Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Halliburton Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and shareholders' equity decreased from 18.25% in 2014 to 14.51% in 2015, remaining relatively stable through 2016 at 14.90%. Subsequently, it increased notably to 19.38% in 2017 before slightly declining to 18.48% in 2018. Within current liabilities, accounts payable decreased sharply in 2015 to 5.47% from 8.73% in 2014 but then showed an upward trend, reaching 11.62% in 2018. Accrued employee compensation and benefits decreased from 3.20% in 2014 to 2.01% in 2016 but later rose modestly to 2.75% by 2018. Other current liabilities saw a mild declining trend after 2014, dropping from 3.87% to 3.03% in 2018. Short-term borrowings exhibited volatility, peaking at 2.04% in 2017 but remaining low overall.
- Noncurrent Liabilities
- Noncurrent liabilities exhibited significant growth from 31.20% in 2014 to a peak of 50.11% in 2016, followed by a steady decline to 44.78% in 2018. This behavior was primarily influenced by long-term debt which nearly doubled from 24.32% in 2014 to 45.24% in 2016, then slightly receded to 40.11% by 2018. Other noncurrent liabilities decreased from 4.74% in 2014 to 2.56% in 2015 but modestly recovered to 3.33% by 2017 before falling back. Employee compensation and benefits within noncurrent liabilities fluctuated without a clear trend, peaking in 2017 at 2.43% before declining again.
- Total Liabilities
- Total liabilities as a percentage of total liabilities and shareholders' equity rose consistently over the initial years, from 49.45% in 2014 to 66.72% in 2017, representing increased financial leverage, before contracting somewhat to 63.27% in 2018.
- Shareholders’ Equity
- Total shareholders' equity experienced a marked decline from 50.55% in 2014 to 33.28% in 2017, indicating diminished equity relative to total capital. A partial recovery to 36.73% was observed in 2018. This shift reflects decreasing retained earnings, which dropped significantly from 67.65% in 2014 to 50.50% in 2017, then slightly rebounding to 52.88% in 2018. Treasury stock consistently represented a substantial negative component of equity, fluctuating around -25% throughout the period, slightly decreasing in magnitude after 2015. The company’s common shares and paid-in capital remained relatively stable as a proportion of total capital, with common shares increasing from 8.31% in 2014 to above 10% by 2017, then slightly dropping in 2018.
- Other Equity Components
- The accumulated other comprehensive loss remained negative and relatively stable, deteriorating somewhat from -1.24% in 2014 to around -1.87% in 2017 before improving marginally in 2018. Noncontrolling interest in consolidated subsidiaries constituted a very minor proportion of total capital, remaining under 0.15% throughout.
- Overall Capital Structure Trends
- The data reveals an overall trend toward increased liabilities, particularly long-term debt, in the earlier years analyzed, coinciding with a reduction in shareholders’ equity. This suggests that the company increased leverage, potentially to finance operations or investments. The partial stabilization and slight reversal of these trends in 2018 indicate renewed strengthening of equity proportions. Current liabilities showed variability but generally remained a smaller portion of total financing than noncurrent liabilities. The persistent negative impact of treasury stock on shareholders’ equity reflects ongoing share repurchases or similar equity transactions over this timeframe.