The composition of liabilities and stockholders’ equity exhibited several notable shifts over the observed period, from August 2019 through November 2025. Current liabilities consistently represented a significant portion of the total, fluctuating between approximately 14.5% and 18.25%. Long-term liabilities also constituted a substantial component, generally ranging from 50% to 60% of the total.
Short-Term Borrowings
Short-term borrowings were minimal for most of the period, with values generally below 0.5%. A peak was observed in February 2020 at 0.43%, followed by a return to negligible levels. No values are reported for the majority of the period.
Current Portion of Long-Term Debt
The current portion of long-term debt demonstrated considerable volatility. It remained relatively low, generally below 0.2%, until February 2021, when it increased substantially to 0.78%. This was followed by a decline, but it rose again in the latter half of 2022 and early 2023, peaking at 0.40% in August 2023. The most recent periods show a significant increase, reaching 2.56% in February 2026.
Accrued salaries and employee benefits, accounts payable, and accrued expenses collectively represented a significant and relatively stable portion of current liabilities. Accrued salaries and employee benefits generally ranged from 2.1% to 3.5%, showing an upward trend in recent periods. Accounts payable fluctuated between approximately 3.7% and 5.0%, with a slight downward trend towards the end of the period. Accrued expenses exhibited a consistent upward trend, increasing from around 4.8% to 6.0% before stabilizing around 5.7%.
Lease Liabilities
Both current and long-term portions of operating lease liabilities remained relatively stable throughout the period. The current portion remained consistently around 2.6% to 3.0%, while the long-term portion fluctuated between approximately 14.9% and 17.9%, with a decreasing trend observed in the most recent periods.
Other Liabilities & Deferred Taxes
Deferred income taxes and other liabilities showed moderate fluctuations. Deferred income taxes generally ranged from 4.0% to 5.2%, with a slight downward trend in the later periods. Other liabilities remained relatively low, generally below 1.2%, with a slight increase towards the end of the observed timeframe.
Pension and Self-Insurance Accruals
Pension, postretirement healthcare, and other benefit obligations decreased over the period, falling from approximately 6.0% to 2.3%. Self-insurance accruals exhibited an increasing trend, rising from around 2.8% to 4.7%.
Stockholders’ Equity
Common stockholders’ investment, encompassing common stock, additional paid-in capital, retained earnings, accumulated other comprehensive loss, and treasury stock, represented a substantial portion of the total, generally between 24.9% and 32.0%. Retained earnings consistently formed the largest component of stockholders’ equity, fluctuating between approximately 34.3% and 47.3%. Treasury stock consistently represented a negative equity component, increasing in magnitude from -13.5% to -19.1% before decreasing to -17.4% in the final period.
Overall, the liability structure remained relatively consistent, with long-term debt and current liabilities comprising the majority. Stockholders’ equity demonstrated a degree of stability, although the increasing magnitude of treasury stock warrants attention. The fluctuations in the current portion of long-term debt and the upward trend in accrued expenses are areas that may merit further investigation.
