Stock Analysis on Net
Stock Analysis on Net

Steel Dynamics Inc. (NASDAQ:STLD)

This company has been moved to the archive! The financial data has not been updated since October 26, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Steel Dynamics Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable, unrelated parties 10.11 8.21 6.16 6.97 6.91
Accounts payable, related parties 0.11 0.10 0.04 0.18 0.23
Accounts payable 10.22% 8.30% 6.20% 7.15% 7.14%
Income taxes payable 0.11 0.03 0.02 0.10 0.05
Accrued payroll and benefits 4.31 2.18 2.52 3.43 2.86
Accrued interest 0.14 0.21 0.22 0.33 0.37
Accrued expenses 2.22 1.93 2.12 1.90 1.83
Current maturities of long-term debt 0.78 0.94 1.08 0.31 0.42
Current liabilities 17.77% 13.59% 12.16% 13.23% 12.67%
Long-term debt, excluding current maturities 24.01 32.55 31.96 30.54 34.32
Deferred income taxes 6.82 5.79 5.85 5.66 4.46
Other liabilities 0.96 1.15 0.91 0.12 0.32
Noncurrent liabilities 31.79% 39.49% 38.72% 36.31% 39.10%
Total liabilities 49.56% 53.07% 50.88% 49.54% 51.77%
Redeemable noncontrolling interests 1.69 1.71 1.74 1.44 1.62
Common stock voting, $.0025 par value 0.01 0.01 0.01 0.01 0.01
Treasury stock, at cost -21.34 -17.52 -18.43 -15.37 -9.70
Additional paid-in capital 9.73 13.03 14.27 15.06 16.65
Retained earnings 61.94 51.36 53.40 51.38 41.93
Accumulated other comprehensive income (loss) -0.02 0.02 0.00 0.00 0.00
Total Steel Dynamics, Inc. equity 50.31% 46.90% 49.25% 51.08% 48.89%
Noncontrolling interests -1.56 -1.68 -1.87 -2.07 -2.28
Total equity 48.75% 45.22% 47.38% 49.02% 46.60%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2017-12-31).

Accounts Payable and Related Items
The proportion of accounts payable to total liabilities and equity shows an increasing trend over the five-year period, rising from 7.14% in 2017 to 10.22% in 2021. This increase is mainly driven by accounts payable to unrelated parties, which grew steadily from 6.91% to 10.11%. Accounts payable to related parties remain relatively insignificant and stable, fluctuating below 0.25%. Income taxes payable show very low but somewhat variable percentages, peaking at 0.11% in 2021 after a low of 0.02% in 2019.
Accrued Liabilities
Accrued payroll and benefits demonstrate some volatility, with an initial increase from 2.86% in 2017 to 3.43% in 2018, a decline to 2.18% in 2020, and then a sharp rise to 4.31% in 2021. Accrued interest declines steadily from 0.37% to 0.14%, indicating reduced interest obligations or debt costs. Accrued expenses remain relatively stable around 2%, with a slight upward movement to 2.22% by 2021.
Current Maturities of Long-Term Debt and Current Liabilities
The current maturities of long-term debt display fluctuations, rising notably to 1.08% in 2019 and then decreasing to 0.78% in 2021. Overall current liabilities as a percentage of total liabilities and equity increased from 12.67% to 17.77%, reflecting a growing short-term obligations component within the company’s capital structure.
Long-Term and Noncurrent Liabilities
Long-term debt excluding current maturities declined significantly from 34.32% in 2017 to 24.01% in 2021, suggesting a reduction in long-term borrowings or repayment progress. Deferred income taxes increased steadily from 4.46% to 6.82%, indicating greater deferred tax obligations. Other liabilities show minor changes and remain below 1.2%. Noncurrent liabilities overall decreased from 39.10% to 31.79%, reflecting the reduction in long-term debt.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity show some fluctuations but generally remain near the 50% mark. The proportion was 51.77% in 2017, dipped to 49.54% in 2018, rose to 53.07% in 2020, and declined again to 49.56% in 2021, highlighting a relatively balanced liability structure over the period.
Equity Components
Equity shows notable changes in its components. Treasury stock at cost increased its negative balance substantially, from -9.7% to -21.34%, indicating considerable repurchase or reduction of shares outstanding. Additional paid-in capital declined steadily from 16.65% to 9.73%, suggesting possible share repurchases or changes in capital issuance. Retained earnings increased markedly from 41.93% to 61.94%, signifying accumulated profits retained within the company. Total company equity fluctuated but ended slightly higher in 2021 at 50.31% compared to 48.89% in 2017.
Noncontrolling Interests and Comprehensive Income
Noncontrolling interests remain negative but improve slightly from -2.28% to -1.56%, indicating a reducing minority interest influence. Accumulated other comprehensive income (loss) remains negligible, with minor fluctuations close to zero, implying minimal impact on total equity from other comprehensive income components.
Overall Capital Structure
The total liabilities and equity maintain a consistent sum of 100% throughout the period, reflecting balanced accounting. The proportion of equity versus liabilities is generally stable, with equity slightly increasing over time after an initial dip. The increase in accounts payable and current liabilities coupled with the decrease in long-term debt suggests a relative shift towards more short-term obligations. The significant rise in retained earnings supports strengthening internal capital generation, despite the pronounced increase in treasury stock reductions.