Procter & Gamble Co. (NYSE:PG)

The data reveals several key trends and fluctuations in the composition of liabilities and shareholders’ equity over the observed periods.

Accounts payable

Accounts payable as a percentage of total liabilities and shareholders’ equity exhibited a gradual upward trend from 9.6% in September 2019 to a peak above 12.7% in mid-2022, followed by moderate fluctuations generally staying above 11% through to mid-2025.

Accrued and other liabilities

This category showed modest variability, generally hovering around 8–9%, with some slight increases toward early 2023, and a drop back near 8% in subsequent periods, indicating relative stability within this component.

Debt due within one year

Short-term debt demonstrated significant volatility, rising sharply from around 6–8% in late 2019 to peaks exceeding 12% in late 2022. Afterward, it declined steadily to below 6% by mid-2024, then rebounded again slightly toward mid-2025, indicating fluctuating reliance on short-term borrowing.

Current liabilities

Current liabilities showed a general upward movement from approximately 26.5% in late 2019 to about 32.9% at year-end 2022, before slightly retreating and stabilizing near the high 20%s, suggesting increased current obligations during the pandemic years with some normalization later on.

Long-term debt, excluding due within one year

Long-term debt proportions ranged between about 16.9% and 20.7%. There was an observable increase during 2020 and early 2021, followed by minor fluctuations but remained relatively elevated towards 20% near mid-2024 and 2025, reflecting sustained long-term financing.

Deferred income taxes

Deferred income taxes remained fairly stable around 5–6%, with some minor decreases and increases but no significant long-term trend, indicating consistent tax deferral obligations relative to the capital structure.

Other noncurrent liabilities

This component declined notably from over 9% in early 2020 to below 5% in later periods, marking a clear reduction in other long-term liabilities over time.

Noncurrent liabilities

Noncurrent liabilities as a whole showed a slight decreasing trend from approximately 33–34% in 2019-2020 down to around 29–30% in 2024-2025, corresponding with the decline in other noncurrent liabilities despite stable long-term debt.

Total liabilities

Total liabilities remained within a range of roughly 57.3% to 63%, peaking around 63% by the end of 2021, then gradually reducing to near 58% in the most recent periods, suggesting a moderate deleveraging or equity growth in relation to total obligations.

Preferred stock and Common stock

Preferred stock showed a slight decreasing trend from 0.8% to about 0.62%, indicating a minor reduction in preferred equity. Common stock percentages remained relatively stable around 3.2–3.6% throughout the periods, reflecting consistent common equity contributions.

Additional paid-in capital

This large component fluctuated notably, dropping from a high near 57% in late 2019 to around 53–54% in early 2020, then recovering and stabilizing mostly in the mid-50% range through the subsequent years, reflecting ongoing capital transactions impacting paid-in capital.

Reserve for ESOP debt retirement

The reserve steadily became less negative, moving from around -0.97% to about -0.54%, indicating a gradual reduction in this offsetting reserve against liabilities or equity.

Accumulated other comprehensive loss

This loss narrowed over time, improving from approximately -13.4% to closer to -9.7% by mid-2025, which suggests an overall reduction in accumulated losses from comprehensive income items.

Treasury stock

Treasury stock grew more negative from about -90% to a peak near -112%, implying substantial share repurchases or reductions in outstanding equity shares, reflecting a significant use of capital for treasury stock repurchases.

Retained earnings

Retained earnings increased steadily from about 85% to over 104%, marking accumulation of earnings and reinvestment back into the company, reinforcing the foundation of shareholders' equity.

Shareholders’ equity attributable to the company

Equity attributable to the parent showed fluctuations, declining from around 40.8% to a low near 36.7% in late 2021 before recovering above 42% in 2024 and 2025, reflecting changes in equity components and accumulated comprehensive income.

Noncontrolling interest

This minor component remained relatively steady, around 0.2–0.36%, indicating consistent minority interests in consolidated subsidiaries.

Total shareholders’ equity

Total equity mirrored the pattern seen in equity attributable to the company, trending downward initially and recovering toward the later periods, spanning values between approximately 36.9% and 42.7%, reflecting overall capital structure dynamics.

In summary, the composition of liabilities and equity shows a period of increased leverage and current liabilities around 2020-2021, possibly related to external economic conditions, then a partial normalization with equity growth through retained earnings and reduced accumulated losses driving improved equity ratios by 2024-2025. Treasury stock activity indicates active share repurchase programs throughout the period. Long-term debt maintained a significant and stable proportion of the capital structure, while other noncurrent liabilities reduced over time.