Name: AutoZone Inc. (NYSE:AZO) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

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.

Assets: Selected Items

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Current Assets: Selected Items

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AutoZone Inc., consolidated balance sheet: assets

US$ in thousands

	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Cash and cash equivalents	277,054)	264,380)	1,171,335)	1,750,815)	176,300)	217,824)
Accounts receivable	520,385)	504,886)	378,392)	364,774)	308,995)	258,136)
Merchandise inventories	5,764,143)	5,638,004)	4,639,813)	4,473,282)	4,319,113)	3,943,670)
Current marketable debt securities	39,639)	49,768)	46,007)	76,118)	67,958)	59,444)
Other current assets	178,205)	170,946)	179,756)	146,883)	156,319)	156,795)
Current assets	6,779,426)	6,627,984)	6,415,303)	6,811,872)	5,028,685)	4,635,869)
Property and equipment, less accumulated depreciation and amortization	5,596,548)	5,170,419)	4,856,891)	4,509,221)	4,398,751)	4,218,400)
Operating lease right-of-use assets	2,998,097)	2,918,817)	2,718,712)	2,581,677)	—)	—)
Goodwill	302,645)	302,645)	302,645)	302,645)	302,645)	302,645)
Deferred income taxes	86,002)	52,047)	41,043)	27,843)	26,861)	34,620)
Long-term marketable debt securities	81,874)	62,777)	67,911)	71,121)	70,968)	75,232)
Other long-term assets	141,286)	140,354)	113,694)	119,493)	68,003)	80,214)
Long-term assets	9,206,452)	8,647,059)	8,100,896)	7,612,000)	4,867,228)	4,711,111)
Total assets	15,985,878)	15,275,043)	14,516,199)	14,423,872)	9,895,913)	9,346,980)

Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).

Total assets experienced a substantial upward trajectory between August 2018 and August 2023, increasing from $9.35 billion to $15.99 billion. This growth was characterized by a steady rise in operational assets and a significant structural shift in the balance sheet during the 2020 fiscal year.

Current Asset Dynamics: Merchandise inventories represent the primary driver of current assets, demonstrating a consistent increase from $3.94 billion in 2018 to $5.76 billion in 2023. Accounts receivable followed a similar growth pattern, increasing from $258.1 million to $520.4 million over the observed period. A significant volatility in liquidity is observed in cash and cash equivalents, which spiked to $1.75 billion in 2020 before returning to a baseline of $277.1 million by 2023.
Fixed and Long-Term Asset Trends: Net property and equipment grew steadily from $4.22 billion in 2018 to $5.60 billion in 2023, reflecting consistent investment in physical infrastructure. A major structural change occurred in 2020 with the recognition of operating lease right-of-use assets, which entered the balance sheet at $2.58 billion and grew to $3.00 billion by 2023. In contrast, goodwill remained stagnant at $302.6 million throughout the entire six-year period, indicating no significant new acquisitions involving goodwill.
Overall Asset Composition: The distribution of assets shifted toward a higher concentration of long-term holdings. While current assets grew from $4.64 billion to $6.78 billion, long-term assets expanded more aggressively from $4.71 billion to $9.21 billion. This shift is primarily attributed to the adoption of lease accounting standards in 2020 and the ongoing expansion of property and equipment.

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