Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Bristol-Myers Squibb Co. pages available for free this week:
- 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., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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 in the company's liabilities, equity, and related financial categories over the five-year period ending December 31, 2024.
- Short-term debt obligations
- This category showed volatility, peaking in 2021 at 4,948 million US$ followed by a steady decline to 2,046 million US$ in 2024, which indicates a gradual reduction in short-term borrowing.
- Accounts payable
- Accounts payable exhibited a gradual increase from 2,713 million US$ in 2020 to 3,602 million US$ in 2024, signaling rising obligations to suppliers or creditors on a short-term basis.
- Rebates and discounts
- There was a consistent growth in rebates and discounts, rising from 5,688 million US$ in 2020 to 9,021 million US$ in 2024, possibly reflecting increased sales incentives or contractual discounting practices.
- Income taxes (current and non-current)
- Current income taxes increased substantially from 647 million US$ in 2020 to 1,514 million US$ in 2024, while non-current income taxes decreased from 5,017 million US$ to 1,491 million US$ in the same period, suggesting changes in tax liabilities and potential prepayments or settlements.
- Employee compensation and benefits
- These expenses remained relatively stable with a dip in 2023 but sharply increased to 1,694 million US$ in 2024, indicating possible increased staffing costs or benefit outlays in the latest year.
- Research and development (R&D)
- R&D expenditures slightly declined from 1,423 million US$ in 2020 to 1,257 million US$ in 2023, with a modest recovery to 1,366 million US$ in 2024, reflecting a relatively stable commitment to innovation.
- Dividends
- Dividend payments steadily increased from 1,129 million US$ in 2020 to 1,258 million US$ in 2024, demonstrating consistent shareholder return policies.
- Interest expense
- Interest payments decreased from 434 million US$ in 2020 to a low of 321 million US$ in 2022, followed by an increase to 572 million US$ by 2024, which may suggest changes in debt levels or borrowing costs.
- Royalties
- Royalties showed slight growth from 461 million US$ in 2020 to 477 million US$ in 2024, indicating steady licensing or intellectual property income or expenses.
- Operating lease liabilities
- Current operating lease liabilities varied over the years but increased from 164 million US$ in 2020 to 181 million US$ in 2024. Non-current operating lease liabilities showed a significant increase, peaking at 1,530 million US$ in 2023 before slightly dropping to 1,370 million US$ in 2024, reflecting ongoing lease commitments.
- Current and non-current other liabilities
- Other current liabilities increased notably from 14,027 million US$ in 2020 to 18,126 million US$ in 2024, and other non-current liabilities declined from 7,776 million US$ to 4,469 million US$ in the same period, demonstrating shifting compositions of the company’s obligations.
- Total liabilities
- Total liabilities decreased significantly from 80,599 million US$ in 2020 to 65,702 million US$ in 2022, stabilized in 2023, then rose again to 76,215 million US$ in 2024, indicating fluctuating leverage and debt management strategies.
- Debt (long-term and short-term combined)
- Long-term debt (excluding current portion) fell sharply from 48,336 million US$ in 2020 to 35,056 million US$ in 2022, increased slightly in 2023, and then surged to 47,603 million US$ in 2024, closely aligning with shifts in short-term debt and overall liabilities.
- Equity components
- Total shareholders’ equity declined significantly from 37,822 million US$ in 2020 to 16,335 million US$ in 2024. This decrease was driven by reduced retained earnings and increased cost of treasury stock, which offset gains in capital in excess of par value. Accumulated comprehensive loss fluctuated but remained negative, slightly improving in 2024.
- Retained earnings
- Retained earnings increased steadily from 21,281 million US$ in 2020 to a peak of 28,766 million US$ in 2023 but then dropped substantially to 14,912 million US$ in 2024, suggesting a possible large distribution, net loss, or adjustment in that final year.
- Cost of treasury stock
- This figure consistently increased in absolute terms over the period, reaching -43,655 million US$ in 2024, indicating significant treasury stock transactions or share buyback activities.
- Total liabilities and equity
- This total gradually declined from 118,481 million US$ in 2020 to 92,603 million US$ in 2024, reflecting overall reduction in the size of the balance sheet.
Overall, the data indicates a trend of reducing balance sheet size through 2022 and 2023, followed by an increase in liabilities in 2024. The company appears to have actively managed debt with fluctuations in long-term and short-term obligations, increased accounts payable, and rising discount allowances. Equity diminished primarily due to changes in retained earnings and treasury stock. Expenses such as employee compensation and interest saw increases in the final period, which may impact future profitability. The pattern points to active financial restructuring alongside sustained investment in R&D and consistent dividend payments.