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DuPont de Nemours Inc. (NYSE:DD)

This company has been moved to the archive! The financial data has not been updated since February 14, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

DuPont de Nemours Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term borrowings and finance lease obligations 5.52 1.49 2.09 1.14 1.46
Accounts payable 4.23 6.97 6.69 8.70 8.62
Income taxes payable 0.35 0.46 0.44 0.75 0.66
Deferred income tax liabilities, current 0.00 0.00 0.00 0.00 0.15
Dividends payable 0.00 0.00 0.00 0.64 0.87
Accrued and other current liabilities 1.93 4.22 4.38 4.61 4.72
Current liabilities 12.03% 13.14% 13.60% 15.85% 16.49%
Long-term debt, excluding debt within one year 19.62 20.03 15.64 25.73 23.84
Deferred income tax liabilities 5.06 2.89 3.26 1.16 0.85
Pension and other post employment benefits, noncurrent 1.69 8.46 9.67 14.31 13.41
Asbestos-related liabilities, noncurrent 0.00 0.61 0.64 1.72 0.57
Other noncurrent obligations 1.72 3.72 4.15 6.99 6.37
Other noncurrent liabilities 8.47% 15.68% 17.72% 24.18% 21.19%
Noncurrent liabilities 28.09% 35.70% 33.36% 49.90% 45.02%
Total liabilities 40.12% 48.85% 46.96% 65.75% 61.51%
Preferred stock, series A, $1.00 par 0.00 0.00 0.00 0.00 5.88
Common stock, $0.01 par value 0.01 0.01 0.01 3.91 4.57
Additional paid-in capital 73.20 43.59 42.29 5.36 7.26
Retained earnings (accumulated deficit) -12.10 16.24 15.20 38.16 41.79
Accumulated other comprehensive loss -2.04 -6.59 -4.67 -12.35 -12.74
Unearned ESOP shares 0.00 -0.07 -0.10 -0.30 -0.40
Treasury stock at cost 0.00 -2.88 -0.52 -2.09 -9.05
Total DuPont stockholders’ equity 59.06% 50.30% 52.21% 32.68% 37.30%
Non-redeemable noncontrolling interests 0.82 0.86 0.83 1.56 1.19
Total equity 59.88% 51.15% 53.04% 34.25% 38.49%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

A significant shift in the capital structure is observed between 2015 and 2019, characterized by a transition from a liability-funded model to one dominated by equity. Total liabilities decreased from a peak of 65.75% of total liabilities and equity in 2016 to 40.12% by 2019. Conversely, total equity grew from 34.25% in 2016 to 59.88% in 2019, indicating a substantial deleveraging of the balance sheet over the five-year period.

Analysis of Liabilities
Total liabilities experienced a notable contraction, particularly within noncurrent obligations. Noncurrent liabilities fell from 49.90% in 2016 to 28.09% in 2019. A primary driver of this decline was the reduction in pension and other post-employment benefits, which dropped sharply from 14.31% in 2016 to 1.69% in 2019. Long-term debt showed volatility, peaking at 25.73% in 2016 before stabilizing near 19.62% by 2019.
Current Liability Trends
Current liabilities exhibited a consistent downward trend, declining from 16.49% in 2015 to 12.03% in 2019. This reduction was largely supported by a decrease in accounts payable, which fell from 8.62% in 2015 to 4.23% in 2019. Short-term borrowings remained relatively low for most of the period but saw a spike to 5.52% in 2019.
Equity Composition and Structural Changes
The internal composition of stockholders' equity underwent a fundamental transformation. Additional paid-in capital increased dramatically from 7.26% in 2015 to 73.20% in 2019, becoming the primary component of the equity base. This increase coincided with a steep decline in retained earnings, which moved from 41.79% in 2015 to an accumulated deficit of -12.10% in 2019.
Comprehensive Loss and Treasury Stock
Accumulated other comprehensive loss narrowed from -12.74% in 2015 to -2.04% in 2019, reflecting a reduction in the negative impact of comprehensive items. Treasury stock as a percentage of the total also decreased, moving from -9.05% in 2015 to a negligible or zero balance by 2019.

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