Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

United Rentals Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Short-term debt and current maturities of long-term debt	161)	156)	60)	960)	906)	888)	852)	585)	704)	700)	806)	854)	997)	973)	995)	930)	903)	896)	900)	726)
Accounts payable	1,139)	1,136)	1,065)	828)	816)	1,057)	897)	562)	466)	541)	316)	484)	454)	839)	752)	557)	536)	688)	859)	513)
Accrued expenses and other liabilities	1,145)	972)	898)	809)	881)	807)	795)	694)	720)	675)	799)	658)	747)	831)	788)	751)	677)	503)	470)	402)
Current liabilities	2,445)	2,264)	2,023)	2,597)	2,603)	2,752)	2,544)	1,841)	1,890)	1,916)	1,921)	1,996)	2,198)	2,643)	2,535)	2,238)	2,116)	2,087)	2,229)	1,641)
Long-term debt, excluding current maturities	11,209)	9,754)	9,761)	8,528)	8,779)	9,216)	9,308)	8,497)	8,978)	9,351)	9,599)	10,743)	10,431)	10,691)	10,700)	10,676)	10,844)	9,182)	8,086)	8,412)
Deferred taxes	2,671)	2,263)	2,204)	2,188)	2,154)	2,081)	1,911)	1,773)	1,768)	1,818)	1,820)	1,878)	1,887)	1,800)	1,743)	1,714)	1,687)	1,628)	1,509)	1,455)
Long-term operating lease liabilities	642)	630)	633)	625)	621)	615)	630)	541)	549)	524)	532)	530)	533)	522)	497)	497)	—)	—)	—)	—)
Other long-term liabilities	154)	155)	153)	147)	144)	159)	154)	145)	138)	138)	121)	86)	91)	99)	94)	86)	83)	123)	120)	122)
Long-term liabilities	14,676)	12,802)	12,751)	11,488)	11,698)	12,071)	12,003)	10,956)	11,433)	11,831)	12,072)	13,237)	12,942)	13,112)	13,034)	12,973)	12,614)	10,933)	9,715)	9,989)
Total liabilities	17,121)	15,066)	14,774)	14,085)	14,301)	14,823)	14,547)	12,797)	13,323)	13,747)	13,993)	15,233)	15,140)	15,755)	15,569)	15,211)	14,730)	13,020)	11,944)	11,630)
Common stock, $0.01 par value	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)	1)
Additional paid-in capital	2,626)	2,604)	2,570)	2,535)	2,567)	2,538)	2,506)	2,473)	2,482)	2,463)	2,450)	2,435)	2,440)	2,429)	2,415)	2,394)	2,408)	2,380)	2,351)	2,327)
Retained earnings	9,656)	9,017)	8,411)	7,918)	7,551)	7,070)	6,661)	6,368)	6,165)	5,868)	5,660)	5,448)	5,275)	4,937)	4,546)	4,276)	4,101)	3,791)	3,458)	3,188)
Treasury stock at cost	(4,957)	(4,957)	(4,719)	(4,219)	(3,957)	(3,957)	(3,957)	(3,957)	(3,957)	(3,957)	(3,957)	(3,957)	(3,700)	(3,500)	(3,290)	(3,080)	(2,870)	(2,660)	(2,450)	(2,282)
Accumulated other comprehensive loss	(264)	(312)	(217)	(151)	(171)	(169)	(117)	(140)	(146)	(214)	(247)	(292)	(186)	(217)	(194)	(216)	(237)	(178)	(196)	(176)
Stockholders’ equity	7,062)	6,353)	6,046)	6,084)	5,991)	5,483)	5,094)	4,745)	4,545)	4,161)	3,907)	3,635)	3,830)	3,650)	3,478)	3,375)	3,403)	3,334)	3,164)	3,058)
Total liabilities and stockholders’ equity	24,183)	21,419)	20,820)	20,169)	20,292)	20,306)	19,641)	17,542)	17,868)	17,908)	17,900)	18,868)	18,970)	19,405)	19,047)	18,586)	18,133)	16,354)	15,108)	14,688)

The analysis of the quarterly financial data reveals several notable trends and changes over the observed periods.

