Becton, Dickinson & Co. (NYSE:BDX)

The data over the six-year period reveals significant fluctuations in the current assets and adjusted current assets.

Current Assets

In 2016, current assets were valued at 6,367 million US dollars. There was a substantial increase in 2017, reaching 18,633 million US dollars. However, this was followed by a decrease in 2018 and 2019, bringing the value down to 7,411 million and 6,664 million US dollars respectively. After 2019, current assets showed a recovery, increasing to 8,969 million in 2020, before slightly declining to 8,838 million in 2021.

Adjusted Current Assets

The adjusted current assets follow a similar trend to the current assets. Starting at 6,428 million US dollars in 2016, they spiked to 18,687 million in 2017. Subsequently, there was a decline over the next two years, falling to 7,486 million in 2018 and 6,739 million in 2019. Post-2019, adjusted current assets increased to 9,049 million in 2020 and dipped marginally to 8,914 million in 2021.

Overall, both current assets and adjusted current assets exhibit a pronounced peak in 2017, followed by a significant reduction through 2018 and 2019. The period from 2020 onward reflects a partial recovery. This pattern suggests possible one-time events or changes in asset management practices influencing the asset base during these years. The close alignment of adjusted current assets with current assets over the period indicates adjustments made did not significantly alter the underlying asset trend.

Total Assets

The total assets exhibited a consistent upward trajectory from 2016 through 2018, rising from approximately 25.6 billion US dollars to around 53.9 billion US dollars, which indicates significant growth over this period. However, following the peak in 2018, the total assets experienced a slight fluctuation with a decrease observed in 2019 to about 51.8 billion US dollars. Subsequently, a recovery phase occurred with values slightly increasing again by 2020 and then stabilizing around 53.8 billion US dollars by 2021, suggesting a plateau in asset expansion during the latter years.

Adjusted Total Assets

The adjusted total assets mirrored the trend observed in the total assets, beginning at nearly 25.9 billion US dollars in 2016 and climbing steadily each year until 2018, reaching roughly 54.4 billion US dollars. After a minor decline in 2019 to 52.3 billion US dollars, this measure showed some recovery in 2020 and 2021, settling close to 53.9 billion US dollars. The consistency between adjusted and total asset values over time implies that the adjustments applied do not significantly alter the overall asset valuation trends.

The analysis of the financial data for total liabilities and adjusted total liabilities over the six-year period reveals distinct trends and noteworthy observations.

Total liabilities

Total liabilities exhibited a marked increase from 2016 to 2018, rising from approximately 17.95 billion USD to 32.91 billion USD. This represents an increase of over 80% within two years. Following this peak in 2018, total liabilities decreased modestly to 30.68 billion USD in 2019 and further declined slightly in subsequent years, reaching around 30.19 billion USD by 2021. Thus, after a rapid escalation, total liabilities stabilized and showed a gradual downward trend toward the end of the period.

Adjusted total liabilities

Adjusted total liabilities followed a similar trajectory, starting at about 17.34 billion USD in 2016 and increasing sharply to approximately 31.00 billion USD in 2018. A subsequent decline occurred from 2018 onward, with values reducing to approximately 28.82 billion USD by 2021. The adjusted total liabilities consistently remained slightly below the reported total liabilities throughout the entire period.

Comparative insights

The data indicates that after a period of substantial growth in obligations between 2016 and 2018, the company took measures to reduce or manage its liabilities, as evidenced by the downward adjustment post-2018. The close alignment between total and adjusted liabilities suggests that the adjustments made were relatively minor but consistent, reflecting possible reclassifications or accounting refinements rather than significant liability restructuring.

Shareholders’ Equity Trends

Over the analyzed period from fiscal year ending September 30, 2016, to September 30, 2021, shareholders’ equity exhibited a consistent upward trajectory initially but showed signs of stabilization towards the later years. Starting at 7,633 million US dollars in 2016, equity nearly doubled by 2018, reaching 20,994 million. Thereafter, growth plateaued, with a marginal increase to 21,081 million in 2019, followed by incremental gains to 23,765 million in 2020, and a slight decline to 23,677 million in 2021. The data suggests significant capital accumulation in the earlier years, with a stabilizing or slightly contracting position in the most recent year presented.

Adjusted Shareholders’ Equity Patterns

Adjusted shareholders’ equity follows a similar pattern to the reported shareholders’ equity but remains consistently higher across all periods, indicating adjustments that enhance the equity base recognition. Starting at 8,555 million US dollars in 2016, a steady and marked increase continued until 2018, with equity almost tripling to 23,439 million. Subsequent years show a slight decrease in growth rates, with levels at 23,047 million in 2019 and rising again to 25,411 million in 2020. The adjusted figure then decreased marginally to 25,122 million in 2021. This adjusted metric highlights the company's capacity to maintain a strong equity base with minor fluctuations in the later years.

