Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Edwards Lifesciences Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Liabilities Trends
- Over the period analyzed, total liabilities as a percentage of total liabilities and stockholders' equity demonstrated a downward trend from approximately 42.6% in early 2017 to around 31.4% by the end of 2021, indicating a reduction in the relative burden of liabilities on the company's capital structure. Current liabilities showed fluctuations, peaking notably in late 2017 at 24.6%, before settling to a lower range near 12% toward the end of 2021. Long-term debt decreased steadily from roughly 17.7% in the first quarter of 2017 to just over 7% by the fourth quarter of 2021, reflecting potential debt repayments or refinancing strategies reducing long-term obligations.
- Accounts Payable and Accrued Liabilities
- The combined accounts payable and accrued liabilities (legacy) exhibited variability across the years, with percentages fluctuating between approximately 10.3% and 16.5%, without a clear linear trend. The legacy measure appears replaced by separate accounts payable and accrued liabilities entries in later periods, where accounts payable remained relatively low (around 1.7% to 2.4%) in 2021, and accrued liabilities stabilized near 9.4% to 9.8%, suggesting consistent management of short-term payables and accrued expenses.
- Debt and Contingent Liabilities
- Short-term debt data, although limited to mid-2017 and 2018 quarters, indicated values around 10%, suggesting a significant short-term borrowing component during that period. Contingent consideration liabilities displayed a declining trend from around 4.1% in early 2017 to below 1% by late 2021, signaling a likely resolution or reduction of contingent obligations.
- Lease Liabilities
- Operating lease liabilities, both current and long-term portions, were reported primarily from late 2017 onwards. The current portion remained stable around 0.3% to 0.4%, while the long-term portion decreased from just below 1% in 2018 to approximately 0.8% by the end of 2021, indicating possible lease terminations, renegotiations, or shifting lease accounting treatments.
- Tax-Related Liabilities
- Taxes payable showed a steady decline from nearly 7% in 2018 to approximately 2.2% by the end of 2021, reflecting either reduced taxable events or improved tax payment management. Uncertain tax positions slightly increased from about 2.3% in 2018 to just over 3% during 2021, suggesting growing unresolved tax contingencies.
- Other Liabilities and Litigation
- Other liabilities decreased significantly from 8.6% in early 2017 to around 2.8%-3.5% in later years, with a brief spike in mid-2020 to over 7%, which may be attributed to temporary accrued expenses or provisions. Litigation settlement accruals appeared starting in late 2020, declining gradually from 3.2% to 2.3% by the end of 2021, indicating ongoing resolution of legal matters.
- Stockholders' Equity Movements
- Stockholders’ equity as a percentage of total liabilities and equity increased steadily from about 57.4% in early 2017 to nearly 68.6% by the end of 2021, reflecting a stronger equity base relative to liabilities. Retained earnings exhibited significant growth from 35.8% in 2017 to over 71% by late 2021, implying accumulated profitability or retained capital deployment. Additional paid-in capital remained relatively stable around 20% to 27%, while common stock percentages slightly decreased from 5.1% to approximately 7.5% over the years.
- Treasury Stock and Comprehensive Loss
- Treasury stock, measured as a negative percentage, fluctuated considerably; it sharply decreased from about -55.9% in early 2017 to negligible levels by late 2017, then varied between -26% and -31% in subsequent years, pointing to significant stock repurchases or retirements affecting equity structure. Accumulated other comprehensive loss moderately improved, moving from around -3.8% to near -1.85%, indicating a reduction in unrealized losses or other comprehensive loss components.