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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).

The financial structure reflects a strategic shift toward deleveraging and equity growth between 2017 and 2021. Total liabilities declined from 77.73% to 61.09% of the total balance sheet, while total equity expanded from 20.44% to 37.86% during the same period, indicating a lower reliance on external debt to finance assets.

Long-term Debt Profile
A significant reduction in long-term leverage is observed, with noncurrent debt falling from 65.42% in 2017 to 41.89% in 2021. This downward trend is the primary driver behind the overall decrease in total liabilities.
Equity Growth and Components
Total equity experienced consistent growth, increasing by approximately 17.42 percentage points over the five-year period. This growth was supported by an increase in retained earnings, which rose from 20.54% in 2017 to 27.83% in 2021. Additionally, the negative impact of treasury stock on the balance sheet moderated, moving from -29.87% in 2017 to -23.95% in 2021.
Operational Obligations
Content rights payable showed a steady upward trend, increasing from 0.97% in 2017 to 2.24% in 2021, suggesting a relative increase in obligations related to content acquisition. Total accrued liabilities also saw a net increase, ending the period at 6.48% compared to 5.80% in 2017.
Current Liability Management
Current liabilities remained relatively stable, fluctuating between a low of 8.30% in 2017 and a peak of 12.28% in 2018, before settling at 10.05% in 2021. The current portion of debt remained minimal after 2018, holding steady at 0.98% through 2021.
Other Noncurrent Liabilities
Deferred income taxes decreased from a peak of 5.56% in 2018 to 3.56% in 2021. Other noncurrent liabilities increased from 2.60% in 2017 and plateaued around 5.03% by 2021.

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