Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

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

US$ in millions

	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	434)	467)	623)	731)	847)	988)	1,189)	1,259)	1,178)	1,391)	1,275)	1,312)	1,232)	1,283)	1,200)	1,365)	1,265)	1,009)	901)	802)	745)	656)
Accrued liabilities	1,774)	2,058)	2,284)	2,810)	3,028)	3,300)	3,518)	3,310)	2,857)	2,717)	2,763)	2,857)	2,681)	2,468)	2,571)	2,363)	2,421)	2,172)	2,376)	2,154)	2,179)	1,989)
Billings in excess of costs	653)	704)	785)	1,180)	1,269)	1,497)	1,775)	1,809)	2,176)	2,079)	1,771)	1,553)	1,159)	1,093)	1,189)	1,037)	1,075)	965)	865)	1,117)	778)	571)
Current portion of long-term debt and short-term borrowings	12)	7)	2)	2)	151)	151)	152)	151)	—)	—)	1)	—)	—)	—)	1)	354)	1,289)	351)	351)	2)	2)	203)
Accrued income taxes	74)	199)	264)	112)	24)	432)	431)	267)	260)	484)	556)	260)	248)	406)	355)	194)	207)	649)	709)	399)	178)	284)
Deferred income taxes	—)	—)	291)	358)	353)	299)	309)	405)	444)	427)	312)	335)	299)	296)	333)	368)	224)	299)	214)	270)	368)	429)
Current liabilities	2,947)	3,435)	4,249)	5,193)	5,672)	6,667)	7,374)	7,201)	6,915)	7,098)	6,678)	6,317)	5,619)	5,546)	5,649)	5,681)	6,481)	5,445)	5,416)	4,744)	4,250)	4,132)
Long-term debt, excluding current portion	3,268)	3,372)	3,928)	3,981)	4,154)	4,094)	3,014)	2,995)	3,148)	3,149)	3,149)	3,749)	4,120)	4,349)	3,148)	1,175)	159)	159)	159)	510)	511)	512)
Deferred income taxes	1,103)	1,239)	1,805)	1,826)	1,976)	2,014)	1,972)	2,088)	2,002)	2,088)	2,292)	2,443)	2,458)	2,543)	1,997)	1,802)	1,935)	1,847)	1,852)	1,776)	1,815)	1,832)
Other liabilities	280)	275)	283)	422)	418)	527)	430)	367)	344)	353)	363)	439)	445)	439)	334)	321)	327)	316)	360)	275)	275)	279)
Noncurrent liabilities	4,651)	4,886)	6,016)	6,229)	6,548)	6,635)	5,416)	5,450)	5,494)	5,590)	5,804)	6,631)	7,023)	7,331)	5,479)	3,298)	2,421)	2,322)	2,371)	2,561)	2,601)	2,623)
Total liabilities	7,598)	8,321)	10,265)	11,422)	12,220)	13,302)	12,790)	12,651)	12,409)	12,688)	12,482)	12,948)	12,642)	12,877)	11,128)	8,979)	8,902)	7,767)	7,787)	7,305)	6,851)	6,755)
Common stock, par value $.01	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)
Additional paid-in capital	8,040)	8,024)	8,005)	6,201)	6,625)	7,045)	8,341)	9,099)	8,999)	8,933)	8,907)	8,846)	8,805)	8,772)	8,743)	8,718)	8,673)	8,650)	8,535)	8,513)	8,466)	8,432)
Accumulated other comprehensive income (loss)	(1,325)	(1,308)	(1,553)	(1,477)	(1,119)	(1,318)	(834)	(362)	48)	(41)	(4)	1)	(201)	(58)	107)	79)	(69)	104)	(23)	37)	225)	192)
Retained earnings	9,399)	9,635)	9,927)	13,398)	13,417)	13,306)	13,181)	12,782)	12,281)	13,801)	13,323)	12,776)	12,251)	11,831)	11,385)	10,773)	10,212)	9,658)	9,103)	8,580)	8,095)	7,661)
Total Company stockholders’ equity	16,118)	16,355)	16,383)	18,126)	18,927)	19,037)	20,692)	21,523)	21,332)	22,697)	22,230)	21,627)	20,859)	20,549)	20,239)	19,574)	18,820)	18,416)	17,619)	17,134)	16,790)	16,289)
Noncontrolling interests	68)	78)	77)	80)	78)	85)	80)	96)	86)	95)	100)	98)	92)	130)	117)	109)	111)	104)	109)	105)	115)	112)
Total stockholders’ equity	16,186)	16,433)	16,460)	18,206)	19,005)	19,122)	20,772)	21,619)	21,418)	22,792)	22,330)	21,725)	20,951)	20,679)	20,356)	19,683)	18,931)	18,520)	17,728)	17,239)	16,905)	16,401)
Total liabilities and stockholders’ equity	23,784)	24,754)	26,725)	29,628)	31,225)	32,424)	33,562)	34,270)	33,827)	35,480)	34,812)	34,673)	33,593)	33,556)	31,484)	28,662)	27,833)	26,287)	25,515)	24,544)	23,756)	23,156)

The financial data reflects various trends in the company's liabilities, equity, and related accounts over the reported periods. There are notable fluctuations in both short-term and long-term obligations, as well as changes in equity components.

