Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Chevron Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term debt	4,406)	529)	1,964)	256)	1,548)
Accounts payable	22,079)	20,423)	18,955)	16,454)	10,950)
Accrued liabilities	8,486)	7,655)	7,486)	6,972)	7,812)
Federal and other taxes on income	1,872)	1,863)	4,381)	1,700)	921)
Other taxes payable	1,715)	1,788)	1,422)	1,409)	952)
Current liabilities	38,558)	32,258)	34,208)	26,791)	22,183)
Long-term debt, excluding debt due within one year	20,135)	20,307)	21,375)	31,113)	42,767)
Deferred credits and other noncurrent obligations	22,094)	24,226)	20,396)	20,778)	20,328)
Noncurrent deferred income taxes	19,137)	18,830)	17,131)	14,665)	12,569)
Noncurrent employee benefit plans	3,857)	4,082)	4,357)	6,248)	9,217)
Noncurrent liabilities	65,223)	67,445)	63,259)	72,804)	84,881)
Total liabilities	103,781)	99,703)	97,467)	99,595)	107,064)
Redeemable noncontrolling interest	—)	166)	142)	135)	120)
Preferred stock, $1.00 par value; none issued	—)	—)	—)	—)	—)
Common stock, $0.75 par value	1,832)	1,832)	1,832)	1,832)	1,832)
Capital in excess of par value	21,671)	21,365)	18,660)	17,282)	16,829)
Retained earnings	205,852)	200,025)	190,024)	165,546)	160,377)
Accumulated other comprehensive losses	(2,760)	(2,960)	(2,798)	(3,889)	(5,612)
Deferred compensation and benefit plan trust	(240)	(240)	(240)	(240)	(240)
Treasury stock, at cost	(74,037)	(59,065)	(48,196)	(41,464)	(41,498)
Total Chevron Corporation stockholders’ equity	152,318)	160,957)	159,282)	139,067)	131,688)
Noncontrolling interests	839)	806)	818)	738)	918)
Total equity	153,157)	161,763)	160,100)	139,805)	132,606)
Total liabilities and equity	256,938)	261,632)	257,709)	239,535)	239,790)

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).

The annual financial data presents several notable trends across liabilities, equity, and other financial positions over the period observed.

Short-term debt: The short-term debt shows significant fluctuations, starting at $1,548 million in 2020, dropping to $256 million in 2021, then rising sharply to $1,964 million in 2022, decreasing to $529 million in 2023, and experiencing a substantial increase to $4,406 million by 2024. This indicates volatility in short-term borrowing needs or refinancing activities.
Accounts payable: Accounts payable consistently increased year over year from $10,950 million in 2020 to $22,079 million in 2024, indicating growing obligations to suppliers or vendors, which might correlate with increased business operations or delayed payments.
Accrued liabilities: Accrued liabilities experienced a moderate decline from $7,812 million in 2020 to $6,972 million in 2021, followed by a gradual increase reaching $8,486 million in 2024. The fluctuations are relatively stable compared to other liabilities.
Federal and other taxes on income: There was a sharp increase to $4,381 million in 2022 from $1,700 million in 2021, before decreasing to $1,872 million in 2024. This spike suggests an unusual tax expense in 2022, possibly due to changes in taxable income or legislative adjustments.
Other taxes payable: Other taxes payable rose steadily from $952 million in 2020 to a peak of $1,788 million in 2023, then slightly decreased to $1,715 million in 2024, reflecting consistent or slightly increasing tax obligations outside of income taxes.
Current liabilities: Current liabilities showed an upward trend from $22,183 million in 2020 to $38,558 million in 2024, with a slight dip in 2023. The growth aligns with increases in accounts payable and certain tax liabilities, indicating rising short-term obligations.
Long-term debt, excluding debt due within one year: Long-term debt declined steadily from $42,767 million in 2020 to $20,135 million in 2024, suggesting deliberate debt reduction or refinancing strategies to lower long-term borrowings over time.
Deferred credits and other noncurrent obligations: These obligations remained relatively stable, fluctuating slightly between approximately $20,300 million and $24,200 million, ending at $22,094 million in 2024.
Noncurrent deferred income taxes: Deferred income taxes increased consistently from $12,569 million in 2020 to $19,137 million in 2024, indicating rising tax liabilities anticipated in the future.
Noncurrent employee benefit plans: Noncurrent employee benefit obligations declined significantly from $9,217 million in 2020 to $3,857 million in 2024, pointing to reductions in benefit liabilities, possibly through settlements or plan modifications.
Noncurrent liabilities: Overall noncurrent liabilities decreased from $84,881 million in 2020 to $65,223 million in 2024 after some fluctuations, indicating an overall reduction in long-term obligations despite minor increases in certain years.
Total liabilities: Total liabilities declined from $107,064 million in 2020 to $97,467 million in 2022, then rose to $103,781 million in 2024, reflecting mixed trends in short- and long-term debts.
Stockholders’ equity: Common stock remained constant at $1,832 million throughout the period. The capital in excess of par value increased steadily from $16,829 million to $21,671 million, indicating equity financing or retained earnings contributions.
Retained earnings: Retained earnings demonstrated consistent growth from $160,377 million in 2020 to $205,852 million in 2024, signifying ongoing profitability and reinvestment within the company.
Accumulated other comprehensive losses: The magnitude of accumulated other comprehensive losses decreased from -$5,612 million to around -$2,760 million, showing an improvement in other comprehensive income components.
Treasury stock, at cost: Treasury stock increased notably from -$41,498 million in 2020 to -$74,037 million in 2024, indicating substantial stock repurchases during the period which reduces equity.
Total stockholders’ equity: Stockholders’ equity rose from $131,688 million in 2020 to a peak of $160,957 million in 2023, then slightly declined to $152,318 million in 2024, possibly due to increased treasury stock or other equity changes.
Total equity: Total equity followed a similar trajectory, increasing from $132,606 million in 2020 to $161,763 million in 2023 before falling to $153,157 million in 2024.
Total liabilities and equity: The sum of liabilities and equity grew steadily from $239,790 million in 2020 to a peak of $261,632 million in 2023, with a slight reduction to $256,938 million in 2024, reflecting overall balance sheet growth moderated in the final year.

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Chevron Corp. (NYSE:CVX)

Balance Sheet: Liabilities and Stockholders’ Equity