Short-term debt and current maturities of long-term debt: Short-term debt shows a relatively stable trend around 700 to 1000 million USD through most quarters, with a significant drop in early 2022 to as low as 60 million USD, followed by a modest recovery. This suggests a considerable repayment or refinancing event reducing short-term obligations in that period.
Accounts payable: Accounts payable fluctuated considerably, peaking towards the end of 2021 and 2022, reaching above 1100 million USD. This increasing trend indicates growing obligations to suppliers or service providers over time.
Accrued expenses and other liabilities: This category generally increased, particularly from 2020 onwards, rising from approximately 658 million USD in late 2019 to over 1100 million USD by the end of 2022, indicating increasing accrued costs or deferred payments.
Current liabilities: Current liabilities peaked near the end of 2021, exceeding 2700 million USD, and then showed some reduction in 2022, indicating variations in short-term funding requirements. The peak might reflect increased operational liabilities or provisioning during that timeframe.
Long-term debt, excluding current maturities: Long-term debt experienced moderate fluctuations, generally oscillating between roughly 8500 and 11000 million USD. There was a downward trend from late 2018 through 2020, followed by a rebound and increase to over 11000 million USD by late 2022, suggesting a leveraging or refinancing activity increasing long-term obligations.
Deferred taxes: Deferred taxes have shown a consistent upward trend from approximately 1455 million USD in early 2018 to over 2600 million USD by the end of 2022, reflecting growing temporary differences or tax deferrals.
Long-term operating lease liabilities: These liabilities began being recorded in mid-2019, showing a gradual increasing trend from 497 million USD to over 640 million USD by late 2022, indicating sustained or expanding lease commitments.
Other long-term liabilities: Other long-term liabilities remained relatively stable with modest increases, fluctuating around 120 to 160 million USD without significant volatility, suggesting stable non-debt long-term obligations.
Long-term liabilities: Total long-term liabilities rose sharply until the end of 2018 and peaked around early 2019 near 13,000 million USD, followed by a decline into 2021 before increasing again to over 14,600 million USD by the end of 2022, demonstrating broad variability largely driven by changes in long-term debt and deferred taxes.
Total liabilities: Total liabilities reached their highest point near the end of 2018 and early 2019, exceeding 15,700 million USD, before decreasing through 2020, and then rising again sharply to over 17,100 million USD by the end of 2022. The considerable movements reflect ongoing management of debt levels and other liabilities.
Common stock and Additional paid-in capital: Common stock remained constant at a nominal level throughout the period. Additional paid-in capital displayed slow but steady growth, increasing from about 2,327 million USD to 2,626 million USD, indicating gradual capital inflows through equity mechanisms.
Retained earnings: Retained earnings displayed a strong and steady upward trend from 3,188 million USD in early 2018 to 9,656 million USD by the end of 2022, suggesting consistent profitability and earnings retention over the periods analyzed.
Treasury stock at cost: Treasury stock showed a continuous increase in its negative value, declining from approximately -2,282 million USD to nearly -4,957 million USD, reflecting ongoing stock repurchases, which reduce equity.
Accumulated other comprehensive loss: This item fluctuated but generally remained in a loss position, with losses widening considerably at certain points, notably reaching a loss of over -300 million USD in 2022, suggesting increasing unrealized losses or other comprehensive expense factors.
Stockholders’ equity: Stockholders’ equity demonstrated steady growth from approximately 3,058 million USD in early 2018 to 7,062 million USD by the end of 2022, supported by rising retained earnings despite increasing treasury stock balances and comprehensive losses.
Total liabilities and stockholders’ equity: Total capitalization increased consistently throughout the period, growing from about 14,688 million USD in early 2018 to over 24,183 million USD by the end of 2022, reflecting the company’s expansion in overall financial size and capitalization.

Overall, the data illustrates an expanding balance sheet with increasing liabilities and equity. Debt management appears dynamic, with shifts between short-term and long-term borrowings, and a notable increase in long-term debt after a period of decline. Equity growth driven by retained earnings is partly offset by rising treasury stock purchases and comprehensive losses. The increases in accounts payable and accrued expenses suggest growing operational activities and corresponding liabilities. The patterns suggest ongoing financial restructuring and growth activities within the periods under review.

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United Rentals Inc. (NYSE:URI)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data