Name: AutoZone Inc. (NYSE:AZO) | Liabilities and Stockholders’ Equity (Quarterly)
Creator: Stock Analysis on Net

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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AutoZone Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

	Nov 18, 2023	Aug 26, 2023	May 6, 2023	Feb 11, 2023	Nov 19, 2022	Aug 27, 2022	May 7, 2022	Feb 12, 2022	Nov 20, 2021	Aug 28, 2021	May 8, 2021	Feb 13, 2021	Nov 21, 2020	Aug 29, 2020	May 9, 2020	Feb 15, 2020	Nov 23, 2019	Aug 31, 2019	May 4, 2019	Feb 9, 2019	Nov 17, 2018	Aug 25, 2018	May 5, 2018	Feb 10, 2018	Nov 18, 2017
Accounts payable	7,182,948)	7,201,281)	7,215,566)	7,321,551)	7,345,981)	7,301,347)	6,793,205)	6,378,606)	6,171,344)	6,013,924)	5,778,222)	5,351,096)	5,282,313)	5,156,324)	4,806,329)	4,869,914)	4,922,148)	4,864,912)	4,693,094)	4,669,568)	4,455,330)	4,409,372)	4,296,677)	4,365,666)	4,326,737)
Current portion of operating lease liabilities	288,854)	257,256)	281,964)	275,269)	271,667)	243,407)	268,975)	268,921)	263,899)	236,568)	256,382)	252,523)	246,332)	223,846)	236,759)	234,506)	232,549)	—)	—)	—)	—)	—)	—)	—)	—)
Current portion of long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	500,000)	—)	—)	250,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accrued expenses and other	1,202,508)	1,000,841)	906,415)	933,735)	982,560)	1,008,701)	925,271)	961,898)	965,898)	1,039,788)	884,377)	866,297)	771,360)	827,668)	687,991)	632,343)	618,654)	621,932)	595,618)	613,158)	637,274)	606,894)	566,881)	576,224)	583,972)
Income taxes payable	111,312)	52,478)	61,002)	84,063)	108,781)	34,938)	76,625)	75,220)	186,752)	79,474)	94,268)	84,355)	156,698)	75,253)	37,997)	42,797)	94,885)	25,297)	28,177)	51,577)	75,568)	12,415)	54,778)	5,338)	156,931)
Current liabilities	8,785,622)	8,511,856)	8,464,947)	8,614,618)	8,708,989)	8,588,393)	8,064,076)	7,684,645)	8,087,893)	7,369,754)	7,013,249)	6,804,271)	6,456,703)	6,283,091)	5,769,076)	5,779,560)	5,868,236)	5,512,141)	5,316,889)	5,334,303)	5,168,172)	5,028,681)	4,918,336)	4,947,228)	5,067,640)
Long-term debt, less current portion	8,583,523)	7,668,549)	7,340,484)	7,042,302)	6,328,344)	6,122,092)	6,057,444)	5,840,884)	4,771,266)	5,269,820)	5,267,896)	5,266,396)	5,514,874)	5,513,371)	5,418,272)	5,451,471)	5,287,324)	5,206,344)	5,151,917)	5,111,201)	5,156,037)	5,005,930)	4,954,697)	5,043,541)	4,982,984)
Operating lease liabilities, less current portion	2,910,727)	2,917,046)	2,862,152)	2,854,227)	2,838,433)	2,837,973)	2,659,535)	2,641,555)	2,624,676)	2,632,842)	2,594,506)	2,566,974)	2,524,008)	2,501,560)	2,481,280)	2,494,840)	2,506,829)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	534,472)	536,278)	538,264)	536,102)	549,082)	533,884)	418,869)	379,176)	355,310)	337,125)	366,497)	358,161)	370,076)	354,186)	325,919)	325,263)	315,602)	311,980)	301,080)	290,626)	288,438)	285,204)	238,023)	222,932)	382,244)
Other long-term liabilities	691,897)	702,043)	693,652)	682,063)	729,008)	731,614)	707,871)	669,690)	746,554)	704,194)	659,190)	687,764)	729,893)	649,641)	540,320)	523,734)	498,555)	579,299)	593,367)	603,327)	569,550)	547,520)	552,316)	520,565)	489,315)
Long-term liabilities	12,720,619)	11,823,916)	11,434,552)	11,114,694)	10,444,867)	10,225,563)	9,843,719)	9,531,305)	8,497,806)	8,943,981)	8,888,089)	8,879,295)	9,138,851)	9,018,758)	8,765,791)	8,795,308)	8,608,310)	6,097,623)	6,046,364)	6,005,154)	6,014,025)	5,838,654)	5,745,036)	5,787,038)	5,854,543)
Total liabilities	21,506,241)	20,335,772)	19,899,499)	19,729,312)	19,153,856)	18,813,956)	17,907,795)	17,215,950)	16,585,699)	16,313,735)	15,901,338)	15,683,566)	15,595,554)	15,301,849)	14,534,867)	14,574,868)	14,476,546)	11,609,764)	11,363,253)	11,339,457)	11,182,197)	10,867,335)	10,663,372)	10,734,266)	10,922,183)
Preferred stock; no shares issued	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, par value $.01 per share	190)	189)	189)	188)	208)	207)	207)	206)	231)	230)	229)	228)	238)	237)	237)	237)	254)	254)	254)	253)	277)	275)	275)	275)	288)
Additional paid-in capital	1,548,510)	1,484,992)	1,425,515)	1,324,258)	1,412,650)	1,354,252)	1,315,717)	1,266,015)	1,499,557)	1,465,669)	1,381,982)	1,314,424)	1,323,037)	1,283,495)	1,259,457)	1,241,733)	1,282,629)	1,264,448)	1,229,524)	1,163,831)	1,209,851)	1,155,426)	1,123,425)	1,112,748)	1,103,412)
Retained earnings (deficit)	(2,365,815)	(2,959,278)	(3,824,119)	(4,471,842)	(790,749)	(1,330,067)	(2,138,160)	(2,730,731)	135,406)	(419,829)	(1,205,600)	(1,801,764)	(1,008,537)	(1,450,970)	(2,191,427)	(2,534,322)	(955,009)	(1,305,347)	(1,870,576)	(2,276,525)	(864,191)	(1,208,824)	(1,623,595)	(1,990,317)	(1,361,385)
Accumulated other comprehensive loss	(210,359)	(190,836)	(227,475)	(269,312)	(297,265)	(300,536)	(302,191)	(310,163)	(324,327)	(307,986)	(304,382)	(300,839)	(306,907)	(354,252)	(344,516)	(228,337)	(250,081)	(269,322)	(236,612)	(235,837)	(276,066)	(235,805)	(295,139)	(286,384)	(296,451)
Treasury stock, at cost	(4,186,197)	(2,684,961)	(1,675,687)	(767,462)	(4,162,767)	(3,262,769)	(2,262,803)	(1,362,804)	(3,435,617)	(2,535,620)	(1,635,621)	(735,622)	(1,034,811)	(356,487)	(356,487)	(190,430)	(1,853,883)	(1,403,884)	(712,103)	(246,084)	(1,728,487)	(1,231,427)	(566,569)	(166,869)	(970,963)
Stockholders’ deficit	(5,213,671)	(4,349,894)	(4,301,577)	(4,184,170)	(3,837,923)	(3,538,913)	(3,387,230)	(3,137,477)	(2,124,750)	(1,797,536)	(1,763,392)	(1,523,573)	(1,026,980)	(877,977)	(1,632,736)	(1,711,119)	(1,776,090)	(1,713,851)	(1,589,513)	(1,594,362)	(1,658,616)	(1,520,355)	(1,361,603)	(1,330,547)	(1,525,099)
Total liabilities and stockholders’ deficit	16,292,570)	15,985,878)	15,597,922)	15,545,142)	15,315,933)	15,275,043)	14,520,565)	14,078,473)	14,460,949)	14,516,199)	14,137,946)	14,159,993)	14,568,574)	14,423,872)	12,902,131)	12,863,749)	12,700,456)	9,895,913)	9,773,740)	9,745,095)	9,523,581)	9,346,980)	9,301,769)	9,403,719)	9,397,084)

