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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- Cash Flow Statement
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Old Dominion Freight Line Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 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).
- Liabilities Trends
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Overall total liabilities exhibit a general upward trend from March 2018 through June 2023, increasing from approximately $785 million to about $1.15 billion at peak periods in late 2021 and early 2022, before declining slightly towards mid-2023. Current liabilities follow a somewhat volatile pattern, rising sharply in early 2020 to over $494 million, peaking again near $639 million in late 2022, and then decreasing moderately by mid-2023.
Accounts payable show fluctuation with a notable peak in September 2021 at $135 million and another high in June 2022 at $136 million, before decreasing towards around $97 million in mid-2023. Other accrued liabilities experienced a substantial surge beginning in March 2019, almost doubling compared to the 2018 baseline, with peaks in late 2021 before declining somewhat thereafter.
Long-term debt, excluding current maturities, remains relatively stable around $45 million until early 2020, when it sharply increases to nearly $100 million and stays elevated through most of 2021, followed by a reduction to approximately $60 million by mid-2023.
Deferred income taxes steadily increase from $179 million in early 2018 to $310 million by mid-2023, indicating an expanding deferred tax obligation. Other non-current liabilities rise considerably from $215 million in early 2018 to a peak close to $350 million by late 2020, before trending downward to approximately $273 million in mid-2023.
- Equity and Shareholder Metrics
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Shareholders’ equity steadily increases from $2.36 billion in March 2018 to approximately $3.83 billion in June 2023, showing a consistent growth trajectory. Capital in excess of par value remains relatively stable with some fluctuations, peaking notably at $244 million in late 2022. Retained earnings show a strong upward trend, more than doubling over the five-year period, underlining consistent profitability and reinvestment of earnings.
- Expense-Related Items
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Compensation and benefits costs display a generally increasing pattern with quarterly fluctuations. Beginning around $158 million in early 2018, it rises steadily to a high near $294 million in late 2022, before declining to roughly $250 million by mid-2023. This pattern suggests increased personnel-related expenses, possibly due to expansion or wage inflation factors.
Claims and insurance accruals remain relatively stable across the period, fluctuating modestly around $50-$65 million, with slight increases noted towards 2022 before a moderate decline in 2023.
- Other Observations
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Income taxes payable data is incomplete but shows volatility where available, including a significant spike to over $103 million in June 2020, followed by notable decreases and another increase to near $83 million in early 2023. Such fluctuations may reflect timing differences and variations in taxable income.
Current maturities of long-term debt appear from mid-2020 onward, with steady values around $45 million until late 2021, then reduced to $20 million through mid-2023, suggesting debt restructuring or repayment activity.
- Summary
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The financial data reveals consistent growth in both liabilities and equity components over the analyzed period. The increase in retained earnings and shareholders’ equity indicates ongoing profitability. Rising compensation and benefits expenses correspond to business growth. Liabilities components, such as long-term debt and accrued liabilities, show considerable variation likely linked to financing and operational activities. Deferred taxes and other non-current liabilities also expand, reflecting evolving tax positions and long-term obligations. Overall, the financial patterns suggest a company experiencing growth with active management of liabilities and capital structures.