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United Rentals Inc. (NYSE:URI)

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

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

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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 0.67 4.46 3.94 5.26 4.98
Accounts payable 4.71 4.02 2.61 2.39 2.96
Self-insurance accruals 0.28 0.25 0.30 0.31 0.25
Accrued compensation and benefit costs 0.86 0.92 0.44 0.45 0.70
Property and income taxes payable 0.47 0.21 0.25 0.14 0.57
Restructuring reserves 0.02 0.05 0.11 0.11 0.17
Interest payable 0.63 0.62 0.74 0.75 0.81
Deferred revenue 0.54 0.41 0.29 0.29 0.31
National accounts accrual 0.50 0.47 0.47 0.46 0.38
Current operating lease liability 0.87 1.00 1.00 0.94 0.00
Other 0.57 0.42 0.43 0.50 0.54
Accrued expenses and other liabilities 4.73% 4.34% 4.03% 3.94% 3.73%
Current liabilities 10.11% 12.83% 10.58% 11.59% 11.67%
Long-term debt, excluding current maturities 46.35 43.26 50.25 54.99 59.80
Deferred taxes 11.04 10.62 9.89 9.95 9.30
Long-term operating lease liabilities 2.65 3.06 3.07 2.81 0.00
Self-insurance accruals 0.45 0.49 0.41 0.33 0.33
Income taxes payable 0.05 0.02 0.03 0.07 0.08
Accrued compensation and benefit costs 0.14 0.19 0.34 0.08 0.05
Other long-term liabilities 0.64% 0.71% 0.77% 0.48% 0.46%
Long-term liabilities 60.69% 57.65% 63.99% 68.22% 69.56%
Total liabilities 70.80% 70.48% 74.56% 79.81% 81.23%
Common stock, $0.01 par value 0.00 0.00 0.01 0.01 0.01
Additional paid-in capital 10.86 12.65 13.89 12.86 13.28
Retained earnings 39.93 37.21 34.50 27.81 22.62
Treasury stock at cost -20.50 -19.50 -22.15 -19.50 -15.83
Accumulated other comprehensive loss -1.09 -0.84 -0.82 -0.98 -1.31
Stockholders’ equity 29.20% 29.52% 25.44% 20.19% 18.77%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure exhibits a consistent trend of deleveraging over the five-year period ending December 31, 2022. Total liabilities as a percentage of total liabilities and stockholders' equity decreased from 81.23% in 2018 to 70.80% in 2022. This reduction is mirrored by a corresponding increase in the proportion of stockholders' equity, which grew from 18.77% to 29.20% over the same interval.

Debt and Long-Term Obligations
Long-term debt, excluding current maturities, represents the most significant component of the liability structure but has trended downward from 59.80% in 2018 to 46.35% in 2022. A more pronounced decline is observed in short-term debt and current maturities of long-term debt, which dropped from 4.98% in 2018 to a low of 0.67% by the end of 2022. Deferred taxes have shown a steady upward trajectory, increasing from 9.30% to 11.04%.
Current Liabilities and Operational Obligations
Total current liabilities remained relatively stable, fluctuating between 10.11% and 12.83%. Within this category, accounts payable increased from 2.96% in 2018 to 4.71% in 2022, suggesting a higher reliance on trade credit relative to the total balance sheet. Other accrued expenses and liabilities also showed a gradual increase, rising from 3.73% to 4.73%.
Stockholders' Equity Composition
The growth in total equity is primarily driven by a substantial increase in retained earnings, which rose from 22.62% in 2018 to 39.93% in 2022, indicating strong internal capital accumulation. This growth is partially offset by treasury stock at cost, which remained a significant negative component, ranging between -15.83% and -22.15%, reflecting ongoing share repurchase activity. Additional paid-in capital saw a moderate decline from 13.28% to 10.86%.

The overall shift in the common-size balance sheet indicates a strategic transition toward a more equity-funded capital structure, reducing the relative weight of long-term debt while leveraging retained earnings to strengthen the financial position.

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