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.

Bristol-Myers Squibb Co., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash and cash equivalents	10,346)	11,464)	9,123)	13,979)	14,546)
Marketable debt securities	513)	816)	130)	2,987)	1,285)
Net trade receivables	9,012)	8,882)	8,151)	7,979)	7,219)
Alliance, royalties, VAT and other	1,735)	2,039)	1,735)	1,390)	1,282)
Receivables	10,747)	10,921)	9,886)	9,369)	8,501)
Inventories	2,557)	2,662)	2,339)	2,095)	2,074)
Income taxes	3,292)	3,927)	3,547)	2,786)	1,799)
Research and development	754)	723)	579)	514)	492)
Contract assets	385)	416)	504)	361)	254)
Equity investments	—)	—)	—)	255)	619)
Restricted cash	—)	55)	148)	140)	89)
Other	1,186)	786)	1,017)	776)	533)
Other current assets	5,617)	5,907)	5,795)	4,832)	3,786)
Current assets	29,780)	31,770)	27,273)	33,262)	30,192)
Property, plant and equipment	7,136)	6,646)	6,255)	6,049)	5,886)
Goodwill	21,719)	21,169)	21,149)	20,502)	20,547)
Other intangible assets	23,307)	27,072)	35,859)	42,527)	53,243)
Deferred income taxes	4,236)	2,768)	1,344)	1,439)	1,161)
Marketable debt securities	320)	364)	—)	—)	433)
Equity investments	1,736)	1,699)	2,187)	2,713)	4,076)
Operating lease right-of-use assets	1,224)	1,390)	1,220)	919)	859)
Inventories	1,569)	906)	484)	909)	1,080)
Pension and postretirement	234)	284)	285)	317)	208)
Research and development	336)	413)	496)	248)	206)
Restricted cash	—)	—)	54)	197)	338)
Receivables and convertible notes	452)	436)	—)	—)	—)
Other	554)	242)	214)	232)	252)
Other non-current assets	6,105)	5,370)	4,940)	5,535)	7,019)
Non-current assets	62,823)	63,389)	69,547)	76,052)	88,289)
Total assets	92,603)	95,159)	96,820)	109,314)	118,481)

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 financial data reveals several noteworthy trends over the analyzed periods. There is a general decline in total assets from US$118,481 million in 2020 to US$92,603 million in 2024, indicating a reduction in the overall asset base. This decline is primarily driven by decreases in non-current assets, which fell from US$88,289 million to US$62,823 million during the same timeframe.

Liquidity and Current Assets: Cash and cash equivalents show volatility, decreasing from US$14,546 million in 2020 to US$9,123 million in 2022, recovering somewhat to US$11,464 million in 2023 before dipping again to US$10,346 million in 2024. Marketable debt securities fluctuate significantly, with a sharp increase to US$2,987 million in 2021 followed by a steep decline and relatively low levels thereafter. Net trade receivables and overall receivables exhibit steady increases, suggesting growth in credit extended to customers or delayed collections. Inventories increase gradually from US$2,074 million in 2020 to a peak of US$2,662 million in 2023 before a slight decrease in 2024. Current assets experienced a rise to US$33,262 million in 2021, followed by a marked decline to US$27,273 million in 2022, and a moderate recovery to US$29,780 million by 2024.
Non-Current Assets: Property, plant, and equipment show consistent growth, rising from US$5,886 million to US$7,136 million across the periods, indicating ongoing capital investment. Goodwill remains relatively stable with minor increases, suggesting limited acquisition activity. Other intangible assets exhibit a notable decrease from US$53,243 million in 2020 to US$23,307 million in 2024, which may indicate amortization, impairment, or divestiture of intangible assets. Deferred income taxes more than triple from US$1,161 million to US$4,236 million by 2024, highlighting changes in tax-related asset recognition. Equity investments decline steadily from US$4,076 million to US$1,736 million, reflecting disposals or revaluation losses. Operating lease right-of-use assets increase through 2023 before a slight decrease in 2024.
Research and Development: Investment in research and development rises from US$492 million in 2020 to US$754 million in 2024, demonstrating a sustained focus on innovation. However, the related segment labeled separately shows some variability, peaking and then declining towards the end of the period.
Other Financial Items: Income taxes payable increase substantially until 2023 but decline in 2024, perhaps reflecting changes in tax strategies or profitability. Contract assets and restricted cash amounts show inconsistencies, with periods of decline possibly related to operational or financing activities. Other current and non-current assets fluctuate but tend to decline initially before showing some recovery by 2024. Pension and postretirement obligations decrease over the period, potentially reflecting funding or plan amendments.

Overall, the data depicts a company managing through a contraction in asset base with increased focus on working capital components such as receivables and inventory. Capital expenditures continue while intangible assets are drawn down. Liquidity remains relatively stable but with some fluctuations in short-term investments. The increase in research and development investment underscores ongoing commitment to future growth. Changes in deferred tax assets and equity investments indicate evolving financial structuring and investment activities. These trends suggest careful asset management amid changing operational and market conditions.

Assets: Selected Items

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Current Assets: Selected Items

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Bristol-Myers Squibb Co. (NYSE:BMY)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items