Balance Sheet: Liabilities and Stockholders’ Equity
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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Stryker Corp. pages available for free this week:
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Stryker Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The financial data reveals several notable trends over the five-year period ending in 2021. Total liabilities exhibited consistent growth from $12.2 billion in 2017 to a peak of $21.2 billion in 2020, followed by a slight decline to $19.8 billion in 2021. This increase was primarily driven by growth in both current and noncurrent liabilities. Current liabilities rose significantly from $3.5 billion in 2017 to $5 billion in 2020, then decreased moderately to $4.5 billion in 2021.
Among current liabilities, accounts payable increased steadily from $487 million in 2017 to $1.1 billion in 2021, indicating rising obligations to suppliers or vendors. Accrued compensation also rose, reaching $1.1 billion in 2021 after peaking slightly lower in prior years, suggesting growing employee-related liabilities. Income taxes payable fluctuated moderately but remained relatively stable around $143 million to $192 million. Dividend payable increased steadily from $178 million to $263 million, reflecting growth in shareholder distributions. Accrued product liabilities appeared first in 2019 at $331 million, increased substantially in 2020 to $515 million, then decreased to $401 million in 2021. Accrued expenses and other liabilities fluctuated without a clear trend, ranging between $1.2 billion and $1.6 billion.
Current maturities of debt showed significant volatility, with a peak of $1.37 billion in 2018 followed by a sharp decline to $7 million in 2021, indicating substantial repayment or refinancing activity. Long-term debt increased steadily from $6.6 billion in 2017 to $13.2 billion in 2020, then decreased somewhat to $12.5 billion in 2021, reflecting changes in the company's debt structure.
Noncurrent liabilities mirrored the overall increase in long-term obligations, rising from $8.7 billion in 2017 to $16.2 billion in 2020 before decreasing slightly to $15.2 billion in 2021. Other noncurrent liabilities increased notably in 2019 and 2020 before slightly declining in 2021.
Total shareholders’ equity showed a positive and steady upward trajectory from $9.98 billion in 2017 to $14.9 billion in 2021, marking considerable growth. This was driven by increases in retained earnings, which rose from $8.99 billion to $13.5 billion, and additional paid-in capital, which increased steadily from $1.5 billion to $1.9 billion. Common stock remained essentially unchanged, reflecting stable issued share capital. Accumulated other comprehensive loss fluctuated, peaking negatively at $1.16 billion in 2020 before improving to a smaller loss of $531 million in 2021.
The combined liabilities and shareholders’ equity grew from $22.2 billion in 2017 to $34.6 billion in 2021, representing significant expansion in the company’s financial position. The overall increase is attributable to growth in both liabilities and equity, with equity increasing at a somewhat slower pace compared to liabilities during the earlier years but showing accelerated growth in the final year.