Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Constellation Brands Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
- Short-term borrowings
- The proportion of short-term borrowings relative to total liabilities and stockholders' equity showed some fluctuation, starting at 3.26% in 2017, peaking slightly at 3.64% in 2018, then decreasing significantly to 0.87% in 2020, before rising again to 1.25% in 2022. Missing data in some years limits a full assessment.
- Current maturities of long-term debt
- These liabilities exhibited variability, starting at 4.9% in 2017, dropping sharply to 0.11% in 2018, then oscillating with a peak of 3.64% in 2019 and 2.34% in 2022, indicating fluctuating short-term debt obligations.
- Accounts payable
- Accounts payable declined from 3.01% in 2017 down to 1.7% in 2021 but then increased notably to 3.48% in 2022. This suggests a reduction in vendor liabilities over the earlier part of the period followed by a reversal in the most recent year.
- Payroll-related liabilities
- The category including salaries, commissions, payroll benefits, and withholdings showed a generally increasing trend, rising from 0.8% in 2017 to 0.99% in 2022, reflecting growing accruals for employee-related expenses.
- Promotions and advertising liabilities
- This liability remained relatively stable, fluctuating around 0.56% to 0.7% of total liabilities and equity, indicating consistent accruals tied to marketing activities.
- Accrued interest
- Accrued interest liability gradually decreased over the period, from 0.47% in 2017 to 0.33% in 2022, signaling a possible reduction in interest-bearing obligations or lower interest rates.
- Operating lease liabilities
- Introduced in 2020, current operating lease liabilities ranged from 0.25% to 0.31% by 2022, while noncurrent operating lease liabilities stabilized around 1.74% to 1.77% during 2020-2022, reflecting new accounting standards capturing lease obligations.
- Accrued excise taxes and deferred revenue
- Accrued excise taxes appeared from 2021 onwards, increasing from 0.07% to 0.17%. Deferred revenue also emerged during this period, rising to 0.12% in current liabilities and 0.4% in noncurrent liabilities by 2022, indicating growing obligations likely related to advance customer payments or contract liabilities.
- Income taxes payable
- This liability generally decreased from 0.32% in 2017 down to 0.08% in 2022, consistent with reduced short-term income tax obligations over time.
- Other accrued expenses and liabilities
- These liabilities decreased from 3.34% in 2017 to a low of 2.36% in 2019, then rose again to 3.37% in 2022, indicating variability in accruals for miscellaneous expenses.
- Current liabilities
- The aggregate current liabilities as a percentage of total liabilities and equity diminished substantially from 14.5% in 2017 to 4.68% in 2021, but rebounded to 10.44% in 2022, highlighting significant shifts in short-term obligations.
- Long-term debt excluding current maturities
- Long-term debt remained the largest component of total liabilities and showed a declining trend from 41.5% in 2017 to 36.7% in 2022, indicating debt reduction or reclassification over time.
- Deferred income taxes
- Deferred income taxes dropped markedly from 6.09% in 2017 to 1.99% in 2022, suggesting a reduction in timing differences for tax purposes or utilization of tax assets.
- Unrecognized tax benefit liabilities
- The proportion of unrecognized tax benefits increased progressively from 0.46% in 2018 to 1.23% in 2022, reflecting greater tax uncertainties or exposure to potential tax liabilities.
- Other noncurrent liabilities
- These liabilities exhibited fluctuations between 0.32% and 0.58%, without a clear trend, indicating minor changes in other long-term obligations.
- Deferred income taxes and other liabilities (combined)
- This combined category decreased from 6.98% in 2017 to 4.85% in 2020 but rose again to 6.27% in 2022, reflecting complex movements in long-term liabilities related to tax and other items.
- Noncurrent liabilities
- Noncurrent liabilities declined from 48.49% in 2017 to 42.97% in 2022, consistent with overall reductions in long-term obligations.
- Total liabilities
- Total liabilities as a percentage of total liabilities and shareholders’ equity decreased from 62.99% in 2017 to 48.61% in 2021, then increased again to 53.40% in 2022, demonstrating a notable reduction in leverage followed by partial reversal.
- Stockholders’ equity
- The total stockholders’ equity portion showed an increasing trend from 37.01% in 2017 to a peak of 51.39% in 2021 before contracting to 46.6% in 2022. Within equity, retained earnings continuously rose from 39.3% to 56.1%, treasury stock represented a large negative percentage that showed volatility, and accumulated other comprehensive loss slightly deepened over time.
- Additional paid-in capital
- This equity component declined from 14.81% in 2017 to a low of 4.83% in 2019, then gradually increased to 7.0% by 2022, indicating changes in capital transactions or equity financing.
- Noncontrolling interests
- Noncontrolling interests grew from negligible levels to about 1.22% in the later years, suggesting increases in third-party ownership in consolidated entities.