Stock Analysis on Net
Stock Analysis on Net

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).

Accounts Payable
The proportion of accounts payable to total liabilities and shareholders’ equity shows fluctuations over the analyzed periods, generally remaining below 1.2%. There is a notable decline starting in early 2015, reaching lows around 0.27%, followed by a moderate recovery and stabilization near 0.34% by early 2017.
Tobacco Settlement Accruals
This item exhibits substantial volatility, with a downward trend from the initial value of 18.56% in early 2012 to lows around 3.28% in mid-2016. After these decreases, a slight recovery takes place, rising to approximately 6.22% by the first quarter of 2017. This indicates a potential reduction in settlement obligations over time with some renewed accruals later.
Due to Related Party
This liability remains minimal throughout the periods, mostly around 0.01%, indicating a stable and low level of transactions or obligations with related parties.
Deferred Revenue, Related Party
Values are relatively low and somewhat inconsistent over the quarters, generally maintaining under 0.3%. There is a minor upward movement in late 2016 and early 2017, but the magnitude remains small relative to total liabilities and equity.
Revolving Credit Facility Borrowings
Available data points only in mid-2014, showing borrowings of 5.23% and 2.61%, suggesting occasional utilization of revolving credit facilities during that time frame with no indication of long-term or regular usage.
Current Maturities of Long-Term Debt
This proportion varies markedly, with peaks notable in late 2012 and late 2013 (above 4% and 6%, respectively) but generally remains below 3% in other periods, declining to around 0.9% in 2016 and early 2017. The changes suggest varying refinancing or repayment schedules over time.
Dividends Payable on Common Stock
Payments to shareholders in the form of dividends are recorded from late 2014 onward, starting near 2.34% and gradually increasing to around 1.4% by early 2017, indicating a consistent return to shareholders with slight variation in dividend obligations.
Income Taxes Payable
Tax liabilities appear sporadically with a significant rise to approximately 3.89% in the first quarter of 2015, then decreasing substantially by mid-2016, showing variability in tax expense timing or payments.
Term-Loan Credit Facility
Limited data shows usage primarily between mid-2012 and early 2013, with values ranging between 0.9% and 4.92%, indicating short-term reliance on term loans during that period without continuation in later years.
Other Current Liabilities
This category shows a gradual decline from about 7% in early 2012 to roughly 2% by early 2017, highlighting a reduction in miscellaneous short-term obligations relative to total liabilities and shareholders’ equity.
Current Liabilities
Current liabilities as a whole fluctuate widely, with a high of nearly 31% in the third quarter of 2012 and lows around 9.23% in mid-2016. There is a notable decline starting in early 2015, followed by stabilization near 10-11% toward early 2017, suggesting a strategic reduction of short-term obligations.
Long-Term Debt, Less Current Maturities
Long-term debt proportions show volatility with an overall decline from an approximate peak of 33% in late 2013 and early 2014 down to about 24-25% during 2016 and early 2017. This indicates debt repayment or refinancing actions that reduced long-term debt commitments relative to total capital.
Long-Term Deferred Income Taxes, Net
This item experiences a significant increase starting in mid-2014, rising sharply from around 2.5% to near 20% in 2016 and staying elevated through early 2017, which may reflect changes in tax-related timing differences or accounting treatments with considerable impact on financial position.
Long-Term Retirement Benefits, Less Current Portion
Retirement benefit obligations demonstrate a decreasing trend from just under 10% in 2012 to near 3.5% in the latest periods, which might be due to plan changes, payments, or revaluations reducing the recognized liability.
Long-Term Deferred Revenue, Related Party
Data from late 2016 onward indicate very low values (0.06%-0.09%), implying minor deferred revenue obligations involving related parties.
Other Noncurrent Liabilities
These liabilities steadily decline from about 1.8% in early 2012 to around 0.4% in 2017, suggesting a decrease in less defined long-term obligations beneath the primary categories.
Noncurrent Liabilities
Overall noncurrent liabilities fluctuate but maintain a high portion of total capital, ranging from about 31.9% in late 2012 to a peak above 55% during 2015, then declining to approximately 47% by early 2017. The increase around 2015 correlates chiefly with the rise in deferred income taxes.
Total Liabilities
Total liabilities generally range between 57% and 71% of total capital during the periods, with a peak in late 2014 and early 2015, followed by a steady decline toward 58% by early 2017, indicative of a gradual deleveraging or shift in capital structure.
Paid-In Capital
Paid-in capital shows a modest falling trend from just over 48% in early 2012 to approximately 33-35% in the latest periods, reflecting changes in equity financing or capital adjustments.
Retained Earnings (Accumulated Deficit)
The retained earnings line reveals a marked improvement from negative values around -10% in early 2012 to positive levels near 7% by early 2017. This transition suggests cumulative profitability or favorable adjustments enhancing shareholders’ equity.
Accumulated Other Comprehensive Loss
This loss fluctuates moderately but remains a small negative component of equity, generally around -0.5%, with occasional changes indicating minor impacts from market or actuarial adjustments.
Shareholders’ Equity
Equity ranges from roughly 28% to nearly 42% of total capital, showing a decline to below 30% in late 2014 followed by a substantial increase thereafter, peaking close to 42% by early 2017. This increase coincides with improvements in retained earnings and partial reductions in liabilities.