The composition of liabilities and shareholders’ equity exhibited notable shifts over the observed period, spanning from February 2020 to November 2025. Current liabilities initially represented a significant portion of the total, fluctuating around 8% before increasing substantially in mid-2021, peaking at nearly 13%. This increase was followed by a decline, stabilizing around 6% in late 2023 and early 2024, before rising again to approximately 6.2% by November 2025. Long-term debt, excluding current portions, consistently comprised a substantial portion, generally between 20% and 24%, with a decrease observed in late 2021 and early 2022, followed by a gradual increase to approximately 17% by November 2025. Shareholders’ equity demonstrated a general upward trend, increasing from approximately 54.7% in early 2020 to a peak of 73.95% in early 2024, before decreasing to 70.4% by November 2025.
Accounts Payable
Accounts payable remained relatively stable, fluctuating between approximately 0.85% and 1.3% of total liabilities and shareholders’ equity. A slight increase was observed in the first half of 2021, followed by a return to levels similar to those observed in early 2020. A minor increase occurred again in late 2022 and early 2023, before decreasing again.
Income Taxes Payable
Income taxes payable exhibited more volatility. It increased from 0.55% in February 2020 to a peak of 1.08% in July 2021, then decreased to 0.53% in October 2021. A subsequent increase was observed, reaching 1.57% in January 2026, indicating potential changes in tax obligations or payment timing.
Debt – Current Portion
The current portion of debt showed significant fluctuation. It decreased from 3.5% in February 2020 to 2.1% in May 2020, remained relatively stable through October 2020, then decreased sharply. A substantial increase occurred in May 2021, reaching 6.14%, followed by a decline to approximately 1% in late 2022 and early 2023. It increased again to 1.87% by January 2026.
Commercial Paper Notes
Commercial paper notes were not present in the earlier periods but began to appear in April 2023, representing approximately 0.51% of the total. This percentage increased to 1.16% by May 2024, before stabilizing around 1.13% through November 2025, suggesting an increasing reliance on short-term financing.
Accrued Liabilities
Accrued liabilities generally trended downward from 4.45% in October 2020 to a low of 1.97% in May 2024. A subsequent increase was observed, reaching 3.43% in November 2025, potentially reflecting increased operational expenses or changes in accrual policies.
Deferred Income Taxes & Other Non-Current Liabilities
Deferred income taxes and other non-current liabilities both exhibited a consistent downward trend throughout the period. Deferred income taxes decreased from 9.61% in February 2020 to 4.16% in January 2026. Other non-current liabilities decreased from 2.15% to 1.11% over the same period. These decreases suggest a reduction in long-term tax obligations and other deferred liabilities.
Retained Earnings
Retained earnings demonstrated a consistent upward trend, increasing from 32.31% in February 2020 to 22.68% in January 2026. This indicates consistent profitability and reinvestment of earnings into the business. The rate of increase slowed in the latter part of the period.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss remained relatively stable, fluctuating around -1%. A slight decrease was observed towards the end of the period, reaching -0.31% in January 2026.
