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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Micron Technology Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Micron Technology Inc., consolidated balance sheet: assets
US$ in millions
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).
The financial data over the presented periods demonstrates several notable trends regarding liquidity, asset composition, and overall asset base fluctuations.
- Liquidity and Cash Equivalents
- Cash and equivalents exhibit a general upward trend from US$7,152 million in 2019 to a peak of US$8,577 million in 2023, followed by a decline to US$7,041 million in 2024. Short-term investments have fluctuated but generally increased from US$803 million to US$1,065 million over the same period, indicating a moderate growth in liquid assets.
- Trade receivables and total receivables show volatility, with trade receivables dipping sharply in 2023 to US$2,048 million from a high of US$4,920 million in 2021, then rebounding to US$5,419 million in 2024. Total receivables correspond similarly, suggesting variations in sales on credit or collection efficiency.
- Government incentives appear only in the two most recent years, rising significantly from US$105 million to US$834 million, indicating increased government-related benefits or subsidies.
- Current assets overall have trended upward from US$16,503 million in 2019 to US$24,372 million in 2024, underpinned by growth in inventories, receivables, and other current assets, despite some fluctuations.
- Inventory and Asset Components
- Inventories show a notable increase, rising nearly 74% from US$5,118 million in 2019 to US$8,875 million in 2024, which may point to stockpiling or increased production capacity.
- Assets held for sale were reported only in earlier years, with a peak of US$974 million in 2021, then diminished substantially afterward, suggesting divestitures during that period.
- Property, plant, and equipment (PP&E) steadily increased from US$28,240 million to US$39,749 million, reflecting ongoing capital expenditures and expansion of physical assets.
- The operating lease right-of-use assets appeared from 2020 onwards and remained relatively stable around the US$600 million mark, indicating continuity in lease commitments.
- Intangible assets show gradual growth, suggesting continued investment or acquisition of intangible resources.
- Deferred tax assets declined from US$837 million to US$520 million, potentially indicating changes in tax planning or profitability.
- Goodwill remained mostly stable, with a slight decrease in 2023 and 2024, potentially indicating impairment or partial disposals of subsidiaries or business units.
- Long-Term Investments and Noncurrent Assets
- Long-term marketable investments declined substantially from US$1,647 million in 2022 to US$1,046 million in 2024, implying portfolio reductions or reallocations.
- Other noncurrent assets increased consistently, indicating the accumulation of long-term resources or prepaid expenses.
- Overall, noncurrent assets increased from US$32,384 million to US$45,044 million over the analysis period, driven primarily by growth in PP&E and other noncurrent assets.
- Total Asset Base
- Total assets showed a significant upward trend, increasing from US$48,887 million in 2019 to US$69,416 million in 2024, reflecting expansion and asset accumulation.
- The growth in total assets demonstrates the company’s increasing scale and resource base, supporting its operational and strategic initiatives.