Common-Size Balance Sheet: Assets
Quarterly Data
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Best Buy Co. Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets exhibits significant variability throughout the periods. Initially fluctuating near a 7% to 16% range, the metric reaches notable peaks around early 2020 and the first quarter of 2021 with values above 24%, and even reaching over 30% in August 2020. However, towards the last periods of 2022, this percentage declines sharply to near 5%. This pattern suggests a fluctuating liquidity position with a strong emphasis on cash holdings during 2020 and early 2021, possibly reflecting strategic cash accumulation during periods of market uncertainty.
- Short-term Investments
- The share of short-term investments relative to total assets shows a declining trend over the timeline presented. Starting around 9.5% to 15% in 2016-2017, there is a notable drop in subsequent years with many periods showing missing or near-zero values from 2018 onward. This indicates a declining emphasis on short-term investments within the asset structure, possibly favoring more liquid cash assets or other uses of capital.
- Receivables, Net
- Receivables as a percentage of total assets vary moderately, generally fluctuating between approximately 4.8% and 9.7%. There is no distinct upward or downward trend; however, the proportion is relatively lower in the 2020-2022 period compared to earlier years. This may indicate tighter credit policies, changes in sales patterns, or improvements in collections.
- Merchandise Inventories
- This category shows considerable volatility and constitutes a large share of total assets. The inventory proportion ranges broadly from around 23% to over 54%. There are significant peaks near the end of 2018 and several later periods, with notable increases in 2017 and 2019. However, there are periods of sharp reduction as seen in mid-2020 amid the COVID-19 crisis, where inventory levels fall to around 23%. The cyclicality likely reflects seasonal inventory management and responses to changes in consumer demand and supply chain conditions.
- Other Current Assets
- Other current assets maintain a relatively stable proportion, fluctuating around 1.8% to 4.3%. While generally stable, a gradual decline is perceptible from 2016 to 2020, followed by some incremental recovery in late 2021 and 2022. This steady pattern indicates a consistent allocation to other short-term assets, without major strategic shifts.
- Current Assets
- Current assets as a total percentage of assets remain dominant throughout the periods, generally ranging between approximately 54% and 77%. A peak is observed in late 2016 and early 2017, followed by a decline in the middle of the timeline around 2019-2020, likely driven by decreases in inventory and short-term investments. The overall level indicates significant emphasis on liquidity and short-term asset management.
- Property and Equipment, Net
- The net property and equipment share exhibits a gradual decline over the timeline, moving from about 18% in early 2016 to around 11-15% in later periods. This reduction may reflect asset sales, depreciation outpacing new investments, or shifts towards less capital-intensive operations.
- Operating Lease Assets
- Data for operating lease assets become available from mid-2019 onward, showing a significant share ranging from approximately 12.7% to 18.6%. The relatively high and stable levels indicate substantial commitments under operating leases impacting the non-current asset base, reflecting changes in accounting standards or operational strategies involving leased assets.
- Goodwill
- Goodwill as a percentage of total assets remains a relatively small but stable portion, primarily fluctuating between about 2.9% and 9.1%. There is an increasing trend observed from 2018 onward, peaking in mid-2022 at around 9%. This increase suggests acquisitions or goodwill revaluations contributing to intangible asset growth.
- Other Assets
- Other non-current assets maintain a modest and stable presence within total assets, generally between 2.8% and 6.4%. The values display some minor fluctuations but no clear trend, indicating a consistent but limited role in the asset structure.
- Non-current Assets Held for Sale
- This component appears only in early 2016 at a minor level and is absent thereafter, implying that disposal of certain non-current assets occurred at that time, with no subsequent material assets held for sale recorded.
- Non-current Assets
- The non-current asset portion as a percentage of total assets shows a variable but generally increasing pattern. It starts near 24%-28% in earlier years, then rises sharply to over 39%-45% from 2019 through mid-2022, before seeing a slight decline. This rise aligns with increased operating lease assets and goodwill balances, suggesting a strategic growth in long-term asset investments and lease capitalizations.
- Total Assets
- The total asset percentage consistently sums to 100%, serving as the basis for the proportional analysis of various asset categories.