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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
Quarterly Data

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

Microsoft Excel
Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Current portion of long-term debt 6.51 3.90 0.91 0.92 0.93 3.52 2.59 2.58 4.04 1.66 1.64 1.68 1.29 1.28 1.26 4.56 4.90 4.93 10.00 9.71 4.78
Accounts payable 3.24 2.87 3.28 3.72 3.01 3.24 3.18 3.50 3.13 3.26 3.02 2.72 2.76 2.85 2.67 9.34 9.75 9.75 9.38 10.12 8.88
Accrued payroll and benefits 4.74 5.35 4.86 4.29 4.20 5.68 5.26 4.93 4.75 5.12 4.67 4.41 4.32 4.86 4.54 11.37 12.73 14.16 12.66 12.75 11.16
Liability for guest loyalty program 6.07 9.01 8.81 8.67 10.61 10.67 9.67 9.13 9.14 8.62 8.08 8.16 8.14 7.73 7.44 14.92 16.55 15.65 15.11 13.18 9.92
Accrued expenses and other 4.94 5.52 5.26 5.00 4.88 4.06 4.69 4.62 5.37 6.43 5.71 5.48 5.31 4.60 5.00 8.60 9.12 8.66 9.88 9.87 9.80
Current liabilities 25.50% 26.65% 23.13% 22.59% 23.63% 27.16% 25.39% 24.76% 26.42% 25.10% 23.14% 22.46% 21.83% 21.32% 20.91% 48.78% 53.05% 53.16% 57.03% 55.64% 44.54%
Long-term debt, excluding current portion 41.37 39.77 42.53 40.92 40.51 35.93 36.55 35.12 32.09 32.74 34.13 33.13 34.11 33.96 34.02 61.01 63.05 62.59 59.95 52.25 54.43
Liability for guest loyalty program 16.81 13.81 13.86 14.18 11.67 12.37 13.92 13.90 12.37 12.01 11.65 11.73 11.13 11.08 10.15 25.86 26.81 26.67 24.88 25.42 25.08
Deferred tax liabilities 0.83 1.16 1.17 1.44 1.78 2.05 2.31 2.38 2.59 2.52 3.82 4.16 3.72 4.23 5.23 0.00 0.00 0.00 0.00 0.00 0.00
Deferred revenue 3.37 3.35 3.22 3.09 3.00 3.08 2.65 2.71 2.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncurrent operating lease liabilities 3.31 3.52 3.50 3.59 3.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other noncurrent liabilities 8.88 8.93 9.22 9.22 9.33 10.01 9.43 9.22 9.32 12.06 8.64 8.00 7.61 7.22 6.32 16.41 17.01 16.61 16.46 14.67 13.24
Noncurrent liabilities 74.57% 70.54% 73.50% 72.43% 69.89% 63.45% 64.86% 63.32% 59.01% 59.32% 58.24% 57.02% 56.57% 56.49% 55.72% 103.28% 106.86% 105.87% 101.30% 92.34% 92.75%
Total liabilities 100.08% 97.19% 96.62% 95.02% 93.52% 90.61% 90.25% 88.09% 85.44% 84.42% 81.38% 79.48% 78.40% 77.81% 76.64% 152.06% 159.91% 159.03% 158.33% 147.98% 137.29%
Class A Common Stock 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.08 0.08 0.08 0.08 0.08 0.07
Additional paid-in-capital 22.35 23.15 23.27 23.01 23.06 24.54 24.22 24.02 23.22 24.09 23.70 23.92 23.87 24.06 22.96 41.91 44.94 46.38 45.36 44.00 40.28
Retained earnings 37.20 38.50 38.38 37.33 37.25 37.91 36.52 35.07 32.26 30.86 30.16 29.48 28.21 26.93 25.50 77.97 82.09 80.20 77.04 72.35 64.69
Treasury stock, at cost -56.76 -57.42 -56.26 -54.07 -52.40 -51.42 -49.72 -46.18 -41.51 -39.33 -35.06 -32.24 -29.20 -26.76 -24.44 -169.41 -184.14 -182.47 -178.86 -163.01 -141.01
Accumulated other comprehensive income (loss) -2.89 -1.44 -2.03 -1.31 -1.45 -1.65 -1.30 -1.02 0.58 -0.07 -0.20 -0.65 -1.30 -2.06 -0.68 -2.60 -2.89 -3.22 -1.95 -1.39 -1.32
Shareholders’ equity (deficit) -0.08% 2.81% 3.38% 4.98% 6.48% 9.39% 9.75% 11.91% 14.56% 15.58% 18.62% 20.52% 21.60% 22.19% 23.36% -52.06% -59.91% -59.03% -58.33% -47.98% -37.29%
Liabilities and shareholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 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).

A profound shift in the capital structure is observed between the second and third quarters of 2016. Prior to this period, the organization operated with a significant shareholders' equity deficit and total liabilities exceeding 100% of the total balance sheet. Following September 30, 2016, there was a marked reduction in the relative weight of liabilities and a transition to positive shareholders' equity, although this equity position steadily eroded over the subsequent years.

Liability Composition and Trends
Total liabilities experienced a sharp decline from a peak of 159.91% in March 2016 to 76.64% in September 2016. Following this correction, a gradual upward trend resumed, with total liabilities reaching 100.08% by March 31, 2020. Long-term debt, excluding the current portion, remained the primary driver of noncurrent liabilities, shifting from approximately 61% in mid-2016 to 34% in late 2016, before climbing back to 41.37% by the end of the period.
Current liabilities showed a similar pattern of volatility, dropping from 48.78% in June 2016 to 20.91% in September 2016, eventually stabilizing between 22% and 27% through March 2020.
Operational Liabilities
The liability for guest loyalty programs represents a consistent and significant component of the balance sheet. Combined current and noncurrent loyalty liabilities fluctuated between 35% and 42% of the total structure before 2016, and remained a substantial factor thereafter, ending at approximately 22.88% (combined) in March 2020.
Accrued payroll, benefits, and other accrued expenses showed a mirrored trend to total liabilities, with a significant contraction in their relative weight in late 2016 followed by a period of relative stability.
Equity and Capital Structure
Shareholders' equity underwent a complete reversal in September 2016, moving from a deficit of -52.06% in June 2016 to a positive 23.36%. However, a persistent downward trajectory followed, with equity declining every subsequent quarter to reach a deficit of -0.08% by March 31, 2020.
This erosion of equity is closely linked to the trend in treasury stock. After a significant reduction in the relative weight of treasury stock in September 2016 (-24.44% compared to -169.41% in June 2016), the magnitude of treasury stock holdings steadily increased, reaching -56.76% by March 2020, indicating aggressive share repurchases.
Retained earnings showed a steady increase as a percentage of the total balance sheet from September 2016 (25.50%) through December 2019 (38.50%), before a slight dip in the first quarter of 2020.

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