Balance Sheet: Liabilities and Stockholders’ Equity
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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Best Buy Co. Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
The annual financial data reveals several notable trends in the company's liability and equity accounts over the span of six years.
- Accounts Payable
- Accounts payable values demonstrate some fluctuation with an initial slight decline from 4984 million USD in 2017 to 4873 million USD in 2018, followed by an increase peaking at 6979 million USD in 2021 before a modest decline to 6803 million USD in 2022.
- Unredeemed Gift Card Liabilities
- This liability category experienced a consistent downward trend from 427 million USD in 2017 to 281 million USD in 2020, then stabilized around the low 300 million USD range in 2021 and 2022.
- Deferred Revenue
- Deferred revenue increased steadily from 418 million USD in 2017 to 1103 million USD in 2022, with noticeable large increments post-2019, indicating higher future income recognition liabilities.
- Accrued Compensation and Related Expenses
- This account shows volatility with an initial rise from 358 million USD in 2017 to 561 million USD in 2018, a decline to 410 million USD in 2020, then a sharp increase to 845 million USD by 2022, suggesting changes in workforce-related cost accruals.
- Accrued Liabilities
- Accrued liabilities fluctuated slightly, rising from 891 million USD in 2017 to a peak of 1001 million USD in 2018, then declining to 906 million USD in 2020, and stabilizing near the mid-900 million USD range thereafter.
- Short-term Debt and Current Portion of Debt
- Short-term debt data is limited, with a single value of 110 million USD in 2021. The current portion of long-term debt decreased substantially after 2018 from 544 million USD to 13 million USD in 2022, indicating potential repayment or reclassification of short-term debt obligations.
- Operating Lease Liabilities
- Operating lease liabilities, both current and long-term, appear from 2020 onwards, reflecting recognition of lease obligations. Current portion values slightly declined from 660 million USD in 2020 to 648 million USD in 2022, while long-term portions fluctuated around 2000 million USD.
- Current Liabilities
- Current liabilities show an overall growth trend from 7122 million USD in 2017 to over 10674 million USD in 2022, marked by a significant increase in 2021, likely impacted by increases in accounts payable and deferred revenue.
- Long-term Liabilities and Debt
- Long-term liabilities excluding current portions experienced variability, decreasing from 1321 million USD in 2017 to 1216 million USD in 2022, with intermediate fluctuations. The broader non-current liabilities category more than doubled between 2019 and 2020 from 2082 million USD to 4052 million USD and then moderately decreased, indicating major shifts possibly related to lease accounting standards or debt restructuring.
- Total Liabilities
- Total liabilities increased consistently across the period, from 9147 million USD in 2017 to a peak of 14480 million USD in 2021, remaining stable at around 14484 million USD in 2022. This growth reflects accumulation mainly in current liabilities and deferred revenues.
- Shareholders’ Equity
- Common stock values slightly declined from 31 million USD in 2017 to 23 million USD in 2022, while retained earnings dropped notably from 4399 million USD in 2017 to 2668 million USD in 2022, with some intermediate variation. Accumulated other comprehensive income remained relatively stable. Overall, total equity declined substantially over the years, indicating possible distributions, losses, or changes in equity accounts.
- Total Liabilities and Equity
- The aggregate of liabilities and equity rose significantly from 13856 million USD in 2017 to a high of 19067 million USD in 2021, then receded to 17504 million USD in 2022, illustrating overall growth in the company's financial scale with some contraction in the latest year.
In summary, the data shows a general increase in liabilities, particularly current liabilities and deferred revenue, suggesting increased operational obligations and future revenue commitments. Equity levels decreased notably due to lower retained earnings despite stable other comprehensive income, reflecting possible financial pressures or distributions. The introduction and substantial recognition of operating lease liabilities post-2019 also significantly impacted long-term obligations. These trends collectively point to evolving financial strategies and obligations over the analyzed period.