Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

This company has been moved to the archive! The financial data has not been updated since November 5, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Marathon Petroleum Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 16.00 17.03 16.05 9.16 11.79
Payroll and benefits payable 1.30 1.08 1.07 0.86 1.14
Accrued taxes 1.42 1.27 1.44 1.30 1.20
Debt due within one year 2.27 1.19 0.67 3.35 0.72
Current operating lease liabilities 0.53 0.41 0.51 0.58 0.61
Environmental credits liability 0.90 0.48 0.00 0.00 0.00
Accrued interest payable 0.37 0.35 0.00 0.00 0.00
Other current liabilities 0.64 0.47 1.23 0.97 0.91
Other current liabilities 1.91% 1.30% 1.23% 0.97% 0.91%
Liabilities held for sale 0.00 0.00 0.00 2.17 0.00
Current liabilities 23.43% 22.27% 20.96% 18.39% 16.38%
Long-term debt due after one year 29.46 28.51 29.25 33.74 28.54
Deferred income taxes 6.78 6.57 6.60 7.28 6.49
Defined benefit postretirement plan obligations 1.28 1.24 1.19 2.49 1.67
Long-term operating lease liabilities 0.89 0.94 1.09 1.19 1.90
Deferred credits and other liabilities 1.64 1.45 1.58 1.42 1.28
Noncurrent liabilities 40.05% 38.70% 39.70% 46.12% 39.88%
Total liabilities 63.48% 60.97% 60.67% 64.51% 56.26%
Redeemable noncontrolling interest 1.04 1.08 1.13 1.14 0.98
Preferred stock, no shares issued and outstanding, par value $0.01 per share 0.00 0.00 0.00 0.00 0.00
Common stock, issued, par value $0.01 per share 0.01 0.01 0.01 0.01 0.01
Common stock, held in treasury, at cost -50.59 -35.42 -23.31 -17.80 -15.36
Additional paid-in capital 38.92 37.15 38.96 39.00 33.64
Retained earnings 40.19 29.08 15.12 5.46 16.22
Accumulated other comprehensive income (loss) -0.15 0.00 -0.08 -0.60 -0.32
Total MPC stockholders’ equity 28.38% 30.83% 30.70% 26.07% 34.19%
Noncontrolling interests 7.09 7.12 7.51 8.28 8.57
Total equity 35.48% 37.95% 38.20% 34.35% 42.76%
Total liabilities, redeemable noncontrolling interest and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Accounts Payable
The proportion of accounts payable relative to total liabilities, redeemable noncontrolling interest, and equity exhibited fluctuations, declining from 11.79% in 2019 to 9.16% in 2020, then increasing sharply to a peak of 17.03% in 2022 before slightly retreating to 16% in 2023. This suggests variability in short-term obligations management over the period.
Payroll and Benefits Payable
This category remained relatively stable with slight growth, starting at 1.14% in 2019, dipping to 0.86% in 2020, and gradually increasing thereafter, ending at 1.3% in 2023, indicating moderate fluctuations in employee-related liabilities.
Accrued Taxes
Accrued taxes as a percentage showed a slowly increasing trend from 1.2% in 2019 to 1.42% in 2023, with minor variability, reflecting consistent tax obligations.
Debt Due Within One Year
This liability category expanded overall, moving from a modest 0.72% in 2019 to a higher 2.27% by 2023, with a notable spike in 2020 to 3.35%. The increase towards the end of the period may indicate rising short-term debt commitments.
Current Operating Lease Liabilities
There was a gradual decline in current operating lease liabilities, falling from 0.61% in 2019 to 0.41% in 2022, before a slight increase to 0.53% in 2023, indicating a general reduction in lease obligations during this period.
Environmental Credits Liability
Introduced in 2022 at 0.48%, this liability category grew to 0.9% in 2023, reflecting an emerging or increasing environmental compliance obligation.
Accrued Interest Payable
First recorded in 2022 at 0.35%, this liability rose marginally to 0.37% in 2023, denoting a small increase in interest expenses accrued but not yet paid.
Other Current Liabilities
Two entries are presented for other current liabilities. Initially, one entry shows a decline from 0.91% in 2019 to 0.47% in 2022, then a recovery to 0.64% in 2023. The second entry shows consistent growth from 0.91% in 2019 to 1.91% in 2023, suggesting either differing classifications or reclassification between line items, but overall indicating a rise in these obligations.
