Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Caterpillar Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial data reveals several notable trends and patterns in the composition of liabilities and shareholders’ equity over the observed periods.
- Current Liabilities
- The current liabilities as a percentage of total liabilities and shareholders’ equity show fluctuations over time with an overall upward trend beginning near 33% in early 2020 and peaking above 41% in late 2022 and early 2023, before slightly receding to around 38% towards the latest quarters. Key components such as accounts payable demonstrate a steady increase from 7.6% in early 2020 up to approximately 10.7% by early 2023, indicating an accumulation of short-term obligations. Accrued expenses and accrued wages also rise steadily, suggesting increased operational expenses and payroll obligations. Customer advances exhibit a gradual increase, peaking above 3% in the most recent quarter, reflecting potentially higher prepayments from customers. Dividends payable remain relatively stable but show slight variability around 0.7% to 0.8% throughout the periods.
- Short-term Borrowings and Financial Products
- Short-term borrowings maintain a similar pattern to financial products liabilities, both fluctuating generally between 4% and 7% of total liabilities and shareholders’ equity, without clear directional trends but with some volatility across quarters. These components reveal sensitivity to financial market conditions or company financing strategies.
- Long-term Debt
- Long-term debt due within one year varies moderately, with values oscillating between about 6.5% and 12%, experiencing peaks in mid-2023 and early 2024, implicating moments of refinancing or maturity clustering. Long-term debt due after one year shows a mild downward trend from over 35% in early 2020 to about 30%-31% in the most recent quarters, indicating a gradual reduction or restructuring of longer-term obligations.
- Noncurrent Liabilities
- Noncurrent liabilities steadily decrease from approximately 49% in early 2020 to near 37% in early 2023, followed by a slight recovery towards 40% thereafter. The liability for postemployment benefits decreases notably over time from above 8% to about 4%, pointing toward reduced future benefit obligations or adjusted accounting estimates. Other noncurrent liabilities remain relatively constant with minor fluctuations around 5.5% to 6%.
- Total Liabilities
- Total liabilities consistently represent a dominant portion of the financial structure, ranging mostly between 77% and 82%, with a slight declining trend after early 2023. This indicates the company predominantly finances its assets through liabilities rather than equity.
- Shareholders’ Equity
- Shareholders’ equity as a percentage of total liabilities and shareholders’ equity exhibits moderate variability, oscillating mostly between 18% and 23%, with occasional decreases and recoveries. Notably, profit employed in the business shows a strong upward trend, increasing markedly from about 46.8% in early 2020 to over 72% by early 2025, signifying growing retained earnings or reinvested profits supporting equity. Meanwhile, treasury stock shows an increasing negative value, deepening from about -33% to nearly -55%, indicating substantial repurchases or retirements of common stock, which weigh against total equity. Common stock value remains relatively stable, generally slightly declining in percentage terms over time. Accumulated other comprehensive loss fluctuates moderately but remains a small negative component to equity.
- Summary Insights
- The data indicate a strategic balance between liabilities and equity financing, with a slight emphasis on liabilities throughout the observed timeline. The rise in accounts payable, accrued expenses, and wages signals intensifying operational activity or delayed outflows. The reduction in long-term debt after one year and postemployment liabilities suggests active management of long-term obligations and employee benefit liabilities. The growth in retained earnings alongside expanding treasury stock activity reflects a dual focus on internal fund retention and shareholder returns via stock repurchase. Overall, the company appears to maintain a stable financial structure with adaptive management of its liability composition and equity components in response to evolving financial conditions.