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EMC Corp. (NYSE:EMC)

This company has been moved to the archive! The financial data has not been updated since August 8, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

EMC Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Accounts payable 3.53 3.70 3.13 2.73 3.21
Salaries and benefits 2.55 2.75 2.35 2.67 2.81
Product warranties 0.37 0.46 0.63 0.73 0.74
Dividends payable 0.50 0.52 0.45 0.00 0.00
Partner rebates 0.47 0.51 0.47 0.49 0.49
Restructuring, current 0.71 0.25 0.18 0.20 0.18
Derivatives 0.18 0.16 0.05 0.11 0.15
Other 1.91 2.20 1.94 2.42 2.51
Accrued expenses 6.70% 6.85% 6.07% 6.63% 6.87%
Notes converted and payable 0.00 0.00 3.63 0.00 4.96
Income taxes payable 1.31 1.86 1.39 1.35 0.45
Short-term debt 2.79 0.00 0.00 0.00 0.00
Current portion of convertible debt 0.00 0.00 0.00 4.34 4.68
Deferred revenue 13.32 13.12 11.51 12.02 10.09
Current liabilities 27.64% 25.52% 25.73% 27.07% 30.28%
Income taxes payable 0.99 0.67 0.65 0.77 0.70
Deferred revenue 9.85 9.03 8.07 7.82 7.92
Deferred income taxes 0.00 0.60 0.92 1.51 1.76
Long-term debt 11.75 11.98 11.98 0.00 0.00
Long-term convertible debt, excluding current portion 0.00 0.00 0.00 0.15 0.35
Other liabilities 1.03 0.94 0.77 0.89 0.84
Noncurrent liabilities 23.62% 23.21% 22.39% 11.14% 11.57%
Total liabilities 51.26% 48.73% 48.12% 38.21% 41.85%
Preferred stock, par value $0.01; none outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.01 0.04 0.04 0.04 0.06 0.06
Additional paid-in capital 0.00 0.00 3.07 9.70 8.91
Retained earnings 46.55 48.47 46.05 49.52 47.04
Accumulated other comprehensive loss, net -1.24 -0.80 -0.52 -0.55 -0.69
Total EMC Corporation’s shareholders’ equity 45.35% 47.72% 48.64% 58.73% 55.33%
Non-controlling interests 3.39 3.55 3.24 3.06 2.83
Total shareholders’ equity 48.74% 51.27% 51.88% 61.79% 58.15%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The capital structure exhibits a progressive shift toward a higher reliance on liabilities relative to equity. Total liabilities increased from 41.85% of the total balance sheet in 2011 to 51.26% by 2015. This trend is mirrored by a corresponding decline in total shareholders' equity, which decreased from 58.15% in 2011 to 48.74% in 2015.

Liability Composition and Trends
Current liabilities remained relatively stable as a percentage of the total balance sheet, beginning at 30.28% in 2011 and ending at 27.64% in 2015. A notable upward trend is observed in current deferred revenue, which rose from 10.09% to 13.32% over the five-year period.
Noncurrent liabilities experienced significant growth, increasing from 11.57% in 2011 to 23.62% in 2015. This increase is primarily attributed to the introduction of long-term debt starting in 2013, which stabilized at approximately 11.75% to 11.98% of the total balance sheet through 2015.
Operating liabilities, such as accounts payable and accrued expenses, showed minimal volatility, with accounts payable fluctuating between 2.73% and 3.70% and accrued expenses maintaining a range between 6.07% and 6.87%.
Shareholders' Equity Analysis
Retained earnings constitute the largest component of equity, remaining relatively consistent throughout the period, fluctuating between a low of 46.05% in 2013 and a high of 49.52% in 2012.
Additional paid-in capital saw a sharp decline, falling from 8.91% in 2011 to 3.07% in 2013, before becoming negligible in the subsequent two years.
Accumulated other comprehensive loss widened over time, moving from -0.69% in 2011 to -1.24% in 2015, indicating a growing negative impact from comprehensive income items.
Structural Shifts
The transition in the financing mix is most evident between 2012 and 2013, where total liabilities jumped from 38.21% to 48.12%. This shift coincides with the replacement of convertible debt instruments with traditional long-term debt and a simultaneous reduction in additional paid-in capital.

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