Stock Analysis on Net
Stock Analysis on Net

AutoZone Inc. (NYSE:AZO)

This company has been moved to the archive! The financial data has not been updated since December 18, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

AutoZone Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Aug 26, 2023 Aug 27, 2022 Aug 28, 2021 Aug 29, 2020 Aug 31, 2019 Aug 25, 2018
Accounts payable 45.05 47.80 41.43 35.75 49.16 47.17
Current portion of operating lease liabilities 1.61 1.59 1.63 1.55 0.00 0.00
Accrued compensation, related payroll taxes and benefits 2.15 2.72 3.24 2.23 1.72 2.09
Property, sales and other taxes 1.04 1.00 0.94 0.84 1.24 1.13
Medical and casualty insurance claims, current portion 0.80 0.75 0.84 0.78 0.90 0.95
Current portion of finance lease liabilities 0.54 0.61 0.62 0.47 0.57 0.56
Accrued gift cards 0.37 0.34 0.35 0.30 0.39 0.29
Accrued interest 0.34 0.33 0.38 0.44 0.49 0.39
Accrued sales and warranty returns 0.27 0.23 0.22 0.22 0.35 0.21
Other 0.75 0.61 0.58 0.45 0.63 0.86
Accrued expenses and other 6.26% 6.60% 7.16% 5.74% 6.28% 6.49%
Income taxes payable 0.33 0.23 0.55 0.52 0.26 0.13
Current liabilities 53.25% 56.23% 50.77% 43.56% 55.70% 53.80%
Long-term debt 47.97 40.08 36.30 38.22 52.61 53.56
Operating lease liabilities, less current portion 18.25 18.58 18.14 17.34 0.00 0.00
Deferred income taxes 3.35 3.50 2.32 2.46 3.15 3.05
Finance lease liabilities, less current portion 1.26 1.42 1.28 1.08 1.25 1.09
Other long-term liabilities 3.14 3.37 3.57 3.42 4.60 4.77
Long-term liabilities 73.96% 66.94% 61.61% 62.53% 61.62% 62.47%
Total liabilities 127.21% 123.17% 112.38% 106.09% 117.32% 116.27%
Preferred stock; no shares issued 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $.01 per share 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 9.29 8.87 10.10 8.90 12.78 12.36
Retained deficit -18.51 -8.71 -2.89 -10.06 -13.19 -12.93
Accumulated other comprehensive loss -1.19 -1.97 -2.12 -2.46 -2.72 -2.52
Treasury stock, at cost -16.80 -21.36 -17.47 -2.47 -14.19 -13.17
Stockholders’ deficit -27.21% -23.17% -12.38% -6.09% -17.32% -16.27%
Total liabilities and stockholders’ deficit 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).

