Marriott International Inc. (NASDAQ:MAR)

The analysis of the quarterly financial data reveals several notable trends in asset composition and structure over the period under review.

Cash and Equivalents

The proportion of cash and equivalents as a percentage of total assets exhibits fluctuations, with a marked increase in mid-2016, peaking at 10.21% on June 30, 2016, then declining steadily through subsequent periods until a notable rise again in the first quarter of 2020 to 6.89%. This suggests periods of liquidity accumulation, possibly related to operational or strategic financing decisions, punctuated by phases of reduced liquidity.

Accounts and Notes Receivable, Net

This category maintains a relatively stable range around 7% to 19% of total assets, with an initial high near 18-19% in 2015 and early 2016, followed by a sharp drop below 8% from mid-2016 onwards. After that, it remains fairly consistent around 8-10%, with a slight decrease observed in early 2020. The early peak followed by a reduction may indicate changes in credit policies or collection efficiency.

Current Deferred Taxes, Net

The data for current deferred taxes is limited and only available up to the third quarter of 2015, showing a moderate share around 4-5% of total assets, with no subsequent data for analysis.

Prepaid Expenses and Other

This asset category generally declines over the reported period, starting around 3.3% in early 2015, decreasing to just below 1% by early 2020 with minor fluctuations. This steady decrease may reflect operational efficiencies or changes in prepaid expense management.

Assets Held for Sale

Assets held for sale are negligible for most quarters but appear as a small fraction (0.03%) in Q1 2020, indicating possible divestiture activities during that period.

Current Assets

The overall proportion of current assets relative to total assets declines significantly from approximately 27% in early 2015 to roughly 11-12% in the later years, with a slight rebound to 15.85% in Q1 2020. This decline corresponds with the earlier noted reduction in cash and receivables proportions, illustrating a strategic shift or operational changes affecting liquidity resources.

Property and Equipment, Net

This portion of total assets shows a downward trend over time, dropping from around 21% in early 2015 to approximately 7% by Q1 2020, indicating asset base optimization, disposals, or a shift towards asset-light business models.

Brands

The share of brands as a percentage of total assets is observed starting mid-2016 at around 26%, with a gradual decline through subsequent years to approximately 23% by early 2020. This steady position suggests sustained value attributed to brand assets with slight amortization or impairment effects.

Contract Acquisition Costs and Other

The proportion associated with contract acquisition costs decreases markedly from highs near 23-24% in 2015 and early 2016 to a stable band around 10-11% thereafter. This reduction reflects either amortization or changes in contract acquisition strategies.

Goodwill

Goodwill as a share of total assets rises notably from about 13% in early 2015 to a peak near 38% around 2017 and 2018, followed by a gradual decline to almost 35% by early 2020. The initial increase likely reflects acquisitions or revaluations, with the later stabilization indicating maintenance of these intangible values.

Intangible Assets

Intangible assets exhibit a strong upward trend, starting at approximately 34% in 2015 and rising above 70% by 2016, remaining stable around 70-74% through to 2020, albeit with a slight decline at the end. This indicates significant emphasis on intangible asset valuation, potentially including intellectual property and brand-related assets, with consistency thereafter.

Equity Method Investments

This category shows minor fluctuations, generally maintaining a modest share around 2-3%, with a gradual decline toward the end of the period. The stability suggests a relatively consistent level of investments accounted for under the equity method with minimal expansion or contraction.

Notes Receivable, Net

Notes receivable decline markedly from over 3% in early 2015 to below 1% post-2016, maintaining a stable low level thereafter. This indicates a reduction in note receivable assets, possibly due to collections or strategic reallocation of investments.

Deferred Tax Assets

Deferred tax assets have an inconsistent trend; initially around 7% in 2015, rising to over 11% in late 2015, then drastically decreasing to below 1% post-2016 and remaining stable at that low level to 2020. This sharp reduction might be linked to tax strategy changes or asset reclassification.

Operating Lease Assets

Data for operating lease assets appears only from 2018 onwards, starting at approximately 3.96% and declining to about 3.06% by early 2020. This decline may reflect changes in lease accounting standards or reductions in leased assets.

Other Noncurrent Assets

Other noncurrent assets remain relatively stable at around 2-4% throughout the period, indicating consistent levels of supplementary long-term assets.

Noncurrent Assets

Noncurrent assets as a whole increase their share from about 69-73% in early periods to over 88% in 2017 and 2018, with a slight decline to 84% by early 2020. This overall increase aligns with the growth in intangible assets and goodwill, reflecting greater reliance on long-term asset bases.

Total Assets

The total assets percentage is normalized at 100% across all periods, serving as the base for ratio calculations without inherent trend implications.

In summary, the company's asset composition reveals a strategic shift toward intangible assets, including goodwill and brand valuation, over the years, alongside a reduction in tangible asset proportions such as property and equipment. Liquidity represented by cash and equivalents, and current assets display volatility with notable peaks during mid-2016 and early 2020. The decline in deferred tax assets and notes receivable post-2016 further suggests changes in asset structuring or tax planning approaches. Together, these patterns illustrate ongoing adjustments in asset management and capital allocation, likely reflecting evolving business operations and external financial conditions.