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.
Based on: 10-K (reporting date: 2023-12-31), 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).
The analysis of the financial data over the five-year period reveals several notable trends and changes in the company's asset composition and scale.
- Cash and Cash Equivalents
- This item shows significant growth from 2019 to 2022, increasing from approximately $894 million to nearly $2.92 billion. However, there is a decline in 2023, falling to about $2.48 billion. Despite this decrease, the 2023 value remains substantially higher than the initial figure in 2019, suggesting improved liquidity overall.
- Receivables, Net
- Receivables experienced a slight drop from 2019 to 2020, but subsequently increased year-over-year reaching approximately $935 million in 2023. This upward trend could indicate growing sales or an expansion of credit terms.
- Inventories
- Inventories show a steady increase throughout the period, growing from $1.23 billion in 2019 to over $2.11 billion in 2023. The more pronounced growth in the last two years suggests accumulation of stock, which may be aligned with anticipated demand or supply chain adjustments.
- Other Current Assets
- Other current assets declined slightly in 2020 from $188 million to $176 million, then increased significantly to $382 million by 2023, indicating increased short-term asset diversification or changes in prepaid or accrued items.
- Current Assets
- Current assets followed a rising trajectory, expanding from $3.02 billion in 2019 to nearly $5.91 billion in 2023. The sharp rise between 2021 and 2022, partly driven by increases in cash and inventories, underscores heightened liquidity and operational capacity.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment values were relatively stable around $2.5 billion from 2019 to 2021, then increased significantly to $3.45 billion in 2022 and $4.4 billion in 2023. This increase suggests substantial investment in fixed assets.
- ROU Financing Lease Assets
- This asset category appears starting in 2021 with $22.3 million, nearly doubling to $45.8 million in 2022, then slightly decreasing in 2023. While relatively small compared to other asset categories, the introduction and growth reflect lease accounting changes or new lease agreements.
- Property, Plant and Equipment and ROU Financing Lease Assets, Net
- Combined, these assets reflect the upward trend similar to property, plant, and equipment alone, rising from approximately $2.59 billion in 2019 to $4.44 billion in 2023, highlighting the company's expanding physical asset base.
- Goodwill
- Goodwill remained steady near $1.66 billion in 2019 and 2020, increased notably to about $1.94 billion in 2021, but then declined back to roughly $1.58 billion in 2022 and remained flat in 2023. This fluctuation may reflect acquisitions followed by impairment or divestiture events.
- Intangible Assets, Net
- Intangible assets decreased over the period from approximately $590 million in 2019 to around $299 million in 2023, indicating amortization or impairment outpacing new acquisitions of intangible assets.
- Deferred Tax Assets
- These assets exhibited variability, rising from $308 million in 2019 to a peak of $429 million in 2020, decreasing slightly afterwards, and then increasing strongly to $601 million in 2023, suggesting changes in taxable temporary differences or adjustments in tax positions.
- Other Assets
- Other non-current assets increased from $256 million in 2019 to $498 million in 2021 but declined thereafter to $381 million in 2023, reflecting adjustments or disposals in other asset categories.
- Non-current Assets
- Non-current assets grew moderately from $5.41 billion in 2019 to $5.48 billion in 2020, rose further to $6.24 billion in 2022, and then saw a more substantial increase to $7.30 billion in 2023, demonstrating ongoing investment in long-term resources.
- Total Assets
- Total assets increased steadily each year, rising from $8.43 billion in 2019 to $13.22 billion in 2023. The most significant increments occurred between 2021 and 2022, and then from 2022 to 2023, highlighting overall growth in company size and asset base.
In summary, the company has demonstrated consistent growth in current assets, particularly cash, inventories, and receivables, indicating strengthening liquidity and operational scale. Investment in property, plant, and equipment has accelerated in recent years, reflecting capital expenditure expansion. While goodwill and intangible assets show some volatility and declines respectively, total assets grew substantially, pointing to an overall expansion of the company’s asset base over the analyzed period.