Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity increased significantly from 8.57% in 2020 to a peak of 13.69% in 2022, followed by a decline to 9.87% in 2024. This reflects an initial rise in short-term obligations which later eased.
- Accounts Payable and Related Parties
- Accounts payable rose steadily from 4.26% in 2020 to a high of 6.52% in 2022, then declined to 4.88% by 2024. Accounts payable to related parties remained consistently minimal, fluctuating around 0.03% to 0.05%, indicating limited intercompany short-term liabilities.
- Short-term Debt
- The proportion of short-term debt showed variability, increasing from 0.99% in 2020 to 1.32% in 2021, then sharply dropping to 0.44% in 2022, before rising again to 1.12% in 2023 and slightly decreasing to 0.84% in 2024. This volatility suggests fluctuations in short-term borrowing or refinancing activities.
- Accrued Income and Other Taxes
- Accrued income and other taxes rose sharply from 0.51% in 2020 to above 3% in 2021 and 2022, then decreased to around 2% in subsequent years, implying periods of higher tax liabilities followed by reductions.
- Employee Benefit Obligations
- Current employee benefit obligations showed a slight decline from 0.97% in 2020 to 0.78% in 2022, then a modest increase to 0.89% in 2024. Noncurrent obligations decreased more noticeably from 2.71% to 0.83% over the same period, reflecting reduced long-term employee-related liabilities.
- Other Accruals
- Other accruals increased from 1.79% in 2020 to a peak of 2.5% in 2022 before declining to 1.22% in 2024, indicating a temporary build-up of miscellaneous accrued expenses.
- Long-term Debt
- Long-term debt as a proportion of total liabilities and equity declined steadily from 23.56% in 2020 to 17.29% in 2022, then slightly increased to around 19% by 2024. This trend suggests a modest reduction in long-term borrowing followed by stabilization.
- Asset Retirement Obligations and Accrued Environmental Costs
- These obligations showed a decrease from 8.67% in 2020 to 6.35% in 2021, a slight increase peaking at 7.53% in 2023, and a decline again to 6.59% in 2024, reflecting fluctuations in estimated costs related to asset retirement and environmental liabilities.
- Deferred Income Taxes
- Deferred income taxes increased steadily from 5.98% in 2020 to 9.31% in 2024, indicating growing deferred tax liabilities possibly related to timing differences in income recognition or asset valuation.
- Other Liabilities and Deferred Credits
- Other liabilities and deferred credits decreased from 2.84% in 2020 to around 1.65% in 2024, showing a reduction in miscellaneous noncurrent liabilities.
- Total Liabilities
- Total liabilities declined modestly from 52.33% in 2020 to 47.23% in 2024, indicating a slight decrease in reliance on debt and obligations relative to total financing.
- Equity Components
- Common stock maintained a minimal and stable percentage around 0.02%-0.03%. Capital in excess of par decreased from 75.27% in 2020 to 63.14% in 2024, suggesting possible repurchases or distributions affecting contributed capital.
- Treasury Stock
- Treasury stock showed significant fluctuations, moving from -75.53% in 2020 to a less negative -57.95% in 2024, indicating substantial stock repurchases or reissuances over the years.
- Accumulated Other Comprehensive Loss
- Accumulated other comprehensive loss became less negative from -8.33% in 2020 to -5.27% in 2024, reflecting a reduction in losses from foreign currency translation, pension adjustments, and other comprehensive income items.
- Retained Earnings
- Retained earnings displayed volatility, dropping from 56.23% in 2020 to 44.86% in 2021, then recovering strongly to 61.79% in 2023 before reducing again to 52.83% in 2024, indicating fluctuating accumulated profits or dividend distributions.
- Total Equity
- Total equity increased steadily from 47.67% in 2020 to 52.77% in 2024, signaling a gradual strengthening of the equity base relative to total liabilities and equity, consistent with the decline in total liabilities.