Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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AutoZone Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
- Accounts payable
- The accounts payable balance exhibited a gradual upward trend over the analyzed periods, starting at approximately $4.3 billion and rising to over $7.1 billion by the end. This steady increase may suggest growing procurement activities or extended payment terms.
- Current portion of operating lease liabilities
- Data for this item is available only from early 2020 onward, showing some fluctuations but a generally stable level around $230 million to $290 million, indicating consistent short-term lease obligations.
- Current portion of long-term debt
- This liability appeared intermittently, with a significant increase to $250 million in late 2020 and a jump to $500 million in 2021. Such movements indicate scheduled repayments or reclassification of debt portions.
- Accrued expenses and other
- Accrued expenses demonstrated a notable upward trend from approximately $580 million in late 2017 to around $1.2 billion in late 2023. This rise may reflect increased operational activities or higher expenditures accrued but not yet paid.
- Income taxes payable
- Fluctuations in income taxes payable were observed, with significant variability ranging from as low as about $5 million to over $180 million. The irregular pattern suggests variation in taxable income or changes in tax payment timing.
- Current liabilities
- Current liabilities showed a consistent increase from roughly $5.1 billion to nearly $8.8 billion, indicating growth in short-term obligations possibly tied to operations, payables, and accrued expenses.
- Long-term debt, less current portion
- Long-term debt remained relatively stable until early 2021, fluctuating around $5 billion, but afterward showed a significant rise, reaching over $8.5 billion by the end of the period, signaling new borrowings or refinancing activities.
- Operating lease liabilities, less current portion
- Operating lease liabilities reported only from around 2019 onward, maintaining a gradual increase from approximately $2.5 billion to nearly $2.9 billion, reflecting sustained or expanded lease commitments in the long term.
- Deferred income taxes
- Deferred income taxes generally increased from about $380 million to above $530 million, with occasional fluctuations, indicating accumulating timing differences in taxable income recognition.
- Other long-term liabilities
- This category presented moderate variation, rising from close to $490 million to peaks over $730 million, with some declines, suggesting adjustments within miscellaneous long-term obligations.
- Long-term liabilities
- Long-term liabilities surged significantly starting in late 2019, jumping from roughly $6 billion to over $12.7 billion by late 2023. This sharp increase is consistent with the expansion of long-term debt and lease liabilities, indicating leveraged financing or capital-intensive activities.
- Total liabilities
- Total liabilities mirrored the growth in long-term and current obligations, moving upward from approximately $10.9 billion to $21.5 billion, nearly doubling over the period, which may raise concerns about leverage and financial risk.
- Common stock, par value
- Common stock par value remained relatively steady around $275 thousand at the beginning, gradually declining to approximately $190 thousand, possibly reflecting share repurchases or retirements.
- Additional paid-in capital
- Additional paid-in capital displayed a gradual upward trend from about $1.1 billion to nearly $1.55 billion, suggesting new equity issuance or capital contributions over time.
- Retained earnings (deficit)
- Retained earnings remained in deficit throughout the periods, with fluctuations between approximately negative $2.6 billion to negative $4.8 billion, indicating accumulated losses or significant dividend payouts exceeding earnings.
- Accumulated other comprehensive loss
- This item remained consistently negative, fluctuating around negative $190 million to negative $300 million, which may reflect unrealized losses from items such as foreign currency translation or pension adjustments.
- Treasury stock, at cost
- Treasury stock levels were highly volatile, with negative values indicating share repurchases. The balance ranged from near $-170 thousand to as much as nearly $4.2 billion, evidencing active buyback programs with periods of aggressive repurchase activity.
- Stockholders’ deficit
- Stockholders’ deficit worsened significantly, increasing from approximately $-1.5 billion to $-5.2 billion by the end, driven by persistent losses, treasury stock repurchases, and other comprehensive losses, reflecting weakening equity position.
- Total liabilities and stockholders’ deficit
- This aggregate measure rose from about $9.4 billion to $16.3 billion, reflecting the combined impact of growing liabilities and increasing stockholders’ deficit, signifying expanded balance sheet size but deteriorating net equity.