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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
Quarterly Data

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

Microsoft Excel
Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011
Short-term debt, including current portion of long-term debt 5.34 5.05 4.08 12.00 7.54 2.72 8.04 12.58 5.58 8.34 2.81 2.64 1.54 2.72 1.06 0.70 0.44 1.09 0.25 0.78 0.69 0.12 0.18 3.17 2.94 2.56
Accounts payable 3.86 5.16 5.01 3.46 3.67 5.12 5.10 3.05 3.27 3.81 3.81 3.08 3.50 3.87 5.05 3.35 3.61 3.54 4.82 3.44 3.40 3.48 3.93 2.92 3.29 3.60
Income taxes payable 0.88 0.18 0.27 1.12 1.44 0.62 0.21 0.85 1.41 0.21 1.07 1.55 2.35 0.27 0.45 1.72 2.69 0.42 0.44 1.83 1.95 0.30 0.37 2.20 2.79 0.81
Accrued compensation and benefits 1.15 1.16 2.71 1.68 1.24 1.01 1.21 0.99 0.98 0.99 1.39 1.09 1.08 1.07 2.27 1.75 1.42 1.17 2.38 1.88 1.68 1.36 2.70 2.35 1.48 1.28
Accrued marketing programs 7.73 5.16 8.99 6.69 7.31 4.95 8.36 5.38 6.28 3.64 6.81 4.21 5.64 4.07 6.34 4.03 4.34 3.14 5.22 3.52 4.62 3.15 6.33 3.89 4.86 3.69
Deferred revenues 7.43 13.48 3.41 2.50 6.58 13.87 2.88 2.04 5.98 14.67 1.69 1.73 4.65 10.82 1.99 1.40 3.68 11.90 2.50 1.49 3.42 12.61 1.96 1.85 4.09 9.78
Grower production accruals 0.83 1.86 0.28 0.31 0.92 2.05 0.24 0.30 1.01 1.55 0.18 0.22 0.88 2.20 0.25 0.24 0.96 2.63 0.29 0.30 1.08 3.15 0.96 0.50 1.11 2.87
Dividends payable 1.05 0.00 1.11 0.00 1.11 0.00 1.20 0.00 1.22 0.00 1.16 0.00 1.06 0.00 1.09 0.00 0.96 0.00 1.10 0.00 0.91 0.00 0.99 0.00 0.77 0.00
Customer payable 0.06 0.32 0.50 0.17 0.22 0.45 0.62 0.26 0.10 0.07 0.33 0.05 0.20 0.12 0.37 0.03 0.13 0.01 0.06 0.00 0.03 0.04 0.07 0.16 0.04 0.08
Restructuring reserves 0.08 0.16 0.17 0.31 0.51 0.65 1.15 0.91 1.25 1.32 0.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.08 0.09
Miscellaneous short-term accruals 3.09 3.16 3.47 3.74 3.57 4.35 5.09 4.05 3.52 5.03 3.61 3.84 3.53 4.80 4.38 3.66 3.30 3.92 3.93 4.35 3.54 3.12 3.39 4.32 3.61 3.90
Current liabilities 31.51% 35.69% 29.99% 31.98% 34.10% 35.78% 34.10% 30.40% 30.59% 39.64% 23.62% 18.41% 24.43% 29.94% 23.26% 16.89% 21.53% 27.82% 20.98% 17.59% 21.33% 27.34% 20.87% 21.43% 25.06% 28.66%
Long-term debt, excluding current portion 29.25 30.04 34.00 33.30 35.37 38.39 37.76 39.10 40.93 37.02 38.45 37.72 35.24 32.21 34.25 13.10 13.01 12.70 9.97 9.47 9.30 9.11 10.08 7.70 7.42 7.55
Postretirement liabilities 1.34 1.32 1.47 1.45 1.53 1.61 1.88 1.66 1.73 1.54 1.53 1.47 1.48 1.45 1.57 1.43 1.42 1.45 1.73 2.30 2.38 2.35 2.68 2.34 2.38 2.52
Long-term deferred revenue 0.50 0.48 0.53 0.11 0.13 0.15 0.18 0.20 0.23 0.21 0.21 0.24 0.17 0.19 0.21 0.29 0.40 0.47 0.67 0.77 0.85 0.97 1.21 1.30 1.41 1.56
Noncurrent deferred tax liabilities 0.61 1.25 0.90 0.56 0.34 0.43 0.34 0.37 1.81 1.77 1.55 2.38 2.19 2.20 2.32 2.01 2.16 2.26 2.27 2.05 1.86 1.39 1.55 1.52 0.61 0.61
Long-term portion of environmental and litigation liabilities 0.94 0.96 1.02 0.98 0.93 0.94 1.01 0.94 0.99 0.90 0.89 0.76 0.80 0.77 0.84 0.84 0.80 0.77 0.93 0.94 0.98 0.94 1.05 0.84 0.86 0.85
Long-term restructuring reserve 0.00 0.00 0.04 0.05 0.10 0.07 0.09 0.61 0.63 0.62 0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other liabilities 1.62 1.66 1.77 1.48 1.52 1.55 1.61 1.57 1.72 1.67 1.57 1.46 1.46 1.44 1.56 1.67 1.68 1.63 1.85 1.94 2.35 2.59 3.04 2.77 3.39 3.41
Noncurrent liabilities 34.26% 35.71% 39.74% 37.93% 39.91% 43.14% 42.88% 44.44% 48.02% 43.72% 44.43% 44.04% 41.34% 38.26% 40.74% 19.33% 19.46% 19.27% 17.42% 17.47% 17.72% 17.35% 19.62% 16.46% 16.08% 16.50%
Total liabilities 65.77% 71.41% 69.73% 69.91% 74.01% 78.93% 76.97% 74.84% 78.62% 83.36% 68.04% 62.44% 65.77% 68.20% 64.00% 36.21% 40.99% 47.09% 38.40% 35.06% 39.05% 44.69% 40.49% 37.89% 41.14% 45.16%
Redeemable common stock and capital in excess of $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.71 0.00 0.00
Common stock, par value $0.01 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Treasury stock, at cost -66.35 -65.06 -70.56 -69.18 -70.43 -71.82 -76.27 -74.05 -77.54 -68.09 -54.99 -53.70 -46.96 -44.16 -45.64 -21.71 -20.91 -19.52 -20.03 -16.71 -15.27 -13.63 -15.06 -15.19 -14.05 -12.92
Additional contributed capital 52.70 51.44 55.50 54.17 54.83 55.69 58.91 57.01 59.45 51.54 52.30 51.39 45.39 43.04 45.51 47.71 46.88 45.22 52.18 49.55 47.98 46.31 51.28 50.85 49.44 49.63
Retained earnings 58.58 52.91 56.59 57.57 54.67 51.49 54.53 56.21 55.16 47.19 47.33 50.99 45.56 39.60 41.00 41.38 37.41 31.38 34.79 36.28 31.51 26.07 27.38 30.63 25.05 21.05
Accumulated other comprehensive loss -10.78 -10.78 -11.38 -12.57 -13.18 -14.39 -14.23 -14.06 -15.72 -14.07 -12.78 -11.25 -9.83 -6.80 -5.07 -4.43 -5.10 -4.88 -6.18 -5.18 -4.28 -4.38 -5.12 -5.88 -2.57 -3.72
Reserve for ESOP debt retirement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
Total Monsanto Company shareowners’ equity 34.18% 28.53% 30.18% 30.02% 25.92% 21.00% 22.97% 25.14% 21.39% 16.60% 31.89% 37.46% 34.19% 31.70% 35.83% 62.98% 58.31% 52.22% 60.78% 63.97% 59.97% 54.39% 58.51% 60.43% 57.88% 54.06%
Noncontrolling interest 0.05 0.06 0.09 0.07 0.07 0.07 0.06 0.02 -0.01 0.04 0.07 0.10 0.04 0.09 0.18 0.81 0.69 0.69 0.82 0.96 0.99 0.91 1.00 0.98 0.97 0.78
Total shareowners’ equity 34.23% 28.59% 30.27% 30.09% 25.99% 21.07% 23.03% 25.16% 21.38% 16.64% 31.96% 37.56% 34.23% 31.80% 36.00% 63.79% 59.01% 52.91% 61.60% 64.94% 60.95% 55.31% 59.51% 61.41% 58.86% 54.84%
Total liabilities and shareowners’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).

