Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Best Buy Co. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).
- Accounts Payable
- The proportion of accounts payable relative to total liabilities and equity demonstrated fluctuations, peaking at 40.75% in the fiscal year ending February 2, 2019, then declining to 33.92% by February 1, 2020, before recovering to 38.87% most recently. This indicates variability in short-term creditor obligations over the analyzed period.
- Unredeemed Gift Card Liabilities
- A consistent downward trend is observed from 3.08% in 2017 to 1.66% in 2021, with a slight uptick to 1.81% in 2022. This suggests a gradual reduction in outstanding gift card liabilities, possibly reflecting changes in customer behavior or gift card redemption policies.
- Deferred Revenue
- Deferred revenue remained relatively stable between 3.02% and 3.73% through 2017 to 2021 but surged significantly to 6.3% by 2022. This notable increase indicates growing customer prepayments or subscription-based revenue accumulation during the latest year.
- Accrued Compensation and Related Expenses
- This liability category exhibited variability, rising sharply to 4.3% in 2018, dropping to 2.63% in 2020, and increasing to 4.83% by 2022. The variations imply fluctuating employee-related expenses and possibly changes in workforce levels or compensation structures.
- Accrued Liabilities
- Accrued liabilities as a portion of total liabilities and equity rose from 6.43% in 2017 to 7.67% in 2018, then declined to around 5.1%-5.4% in the later years, indicating initial accumulation of obligations followed by a reduction or stabilization.
- Short-Term Debt and Operating Lease Liabilities
- Short-term debt appears only in 2021 with a minor share of 0.58%. Current portions of operating lease liabilities emerged from 2020 onward, maintaining a presence around 3.6%-4.2%, suggesting increasing recognition of lease commitments as current liabilities.
- Current Portion of Long-Term Debt
- The percentage peaked at 4.17% in 2018, then decreased sharply and remained minimal (~0.07%) in the last two years, reflecting reduced near-term debt maturities or refinancing activities.
- Current Liabilities
- This category showed a significant increase from 51.4% in 2017 to as high as 60.98% in 2022, revealing an expanding share of liabilities due within one year, which may imply higher short-term obligations or working capital needs.
- Long-Term Operating Lease Liabilities Excluding Current Portion
- Data starts from 2020, with values around 11% to nearly 14% initially, then a slight decrease, indicating a significant portion of long-term lease obligations being recognized during this period.
- Long-Term Liabilities
- There is a declining trend in long-term liabilities from 6.2% in 2018 down to 3.05% in 2022, reflecting possible repayments or reclassification of long-term debts into other categories.
- Long-Term Debt Excluding Current Portion
- Fluctuations are present, rising from 6.22% in 2018 to 10.32% in 2019, then falling to 6.95% by 2022. This pattern may indicate refinancing activities or adjustments in long-term financing strategies.
- Non-Current Liabilities
- This metric increased markedly from 14.61% in 2017 to 25.99% in 2020, followed by a decrease to around 21.77% in 2022. The shift reflects a growing proportion of obligations classified as non-current liabilities in earlier years, then a partial reduction.
- Total Liabilities
- A consistent upward trend is evident, rising from 66.01% in 2017 to 82.75% in 2022, indicating an increasing reliance on liabilities relative to equity in the company’s capital structure.
- Common Stock
- The share of common stock in total liabilities and equity declined gradually from 0.22% to 0.13%, showing a marginal decrease in the relative amount of common stock equity over time.
- Retained Earnings
- Retained earnings decreased steadily from 31.75% in 2017 to 15.24% in 2022, which may suggest dividend payments exceeding net income or accumulated losses reducing retained capital.
- Accumulated Other Comprehensive Income
- This component remained relatively stable with slight variability between 1.72% and 2.41%, indicating limited impact on overall equity from comprehensive income items.
- Total Shareholders’ Equity
- Total equity as a percentage of total liabilities and equity decreased substantially from 33.99% in 2017 to 17.25% in 2022, reflecting a pronounced shift towards greater leverage through increased liabilities.
- Total Liabilities and Equity
- Remained constant at 100% as expected, validating the completeness of the financial composition.