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.

Sysco Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Accounts payable	6,290)	6,026)	5,753)	4,885)	3,447)	4,315)
Accrued expenses	2,226)	2,251)	2,271)	1,815)	1,616)	1,730)
Accrued income taxes	131)	102)	40)	23)	3)	17)
Current operating lease liabilities	125)	99)	106)	103)	107)	—)
Current maturities of long-term debt	469)	63)	581)	495)	1,544)	41)
Current liabilities	9,241)	8,540)	8,750)	7,320)	6,718)	6,103)
Long-term debt, excluding current maturities	11,513)	10,348)	10,067)	10,588)	12,902)	8,122)
Deferred income taxes	345)	303)	250)	147)	87)	172)
Long-term operating lease liabilities	838)	656)	636)	634)	523)	—)
Other long-term liabilities	1,089)	932)	968)	1,136)	1,205)	1,031)
Long-term liabilities	13,785)	12,239)	11,921)	12,506)	14,718)	9,325)
Total liabilities	23,026)	20,779)	20,671)	19,826)	21,435)	15,428)
Noncontrolling interest	31)	33)	32)	35)	34)	35)
Preferred stock, par value $1 per share, issued none	—)	—)	—)	—)	—)	—)
Common stock, par value $1 per share	765)	765)	765)	765)	765)	765)
Paid-in capital	1,908)	1,815)	1,766)	1,620)	1,507)	1,457)
Retained earnings	12,260)	11,311)	10,540)	10,152)	10,563)	11,230)
Accumulated other comprehensive loss	(1,339)	(1,253)	(1,482)	(1,149)	(1,711)	(1,600)
Treasury stock at cost	(11,734)	(10,629)	(10,207)	(9,835)	(9,966)	(9,350)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Total liabilities and shareholders’ equity	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

Liabilities Analysis

Total liabilities exhibited a marked upward trend from 2019 through 2024, increasing from approximately $15.4 billion to over $23 billion. This growth was driven by expansions in both current and long-term liabilities.

Current liabilities rose from about $6.1 billion in 2019 to $9.2 billion in 2024, reflecting increases in accounts payable and accrued expenses. Accounts payable fluctuated in the initial years but maintained a steady increase overall, reaching $6.3 billion by 2024. Accrued expenses also showed an upward progression, peaking around $2.27 billion in 2022 before a slight decline to $2.23 billion in 2024.

Current maturities of long-term debt showed volatility, with a significant spike to $1.54 billion in 2020, then a reduction and fluctuation before settling at $469 million in 2024.

Long-term debt, excluding current maturities, increased significantly from $8.1 billion in 2019 to $11.5 billion in 2024, indicating growing reliance on long-term financing. Other long-term liabilities remained relatively stable but increased moderately towards 2024.

Operating lease liabilities, both current and long-term, started being reported from 2020 and have increased gradually to a combined total exceeding $900 million by 2024.

Equity and Capital Structure

Shareholders’ equity experienced fluctuations during the period under review. It dropped sharply from $2.5 billion in 2019 to $1.16 billion in 2020 before recovering partially to $1.86 billion by 2024. The decline in 2020 and recovery thereafter could reflect the company's response to external market conditions or internal financial adjustments.

Treasury stock at cost increased steadily, indicating increasing repurchases of shares or accumulation of treasury shares. The amount rose from negative $9.35 billion in 2019 to negative $11.7 billion in 2024.

Paid-in capital rose steadily from $1.46 billion to $1.91 billion, reflecting potential equity injections or additional paid capital over time.

Retained earnings showed a general upward trend after a dip in 2020, increasing from $11.23 billion in 2019 to $12.26 billion in 2024, indicative of sustained profitability or earnings retention.

Accumulated other comprehensive loss fluctuated, reaching its lowest negative point in 2020 and improving slightly thereafter but remained in a negative territory around negative $1.34 billion in 2024.

Tax and Other Liabilities

Accrued income taxes increased substantially over the six-year horizon, rising from $17 million in 2019 to $131 million in 2024, suggesting higher taxable income or changes in tax liabilities.

Deferred income taxes nearly doubled, moving from $172 million to $345 million, implying timing differences in tax recognition or deferred tax liabilities growth.

General Observations

The company has progressively increased its overall liabilities, particularly long-term debt, reflecting potential capital investments or strategic financing decisions.

The shareholders' equity reflects some volatility, but retaining earnings and paid-in capital trends suggest a foundational growth in net equity over time despite repurchases reflected in treasury stock.

Operating lease liabilities show a new reporting dynamic starting 2020, increasing steadily, signaling growing lease commitments.

Overall, the financial data suggest a company actively managing its capital structure with a noteworthy increase in financial leverage and corresponding changes in equity components.

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Sysco Corp. (NYSE:SYY)

Balance Sheet: Liabilities and Stockholders’ Equity