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Stock Analysis on Net

Carrier Global Corp. (NYSE:CARR)

This company has been moved to the archive! The financial data has not been updated since April 26, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Carrier Global Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 10.86 8.92 7.72
Accrued liabilities 10.01 9.79 9.85
Contract liabilities, current 1.72 1.59 2.04
Liabilities held for sale 0.00 4.33 0.00
Current portion of long-term debt 0.54 0.70 0.76
Current liabilities 23.12% 25.32% 20.36%
Long-term debt, net of current portion 33.36 36.35 40.00
Future pension and post-retirement obligations 1.34 1.45 2.09
Future income tax obligations 2.18 1.35 1.91
Long-term operating lease liabilities 2.03 2.01 2.56
Other long-term liabilities 7.02 6.41 6.87
Long-term liabilities 45.92% 47.57% 53.42%
Total liabilities 69.04% 72.89% 73.79%
Common stock, par value $0.01 0.03 0.03 0.04
Treasury stock -7.32 -2.02 0.00
Additional paid-in capital 21.01 20.67 21.30
Retained earnings 22.49 10.95 6.55
Accumulated other comprehensive loss -6.47 -3.78 -2.97
Equity attributable to common shareowners 29.74% 25.86% 24.92%
Non-controlling interest 1.22 1.25 1.30
Total equity 30.96% 27.11% 26.21%
Total liabilities and equity 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

A systemic shift in the capital structure is observed between 2020 and 2022, characterized by a steady reduction in total liabilities and a corresponding increase in total equity. Total liabilities declined from 73.79% of total liabilities and equity in 2020 to 69.04% by 2022, while total equity expanded from 26.21% to 30.96% over the same period. This indicates a strategic move toward a less leveraged balance sheet and a stronger internal equity base.

Long-Term Debt and Liability Management
A significant contraction in long-term liabilities is evident, falling from 53.42% in 2020 to 45.92% in 2022. This trend is primarily driven by the reduction of long-term debt, net of current portion, which decreased from 40.00% to 33.36%. Other long-term obligations, such as future pension and post-retirement obligations, also saw a downward trend, decreasing from 2.09% to 1.34%.
Current Liability Dynamics
Current liabilities exhibited volatility, peaking at 25.32% in 2021 before moderating to 23.12% in 2022. Within this category, accounts payable showed a consistent upward trajectory, increasing from 7.72% in 2020 to 10.86% in 2022, suggesting an increased reliance on trade credit. Conversely, the current portion of long-term debt remained minimal and trended slightly downward, ending at 0.54% in 2022.
Equity Composition and Capital Allocation
The growth in total equity is heavily supported by a substantial increase in retained earnings, which rose sharply from 6.55% in 2020 to 22.49% in 2022. This suggests strong profit retention. Simultaneously, there is evidence of aggressive share repurchases, as treasury stock increased from -2.02% in 2021 to -7.32% in 2022. This buyback activity partially offset the growth in equity attributable to common shareowners.
Comprehensive Loss and Other Factors
Accumulated other comprehensive loss widened from -2.97% in 2020 to -6.47% in 2022, indicating an increase in unrealized losses. Non-controlling interests remained stable and marginal, fluctuating slightly between 1.22% and 1.30% throughout the analyzed period.

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