Balance Sheet: Assets

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.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Becton, Dickinson & Co., consolidated balance sheet: assets

US$ in millions

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Cash and equivalents	2,283)	2,825)	536)	1,140)	14,179)	1,541)
Restricted cash	109)	92)	54)	96)	—)	—)
Short-term investments	12)	20)	30)	17)	21)	27)
Trade receivables, net	2,497)	2,398)	2,345)	2,319)	1,744)	1,618)
Inventories	2,866)	2,743)	2,579)	2,451)	1,818)	1,719)
Assets held for sale	—)	—)	—)	137)	—)	642)
Prepaid expenses and other	1,071)	891)	1,120)	1,251)	871)	820)
Current assets	8,838)	8,969)	6,664)	7,411)	18,633)	6,367)
Property, plant and equipment, net	6,393)	5,923)	5,659)	5,375)	4,638)	3,901)
Goodwill	23,901)	23,620)	23,376)	23,600)	7,563)	7,419)
Developed technology, net	9,417)	10,146)	11,054)	12,184)	2,478)	2,655)
Customer relationships, net	2,818)	3,107)	3,424)	3,723)	2,830)	3,022)
Other intangibles, net	548)	560)	500)	534)	585)	604)
Intangible assets, net	12,783)	13,813)	14,978)	16,441)	5,893)	6,281)
Other assets	1,951)	1,687)	1,088)	1,077)	1,007)	1,618)
Noncurrent assets	45,028)	45,043)	45,101)	46,493)	19,101)	19,219)
Total assets	53,866)	54,012)	51,765)	53,904)	37,734)	25,586)

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Total assets experienced substantial growth between 2016 and 2021, increasing from 25.59 billion to 53.87 billion. This expansion was characterized by a significant structural shift in the balance sheet, primarily driven by a surge in noncurrent assets during the 2018 fiscal year.

Strategic Asset Expansion: A major increase in total assets occurred in 2018, where noncurrent assets rose from 19.10 billion to 46.49 billion. This growth was primarily attributed to a sharp increase in goodwill, which jumped from 7.56 billion in 2017 to 23.60 billion in 2018, alongside a significant rise in developed technology assets from 2.48 billion to 12.18 billion in the same period. These patterns indicate a large-scale acquisition that fundamentally altered the company's asset composition.
Intangible Asset Amortization: Following the 2018 peak, total net intangible assets entered a gradual decline, decreasing from 16.44 billion in 2018 to 12.78 billion by 2021. This downward trend is most visible in developed technology and customer relationships, suggesting steady amortization of these acquired assets over time.
Liquidity and Cash Management: Cash and equivalents exhibited significant volatility. A notable peak occurred in 2017 with 14.18 billion, followed by a sharp decline to 536 million by 2019. By 2021, the cash position stabilized at 2.28 billion. Current assets, while influenced by this cash volatility, generally trended upward from 6.37 billion in 2016 to 8.84 billion in 2021.
Operational Asset Growth: A consistent upward trajectory is observed in working capital components. Trade receivables, net, grew steadily from 1.62 billion in 2016 to 2.50 billion in 2021. Similarly, inventories increased from 1.72 billion to 2.87 billion over the same period, suggesting an expansion in operational scale and revenue activity.
Capital Investment: Property, plant, and equipment, net, demonstrated a linear growth pattern, rising from 3.90 billion in 2016 to 6.39 billion in 2021. This steady increase indicates consistent capital expenditure and investment in physical infrastructure throughout the six-year period.

Becton, Dickinson & Co. (NYSE:BDX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items