Over the observed periods, the financial structure exhibited notable changes in the composition of liabilities and stockholders’ equity. Total liabilities as a percentage of total liabilities and stockholders’ equity showed a declining trend, decreasing from a high in the mid-50% range during earlier periods to around 43% by the most recent quarters, indicating an improving leverage position.
Short-term and current liabilities
Short-term debt remained minimal, appearing only in the latest periods with a slight upward movement from about 0.29% to over 2.3%, suggesting increased short-term borrowing recently. The current portion of long-term debt was present only in early 2020 around 3%, then absent in later data points.
Accounts payable and accrued expenses fluctuated but generally trended slightly downward from around 16.5% in late 2021 to about 13.5% in the latest periods. Contract liabilities rose steadily reaching a peak near 11.7% in early 2023 before declining gradually to around 7.2%. Current liabilities overall followed a similar pattern with increases until late 2022 at roughly 27.6%, then falling to just above 23% in early 2025.
Long-term liabilities
The net long-term debt portion showed a clear gradual decrease, moving from above 28% in early 2019 down to below 16% near the latest periods, reflecting significant debt reduction or restructuring. Income taxes payable consistently declined from near 7% in earlier quarters to under 1% by the final periods, indicating reduced tax liabilities held at period ends.
Other liabilities fluctuated slightly in the 2–3% range, with a minor increase toward recent periods, signaling relatively stable other obligations. Non-current liabilities in total declined from about 37% at the start to under 20% towards the end, consistent with the drop in long-term debt and taxes payable.
Stockholders’ equity
Equity as a percentage of total liabilities and stockholders’ equity increased gradually from approximately 43% to over 57%, demonstrating stronger capitalization over time. Components of equity showed diverse trends:
Retained earnings grew steadily from about 122% of the capital structure nominal base to roughly 157%, showing accumulation of earnings and profit retention.
Additional paid-in capital declined from near 39% to around 29–30%, indicating possible share buybacks or changes in capital funding. Common stock remained consistently at a minimal proportion around 0.02–0.05% throughout the periods.
Treasury stock held a large negative balance, growing more negative from about -116% to nearly -129%, supporting the observation of significant share repurchases influencing the equity structure.
Accumulated other comprehensive loss showed a steady reduction in negative impact, decreasing from about -0.8% to under -0.3%, slightly improving the equity quality.
In summary, the company gradually reduced its leverage by decreasing long-term liabilities while increasing the relative weight of stockholders’ equity, driven by retained earnings growth and treasury stock activity. Current liabilities showed variable trends but remained a stable portion of overall financial structure. These changes reflect a deliberate strategy toward strengthening the balance sheet and enhancing financial stability over the examined timeframe.
