Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Air Products & Chemicals Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Air Products & Chemicals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Payables and accrued liabilities
- The proportion of payables and accrued liabilities relative to total liabilities and equity experienced fluctuations, generally ranging between approximately 7% and 10.5%. Notable increases occurred mid-2015 and mid-2016, followed by a gradual decline toward early 2020, reaching a low near 6.7%, then a slight increase through mid-2021.
- Accrued income taxes
- This category exhibited relatively low percentages, mostly below 1%. An exceptional spike was observed in early 2017, climbing sharply to over 3%, after which it reverted to prior levels and remained subdued around 0.3% to 0.6%.
- Short-term borrowings
- Short-term borrowings declined markedly over the observed period. They started near 7%–9% in 2014–2015, then sharply decreased after 2016, falling below 1% by the end of 2016 and remaining minimal through 2021, indicating reduced reliance on short-term debt.
- Current portion of long-term debt
- This item showed volatility, with values ranging from minimal (around 0.03%) to peaks exceeding 5%. Significant fluctuations were observed, including spikes in late 2015 and late 2016. The data reflects intermittent shifts in debt maturity structure.
- Current liabilities of discontinued operations
- Reported only intermittently in 2016 and 2017, this category accounted for less than 1% of total liabilities and equity, suggesting a minor and possibly transitional component.
- Current liabilities (total)
- Current liabilities as a whole fluctuated, generally ranging from about 9% to over 20%. It peaked in late 2015 near 21%, then demonstrated a downward trend into 2017, stabilizing between 9% and 12% thereafter, implying improved short-term liability management.
- Long-term debt, excluding current portion
- This component decreased overall from nearly 27% in 2014 to mid-teens by 2019, followed by a notable surge to around 28.5% in 2020, before somewhat stabilizing slightly below 27% by mid-2021. The jump in 2020 suggests increased long-term leverage or refinancing activities.
- Long-term debt, related party
- Reported from 2018 onwards, this small component fluctuated modestly between approximately 1% and 2%, indicating a consistent but limited related-party debt presence.
- Other noncurrent liabilities
- These liabilities hovered between 6% and 11%, peaking around 11% in late 2015 and early 2016 before progressively declining to below 7% by mid-2021, reflecting gradual reductions or reclassifications in other liabilities.
- Deferred income taxes
- Deferred income taxes as a percentage were generally stable, fluctuating roughly between 3.5% and 6.3%, with a mild declining trend from 2014 to 2017, then stabilizing around 4% to 4.2% from 2017 through 2021.
- Noncurrent liabilities (total)
- Overall noncurrent liabilities showed a decline from nearly 39% in 2014 down to around 29% by late 2018, followed by a rise to about 41% in 2020, and stabilization near 38% in 2021. This pattern parallels fluctuations in long-term debt, suggesting changes in longer-term financial commitments.
- Total liabilities
- Total liabilities declined steadily from a high near 58% in early 2016 to approximately 40% by 2019. This was disrupted by a significant increase back to around 51% in 2020, then a slight decrease to just below 49% by mid-2021. The 2020 rise indicates possibly increased borrowing or reclassification of liabilities during that period.
- Redeemable noncontrolling interest
- Reported early in the period only, this element remained low and disappeared after initial reporting, indicating either elimination or reclassification.
- Common stock, par value
- This equity component remained relatively stable around 1.3% to 1.5% until 2017, with a slight downward trend thereafter, reaching just under 1% by mid-2021, suggesting no significant changes in common stock value or share structure.
- Capital in excess of par value
- The ratio showed minor variations, generally between 4.1% and 6.1%, with a peak in late 2016. A gradual decline is observable after 2017, indicating modest reductions or dilution effects.
- Retained earnings
- Retained earnings represented the largest portion of equity, growing from about 58% in 2014 to a peak approximately 74% by late 2019, denoting accumulated profitability. However, a sharp decline occurred in 2020, falling to approximately 59%, with a slight recovery by mid-2021. This dip may reflect extraordinary charges or dividend payouts.
- Accumulated other comprehensive loss
- This negative equity component fluctuated between roughly -6.4% and -16.4%, with its lowest point around the end of 2016. A general improvement trend is noted from late 2019 onward, with the loss lessening steadily toward approximately -6.4% by mid-2021.
- Treasury stock, at cost
- Treasury stock consistently represented a significant negative component, decreasing from about -13.8% in 2014 to less than -7.6% by 2021. The reduction indicates ongoing share repurchases or retirements, enhancing shareholder equity.
- Total Air Products shareholders’ equity
- Shareholders’ equity increased from roughly 41.7% in 2014 to a peak above 57% in 2018, followed by fluctuations falling back near 48% by 2020, then a slight recovery to just below 50% by mid-2021. The 2020 decrease aligns with observed declines in retained earnings, indicating equity impacts from that period.
- Noncontrolling interests
- Noncontrolling interests remained minor, fluctuating between 0.5% and nearly 1.9%, showing gradual growth from 2017 to 2020, followed by some decline and stabilization near 1.5% by mid-2021.
- Total equity
- Total equity followed a similar trajectory as shareholders’ equity, rising from approximately 42.5% in 2014 to a maximum near 60% by late 2019, then dropping sharply to about 48.5% in 2020, and recovering modestly toward 51.4% by mid-2021. This reflects a recovery phase after a significant equity contraction.
- Total liabilities and equity
- This metric consistently summed to 100%, re-affirming the proportional analysis of liabilities and equity components.