Name: Old Dominion Freight Line Inc. (NASDAQ:ODFL) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

Download chart

Current Assets: Selected Items

Download chart

Old Dominion Freight Line Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	186,312)	462,564)	401,430)	403,571)	190,282)
Short-term investments	49,355)	254,433)	330,274)	—)	—)
Customer receivables, less allowances	578,648)	567,474)	444,653)	397,579)	427,569)
Income taxes receivable	12,738)	19,218)	—)	—)	—)
Other receivables	13,743)	12,410)	9,569)	10,586)	40,691)
Prepaid expenses and other current assets	92,944)	67,688)	57,413)	55,098)	47,687)
Current assets	933,740)	1,383,787)	1,243,339)	866,834)	706,229)
Net property and equipment	3,687,068)	3,215,686)	2,914,031)	2,968,835)	2,754,943)
Other assets	217,802)	222,071)	212,040)	159,899)	84,111)
Non-current assets	3,904,870)	3,437,757)	3,126,071)	3,128,734)	2,839,054)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)

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).

Total assets exhibited a consistent upward trajectory from December 31, 2018, to December 31, 2022, growing from 3.54 billion US$ to 4.84 billion US$. While the overall growth was steady, the pace of expansion slowed significantly between 2021 and 2022, with total assets remaining relatively flat during that period.

Liquidity and Cash Management: A volatile trend is observed in liquid assets. Cash and cash equivalents increased from 190 million US$ in 2018 to a peak of 462 million US$ in 2021, before declining sharply to 186 million US$ in 2022. This volatility is further evidenced by short-term investments, which emerged in 2020 at 330 million US$ and decreased substantially to 49 million US$ by 2022. Consequently, total current assets peaked in 2021 at 1.38 billion US$ before retreating to 933 million US$ in 2022.
Fixed Asset Investment: Net property and equipment represents the largest component of the asset base and shows a strong, consistent growth pattern. This figure rose from 2.75 billion US$ in 2018 to 3.69 billion US$ in 2022. The steady increase indicates a sustained commitment to capital expenditures and the expansion of physical infrastructure.
Working Capital Components: Customer receivables, less allowances, demonstrated a general upward trend, increasing from 427 million US$ in 2018 to 578 million US$ in 2022. This growth suggests an increase in credit sales or a lengthening of the collection cycle. Prepaid expenses and other current assets also saw a steady increase, rising from 47 million US$ in 2018 to 92 million US$ in 2022.
Non-Current Asset Composition: Non-current assets grew from 2.84 billion US$ in 2018 to 3.90 billion US$ in 2022. This growth was driven primarily by the expansion of net property and equipment, though other assets also increased from 84 million US$ in 2018 to a stabilized level of approximately 217 million US$ by 2022.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?