Balance Sheet: Assets
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.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Based on: 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), 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).
- Cash and Cash Equivalents
- There is marked volatility in cash and cash equivalents over the periods, with values fluctuating significantly. Notably, a peak occurs at the end of 2020 with an amount of $7,083 million, followed by a sharp decline in early 2021 down to $2,238 million. The most recent value at March 31, 2022, is $1,458 million, which is among the lowest values observed, indicating considerable reduction in liquidity compared to prior years.
- Marketable Securities
- Marketable securities show relative stability through the periods, fluctuating between $66 million and $292 million, but generally remain under $100 million from 2019 onward. This suggests a modest allocation to marketable securities as a portion of liquid assets.
- Accounts Receivable, Net
- Accounts receivable exhibit a steady upward trend overall, growing from $1,875 million in early 2017 to $2,991 million by March 31, 2022. The growth is consistent, indicating increasing sales or extended credit terms, with some variability but no major declines.
- Inventories
- Inventories, comprising materials and supplies, work in process, and finished goods, grow steadily from $2,172 million in early 2017 to $3,525 million by Q1 2022. Finished goods represent the largest share, displaying a consistent increase up to 2019, then some stabilization and slight decline in late 2021 before rising again. The accumulated inventory growth suggests increasing stock levels, which may impact working capital requirements.
- Prepaid Expenses and Other Current Assets
- This category fluctuates noticeably, with a peak around March 31, 2019, of $823 million, followed by a general decline to the range of approximately $499 million to $578 million in 2020, recovering somewhat in 2021 and early 2022. The variability may reflect changes in operational prepayments or accrued expenses.
- Current Assets
- Current assets show growth from $7,889 million in Q1 2017 to a peak of $13,545 million at Q4 2020 before declining to $8,725 million by Q1 2022. This pattern correlates with the large fluctuations in cash and cash equivalents and suggests significant changes in short-term asset management around the 2020 period.
- Property, Plant, and Equipment (PPE), Net
- The net PPE increases gradually from $1,655 million in early 2017 to $2,793 million by Q1 2022, reflecting ongoing capital investment exceeding depreciation. There is a notable dip in net PPE during 2020, likely due to elevated depreciation or asset disposals, followed by recovery in subsequent quarters.
- Goodwill
- Goodwill demonstrates significant growth, with a substantial increase from $6,393 million in early 2017 to $15,228 million by March 2022. The sharp rise occurring primarily between 2020 and 2022 implies significant acquisitions or intangible asset recognition during this period, constituting a major component of intangible assets.
- Other Intangibles, Net
- Other intangible assets remain relatively stable, ranging between approximately $3,400 million and $5,500 million, with minor fluctuations. Some decline is observed after 2019 until a recovery at the end of the period, which may reflect amortization effects and acquisition-related intangible asset adjustments.
- Noncurrent Deferred Income Tax Assets
- Data is not available until late 2018, when the balance stabilizes around $1,600 to $1,800 million through the later periods. This consistency suggests a stable expectation of tax benefits realized over future periods.
- Other Noncurrent Assets
- Other noncurrent assets increase steadily over time, from $1,134 million in early 2017 to $2,359 million in early 2022, indicating either rising long-term investments or other noncurrent asset growth, possibly related to deferred charges or rights.
- Noncurrent Assets
- Noncurrent assets show a pronounced increase from approximately $12,628 million in 2017 to $27,412 million in 2022, driven primarily by the growth in goodwill and other noncurrent assets. This reflects strategic investment in long-term resources and acquisitions.
- Total Assets
- Total assets increase from $20,517 million in early 2017 to $36,137 million by March 31, 2022. The growth trajectory includes notable jumps around the 2018 to 2020 period, coinciding with increased current assets in late 2020 and substantial goodwill growth in the 2020-2022 period. The overall asset expansion indicates significant business growth, acquisition activity, and capital expenditure.