Stock Analysis on Net
Stock Analysis on Net

Warner Bros. Discovery Inc. (NASDAQ:WBD)

This company has been moved to the archive! The financial data has not been updated since November 4, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Warner Bros. Discovery Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable 1.20 1.16 1.37 1.00 1.23
Accrued payroll and related benefits 1.55 1.45 1.26 1.49 2.37
Content rights payable 2.24 1.55 1.35 1.18 0.97
Finance lease liabilities, current 0.17 0.17 0.14 0.00 0.00
Other accrued liabilities 2.52 2.09 2.22 2.14 2.46
Accrued liabilities 6.48% 5.26% 4.97% 4.80% 5.80%
Deferred revenues 1.39 1.63 1.45 0.76 1.13
Current portion of debt 0.98 0.98 1.81 5.71 0.13
Current liabilities 10.05% 9.04% 9.60% 12.28% 8.30%
Noncurrent portion of debt 41.89 44.21 43.90 46.65 65.42
Deferred income taxes 3.56 4.50 5.01 5.56 1.41
Finance lease liabilities, noncurrent 0.57 0.54 0.60 0.00 0.00
Other noncurrent liabilities 5.03 5.38 5.41 3.20 2.60
Noncurrent liabilities 51.04% 54.63% 54.93% 55.41% 69.43%
Total liabilities 61.09% 63.67% 64.53% 67.69% 77.73%
Redeemable noncontrolling interests 1.05 1.12 1.31 1.27 1.83
Series A-1 convertible preferred stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00
Series C-1 convertible preferred stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00
Series A common stock: $0.01 par value 0.01 0.01 0.01 0.01 0.00
Series B convertible common stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00
Series C common stock: $0.01 par value 0.01 0.01 0.01 0.02 0.02
Additional paid-in capital 32.20 31.71 31.86 32.71 32.34
Treasury stock, at cost -23.95 -24.19 -21.86 -20.70 -29.87
Retained earnings 27.83 25.06 21.74 16.14 20.54
Accumulated other comprehensive loss -2.41 -1.91 -2.44 -2.41 -2.59
Total Discovery, Inc. stockholders’ equity 33.69% 30.70% 29.32% 25.76% 20.44%
Noncontrolling interests 4.17 4.51 4.84 5.27 0.00
Total equity 37.86% 35.20% 34.16% 31.04% 20.44%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Liabilities Trends
Over the analyzed period, total liabilities as a percentage of total liabilities and equity showed a consistent decline, decreasing from 77.73% in 2017 to 61.09% in 2021. This downward trend suggests a gradual reduction in the company's reliance on liabilities for financing.
Current liabilities remained relatively stable with minor fluctuations, peaking at 12.28% in 2018 and settling at 10.05% by 2021. Within current liabilities, accounts payable experienced slight variability, remaining near 1% of total liabilities and equity without a clear trend. Accrued payroll and related benefits decreased notably from 2.37% in 2017 to 1.26% in 2019, before rising again to 1.55% in 2021.
The content rights payable showed a marked increase, rising steadily from 0.97% in 2017 to 2.24% in 2021, indicating an increased obligation related to content acquisition or licensing.
Finance lease liabilities, both current and noncurrent, first appeared in 2019, maintaining a small but consistent share around 0.17% (current) and slightly above 0.5% (noncurrent), indicating new lease-related obligations introduced around that time.
Other accrued liabilities and accrued liabilities collectively demonstrated a generally increasing trend. Accrued liabilities rose from 5.8% in 2017 to 6.48% in 2021, while other accrued liabilities fluctuated but ended higher at 2.52% in 2021 compared to 2.46% in 2017.
Deferred revenues trended upwards with some variability, increasing from 1.13% in 2017 to peak at 1.63% in 2020, then declining slightly to 1.39% in 2021.
Debt components showed a declining trend. The current portion of debt peaked sharply at 5.71% in 2018 before falling to below 1% thereafter. The noncurrent portion of debt decreased steadily from a significant 65.42% in 2017 to 41.89% in 2021, reflecting reduced long-term debt obligations over time.
Deferred income taxes declined from 5.56% in 2018 to 3.56% in 2021, suggesting reduction in deferred tax liabilities.
Other noncurrent liabilities increased notably from 2.6% in 2017 to 5.41% in 2019, and then marginally decreased to 5.03% by 2021.
Overall, noncurrent liabilities as a proportion of total liabilities and equity declined from 69.43% in 2017 to 51.04% in 2021, consistent with the reduction in debt levels.
Equity Trends
Total equity displayed a consistent upward trend, growing from 20.44% in 2017 to 37.86% in 2021, indicative of strengthened equity financing or retained earnings accumulation.
Within equity components, retained earnings increased steadily from 20.54% in 2017 to 27.83% in 2021, which contributes to the growth in total equity.
Additional paid-in capital remained relatively stable around 32%, with minor fluctuations from 32.34% to 32.2% over the five years, indicating limited changes in capital contributions.
Treasury stock, recorded as a negative value, showed a reduction in magnitude from -29.87% in 2017 to around -23.95% in 2021, potentially reflecting fewer repurchases or increased reissuance of shares.
Accumulated other comprehensive loss remained relatively stable, fluctuating mildly between -2.59% and -1.91%, before settling at -2.41% in 2021.
Noncontrolling interests grew from 5.27% in 2018 to 4.17% in 2021 following a slight decline post-2018, suggesting modest changes in noncontrolling ownership stakes.
The minor common stock categories remained almost negligible throughout the period, showing virtually constant low percentages in relation to total liabilities and equity.
Overall Financial Position
The data reflects a financial structure shifting towards increased equity and reduced liabilities. The steady increase in equity, particularly retained earnings, alongside decreasing debt levels, points to a strengthening balance sheet resilience.
Increases in accrued liabilities and other accrued obligations suggest heightened operational obligations or accrued expenses, but these remain within manageable proportions of the overall capital structure.
The introduction and persistence of finance lease liabilities after 2019 highlight evolving lease commitments, which might relate to strategic asset management.
The upward trend in content rights payable may indicate enhanced investment or contractual commitments in content, potentially aligning with strategic growth initiatives in content assets.

AI Ask an analyst for more