Stock Analysis on Net
AI Tokens
Stock Analysis on Net

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
Quarterly Data

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

Microsoft Excel
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Payables and accrued liabilities 8.07 7.81 7.52 7.28 6.73 8.46 8.29 8.63 7.90 7.87 9.08 9.48 10.25 8.38 8.84 9.82 8.59 8.34 10.51 10.03 10.41 8.75 8.88 9.53 9.62 9.19 8.99
Accrued income taxes 0.30 0.33 0.42 0.42 0.34 0.46 0.58 0.46 0.34 0.37 0.58 0.31 0.24 0.41 0.60 0.53 1.81 3.05 0.84 0.81 0.59 0.46 0.53 0.32 0.26 0.32 0.45
Short-term borrowings 0.05 0.06 0.04 0.03 0.06 0.15 0.19 0.31 0.41 0.28 0.12 0.28 0.47 0.61 0.48 0.78 0.80 0.68 0.98 5.18 6.11 8.81 8.92 8.57 6.16 7.21 7.28
Current portion of long-term debt 1.85 3.34 3.47 1.87 3.33 0.20 0.20 0.21 2.39 2.26 2.25 2.12 0.03 0.06 0.06 2.25 2.33 2.35 5.47 2.06 4.19 4.54 2.36 2.50 0.48 0.90 0.31
Current liabilities of discontinued operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.09 0.09 0.13 0.56 0.11 0.13 0.28 0.00 0.00 0.00 0.00 0.00
Current liabilities 10.27% 11.53% 11.45% 9.60% 10.46% 9.27% 9.26% 9.61% 11.03% 10.77% 12.03% 12.19% 10.99% 9.47% 10.06% 13.48% 13.63% 14.56% 18.36% 18.18% 21.42% 22.84% 20.70% 20.92% 16.52% 17.61% 17.02%
Long-term debt, excluding current portion 26.25 26.01 25.99 28.34 28.54 14.98 14.95 15.35 15.11 15.24 15.43 15.47 17.58 18.60 18.75 18.42 18.86 18.47 20.61 27.24 22.98 21.26 22.42 22.65 26.54 25.79 26.94
Long-term debt, related party 1.04 1.19 1.20 1.18 1.15 1.66 1.67 1.69 1.65 1.92 1.88 2.00 2.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other noncurrent liabilities 6.93 7.03 7.42 7.61 7.53 9.65 9.30 9.04 7.95 8.11 8.11 8.01 9.54 10.39 10.55 8.73 10.70 10.62 11.26 10.38 8.28 8.70 8.62 8.93 5.79 5.96 6.07
Deferred income taxes 4.11 4.02 3.84 3.82 3.80 4.33 4.12 4.19 4.21 4.19 4.02 4.04 3.53 3.78 3.95 4.22 3.55 3.64 4.26 4.25 5.30 5.25 4.82 5.18 5.83 6.30 5.78
Noncurrent liabilities 38.33% 38.25% 38.45% 40.96% 41.03% 30.62% 30.04% 30.27% 28.93% 29.45% 29.44% 29.53% 32.73% 32.77% 33.26% 31.37% 33.11% 32.73% 36.13% 41.86% 36.55% 35.21% 35.86% 36.75% 38.16% 38.05% 38.79%
Total liabilities 48.61% 49.79% 49.89% 50.56% 51.48% 39.88% 39.29% 39.88% 39.96% 40.22% 41.47% 41.72% 43.72% 42.23% 43.32% 44.85% 46.73% 47.29% 54.49% 60.05% 57.97% 58.04% 56.55% 57.67% 54.68% 55.66% 55.82%
Redeemable noncontrolling interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.57 1.60 1.64
Common stock, par value $1 per share 0.95 0.95 0.96 0.99 1.01 1.28 1.27 1.32 1.28 1.30 1.30 1.30 1.30 1.35 1.37 1.35 1.40 1.40 1.56 1.38 1.46 1.48 1.44 1.43 1.41 1.43 1.41
Capital in excess of par value 4.21 4.18 4.15 4.35 4.38 5.51 5.40 5.65 5.43 5.44 5.38 5.37 5.31 5.46 5.48 5.42 5.52 5.46 6.06 5.37 5.48 5.47 5.23 5.19 5.03 5.02 4.84
Retained earnings 58.66 58.11 57.73 59.10 59.26 74.55 73.06 74.64 71.12 70.99 70.51 69.92 68.73 70.05 70.25 69.56 70.48 71.02 67.51 58.02 60.11 60.13 62.39 60.67 58.91 58.69 57.57
Accumulated other comprehensive loss -6.41 -6.97 -6.57 -8.50 -9.50 -12.71 -10.63 -12.54 -9.12 -9.07 -9.46 -9.08 -9.78 -8.29 -9.31 -10.00 -12.42 -13.39 -16.37 -13.23 -12.44 -12.17 -12.80 -12.19 -8.93 -9.50 -8.34
Treasury stock, at cost -7.58 -7.62 -7.65 -7.95 -8.10 -10.31 -10.30 -10.71 -10.41 -10.65 -10.88 -10.89 -10.96 -11.40 -11.69 -11.72 -12.27 -12.35 -13.88 -12.33 -13.36 -13.77 -13.58 -13.53 -13.50 -13.72 -13.79
Total Air Products shareholders’ equity 49.84% 48.65% 48.62% 48.00% 47.05% 58.31% 58.80% 58.35% 58.29% 58.02% 56.85% 56.61% 54.60% 57.16% 56.10% 54.62% 52.72% 52.14% 44.88% 39.21% 41.24% 41.14% 42.68% 41.57% 42.93% 41.91% 41.69%
Noncontrolling interests 1.56 1.56 1.49 1.44 1.47 1.80 1.90 1.77 1.74 1.75 1.67 1.66 1.69 0.61 0.58 0.54 0.55 0.58 0.62 0.74 0.79 0.81 0.76 0.76 0.82 0.82 0.86
Total equity 51.39% 50.21% 50.11% 49.44% 48.52% 60.12% 60.71% 60.12% 60.04% 59.78% 58.53% 58.28% 56.28% 57.77% 56.68% 55.15% 53.27% 52.71% 45.51% 39.95% 42.03% 41.96% 43.45% 42.33% 43.75% 42.74% 42.55%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).

