Balance Sheet: Liabilities and Stockholders’ Equity
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.
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Union Pacific Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Union Pacific Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the financial data reveals several trends in the company's liabilities and equity positions between 2020 and 2024.
- Current Liabilities
- Current liabilities peaked in 2021 at $5,744 million, followed by a decline in subsequent years to $5,106 million in 2023, before a slight increase to $5,254 million in 2024. Within this category, accounts payable and other current liabilities gradually increased overall from $3,104 million in 2020 to $3,829 million in 2024, with a minor dip in 2023. Accounts payable specifically showed a steady upward trend until 2023, reaching $856 million, slightly tapering off to $847 million in 2024.
- Compensation-related accruals demonstrated volatility with a sharp increase to $938 million in 2022, then a significant drop in 2023 to $533 million, and a recovery to $618 million by 2024. Income and other taxes payable exhibited fluctuations but generally decreased over the period, ending at $605 million in 2024 compared to $635 million in 2020. Interest payable showed a moderate increase through 2023 but slightly decreased in 2024.
- Long-term Liabilities
- Long-term liabilities rose notably from $41,267 million in 2020 to a peak of $47,766 million in 2022. Thereafter, a declining trend was observed, slipping to $45,571 million by 2024. Debt due after one year followed a similar pattern, increasing to a peak in 2022 and gradually declining through 2024. Noncurrent operating lease liabilities generally decreased over the analyzed period, with a more marked reduction observed in 2024.
- Total Liabilities
- Total liabilities increased steadily from $45,440 million in 2020 to a maximum of $53,286 million in 2022, then retreated to $50,825 million in 2024. This trend corresponds with the movements seen within current and long-term liabilities and suggests a period of increased leverage followed by a consolidation or deleveraging phase.
- Equity Components
- Common shareholders’ equity decreased significantly from $16,958 million in 2020 to $12,163 million in 2022. However, a recovery trend is noted in subsequent years, reaching $16,890 million in 2024, nearly restoring the original level. This rebound is supported by consistent growth in retained earnings, which increased steadily from $51,326 million in 2020 to $65,628 million in 2024.
- Conversely, treasury stock showed a continuous increase in negative value, indicating ongoing repurchases or treasury stock accumulation, which diminished shareholders’ equity. The accumulated other comprehensive loss reduced between 2020 and 2022 but showed a moderate increase again in 2023 and 2024.
- Paid-in-surplus demonstrated consistent growth annually, indicating additional paid capital infusion or retained earnings conversion.
- Overall Financial Position
- The total of liabilities and common shareholders’ equity increased steadily from $62,398 million in 2020 to $67,715 million in 2024, reflecting the company's expanding balance sheet. The patterns observed imply the company experienced growth with an increase in both debt and equity capitalized resources, but with fluctuations that may reflect operational adjustments, financing activities, or market conditions.