Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Becton, Dickinson & Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).
- Current debt obligations
- The proportion of current debt obligations relative to total liabilities and shareholders’ equity fluctuates over the observed periods. Initially, it shows a decreasing trend from 7.49% at the end of 2015 to a low of 0.37% in the first quarter of 2018, followed by a series of increases and decreases, reaching 8.14% in the first quarter of 2020 before declining again towards 1.92% by the first quarter of 2022. The values remain relatively low compared to other liability categories, indicating a variable but generally limited reliance on short-term debt obligations.
- Payables, accrued expenses and other current liabilities
- This component displays modest variability, ranging between 7.35% and 12.55% throughout the periods. It peaks in the third quarter of 2016 at 12.55%, dips slightly in late 2018, and then gradually increases again to stabilize around 10% to 11% in 2021 and early 2022. The stability suggests relatively consistent management of current operational liabilities.
- Current liabilities
- Current liabilities show an overall fluctuating pattern, starting at 17.39% at the end of 2015 and reaching a low of 8.11% in the first quarter of 2018 before climbing back to near the mid-teens by 2020. This volatility is partly influenced by changes in current debt obligations and other current liabilities, with current liabilities dropping significantly in periods such as mid-2017 compared to previous years, indicating possible shifts in short-term financing structure.
- Long-term debt, excluding current portion
- Long-term debt as a percentage of total liabilities and shareholders’ equity shows a general downward trend from the end of 2015 through early 2021, declining from approximately 42% to about 29% before increasing slightly to around 32% by the first quarter of 2022. There are notable fluctuations, such as a peak near 50% in mid-2017, suggesting episodic changes in long-term borrowing that may correspond to strategic financing decisions or debt repayments.
- Long-term employee benefit obligations
- The obligations related to employee benefits consistently decrease over the period, starting near 4.42% at the end of 2015 and falling to approximately 1.91% by early 2022. This indicates a reduction in these liabilities, possibly due to changes in benefit plans or improved funding status of employee benefit obligations.
- Deferred income taxes and other liabilities
- This category fluctuates between about 6.58% and 11.14%, showing some volatility but no clear upward or downward trend. Peaks occur around late 2017 and mid-2018, followed by a gradual decline towards early 2022. This variability may reflect changes in tax positions or other deferred liabilities influenced by corporate activity and tax planning.
- Noncurrent liabilities
- Noncurrent liabilities decrease from nearly 55% at the end of 2015 to roughly 42% by early 2021, with slight recovery to approximately 43% thereafter. The trend suggests a gradual reduction in long-term obligations, likely reflecting debt repayments or reclassification between current and noncurrent liabilities, aligned with the observed behavior of long-term debt components.
- Total liabilities
- Total liabilities relative to total liabilities and shareholders' equity demonstrate a decreasing trend over time, starting at about 72% and declining to a range around 54-56% in recent periods. This indicates a gradual reduction in liabilities overall, signifying either the repayment of debt or an increase in equity financing from the capital structure perspective.
- Preferred stock
- Preferred stock is minimal and only present briefly at 0.01% during 2017 quarters, then ultimately disappears, indicating negligible or no reliance on preferred equity financing during most periods.
- Common stock
- The proportion of common stock remains relatively stable, fluctuating slightly between 0.63% and 1.38%. This suggests stability in the par value of common stock relative to total capitalization.
- Capital in excess of par value
- This component trends upward substantially from 17.5% in late 2015 to a peak near 36.42% in late 2021, with minor dips afterward. The increasing trend suggests ongoing equity issuances, retained capital infusions, or valuation gains contributing positively to shareholders’ equity beyond the par value of stock.
- Retained earnings
- Retained earnings show a complicated pattern. Initially high at approximately 48% near 2016, the figure declines sharply in 2017 to near 23%, then gradually increases to around 26% by the start of 2022. The sharp drop suggests a significant adjustment or event impacting retained earnings during that period, while the more recent incremental rise points to growing accumulated profits or reduced dividends paid.
- Deferred compensation
- Deferred compensation remains negligible and stable throughout the periods, holding close to 0.04% to 0.09%, indicating a minor influence on the overall capital structure.
- Treasury stock
- Treasury stock shows a marked reduction in negative values from -31.68% in late 2015 to approximately -11.36% by late 2020, then fluctuates slightly around -14% toward early 2022. The consistent negative share indicates significant repurchased shares reducing overall equity; however, the lessening magnitude over time suggests share reissuance or reduced buyback activity.
- Accumulated other comprehensive loss
- This component improves somewhat over time, moving from a loss of -7.06% in late 2015 to about -3.49% in early 2022. The reduction in accumulated losses implies improved comprehensive income components such as foreign currency translation or unrealized gains/losses on securities and other instruments.
- Shareholders’ equity
- Shareholders’ equity exhibits an overall rising trend from approximately 27.73% at the end of 2015 to peaks above 45% in late 2020 and 2021, with slight declines thereafter. This growth reflects the combined effect of increased capital in excess of par, growing retained earnings, and reduced treasury stock impact, signifying strengthening equity positions relative to total capitalization.