Murphy USA Inc (MUSA)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	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
Long-term debt	US$ in thousands	—	1,673,100	1,673,100	1,673,200	1,673,300	1,673,300	1,673,300	1,673,400	1,673,500	1,673,500	1,673,600	1,672,600	1,000,300	1,014,400	1,026,500	1,038,600	1,038,100	987,700	854,900	859,300
Total assets	US$ in thousands	4,340,100	4,305,300	4,204,800	4,119,200	4,123,200	4,135,100	4,217,800	4,206,200	4,048,200	4,094,300	3,986,100	3,980,600	2,685,700	2,788,200	2,860,700	2,583,400	2,687,200	2,616,700	2,571,300	2,504,400
Debt-to-assets ratio		0.00	0.39	0.40	0.41	0.41	0.40	0.40	0.40	0.41	0.41	0.42	0.42	0.37	0.36	0.36	0.40	0.39	0.38	0.33	0.34

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $4,340,100K
= 0.00

The debt-to-assets ratio of Murphy USA Inc has shown a relatively stable trend over the past eight quarters, ranging from 0.41 to 0.44. This ratio indicates that the company finances approximately 41% to 44% of its assets through debt, with the remaining funded by equity.

A decreasing trend in the debt-to-assets ratio would typically signify a stronger financial position and lower risk as the company relies less on debt to finance its operations. On the other hand, an increasing ratio could indicate a higher level of leverage and potentially increased financial risk.

In the case of Murphy USA Inc, the slight variations in the debt-to-assets ratio suggest that the company has maintained a moderate level of debt relative to its total assets, showing a consistent approach to balancing its capital structure. Further analysis and comparison with industry averages or historical trends may provide additional insights into the company's financial health and risk profile.