Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Merck & Co. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Loans payable and current portion of long-term debt
- This liability category displays fluctuations over the quarters, initially declining from 7.49% in March 2020 to a low of 0.83% in September 2023 before slightly increasing again toward early 2025, ending near 1.22%. The trend indicates a general reduction in short-term borrowing relative to total liabilities and equity.
- Trade accounts payable
- The proportion remained relatively stable, fluctuating mildly between 3.05% and 5.02%, with a slight downward drift after 2021, suggesting consistent management of supplier obligations relative to the capital structure.
- Accrued and other current liabilities
- This category showed moderate variability, peaking at 15.2% in September 2021 and generally ranging from around 12% to 15% of total liabilities and equity. The values indicate a steady presence of accrued obligations, with modest increases toward late 2023 followed by small decreases.
- Income taxes payable
- A steady upward trend is evident, from approximately 1.1%-1.7% in 2020, increasing progressively to about 4.5% in March 2025. This suggests a growing amount of income tax obligations relative to the total capital structure over the observed period.
- Dividends payable
- The proportion remained relatively stable around 1.6%-1.9%, indicating a consistent dividend payment policy relative to total liabilities and equity without significant variation.
- Current liabilities
- Current liabilities showed volatility, initially dropping from nearly 30% in early 2020 to about 21% in early 2022, followed by oscillations in the range of 21% to 25%, signaling changing short-term obligations but generally maintaining a significant share of total liabilities and equity.
- Long-term debt, excluding current portion
- This component remained a substantial portion of total liabilities and equity between 24.5% and 32.6%, with a peak around mid-2023. The data reflects a consistent reliance on long-term borrowing, with no major shifts in the debt structure observed.
- Deferred income taxes
- There is a gradual decline in deferred income tax liabilities from over 2% in early 2020 to under 1.2% by early 2025, indicating a decrease in deferred tax obligations relative to total liabilities and equity.
- Other noncurrent liabilities
- This category steadily declined from around 13.6% in early 2020 to close to 6% by mid-2025, suggesting a reduction in other long-term obligations or reclassification between liability categories.
- Noncurrent liabilities
- The percentage contribution of noncurrent liabilities generally decreased from about 44.9% in mid-2020 down to near 36% by 2025, reflecting a lower proportion of long-term liabilities within the overall capital structure.
- Total liabilities
- Total liabilities as a share of capital decreased from around 69% to approximately 58% over five years, indicating a trend toward reduced leverage and potential strengthening of the equity base.
- Common stock, $0.50 par value
- Common stock remained stable, contributing approximately 1.5% to 2.1% of total liabilities and equity throughout the period, indicating no significant changes in the par value stock component.
- Other paid-in capital
- This item showed moderate fluctuations around 40%-48%, with a peak near mid-2021 followed by a gradual decline toward 38% by mid-2025. It suggests variations in capital contributed beyond par value over time.
- Retained earnings
- Retained earnings consistently accounted for a high proportion of equity, fluctuating between about 50% and nearly 58%, displaying steady cumulative profitability and reinvestment within the company.
- Accumulated other comprehensive loss
- This negative equity component ranged from approximately -7.5% to -4.2%, showing a smaller magnitude of comprehensive losses over time, possibly due to changes in other comprehensive income items.
- Treasury stock, at cost
- Treasury stock consistently had a large negative impact on equity, ranging from around -67% in early 2020 to about -49% by late 2024. The narrowing of this negative balance indicates some reduction or revaluation of treasury shares over time.
- Total stockholders’ equity
- Equity fluctuated between roughly 27.6% and 43.5% of total liabilities and equity, with a notable dip in late 2020 followed by recovery and moderate variability, pointing to changes in capital structure and retained earnings distribution.
- Noncontrolling interests
- This component remained minimal and stable, around 0.05% to 0.11%, indicating negligible influence from minority interests on the overall capital structure.
- Total equity
- Total equity as a percentage of total liabilities and equity mirrored the trends seen in common equity, showing a dip in late 2020 followed by a recovery and stabilization around 37%-42%, reflecting overall strengthening of the equity position during the period.