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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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GE Aerospace, consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
The annual financial data reveal several notable trends and shifts in the company's financial position over the five-year period.
- Short-term Borrowings
- There is a clear downward trend from 2020 to 2023, with a significant reduction from $4,778 million to $1,253 million, followed by a moderate increase to $2,039 million in 2024.
- Accounts Payable
- Accounts payable remained relatively stable initially but peaked at $18,644 million in 2022, then declined sharply to $7,909 million by 2024, indicating improved payment or reduced supplier obligations.
- Progress Collections
- After slight fluctuations, there was a peak in 2023 at $19,106 million, before a steep decline to $6,695 million in 2024, reflecting significant variability in collections from contracts in progress.
- Contract Liabilities and Deferred Income
- This item increased gradually until 2022, dropped substantially in 2023 to $571 million, then surged to $9,353 million in 2024, pointing to considerable changes in revenue recognition or contract terms across these years.
- Sales Discounts and Allowances
- Data is missing for the first four years but shows a high value of $3,475 million in 2024, indicating a new or expanded recognition of discounts and allowances in that year.
- All Other Current Liabilities
- A declining pattern from $16,600 million in 2020 to $4,921 million in 2024 is observed, indicating reductions in miscellaneous current obligations.
- Liabilities of Businesses Held for Sale
- Reported only in 2022 and 2023 with values around $1,900 million and $1,826 million respectively, suggesting business segments were designated for sale during this period, with no corresponding data thereafter.
- Current Liabilities
- The overall current liabilities decreased from $56,069 million in 2020 to $34,392 million in 2024, with minor fluctuations, showing an overall reduction in short-term obligations.
- Deferred Income
- Deferred income increased slightly until 2022 but then steadily declined to $1,013 million by 2024, potentially indicating accelerated revenue recognition.
- Long-term Borrowings
- A sharp decline in long-term debt is evident from $70,288 million in 2020 to $17,234 million in 2024, reflecting substantial debt repayment or restructuring.
- Insurance Liabilities and Annuity Benefits
- These liabilities decreased from $42,191 million in 2020 to $33,347 million in 2022, rose again in 2023 to $39,624 million, then declined to $36,209 million in 2024, indicating some volatility, perhaps tied to actuarial assumptions or business changes.
- Non-current Compensation and Benefits
- There is a pronounced decrease from $29,752 million in 2020 to $7,035 million in 2024, signaling significant changes in long-term employee benefit obligations.
- All Other Liabilities
- These steadily diminished from $16,077 million to $6,376 million over the period, showing a gradual reduction in other miscellaneous liabilities.
- Liabilities of Discontinued Operations
- Minor increases are observed from $200 million in 2020 to $1,317 million in 2024, reflecting continuing obligations related to discontinued business lines.
- Non-current Liabilities
- Non-current liabilities declined consistently from $160,309 million in 2020 to $69,184 million in 2024, demonstrating significant deleveraging and reduced long-term obligations.
- Total Liabilities
- Total liabilities declined substantially from $216,378 million in 2020 to $103,576 million in 2024, reflecting comprehensive liability reduction across both current and non-current categories.
- Shareholders' Equity Components
-
- Preferred Stock
- Constant at $6 million until 2022, then no data reported for subsequent years.
- Common Stock
- Dropped sharply from $702 million to $15 million between 2020 and 2021 and remained constant, which may reflect reclassification or capitalization adjustments.
- Accumulated Other Comprehensive Income (Loss)
- This experienced notable volatility, moving from a negative balance of -$9,749 million in 2020 to a positive $1,582 million in 2021, then back to negative figures through 2024, indicating fluctuating unrealized gains or losses on investments or other comprehensive items.
- Other Capital
- Remained relatively stable with a slight downward trend from $34,307 million to $24,266 million by 2024.
- Retained Earnings
- Declined from $92,247 million in 2020 to $80,488 million in 2024, with minor fluctuations, pointing to periodic earnings retention and possible distributions.
- Common Stock Held in Treasury
- Consistently negative and relatively stable around -$80,000 million, showing ongoing treasury stock holdings with minimal change.
- Shareholders’ Equity
- Overall decreased from $35,552 million in 2020 to $19,342 million in 2024, reflecting accumulated changes in assets, liabilities, and equity transactions.
- Noncontrolling Interests
- Gradual decline from $1,521 million in 2020 to $222 million in 2024, indicating reduced third-party interests in subsidiaries.
- Total Equity
- Mirroring shareholders’ equity trends, total equity declined from $37,073 million to $19,564 million over the period, showing overall equity contraction.
- Total Liabilities and Equity
- The combined total decreased from $253,451 million in 2020 to $123,140 million in 2024, in line with reductions in liabilities and equity.
In summary, the data reveal a pronounced trend towards reduction in both short-term and long-term liabilities, including significant decreases in borrowings and other obligations. Equity has concurrently declined, though treasury stock holdings remain stable. Variability in contract-related accounts and comprehensive income components suggest shifts in operational and financial strategy, while the marked declines in employee benefits liabilities and insurance obligations reflect adjustments in non-current obligations. The liquidity position may have improved based on reductions in current liabilities, but the sharp declines in equity warrant monitoring for impacts on capital structure and financial stability.