Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
United Parcel Service Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current liabilities
- The proportion of current maturities of long-term debt, commercial paper, and finance leases relative to total liabilities and shareowners’ equity has generally declined from 7.23% in Q1 2020 to a lower level fluctuating around 2-3% in subsequent years, indicating a reduction in short-term portions of debt obligations. Current maturities of operating leases remained relatively stable, hovering close to 1%, with a slight upward trend towards the end of the period. Accounts payable as a percentage of total liabilities and equity displayed volatility, peaking around 10-11% in 2020 and early 2021 before gradually decreasing to approximately 8% by early 2025. Accrued wages and withholdings showed some fluctuations, peaking at around 5.8% in early 2021 and periodically rising and falling around a range between 4% and 5.2%. Other current liabilities generally trended downwards from near 3% in early 2020 to approximately 1-2% by 2025. Overall, total current liabilities declined moderately from about 26% to near 23% of total liabilities and equity, reflecting a shift towards greater long-term financing or other liability components.
- Non-current liabilities
- Long-term debt and finance leases, excluding current maturities, showed a notable decline from nearly 40% in Q1 2020 to the mid to high 20% range through 2024 and 2025, suggesting repayment or refinancing strategies to reduce long-term debt levels. Non-current operating leases exhibited an upward trend, rising from just above 4% in early 2020 to fluctuating slightly above 5% by the end of the analyzed period. Pension and postretirement benefit obligations experienced variability: a significant spike to about 25% in Q4 2020 was followed by a steady drop to a trough near 6.4% in late 2022, then gradually rising again to around 10% by early 2025. Deferred income tax liabilities rose from about 3% early on to stabilize around 5-6%, indicating growing deferred tax positions. Other non-current liabilities remained relatively stable in the 4.5-6% range. Total non-current liabilities decreased overall from roughly 69% in early 2020 to about 54% by 2025, consistent with the reduction in long-term debt and pension obligations.
- Total liabilities and equity structure
- Total liabilities declined from close to 95% of total liabilities and equity in early 2020 to roughly 77% by 2025. This reduction reflects the combined effects of decreasing both current and long-term liabilities components. Equity for controlling interests expanded significantly from 5.4% in Q1 2020 to a peak near 28% at the end of 2022 but then receded to about 23% by early 2025, indicating periods of equity build-up and subsequent partial reversal or changes in capital structure. Total shareowners’ equity followed a similar pattern, peaking towards the end of 2022 and then declining modestly. Accumulated other comprehensive loss was notably negative throughout the period but improved from as low as -11.4% in late 2020 to around -2% at the end of 2022, before worsening again to approximately -6% by early 2025. Retained earnings steadily increased over time from 15% to around 29-30%, signifying consistent profitability or retention of earnings.
- Other observations
- Minor components such as income taxes payable and hedge margin liabilities appeared sporadically and at low percentages, indicating limited impact on overall financial structure. Noncontrolling interests remained negligible throughout, below 0.05%. Treasury stock and deferred compensation obligations stayed close to zero with minimal fluctuations. Additional paid-in capital showed some variability, rising up to nearly 2% by mid-2021 but subsequently declining and stabilizing near negligible values.
- Summary
- The financial structure evolved with a general decline in total liabilities relative to shareowners’ equity, driven largely by reductions in long-term debt and pension obligations. There was a modest increase in equity components up to late 2022, followed by stabilization and slight decline. Current liabilities showed mixed trends but moderate decreases overall. These changes suggest active management of debt maturities, pension liabilities, and equity financing to optimize the balance sheet over the reported periods.