Balance Sheet: Liabilities and Stockholders’ Equity

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.

Old Dominion Freight Line Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable	106,275)	82,519)	68,511)	70,254)	78,518)
Compensation and benefits	288,278)	257,905)	191,303)	192,524)	198,456)
Claims and insurance accruals	63,307)	61,822)	53,092)	54,330)	53,263)
Other accrued liabilities	51,933)	61,988)	51,513)	46,130)	26,495)
Current maturities of long-term debt	20,000)	—)	—)	—)	—)
Income taxes payable	—)	—)	8,711)	2,847)	—)
Current liabilities	529,793)	464,234)	373,130)	366,085)	356,732)
Long-term debt, excluding current maturities	79,963)	99,947)	99,931)	45,000)	45,000)
Other non-current liabilities	265,422)	328,838)	349,851)	241,802)	215,399)
Deferred income taxes	310,515)	248,718)	220,210)	261,964)	247,669)
Long-term liabilities	655,900)	677,503)	669,992)	548,766)	508,068)
Total liabilities	1,185,693)	1,141,737)	1,043,122)	914,851)	864,800)
Common stock, $0.10 par value	11,022)	11,501)	11,706)	7,969)	8,123)
Capital in excess of par value	244,590)	174,445)	226,451)	222,430)	142,176)
Retained earnings	3,397,305)	3,493,861)	3,088,131)	2,850,318)	2,530,184)
Accumulated other comprehensive income	—)	—)	—)	—)	—)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Total liabilities and shareholders’ equity	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)

Based on: 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), 10-K (reporting date: 2018-12-31).

Current Liabilities: The current liabilities have demonstrated a steady increase over the observed period, rising from $356.7 million at the end of 2018 to $529.8 million by the end of 2022. Notably, accounts payable fluctuated but showed an overall upward trend, peaking at $106.3 million in 2022. Compensation and benefits expenses also increased significantly, particularly from 2020 onward, reaching $288.3 million in 2022. Claims and insurance accruals grew modestly, while other accrued liabilities increased substantially between 2018 and 2021 but decreased in 2022. Additionally, current maturities of long-term debt appeared only in 2022 at $20 million, and income taxes payable were reported in 2019 and 2020 but missing in other years.
Long-Term Liabilities: Long-term debt, excluding current maturities, remained stable at $45 million through 2019, nearly doubled in 2020 to approximately $99.9 million, and slightly decreased by 2022 to $79.9 million. Other non-current liabilities displayed a marked increase from $215.4 million in 2018 to a peak of $349.9 million in 2020, followed by a decline to $265.4 million by 2022. Deferred income taxes saw fluctuations but trended upwards overall, with a low point in 2020 at $220.2 million and reaching $310.5 million in 2022. Total long-term liabilities rose sharply from $508.1 million in 2018 to $669.9 million in 2020, before slightly declining to $655.9 million in 2022.
Total Liabilities: Total liabilities increased steadily across the period, from approximately $864.8 million at the end of 2018 to $1.186 billion in 2022. The most significant growth occurred between 2019 and 2021, driven by increases in both current and long-term liabilities.
Shareholders' Equity: Shareholders’ equity grew consistently from $2.68 billion in 2018 to a peak of $3.68 billion in 2021, then slightly declined to $3.65 billion in 2022. Retained earnings mirrored this trend, rising steadily and reaching $3.50 billion in 2021 before a modest decrease to $3.40 billion in 2022. Capital in excess of par value fluctuated, with a notable increase in 2019 and 2022, while common stock values remained relatively stable with minor fluctuations.
Total Liabilities and Shareholders’ Equity: The total of liabilities and shareholders’ equity increased from approximately $3.55 billion in 2018 to $4.84 billion in 2022, suggesting overall growth in the company's financial size and resources. The steady increase suggests expanded financial structure supporting company operations and growth initiatives.
General Observations: Overall, there is a clear pattern of growth in both liabilities and equity, indicating that the company has been expanding its operations and financing. Short-term obligations increased significantly, likely reflecting operational scaling and associated costs. The increase in long-term debt in 2020 corresponds with a peak in other non-current liabilities, which may point to strategic financing activities or investments during that period. Shareholders’ equity growth suggests retained profitability, although the slight decline in 2022 may warrant further monitoring. The fluctuations in deferred income taxes could be related to changes in tax planning or regulatory impacts.

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Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Balance Sheet: Liabilities and Stockholders’ Equity