Stock Analysis on Net
Stock Analysis on Net

AutoZone Inc. (NYSE:AZO)

$22.49

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

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.

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

US$ in thousands

Microsoft Excel
Aug 26, 2023 Aug 27, 2022 Aug 28, 2021 Aug 29, 2020 Aug 31, 2019 Aug 25, 2018
Accounts payable
Current portion of operating lease liabilities
Accrued compensation, related payroll taxes and benefits
Property, sales and other taxes
Medical and casualty insurance claims, current portion
Current portion of finance lease liabilities
Accrued gift cards
Accrued interest
Accrued sales and warranty returns
Other
Accrued expenses and other
Income taxes payable
Current liabilities
Long-term debt
Operating lease liabilities, less current portion
Deferred income taxes
Finance lease liabilities, less current portion
Other long-term liabilities
Long-term liabilities
Total liabilities
Preferred stock; no shares issued
Common stock, par value $.01 per share
Additional paid-in capital
Retained deficit
Accumulated other comprehensive loss
Treasury stock, at cost
Stockholders’ deficit
Total liabilities and stockholders’ deficit

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 accounts payable balance showed a consistent upward trend from 4,409,372 thousand USD in 2018 to a peak of 7,301,347 thousand USD in 2022, followed by a slight decline to 7,201,281 thousand USD in 2023. This suggests increasing short-term obligations to suppliers, potentially reflecting growth in operations or purchasing activities.
Current Portion of Operating Lease Liabilities
First appearing in 2020 at 223,846 thousand USD, this liability increased steadily each year to 257,256 thousand USD by 2023, indicating a gradual rise in lease obligations due within one year.
Accrued Compensation, Related Payroll Taxes and Benefits
There was notable volatility in accrued compensation expenses, starting at 195,004 thousand USD in 2018, dipping in 2019, then rising sharply in 2021 to 470,561 thousand USD before declining to 343,379 thousand USD in 2023. This pattern may be linked to workforce changes or compensation policies.
Property, Sales, and Other Taxes
This line item exhibited a steady increase from 106,050 thousand USD in 2018 to 165,731 thousand USD in 2023, reflecting growing tax obligations consistent with rising business activity.
Medical and Casualty Insurance Claims, Current Portion
The current portion of medical and casualty insurance claims showed moderate growth from 88,761 thousand USD in 2018 to 127,624 thousand USD in 2023, indicative of increasing claims or higher insurance costs.
Current Portion of Finance Lease Liabilities
This liability rose gradually from 52,290 thousand USD in 2018 to a peak of 92,877 thousand USD in 2022 before slightly decreasing to 86,916 thousand USD in 2023.
Accrued Gift Cards and Accrued Sales and Warranty Returns
Both accrued gift cards and accrued sales and warranty returns increased over the period, with gift cards rising from 27,401 thousand USD in 2018 to 59,254 thousand USD in 2023, and warranty returns growing from 20,025 thousand USD to 43,355 thousand USD. This suggests expanding consumer activity and associated liabilities.
Accrued Interest and Accrued Expenses and Other
Accrued interest showed fluctuations, peaking in 2020 at 63,503 thousand USD before decreasing to around 54,493 thousand USD in 2023. Accrued expenses and others increased substantially from 606,894 thousand USD in 2018 to over 1,000,000 thousand USD from 2021 onward, reflecting growing short-term obligations.
Income Taxes Payable
This liability was relatively low and volatile, with significant increases in certain years but no clear upward trend, ending at 52,478 thousand USD in 2023.
Current Liabilities
Total current liabilities increased steadily from 5,028,681 thousand USD in 2018 to a peak of 8,588,393 thousand USD in 2022 and slightly decreased to 8,511,856 thousand USD in 2023, reflecting ongoing growth in short-term debt obligations.
Long-Term Debt
Long-term debt rose from 5,005,930 thousand USD in 2018 to a significantly higher 7,668,549 thousand USD in 2023, showing increased reliance on longer-term financing over the period.
Operating and Finance Lease Liabilities (Long Term)
The non-current portion of operating lease liabilities started appearing in 2020 and increased yearly to 2,917,046 thousand USD in 2023. Finance lease liabilities showed a steady increase from 102,013 thousand USD in 2018 to 200,702 thousand USD in 2023, indicating growing lease commitments mirrored in long-term obligations.
Deferred Income Taxes
Deferred income taxes increased moderately from 285,204 thousand USD in 2018 to 536,278 thousand USD in 2023, with a notable jump between 2021 and 2022, potentially linked to changes in taxable income or tax regulation impacts.
Other Long-Term Liabilities
These liabilities remained relatively stable, hovering around 445,507 thousand USD in 2018 and ending at 501,341 thousand USD in 2023 with minor fluctuations.
Total Long-Term Liabilities and Total Liabilities
Long-term liabilities generally trended upward, from 5,838,654 thousand USD in 2018 to 11,823,916 thousand USD in 2023. Consequently, total liabilities increased substantially from 10,867,335 thousand USD to 20,335,772 thousand USD over the same period, indicating growing overall debt and obligations.
Common Stock and Additional Paid-In Capital
Common stock value declined slightly from 275 thousand USD in 2018 to 189 thousand USD in 2023, possibly due to share repurchases. Additional paid-in capital increased from 1,155,426 thousand USD in 2018 to 1,484,992 thousand USD in 2023, showing additional equity contributions or retained earnings adjustments.
Retained Deficit and Stockholders' Deficit
Retained deficit showed marked volatility, reaching a significant positive adjustment in 2021 (-419,829 thousand USD) but worsening thereafter to -2,959,278 thousand USD in 2023. The overall stockholders' deficit follows a similar volatile pattern, worsening to -4,349,894 thousand USD in 2023, indicative of accumulated losses or significant share repurchases impacting equity negatively.
Accumulated Other Comprehensive Loss
This loss fluctuated mildly with a peak negative value in 2020 (-354,252 thousand USD) and improved to -190,836 thousand USD by 2023, suggesting some recovery in comprehensive income components.
Treasury Stock
Treasury stock increased sharply in magnitude, reflecting substantial share repurchases. It peaked at -3,262,769 thousand USD in 2022 before slightly decreasing in 2023 to -2,684,961 thousand USD.
Total Liabilities and Stockholders’ Deficit
The sum of liabilities and stockholders’ deficit rose from 9,346,980 thousand USD in 2018 to 15,985,878 thousand USD in 2023, indicating increased overall funding needs financed through liabilities and equity changes with a negative equity position.