An analysis of the financial position between November 2017 and November 2023 reveals a consistent expansion of total liabilities coupled with a widening stockholders' deficit. Total liabilities grew from approximately 10.92 billion USD to 21.51 billion USD over the period, reflecting a significant increase in the company's leverage. This growth is characterized by simultaneous increases in both current obligations and long-term debt.

Liability Structure and Debt Trends: Long-term debt, less current portion, exhibited a steady upward trajectory, rising from 4.98 billion USD in November 2017 to 8.58 billion USD by November 2023. A notable escalation in long-term liabilities occurred around November 2019, where total long-term liabilities jumped from approximately 6.10 billion USD to 8.61 billion USD, partly coinciding with the recognition of operating lease liabilities. Operating lease liabilities, both current and non-current, have remained relatively stable since their appearance in late 2019, with long-term lease obligations ending the period at 2.91 billion USD.
Current Liabilities and Operational Obligations: Current liabilities increased from 5.07 billion USD to 8.79 billion USD. This trend was primarily driven by accounts payable, which grew from 4.33 billion USD to 7.18 billion USD. The growth in accounts payable suggests an increasing reliance on supplier financing to fund operations. Accrued expenses and other current liabilities also showed a general upward trend, increasing from 584 million USD to 1.20 billion USD by the end of the analyzed period.
Stockholders' Equity and Capital Strategy: The company maintained a negative stockholders' equity position throughout the entire period, with the deficit widening from 1.53 billion USD in November 2017 to 5.21 billion USD in November 2023. A primary driver of this deficit is the aggressive acquisition of treasury stock, which increased from 971 million USD to 4.19 billion USD. This indicates a strategic priority toward share repurchases over the retention of equity.
Retained Earnings Volatility: Retained earnings remained predominantly negative, exhibiting significant volatility. The deficit in retained earnings reached a peak of 4.47 billion USD in February 2023 before improving to a deficit of 2.37 billion USD by November 2023. This pattern, combined with the treasury stock trends, confirms a capital structure heavily weighted toward debt and the return of capital to shareholders.

In summary, the financial data indicates a highly leveraged capital structure. The company has systematically increased its total liabilities and long-term debt while simultaneously reducing stockholders' equity through substantial share buybacks, resulting in a significant and growing stockholders' deficit.

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AutoZone Inc. (NYSE:AZO)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data