Summary of Observed Trends

The equity data implies a phase of rapid equity expansion in the earlier half of the period, likely reflecting profitable operations, retained earnings growth, or capital injections. The plateau and minor declines in the later years may reflect dividend payouts, share repurchases, or other equity adjustments. Adjustments in the equity values consistently surpass the reported figures, indicating the presence of recalibrations for non-standard accounting factors. Overall, the company demonstrated strong equity growth and stability with moderate fluctuation toward the end of the reviewed span.

The financial data highlights notable trends in the capital structure over the period from September 2016 to September 2021. Both total reported debt and shareholders’ equity exhibit significant growth, though their rates of change differ across the years.

Total Reported Debt

This liability component increased sharply from approximately $11.6 billion in 2016 to a peak near $21.5 billion in 2018. After that, a downward trend is observed, with debt levels gradually decreasing to about $17.6 billion by 2021.

Shareholders’ Equity

Equity rose steadily throughout the period, rising from roughly $7.6 billion in 2016 to nearly $23.7 billion by 2021. The growth was particularly marked between 2017 and 2018, where equity doubled, followed by moderate increases in subsequent years.

Total Reported Capital

As the sum of debt and equity, total reported capital reflects the combined movement of these elements. It expanded notably from around $19.2 billion in 2016 to over $42.4 billion in 2018, then experienced a slight decline and stabilization around $41.3 billion by 2021.

Adjusted Total Debt

Adjusted debt figures closely mirror the trends seen in total reported debt, increasing up to 2018 before declining gradually through 2021. The adjustment does not substantially alter the observed pattern.

Adjusted Shareholders’ Equity

Adjusted equity consistently surpasses reported equity values, indicating upward revisions. It follows a comparable growth trajectory, increasing from about $8.6 billion in 2016 to over $25.1 billion in 2021, with major increments in 2017-2018 and steady gains thereafter.

Adjusted Total Capital

Adjusted total capital, being the sum of adjusted debt and equity, grew from just over $20.3 billion in 2016 to a high exceeding $45.3 billion in 2018, then decreased slightly to approximately $43.2 billion by 2021. This pattern parallels that of the reported capital but at consistently higher values.

Overall, the data reveals a period of substantial capital expansion between 2016 and 2018, highlighted by rapid increases in both debt and equity. After 2018, the capital base stabilizes with a moderate decline in debt levels and continued growth in equity, suggesting an improved equity position and reduced financial leverage. The adjusted figures maintain the same directional trends but at elevated totals, implying reevaluated asset or liability measures that increase reported capital balances.

The financial data over the six-year period ending September 30, 2021, reveal significant fluctuations in both reported net income and adjusted net income for the company.

Net Income

The net income demonstrates a generally upward trend with some volatility. From 2016 to 2017, net income increased from 976 million US dollars to 1100 million US dollars, indicating steady growth. However, in 2018, there was a sharp decrease to 311 million US dollars, marking a notable drop.

Following the decline, net income rebounded strongly in 2019 to 1233 million US dollars and remained relatively high through 2020 at 874 million US dollars. The highest value within the period was recorded in 2021, reaching 2092 million US dollars, almost doubling the previous year's figure and surpassing all prior years. This pattern suggests resilience and a strong recovery after the 2018 downturn.

Adjusted Net Income

The adjusted net income figures portray a more erratic pattern compared to the reported net income. Starting with a notably low value of 282 million US dollars in 2016, adjusted net income surged dramatically to 1211 million US dollars in 2017, reflecting a significant positive adjustment or operational improvement for that year.

In 2018, adjusted net income turned negative, registering -111 million US dollars, indicating considerable charges, adjustments, or operational difficulties that year. Despite this setback, the adjusted net income recovered to 223 million US dollars in 2019 and rose to 307 million US dollars in 2020, though these figures remained below the peak seen in 2017.

The most striking change occurred in 2021, where adjusted net income surged to 2243 million US dollars, the highest in the period and exceeding even the reported net income for that year. This suggests exceptional adjustments or extraordinary items positively impacting the adjusted figure, potentially signaling improved operational efficiency or accounting factors contributing to enhanced profitability.

Overall, the financial performance indicates periods of volatility but with a strong recovery trajectory in the later years, especially marked by substantial improvements seen in 2021 for both net income and adjusted net income. The disparity between net income and adjusted net income in certain years highlights the impact of non-recurring items or accounting adjustments influencing profitability measures. Attention to these adjustments is critical for understanding the underlying operating performance.