Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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United Parcel Service Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Current maturities of long-term debt, commercial paper and finance leases
Current maturities of operating leases
Accounts payable
Accrued wages and withholdings
Self-insurance reserves
Accrued group welfare and retirement plan contributions
Liabilities to be disposed of
Other current liabilities
Current liabilities
Long-term debt and finance leases, excluding current maturities
Non-current operating leases
Pension and postretirement benefit obligations
Deferred income tax liabilities
Other non-current liabilities
Non-current liabilities
Total liabilities
Class A common stock
Class B common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Deferred compensation obligations
Treasury stock
Equity for controlling interests
Noncontrolling interests
Total shareowners’ equity
Total liabilities and shareowners’ equity

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).

Current Liabilities
Current liabilities as a percentage of total liabilities and shareowners’ equity show a gradual decline from 27.27% in 2020 to 23.46% in 2024. Specific items such as current maturities of long-term debt and finance leases decrease overall from 4.2% to 2.62%, albeit with some fluctuation, reaching a peak at 4.73% in 2023. Accounts payable also decline from 10.34% in 2020 to 8.99% in 2024, marking a decrease in short-term obligations. Accrued wages and withholdings follow a variable trend but end slightly lower than the initial value. Other current liabilities remain relatively stable with minor variation.
Non-Current Liabilities
Non-current liabilities show a notable decrease from 71.66% in 2020 to a low of 46.65% in 2022, followed by a moderate increase to 52.64% in 2024. Long-term debt excluding current maturities declines significantly from 35.3% to 27.75%, indicating reduced reliance on long-term borrowing. Non-current operating leases increase gradually from 4.07% to 5.19%, suggesting greater lease commitments. Pension and postretirement benefit obligations drop sharply from 25.34% in 2020 to 6.76% in 2022 before a mild rebound to 9.79% in 2024. Deferred income tax liabilities rise steadily until 2022, then decline slightly thereafter. Other non-current liabilities show a small but steady decrease over the period.
Total Liabilities
Total liabilities as a share of total liabilities and shareowners’ equity experience a substantial reduction from 98.93% in 2020 to 72.16% in 2022, followed by a slight increase to 76.11% in 2024. This trend reflects an overall transition toward lower leverage within the reporting period.
Shareowners’ Equity
Total shareowners’ equity exhibits a marked increase from 1.07% in 2020 to 27.84% in 2022, before declining slightly to 23.89% in 2024. This increase corresponds primarily with rising retained earnings, which nearly triple from 11.05% to approximately 29.8%, demonstrating strong earnings retention. Accumulated other comprehensive loss decreases in negative value from -11.4% to -2.18% by 2022, then deteriorates somewhat again, implying fluctuating other comprehensive income items. Additional paid-in capital details are incomplete but are relatively minor. Equity for controlling interests follows a similar trajectory to total equity, confirming the increase in ownership stake.
Leverage and Financial Structure Insights
The data suggests a strategic deleveraging effort in early years with reductions in both current and long-term debt components as proportions of total capitalization. This deleveraging coincides with a strong build-up of retained earnings and equity, strengthening the financial position and possibly reducing financial risk. Operational lease liabilities show an increasing commitment over the period, which may reflect a shift toward off-balance-sheet financing strategies or operational changes. The volatility observed in pension-related obligations indicates changes in benefit funding policies or actuarial assumptions. Overall, the balance sheet appears to show improved capitalization and a more balanced liability-equity mix by 2024 compared to 2020.