Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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RTX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Short-term borrowings
- The proportion of short-term borrowings relative to total liabilities, redeemable noncontrolling interest, and equity remains low and fluctuates moderately. It starts at 0.15% in 2020, dips to 0.08% in 2021, peaks at 0.39% in 2022, then decreases slightly to 0.11% by 2024.
- Accounts payable
- Accounts payable show a consistent upward trend over the five-year period, increasing from 5.33% in 2020 to 7.92% in 2024. This steady increase suggests growing obligations to suppliers or vendors relative to the company’s capital structure.
- Accrued employee compensation
- This liability slightly declines from 1.85% in 2020 to a low of 1.51% in 2022, before rising marginally to 1.61% in 2024, indicating a relatively stable compensation accrual pattern within total capital.
- Other accrued liabilities
- Other accrued liabilities exhibit a notable increase from 6.49% in 2020 to a peak of 9.22% in 2023, before slightly decreasing to 9.11% in 2024. This upward movement reflects a growth in miscellaneous accrued obligations over time.
- Contract liabilities
- Contract liabilities steadily rise throughout the period, from 7.95% in 2020 to 11.43% in 2024, pointing to an increasing amount of deferred revenue or obligations from customer contracts.
- Long-term debt currently due
- This item remains relatively low but shows an increasing trend from 0.01% in 2021 to 1.44% in 2024, indicating a growing short-term portion of long-term debt obligations becoming payable.
- Current liabilities
- Current liabilities consistently increase from 22.11% in 2020 to 31.62% in 2024, signifying a rising share of short-term obligations within the company’s total liabilities and equity.
- Long-term debt, excluding currently due
- Long-term debt remains significant, fluctuating modestly around 19% in early years, then rising sharply to 26.17% in 2023 before declining to 23.78% in 2024. This reflects some restructuring or repayment activity in long-term debt.
- Operating lease liabilities, non-current
- This liability remains relatively stable, hovering between 0.87% and 1.03% over the five years, indicating consistent lease obligations relative to total capital.
- Future pension and postretirement benefit obligations
- There is a marked decline in pension and postretirement obligations from 6.38% in 2020 to 1.29% in 2024, demonstrating a reduction in these long-term benefit liabilities during the period.
- Other long-term liabilities
- Other long-term liabilities decline steadily from 5.88% in 2020 to 4.26% in 2024, suggesting a decrease in miscellaneous long-term obligations.
- Long-term liabilities
- Long-term liabilities show some volatility but generally decrease from 32.33% in 2020 to 30.34% in 2024, with a peak in 2023. This indicates relative stability with a slight downward tendency in the long-term portion of liabilities.
- Total liabilities
- Total liabilities increase notably from 54.44% in 2020 to approximately 62% in 2023 and 2024, underscoring a growing reliance on liabilities within the capital structure.
- Redeemable noncontrolling interest
- This item remains negligible and stable at 0.02% throughout all periods, indicating an immaterial level of redeemable noncontrolling interests.
- Common stock
- The proportion of common stock remains relatively stable, ranging from 22.77% in 2020 to 22.99% in 2024, reflecting minimal changes in this component of equity.
- Treasury stock
- Treasury stock shows a consistent increase in magnitude as a negative component of equity, moving from -6.42% in 2020 to -16.65% in 2024. This suggests the company has been actively repurchasing shares or holding more treasury stock over time.
- Retained earnings
- Retained earnings increase steadily from 30.48% in 2020 to 32.9% in 2024, indicating cumulative profitability contributing to equity growth.
- Unearned ESOP shares
- Unearned ESOP shares have very small negative values decreasing slightly from -0.03% in 2020 to nearly zero in 2024, implying a minor and diminishing impact on equity.
- Accumulated other comprehensive loss
- This item fluctuates, initially improving from -2.3% in 2020 to around -1.19% in 2021, then showing a deterioration to -2.31% in 2024, indicating increased unrealized losses or other comprehensive income losses.
- Shareowners’ equity
- Shareowners’ equity experiences a noticeable decline from 44.5% in 2020 to 36.94% in 2023 and remains at that level in 2024, reflecting a reduced equity base relative to total capital.
- Noncontrolling interest
- Noncontrolling interest remains stable around 1% throughout the period, with a slight increase to 1.08% in 2024, indicating consistent minority interests.
- Total equity
- Total equity decreases markedly from 45.54% in 2020 to approximately 38% in 2024, mirroring the decline in shareowners’ equity and signaling a shift in capital structure toward higher liabilities.
- Total liabilities, redeemable noncontrolling interest, and equity
- By definition, this total remains constant at 100% over all years, serving as the basis for the proportional analyses provided.