Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2020
- Aggregate Accruals
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Carrier Global Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
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).
- Current Liabilities
- Current liabilities demonstrated a generally increasing trend from March 2020 to December 2021, rising from $4,451 million to a peak of $6,627 million. However, from March 2022 onwards, current liabilities showed some volatility but remained elevated, fluctuating between approximately $5,500 million and $6,000 million. Notably, accounts payable consistently increased throughout the periods, reaching $2,926 million by March 2023, while accrued liabilities also exhibited moderate fluctuations but no clear upward or downward trend over the full timeframe.
- Long-term Liabilities
- Long-term liabilities showed a steady decline from $14,524 million in March 2020 to around $11,232 million by March 2022. This reduction was mainly driven by a significant decrease in net long-term debt, which dropped from $11,029 million to $8,305 million over the same period. Post March 2022, there was a mild increase in long-term debt, ending at $8,708 million by March 2023. Other long-term liabilities and lease liabilities remained relatively stable, with minor fluctuations within moderate ranges.
- Total Liabilities
- Total liabilities decreased substantially from a high of $20,291 million in September 2020 to $16,763 million by March 2022, reflecting the reductions in both current and long-term obligations. Following the decline, total liabilities experienced some increase and variation but trended slightly downward towards March 2023, ending at $17,943 million.
- Equity
- Equity attributable to common shareholders consistently increased over the observed period, rising from $2,697 million in March 2020 to $8,134 million in March 2023. Total equity followed this upward trajectory, increasing from $3,026 million to $8,468 million. This growth was principally supported by rising retained earnings, which more than tripled from $191 million in June 2020 to $6,239 million by March 2023. Additional paid-in capital also showed a steady but slight increase during the period. Contrarily, treasury stock values reflected aggressive repurchases or reductions in equity, expanding from negative $38 million to negative $1,972 million, indicating increased stock buybacks or retirements.
- Comprehensive Income
- Accumulated other comprehensive loss showed a trend of increasing losses until about September 2022, reaching nearly negative $2,405 million, but somewhat improved thereafter, closing at negative $1,636 million by March 2023. This volatility suggests the presence of fluctuating unrealized gains and losses influencing comprehensive income.
- Overall Balance Sheet
- The total liabilities and equity figure demonstrated cyclical fluctuations but showed an upward generally increasing trend from $22,001 million in March 2020 to $26,411 million by March 2023. This reflects overall asset growth and indicates the company's increasing scale despite periods of debt reduction and equity adjustments.
- Additional Observations
- Contract liabilities fluctuated mildly over the timeframe, peaking in June 2021 and March 2023. The current portion of long-term debt decreased gradually until December 2021, then showed irregular movement thereafter. Future pension and post-retirement obligations and future income tax obligations both remained relatively moderate, with minor ups and downs but no clear directional trend. The presence of liabilities held for sale only during two quarters in late 2020 indicates some one-time items or divestitures during that period.