Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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ON Semiconductor Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Liabilities Trends
- The proportion of total liabilities relative to total liabilities and stockholders’ equity shows a consistent decline over the period analyzed, dropping from 60.55% in 2019 to 40.97% in 2023. This indicates a reduction in the company's leverage or obligations over time. Long-term liabilities contribute significantly to this decline, decreasing from 38.97% in 2019 to 24.45% in 2023, with long-term debt (excluding the current portion) notably falling from 34.14% to 19.24%. Similarly, deferred tax liabilities have reduced slightly, from 0.71% to 0.29%. Other long-term liabilities remain relatively stable within the range of approximately 4.11% to 5.31%. Current liabilities as a whole show some fluctuations but follow a downward trend, decreasing from 21.58% in 2019 to 16.52% in 2023. Notably, the current portion of long-term debt declines dramatically until 2022, before increasing again to 6.01% in 2023, while the current portion of financing lease liabilities remains minimal.
- Current Liabilities Components
- Within current liabilities, accounts payable show a mild increase until 2022 (from 6.45% to 7.11%) before dropping sharply to 5.49% in 2023. Accrued payroll and related benefits increased notably to a peak of 2.96% in 2021 but subsequently declined to 1.39% by 2023. Sales related reserves steadily decrease from 2.94% in 2019 to 0.82% in 2023, indicating reduced provisions for sales contingencies. Income taxes payable stay relatively stable around 0.25%-0.29%. Accrued expenses and other current liabilities increase through 2022, peaking at 8.74% before declining to 5.02% in 2023, which suggests a reduction in short-term obligations or accruals in the most recent period.
- Stockholders’ Equity Developments
- Stockholders’ equity shows a clear upward trend, increasing steadily from 39.45% in 2019 to 59.03% in 2023. This growth is largely driven by accumulated earnings, which experience significant growth from 14.14% to 49.55% over the period, indicating strong retained earnings and profitability reinvested in the company. Additional paid-in capital remains substantial but decreases in relative terms from 45.21% in 2019 to 39.43% in 2023, reflecting some changes in capital structure or share issuance policies. Treasury stock, representing shares repurchased by the company, consistently increases in negative proportion from -19.59% to -29.79%, suggesting ongoing share buyback activity which reduces outstanding equity. Accumulated other comprehensive loss remains a minor negative component throughout the timeframe, ranging between -0.64% and -0.19%.
- Summary Insights
- The overall financial structure evolves towards a stronger equity base and reduced reliance on liabilities, especially long-term debt. The substantial increase in retained earnings supports this improvement in equity, while the reduction in debt components points to a strategy of deleveraging. Meanwhile, fluctuations in current liabilities suggest some management of short-term obligations, with notable declines in reserves and accrued expenses in the latest period pointing to less conservative provisioning. Share repurchases remain significant, impacting equity composition. Collectively, these trends may indicate an improving financial position with increased solvency and profitability retention over the analyzed years.