The capital structure of the entity underwent a notable transformation between December 2014 and June 2021, characterized by an initial trend toward deleveraging followed by a sharp increase in liabilities during mid-2020. Total liabilities decreased from 55.82% of the total balance sheet in late 2014 to a low of 39.29% by December 2019, before rebounding to 48.61% by June 2021.

Liability Composition and Liquidity
Current liabilities exhibited a general downward trend for the majority of the period, falling from 17.02% in December 2014 to 9.26% by December 2019. A critical component of this shift was the drastic reduction in short-term borrowings, which plummeted from 7.28% in 2014 to negligible levels (below 0.1% in several quarters) from late 2018 through 2021. This suggests a strategic move away from short-term debt reliance in favor of more stable financing structures.
Long-Term Debt Dynamics
Noncurrent liabilities were primarily driven by long-term debt, which showed significant volatility. Long-term debt (excluding the current portion) decreased from 26.94% in December 2014 to approximately 14.95% by December 2019. However, a sharp increase occurred in June 2020, where long-term debt spiked to 28.54%, indicating a substantial injection of long-term borrowing. This level stabilized at 26.25% by June 2021.
Equity and Retained Earnings
Total equity increased from 42.55% in December 2014 to a peak of 60.71% in December 2019. This growth was largely fueled by retained earnings, which rose from 57.57% to 73.06% over the same period. However, similar to the debt spike, equity experienced a sharp contraction in June 2020, dropping to 48.52%, primarily due to a decrease in retained earnings to 59.26%. By June 2021, total equity recovered slightly to 51.39%.
Other Equity Components
Treasury stock as a percentage of total liabilities and equity became less negative over time, moving from -13.79% in December 2014 to -7.58% in June 2021, suggesting a reduction in the relative proportion of capital used for share repurchases. Accumulated other comprehensive loss also showed a general improving trend, moving from a peak loss of -16.37% in December 2016 to -6.41% by June 2021.

The data reveals a distinct structural shift in June 2020, where a simultaneous surge in long-term debt and a contraction in retained earnings altered the balance sheet composition. This suggests a major corporate action, such as a significant acquisition or a large-scale capital redistribution, which transitioned the entity from a period of equity growth back toward a higher leverage profile.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?