 2.19% in 2023, before slightly decreasing but staying close to historical highs in 2024 and 2025. This trend could imply increased credit extended to customers or changes in revenue recognition policies over time.
- Vendor Income Receivable
- This item remained relatively stable, consistently hovering around 1% of total assets throughout the observed periods, indicating steady vendor-related receivables with no significant fluctuations.
- Prepaid Expenses
- Prepaid expenses maintained a very low and stable proportion of total assets, fluctuating marginally between 0.32% and 0.39% over the years, demonstrating consistent management of prepaid items.
- Other Current Assets
- Other current assets experienced minor variation, generally remaining in the range of 3.1% to just under 4% of total assets. The highest proportion was recorded in 2023 (3.97%), suggesting a temporary increase in miscellaneous current assets during that year.
- Current Assets
- Current assets as a percentage of total assets saw a significant increase from 30.16% in 2020 to over 40% in early 2021 and 2022, followed by a decline to around 31-34% in subsequent years. This pattern aligns with the previously noted cash and inventory trends, reflecting shifts between liquid and non-liquid asset holdings.
- Property and Equipment, Net
- Net property and equipment represented the majority of noncurrent assets and fluctuated notably, starting at 61.44% in 2020, dropping to approximately 52.4% in 2021-2022, then increasing again to nearly 60% in 2023 before moderately decreasing to 57.16% in 2025. This indicates changes in fixed asset investment or depreciation patterns across the period.
- Operating Lease Assets
- Operating lease assets showed a gradual increase from 5.23% in 2020 to 6.51% in 2025, suggesting an expanding reliance or growing portfolio of leased operations assets over time.
- Goodwill
- Goodwill steadily declined as a proportion of total assets, decreasing from 1.48% in 2020 to 1.09% in 2025. This trend could reflect amortization or impairment of previously acquired intangible assets.
- Company-Owned Life Insurance Investments, Net of Loans
- This asset category experienced a slight downward trend from 0.98% in 2020 to a low of 0.82% in early 2023, before a modest recovery to 0.93% by 2025, indicating relatively stable but slightly decreasing holdings in this investment.
- Pension Asset
- The pension asset was not reported until 2023, where it constituted a small portion (0.14%), decreased to 0.10% in 2024, then rose to 0.21% in 2025, evidencing variable pension-related asset recognition in recent years.
- Other Noncurrent Assets
- Other noncurrent assets decreased from 0.72% in 2020 to 0.33% in 2023, followed by slight increases to 0.41% in later years, reflecting minor shifts in noncurrent asset composition.
- Other Noncurrent Assets (Combined)
- Other noncurrent assets overall fluctuated modestly, remaining below 3% of total assets but showing a decreasing trend from 3.17% in 2020 to around 2.65%-2.7% in later years.
- Noncurrent Assets
- Noncurrent assets as a percentage of total assets declined notably from 69.84% in 2020 to around 59.5%-59.9% in 2021-2022, then increased again to over 66% in 2023 and remained near that level through 2025, representing adjustments in long-term asset holdings and reallocations between current and noncurrent assets.