Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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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).
- Short-term Debt
- Short-term debt as a percentage of total liabilities and equity showed a notable decrease from 2.83% in 2017 to 0.10% in 2020, followed by a slight increase to 1.94% in 2021, indicating a reduction in reliance on short-term borrowing during the middle of the period, with a partial rebound afterward.
- Accounts Payable
- This liability remained relatively stable, with a mild upward trend from 5.90% in 2017 to 6.53% in 2021, suggesting consistent vendor credit use relative to the company's capital structure.
- Compensation and Benefits
- The proportion dedicated to compensation and benefits gently declined over the period, from 2.75% in 2017 to 2.40% in 2021, indicating possible cost control or improved efficiency in personnel expenses.
- Income Taxes
- The percentage of income taxes showed a downward trend from 0.92% in 2017 to 0.49% in 2021, suggesting either a lower taxable income relative to total capital or tax optimization measures.
- Discounts and Rebates
- This item remained relatively stable with minor fluctuations, peaking at 1.68% in 2020 before slightly declining to 1.61% in 2021, indicating steady promotional or pricing strategies.
- Dividends Payable
- Dividends payable showed a gradual increase between 2017 and 2020, peaking at 0.76%, before decreasing slightly to 0.69% in 2021, reflecting modestly increased shareholder distributions followed by stabilization.
- Interest Payable
- Interest payable remained low and stable, fluctuating marginally between 0.20% and 0.29%, indicating controlled short-term interest obligations throughout the timeframe.
- Taxes Payable (Other than Income)
- These liabilities increased from 0.65% in 2017 to a peak of 0.84% in 2020, before declining to 0.73% in 2021, suggesting some variability in non-income tax obligations.
- Derivative Liabilities
- Derivative liabilities decreased steadily from 0.31% in 2017, reaching near negligible levels by 2019 and 2020, with no reported value in 2021, indicating reduced exposure or activity in derivative instruments.
- Restructuring
- The restructuring liability increased significantly between 2017 and 2020, peaking at 0.54%, before declining sharply to 0.18% in 2021, suggesting a period of restructuring activities that largely concluded by the end of the period.
- Contract Liability and Operating Lease Liabilities
- Contract liabilities emerged in 2018 and increased slightly, stabilizing around 0.43-0.44%. Current and noncurrent operating lease liabilities appeared starting in 2019, with a declining trend over subsequent years, indicating adjustments in lease obligations or impacts of lease accounting standards.
- Other Current Liabilities
- These liabilities showed an increasing trend from 4.80% in 2017 to 6.56% in 2020, then decreased to 5.40% in 2021, suggesting a buildup and subsequent partial reduction in miscellaneous short-term obligations.
- Total Current Liabilities
- Total current liabilities fluctuated mildly, peaking at 18.36% in 2018 and declining to 16.76% in 2021, indicating modest variability but overall stable short-term liabilities relative to total capital.
- Long-term Debt
- Long-term debt excluding current maturities decreased from 33.86% in 2017 to 28.62% in 2019, before increasing sharply to 39.36% in 2021, implying a strategic increase in long-term borrowing in the latter years.
- Postretirement Benefits
- This liability showed variability, declining from 5.14% in 2017 to 4.22% in 2021 after peaking at 6.76% in 2020, reflecting changes in pension and healthcare obligations or actuarial valuations.
- Deferred Income Taxes
- Deferred income taxes increased slightly to 3.81% in 2018, then declined to a low of 2.67% in 2020, with a modest rebound to 2.93% in 2021, indicating changes in deferred tax positions correlating with earnings and tax planning.
- Other Noncurrent Liabilities
- Other liabilities showed a consistent decline from 2.08% in 2017 to 1.20% in 2021, signifying a reduction in miscellaneous long-term obligations.
- Total Noncurrent Liabilities
- Total noncurrent liabilities decreased from 44.29% in 2017 to 40.79% in 2019, then increased substantially to around 49% in 2020 and 2021, driven primarily by rising long-term debt and pension liabilities.
- Total Liabilities
- The overall liabilities percentage declined from 61.48% in 2017 to 58.19% in 2019, then increased sharply to about 65.8% in 2021, indicating increased leverage in recent years.
- Common Stock and Additional Paid-in Capital
- Common stock remained relatively stable, around 1.7%-2.0%, while additional paid-in capital increased from 27.23% in 2017 to a peak of 34.40% in 2020, before decreasing to 30.48% in 2021, reflecting equity injections or share-based compensation impacts.
- Retained Earnings
- Retained earnings increased steadily to 47.89% in 2019, then declined to 41.57% in 2021, suggesting accumulated profits grew but were partially offset by distributions or losses in later years.
- Accumulated Other Comprehensive Loss
- This negative component increased in magnitude from -8.23% in 2017 to a peak of -11.00% in 2020, then improved to -7.71% in 2021. This pattern indicates fluctuating losses in items excluded from net income, such as foreign exchange or pension adjustments.
- Treasury Stock
- The proportion of treasury stock increased in absolute value over the period, from -22.92% in 2017 to a peak of -36.85% in 2020, before decreasing to -31.99% in 2021, indicating active share repurchase programs, especially prominent in 2020.
- Total Shareholders’ Equity
- Total equity rose from 38.52% in 2017 to a high of 41.81% in 2019, before declining sharply to around 34.2% in 2020 and 2021, paralleling the increase in liabilities and the fluctuations in retained earnings and treasury stock.
- Noncontrolling Interest
- This interest showed a slight decline over the period, from 0.35% in 2017 to 0.14% in 2021, suggesting decreasing minority ownership stakes.
- Summary
- Overall, the data reflect a financial structure characterized by rising total liabilities and borrowing in recent years, especially long-term debt, accompanied by a decline in equity proportions. There is evidence of active capital management through share repurchases and equity adjustments. Operational liabilities remain relatively stable, while pension and lease-related liabilities vary, highlighting shifts in employee benefits and lease obligations. The company's balance sheet shows increased leverage and dynamic equity components between 2017 and 2021.