Stock Analysis on Net
Stock Analysis on Net

Halliburton Co. (NYSE:HAL)

This company has been moved to the archive! The financial data has not been updated since February 13, 2019.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Halliburton Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Accounts payable 11.62 12.20 11.76 11.23 10.18 9.37 8.55 8.06 6.53 5.77 5.37 5.43 5.47 7.25 7.13 7.92 8.73 9.51 8.95 8.63
Accrued employee compensation and benefits 2.75 2.80 2.46 2.57 2.97 2.74 2.30 2.19 2.01 2.00 1.98 1.79 2.27 2.88 2.64 2.53 3.20 3.12 3.08 2.81
Short-term borrowings and current maturities of long-term debt 0.14 0.14 1.72 1.85 2.04 2.00 1.33 0.39 0.63 0.57 2.75 9.39 1.78 2.14 0.00 0.00 0.04 0.00 0.00 0.00
Other current liabilities 3.98 4.09 3.88 4.07 4.19 3.74 3.88 4.80 5.72 5.24 6.04 5.23 4.99 6.58 6.58 5.95 6.27 6.01 5.58 5.41
Current liabilities 18.48% 19.23% 19.82% 19.73% 19.38% 17.84% 16.06% 15.44% 14.90% 13.57% 16.14% 21.84% 14.51% 18.85% 16.35% 16.41% 18.25% 18.65% 17.61% 16.86%
Long-term debt, excluding current maturities 40.11 40.48 40.47 41.40 41.58 40.41 42.71 43.45 45.24 45.46 43.83 35.97 39.76 23.95 25.61 25.64 24.32 24.75 25.64 26.72
Employee compensation and benefits 1.86 2.31 2.27 2.33 2.43 2.21 2.17 2.17 2.13 1.68 1.62 1.32 1.24 1.90 1.94 2.10 2.14 1.84 1.91 1.95
Other liabilities 2.82 2.96 3.12 3.24 3.33 3.68 3.70 2.82 2.74 2.94 3.15 2.38 2.56 4.12 4.75 4.78 4.74 5.64 6.98 7.47
Noncurrent liabilities 44.78% 45.75% 45.86% 46.97% 47.34% 46.31% 48.58% 48.44% 50.11% 50.08% 48.61% 39.67% 43.55% 29.97% 32.30% 32.52% 31.20% 32.22% 34.54% 36.14%
Total liabilities 63.27% 64.98% 65.68% 66.69% 66.72% 64.15% 64.65% 63.88% 65.01% 63.65% 64.75% 61.51% 58.06% 48.82% 48.65% 48.92% 49.45% 50.87% 52.15% 52.99%
Common shares, par value $2.50 per share 10.28 10.38 10.37 10.61 10.66 10.36 10.55 10.75 9.90 10.00 9.64 7.89 7.25 8.85 8.75 8.76 8.31 8.48 8.79 9.16
Paid-in capital in excess of par value 0.81 0.66 0.49 0.88 0.83 0.66 0.52 0.89 0.74 0.69 0.91 0.82 0.74 0.80 0.58 1.01 0.96 0.95 0.80 1.40
Accumulated other comprehensive loss -1.37 -1.80 -1.82 -1.87 -1.87 -1.74 -1.78 -1.82 -1.68 -1.35 -1.30 -1.07 -0.98 -1.49 -0.97 -1.31 -1.24 -0.97 -0.99 -1.04
Retained earnings 52.88 51.32 50.22 49.96 50.50 52.92 53.07 54.53 52.37 53.99 52.62 52.92 55.56 68.45 68.33 68.70 67.65 66.68 65.56 66.10
Treasury stock, at cost -25.96 -25.62 -25.01 -26.37 -26.94 -26.47 -27.16 -28.38 -26.49 -27.14 -26.78 -22.20 -20.71 -25.55 -25.43 -26.18 -25.22 -26.09 -26.38 -28.71
Company shareholders’ equity 36.65% 34.94% 34.24% 33.21% 33.18% 35.74% 35.21% 35.97% 34.85% 36.19% 35.09% 38.36% 41.85% 51.07% 51.25% 50.97% 50.46% 49.05% 47.77% 46.91%
Noncontrolling interest in consolidated subsidiaries 0.08 0.07 0.08 0.10 0.11 0.11 0.14 0.15 0.14 0.16 0.16 0.13 0.09 0.11 0.10 0.10 0.10 0.09 0.08 0.09
Total shareholders’ equity 36.73% 35.02% 34.32% 33.31% 33.28% 35.85% 35.35% 36.12% 34.99% 36.35% 35.25% 38.49% 41.94% 51.18% 51.35% 51.08% 50.55% 49.13% 47.85% 47.01%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).

The capital structure exhibits a significant transition between 2014 and 2018, characterized by a structural shift from equity-based financing toward increased leverage. Total liabilities remained relatively stable between 48% and 53% of the total balance sheet from March 2014 through September 2015, before experiencing a sharp increase to 58.06% by December 2015 and peaking at 66.72% in December 2017. This increase in total liabilities corresponds directly with a contraction in total shareholders' equity, which declined from a high of 51.35% in June 2015 to a low of 33.18% in March 2017, before showing a moderate recovery to 36.73% by the end of 2018.

Debt Profile and Long-Term Obligations
The increase in total liabilities is primarily driven by a substantial rise in long-term debt. Excluding current maturities, long-term debt represented approximately 24% to 26% of the total balance sheet during 2014 and early 2015. Beginning in December 2015, this figure jumped to 39.76% and continued to climb, reaching a peak of 45.46% in September 2016. For the remainder of the period, long-term debt remained consistently above 40%, indicating a strategic shift toward long-term borrowing to fund operations or restructure the balance sheet.
Current Liability Trends
Current liabilities fluctuated between 13.57% and 21.84% of the total balance sheet. A notable trend is observed in accounts payable, which steadily increased from 8.63% in March 2014 to 11.62% by December 2018. This suggests an increasing reliance on trade credit. Conversely, other current liabilities showed a gradual downward trend, declining from 5.41% in early 2014 to 3.98% by the end of 2018.
Equity Component Analysis
The erosion of shareholders' equity is most evident in the decline of retained earnings. This item fell from a range of 65% to 68% between 2014 and mid-2015 to a lower range of 49% to 54% between 2016 and 2018. Treasury stock maintained a significant negative impact on total equity throughout the period, generally fluctuating between -20% and -28%. The combination of reduced retained earnings and the continued holding of treasury stock contributed to the overall reduction in the equity ratio.
Overall Financial Leverage
The data indicates a marked increase in financial leverage starting in late 2015. The shift from a balanced capital structure—where equity and liabilities were nearly equal—to one where liabilities consistently exceed 60% of the total balance sheet suggests a higher risk profile and a greater dependence on external debt to support the company's asset base.

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