Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Cintas Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
- Accounts payable
- The proportion of accounts payable relative to total liabilities and shareholders' equity has shown a gradual increase from 3.04% in 2019 to 3.7% in 2024, reflecting a slight upward trend in obligations to suppliers or creditors over the period.
- Accrued compensation and related liabilities
- This item decreased notably from 2.09% in 2019 to 1.66% in 2020, then rose sharply in 2021 to 2.93%, followed by a modest decline through 2024, finishing at 2.34%. The pattern indicates variability likely related to changes in accrued employee benefits or payroll expenses.
- Insurance reserve
- There is a gradual downward trend in insurance reserves as a percentage of total liabilities and equity, declining from 2.23% in 2019 to 1.93% in 2024, possibly reflecting reduced insurance-related liabilities.
- Employee benefit related liabilities
- These liabilities increased steadily from 1.66% in 2019 to 2.05% in 2024, suggesting rising obligations linked to employee benefits over the analyzed years.
- Dividends
- Starting from a reported 0.96% in 2021, dividends as a percentage of total liabilities and equity increased consistently each year to reach 1.5% in 2024, indicative of a progressively higher distribution of earnings to shareholders.
- Estimated legal reserves
- This item was newly reported in 2022 at 0.32% and increased to 0.49% in 2024, signaling the establishment and growth of reserves for potential legal liabilities.
- Accrued interest
- The share of accrued interest steadily decreased from 0.33% in 2019 to 0.16% in 2024, implying a reduction in interest-bearing liabilities or improved interest payment management.
- Other liabilities
- ‘Other’ liabilities fluctuated moderately with a slight upward tendency, increasing from 1.61% in 2019 to 2.16% in 2024, reflecting minor variability in miscellaneous liabilities.
- Accrued liabilities
- Accrued liabilities, considering the available entries, have increased from 5.84% in 2019 to 8.3% in 2024, denoting a growing proportion of accrued expenses or obligations not yet paid.
- Income taxes, current
- Current income taxes appeared in 2020 at 0.35%, declined afterward, and stabilized at low levels around 0.15% to 0.2% in recent years, implying limited current tax liabilities relative to total financing.
- Operating lease liabilities, current and long-term
- The current portion of operating lease liabilities slightly decreased from 0.56% in 2020 to 0.5% in 2024. The long-term portion remained relatively stable, fluctuating narrowly near 1.6%, suggesting consistent lease obligations throughout the period.
- Debt due within one year
- Debt due within one year showed volatility, rising sharply to 10.92% in 2021 and then falling to 4.9% in 2024, which may point to refinancing activities or changes in short-term borrowing strategy.
- Current liabilities
- The percentage of current liabilities to total liabilities and equity peaked at 23.48% in 2021 but generally remained variable, ending at 19.94% in 2024, showing fluctuations in short-term obligations impacting working capital.
- Debt due after one year
- Long-term debt decreased notably after a high of 34.12% in 2019 to 22.1% in 2024, with a significant dip to 19.94% in 2021. This trend suggests a reduction in long-term borrowing or debt repayment over time.
- Deferred income taxes
- Deferred income taxes demonstrated a slight downward trend from 5.89% in 2019 to 5.19% in 2024, indicating stable but gradually decreasing tax deferrals in relation to the company's total liabilities and equity.
- Long-term liabilities
- Long-term liabilities decreased from 44.46% in 2019 to 32.98% in 2024, reflecting a reduction in obligations classified as long-term, aligned with the drop in long-term debt.
- Total liabilities
- Total liabilities declined from 59.62% in 2019 to 52.92% in 2024, demonstrating a gradual decrease in the company's leverage or obligations over the period.
- Common stock and paid-in capital
- The proportion of common stock and paid-in capital increased steadily from 14.36% in 2019 to 25.14% in 2024, signifying growth in shareholder investment or equity financing.
- Retained earnings
- Retained earnings rose consistently from 89.98% in 2019 to 115.81% in 2024, highlighting accumulation of profits retained within the company to support growth or operations.
- Treasury stock
- The negative percentage of treasury stock deepened from -63.44% in 2019 to -94.87% in 2024, indicating increasing repurchases or holdings of own shares, which effectively reduces shareholders’ equity.
- Accumulated other comprehensive income (loss)
- This item showed fluctuations, initially negative at -0.53% in 2019 and reaching positive values by 2021, stabilizing near 1.0% from 2022 onwards, suggesting improvement in unrealized gains or losses affecting equity.
- Shareholders’ equity
- Shareholders’ equity increased from 40.38% in 2019 to 47.08% in 2024, reflecting strengthened equity financing and a reduced reliance on liabilities in the capital structure.
- Overall capital structure
- The data indicate a gradual shift towards increased equity relative to total financing, with declining total liabilities proportionally. The company has managed to reduce long-term debt and total liabilities while enhancing shareholders’ equity through retained earnings growth and paid-in capital increases. However, the rise in treasury stock suggests significant share repurchases, partially offsetting the equity growth.