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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
Quarterly Data

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

Microsoft Excel
Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011
Accounts payable 1.82 1.89 2.33 2.47 2.71 3.05 3.54 3.67 3.48 3.92 3.66 3.78 3.67 3.82 3.81 4.76 4.54 3.84 3.53 3.27 3.14 2.83
Accrued liabilities 7.46 8.31 8.55 9.48 9.70 10.18 10.48 9.66 8.45 7.66 7.94 8.24 7.98 7.35 8.17 8.24 8.70 8.26 9.31 8.78 9.17 8.59
Billings in excess of costs 2.75 2.84 2.94 3.98 4.06 4.62 5.29 5.28 6.43 5.86 5.09 4.48 3.45 3.26 3.78 3.62 3.86 3.67 3.39 4.55 3.27 2.47
Current portion of long-term debt and short-term borrowings 0.05 0.03 0.01 0.01 0.48 0.47 0.45 0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.24 4.63 1.34 1.38 0.01 0.01 0.88
Accrued income taxes 0.31 0.80 0.99 0.38 0.08 1.33 1.28 0.78 0.77 1.36 1.60 0.75 0.74 1.21 1.13 0.68 0.74 2.47 2.78 1.63 0.75 1.23
Deferred income taxes 0.00 0.00 1.09 1.21 1.13 0.92 0.92 1.18 1.31 1.20 0.90 0.97 0.89 0.88 1.06 1.28 0.80 1.14 0.84 1.10 1.55 1.85
Current liabilities 12.39% 13.88% 15.90% 17.53% 18.16% 20.56% 21.97% 21.01% 20.44% 20.01% 19.18% 18.22% 16.73% 16.53% 17.94% 19.82% 23.29% 20.71% 21.23% 19.33% 17.89% 17.84%
Long-term debt, excluding current portion 13.74 13.62 14.70 13.44 13.30 12.63 8.98 8.74 9.31 8.88 9.05 10.81 12.26 12.96 10.00 4.10 0.57 0.60 0.62 2.08 2.15 2.21
Deferred income taxes 4.64 5.01 6.75 6.16 6.33 6.21 5.88 6.09 5.92 5.89 6.58 7.05 7.32 7.58 6.34 6.29 6.95 7.03 7.26 7.24 7.64 7.91
Other liabilities 1.18 1.11 1.06 1.42 1.34 1.63 1.28 1.07 1.02 0.99 1.04 1.27 1.32 1.31 1.06 1.12 1.17 1.20 1.41 1.12 1.16 1.20
Noncurrent liabilities 19.56% 19.74% 22.51% 21.02% 20.97% 20.46% 16.14% 15.90% 16.24% 15.76% 16.67% 19.12% 20.91% 21.85% 17.40% 11.51% 8.70% 8.83% 9.29% 10.43% 10.95% 11.33%
Total liabilities 31.95% 33.61% 38.41% 38.55% 39.14% 41.03% 38.11% 36.92% 36.68% 35.76% 35.86% 37.34% 37.63% 38.37% 35.34% 31.33% 31.98% 29.55% 30.52% 29.76% 28.84% 29.17%
Common stock, par value $.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02
Additional paid-in capital 33.80 32.41 29.95 20.93 21.22 21.73 24.85 26.55 26.60 25.18 25.59 25.51 26.21 26.14 27.77 30.42 31.16 32.91 33.45 34.68 35.64 36.41
Accumulated other comprehensive income (loss) -5.57 -5.28 -5.81 -4.99 -3.58 -4.06 -2.48 -1.06 0.14 -0.12 -0.01 0.00 -0.60 -0.17 0.34 0.28 -0.25 0.40 -0.09 0.15 0.95 0.83
Retained earnings 39.52 38.92 37.14 45.22 42.97 41.04 39.27 37.30 36.31 38.90 38.27 36.85 36.47 35.26 36.16 37.59 36.69 36.74 35.68 34.96 34.08 33.08
Total Company stockholders’ equity 67.77% 66.07% 61.30% 61.18% 60.61% 58.71% 61.65% 62.80% 63.06% 63.97% 63.86% 62.37% 62.09% 61.24% 64.28% 68.29% 67.62% 70.06% 69.05% 69.81% 70.68% 70.34%
Noncontrolling interests 0.29 0.32 0.29 0.27 0.25 0.26 0.24 0.28 0.25 0.27 0.29 0.28 0.27 0.39 0.37 0.38 0.40 0.40 0.43 0.43 0.48 0.48
Total stockholders’ equity 68.05% 66.39% 61.59% 61.45% 60.86% 58.97% 61.89% 63.08% 63.32% 64.24% 64.14% 62.66% 62.37% 61.63% 64.66% 68.67% 68.02% 70.45% 69.48% 70.24% 71.16% 70.83%
Total liabilities and stockholders’ 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%

Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).

The financial structure exhibits a period of increasing leverage from 2011 through early 2015, followed by a notable deleveraging phase. Total liabilities rose from 29.17% of total liabilities and stockholders' equity in March 2011 to a peak of 41.03% in March 2015, before declining to 31.95% by June 2016. Correspondingly, total stockholders' equity followed an inverse trajectory, dipping from approximately 70% to a low of 58.97% in March 2015, before recovering to 68.05% by the end of the analyzed period.

Liability Composition and Trends
Current liabilities showed moderate volatility, peaking at 21.97% in December 2014 before experiencing a sustained decline to 12.39% by June 2016. This reduction was driven primarily by a decrease in accounts payable and billings in excess of costs. Noncurrent liabilities, however, demonstrated a strong upward trend, growing from 11.33% in March 2011 to peak at 22.51% in December 2015. This growth was largely attributed to long-term debt, which increased from 2.21% in early 2011 to 14.70% in late 2015, indicating a strategic shift toward longer-term financing.
Stockholders' Equity Dynamics
The composition of equity underwent significant changes. Additional paid-in capital trended downward for several years, falling from 36.41% in March 2011 to a low of 20.93% in September 2015, though it rebounded sharply to 33.80% by June 2016. Retained earnings generally increased over the period, rising from 33.08% to a peak of 45.22% in September 2015, suggesting a period of accumulated profitability. However, accumulated other comprehensive income transitioned from a positive 0.83% in March 2011 to a persistent deficit, reaching -5.81% by December 2015, which offset some of the gains in retained earnings.
Short-Term Obligations and Tax Liabilities
Accrued liabilities remained a relatively stable component of the balance sheet, generally fluctuating between 7% and 10%. Deferred income taxes as a percentage of total liabilities and stockholders' equity showed a gradual decline in the noncurrent category, moving from 7.91% in March 2011 to 4.64% in June 2016. The current portion of long-term debt remained negligible for most of the period, with occasional minor spikes, suggesting that debt maturities were primarily structured in the long term.

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