Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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United Rentals Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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United Rentals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Short-term debt and current maturities of long-term debt
- This category generally declined over the analyzed period, starting near 5% of total liabilities and equity in early 2018 and falling dramatically below 1% by mid-2022, indicating a significant reduction in short-term debt obligations relative to the company's capital structure.
- Accounts payable
- Accounts payable as a percentage of total liabilities and equity exhibited volatility, with peaks reaching over 5% in late 2021 and parts of 2022, while reaching lows around 1.77% in mid-2020. This fluctuation suggests varying payment cycles or changes in operational purchasing patterns.
- Accrued expenses and other liabilities
- The proportion of accrued expenses and other liabilities increased gradually from around 2.7% in early 2018 to approximately 4.7% by the end of 2022, reflecting a growing share of current obligations likely linked to operational accruals.
- Current liabilities
- Current liabilities as a percentage of total liabilities and equity mostly ranged between 10% and 14%, with some decline noted in the latter quarters of 2022. The relative stability suggests consistent short-term obligation levels over the periods.
- Long-term debt, excluding current maturities
- Long-term debt comprised the largest component of liabilities, fluctuating between approximately 57% and a low near 42%. A downward trend was evident from 2018 through late 2021, indicating debt reduction or capitalization changes, followed by a slight increase toward the end of 2022.
- Deferred taxes
- The deferred tax liabilities maintained a steady proportion close to 10%, with minor fluctuations. This stability suggests consistent tax-related deferred obligations over the observed periods.
- Long-term operating lease liabilities
- Starting to be reported from early 2019 at about 2.7%, these liabilities rose modestly to above 3% by late 2021, then slightly decreased by 2022. This pattern reflects the impact of lease accounting standards and leasing activities over time.
- Other long-term liabilities
- These liabilities remained a minor and relatively stable component, fluctuating near 0.5% to 0.8%, indicating limited changes in less common long-term obligations.
- Long-term liabilities
- The total long-term liabilities gradually declined from over 68% in early 2018 to about 57% by the end of 2021, before a moderate rebound to around 60% in 2022. This overall downward trend points to deleveraging or shifts in capital structure preferences.
- Total liabilities
- Total liabilities accounted for roughly 80% of the capital structure through the initial years but gradually decreased to approximately 70% by the end of 2021, with a mild rebound afterward. This trend indicates a shift toward increased equity financing in the capital mix.
- Common stock, $0.01 par value
- This line remained negligible throughout the periods, consistently near zero, reflecting minimal impact on overall capital from common stock par value.
- Additional paid-in capital
- Additional paid-in capital showed a slight downward trend from nearly 16% in early 2018 to below 11% by mid-2022, which may indicate capital transactions or adjustments reducing this component of equity.
- Retained earnings
- Retained earnings steadily increased as a share of total liabilities and equity, rising from around 22% in early 2018 to over 42% by late 2022. This significant growth reflects accumulated profits and earnings retention strengthening the equity base.
- Treasury stock at cost
- Treasury stock consistently represented a negative equity component, increasing in magnitude from roughly -15.5% to peaks near -23% during 2020-2022, before slightly easing. This trend indicates active share repurchase programs or accumulated treasury shares over time.
- Accumulated other comprehensive loss
- This item remained a small negative component, fluctuating modestly between approximately -0.6% and -1.5%, signifying limited but persistent other comprehensive loss impacts on equity.
- Stockholders’ equity
- Equity proportions increased gradually from about 20.8% in early 2018 to nearly 30% by the end of 2021 and into 2022, driven primarily by rising retained earnings offset partially by treasury stock and declining paid-in capital. This pattern suggests strengthening equity capital relative to liabilities.
- Total liabilities and stockholders’ equity
- The total consistently summed to 100%, serving as the basis for the relative proportions analyzed within liabilities and equity components.