Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
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- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Express Scripts Holding Co., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
- Liabilities Trends
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Total liabilities fluctuated moderately over the observed periods, with a peak near the middle and ending slightly lower relative to the start. Current liabilities experienced general growth, especially notable from early 2014 through 2016, reflecting increases in accounts payable and accrued expenses at times. However, certain quarters show declines, possibly indicating variability in short-term obligations management.
Claims and rebates payable remained substantial and demonstrated cyclical rises, notably peaking in late 2017 and early 2018, suggesting growing operational or settlement-related liabilities over time. Accounts payable showed a gradual increasing trend, with some volatility, peaking around mid-2018. Accrued expenses portrayed periods of both increase and decrease but showed multiple peaks, indicating fluctuations in accrued operating costs.
Short-term debt and current maturities of long-term debt exhibited erratic behavior, with a significant spike in mid-2014 and other smaller fluctuations, possibly reflecting refinancing activities or short-term liquidity management adjustments. Long-term debt, excluding current maturities, generally declined over the timeline, with some increases in mid-2015 and early 2017, suggesting repayments or reissuance of debt instruments.
Noncurrent liabilities decreased over time, consistent with the reduction in long-term debt, but with intermittent increases likely linked to other liability components. Deferred taxes showed a steady decline, indicating reduced temporary differences or tax obligations. Other liabilities increased moderately with some fluctuations but remained relatively stable compared to other components.
- Equity and Stockholders’ Trends
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Total stockholders' equity varied significantly, initially stable but showing a decline post-2014 into 2015, possibly due to treasury stock repurchases or losses. Thereafter, it gradually increased, especially from 2016 onwards, recovering to exceed earlier levels by late 2018. Common stock values remained relatively constant, suggesting no major issuance changes.
Additional paid-in capital grew gradually over time, reflecting capital contributions or similar equity adjustments. Retained earnings exhibited a consistent upward trajectory throughout the periods, showing accumulation of profits. However, the negative values of common stock in treasury, increasing in magnitude, reveal substantial share repurchase programs impacting equity.
Accumulated other comprehensive income (loss) was generally negative from 2015 onwards, with moderate variability, indicating unrealized losses or other comprehensive expense items affecting equity. Non-controlling interest remained minor but fairly consistent, contributing minimally to overall equity.
- Overall Financial Position
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Total liabilities and stockholders’ equity combined to show a declining trend from 2013 into 2016, followed by an upward movement through 2018. This mirrors the changes in liabilities and equity components and suggests dynamic adjustments in capital structure and financing strategies.
The data illustrates active management of debt with shifting balances between short-term and long-term obligations, alongside significant treasury stock activity impacting equity. The rising retained earnings indicate profitable operations over time despite fluctuations in liabilities.