Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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KLA Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in thousands
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
- Accounts Payable
- There was a consistent increase in accounts payable from 2019 through 2022, peaking at 443,338 thousand USD. This was followed by a decline in 2023 and 2024, reaching 359,487 thousand USD, indicating improved payment management or reduced short-term obligations.
- Deferred Revenue
- Deferred system revenue showed fluctuations with an initial decrease in 2021, then a sharp increase through 2024, reaching its highest point at 985,856 thousand USD. Deferred service revenue displayed a steady upward trend from 2019 through 2024, suggesting growing future service commitments or prepaid income.
- Debt Obligations
- Short-term debt was minimal and irregular, only appearing in 2021. The current portion of long-term debt was absent for most years, then surged to 749,936 thousand USD in 2024. Long-term debt excluding the current portion increased substantially in 2022, peaking that year before slightly declining over the next two years yet remaining significantly higher than previous years, which could reflect refinancing or increased borrowing for strategic investments.
- Customer Deposits
- Customer deposits appeared only from 2022 onwards, showing a sharp rise in current liabilities in 2023, then a reduction in 2024. Non-current customer deposits decreased steadily from 2022 to 2024.
- Compensation and Benefits
- This expense showed a continual increase from 2019 to 2024, evidencing growth in payroll or staff-related expenses consistent with company expansion or inflationary pressures.
- Executive Deferred Savings Plan
- The balance fluctuated but generally trended upward from 2019 to 2024, indicating increases in deferred compensation related to executives.
- Income Taxes Payable
- Current income taxes payable exhibited significant volatility, peaking in 2023 at 383,012 thousand USD and then sharply decreasing in 2024. Non-current income taxes payable decreased consistently from 2019 to 2024, reflecting possible changes in tax liabilities or timing of payments.
- Interest Payable
- Interest payable rose consistently over the period, markedly increasing after 2021, likely due to higher debt levels and associated interest expenses.
- Operating Lease Liabilities
- Both current and non-current operating lease liabilities increased steadily from 2020 onward, indicating either new lease commitments or reclassification of liabilities in accordance with accounting standards.
- Other Liabilities and Accrued Expenses
- Current other liabilities exhibited variability with an overall increasing trend, suggesting rising accrued expenses or miscellaneous current obligations. Other non-current liabilities increased until 2022, then showed some reduction by 2024.
- Total Liabilities
- Total liabilities increased significantly from 6,330,823 thousand USD in 2019 to 12,065,238 thousand USD in 2024, with the most considerable growth seen between 2021 and 2022. This indicates a large-scale expansion in financial obligations, possibly related to growth, acquisitions, or capital investments.
- Stockholders’ Equity
- Common stock showed minor steady declines, consistent with treasury stock activity or capitalization adjustments. Capital in excess of par value generally rose, except for a pronounced drop in 2022, followed by recovery. Retained earnings fluctuated, with a notable decrease in 2022 but recovery by 2024, reflecting periods of profitability variations. Accumulated other comprehensive loss was negative throughout and increased in magnitude in recent years.
- Total Stockholders’ Equity
- Total stockholders’ equity nearly doubled from 2,677,693 thousand USD in 2019 to 3,368,328 thousand USD in 2024, with a marked dip in 2022 followed by recovery, indicating fluctuations in net income or equity transactions during that period.
- Total Liabilities and Stockholders’ Equity
- The overall financing structure expanded significantly over the period, with total balances rising steadily each year, reaching over 15 billion USD by 2024, consistent with substantial growth, increased leverage, or expansion activities.