Balance Sheet: Assets
Quarterly Data

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.

Old Dominion Freight Line Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Cash and cash equivalents	55,141)	207,624)	186,312)	216,727)	196,134)	262,122)	462,564)	339,761)	484,204)	351,900)	401,430)	420,396)	518,624)	356,972)	403,571)	322,286)	228,960)	280,627)	190,282)	177,468)	140,571)	159,937)
Short-term investments	—)	24,807)	49,355)	158,829)	224,391)	279,183)	254,433)	224,899)	165,254)	310,193)	330,274)	205,294)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Customer receivables, less allowances	543,767)	564,490)	578,648)	630,370)	680,096)	669,042)	567,474)	591,783)	548,749)	496,125)	444,653)	453,346)	387,260)	419,128)	397,579)	425,850)	449,984)	447,242)	427,569)	466,455)	456,906)	412,932)
Income taxes receivable	9,359)	—)	12,738)	10,097)	8,606)	—)	19,218)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other receivables	15,620)	15,389)	13,743)	13,327)	12,665)	12,347)	12,410)	62,266)	51,307)	9,553)	9,569)	9,578)	8,525)	8,485)	10,586)	12,225)	8,161)	8,091)	40,691)	15,752)	7,373)	5,542)
Prepaid expenses and other current assets	106,722)	84,640)	92,944)	81,847)	87,198)	58,263)	67,688)	60,143)	61,601)	55,490)	57,413)	49,882)	54,161)	46,421)	55,098)	46,617)	54,315)	47,918)	47,687)	36,640)	42,735)	37,039)
Current assets	730,609)	896,950)	933,740)	1,111,197)	1,209,090)	1,280,957)	1,383,787)	1,278,852)	1,311,115)	1,223,261)	1,243,339)	1,138,496)	968,570)	831,006)	866,834)	806,978)	741,420)	783,878)	706,229)	696,315)	647,585)	615,450)
Revenue equipment	2,620,882)	2,556,832)	2,501,995)	2,344,781)	2,248,493)	2,156,600)	2,146,205)	2,096,973)	1,991,845)	1,894,361)	1,885,649)	1,892,005)	1,902,486)	1,898,633)	1,898,999)	1,916,392)	1,906,675)	1,835,518)	1,811,233)	1,835,160)	1,760,117)	1,634,854)
Land and structures	2,898,475)	2,834,205)	2,750,100)	2,670,604)	2,618,098)	2,508,592)	2,463,949)	2,352,569)	2,297,101)	2,254,491)	2,218,290)	2,167,557)	2,126,400)	2,082,960)	2,039,937)	1,972,038)	1,898,900)	1,829,360)	1,796,868)	1,708,825)	1,638,421)	1,588,132)
Other fixed assets	613,381)	605,301)	550,442)	568,131)	543,806)	530,304)	512,340)	502,907)	493,870)	481,364)	475,264)	495,268)	491,902)	486,408)	482,425)	487,635)	477,870)	463,326)	454,432)	450,992)	451,237)	441,957)
Leasehold improvements	14,427)	13,598)	13,516)	13,506)	13,486)	13,486)	13,131)	13,055)	12,904)	12,975)	12,226)	12,043)	12,103)	11,822)	11,709)	11,538)	11,008)	10,873)	10,619)	8,749)	8,747)	8,705)
Gross property and equipment	6,147,165)	6,009,936)	5,816,053)	5,597,022)	5,423,883)	5,208,982)	5,135,625)	4,965,504)	4,795,720)	4,643,191)	4,591,429)	4,566,873)	4,532,891)	4,479,823)	4,433,070)	4,387,603)	4,294,453)	4,139,077)	4,073,152)	4,003,726)	3,858,522)	3,673,648)
Accumulated depreciation	(2,146,066)	(2,168,472)	(2,128,985)	(2,105,511)	(2,045,151)	(1,983,674)	(1,919,939)	(1,855,390)	(1,796,993)	(1,735,519)	(1,677,398)	(1,631,398)	(1,577,808)	(1,525,833)	(1,464,235)	(1,459,709)	(1,436,282)	(1,377,220)	(1,318,209)	(1,300,451)	(1,272,814)	(1,222,814)
Net property and equipment	4,001,099)	3,841,464)	3,687,068)	3,491,511)	3,378,732)	3,225,308)	3,215,686)	3,110,114)	2,998,727)	2,907,672)	2,914,031)	2,935,475)	2,955,083)	2,953,990)	2,968,835)	2,927,894)	2,858,171)	2,761,857)	2,754,943)	2,703,275)	2,585,708)	2,450,834)
Other assets	247,224)	218,674)	217,802)	208,685)	206,045)	216,385)	222,071)	224,154)	224,604)	220,930)	212,040)	199,717)	156,375)	149,990)	159,899)	157,546)	159,112)	158,307)	84,111)	89,722)	87,789)	77,720)
Non-current assets	4,248,323)	4,060,138)	3,904,870)	3,700,196)	3,584,777)	3,441,693)	3,437,757)	3,334,268)	3,223,331)	3,128,602)	3,126,071)	3,135,192)	3,111,458)	3,103,980)	3,128,734)	3,085,440)	3,017,283)	2,920,164)	2,839,054)	2,792,997)	2,673,497)	2,528,554)
Total assets	4,978,932)	4,957,088)	4,838,610)	4,811,393)	4,793,867)	4,722,650)	4,821,544)	4,613,120)	4,534,446)	4,351,863)	4,369,410)	4,273,688)	4,080,028)	3,934,986)	3,995,568)	3,892,418)	3,758,703)	3,704,042)	3,545,283)	3,489,312)	3,321,082)	3,144,004)

