Stock Analysis on Net
Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Walt Disney Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Sep 28, 2024 Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019
Accounts and accrued payables 7.54 7.36 7.96 8.03 6.54 7.10
Payroll and employee benefits 1.87 1.49 1.69 1.71 1.45 1.55
Income taxes payable 1.26 1.11 0.19 0.00 0.00 0.00
Short-term finance lease liabilities 0.02 0.02 0.02 0.02 0.02 0.00
Other 0.05 0.08 0.07 0.50 0.33 0.50
Accounts payable and other accrued liabilities 10.74% 10.06% 9.93% 10.26% 8.34% 9.16%
Current portion of borrowings 3.49 2.11 1.51 2.88 2.83 4.57
Deferred revenue and other 3.41 2.99 2.84 2.12 2.04 2.43
Current liabilities 17.63% 15.15% 14.28% 15.26% 13.21% 16.16%
Borrowings, excluding current portion 19.86 20.48 22.25 23.84 26.26 19.66
Deferred income taxes 3.20 3.53 4.11 3.56 3.62 4.07
Long-term finance lease liabilities 0.08 0.10 0.11 0.12 0.13 0.08
Other long-term liabilities 5.45 5.77 6.04 7.01 8.40 7.02
Long-term liabilities 28.59% 29.88% 32.50% 34.53% 38.41% 30.82%
Total liabilities 46.22% 45.03% 46.78% 49.79% 51.62% 46.98%
Redeemable noncontrolling interests 0.00 4.40 4.66 4.52 4.59 4.62
Preferred stock 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 29.86 27.91 27.70 27.24 27.04 27.79
Retained earnings 25.34 22.42 21.43 19.86 19.01 21.91
Accumulated other comprehensive loss -1.89 -1.60 -2.02 -3.16 -4.13 -3.41
Treasury stock, at cost -2.00 -0.44 -0.45 -0.45 -0.45 -0.47
Total Disney Shareholder’s equity 51.32% 48.29% 46.66% 43.49% 41.47% 45.82%
Noncontrolling interests 2.46 2.28 1.90 2.19 2.32 2.58
Total equity 53.78% 50.57% 48.56% 45.68% 43.79% 48.40%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

Current Liabilities
The proportion of current liabilities relative to total liabilities and equity experienced a decline from 16.16% in 2019 to a low of 13.21% in 2020, followed by a steady increase reaching 17.63% in 2024. Within this category, accounts payable and other accrued liabilities showed an upward trend overall, increasing from 9.16% in 2019 to 10.74% in 2024, indicating a higher utilization of payables. Payroll and employee benefits fluctuated but ended higher at 1.87% in 2024 compared to 1.55% in 2019, suggesting a moderate rise in employee-related obligations. Income taxes payable, absent in earlier periods, gradually increased starting in 2022 to 1.26% in 2024. The current portion of borrowings initially declined significantly from 4.57% in 2019 to 1.51% in 2022, then rose consecutively to 3.49% in 2024, pointing to increased short-term debt obligations recently.
Long-Term Liabilities
Long-term liabilities as a percentage of total liabilities and equity showed a peak in 2020 at 38.41% but generally decreased thereafter to 28.59% in 2024, implying a reduction in longer-term financial commitments. Borrowings excluding current portion primarily drove this trend, rising sharply to 26.26% in 2020 from 19.66% in 2019, then gradually declining to 19.86% by 2024. Deferred income taxes remained relatively stable within a narrow range of about 3.2% to 4.1%. Other long-term liabilities declined steadily from 7.02% in 2019 to 5.45% in 2024. Long-term finance lease liabilities were minimal throughout the period and trended slightly downward.
Total Liabilities
Total liabilities peaked at 51.62% in 2020 but declined steadily to 45.03% in 2023 before a slight uptick to 46.22% in 2024. This pattern mirrors the changes in long-term borrowings and current liabilities, highlighting a general deleveraging trend followed by a minor recent increase in obligations.
Shareholders’ Equity
Equity showed a consistent increase across the time frame, rising from 48.4% of total liabilities and equity in 2019 to 53.78% by 2024. This growth was driven by increases in both common stock and retained earnings. Common stock shares grew steadily from 27.79% in 2019 to 29.86% in 2024, reflecting either new issuances or adjustments in par value allocations. Retained earnings displayed a healthy upward momentum, increasing from 21.91% to 25.34%, suggesting profitability and earnings retention. Accumulated other comprehensive loss decreased in magnitude from -3.41% in 2019 to -1.89% in 2024, indicating improvement in comprehensive income components. Treasury stock remained largely stable initially but showed a notable increase in cost impact in 2024, reaching -2%, indicating significant share repurchases or accounting changes.
Noncontrolling Interests and Redeemable Interests
Noncontrolling interests slightly declined from 2.58% in 2019 to 1.9% in 2022 but rebounded to 2.46% in 2024, reflecting some changes in minority ownership stakes. Redeemable noncontrolling interests remained relatively constant around 4.5% through 2023 but data for 2024 was unavailable.
Summary of Capital Structure Trends
The company’s capital structure over the analyzed years indicates a shift towards higher equity financing, with total equity rising while total liabilities moderately decreased from their 2020 peak. Current liabilities increased after 2020, especially accounts payable and accrued liabilities, while long-term debt obligations declined. This may point to a strategic focus on improving balance sheet stability with stronger equity support and managing debt maturities toward nearer terms. The steady rise in retained earnings supports this strengthened equity base, while the slight increase in treasury stock cost in 2024 could signal active share repurchase activity.