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.

Williams-Sonoma Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
Accounts payable	607,877)	508,321)	612,512)	542,992)	521,235)	526,702)
Accrued expenses	264,306)	247,594)	319,924)	267,592)	175,003)	163,559)
Gift card and other deferred revenue	573,904)	479,229)	447,770)	373,164)	289,613)	290,445)
Income taxes payable	96,554)	61,204)	79,554)	69,476)	22,501)	21,461)
Current debt	—)	—)	—)	299,350)	299,818)	—)
Current operating lease liabilities	234,517)	231,965)	217,409)	209,754)	227,923)	—)
Other current liabilities	103,157)	108,138)	94,517)	85,672)	73,462)	72,645)
Current liabilities	1,880,315)	1,636,451)	1,771,686)	1,848,000)	1,609,555)	1,074,812)
Long-term debt	—)	—)	—)	—)	—)	299,620)
Long-term operating lease liabilities	1,156,104)	1,211,693)	1,066,839)	1,025,057)	1,094,579)	—)
Other long-term liabilities	109,268)	113,821)	122,888)	137,182)	114,048)	282,698)
Long-term liabilities	1,265,372)	1,325,514)	1,189,727)	1,162,239)	1,208,627)	582,318)
Total liabilities	3,145,687)	2,961,965)	2,961,413)	3,010,239)	2,818,182)	1,657,130)
Preferred stock: $0.01 par value; none issued	—)	—)	—)	—)	—)	—)
Common stock: $0.01 par value	642)	663)	720)	764)	772)	789)
Additional paid-in capital	588,602)	573,117)	600,942)	638,375)	605,822)	581,900)
Retained earnings	1,555,595)	1,141,819)	1,074,084)	1,019,762)	644,794)	584,333)
Accumulated other comprehensive loss	(15,552)	(13,809)	(10,828)	(7,117)	(14,587)	(11,073)
Treasury stock, at cost	(1,426)	(739)	(711)	(599)	(941)	(235)
Stockholders’ equity	2,127,861)	1,701,051)	1,664,207)	1,651,185)	1,235,860)	1,155,714)
Total liabilities and stockholders’ equity	5,273,548)	4,663,016)	4,625,620)	4,661,424)	4,054,042)	2,812,844)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

Liabilities Analysis

There is a consistent upward trend in total liabilities from 1,657,130 thousand US$ in early 2019 to 3,145,687 thousand US$ by early 2024, reflecting an overall doubling in obligations over this period.

Current liabilities showed significant volatility, peaking at 1,848,000 thousand US$ in early 2021, then slightly declining before rising again to 1,880,315 thousand US$ in early 2024. Noteworthy components of current liabilities such as accounts payable fluctuated, starting near 527,000 thousand US$, dipping in 2020, rising sharply in 2022, decreasing notably in 2023, and increasing again in 2024.

Accrued expenses demonstrated growth, nearly doubling from approximately 164,000 thousand US$ in 2019 to 264,000 thousand US$ in 2024, with a peak in 2022.

Gift card and other deferred revenue showed a strong and steady increase, rising from roughly 290,000 thousand US$ in 2019 to nearly 574,000 thousand US$ in 2024, indicative of increased future revenue recognition or prepayments from customers.

Income taxes payable increased significantly from 21,461 thousand US$ in early 2019 to a high of 96,554 thousand US$ in 2024, showing varying tax obligations over the years.

Current operating lease liabilities have shown a general increase after their appearance in 2020, moving from 227,923 thousand US$ to 234,517 thousand US$ in 2024.

Long-term liabilities also increased substantially from 582,318 thousand US$ in 2019 to over 1,265,372 thousand US$ in 2024. The increase was driven mainly by long-term operating lease liabilities, which more than doubled from 1,094,579 thousand US$ in 2020 (first available data) to 1,156,104 thousand US$ in 2024, although with intermediate fluctuations.

Other long-term liabilities decreased gradually from 282,698 thousand US$ in 2019 to 109,268 thousand US$ in 2024.

Debt Trends

Current debt was significant at about 300,000 thousand US$ in 2020 and 2021 but then not reported thereafter, indicating possible repayment or reclassification.

Long-term debt was reported only in 2019 at 299,620 thousand US$, with no subsequent values, which could suggest retirement or reclassification into other liabilities.

Equity Trends

Stockholders’ equity has grown steadily from approximately 1,155,714 thousand US$ in 2019 to over 2,127,861 thousand US$ in 2024, nearly doubling over the period.

Retained earnings showed noteworthy growth, from 584,333 thousand US$ in 2019 to a substantial 1,555,595 thousand US$ in 2024, reflecting accumulated profitability over the years.

Additional paid-in capital experienced a rise until 2021 with a peak at 638,375 thousand US$, followed by a decline through 2023, and a modest recovery in 2024 to 588,602 thousand US$.

Common stock gradually decreased in par value representation from 789 thousand US$ to 642 thousand US$, indicating potential stock repurchases or cancellations.

Treasury stock at cost remained relatively minor but showed increased repurchase activity, reaching a negative balance of 1,426 thousand US$ in 2024 compared to 235 thousand US$ in 2019.

Accumulated other comprehensive loss deepened over time, moving from -11,073 thousand US$ in 2019 to -15,552 thousand US$ in 2024, indicating increasing unrealized losses or other comprehensive items affecting equity negatively.

Total Financial Position

The combined total of liabilities and stockholders’ equity increased significantly from approximately 2,812,844 thousand US$ in 2019 to over 5,273,548 thousand US$ in 2024, reflecting substantial growth in the overall balance sheet size.

This expansion aligns with increasing operational scale or financing needs through liabilities and equity growth.

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Williams-Sonoma Inc. (NYSE:WSM)

Balance Sheet: Liabilities and Stockholders’ Equity