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.
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- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
The financial data reveals multiple trends in the liabilities and equity of the company over the five-year period ending in 2018.
- Short-term Debt
- The short-term debt fluctuates noticeably, starting at 850 million US dollars in 2014, decreasing in 2015, spiking to 1451 million in 2016, falling again in 2017, and rising back to a high of 1546 million by 2018. This points to variability in short-term borrowing requirements or management strategies.
- Accounts Payable
- There is a general decline in accounts payable from 401 million in 2014 to 286 million in 2018, suggesting a trend towards reduced obligations to suppliers or more efficient payables management.
- Customer-related Liabilities
- The figures for funds payable and amounts due to customers are primarily concentrated in 2014, with no subsequent data, while customer accounts and funds payable show a steady rise from 472 million in 2015 to 681 million in 2018. This indicates an increasing volume of customer-related payables over the latter years.
- Compensation and Related Benefits
- There is a downward trend in compensation-related liabilities from 782 million in 2014 to 410 million in 2018, suggesting improved control over compensation accruals or changes in workforce costs.
- Advertising Accruals
- The advertising accruals increase steadily from 135 million in 2015 to 264 million in 2018, reflecting possibly higher advertising expenses or delayed payments in this area.
- Other Current Tax Liabilities
- Data is only available for 2018 at 229 million US dollars, precluding trend analysis.
- Other Current Liabilities
- The category named “Other” current liabilities show some fluctuation, with a peak in 2017 at 800 million and a slight decline to 751 million in 2018. Meanwhile, accrued expenses and other current liabilities rise consistently from 5393 million in 2014 to 2335 million in 2018, indicating growing operational obligations.
- Deferred Revenue
- This liability shows a generally steady but low range from 188 million in 2014 to 170 million in 2018, suggesting relatively stable deferred income recognition.
- Income Taxes Payable
- The liability for income taxes payable fluctuates, starting at 154 million in 2014, dropping sharply in 2015, recovering in 2017, and falling again in 2018, which may reflect variable profitability or tax planning outcomes.
- Current Liabilities
- Current liabilities exhibit large volatility: a substantial drop from 17,531 million in 2014 to 2,263 million in 2015, then gradual increases to 4,454 million in 2018. This suggests significant changes in reporting or shifts in current obligations.
- Deferred Tax Liabilities
- Deferred tax liabilities increase overall from 792 million in 2014 to a peak of 3,425 million in 2017, slightly decreasing to 2,925 million in 2018. This indicates growing tax timing differences over most of the period.
- Long-term Debt
- Long-term debt remains relatively stable, starting at 6,777 million in 2014, rising to 9,234 million in 2017, and dropping again to 7,685 million in 2018, showing moderate fluctuations in financing strategy.
- Other Liabilities
- There is a marked increase in other liabilities from low figures in 2014-2016 (ranging 64 to 126 million) to a sharp rise to 1,720 million in 2017, followed by a slight decrease in 2018. This may be due to reclassification or new obligations.
- Non-current Liabilities
- Non-current liabilities show a general upward trend from 7,695 million in 2014 to a peak of 14,379 million in 2017, declining to 12,084 million in 2018, reflecting changes in long-term obligations, potentially associated with debt or other liabilities increases.
- Total Liabilities
- Total liabilities follow a variable trend, dropping significantly from 25,226 million in 2014 to 11,209 million in 2015, then rising again to a high of 17,918 million in 2017 before falling to 16,538 million in 2018. This demonstrates notable management of overall indebtedness and obligations.
- Stockholders’ Equity
- Stockholders’ equity declines markedly over the period, from 19,906 million in 2014 to 6,281 million in 2018, with the lowest value occurring in 2018. This decline, alongside the increasing treasury stock at cost values (which become more negative), suggests share repurchases and earnings retention dynamics impacting the equity base.
- Key Equity Components
- Additional paid-in capital shows steady incremental growth each year, increasing from 13,887 million in 2014 to 15,716 million in 2018. Retained earnings fluctuate, with a notable decline in 2015 but recovering thereafter to reach 16,459 million in 2018. Accumulated other comprehensive income displays volatility, including a negative figure in 2016 but remains positive at 498 million in 2018. Treasury stock at cost continuously increases in magnitude as a negative figure from -14,054 million to -26,394 million, indicating aggressive share buyback activity.
- Total Liabilities and Stockholders’ Equity
- There is a significant drop from 45,132 million in 2014 to 17,785 million in 2015, with gradual increases and decreases thereafter, ending at 22,819 million in 2018. This may reflect changes in reporting standards, asset base adjustments, or structural changes in the company's balance sheet.
Overall, the data suggest considerable variability in liabilities, particularly current liabilities, likely driven by operational factors or reporting changes. Equity shows a general decline, aligning with increasing treasury stock balances, which suggests active management of the capital structure through share repurchases. The trends in deferred tax and other non-current liabilities point to evolving long-term obligations, while paid-in capital steadily increases, supporting equity growth amid other deductions.