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Parker-Hannifin Corp. (NYSE:PH)

This company has been moved to the archive! The financial data has not been updated since February 7, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Parker-Hannifin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jun 30, 2022 Jun 30, 2021 Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017
Notes payable and long-term debt payable within one year 6.65 0.01 4.10 3.34 4.17 6.51
Accounts payable, trade 6.68 8.20 5.63 8.04 9.34 8.40
Accrued payrolls and other compensation 1.81 2.49 2.15 2.43 2.79 2.81
Accrued domestic and foreign taxes 0.96 1.16 0.99 0.95 1.30 0.99
Other accrued liabilities 6.49 3.35 3.08 3.17 3.28 3.21
Current liabilities 22.58% 15.22% 15.95% 17.93% 20.87% 21.92%
Long-term debt, excluding payable within one year 37.60 32.36 38.77 37.10 28.19 31.39
Pensions and other postretirement benefits 2.47 5.19 9.56 7.42 7.69 9.08
Deferred income taxes 1.18 2.72 1.94 1.10 1.53 1.43
Other liabilities 2.01 3.14 2.73 2.49 3.43 2.18
Noncurrent liabilities 43.27% 43.41% 53.00% 48.11% 40.84% 44.07%
Total liabilities 65.85% 58.64% 68.95% 66.05% 61.71% 65.99%
Serial preferred stock, $.50 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $.50 par value 0.35 0.45 0.46 0.52 0.59 0.58
Additional capital 1.26 1.62 2.11 2.63 3.24 3.51
Retained earnings 60.37 73.33 68.55 72.70 75.89 70.56
Accumulated other comprehensive loss -5.95 -7.70 -12.96 -11.71 -11.51 -12.42
Treasury shares at cost -21.93 -26.40 -27.18 -30.21 -29.96 -28.27
Shareholders’ equity 34.10% 41.29% 30.98% 33.92% 38.25% 33.97%
Noncontrolling interests 0.05 0.08 0.07 0.04 0.04 0.04
Total equity 34.15% 41.36% 31.05% 33.95% 38.29% 34.01%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

The capital structure exhibits a consistent reliance on debt, with total liabilities generally fluctuating between 58% and 69% of the total liabilities and equity over the six-year period. While there was a notable reduction in total liabilities in 2021 to 58.64%, the leverage ratio returned to 65.85% by 2022, indicating a cyclical pattern in funding strategies.

Current Liabilities Trends
Current liabilities remained relatively stable between 2017 and 2021, declining from 21.92% to 15.22%, before increasing sharply to 22.58% in 2022. This recent spike is primarily attributed to a significant increase in notes payable and long-term debt due within one year, which rose from a negligible 0.01% in 2021 to 6.65% in 2022. Accounts payable trade obligations have remained a steady component of the short-term liability profile, typically ranging between 5.6% and 9.3%.
Noncurrent Liabilities and Debt Profile
Long-term debt, excluding the current portion, represents a substantial portion of the total capital structure, peaking at 38.77% in 2020 and ending at 37.60% in 2022. A significant structural shift is observed in pension and other postretirement benefit obligations, which declined steadily from 9.08% in 2017 to 2.47% in 2022, suggesting a successful reduction in long-term pension liabilities or an increase in plan funding.
Equity Composition and Shareholder Value
Total equity has shown volatility, dipping to 30.98% in 2020 before peaking at 41.36% in 2021 and settling at 34.15% in 2022. Retained earnings constitute the largest positive component of equity, although they experienced a decline from a peak of 75.89% in 2018 to 60.37% in 2022. This decline is partially offset by a reduction in the impact of treasury shares at cost, which moved from -30.21% in 2019 to -21.93% in 2022.
Comprehensive Loss and Other Adjustments
Accumulated other comprehensive loss has remained a consistent negative pressure on total equity throughout the period. However, a positive trend is evident as this figure improved from a low of -12.96% in 2020 to -5.95% in 2022, reducing the overall drag on the shareholders' equity position.

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