Common-Size Balance Sheet: Assets
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Micron Technology Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Micron Technology Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).
- Cash and equivalents
- The percentage of cash and equivalents relative to total assets has shown a gradual decline from 14.63% in 2019 to 10.14% in 2024, indicating a reduction in liquid assets over the analyzed period.
- Short-term investments
- Short-term investments as a percentage of total assets have remained relatively stable, fluctuating slightly within the range of 0.97% to 1.64%, suggesting a consistent allocation to this asset category.
- Trade receivables
- This category experienced variability, increasing from 5.68% in 2019 to a peak of 8.36% in 2021, before declining sharply to 3.19% in 2023 and rising again to 7.81% in 2024, indicating fluctuations in credit sales or collection efficiency.
- Government incentives
- Government incentives were not present in the earlier years but appeared from 2023 onward, increasing from 0.16% to 1.20%, which may reflect new support or subsidies received.
- Income and other taxes
- The proportion of income and other taxes relative to total assets declined slightly from 0.50% in 2019 to 0.30% in 2023, with a minor increase to 0.39% in 2024, indicating a modest reduction in tax-related assets.
- Other and Receivables
- The 'Other' category decreased steadily from 0.36% to 0.14%. Meanwhile, total receivables rose initially from 6.54% in 2019 to a peak of 9.02% in 2021, dropped substantially to 3.80% in 2023, then increased again to 9.53% in 2024, mirroring the trend observed in trade receivables.
- Inventories
- Inventories fluctuated within the period, decreasing from 10.47% to 7.62% by 2021, followed by an increase to 13.05% in 2023 and a slight decrease to 12.79% in 2024, suggesting varying stock levels possibly tied to production or demand cycles.
- Assets held for sale
- This category was absent in most years except for 1.66% in 2021 and 0.02% in 2022, indicating occasional asset disposals during this timeframe.
- Other current assets
- There has been a steady increase in other current assets from 0.48% to a peak of 1.28% in 2023, followed by a slight decline to 1.12% in 2024, reflecting a growing share of miscellaneous current assets.
- Current assets
- Current assets as a portion of total assets remained relatively steady, fluctuating slightly between 32.86% and 35.11%, with a small upward trend by 2024, indicating a stable liquidity position.
- Long-term marketable investments
- Long-term marketable investments showed variability, peaking at 3.00% in 2021, then decreasing to 1.31% by 2023, with a slight increase to 1.51% in 2024, suggesting selective adjustments in longer-term investment holdings.
- Property, plant, and equipment
- This asset category remained the largest component, consistently around 57% to 59% of total assets, indicating a substantial and stable investment in tangible fixed assets over the period.
- Operating lease right-of-use assets
- Lease right-of-use assets appeared starting in 2020 at 1.09%, with minor fluctuations around 0.9% to 1.04%, implying continued recognition of leasing obligations under accounting standards.
- Intangible assets
- Intangible assets have slightly decreased from 0.70% to 0.60%, revealing a relatively small and slightly declining share of total assets in this category.
- Deferred tax assets
- Deferred tax assets showed a downward trend from 1.71% to 0.75%, indicating a reduction in deferred tax benefits recognized on the balance sheet.
- Goodwill
- Goodwill as a percentage of total assets declined steadily from 2.51% to 1.66%, suggesting either impairment charges or decreased acquisition activity.
- Other noncurrent assets
- Other noncurrent assets demonstrated continuous growth, increasing from 1.18% to 2.19%, indicating a rising proportion of miscellaneous long-term assets.
- Noncurrent assets
- Overall, noncurrent assets remained relatively stable, fluctuating narrowly between 64.89% and 67.14%, representing a consistent emphasis on long-term investments and fixed assets in the asset structure.
- Total assets
- The total assets maintain the constant reference point of 100%, with all asset components analyzed relative to this base.