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Reynolds American Inc. (NYSE:RAI)

This company has been moved to the archive! The financial data has not been updated since May 3, 2017.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Reynolds American Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 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
Accounts payable 0.34 0.43 0.38 0.37 0.25 0.34 0.27 0.33 0.79 0.93 0.84 0.90 1.13 1.20 0.77 0.97 0.82 1.13 0.95 0.81 0.91
Tobacco settlement accruals 6.22 4.89 4.55 3.28 6.33 5.29 5.00 3.63 13.98 11.97 11.11 8.16 13.84 11.21 9.66 7.10 16.43 15.03 14.82 11.29 18.56
Due to related party 0.01 0.01 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00
Deferred revenue, related party 0.23 0.13 0.10 0.03 0.05 0.06 0.02 0.03 0.15 0.21 0.05 0.11 0.19 0.31 0.10 0.17 0.19 0.25 0.06 0.11 0.17
Revolving credit facility borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.61 5.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current maturities of long-term debt 0.96 0.98 0.97 0.97 0.92 0.95 1.78 0.82 2.84 2.96 0.00 0.00 0.00 0.00 6.08 0.39 0.36 0.36 4.45 4.10 2.72
Dividends payable on common stock 1.40 1.28 1.27 1.16 1.10 0.97 0.96 0.65 2.25 2.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income taxes payable 0.00 0.00 0.54 1.21 3.42 0.00 0.00 3.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Term-loan credit facility 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.90 3.22 0.00 0.00 4.22 4.92 0.00
Other current liabilities 2.17 2.03 1.96 2.21 1.89 2.32 2.53 2.44 6.64 4.90 6.82 7.32 8.12 7.25 6.67 7.17 6.91 5.98 6.36 7.06 7.03
Current liabilities 11.34% 9.76% 9.79% 9.23% 13.98% 9.94% 10.56% 11.81% 26.66% 23.32% 21.43% 21.72% 23.29% 19.97% 24.17% 19.01% 24.70% 22.76% 30.88% 28.30% 29.39%
Long-term debt, less current maturities 24.35 24.79 24.48 25.48 24.29 31.83 31.56 32.17 29.21 30.49 33.18 33.27 32.25 33.11 30.76 32.33 29.97 30.41 16.25 16.86 19.19
Long-term deferred income taxes, net 18.53 18.80 20.16 20.02 18.90 19.23 19.01 17.99 2.50 2.52 4.66 4.64 4.32 4.27 2.92 3.03 2.87 2.78 4.40 4.21 3.51
Long-term retirement benefits, less current portion 3.53 3.66 3.46 3.50 3.52 4.26 4.11 4.10 12.45 13.14 7.40 7.57 7.59 7.93 10.33 11.49 10.72 11.00 9.77 10.47 9.94
Long-term deferred revenue, related party 0.06 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other noncurrent liabilities 0.43 0.43 0.43 0.43 0.42 0.45 0.39 0.34 0.68 0.77 0.76 0.81 0.82 1.18 1.21 1.33 1.23 1.29 1.47 1.49 1.80
Noncurrent liabilities 46.89% 47.75% 48.62% 49.44% 47.13% 55.77% 55.08% 54.60% 44.83% 46.92% 46.00% 46.29% 44.98% 46.48% 45.21% 48.18% 44.79% 45.49% 31.90% 33.03% 34.45%
Total liabilities 58.22% 57.51% 58.40% 58.66% 61.10% 65.71% 65.64% 66.41% 71.49% 70.24% 67.43% 68.01% 68.27% 66.45% 69.38% 67.19% 69.50% 68.25% 62.77% 61.33% 63.84%
Common stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Paid-in capital 35.09 35.79 35.28 35.40 33.68 34.57 34.34 33.81 39.12 40.80 40.29 40.27 40.64 42.66 40.42 44.04 41.55 43.94 48.75 51.18 48.21
Retained earnings (accumulated deficit) 7.29 7.32 6.85 6.46 5.79 0.35 0.79 0.52 -8.10 -8.65 -7.19 -7.92 -8.53 -8.75 -7.82 -9.08 -9.09 -10.31 -9.85 -10.54 -10.27
Accumulated other comprehensive loss -0.61 -0.61 -0.53 -0.53 -0.57 -0.64 -0.77 -0.74 -2.50 -2.40 -0.53 -0.36 -0.38 -0.36 -1.98 -2.15 -1.96 -1.88 -1.66 -1.97 -1.78
Shareholders’ equity 41.78% 42.49% 41.60% 41.34% 38.90% 34.29% 34.36% 33.59% 28.51% 29.76% 32.57% 31.99% 31.73% 33.55% 30.62% 32.81% 30.50% 31.75% 37.23% 38.67% 36.16%
Total liabilities and shareholders’ 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%

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 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).

The financial structure of the entity exhibits a strategic shift in capital composition between March 2012 and March 2017, characterized by a gradual reduction in total liabilities and a corresponding strengthening of shareholders' equity. Total liabilities decreased from a peak of 71.49% in March 2015 to 58.22% by March 2017, while total shareholders' equity rose from a low of 28.51% in the same March 2015 period to 41.78% by the end of the analyzed timeframe.

Current Liabilities Trends
A significant contraction in current liabilities is observed, falling from 29.39% in March 2012 to 11.34% in March 2017. This decline is primarily driven by a substantial reduction in tobacco settlement accruals, which plummeted from 18.56% in March 2012 to a range between 3.28% and 6.22% from June 2015 onward. Other current liabilities also showed a downward trajectory, decreasing from approximately 7% in the 2012-2014 period to roughly 2% by 2017.
Noncurrent Liabilities Analysis
Noncurrent liabilities experienced volatility, peaking at 55.77% in December 2015 before settling at 46.89% in March 2017. A notable shift occurred in June 2015, where long-term deferred income taxes surged from 2.50% to 17.99% and remained elevated near 18-20% through March 2017. Concurrently, long-term retirement benefits saw a sharp decrease from a peak of 13.14% in December 2014 to approximately 3.53% by March 2017. Long-term debt, less current maturities, remained relatively stable between 24% and 33% throughout the period.
Equity Composition and Quality
The composition of shareholders' equity underwent a fundamental transition. Paid-in capital declined steadily from 48.21% in March 2012 to 35.09% in March 2017. More significantly, retained earnings shifted from a persistent accumulated deficit, which ranged between -7.19% and -10.54% from 2012 to early 2015, to a positive surplus starting in June 2015 (0.52%) and reaching 7.29% by March 2017. This transition indicates a pivot toward sustained capital retention.
Liquidity and Debt Obligations
Short-term debt obligations showed inconsistent patterns. Current maturities of long-term debt fluctuated, with a notable absence of data in December 2013, before stabilizing under 1% for much of 2016 and 2017. Revolving credit facility borrowings were only utilized briefly in mid-2014, peaking at 5.23% before disappearing from the common-size balance sheet.

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