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Western Digital Corp. (NASDAQ:WDC)

This company has been moved to the archive! The financial data has not been updated since February 12, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Western Digital Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Dec 29, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 30, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Jan 1, 2021 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Jan 3, 2020 Oct 4, 2019 Jun 28, 2019 Mar 29, 2019 Dec 28, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 29, 2017 Sep 29, 2017
Accounts payable 6.17 5.39 5.29 5.20 4.76 6.56 7.24 7.14 7.77 7.18 7.40 7.11 7.59 7.67 7.58 7.00 6.71 6.56 5.94 5.86 6.89 7.25 7.75 7.36 6.44 6.77
Accounts payable to related parties 1.03 1.15 1.20 1.05 1.47 1.15 1.22 1.54 1.49 1.43 1.52 1.56 1.54 1.59 1.59 1.56 1.41 1.93 1.26 1.16 1.11 1.00 0.89 0.97 0.84 0.74
Accrued expenses 4.25 5.61 5.27 4.60 5.63 6.20 6.23 6.25 6.53 6.13 6.33 6.11 5.56 5.09 5.05 6.15 6.03 5.23 4.91 6.11 5.46 4.55 4.36 4.17 4.64 4.76
Income taxes payable 2.08 2.81 4.09 4.03 4.09 3.84 3.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued compensation 1.45 1.45 1.43 1.36 1.39 1.58 1.94 1.89 2.18 2.15 2.43 1.94 2.05 1.96 1.84 1.70 2.08 1.64 1.32 1.49 1.23 1.74 1.64 1.75 1.75 1.53
Current portion of long-term debt 4.27 7.71 4.97 4.67 0.15 0.00 0.00 0.29 0.96 0.95 0.96 0.99 0.98 1.13 1.11 1.12 1.11 0.96 1.05 1.03 0.87 0.74 0.61 0.43 0.92 0.85
Current liabilities 19.25% 24.13% 22.24% 20.92% 17.50% 19.33% 19.94% 17.11% 18.94% 17.84% 18.64% 17.71% 17.71% 17.44% 17.17% 17.53% 17.33% 16.32% 14.47% 15.65% 15.57% 15.28% 15.24% 14.68% 14.59% 14.65%
Long-term debt, less current portion 30.15 24.26 23.98 23.45 28.08 27.53 26.74 27.58 27.12 31.34 32.43 34.15 34.76 35.77 36.20 36.63 36.92 37.90 38.85 38.30 37.12 38.08 37.60 38.19 39.47 42.20
Other liabilities 5.73 5.82 5.79 5.98 6.06 6.00 6.77 8.68 7.77 7.77 7.91 8.98 9.06 9.10 9.41 9.61 9.48 9.38 8.87 8.09 8.26 7.02 7.71 8.17 8.17 3.62
Non-current liabilities 35.87% 30.08% 29.77% 29.43% 34.14% 33.53% 33.52% 36.26% 34.88% 39.11% 40.34% 43.13% 43.82% 44.87% 45.61% 46.24% 46.40% 47.28% 47.73% 46.40% 45.37% 45.10% 45.32% 46.36% 47.64% 45.82%
Total liabilities 55.12% 54.21% 52.01% 50.35% 51.63% 52.87% 53.46% 53.37% 53.82% 56.95% 58.97% 60.84% 61.53% 62.30% 62.78% 63.77% 63.73% 63.60% 62.20% 62.05% 60.94% 60.37% 60.56% 61.04% 62.23% 60.47%
Convertible preferred stock, $0.01 par value 3.59 3.65 3.59 3.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 16.23 16.54 16.11 15.23 15.05 14.18 14.22 14.01 13.52 12.89 13.81 14.18 13.88 13.92 14.48 14.67 14.43 14.19 14.60 14.46 14.54 14.23 14.55 14.75 14.78 14.41
Accumulated other comprehensive income (loss) -2.02 -2.50 -2.11 -1.44 -1.47 -2.70 -2.11 -1.39 -0.83 -0.63 -0.75 -0.83 -0.20 -0.40 -0.61 -0.72 -0.43 -0.34 -0.26 -0.20 -0.13 -0.26 -0.13 0.16 -0.15 -0.19
Retained earnings 27.07 28.08 30.39 32.36 34.78 35.65 34.42 34.00 33.48 30.88 28.85 27.22 26.30 26.21 26.21 25.79 25.97 26.68 28.25 28.98 30.54 31.95 29.95 28.12 27.65 30.25
Treasury stock, common shares at cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 -0.89 -1.43 -1.53 -2.05 -2.87 -3.52 -3.72 -4.14 -4.81 -5.29 -5.91 -6.30 -4.94 -4.07 -4.51 -4.95
Shareholders’ equity 44.88% 45.79% 47.99% 49.65% 48.37% 47.13% 46.54% 46.63% 46.18% 43.05% 41.03% 39.16% 38.47% 37.70% 37.22% 36.23% 36.27% 36.40% 37.80% 37.95% 39.06% 39.63% 39.44% 38.96% 37.77% 39.53%
Total liabilities, convertible preferred stock and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-12-29), 10-Q (reporting date: 2023-09-29), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-30), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-K (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-Q (reporting date: 2021-01-01), 10-Q (reporting date: 2020-10-02), 10-K (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-Q (reporting date: 2020-01-03), 10-Q (reporting date: 2019-10-04), 10-K (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-Q (reporting date: 2018-12-28), 10-Q (reporting date: 2018-09-28), 10-K (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-Q (reporting date: 2017-12-29), 10-Q (reporting date: 2017-09-29).