Liabilities Held for Sale
Recorded only in 2020 at 2.17%, with no values for other years, implying a one-time or discontinued liability classification.
Current Liabilities
Current liabilities steadily increased from 16.38% in 2019 to 23.43% in 2023, reflecting a rising share of short-term obligations within the total balance sheet composition.
Long-term Debt Due After One Year
This category fluctuated slightly, increasing from 28.54% in 2019 to 33.74% in 2020, then declining to around 29% in subsequent years, ending at 29.46% in 2023. The stability in the latter years indicates maintained long-term debt levels relative to total capitalization.
Deferred Income Taxes
Deferred income taxes hovered between 6.49% and 7.28% over the period, with minor fluctuations, suggesting stable deferred tax liabilities.
Defined Benefit Postretirement Plan Obligations
This category showed volatility, initially rising from 1.67% in 2019 to 2.49% in 2020, then falling sharply to 1.19% in 2021, and remaining relatively flat through 2023 at around 1.28%, indicating adjustments in postretirement benefit obligations.
Long-term Operating Lease Liabilities
There was a consistent downward trend from 1.9% in 2019 to 0.89% in 2023, indicating reductions in long-term lease obligations.
Deferred Credits and Other Liabilities
This liability category increased slightly from 1.28% in 2019 to 1.64% in 2023, with minor variability, showing a modest growth in these obligations.
Noncurrent Liabilities
Noncurrent liabilities rose from 39.88% in 2019 to a peak of 46.12% in 2020, then decreased to about 40% in 2023, suggesting a shift in the company’s liability structure with a temporary increase in long-term obligations followed by stabilization.
Total Liabilities
Total liabilities followed a pattern of increasing from 56.26% in 2019 to 64.51% in 2020, then declining to around 61% in 2021 and 2022, and rising again to 63.48% in 2023. This reflects an overall growth in total liabilities relative to the company’s total capitalization.
Redeemable Noncontrolling Interest
This interest remained relatively stable over the period, fluctuating slightly around 1%, indicating a modest and consistent minority interest component.
Common Stock
The proportion represented by common stock issued was negligible and remained constant at 0.01% throughout the period.
Common Stock Held in Treasury
There was a consistent increase in treasury stock (negative valuation effect), deepening from -15.36% in 2019 to -50.59% in 2023, indicating substantial repurchases or holding of treasury shares over time.
Additional Paid-in Capital
This equity component increased from 33.64% in 2019 to 39% in 2020, remained stable till 2021, decreased slightly in 2022 to 37.15%, and recovered to 38.92% in 2023, showing minor fluctuations in capital contributions above par value.
Retained Earnings
There was a marked upward trend in retained earnings, dropping from 16.22% in 2019 to 5.46% in 2020, then rising continuously to 40.19% by 2023. This indicates a recovery and substantial accumulation of earnings retained in the company after dividends.
Accumulated Other Comprehensive Income (Loss)
This category fluctuated narrowly around zero, moving from a slight loss of -0.32% in 2019 down to -0.6% in 2020, nearly neutral in 2022, and then a small loss again in 2023 at -0.15%, indicating minor unrealized gains or losses not reflected in net income.
Total MPC Stockholders' Equity
Stockholders’ equity decreased from 34.19% in 2019 to 26.07% in 2020, then rebounded to about 31% in 2021 and remained stable through 2022 before declining to 28.38% in 2023, reflecting variability in equity financing and retained earnings.
Noncontrolling Interests
Minority interests slightly decreased from 8.57% in 2019 to 7.09% in 2023, showing a small decline in the portion of equity held by outside investors.
Total Equity
Total equity showed a downward trend from 42.76% in 2019 to 34.35% in 2020, partial recovery to 38.2% in 2021, then a slight decline to 35.48% in 2023, indicating an overall reduction in shareholders’ equity relative to total capitalization over the five-year period.
Total Liabilities, Redeemable Noncontrolling Interest, and Equity
The sum of liabilities, redeemable noncontrolling interest, and equity accounted for 100% consistently, confirming the balance sheet’s structural integrity throughout the periods analyzed.