Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Eli Lilly & Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Short-term borrowings and current maturities of long-term debt 6.50 10.79 3.03 3.15 0.02
Accounts payable 4.10 4.06 3.90 3.42 3.45
Employee compensation 2.66 2.58 2.14 1.96 2.14
Sales rebates and discounts 14.66 18.26 17.75 14.03 12.55
Dividends payable 1.71 1.83 2.06 1.81 1.65
Other current liabilities 6.42 5.13 5.75 6.46 6.96
Current liabilities 36.05% 42.64% 34.63% 30.84% 26.77%
Long-term debt, excluding current maturities 36.24 28.62 29.78 31.44 35.57
Accrued retirement benefits 1.65 2.25 2.64 4.00 8.78
Long-term income taxes payable 5.16 6.01 7.50 8.03 8.23
Other noncurrent liabilities 2.77 3.50 3.69 6.92 8.16
Noncurrent liabilities 45.82% 40.39% 43.60% 50.40% 60.74%
Total liabilities 81.87% 83.03% 78.23% 81.24% 87.51%
Common stock, no par value 0.75 0.93 1.20 1.22 1.28
Additional paid-in capital 9.45 11.33 13.99 14.00 14.54
Retained earnings 17.21 16.11 20.29 18.36 16.79
Employee benefit trust -3.83 -4.71 -6.09 -6.17 -6.46
Accumulated other comprehensive loss -5.49 -6.76 -7.77 -8.90 -13.93
Cost of common stock in treasury -0.06 -0.07 -0.10 -0.11 -0.12
Total Eli Lilly and Company shareholders’ equity 18.03% 16.83% 21.52% 18.40% 12.10%
Noncontrolling interests 0.10 0.14 0.25 0.36 0.39
Total equity 18.13% 16.97% 21.77% 18.76% 12.49%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Short-term borrowings and current maturities of long-term debt
This component exhibited a notable increase from 0.02% in 2020 to a peak of 10.79% in 2023, followed by a decrease to 6.5% in 2024. The sharp rise suggests a shift toward greater short-term financing or reclassification of debt maturities, which slightly reversed in the latest year.
Accounts payable
Accounts payable showed a gradual rising trend over the period, increasing from 3.45% in 2020 to 4.1% in 2024. This steady increase indicates a growing reliance on trade credit or higher purchasing activity on credit terms.
Employee compensation
This liability component remained relatively stable, fluctuating mildly around the 2% level, rising slightly to 2.66% in 2024. The data suggests a consistent but modest increase in employee-related obligations relative to total liabilities and equity.
Sales rebates and discounts
Sales rebates and discounts as a percentage of total liabilities and equity increased significantly from 12.55% in 2020 to a high of 18.26% in 2023, before coming down to 14.66% in 2024. The pronounced peak in 2023 may reflect intensified discounting or rebate programs to drive sales, easing somewhat in the final year.
Dividends payable
Dividends payable rose moderately from 1.65% in 2020 to 2.06% in 2022, then decreased slightly to 1.71% by 2024. This pattern implies a peak in dividend obligations mid-period followed by a slight reduction.
Other current liabilities
Other current liabilities declined steadily from 6.96% in 2020 to 5.13% in 2023, then increased again to 6.42% in 2024. This variability suggests shifting classifications or fluctuations in miscellaneous short-term obligations.
Current liabilities
The overall current liabilities proportion rose markedly from 26.77% in 2020 to a peak of 42.64% in 2023, before reducing to 36.05% in 2024. This substantial increase mainly reflects rising short-term borrowings and other current accruals, indicating a higher short-term funding reliance that somewhat eased later.
Long-term debt, excluding current maturities
Long-term debt decreased from 35.57% in 2020 to 28.62% in 2023, then rose sharply to 36.24% in 2024. The initial decline suggests debt repayments or refinancing, while the jump in 2024 may indicate new long-term borrowings or reclassification effects.
Accrued retirement benefits
Accrued retirement benefits showed a consistent declining trend from 8.78% in 2020 to 1.65% in 2024. This reduction points to either payment of retirement obligations, changes in actuarial assumptions, or benefit plan modifications reducing liabilities.
Long-term income taxes payable
Long-term income taxes payable decreased steadily from 8.23% in 2020 to 5.16% in 2024, reflecting either tax payments, adjustments, or changing deferred tax positions.
Other noncurrent liabilities
Other noncurrent liabilities declined significantly from 8.16% in 2020 to 2.77% in 2024, indicating a reduction in miscellaneous long-term obligations or reclassifications to current liabilities.
Noncurrent liabilities
Noncurrent liabilities decreased from 60.74% in 2020 to 40.39% in 2023, then rose to 45.82% in 2024. The trend reflects a broad decline in long-term obligations during the initial years, followed by some reversal, possibly linked to the increase in long-term debt in 2024.
Total liabilities
Total liabilities decreased from 87.51% in 2020 to 78.23% in 2022, then increased to 83.03% in 2023 and slightly declined to 81.87% in 2024. This suggests a general reduction in total liabilities during early years followed by a modest rebound thereafter.
Common stock, no par value
This equity component declined steadily from 1.28% in 2020 to 0.75% in 2024, indicating either share repurchases, capital structure adjustments, or declining relative book value of common stock.
Additional paid-in capital
Additional paid-in capital decreased from 14.54% in 2020 to 9.45% in 2024, showing a gradual decline that may stem from share buybacks, amortization of capital premiums, or adjustments in equity accounts.
Retained earnings
Retained earnings rose from 16.79% in 2020 to 20.29% in 2022, then declined to 16.11% in 2023 before a minor recovery to 17.21% in 2024. The fluctuation suggests variations in net earnings retention and possible dividend distributions.
Employee benefit trust
The negative balance in employee benefit trust decreased in absolute value, from -6.46% in 2020 to -3.83% in 2024, suggesting a strengthening of this equity component or reduced offsetting liabilities within this category.
Accumulated other comprehensive loss
Accumulated other comprehensive loss improved from -13.93% in 2020 to -5.49% in 2024, reflecting a reduction in unrealized losses or adverse valuation adjustments recognized in equity.
Cost of common stock in treasury
Cost of common stock in treasury as a percentage of total liabilities and equity decreased marginally from -0.12% in 2020 to -0.06% in 2024, indicating a slight reduction in treasury stock holdings or their offsetting impact.
Total Eli Lilly and Company shareholders’ equity
This aggregate equity measure increased from 12.1% in 2020 to 21.52% in 2022, then declined to 16.83% in 2023 with a slight recovery to 18.03% in 2024. Such variations reflect the combined effects of earnings, equity transactions, and other comprehensive income items influencing shareholders' equity.
Noncontrolling interests
Noncontrolling interests decreased from 0.39% in 2020 to 0.10% in 2024, indicating a reduction in the minority interest within consolidated subsidiaries.
Total equity
Total equity mirrored trends in primary equity components, rising from 12.49% in 2020 to 21.77% in 2022, then decreasing to 16.97% in 2023 and increasing slightly to 18.13% in 2024, illustrating fluctuations in net assets attributable to shareholders over time.
Total liabilities and equity
Consistently balanced at 100%, this confirms the proper composition of the capital structure throughout the years under review.