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

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.

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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)

Total assets exhibited a consistent long-term growth trajectory, increasing from approximately 3.14 billion US dollars in March 2018 to 4.98 billion US dollars by June 2023. This growth was primarily driven by a steady expansion of non-current assets, while current assets showed significant volatility, peaking in late 2021 before contracting in 2023.

Liquidity and Current Asset Trends: Current assets grew from 615 million US dollars in March 2018 to a peak of 1.38 billion US dollars in December 2021, after which a downward trend emerged, ending at 730 million US dollars in June 2023. Cash and cash equivalents showed marked fluctuation, peaking at 518 million US dollars in June 2020 during the pandemic period, but declining sharply to 55 million US dollars by June 2023. A strategic shift in liquidity management is evident between September 2020 and March 2023, where the company utilized short-term investments to manage excess capital, peaking at 330 million US dollars in December 2020 before these positions were fully liquidated by mid-2023.
Receivables Management: Customer receivables followed a general upward trend for much of the period, rising from 412 million US dollars in March 2018 to a peak of 680 million US dollars in June 2022. A moderate decline followed in the subsequent quarters, ending at 543 million US dollars in June 2023, suggesting a period of increased credit extension followed by a tightening or more efficient collection cycle.
Fixed Asset Expansion: Gross property and equipment demonstrated aggressive and uninterrupted growth, climbing from 3.67 billion US dollars in March 2018 to 6.15 billion US dollars in June 2023. This expansion was balanced between revenue equipment, which grew from 1.63 billion US dollars to 2.62 billion US dollars, and land and structures, which increased from 1.59 billion US dollars to 2.90 billion US dollars. The consistent investment in both infrastructure and fleet indicates a sustained strategic focus on increasing operational capacity.
Net Asset Valuation and Depreciation: Accumulated depreciation increased steadily from 1.22 billion US dollars in March 2018 to 2.15 billion US dollars in June 2023. Despite this increasing contra-asset, net property and equipment grew from 2.45 billion US dollars to 4.00 billion US dollars over the same period. This indicates that capital expenditures significantly outpaced depreciation, resulting in a younger or more expanded asset base.
Asset Composition Shift: The composition of the balance sheet shifted increasingly toward non-current assets. In March 2018, non-current assets represented approximately 80% of total assets. By June 2023, this proportion increased to approximately 85%, reflecting a transition toward a more capital-intensive asset structure with lower relative liquidity.

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Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data