Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

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.

Union Pacific Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 847 856 784 752 612
Compensation-related accruals 618 533 938 654 340
Income and other taxes payable 605 685 628 823 635
Interest payable 372 389 379 330 326
Current operating lease liabilities 346 355 331 330 321
Accrued casualty costs 319 307 242 187 177
Equipment rents payable 109 98 109 98 101
Other 613 460 431 404 592
Accounts payable and other current liabilities 3,829 3,683 3,842 3,578 3,104
Debt due within one year 1,425 1,423 1,678 2,166 1,069
Current liabilities 5,254 5,106 5,520 5,744 4,173
Debt due after one year 29,767 31,156 31,648 27,563 25,660
Noncurrent operating lease liabilities 925 1,245 1,300 1,429 1,283
Deferred income taxes 13,151 13,123 13,033 12,675 12,247
Other long-term liabilities 1,728 1,714 1,785 1,953 2,077
Long-term liabilities 45,571 47,238 47,766 43,620 41,267
Total liabilities 50,825 52,344 53,286 49,364 45,440
Common shares, $2.50 par value 2,783 2,782 2,782 2,781 2,781
Paid-in-surplus 5,334 5,193 5,080 4,979 4,864
Retained earnings 65,628 62,093 58,887 55,049 51,326
Treasury stock (56,132) (54,666) (54,004) (47,734) (40,420)
Accumulated other comprehensive loss (723) (614) (582) (914) (1,593)
Common shareholders’ equity 16,890 14,788 12,163 14,161 16,958
Total liabilities and common shareholders’ equity 67,715 67,132 65,449 63,525 62,398

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.