Analysis of the quarterly financial data reveals several notable trends and observations over the examined periods.

Liquidity and Current Assets: Cash and cash equivalents exhibited considerable volatility, starting at approximately $160 million in early 2018, peaking near $518 million in mid-2020, and declining significantly thereafter, reaching around $55 million by mid-2023. Short-term investments began appearing only in late 2020, showing fluctuations with a peak near $330 million in mid-2021 and reducing to below $25 million by mid-2023. Customer receivables generally showed an upward trend from around $413 million in early 2018 to a high of over $680 million in late 2022, then declining slightly to about $544 million by mid-2023. Other receivables fluctuated, with a notable spike in mid-2021 above $62 million, returning to a range of $13-15 million by 2023. Prepaid expenses and other current assets generally increased from about $37 million in early 2018 to over $106 million by mid-2023, indicating growth in prepaid or accrued assets. Overall, current assets grew steadily until 2021, peaking above $1.38 billion, but declined notably to approximately $731 million by mid-2023.
Fixed Assets and Property: Revenue equipment steadily increased, from roughly $1.63 billion in early 2018 to $2.62 billion by mid-2023, reflecting sustained investment in operational assets. Land and structures followed a similar rising trend, growing from about $1.59 billion to nearly $2.9 billion over the same period. Other fixed assets showed moderate increases with some fluctuation, rising generally from $442 million to over $613 million. Leasehold improvements maintained a steady, incremental rise from around $8.7 million to $14.4 million. Gross property and equipment increased consistently from around $3.67 billion to $6.15 billion, reflecting continued capital expenditure. Accumulated depreciation increased in magnitude (negative values), indicating ongoing asset aging and usage, rising from approximately -$1.22 billion to -$2.15 billion. Net property and equipment showed steady growth, increasing from about $2.45 billion to $4.0 billion, confirming asset base expansion despite depreciation.
Other Assets and Non-current Assets: Other assets fluctuated throughout the period, with values generally between $77 million and $247 million, peaking near $247 million mid-2023. Non-current assets showed consistent growth from $2.53 billion early 2018 to $4.25 billion by mid-2023, supporting the overall increase in long-term investments and fixed assets.
Total Assets: Total assets demonstrated a general upward trajectory over the period, increasing from approximately $3.14 billion at the start of 2018 to nearly $5.0 billion by mid-2023. Notable dips and plateaus were evident around early 2020 and early 2022 but recovery was observed subsequently.

Summary findings indicate the company has been actively investing in property, equipment, and other long-term assets, resulting in substantial growth of the asset base. Liquidity as represented by cash and equivalents displayed significant volatility, with peaks in 2020 possibly linked to the global economic environment. The increase in receivables alongside growing fixed assets may point to expanded operations. However, the decline in current assets and cash levels in 2023 warrants attention regarding short-term liquidity management going forward. Accumulated depreciation trends align with increasing asset investments and usage over time.

Assets: Selected Items

Download chart

Current Assets: Selected Items

Download chart

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data