Target Corp. (NYSE:TGT)

The analysis of the quarterly financial data reveals several noteworthy trends in the composition and proportions of liabilities and shareholders’ equity.

Accounts Payable

Accounts payable as a percentage of total liabilities and shareholders’ investment exhibited fluctuations throughout the periods. Initially increasing from 20.58% in May 2019 to a peak of nearly 29.87% in October 2021, the proportion then generally declined, reaching approximately 20.78% by August 2025. This pattern suggests variability in short-term obligations management over time.

Accrued and Other Current Liabilities

This category remained relatively stable, around 9.4% to 11.3%, with a slight upward trend noticeable towards the later periods. The stability indicates consistent occurrence of accrued expenses and other current liabilities relative to total financing sources.

Current Portion of Long-term Debt and Other Borrowings

The current portion showed notable volatility. Certain quarters witnessed sharp decreases (e.g., dropping to 0.23% in August 2020 and similar later periods), whereas other quarters indicated spikes, such as 4.74% in May 2024. This irregular pattern implies variable near-term debt repayments or reclassifications across quarters.

Current Liabilities Overall

Current liabilities as a total percentage exhibited pronounced oscillations, peaking above 42% in several quarters around 2021-2022, before moderating to low 30-percent levels by mid-2025. The changes reflect shifts in short-term financing and operational liabilities.

Long-term Debt and Other Borrowings (Excluding Current Portion)

The long-term debt proportion demonstrated a rising trend from about 24% in late 2019 to over 31% in mid-2020, followed by a gradual tapering to approximately 24-26% in subsequent years. An increase around early 2023 to near 30% was noticed, indicative of increased long-term borrowing followed by partial repayment or restructuring.

Noncurrent Operating Lease Liabilities

A generally gradual increase occurred in noncurrent operating lease liabilities, moving from about 5.08% in 2019 to peak around 6.34% in late 2024, before slightly dropping. This trend suggests growing commitments under operating leases.

Deferred Income Taxes

Deferred income taxes rose steadily from roughly 2.55% in early 2019 to above 4.6% around 2024, indicating an increase in temporary differences affecting tax obligations over time.

Other Noncurrent Liabilities

This category showed slight decreases early on but generally remained stable around 3-4%. No significant long-term trend was apparent, suggesting consistent minor noncurrent liabilities.

Noncurrent Liabilities in Total

The overall noncurrent liabilities percentage fluctuated between 32.5% and 43.5% over the analyzed timeframe, peaking notably in early 2023. These fluctuations correspond with the shifts observed in long-term debt, lease liabilities, deferred taxes, and other liabilities components.

Total Liabilities

Total liabilities as a share of total liabilities and shareholders’ investment hovered mainly in the 70-80% range, with an upward incline from 72.63% in early 2019 to around 80.19% in late 2022, followed by a modest decline to about 73% by mid-2025. This signifies a relatively high leverage position throughout the periods, with some variation in financing structure.

Shareholders’ Investment

Shareholders’ equity proportion declined from 27.37% in May 2019 to a low of about 19.81% in late 2022, before recovering gradually to approximately 26.65% by August 2025. The decrease might reflect distributions, losses, or increased liabilities, and the subsequent recovery may indicate retained earnings growth or capital infusions.

Retained Earnings

Retained earnings showed an initial upswing from 14.67% in 2019 to 18.57% in mid-2021, followed by a continuous decline to 8.33% by late 2022. A recovery trend then ensued, with retained earnings rising above 15% by mid-2025. This fluctuation suggests varying profitability and dividend policies affecting accumulated earnings.

Additional Paid-in Capital

This equity component decreased from about 14.54% in 2019 to near 11.7%-12.4% in later periods, showing some stability after the decline, indicative of moderate changes in contributed capital over time.

Accumulated Other Comprehensive Loss

The accumulated other comprehensive loss consistently decreased in magnitude (less negative) from -1.95% in early 2019 to approximately -0.37% by late 2022. It then slightly reversed to approximately -0.8% towards mid-2025, reflecting changes in comprehensive income components such as foreign currency adjustments or pension liabilities.

In summary, the financial structure indicates a company maintaining a relatively high leverage with debt constituting roughly three-quarters of total financing, while shareholders’ equity levels experienced fluctuations, particularly a trough around 2022 followed by recovery. Current liabilities saw volatility, likely tied to operational dynamics and debt management, whereas long-term liabilities shifted moderately over the period. The trends in retained earnings and accumulated comprehensive loss further underline the variability in profitability and equity components. Lease obligations and deferred tax liabilities steadily increased, reflecting evolving operating and tax circumstances.