Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Bristol-Myers Squibb Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Short-term Debt Obligations
- There was an initial increase from 1.98% in 2020 to 4.53% in 2021 followed by a gradual decline to 2.21% by 2024, indicating a reduction in reliance on short-term debt as a portion of total liabilities and equity in later years.
- Accounts Payable
- Accounts payable consistently increased from 2.29% in 2020 to 3.89% in 2024, showing a growing share of payables relative to total liabilities and equity, possibly reflecting expansion or increased credit terms with suppliers.
- Rebates and Discounts
- This line increased steadily from 4.8% to 9.74%, more than doubling over five years, which might imply rising incentives or sales allowances impacting the company's obligations or revenue deductions.
- Income Taxes (Current and Non-current)
- Current income taxes rose from 0.55% to 1.63%, reflecting an increasing tax burden relative to total liabilities and equity. Conversely, non-current income taxes decreased substantially from 4.23% in 2020 to 1.61% in 2024, suggesting changes in deferred tax assets or liabilities over time.
- Employee Compensation and Benefits and Research and Development
- Both items showed moderate growth. Employee compensation climbed from 1.19% to 1.83%, while research and development increased from 1.20% to 1.48%, indicating sustained investment in workforce and innovation.
- Dividends and Interest
- Dividends increased steadily from 0.95% to 1.36%. Interest expense remained relatively stable around 0.33-0.37% but spiked to 0.62% in 2024, possibly reflecting higher debt costs or borrowings in that year.
- Royalties and Operating Lease Liabilities
- Royalties showed a modest rise from 0.39% to 0.52%. Current operating lease liabilities grew slightly from 0.14% to 0.20%, and non-current operating lease liabilities nearly doubled from 0.70% to around 1.48%, indicating increased lease commitments.
- Other Current Liabilities and Current Liabilities Total
- These liabilities grew significantly—other current liabilities rose sharply from 11.84% to 19.57%, while total current liabilities increased from 16.1% to 25.67%, suggesting elevated short-term obligations or accruals.
- Deferred Income Taxes
- There was a marked decline from 4.56% to 0.40%, denoting a reduction in deferred tax liabilities or assets.
- Long-term Debt
- Long-term debt remained stable near 36% from 2020 to 2022, increased modestly to 38.52% in 2023, then surged to a notable 51.41% in 2024, indicating substantial long-term debt accumulation in the last reported year.
- Pension and Postretirement Liabilities
- These liabilities saw a decrease from 0.76% to 0.43%, reflecting potentially reduced pension obligations or improved funding status.
- Deferred Income and Deferred Compensation
- Deferred income stayed relatively steady around 0.25-0.32%, while deferred compensation showed a slight increase from 0.29% to 0.49%.
- Other Non-current Liabilities and Total Non-current Liabilities
- Other non-current liabilities reduced from 6.56% to 4.83%, while overall non-current liabilities increased from 51.92% to 56.63%, driven primarily by long-term debt increases.
- Total Liabilities
- The total liabilities as a percentage of total liabilities and equity grew from 68.03% to 82.3%, indicating a heavier reliance on liabilities rather than equity over time.
- Equity Components
- Common stock and capital in excess of par increased steadily, with capital in excess of par rising from 37.41% to 49.7%, reflecting possible equity infusions or retained capital growth. Accumulated other comprehensive loss fluctuated slightly but remained a modest negative factor. Retained earnings increased substantially from 17.96% to 30.23% before dropping sharply to 16.10% in 2024, which might indicate dividend payments, losses, or other equity reductions in that year. The cost of treasury stock deepened negatively from -22.14% to -47.14%, suggesting notable share repurchases or treasury stock increases. Consequently, total shareholders’ equity decreased from 31.92% to 17.64% by 2024, consistent with higher liabilities and treasury stock impact.
- Total Liabilities and Equity
- Remained constant at 100% as expected since all items are expressed as percentages within this total.