Balance Sheet: Liabilities and Stockholders’ Equity
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.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Amgen Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
The analyzed financial data reveals several notable trends and shifts over the five-year period ending in 2024.
- Liabilities
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Current liabilities display a steady increase, rising from $11,653 million in 2020 to $23,099 million in 2024, more than doubling over this period. Key contributors include accounts payable, which increased from $1,421 million to $1,908 million, and sales deductions, exhibiting significant growth from $4,801 million to $8,405 million. Income taxes payable surged substantially from $828 million to $2,583 million. Notably, accrued interest payable appeared in 2022 at $470 million, peaking at $936 million in 2023, then slightly decreasing to $867 million in 2024. The current portion of long-term debt experienced a sharp rise, from $91 million in 2020 to $3,550 million in 2024, indicating a significant portion of debt maturing within one year.
- Noncurrent liabilities
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Long-term debt excluding the current portion also showed substantial growth with fluctuations, escalating from $32,895 million in 2020 to a peak of $63,170 million in 2023 followed by a decrease to $56,549 million in 2024. Long-term deferred tax liabilities were absent until 2022, when they began at $11 million and rose sharply to $2,354 million in 2023 before falling to $1,616 million in 2024. Conversely, long-term tax liabilities declined steadily from $6,968 million down to $2,349 million across the period. Other noncurrent liabilities remained relatively stable, fluctuating slightly around the $2,300 million mark.
- Total liabilities
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Total liabilities increased markedly from $53,539 million in 2020 to a peak of $90,922 million in 2023, followed by a decrease to $85,962 million in 2024. The sharp increase mainly arises from the rise in both current liabilities and long-term liabilities during 2022 and 2023.
- Stockholders’ equity and related accounts
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Common stock and additional paid-in capital demonstrated modest but steady growth, increasing from $31,802 million in 2020 to $33,533 million in 2024. Accumulated deficit values worsened initially, moving from -$21,408 million in 2020 to -$28,622 million in 2022, reflecting accumulated losses, before improving somewhat to -$27,590 million by 2024. Accumulated other comprehensive loss decreased in magnitude, moving from -$985 million to -$66 million, indicating reduced comprehensive loss over time.
Stockholders’ equity experienced a decline from $9,409 million in 2020 to $3,661 million in 2022, an indication of eroded equity during this period. However, a recovery is observed after 2022, increasing to $6,232 million in 2023 and slightly declining to $5,877 million in 2024.
- Balance sheet totals
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Total liabilities and stockholders’ equity rose from $62,948 million in 2020 to a peak of $97,154 million in 2023 before declining to $91,839 million in 2024. This overall growth corresponds with the increase in liabilities and partial recovery in equity, implying expansion in the company's balance sheet size.
In summary, the data portrays a company with growing liabilities, particularly long-term and current liabilities related to debt and taxes, which have driven a significant increase in total liabilities over the period. The equity position weakened notably by 2022 but showed signs of recovery thereafter. The expansion in sales deductions and accounts payable suggests increasing operational scale, while the rise in accrued interest payable and long-term debt points to increased financing activities. The reduction in accumulated other comprehensive loss and gradual increase in paid-in capital provide some stabilizing factors within the equity section.