Balance Sheet: Assets

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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Boston Scientific Corp., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019		Dec 31, 2018
	Cash and cash equivalents
	Trade accounts receivable, net
	Inventories
	Prepaid income taxes
	Assets held for sale
	Restricted cash and restricted cash equivalents
	Derivative assets
	Licensing arrangements
	Other
	Other current assets
	Current assets
	Property, plant and equipment, net
	Goodwill
	Other intangible assets, net
	Deferred tax assets
	Restricted cash equivalents
	Operating lease right-of-use assets
	Derivative assets
	Investments
	Licensing arrangements
	Indemnification asset
	Other
	Other long-term assets
	Long-term assets
	Total assets

Based on: 10-K (reporting date: 2022-12-31), 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).

The analysis of the annual financial data reveals several notable trends and patterns in asset composition and changes over the observed five-year period.

Liquidity Position: Cash and cash equivalents exhibited significant fluctuations. The balances increased markedly from US$146 million at the end of 2018 to a peak of US$1,925 million in 2021, followed by a sizeable decline to US$928 million in 2022. This suggests active cash management and possible cash utilization or investments in 2022. Restricted cash and equivalents consistently declined from US$655 million in 2018 to US$149 million in 2022, indicating a reduction in cash subject to restrictions.
Working Capital Components: Trade accounts receivable, net, showed growth overall, rising from US$1,608 million in 2018 to US$1,970 million in 2022, with a dip in 2020. Inventories displayed a similar upward trend, increasing steadily from US$1,166 million in 2018 to US$1,867 million in 2022, reflecting possible buildup to meet demand or changes in inventory management. Other current assets decreased slightly from US$922 million in 2018 to US$731 million in 2022, suggesting some optimization or reclassification of assets.
Current Assets: Total current assets rose substantially from US$4,003 million in 2018 to a high of US$6,694 million in 2020, before declining in the next two years to US$5,760 million by 2022. The spike in 2020 coincides with recorded assets held for sale amounting to US$1,133 million that year, which were absent in other years, indicating a one-time classification affecting current asset totals.
Long-Term Assets and Intangibles: Property, plant and equipment, net, experienced consistent growth, increasing from US$1,782 million in 2018 to US$2,446 million in 2022, illustrating ongoing capital investments in physical assets. Goodwill increased steadily from US$7,911 million to US$12,920 million, signaling acquisitions or asset revaluations. Other intangible assets, net, decreased overall from US$6,372 million in 2018 to US$5,902 million in 2022, with a notable drop in 2020, possibly from amortization or impairment.
Deferred Tax Assets: Deferred tax assets surged dramatically from US$87 million in 2018 to over US$4 billion in subsequent years, peaking at US$4,210 million in 2020 and then slightly declining by 2022. This significant change likely results from tax planning, recognition of tax benefits, or changes in tax legislation and deferred tax asset valuation.
Derivative Assets and Licensing Arrangements: Derivative assets fluctuated with no clear trend, ranging between US$105 million and US$232 million, indicating active management of financial risks. Licensing arrangements decreased significantly over the period, from US$186 million in 2019 to US$60 million in 2022 in current assets, and similarly declined in long-term assets, reflecting possible expiration or restructuring of licensing agreements.
Other Assets and Investments: Other current assets showed minor variations with a slight downward trend. Investments in long-term assets increased sharply from US$424 million in 2018 to US$918 million in 2020, then receded to around US$407 million by 2022. Other long-term assets more than doubled from US$844 million in 2018 to US$1,499 million in 2022, with a peak in 2020 suggesting asset acquisitions or reclassifications. An indemnification asset appeared for the first time in 2022, recorded at US$172 million, representing a new or newly recognized asset category.
Total Assets: Total assets expanded significantly from US$20,999 million in 2018 to US$32,469 million in 2022. The growth was more pronounced in 2019 and 2021, driven by increases in both current and long-term assets. The relatively stable total asset value between 2021 and 2022 reflects a plateau in growth and possible asset optimization efforts.

Assets: Selected Items

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Current Assets: Selected Items