Name: EQT Corp. (NYSE:EQT) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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EQT Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current portion of debt	954,900)	154,161)	16,204)	704,390)	12,406)
Accounts payable	1,339,251)	705,461)	796,438)	1,059,873)	726,433)
Derivative instruments, at fair value	2,413,608)	600,877)	312,696)	336,051)	139,089)
Accrued interest payable	88,614)	91,953)	36,590)	42,998)	41,926)
Accrued taxes other than income	86,755)	44,619)	57,850)	75,978)	62,091)
Current portion of long-term capacity contracts	57,440)	50,504)	34,000)	—)	—)
Accrued incentive compensation	51,224)	33,601)	18,573)	46,937)	72,910)
Current portion of lease liabilities	27,972)	25,004)	29,036)	—)	—)
Accrued severance	3,815)	2,536)	11,769)	8,893)	41,474)
Income tax payable	—)	23,909)	—)	—)	—)
Other accrued liabilities	56,592)	29,785)	32,746)	79,881)	55,875)
Other current liabilities	372,412)	301,911)	220,564)	254,687)	274,276)
Current liabilities of discontinued operations	—)	—)	—)	—)	80,033)
Current liabilities	5,080,171)	1,762,410)	1,345,902)	2,355,001)	1,232,237)
Credit facility borrowings	—)	300,000)	294,000)	800,000)	1,295,000)
Term Loan Facility borrowings	—)	—)	999,353)	—)	—)
Senior notes	4,435,782)	4,371,467)	3,878,366)	3,882,932)	4,575,203)
Note payable to EQM Midstream Partners, LP	94,320)	99,838)	105,056)	110,059)	114,720)
Deferred income taxes	938,612)	1,371,967)	1,485,814)	1,823,381)	1,889,962)
Other liabilities and credits	1,012,740)	945,057)	897,148)	791,742)	752,837)
Noncurrent liabilities of discontinued operations	—)	—)	—)	—)	1,248,032)
Noncurrent liabilities	6,481,454)	7,088,329)	7,659,737)	7,408,114)	9,875,754)
Total liabilities	11,561,625)	8,850,739)	9,005,639)	9,763,115)	11,107,991)
Common stock, no par value	10,167,963)	8,241,684)	7,818,205)	7,828,554)	9,388,903)
Treasury stock, shares at cost	(18,046)	(29,348)	(32,507)	(49,194)	(63,602)
Retained earnings (accumulated deficit)	(115,779)	1,048,259)	2,023,089)	3,184,275)	3,996,775)
Accumulated other comprehensive loss	(4,611)	(5,355)	(5,199)	(5,406)	(2,458)
Common shareholders’ equity	10,029,527)	9,255,240)	9,803,588)	10,958,229)	13,319,618)
Noncontrolling interest in consolidated subsidiaries	16,236)	7,490)	—)	—)	5,094,995)
Total equity	10,045,763)	9,262,730)	9,803,588)	10,958,229)	18,414,613)
Total liabilities and equity	21,607,388)	18,113,469)	18,809,227)	20,721,344)	29,522,604)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The company's overall capital structure underwent significant volatility between 2017 and 2021, characterized by a substantial reduction in total equity and a strategic shift in the composition of its liabilities. Total liabilities and equity peaked in 2017 at 29.52 billion, declined to a low of 18.11 billion in 2020, and recovered to 21.61 billion by the end of 2021.

Current Liabilities Dynamics: Current liabilities exhibited a sharp upward trajectory, escalating from 1.23 billion in 2017 to 5.08 billion in 2021. This growth was primarily driven by a surge in derivative instruments at fair value, which rose from 139.1 million in 2017 to 2.41 billion in 2021. Additionally, the current portion of debt saw a marked increase in 2021, reaching 954.9 million, indicating a higher volume of short-term debt obligations maturing within the next year.
Noncurrent Liabilities Trends: Noncurrent liabilities followed a consistent downward trend, decreasing from 9.88 billion in 2017 to 6.48 billion in 2021. A key contributor to this reduction was the decline in deferred income taxes, which fell from 1.89 billion in 2017 to 938.6 million in 2021. Senior notes remained the most stable component of long-term debt, maintaining a range between 3.88 billion and 4.58 billion throughout the period.
Equity and Retained Earnings Erosion: Total equity experienced a significant contraction, dropping from 18.41 billion in 2017 to 10.05 billion in 2021. A critical observation is the deterioration of retained earnings, which transitioned from a positive balance of 3.99 billion in 2017 to an accumulated deficit of 115.8 million by December 31, 2021. This trend suggests persistent net losses or dividend distributions that exceeded net income over the five-year span.
Capital Adjustments and Stockholder Equity: To offset the decline in retained earnings, there was a notable increase in common stock, which rose to 10.17 billion in 2021 from 9.39 billion in 2017. This suggests a reliance on equity issuance to maintain the capital base. Furthermore, the elimination of noncontrolling interests, which stood at 5.09 billion in 2017 and became negligible by 2021, contributed to the overall reduction in total equity.

The balance sheet reveals a shifting risk profile. The transition from a predominantly noncurrent liability structure to one with a heavy concentration of current liabilities—particularly in derivatives and short-term debt—indicates increased short-term liquidity pressure by the end of 2021. This is compounded by the shift from positive retained earnings to an accumulated deficit, signaling a weakened internal capital generation capacity.

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