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National Oilwell Varco Inc. (NYSE:NOV)

This company has been moved to the archive! The financial data has not been updated since August 3, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

National Oilwell Varco Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Accounts payable 2.33 3.54 3.66 3.81 3.53
Accrued vendor costs 1.68 2.43 1.53 1.41 1.10
Customer prepayments and billings 1.59 2.09 1.93 2.22 2.69
Fair value of derivatives 0.98 0.88 0.09 0.06 0.33
Warranty 0.91 0.81 0.65 0.62 0.83
Compensation 0.90 1.97 1.48 1.62 1.83
Taxes, non income 0.65 0.63 0.54 0.48 0.47
Insurance 0.42 0.38 0.38 0.34 0.40
Accrued commissions 0.27 0.29 0.28 0.24 0.00
Interest 0.03 0.03 0.03 0.04 0.03
Other 1.10 0.97 1.03 1.13 1.64
Accrued liabilities 8.55% 10.48% 7.94% 8.17% 9.31%
Billings in excess of costs 2.94 5.29 5.09 3.78 3.39
Current portion of long-term debt and short-term borrowings 0.01 0.45 0.00 0.00 1.38
Accrued income taxes 0.99 1.28 1.60 1.13 2.78
Deferred income taxes 1.09 0.92 0.90 1.06 0.84
Current liabilities 15.90% 21.97% 19.18% 17.94% 21.23%
Long-term debt, excluding current portion 14.70 8.98 9.05 10.00 0.62
Deferred income taxes 6.75 5.88 6.58 6.34 7.26
Other liabilities 1.06 1.28 1.04 1.06 1.41
Noncurrent liabilities 22.51% 16.14% 16.67% 17.40% 9.29%
Total liabilities 38.41% 38.11% 35.86% 35.34% 30.52%
Common stock, par value $.01 0.01 0.01 0.01 0.01 0.02
Additional paid-in capital 29.95 24.85 25.59 27.77 33.45
Accumulated other comprehensive income (loss) -5.81 -2.48 -0.01 0.34 -0.09
Retained earnings 37.14 39.27 38.27 36.16 35.68
Total Company stockholders’ equity 61.30% 61.65% 63.86% 64.28% 69.05%
Noncontrolling interests 0.29 0.24 0.29 0.37 0.43
Total stockholders’ equity 61.59% 61.89% 64.14% 64.66% 69.48%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The capital structure exhibits a progressive shift toward a higher reliance on liabilities to fund assets over the five-year period. Total liabilities increased from 30.52% in 2011 to 38.41% in 2015, while total stockholders' equity experienced a corresponding decline from 69.48% to 61.59%.

Liability Composition and Debt Profile
A significant transformation is observed in the debt profile, characterized by a move toward long-term financing. Long-term debt, excluding the current portion, rose sharply from 0.62% in 2011 to 14.70% in 2015. This growth is the primary driver behind the increase in noncurrent liabilities, which expanded from 9.29% to 22.51% over the analyzed period. Current liabilities displayed more volatility, peaking at 21.97% in 2014 before decreasing to 15.90% in 2015, suggesting a strategic restructuring of short-term obligations into long-term debt.
Equity Dynamics and Value Erosion
Total stockholders' equity shows a gradual downward trajectory. Although retained earnings remained relatively resilient, peaking at 39.27% in 2014 and ending at 37.14% in 2015, the overall equity position was negatively impacted by accumulated other comprehensive income. This component shifted from a negligible -0.09% in 2011 to a substantial negative 5.81% by 2015, indicating a significant accumulation of unrealized losses.
Operational Liability Trends
Current operational liabilities show mixed patterns. Accounts payable followed a general downward trend, moving from 3.53% in 2011 to 2.33% in 2015. Billings in excess of costs experienced a notable increase, peaking at 5.29% in 2014 before falling to 2.94% in 2015. Accrued liabilities remained a significant portion of the balance sheet, fluctuating between 7.94% and 10.48% throughout the period.

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