Stock Analysis on Net
Stock Analysis on Net

United Rentals Inc. (NYSE:URI)

$22.49

This company has been moved to the archive! The financial data has not been updated since January 25, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Short-term debt and current maturities of long-term debt
Accounts payable
Self-insurance accruals
Accrued compensation and benefit costs
Property and income taxes payable
Restructuring reserves
Interest payable
Deferred revenue
National accounts accrual
Current operating lease liability
Other
Accrued expenses and other liabilities
Current liabilities
Long-term debt, excluding current maturities
Deferred taxes
Long-term operating lease liabilities
Self-insurance accruals
Income taxes payable
Accrued compensation and benefit costs
Other long-term liabilities
Long-term liabilities
Total liabilities
Common stock, $0.01 par value
Additional paid-in capital
Retained earnings
Treasury stock at cost
Accumulated other comprehensive loss
Stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Current liabilities trends
Current liabilities as a percentage of total liabilities and stockholders’ equity fluctuated, starting at 11.67% in 2018, slightly decreasing to 10.58% in 2020, then rising to 12.83% in 2021 before falling again to 10.11% in 2022. The sharpest decline within current liabilities is observed in short-term debt and current maturities of long-term debt, which dropped significantly from 4.98% in 2018 to just 0.67% in 2022, indicating a reduced reliance on short-term borrowing or maturities. Conversely, accounts payable increased steadily from 2.96% in 2018 to 4.71% in 2022, suggesting a relative growth in payables obligations. Accrued expenses and other liabilities exhibited a gradual increase over the period, moving from 3.73% to 4.73%, consistent with expansion in accrued operational costs or liabilities.
Long-term liabilities patterns
Long-term liabilities as a share of total financing decreased notably from 69.56% in 2018 to 60.69% by 2022. The proportion of long-term debt (excluding current maturities) declined significantly from 59.8% in 2018 to a low of 43.26% in 2021 before a partial rebound to 46.35% in 2022, indicating a reduction in long-term borrowing relative to the total financing base. Deferred taxes steadily increased from 9.3% in 2018 to 11.04% in 2022, representing a growing deferred tax liability component. Long-term operating lease liabilities were introduced in 2019, peaking at 3.07% in 2020 and slightly declining to 2.65% by 2022. Other long-term liabilities showed moderate growth early on, rising to 0.77% in 2020, and then slightly declining to 0.64% in 2022.
Stockholders’ equity evolution
Stockholders’ equity as a percentage of total liabilities and equity increased significantly from 18.77% in 2018 to a peak of 29.52% in 2021, stabilizing at 29.2% in 2022. Retained earnings displayed strong growth, rising from 22.62% to 39.93% over the period, highlighting increased profitability retention and reinvestment. However, this growth was partly offset by rising treasury stock at cost which deepened the negative equity effect from -15.83% in 2018 to -20.5% in 2022, reflecting ongoing share repurchases. Additional paid-in capital declined moderately from 13.28% to 10.86%, indicating a reduction in capital contributions or amortization effects. The accumulated other comprehensive loss remained relatively stable with minor fluctuations, ending slightly more negative at -1.09% in 2022 compared to -1.31% in 2018.
Other liabilities and accruals
Several accrued liabilities such as accrued compensation and benefit costs, self-insurance accruals, and restructuring reserves showed varied trends. Accrued compensation and benefit costs were relatively low but fluctuated, peaking at 0.92% in 2021 in current liabilities and showing a spike to 0.34% in 2020 for long-term liabilities before reducing again. Self-insurance accruals increased gradually in long-term liabilities from 0.33% to 0.45% and remained stable in current liabilities. Restructuring reserves steadily decreased from 0.17% to 0.02%, indicating diminishing restructuring-related liabilities. Deferred revenue increased from 0.31% to 0.54%, showing growth in prepayments or unearned income. Interest payable declined slightly over the years, indicating reduced short-term interest expense obligations or efficient debt management.
Overall financial structure insights
The company’s financial structure reflects a trend toward lower leverage, with total liabilities decreasing from 81.23% to 70.8% of total financing between 2018 and 2022, matched by a near 10 percentage point increase in equity. This shift suggests either debt repayment, increased equity financing, retained earnings growth, or a combination. The reduction in short-term debt and current maturities, alongside a drop in long-term debt relative to overall financing, supports the view of deleveraging. The steady growth in retained earnings contributes positively to equity enhancement, partially offset by ongoing share repurchases. The increase in deferred taxes and deferred revenue points to changes in tax strategies and revenue recognition patterns, respectively. Overall, the financial profile indicates improved capitalization with a moderate decrease in financial risk exposure through reduced debt proportions and strengthened equity components.