Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Coca-Cola Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-25), 10-Q (reporting date: 2020-06-26), 10-Q (reporting date: 2020-03-27).
- Liabilities Trends
- Accounts payable and accrued expenses as a percentage of total liabilities and equity showed an overall upward trend from 13.44% in early 2020, peaking at 22.42% in late 2024 before declining to 16.22% by the first quarter of 2025. This indicates a growing reliance on short-term obligations during the period, followed by a partial reduction near the end of the timeline.
- Loans and notes payable percentage started relatively high at 14.53% in early 2020 but experienced a significant decline to as low as 1.49% by late 2024, with some fluctuations, increasing back to 5.33% in early 2025. This suggests a reduction in reliance on such debt instruments before a moderate increase towards the latest period.
- Current maturities of long-term debt remained relatively low and volatile, fluctuating between 0.16% and 7.73% over the quarters, with a notable low in late 2024 and early 2025, possibly indicating reduced short-term repayments on long-term debt.
- Accrued income taxes increased steadily from 0.49% in early 2020 to mostly range between 1.3% and 1.7% in the later periods, demonstrating growing tax accruals relative to liabilities and equity.
- Current liabilities decreased sharply between early and late 2020 from 34.46% to 16.73%, reflecting possible reduction in short-term obligations, but then gradually rose again reaching a high near 28.92% in mid-2024 before declining slightly to 23.41% by early 2025.
- Long-term debt excluding current maturities showed a rising trend from 33.07% in early 2020 to a peak near 45.96% at the end of 2020, followed by a gradual decline and subsequent fluctuations. It ended somewhat elevated at 42.80% in early 2025, indicating sustained but fluctuating long-term debt levels relative to total capital.
- Other noncurrent liabilities decreased substantially from about 9.39% early in 2020 to near 4.24% by early 2025, suggesting a reduction in other long-term obligations.
- Deferred income tax liabilities experienced minor fluctuations, mostly between 2% and 3.38%, reflecting stable deferred tax-related obligations over the analyzed periods.
- Overall noncurrent liabilities peaked around 58.89% in late 2020 and then declined to approximately 49.31% by early 2025, indicating a shift from longer-term liabilities to a somewhat more balanced capital structure.
- Total liabilities measured as a proportion of total liabilities and equity remained relatively stable in the low 70s percentile range, with a slight decline from nearly 79.73% in mid-2020 to 72.71% in early 2025, pointing to modest deleveraging or increased equity financing.
- Equity Trends
- Common stock as a percentage of total capital remained stable around 1.7% to 2.0%, indicating consistent equity share capital structure.
- Capital surplus also remained steady around 18% to 20%, showing consistent additional paid-in capital relative to total capital.
- Reinvested earnings formed a large part of equity, generally ranging from about 68.8% in early 2020, peaking near 76.67% in late 2022, and fluctuating around mid-70% thereafter, reflecting retained profits' strong contribution to equity.
- Accumulated other comprehensive loss consistently accounted for a negative component, fluctuating between about -14.18% and -17.38%, indicating persistent other comprehensive losses impacting equity.
- Treasury stock at cost maintained a substantial negative weight, generally between -52% and -59%, implying significant share repurchases reducing overall equity.
- Equity attributable to shareowners showed an increasing trend from 19.31% in early 2020 to peaks around 27% in select quarters of 2022 and early 2023, with slight variability thereafter, suggesting growth in owned capital against total financing.
- Equity attributable to noncontrolling interests remained low and relatively constant near 1.5% to 2.3%, indicating minor influence on total equity.
- Total equity as a proportion increased steadily from 21.1% in early 2020 to over 28% mid-2023, before a slight reduction to around 27.29% in early 2025, showing gradual strengthening of the equity base relative to total capital.
- Overall Capital Structure
- Total liabilities and equity summed uniformly to 100% at all points, confirming the data's internal consistency.
- The data reveal a gradual shift from short-term liabilities towards more balanced and somewhat increased equity proportions over the four-plus year period. Noncurrent liabilities and equity share increased relative to current liabilities.
- The consistent levels of treasury stock and accumulated comprehensive loss suggest ongoing strategic share buybacks and recognized other comprehensive losses, influencing the net equity position.