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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
Quarterly Data

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

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Accounts payable 11.08 10.86 11.11 10.16 10.41 8.92 8.37 9.18 8.75 7.72 7.85 7.30 8.07
Accrued liabilities 8.99 10.01 10.01 10.27 9.63 9.79 8.76 9.87 9.11 9.85 9.50 9.29 8.96
Contract liabilities, current 1.95 1.72 1.74 1.88 1.76 1.59 1.62 2.24 2.19 2.04 1.92 1.97 2.20
Liabilities held for sale 0.00 0.00 0.00 0.00 0.00 4.33 4.27 0.00 0.00 0.00 0.00 0.00 0.00
Current portion of long-term debt 0.54 0.54 0.86 1.14 1.06 0.70 0.50 0.49 0.62 0.76 0.87 1.25 0.99
Current liabilities 22.56% 23.12% 23.72% 23.44% 22.86% 25.32% 23.53% 21.77% 20.66% 20.36% 20.14% 19.81% 20.23%
Long-term debt, net of current portion 32.97 33.36 34.20 35.07 34.33 36.35 37.06 37.30 38.51 40.00 45.67 48.51 50.13
Future pension and post-retirement obligations 1.34 1.34 1.70 1.55 1.55 1.45 1.61 1.99 2.04 2.09 1.84 1.91 2.07
Future income tax obligations 2.20 2.18 2.06 1.42 1.51 1.35 1.28 2.16 1.92 1.91 1.83 1.84 5.28
Long-term operating lease liabilities 1.92 2.03 2.03 2.07 2.03 2.01 2.00 2.47 2.50 2.56 2.63 2.85 3.22
Other long-term liabilities 6.95 7.02 6.85 6.91 7.00 6.41 6.51 6.65 6.96 6.87 6.76 7.02 5.32
Long-term liabilities 45.38% 45.92% 46.84% 47.01% 46.43% 47.57% 48.46% 50.56% 51.92% 53.42% 58.73% 62.13% 66.02%
Total liabilities 67.94% 69.04% 70.56% 70.45% 69.29% 72.89% 71.99% 72.34% 72.58% 73.79% 78.87% 81.94% 86.25%
UTC Net investment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.15
Common stock 0.03 0.03 0.04 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.03 0.04 0.00
Treasury stock -7.47 -7.32 -7.07 -6.52 -5.25 -2.02 -1.07 -0.51 -0.15 0.00 0.00 0.00 0.00
Additional paid-in capital 20.80 21.01 21.55 22.99 22.38 20.67 20.88 20.85 21.51 21.30 20.71 21.95 0.00
Retained earnings 23.62 22.49 23.18 19.29 17.54 10.95 10.76 8.96 8.15 6.55 3.62 0.79 0.00
Accumulated other comprehensive loss -6.19 -6.47 -9.49 -7.50 -5.36 -3.78 -3.84 -3.08 -3.45 -2.97 -4.56 -6.12 -7.89
Equity attributable to common shareowners 30.80% 29.74% 28.21% 28.30% 29.35% 25.86% 26.76% 26.25% 26.09% 24.92% 19.81% 16.66% 12.26%
Non-controlling interest 1.26 1.22 1.23 1.25 1.36 1.25 1.25 1.41 1.32 1.30 1.33 1.40 1.50
Total equity 32.06% 30.96% 29.44% 29.55% 30.71% 27.11% 28.01% 27.66% 27.42% 26.21% 21.13% 18.06% 13.75%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

A significant structural shift in the capital composition is evident between March 2020 and March 2023. Total liabilities decreased from 86.25% to 67.94% of the total liabilities and equity, while total equity expanded from 13.75% to 32.06%. This transition indicates a systematic deleveraging process and a strengthening of the equity base over the analyzed period.

Debt and Long-Term Obligations
Long-term debt, net of the current portion, exhibited a consistent downward trajectory, falling from 50.13% in March 2020 to 32.97% by March 2023. This contraction is the primary driver behind the reduction in total liabilities. Other long-term obligations, such as operating lease liabilities and pension obligations, also showed slight declines in their relative weight on the balance sheet.
Short-Term Liability Dynamics
Current liabilities remained relatively stable, fluctuating between 19.81% and 25.32%. Within this category, accounts payable showed a steady increase, rising from 8.07% to 11.08%, suggesting a gradual shift toward utilizing trade credit for operational financing. Accrued liabilities remained relatively constant, hovering around the 9% to 10% range.
Equity Growth and Profit Retention
The expansion of total equity was primarily driven by a substantial increase in retained earnings, which rose from 0.79% in June 2020 to 23.62% by March 2023. This trend indicates strong internal capital generation and a policy of retaining profits to bolster the balance sheet.
Shareholder Capital Management
An aggressive share repurchase program is indicated by the trend in treasury stock, which moved from -0.15% in March 2021 to -7.47% by March 2023. These buybacks acted as a counterbalance to the growth in retained earnings, moderating the overall increase in equity attributable to common shareowners.
Comprehensive Loss Impact
Accumulated other comprehensive loss showed volatility, starting at -7.89% in March 2020, improving to -2.97% by December 2020, and subsequently widening to -6.19% by March 2023. This indicates that external market factors or currency fluctuations have exerted periodic pressure on the equity position.

The overall financial trajectory demonstrates a move away from high leverage toward a more balanced and sustainable capital structure. The simultaneous reduction in long-term debt and the accumulation of retained earnings suggest an improved solvency profile and an increased capacity for internal funding.

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