Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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
- The proportion of accounts payable relative to total liabilities and shareholders’ investment showed fluctuation over the periods. Starting at 20.58% in May 2019, it peaked around 29.87% in October 2021 before declining to 21.04% by May 2025. This indicates a variable reliance on accounts payable in the company’s financing structure over time, with notable increases during the late 2020 to late 2021 period.
- Accrued and other current liabilities
- This item consistently comprised about 9.4% to 11.3% of total liabilities and shareholders' equity, showing relatively minor fluctuations. A slight upward trend occurred around 2021, peaking near 11.33%, followed by a gradual decline towards the mid-10% range by 2025, reflecting stable management of current liabilities beyond accounts payable.
- Current portion of long-term debt and other borrowings
- The current portion of long-term debt exhibited significant variability, fluctuating from around 2.6% in early 2019 down to as low as 0.23% in mid-2020, then periodically rising back above 4% in early 2024 before settling at approximately 2% by mid-2025. This pattern suggests intermittent refinancing or repayment activity affecting short-term debt obligations.
- Current liabilities
- Overall current liabilities as a percentage of total liabilities and shareholders’ investment ranged from about 32.6% to over 42.9%. The highest levels were observed between late 2020 and late 2021, indicating a temporary buildup of short-term obligations, which then declined to approximately 33.8% by May 2025, suggesting improved short-term liquidity management.
- Long-term debt and other borrowings, excluding current portion
- This category demonstrated fluctuations between approximately 22.3% and 31.4%, with an upward trend peaking around mid-2020 and early 2023 before declining again. This reflects periodic adjustments to long-term financing, possibly due to new debt issuances or repayments affecting the long-term leverage structure.
- Noncurrent operating lease liabilities
- Noncurrent lease liabilities showed a steady increase from 5.08% in early 2019 to 6.34% by May 2025. This gradual rise indicates a growing portion of the company’s commitments tied to operating leases, consistent with longer-term contractual obligations expanding over the five-year period.
- Deferred income taxes
- Deferred income taxes initially remained in the 2.5% range but showed a steady increase starting in late 2021, reaching above 4% by early 2024 and maintaining that level through mid-2025. This upward trend reflects increasing deferred tax liabilities, which could be associated with timing differences in revenue recognition or tax rate changes.
- Other noncurrent liabilities
- Other noncurrent liabilities remained relatively stable around 3% to 4%, with minor decreases and increases without a clear trend. This stability implies consistent levels of miscellaneous long-term obligations.
- Noncurrent liabilities
- The total noncurrent liabilities showed variation between about 32.5% and 43.5%, peaking notably in early 2023. This reflects overall shifts in long-term financial commitments, dominated by changes in long-term debt, lease liabilities, and deferred taxes.
- Total liabilities
- Total liabilities generally hovered between 70% and 80% of total liabilities and shareholders’ investment. The highest ratios appeared in 2022 and early 2023, surpassing 78%, followed by a modest decline towards 73.4% by May 2025. This indicates periods of increased leverage with a slight deleveraging trend in the most recent data.
- Common stock
- The proportion of common stock remained consistently minimal around 0.06% to 0.11%, showing no substantial change and affirming that common stock represents a small fraction of the equity base relative to liabilities and overall shareholders’ investment.
- Additional paid-in capital
- Additional paid-in capital exhibited a slow declining trend starting from approximately 14.5% in early 2019 to around 11.8%-12.5% by 2025. This decrease may reflect share repurchases, changes in capital structure, or adjustments in equity accounting.
- Retained earnings
- Retained earnings as a percentage declined notably from 17.22% in early 2021 to a low near 8.33% in late 2022, followed by a gradual recovery to close to 14.88% by mid-2025. This pattern suggests fluctuations in accumulated profits, possibly impacted by earnings volatility, dividends, or other equity adjustments.
- Accumulated other comprehensive loss
- This component remained negative, indicating a cumulative loss, but the magnitude diminished over time from -1.95% in 2019 to approximately -0.37% in late 2022, before stabilizing around -0.8% towards mid-2025. The trend indicates partial recovery in comprehensive income components, potentially due to foreign currency translation adjustments or other non-operational items.
- Shareholders’ investment
- Shareholders’ investment as a percentage exhibited a decline from near 29.64% in early 2021 to roughly 19.8% by late 2022, then demonstrated growth to 26.6% by mid-2025. This reflects periods of contraction and expansion in the equity base relative to the company’s financing mix, with strengthening equity position emerging in recent periods.
- Total liabilities and shareholders’ investment
- This sum remained constant at 100%, confirming that all presented proportions accurately partition the total capitalization structure.