The capital structure demonstrates a significant shift over the analyzed period, characterized by an initial period of high leverage followed by a concerted effort to deleverage, and a subsequent moderate increase in total liabilities toward the end of 2023. Total liabilities fluctuated between 50.35% and 63.77% of the total capital structure, reaching a peak in the second quarter of 2020 before trending downward to a low in March 2023.

Long-Term Debt Trends
A sustained reduction in long-term debt is observed from September 2017, where it constituted 42.20% of total liabilities, convertible preferred stock, and shareholders' equity, down to 23.45% by March 2023. This downward trajectory indicates a period of aggressive debt repayment or a relative increase in other capital components. However, a sharp reversal occurred in December 2023, with long-term debt rising to 30.15%, suggesting new financing activities.
Current Liabilities and Liquidity Components
Current liabilities remained relatively stable between 14% and 18% for the first several years but exhibited increased volatility starting in 2022. A peak of 24.13% was reached in September 2023, driven in part by a significant increase in the current portion of long-term debt, which climbed from 0.15% in December 2022 to 7.71% in September 2023. Accounts payable showed a general decline in the latter part of the period, dropping from a peak of 7.77% in December 2021 to 4.76% by December 2022, before recovering slightly to 6.17% in December 2023.
Equity Composition and Growth
Shareholders' equity exhibited an inverse correlation with total liabilities, growing from 39.53% in September 2017 to a peak of 49.65% in March 2023. This growth was supported by an increase in retained earnings, which peaked at 35.65% in September 2022. A notable trend is the elimination of treasury stock as a percentage of the total structure; it shifted from a high negative impact of -6.30% in September 2018 to 0.00% by October 2021, indicating a cessation of share buybacks or a restructuring of equity accounts.
Emerging Financial Obligations
Two distinct changes in the balance sheet composition appeared in the later years. Income taxes payable emerged as a visible component in July 2022, peaking at 4.09% in June 2023. Additionally, convertible preferred stock was introduced in March 2023, consistently representing approximately 3.48% to 3.65% of the total capital structure through December 2023.

In summary, the organization moved from a heavily debt-reliant structure toward a more equity-centric balance sheet by early 2023. However, the final quarter of 2023 shows a trend returning toward higher leverage, marked by an increase in both long-term debt and a volatile current liability profile.

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