Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

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.

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

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 13,761 15,312 13,700 7,803 11,623
Payroll and benefits payable 1,115 967 911 732 1,126
Accrued taxes 1,221 1,140 1,231 1,105 1,186
Debt due within one year 1,954 1,066 571 2,854 711
Current operating lease liabilities 454 368 438 497 604
Environmental credits liability 778 429
Accrued interest payable 316 315
Other current liabilities 551 423 1,047 822 897
Other current liabilities 1,645 1,167 1,047 822 897
Liabilities held for sale 1,850
Current liabilities 20,150 20,020 17,898 15,663 16,147
Long-term debt due after one year 25,329 25,634 24,968 28,730 28,127
Deferred income taxes 5,834 5,904 5,638 6,203 6,392
Defined benefit postretirement plan obligations 1,102 1,114 1,015 2,121 1,643
Long-term operating lease liabilities 764 841 927 1,014 1,875
Deferred credits and other liabilities 1,409 1,304 1,346 1,207 1,265
Noncurrent liabilities 34,438 34,797 33,894 39,275 39,302
Total liabilities 54,588 54,817 51,792 54,938 55,449
Redeemable noncontrolling interest 895 968 965 968 968
Preferred stock, no shares issued and outstanding, par value $0.01 per share
Common stock, issued 10 10 10 10 10
Common stock, held in treasury, at cost (43,502) (31,841) (19,904) (15,157) (15,143)
Additional paid-in capital 33,465 33,402 33,262 33,208 33,157
Retained earnings 34,562 26,142 12,905 4,650 15,990
Accumulated other comprehensive income (loss) (131) 2 (67) (512) (320)
Total MPC stockholders’ equity 24,404 27,715 26,206 22,199 33,694
Noncontrolling interests 6,100 6,404 6,410 7,053 8,445
Total equity 30,504 34,119 32,616 29,252 42,139
Total liabilities, redeemable noncontrolling interest and equity 85,987 89,904 85,373 85,158 98,556

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).

Balance sheet item Description The company
Current liabilities Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Marathon Petroleum Corp. current liabilities increased from 2021 to 2022 and from 2022 to 2023.
Noncurrent liabilities Amount of obligation due after one year or beyond the normal operating cycle, if longer. Marathon Petroleum Corp. noncurrent liabilities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Total liabilities Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Marathon Petroleum Corp. total liabilities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Total MPC stockholders’ equity Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Marathon Petroleum Corp. total MPC stockholders’ equity increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.