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.

Ross Stores Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Accounts payable	2,372,302)	2,256,928)	1,296,482)	1,177,104)	1,059,844)	1,021,735)
Accrued expenses and other	613,089)	592,122)	462,111)	431,596)	431,706)	398,126)
Current operating lease liabilities	630,517)	598,120)	564,481)	—)	—)	—)
Accrued payroll and benefits	588,772)	400,273)	364,435)	363,035)	349,879)	316,492)
Income taxes payable	10,249)	54,680)	14,425)	37,749)	—)	16,153)
Current portion of long-term debt	—)	64,910)	—)	—)	84,973)	—)
Current liabilities	4,214,929)	3,967,033)	2,701,934)	2,009,484)	1,926,402)	1,752,506)
Long-term debt, excluding current portion	2,452,325)	2,448,175)	312,891)	312,440)	311,994)	396,493)
Non-current operating lease liabilities	2,539,297)	2,621,594)	2,610,528)	—)	—)	—)
Income taxes	65,359)	65,507)	65,956)	77,872)	120,660)	97,502)
Deferred compensation	163,891)	159,116)	141,443)	124,558)	120,613)	100,423)
Deferred social security taxes	—)	36,701)	—)	—)	—)	—)
Deferred rent	—)	—)	—)	81,442)	73,059)	67,941)
Tenant improvement allowances	—)	—)	—)	25,418)	21,668)	20,554)
Other	6,763)	7,234)	6,687)	12,423)	12,541)	4,530)
Other long-term liabilities	236,013)	268,558)	214,086)	321,713)	348,541)	290,950)
Deferred income taxes	137,642)	121,867)	149,679)	124,308)	85,806)	121,385)
Long-term liabilities	5,365,277)	5,460,194)	3,287,184)	758,461)	746,341)	808,828)
Total liabilities	9,580,206)	9,427,227)	5,989,118)	2,767,945)	2,672,743)	2,561,334)
Common stock, par value $0.01 per share	3,517)	3,565)	3,568)	3,682)	3,796)	3,919)
Additional paid-in capital	1,717,530)	1,579,824)	1,458,307)	1,375,965)	1,292,364)	1,215,715)
Treasury stock	(535,895)	(478,550)	(433,328)	(372,663)	(318,279)	(272,846)
Accumulated other comprehensive income	—)	—)	—)	—)	27)	91)
Retained earnings	2,874,898)	2,185,801)	2,330,702)	2,298,762)	2,071,400)	1,801,138)
Stockholders’ equity	4,060,050)	3,290,640)	3,359,249)	3,305,746)	3,049,308)	2,748,017)
Total liabilities and stockholders’ equity	13,640,256)	12,717,867)	9,348,367)	6,073,691)	5,722,051)	5,309,351)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

Current Liabilities: Current liabilities increased steadily from approximately 1.75 billion in early 2017 to over 4.2 billion by early 2022. A notable jump occurred between 2020 and 2021, where current liabilities rose from about 2.7 billion to nearly 4 billion, driven largely by a sharp increase in accounts payable which more than doubled in this period.
Accounts Payable: Accounts payable grew consistently from around 1 billion in 2017 to 2.37 billion in 2022. The most significant increase was seen between 2020 and 2021, aligning with the broader rise in current liabilities, which likely reflects increased purchasing or delayed payments.
Accrued Expenses and Other: Accrued expenses and other liabilities saw moderate growth from approximately 398 million in 2017 to over 613 million in 2022, showing a steady upward trend without abrupt fluctuations.
Operating Lease Liabilities: Operating lease liabilities, categorized into current and non-current portions, appear only from 2020 onward. Current operating lease liabilities increased slightly from around 564 million in 2020 to over 630 million in 2022. Non-current operating lease liabilities remained relatively stable, peaking around 2.62 billion in 2021 before a slight decrease to approximately 2.54 billion in 2022.
Accrued Payroll and Benefits: This item rose consistently from about 316 million in 2017 to nearly 589 million in 2022, with a more pronounced increase between 2021 and 2022, indicative of increased compensation commitments or timing differences in payroll accruals.
Income Taxes Payable: Income taxes payable fluctuated considerably without a clear trend, ranging from roughly 10 million to 55 million across the years. Some years showed missing data, which limits precise analysis.
Long-Term Debt: Long-term debt, excluding the current portion, remained fairly stable around 310-312 million through early 2020 but spiked dramatically to over 2.44 billion in 2021 and 2022. This large increase suggests a major new debt issuance or refinancing event occurring in 2021.
Other Long-Term Liabilities and Deferred Items: Other long-term liabilities exhibited volatility, peaking in 2018 at approximately 349 million, declining to 214 million in 2020, then slightly increasing again. Deferred income taxes remained relatively stable but showed some variation, with amounts between 85 million and 149 million.
Total Liabilities: Total liabilities grew substantially from about 2.56 billion in 2017 to nearly 9.6 billion in 2022. The most significant increases appeared between 2020 and 2021 when total liabilities more than doubled, likely influenced by increases in both current liabilities and long-term debt.
Stockholders’ Equity: Stockholders’ equity showed steady growth over the years, increasing from approximately 2.75 billion in 2017 to over 4 billion in 2022. Despite treasury stock increasing in absolute negative value (reflecting repurchases), the rise in retained earnings and additional paid-in capital contributed positively to overall equity growth.
Retained Earnings: Retained earnings increased from about 1.8 billion in 2017 to nearly 2.87 billion in 2022, with a slight dip in 2021 before rebounding strongly in 2022.
Additional Paid-In Capital and Treasury Stock: Additional paid-in capital steadily increased from approximately 1.22 billion in 2017 to 1.72 billion in 2022, suggesting ongoing capital contributions or stock-based compensation. Treasury stock, representing share repurchases, increased in negative value consistently, reaching over 535 million by 2022, indicating active shareholder return strategies.
Total Liabilities and Stockholders’ Equity: The total of liabilities and stockholders’ equity rose markedly from roughly 5.3 billion in 2017 to over 13.6 billion in 2022, with the sharpest increases occurring between 2020 and 2021. This reflects significant growth in the company’s balance sheet, driven primarily by liabilities.

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Ross Stores Inc. (NASDAQ:ROST)

Balance Sheet: Liabilities and Stockholders’ Equity