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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Humana Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 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), 10-K (reporting date: 2019-12-31).
The financial data reveals several notable trends over the five-year period. Total liabilities have exhibited a general upward trajectory, increasing from $17,037 million in 2019 to $30,747 million in 2023. This growth is driven primarily by increases in both current and long-term liabilities, with current liabilities growing from $10,929 million to $18,872 million, and long-term liabilities rising from $6,108 million to $11,875 million during the same timeframe.
Within current liabilities, benefits payable consistently increased each year, starting at $6,004 million in 2019 and reaching $10,241 million by 2023, indicating rising obligations related to employee benefits or similar commitments. Trade accounts payable and accrued expenses also showed a steady increase from $3,754 million to $6,569 million, which could reflect higher operational costs or expanded business activity. Short-term debt displayed some volatility, decreasing in 2020 compared to 2019, then sharply increasing in 2021 and 2022 before declining again in 2023, signaling possible refinancing or changes in short-term borrowing strategies.
Long-term debt experienced significant growth from $4,967 million in 2019 to $10,213 million in 2023, although it dipped somewhat in 2022. This pattern suggests an overall increase in leverage or long-term financing activities, possibly for expansion or capital investment purposes. Other long-term liabilities peaked in 2021 at $2,383 million before declining to $1,662 million in 2023, indicating potential changes in non-debt long-term obligations.
On the equity side, total equity grew from $12,037 million in 2019 to $16,318 million in 2023, though it experienced a slight decline in 2022. Retained earnings showed a consistent increase each year from $17,483 million to $27,540 million, reflecting ongoing profitability or accumulation of earnings over time. Capital in excess of par value gradually increased, supporting equity growth. Treasury stock values increased in absolute terms (more negative), reaching -$13,658 million, which could indicate ongoing share repurchases.
Accumulated other comprehensive income (loss) presented a deteriorating trend, moving from a positive $156 million in 2019 to negative values from 2021 onwards, reaching -$999 million by 2023. This indicates unfavorable changes in comprehensive income components such as foreign currency translation adjustments or unrealized losses on investments.
The total assets, as evidenced by total liabilities and equity, increased from $29,074 million in 2019 to $47,065 million in 2023, reflecting overall growth in the company's asset base over the period.
- Liabilities
- Significant growth in total liabilities driven by increases in both current and long-term liabilities.
- Benefits payable and trade accounts payable showed consistent upward trends.
- Short-term debt levels fluctuated, suggesting active management of short-term borrowing.
- Long-term debt nearly doubled, indicating increased long-term financing.
- Equity
- Total equity increased overall, supported by rising retained earnings and capital in excess of par.
- Treasury stock balances increased in negative terms, implying ongoing share repurchases.
- Accumulated other comprehensive income shifted negatively from 2021 onward, pointing to adverse comprehensive income factors.
Overall, the data reflects a company expanding its liabilities and equity base, suggesting growth initiatives supported by increased debt and reinvested earnings, while also engaging in share repurchase activities and experiencing some challenges impacting comprehensive income.