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Air Products & Chemicals Inc. (NYSE:APD)

This company has been moved to the archive! The financial data has not been updated since August 9, 2021.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Air Products & Chemicals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Trade creditors 2.17 2.79 4.82 3.57 3.74 3.66
Contract liabilities 1.25 1.31 0.82 2.38 2.08 1.12
Dividends payable 1.18 1.35 1.26 1.12 1.04 1.00
Accrued payroll and employee benefits 0.78 0.98 1.05 1.01 1.45 1.42
Obligation for future contribution to an equity affiliate 0.38 0.50 0.00 0.00 0.00 0.00
Current operating lease liabilities 0.28 0.00 0.00 0.00 0.00 0.00
Derivative instruments 0.20 0.48 0.28 0.52 0.41 0.66
Pension and postretirement benefits 0.07 0.14 0.18 0.12 0.20 0.15
Other 0.98 1.09 1.07 1.10 1.10 1.52
Payables and accrued liabilities 7.28% 8.63% 9.48% 9.82% 10.03% 9.53%
Accrued income taxes 0.42 0.46 0.31 0.53 0.81 0.32
Short-term borrowings 0.03 0.31 0.28 0.78 5.18 8.57
Current portion of long-term debt 1.87 0.21 2.12 2.25 2.06 2.50
Current liabilities of discontinued operations 0.00 0.00 0.00 0.09 0.11 0.00
Current liabilities 9.60% 9.61% 12.19% 13.48% 18.18% 20.92%
Long-term debt, excluding current portion 28.34 15.35 15.47 18.42 27.24 22.65
Long-term debt, related party 1.18 1.69 2.00 0.00 0.00 0.00
Pension benefits 2.44 3.44 2.18 3.81 6.57 4.93
Postretirement benefits 0.12 0.19 0.25 0.31 0.41 0.44
Noncurrent operating lease liabilities 1.33 0.00 0.00 0.00 0.00 0.00
Asset retirement obligations 0.94 1.07 0.99 0.78 0.64 0.61
Long-term accrued income taxes related to U.S. tax reform 0.76 1.14 0.96 0.00 0.00 0.00
Contingencies related to uncertain tax positions 0.55 0.65 0.59 0.71 0.53 0.52
Environmental liabilities 0.29 0.31 0.34 0.39 0.39 0.41
Contract liabilities 0.23 0.26 0.30 0.21 0.24 0.77
Derivative instruments 0.14 0.11 0.21 0.19 0.12 0.06
Noncurrent customer liability 0.00 0.62 0.48 0.34 0.00 0.00
Obligation for future contribution to an equity affiliate 0.00 0.00 0.49 0.51 0.52 0.39
Obligations associated with Energy-from-Waste 0.00 0.31 0.33 0.35 0.00 0.00
Other 0.81 0.95 0.90 1.12 0.94 0.79
Other noncurrent liabilities 7.61% 9.04% 8.01% 8.73% 10.38% 8.93%
Deferred income taxes 3.82 4.19 4.04 4.22 4.25 5.18
Noncurrent liabilities 40.96% 30.27% 29.53% 31.37% 41.86% 36.75%
Total liabilities 50.56% 39.88% 41.72% 44.85% 60.05% 57.67%
Common stock, par value $1 per share 0.99 1.32 1.30 1.35 1.38 1.43
Capital in excess of par value 4.35 5.65 5.37 5.42 5.37 5.19
Retained earnings 59.10 74.64 69.92 69.56 58.02 60.67
Accumulated other comprehensive loss -8.50 -12.54 -9.08 -10.00 -13.23 -12.19
Treasury stock, at cost -7.95 -10.71 -10.89 -11.72 -12.33 -13.53
Total Air Products shareholders’ equity 48.00% 58.35% 56.61% 54.62% 39.21% 41.57%
Noncontrolling interests 1.44 1.77 1.66 0.54 0.74 0.76
Total equity 49.44% 60.12% 58.28% 55.15% 39.95% 42.33%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).

The financial structure of the organization exhibits a significant shift in its liability and equity composition between 2015 and 2020. A general transition is observed from a higher reliance on short-term obligations toward a more weighted long-term debt and equity profile, though this trend was interrupted by a substantial increase in long-term leverage in the final year of the period.

Current Liabilities Trend
Current liabilities decreased consistently from 20.92% of total liabilities and equity in 2015 to 9.60% in 2020. This decline was primarily driven by a sharp reduction in short-term borrowings, which fell from 8.57% to 0.03% over the six-year period. Trade creditors also saw a relative reduction, ending at 2.17% in 2020 compared to 3.66% in 2015.
Noncurrent Liabilities and Long-Term Debt
Noncurrent liabilities fluctuated over the period, ending at 40.96% in 2020. The most prominent movement occurred in long-term debt (excluding the current portion), which declined from 22.65% in 2015 to a low of 15.35% in 2019, before spiking to 28.34% in 2020. This indicates a strategic shift toward long-term financing in the most recent fiscal year. Additionally, pension benefits as a proportion of the total balance sheet trended downward, moving from 4.93% in 2015 to 2.44% in 2020.
Equity and Retained Earnings
Total equity increased from 42.33% in 2015 to 49.44% in 2020. Retained earnings represented the largest component of equity, peaking at 74.64% in 2019 before declining to 59.10% in 2020. The impact of treasury stock, at cost, diminished from -13.53% in 2015 to -7.95% in 2020, indicating a smaller relative offset to shareholders' equity over time.
Total Leverage and Solvency
Total liabilities decreased from 57.67% in 2015 to a low of 39.88% in 2019, before rising again to 50.56% in 2020. This pattern reflects a multi-year period of deleveraging followed by a sharp increase in total obligations, primarily attributed to the rise in long-term debt instruments in the final year.

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