Balance Sheet: Assets
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.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Best Buy Co. Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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
- There was notable volatility in cash and cash equivalents over the periods analyzed. Starting at $1,845 million, the amount declined to a low of around $640 million by April 2022 before recovering somewhat to approximately $932 million by October 2022. Substantial increases were observed during early 2020 and into 2021, reaching peaks above $5,000 million, suggesting episodes of strong liquidity possibly driven by operational shifts or financing activities.
- Short-term investments
- Short-term investments displayed fluctuations with initial high levels exceeding $2,000 million around mid-2017, decreasing drastically to single or double-digit figures post-2018. The data indicates a reduction or reclassification of these assets, with some missing values in the latter periods, pointing to potential strategic realignment or reallocation of liquid resources.
- Receivables, net
- Receivables showed moderate variation but remained relatively stable, fluctuating between approximately $800 million and $1,100 million. This steadiness suggests consistent credit sales or billings without significant deterioration or improvement in the collections process over the observed timeframe.
- Merchandise inventories
- Merchandise inventories exhibited significant volatility with pronounced peaks and troughs. Noteworthy spikes reaching above $8,000 million occurred around November 2018 and October 2020, possibly reflecting strategic inventory buildup or seasonal effects. Overall, the inventory levels appeared to increase over the full period, with some corrections in-between, indicating dynamic inventory management in response to demand shifts or supply chain considerations.
- Other current assets
- Other current assets maintained a relatively stable range between $300 million and $600 million, showing minor fluctuations that indicate steady balances in other short-term asset categories over the periods.
- Current assets
- The composition of current assets reflected the combined effects of the items above. The total current assets hovered mostly between $8,000 million and $14,000 million but spiked notably around 2020 and early 2021 to $14,551 million, mirroring the increases in cash and inventory, before contracting in subsequent periods.
- Property and equipment, net
- Property and equipment balances remained remarkably stable across all periods, consistently around $2,200 million to $2,400 million, indicating limited capital expenditure or disposals, and reflecting stable fixed asset investment levels.
- Operating lease assets
- Operating lease assets appeared only from early 2019 onwards, starting near $2,700 million and sustaining a relatively consistent amount just below $2,800 million. The stable nature of these assets suggests a steady commitment to leased properties or equipment under operating leases during this timeframe.
- Goodwill
- Goodwill values were stable at $425 million up to late 2017, with a significant increase beginning in November 2018 to around $900 million, and further rises reaching approximately $1,385 million by 2022. This upward trend indicates acquisitions or business combinations adding to intangible asset values over time.
- Other assets
- Other assets showed some variability without marked trend, fluctuating mostly between $550 million and $830 million. This suggests minor changes in miscellaneous non-current assets but overall stability.
- Non-current assets held for sale
- This category was minimal and only appears once at $31 million early in the data series, implying limited disposal of long-term assets.
- Non-current assets
- Non-current assets fluctuated between about $3,200 million and over $7,000 million, with a substantial increase in late 2018 and thereafter, likely due to upward adjustments in goodwill and lease assets. The step up suggests significant investment or acquisition activity affecting long-term asset bases.
- Total assets
- Total assets followed a pattern of initial growth from around $12,900 million to highs exceeding $20,000 million in late 2020, followed by some contraction to about $15,200 million in mid-2022 before a slight recovery. This trajectory reflects the impact of rising current and non-current assets particularly during 2020 and early 2021, indicating expansion and subsequent normalization phases.