The financial structure of the organization underwent a significant transformation between November 2011 and February 2018, characterized by a fundamental shift from equity-based financing to increased leverage. The most pronounced change occurred in late 2014, marking a transition in the balance sheet composition.

Capital Structure and Leverage
A dramatic reversal in the ratio of liabilities to equity is observed starting in August 2014. Prior to this date, total liabilities generally fluctuated between 35% and 47% of the total balance sheet. However, beginning in August 2014, total liabilities surged, reaching a peak of 83.36% in November 2015. Conversely, total shareowners' equity, which remained above 50% for the first several years, dropped sharply to 36.00% in August 2014 and hit a minimum of 16.64% in November 2015, before partially recovering to 34.23% by February 2018.
Debt Profile and Obligations
The increase in total liabilities was primarily driven by long-term debt. Long-term debt, excluding the current portion, remained relatively stable between 7% and 13% until August 2014, at which point it spiked to 34.25% and remained elevated, fluctuating between 29% and 41% through the end of the period. Short-term debt exhibited higher volatility, remaining negligible for several years before increasing significantly in 2016, with a peak of 12.58% in May 2016.
Equity Components and Share Repurchases
A substantial increase in treasury stock is observed, indicating an aggressive share buyback strategy. Treasury stock as a percentage of total liabilities and equity grew from -12.92% in November 2011 to a peak of -77.54% in February 2016. This contraction of equity was partially offset by a steady increase in retained earnings, which grew from 21.05% in November 2011 to 58.58% in February 2018, suggesting consistent profitability despite the aggressive return of capital to shareholders.
Current Liabilities and Operational Trends
Current liabilities showed a general upward trend, increasing from an average of approximately 25% in the early period to between 30% and 35% in the later years. Deferred revenues exhibited strong seasonality, frequently spiking to levels between 10% and 14% in November and February of each year before receding. Accrued marketing programs also showed an upward trend in the later years, peaking at 8.99% in August 2017.
Other Noncurrent Obligations
Postretirement liabilities showed a gradual decline from 2.52% to 1.34%. Environmental and litigation liabilities remained remarkably stable throughout the entire period, consistently hovering around 0.8% to 1.0% of the total balance sheet.

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