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Monsanto Co. (NYSE:MON)

This company has been moved to the archive! The financial data has not been updated since April 5, 2018.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Monsanto Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
Short-term debt, including current portion of long-term debt 4.08 8.04 2.81 1.06 0.25 0.18
Accounts payable 5.01 5.10 3.81 5.05 4.82 3.93
Income taxes payable 0.27 0.21 1.07 0.45 0.44 0.37
Accrued compensation and benefits 2.71 1.21 1.39 2.27 2.38 2.70
Accrued marketing programs 8.99 8.36 6.81 6.34 5.22 6.33
Deferred revenues 3.41 2.88 1.69 1.99 2.50 1.96
Grower production accruals 0.28 0.24 0.18 0.25 0.29 0.96
Dividends payable 1.11 1.20 1.16 1.09 1.10 0.99
Customer payable 0.50 0.62 0.33 0.37 0.06 0.07
Restructuring reserves 0.17 1.15 0.78 0.00 0.00 0.00
Miscellaneous short-term accruals 3.47 5.09 3.61 4.38 3.93 3.39
Current liabilities 29.99% 34.10% 23.62% 23.26% 20.98% 20.87%
Long-term debt, excluding current portion 34.00 37.76 38.45 34.25 9.97 10.08
Postretirement liabilities 1.47 1.88 1.53 1.57 1.73 2.68
Long-term deferred revenue 0.53 0.18 0.21 0.21 0.67 1.21
Noncurrent deferred tax liabilities 0.90 0.34 1.55 2.32 2.27 1.55
Long-term portion of environmental and litigation liabilities 1.02 1.01 0.89 0.84 0.93 1.05
Long-term restructuring reserves 0.04 0.09 0.21 0.00 0.00 0.00
Other liabilities 1.77 1.61 1.57 1.56 1.85 3.04
Noncurrent liabilities 39.74% 42.88% 44.43% 40.74% 17.42% 19.62%
Total liabilities 69.73% 76.97% 68.04% 64.00% 38.40% 40.49%
Common stock, par value $0.01 0.03 0.03 0.03 0.03 0.03 0.03
Treasury stock, at cost -70.56 -76.27 -54.99 -45.64 -20.03 -15.06
Additional contributed capital 55.50 58.91 52.30 45.51 52.18 51.28
Retained earnings 56.59 54.53 47.33 41.00 34.79 27.38
Accumulated other comprehensive loss -11.38 -14.23 -12.78 -5.07 -6.18 -5.12
Total Monsanto Company shareowners’ equity 30.18% 22.97% 31.89% 35.83% 60.78% 58.51%
Noncontrolling interest 0.09 0.06 0.07 0.18 0.82 1.00
Total shareowners’ equity 30.27% 23.03% 31.96% 36.00% 61.60% 59.51%
Total liabilities and shareowners’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

The capital structure exhibits a significant transition from equity-based financing to debt-based financing between 2012 and 2017. Total liabilities as a percentage of total liabilities and shareowners’ equity increased from 40.49% in 2012 to a peak of 76.97% in 2016, before moderating to 69.73% in 2017. This trend is mirrored by a corresponding decline in total shareowners’ equity, which fell from 59.51% in 2012 to 30.27% in 2017.

Debt and Liability Trends
A substantial increase in long-term debt is observed starting in 2014, where it jumped from 9.97% to 34.25%, remaining elevated through 2017. Current liabilities remained relatively stable between 20.87% and 23.62% from 2012 to 2015, followed by a sharp increase to 34.10% in 2016. Within current liabilities, accrued marketing programs showed a steady upward trajectory, increasing from 6.33% in 2012 to 8.99% in 2017.
Equity and Capital Allocation
Treasury stock represents the most volatile component of equity, expanding from -15.06% in 2012 to a peak of -76.27% in 2016, indicating aggressive share repurchases. Simultaneously, retained earnings demonstrated consistent growth, rising from 27.38% in 2012 to 56.59% in 2017, suggesting that internal profit accumulation was offset by the scale of stock buybacks and increased leverage.
Other Liability Observations
Noncurrent liabilities experienced a sharp escalation in 2014, moving from 17.42% to 40.74%, primarily driven by the surge in long-term debt. Environmental and litigation liabilities remained remarkably stable as a percentage of the total balance sheet, fluctuating minimally between 0.84% and 1.05% throughout the analyzed period.

The overall financial profile indicates a strategic shift toward higher leverage to fund capital activities, specifically share buybacks, which significantly reduced the proportion of equity relative to total assets over the six-year period.

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