Accounts Payable
The proportion of accounts payable relative to total liabilities and stockholders’ deficit decreased significantly from 49.16% in 2019 to a low of 35.75% in 2020, followed by a recovery and slight fluctuations, ending at 45.05% in 2023. This indicates variability in short-term obligations management over the period.
Current Portion of Operating Lease Liabilities
This item appeared starting in 2021, representing a small but stable percentage around 1.55% to 1.61%, indicating the introduction and consistent recognition of current operating lease obligations.
Accrued Compensation and Related Payroll Taxes and Benefits
This liability increased notably from 1.72% in 2019 to 3.24% in 2021, then decreased to 2.15% by 2023, reflecting fluctuations in short-term labor-related liabilities.
Property, Sales and Other Taxes
This liability maintained a relatively stable share, fluctuating slightly around 1% of total liabilities, reflecting consistent tax-related obligations across periods.
Medical and Casualty Insurance Claims (Current Portion)
There was a gradual decline in this liability from 0.95% in 2018 to 0.75% in 2022, with a minor uptick to 0.8% in 2023, suggesting stable or slightly reduced current insurance claim liabilities over time.
Current Portion of Finance Lease Liabilities
Values remained relatively stable between 0.47% and 0.62%, indicating consistent short-term finance lease obligations over the years.
Accrued Gift Cards
This item showed slight variability but generally maintained a small portion around 0.3% of total liabilities, pointing to steady recognition of outstanding gift card liabilities.
Accrued Interest
Accrued interest showed a mild reduction from 0.49% in 2019 to approximately 0.33%-0.34% in recent years, reflecting a modest decline in interest-bearing obligations.
Accrued Sales and Warranty Returns
This liability remained low but increased slightly from 0.21% in 2018 to 0.27% in 2023, indicating a modest growth in estimated sales returns or warranty-related liabilities.
Other Current Liabilities
Other current liabilities fluctuated, showing a gradual increase from 0.45% in 2020 to 0.75% in 2023, implying some growth in miscellaneous current obligations.
Accrued Expenses and Other
These liabilities consistently represented a significant portion of total liabilities, ranging between roughly 5.74% and 7.16%, with minor fluctuations indicating relatively stable accrued expenses over time.
Income Taxes Payable
This liability doubled from 0.13% in 2018 to 0.26% in 2019 and peaked at 0.55% in 2021 before reducing to 0.33% in 2023, showing variability in the timing or amount of income taxes payable.
Current Liabilities (Aggregate)
The total current liabilities as a share of total liabilities and stockholders’ deficit showed decline from 55.7% in 2019 to a low of 43.56% in 2020, followed by a rise to 56.23% in 2022 and slight reduction to 53.25% in 2023, indicating a dynamic but overall stable current liability structure.
Long-Term Debt
This liability decreased sharply from about 53% in 2018-2019 to 38.22% in 2020, then gradually climbed again to 47.97% by 2023, highlighting debt management activities including reductions in 2020 and increases thereafter.
Operating Lease Liabilities (Less Current Portion)
Beginning in 2020, this category represented a substantial portion of liabilities, rising slightly from 17.34% to about 18.58% in 2022 and settling near 18.25% in 2023, suggesting expanded recognition and sustained levels of long-term lease obligations.
Deferred Income Taxes
Deferred income taxes as a percentage remained fairly stable, roughly between 2.3% and 3.5%, with a slight upward trend towards 3.35% in 2023, reflecting consistent deferred tax liabilities.
Finance Lease Liabilities (Less Current Portion)
Long-term finance lease liabilities varied mildly between 1.08% and 1.42%, indicating steady lease-related obligations beyond the short term.
Other Long-Term Liabilities
This item exhibited a mild decrease from 4.77% in 2018 to 3.14% in 2023, implying shrinking miscellaneous long-term liabilities.
Long-Term Liabilities (Aggregate)
The aggregate long-term liabilities ranged around 61.5% to 73.96%, with an increasing trend from 66.94% in 2022 to nearly 74% in 2023, demonstrating a growing emphasis on long-term borrowing and lease obligations.
Total Liabilities
Total liabilities relative to total liabilities and stockholders’ deficit fluctuated, decreasing to a low of 106.09% in 2020 from a peak of 117.32% in 2019, then increasing to a new high of 127.21% in 2023, indicating an overall rising liability position in relation to the equity deficit.
Common Stock and Preferred Stock
Common stock remained constant and negligible (0%) throughout the periods. No preferred stock was issued during the timeframe.
Additional Paid-In Capital
This equity component declined notably from about 12.78% in 2019 to 8.9% in 2020, rebounded somewhat to 10.1% in 2021, then decreased again to approximately 9.29% in 2023, indicating variances in additional capital contributions or adjustments.
Retained Deficit
Retained deficit improved significantly from -13.19% in 2019 to -2.89% in 2021, suggesting recovery or reduced accumulated losses, but then deteriorated sharply to -18.51% in 2023, signaling increased cumulative losses or distributions beyond earnings.
Accumulated Other Comprehensive Loss
There was a consistent reduction in accumulated other comprehensive loss magnitude, improving from -2.72% in 2019 to -1.19% in 2023, reflecting diminished unrealized losses or improved comprehensive income elements.
Treasury Stock (at Cost)
Treasury stock experienced significant fluctuations across the periods. After a decline from -14.19% in 2019 to -2.47% in 2020, it dropped sharply to -21.36% in 2022 before recovering to -16.8% in 2023, indicating varying levels of stock repurchases or retirements affecting equity.
Stockholders’ Deficit
The stockholders’ deficit narrowed from -17.32% in 2019 to -6.09% in 2020 but then expanded considerably, reaching -27.21% in 2023. This widening deficit suggests increasing erosion of equity due to accumulated losses or other factors.