Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Carrier Global Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Liabilities Trends
- The proportion of total liabilities and equity represented by total liabilities steadily declined from 86.25% in March 2020 to 67.94% in March 2023. This reduction reflects a notable deleveraging trend over the examined period. Long-term liabilities, a major component of total liabilities, decreased from 66.02% to 45.38%, signifying a considerable reduction in long-term financial obligations. The net long-term debt portion specifically fell from 50.13% to 32.97%. Conversely, current liabilities showed a varying pattern, first rising from 20.23% to a peak of 25.32% in December 2021, before slightly declining to 22.56% by March 2023.
- Short-Term Obligations
- Among current liabilities, accounts payable increased from 8.07% to 11.08%, indicating possibly higher short-term payables or purchasing activity as a proportion of total liabilities and equity. Accrued liabilities remained more stable, fluctuating around 9-10%, ending slightly lower at 8.99% compared to earlier levels. Contract liabilities remained fairly stable in a narrow band between 1.5% and 2.2%. The current portion of long-term debt showed variability but trended lower, closing at 0.54% compared to 0.99% at the start.
- Long-Term Obligations
- Future pension and post-retirement obligations declined modestly from 2.07% to 1.34%, suggesting reduced long-term benefit liabilities. Future income tax obligations fluctuated but showed a slight increase toward 2.2% in the recent quarters. Long-term operating lease liabilities decreased from 3.22% to 1.92%, implying reductions in lease obligations or a shift in lease accounting. Other long-term liabilities held relatively steady around 7%, showing limited variation.
- Equity Components
- Total equity showed consistent growth, rising from 13.75% to 32.06%, reflecting a strengthening in the company’s capitalization and reduction in leverage. Equity attributable to common shareowners increased from 12.26% to 30.8%. Retained earnings demonstrated a pronounced upward trend, escalating from near zero to 23.62%, indicating strong cumulative profitability or earnings retention. Additional paid-in capital remained stable around 20-22%, while treasury stock increased significantly in magnitude (negative component), reaching -7.47%, which could indicate ongoing share repurchases.
- Other Equity and Comprehensive Items
- Accumulated other comprehensive loss reduced substantially in magnitude (less negative) in early periods, moving from -7.89% to a low of around -2.97%, but later increased negatively again to approximately -6.19%, indicating fluctuations in unrealized gains/losses or foreign currency impacts. Non-controlling interest stayed relatively stable around 1.2-1.5%.
- Summary and Insights
- The overall financial structure depicts a transition towards stronger equity financing with reduced reliance on liabilities, particularly long-term debt. The increasing retained earnings strongly support the equity growth, while active treasury stock movements suggest share repurchase activities contributing to capital structure shifts. The moderate decline in pension-related obligations and leases also supports a leaner long-term liability profile. The rising accounts payable portion could imply higher operational scale or credit terms. Equity growth and deleveraging together suggest improved financial stability and potentially improved credit metrics over the analyzed period.