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Stock Analysis on Net

Marriott International Inc. (NASDAQ:MAR)

This company has been moved to the archive! The financial data has not been updated since May 11, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Marriott International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Current portion of long-term debt 3.90 3.52 1.66 1.28 4.93
Accounts payable 2.87 3.24 3.26 2.85 9.75
Accrued payroll and benefits 5.35 5.68 5.12 4.86 14.16
Liability for guest loyalty program 9.01 10.67 8.62 7.73 15.65
Accrued expenses and other 5.52 4.06 6.43 4.60 8.66
Current liabilities 26.65% 27.16% 25.10% 21.32% 53.16%
Long-term debt, excluding current portion 39.77 35.93 32.74 33.96 62.59
Liability for guest loyalty program 13.81 12.37 12.01 11.08 26.67
Deferred tax liabilities 1.16 2.05 2.52 4.23 0.26
Deferred revenue 3.35 3.08 0.00 0.00 0.00
Noncurrent operating lease liabilities 3.52 0.00 0.00 0.00 0.00
Other noncurrent liabilities 8.93 10.01 12.06 7.22 16.34
Noncurrent liabilities 70.54% 63.45% 59.32% 56.49% 105.87%
Total liabilities 97.19% 90.61% 84.42% 77.81% 159.03%
Class A Common Stock 0.02 0.02 0.02 0.02 0.08
Additional paid-in-capital 23.15 24.54 24.09 24.06 46.38
Retained earnings 38.50 37.91 30.86 26.93 80.20
Treasury stock, at cost -57.42 -51.42 -39.33 -26.76 -182.47
Accumulated other comprehensive loss -1.44 -1.65 -0.07 -2.06 -3.22
Shareholders’ equity (deficit) 2.81% 9.39% 15.58% 22.19% -59.03%
Liabilities and shareholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The financial structure exhibits a significant shift between 2015 and 2016, moving from a position of negative shareholders' equity to a positive equity position. However, from 2016 through 2019, a consistent trend of increasing leverage is observed, as total liabilities grew from 77.81% to 97.19% of the total balance sheet.

Debt and Long-Term Obligations
Long-term debt, excluding the current portion, experienced a sharp decline from 62.59% in 2015 to 33.96% in 2016. Following this correction, a gradual upward trend emerged, with long-term debt rising to 39.77% by the end of 2019. Noncurrent liabilities overall followed a similar trajectory, increasing from 56.49% in 2016 to 70.54% in 2019.
Current Liability Dynamics
Current liabilities were disproportionately high in 2015 at 53.16%, subsequently stabilizing between 21.32% and 27.16% from 2016 to 2019. Within this category, accrued payroll and benefits and guest loyalty program liabilities remained significant contributors, though they decreased as a percentage of the total balance sheet compared to 2015 levels.
Shareholders' Equity and Capital Structure
A marked erosion of shareholders' equity is evident from 2016 to 2019, falling from 22.19% to 2.81%. This decline is primarily attributed to a substantial increase in treasury stock at cost, which grew from -26.76% in 2016 to -57.42% in 2019, suggesting aggressive share repurchases. This contraction in equity was partially offset by a steady increase in retained earnings, which rose from 26.93% in 2016 to 38.50% in 2019.
Loyalty Program Liabilities
Liabilities associated with the guest loyalty program represent a persistent and material obligation. When combining current and noncurrent portions, these liabilities fluctuated but remained a core component of the balance sheet, with the noncurrent portion increasing from 11.08% in 2016 to 13.81% in 2019.

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