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.

Western Digital Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Accounts payable	1,293)	1,902)	1,934)	1,945)	1,567)	2,265)
Accounts payable to related parties	292)	320)	398)	407)	331)	259)
Accrued expenses	1,288)	1,636)	1,390)	1,296)	1,296)	1,274)
Income taxes payable	999)	869)	263)	—)	—)	—)
Accrued compensation	349)	510)	634)	472)	347)	479)
Current portion of long-term debt	1,213)	—)	251)	286)	276)	179)
Current liabilities	5,434)	5,237)	4,870)	4,406)	3,817)	4,456)
Long-term debt, less current portion	5,857)	7,022)	8,474)	9,289)	10,246)	10,993)
Non-current net tax payable	464)	659)	684)	815)	928)	1,315)
Non-current portion of unrecognized tax benefits	408)	477)	750)	720)	699)	508)
Other non-current liabilities	543)	643)	633)	881)	713)	432)
Other liabilities	1,415)	1,779)	2,067)	2,416)	2,340)	2,255)
Non-current liabilities	7,272)	8,801)	10,541)	11,705)	12,586)	13,248)
Total liabilities	12,706)	14,038)	15,411)	16,111)	16,403)	17,704)
Convertible preferred stock, $0.01 par value	876)	—)	—)	—)	—)	—)
Common stock, $0.01 par value	3)	3)	3)	3)	3)	3)
Additional paid-in capital	3,936)	3,733)	3,608)	3,717)	3,851)	4,254)
Accumulated other comprehensive loss	(516)	(554)	(197)	(157)	(68)	(39)
Retained earnings	7,424)	9,039)	7,539)	6,725)	7,449)	8,757)
Treasury stock, common shares at cost	—)	—)	(232)	(737)	(1,268)	(1,444)
Shareholders’ equity	11,723)	12,221)	10,721)	9,551)	9,967)	11,531)
Total liabilities and shareholders’ equity	24,429)	26,259)	26,132)	25,662)	26,370)	29,235)

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

Accounts Payable: Accounts payable decreased from $2,265 million in 2018 to $1,293 million in 2023, showing a general downward trend with intermittent increases in 2020 and 2021.
Accounts Payable to Related Parties: There was a consistent increase from $259 million in 2018 to a peak of $407 million in 2020, followed by a decrease to $292 million by 2023.
Accrued Expenses: Accrued expenses remained relatively stable, fluctuating around $1,274 million in 2018 to a peak of $1,636 million in 2022 and declining to $1,288 million in 2023.
Income Taxes Payable: Income taxes payable data appeared only from 2020 onward, with a marked increase from $263 million in 2020 to $999 million in 2023.
Accrued Compensation: Accrued compensation showed volatility, decreasing from $479 million in 2018 to $347 million in 2019, rising to $634 million in 2021, and then decreasing again to $349 million by 2023.
Current Portion of Long-term Debt: This item fluctuated between $179 million in 2018 and $286 million in 2020, with missing data in 2022; however, it spiked significantly to $1,213 million in 2023.
Current Liabilities: Current liabilities decreased from $4,456 million in 2018 to $3,817 million in 2019, then progressively increased to $5,434 million by 2023.
Long-term Debt, Less Current Portion: A steady decrease in long-term debt occurred, declining from $10,993 million in 2018 to $5,857 million in 2023, suggesting active debt reduction.
Non-current Net Tax Payable: Non-current net tax payable trended downward from $1,315 million in 2018 to $464 million in 2023.
Non-current Portion of Unrecognized Tax Benefits: This liability saw minor fluctuations, rising slightly from $508 million in 2018 to $750 million in 2021, before declining to $408 million in 2023.
Other Non-current Liabilities: These liabilities increased from $432 million in 2018 to a peak of $881 million in 2020, then decreased steadily to $543 million by 2023.
Other Liabilities: Other liabilities increased marginally from $2,255 million in 2018 to $2,416 million in 2020, then declined steadily to $1,415 million in 2023.
Non-current Liabilities: Non-current liabilities steadily decreased from $13,248 million in 2018 to $7,272 million in 2023, aligning with reductions in long-term debt and tax-related liabilities.
Total Liabilities: Total liabilities declined consistently from $17,704 million in 2018 to $12,706 million in 2023, indicating an overall reduction in the company’s obligations.
Convertible Preferred Stock: Convertible preferred stock was not present until 2023 when it appeared at $876 million, indicating fresh issuance or reclassification during that fiscal year.
Common Stock: Common stock par value remained constant at $3 million throughout the years, suggesting no new common stock issuance or buybacks affecting par value.
Additional Paid-in Capital: Additional paid-in capital decreased from $4,254 million in 2018 to $3,608 million in 2021 but reversed to an increase, reaching $3,936 million by 2023.
Accumulated Other Comprehensive Loss: Accumulated other comprehensive loss deepened from -$39 million in 2018 to a maximum loss of -$554 million in 2022, slightly recovering to -$516 million in 2023, indicating increased unrealized losses or unfavorable adjustments.
Retained Earnings: Retained earnings declined from $8,757 million in 2018 to a low of $6,725 million in 2020, recovered substantially to $9,039 million in 2022, but then decreased again to $7,424 million in 2023, showing some earnings volatility.
Treasury Stock, Common Shares at Cost: Treasury stock showed a consistent reduction from -$1,444 million in 2018 to -$232 million in 2021, with missing data thereafter, suggesting share repurchases decreasing or being adjusted.
Shareholders’ Equity: Shareholders’ equity declined from $11,531 million in 2018 to a low of $9,551 million in 2020, recovered to $12,221 million in 2022, then slightly declined to $11,723 million in 2023, indicating variability in net assets possibly linked with earnings and capital activities.
Total Liabilities and Shareholders’ Equity: This aggregate measure steadily diminished from $29,235 million in 2018 to $24,429 million in 2023, reflecting a contraction in the overall balance sheet size over the period analyzed.

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Western Digital Corp. (NASDAQ:WDC)

Balance Sheet: Liabilities and Stockholders’ Equity