Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Liabilities Structure
- The composition of total liabilities displays shifts over the observed periods. Current liabilities as a percentage of total liabilities and deficit rose from 57.37% in 2020 to peak at 69.94% in 2023, before decreasing notably to 62.09% in 2024. Conversely, long-term liabilities consistently declined from 54.51% in 2020 to 40.42% in 2024, indicating a gradual rebalancing from longer-term towards more immediate liabilities.
- Accounts Payable and Accrued Liabilities
- Accounts payable experienced a decrease from 8.5% in 2020 to 6.68% in 2021, followed by fluctuations reaching 8.73% in 2023 and then declining to 7.27% in 2024. Accrued liabilities showed an overall upward trend, starting at 14.57% in 2020 and peaking at 16.3% in 2023, marginally reducing to 15.41% in 2024. This suggests that accruals, potentially related to expenses and benefits, gained a larger share within the liabilities.
- Advances and Progress Billings
- Advances and progress billings steadily increased from 33.19% in 2020 to 41.11% in 2023, before retreating slightly to 38.59% in 2024. This category consistently constitutes a significant portion of liabilities, reflecting ongoing customer prepayments or contract progress, with a high relative level maintained across years.
- Debt Obligations
- Short-term debt and the current portion of long-term debt displayed volatility, with a low of 0.82% in 2024 after a peak of 3.8% in 2023. Long-term debt (excluding current portion) declined from 40.68% in 2020 to 33.63% in 2024, indicating a reduction in long-term borrowings as a relative share of total liabilities and deficit.
- Specific Liability Categories
- Forward loss recognition rose significantly from 1.26% in 2020 to 4.88% in 2024, potentially signaling increased anticipated losses. The proportion related to "737 MAX customer concessions and other considerations" consistently decreased each year from 3.64% in 2020 to a low 0.41% in 2024, indicating resolution or reduction of this specific liability.
- Employee Compensation and Benefits
- Accrued compensation and employee benefit costs remained relatively stable but showed a slight decrease from 4.68% in 2020 to 3.91% in 2024. Similarly, accrued pension plan liability (net) decreased substantially from 9.47% in 2020 to 3.84% in 2024, reflecting possible pension plan funding improvements or changes in actuarial estimates. Accrued retiree health care declined steadily over the period from 2.72% to 1.39%.
- Environmental and Other Liabilities
- Environmental liabilities slightly increased from 0.37% in 2020 to 0.53% in 2024, indicating a modest rise in related obligations. Other miscellaneous liabilities fluctuated within a narrow range, ending at 2.32% in 2024, slightly lower than earlier years.
- Equity and Deficit Trends
- Common stock and additional paid-in capital increased moderately over the period, with additional paid-in capital rising sharply from 5.12% in 2020 to 12.13% in 2024, implying capital injections or stock issuance activities. Treasury stock, at cost, showed a significant reduction in negative balance from -34.6% in 2020 to -20.71% in 2024, indicating possible share repurchases were reduced or shares were retired.
- Retained Earnings and Shareholders’ Deficit
- Retained earnings decreased markedly from 25.38% in 2020 to 9.82% in 2024, which may reflect accumulated losses or dividends over the period. The shareholders’ deficit improved considerably, moving from -12.04% in 2020 closer to -2.5% in 2024, suggesting an improvement in net equity position possibly through capital contributions or earnings recovery.
- Overall Observations
- Total liabilities remained relatively stable as a percentage of total liabilities and deficit, slightly decreasing from 111.88% in 2020 to 102.5% in 2024. The reduction in total deficit and improvement in equity measures indicate a gradual strengthening of the balance sheet, although retained earnings show erosion which may warrant further analysis. The decrease in long-term liabilities alongside fluctuations in current liabilities suggests a strategic shift in debt management toward shorter-term obligations by the final year observed.