Accounts Payable

Accounts payable showed an increasing trend from March 2011, peaking around the third quarter of 2012, followed by a decline through June 2016. This suggests initial growth in supplier credit or operational costs, with subsequent reductions possibly indicating improved payment cycles or cost control.

Accrued Liabilities

Accrued liabilities generally increased steadily from 2011 to the end of 2014, reaching a high point, then experienced a gradual decline through mid-2016. This pattern may reflect variations in accrued expenses such as wages, taxes, or other operating costs aligned with business activities.

Billings in Excess of Costs

This liability account showed growth from early 2011 to late 2013, followed by a decrease through mid-2016, indicating shifts in project billing relative to incurred costs. The decline from 2014 onward may suggest slower project billing or revenue recognition changes.

Current Portion of Long-term Debt and Short-term Borrowings

Values fluctuated significantly, with large spikes in 2012 and a more consistent but low balance thereafter. The high variation implies alterations in short-term debt management and refinancing activities during the period.

Accrued Income Taxes

Accrued income taxes showed volatility across the quarters without a clear trend, reflecting fluctuations in taxable income or timing differences in tax payments.

Deferred Income Taxes (Current and Noncurrent)

Deferred income taxes presented some fluctuation, with current deferred taxes declining overall and noncurrent deferred taxes decreasing notably after 2015. These movements indicate changes in the timing of tax expense recognition and potential tax planning strategies.

Current Liabilities

Current liabilities increased steadily until around 2013–2014, reaching a peak before declining in the following two years, which likely corresponds to changes in operational scale or working capital management.

Long-term Debt, Excluding Current Portion

Long-term debt remained relatively stable through early 2012, then rose markedly in subsequent quarters before showing some decline after 2014. This pattern suggests periods of additional borrowing followed by debt repayments or restructuring.

Other Liabilities and Noncurrent Liabilities

Other liabilities stayed relatively stable with minor fluctuations, while noncurrent liabilities increased notably through 2013 and 2014 before declining from 2015 onwards. The increase may correspond to new long-term obligations or deferred items, with the later decrease potentially reflecting repayments or reclassifications.

Total Liabilities

Total liabilities showed a rising trend from 2011 through 2013, peaking near the end of 2013, then declining consistently through mid-2016. This indicates a period of increased leverage or obligations followed by deleveraging efforts.

Stockholders’ Equity Components

Common Stock: Common stock par value remained constant throughout the period.
Additional Paid-in Capital: This component increased steadily from 2011 to early 2014, then experienced a marked decrease around 2014–2015, with a slight recovery thereafter. This pattern may indicate share repurchases, issuance, or adjustments affecting paid-in capital.
Accumulated Other Comprehensive Income (Loss): This account fluctuated significantly, with periods of both gains and losses, demonstrating the impact of unrealized gains/losses on items such as foreign currency translation or derivatives. It worsened notably around 2014 and 2015.
Retained Earnings: Retained earnings increased consistently through 2013 and early 2014, declined sharply in 2015, and stabilized somewhat starting in 2016. The decline in 2015 may reflect net losses, dividends, or other adjustments reducing accumulated profits.
Total Company Stockholders’ Equity and Total Stockholders’ Equity: Overall stockholders’ equity increased steadily until early 2014, followed by a decline through 2016. This trend reflects the combined effects of the changes in additional paid-in capital, retained earnings, and other comprehensive income. The decline suggests diminished equity value or distributions exceeding earnings during the later periods.

Total Liabilities and Stockholders’ Equity

The total of liabilities and equity showed a steady increase from 2011 to 2013, reaching a peak in 2013–2014, then a decline through mid-2016. This pattern signifies the overall scale of the balance sheet, suggesting expansion followed by contraction in asset or liability levels.

In summary, the data illustrates a phase of growth in liabilities and equity up to around 2013–2014, with subsequent reductions in liabilities, equity, and total balance sheet size through 2016. The variations in accrued liabilities, long-term debt, and equity components indicate strategic shifts in financing and capital management during these years.

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National Oilwell Varco Inc. (NYSE:NOV)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data