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.
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Monsanto Co., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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 financial data reveals several significant trends and fluctuations over the six-year period analyzed.
- Liquidity and Short-Term Obligations
- There is a pronounced increase in short-term debt, including the current portion of long-term debt, rising sharply from $36 million in 2012 to a peak of $1,587 million in 2016, followed by a reduction to $870 million in 2017. Accounts payable fluctuate but generally increase over the period, from $794 million in 2012 to $1,068 million in 2017, though the pattern is somewhat inconsistent. Income taxes payable show volatility, with a marked spike in 2015 at $234 million but otherwise moderate values. Accrued compensation and benefits exhibit a downward trend from $546 million in 2012 to $239 million in 2016, then sharply increase again to $578 million in 2017. Accrued marketing programs steadily increase each year from $1,281 million in 2012 to $1,918 million in 2017, indicating growing marketing-related liabilities.
- Deferred Revenues and Accruals
- Deferred revenues show some variability, initially increasing from $396 million in 2012 to $517 million in 2013, followed by a decrease and then rising again to $727 million by 2017. Grower production accruals consistently decline from $194 million in 2012 to $39 million in 2015, with a slight recovery afterwards. Customer payables and miscellaneous short-term accruals depict increasing trends with some fluctuations, where miscellaneous accruals peak in 2016 at $1,004 million before dropping to $740 million in 2017.
- Restructuring and Reserves
- Restructuring reserves emerge from 2015 onwards, starting at $170 million and peaking at $227 million in 2016, followed by a significant decline to $37 million in 2017. Long-term restructuring reserves similarly show a declining trend toward negligible amounts by 2017.
- Total Liabilities
- Total current liabilities increase from $4,221 million in 2012 to a peak of $6,729 million in 2016 before slightly decreasing in 2017. Noncurrent liabilities experience substantial growth from $3,967 million in 2012 to $9,738 million in 2015, then decrease to approximately $8,477 million in 2017. This variation is largely attributable to the long-term debt, which surges dramatically in 2014 to $7,528 million from about $2,000 million previously, peaks in 2015, and then moderately declines thereafter. Other long-term liabilities such as postretirement liabilities and environmental/litigation liabilities remain relatively stable with minor fluctuations.
- Shareholders’ Equity
- The shareholders’ equity shows a downward trend after 2013, declining from $12,728 million to a low of $4,545 million in 2016. A modest recovery is observed in 2017, rising to $6,458 million. Treasury stock at cost substantially increases in absolute value throughout the period, growing from -$3,045 million to -$15,053 million, showing increased repurchases or reductions in outstanding shares. Retained earnings steadily rise from $5,537 million in 2012 to $12,072 million in 2017, indicating accumulation of earnings despite equity fluctuations. The accumulated other comprehensive loss widens sharply in 2015 and 2016 to approximately -$2,800 million from around -$1,000 million previously, suggesting increased unrealized losses or other comprehensive expense impacts.
- Overall Financial Position
- Total liabilities and shareholders’ equity appear relatively stable in aggregate, ranging from approximately $20 billion to $22 billion, with a peak in 2017 at $21,333 million. The data indicate a shift toward greater leverage, marked by increased long-term and short-term debt, combined with share repurchases affecting equity. The consistent rise in certain accrued liabilities and marketing-related programs may also suggest expanding operational commitments or investments. The noticeable decrease in equity during the mid-period signifies financial restructuring or losses, later partially reversed.