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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).
The analysis of the annual financial data reveals multiple trends in the company's asset composition and valuation over the reported periods from 2019 through 2024.
- Cash and Cash Equivalents
- There is a notable increase from 2019 to 2021, with cash reserves peaking at approximately $6.46 billion in 2021. However, this is followed by a significant decline in 2022, with some recovery observed in 2023 and a slight decline again in 2024, ending at $3.29 billion.
- Short-term Investments
- Short-term investments exhibited volatility, rising from $70.5 million in 2019 to a high of $401.5 million in 2023, before decreasing to $257 million in 2024.
- Accounts Receivable, Net
- Accounts receivable shows a steady upward trend, increasing from approximately $879.2 million in 2019 to $1.21 billion in 2024, indicating growing sales or services rendered on credit.
- Inventories
- Inventories rose gradually from 2019 until 2022, reaching a peak of $2.18 billion. Subsequently, inventories declined in the last two periods but remained above the 2019 levels, ending at $1.78 billion in 2024.
- Prepaid Expenses and Other Current Assets
- These assets demonstrate fluctuations; a sharp rise occurred in 2020 to $739.5 million, followed by a steady decline through to 2024, where the balance reduced to $313.1 million.
- Current Assets
- Current assets overall increased substantially from $5.65 billion in 2019 to a peak of $9.76 billion in 2021 before decreasing in subsequent years to finish at $6.85 billion in 2024, reflecting the variances in liquid and short-term items.
- Long-term Investments
- Long-term investments have remained relatively stable, fluctuating slightly without clear directional movement, ending moderately higher than the beginning of the period at $276 million in 2024.
- Equity Method Investments
- This category experienced an initial increase followed by a decline in 2021, then a resurgence through 2023 and stabilization near the 2023 level at $424.1 million.
- Other Investments and Equity Investments
- Other investments have decreased overall, with minor oscillations, ending lower than at the start. In contrast, equity investments show volatility but increased significantly in recent years, reaching $463.9 million in 2024.
- Property, Plant, and Equipment, Net
- This asset category displays a consistent upward trend, starting from $6.43 billion and rising steadily each year to $8.67 billion by 2024, indicative of ongoing capital investments or asset acquisitions.
- Operating Lease, Right-of-Use Asset
- This asset item appears from 2020 and shows steady growth, reaching $9.29 billion in 2024, reflecting the increasing recognition of lease assets.
- Deferred Income Taxes, Net
- Deferred taxes remain stable over the period, with minor fluctuations around $1.77 billion to $1.87 billion, implying consistent tax-related asset recognition.
- Other Long-term Assets
- These assets slightly increased from $480 million in 2019 to $617 million in 2024, indicating modest growth in this category.
- Other Intangible Assets
- There is a clear declining trend in other intangible assets, decreasing substantially from $781.8 million to $100.9 million, which may indicate amortization or impairment write-downs.
- Goodwill
- Goodwill increased until 2021, peaking at $3.68 billion, then declined to $3.22 billion in 2023 before slightly increasing again to $3.32 billion in 2024, suggesting acquisitions and subsequent impairments or adjustments.
- Long-term Assets
- Long-term assets overall display substantial growth from $13.57 billion in 2019 to $24.49 billion in 2024, driven primarily by increases in property, plant and equipment and operating lease assets.
- Total Assets
- Total assets rose significantly from $19.22 billion in 2019 to $31.39 billion in 2021, followed by a decline in 2022, and then a growth trend resuming through 2024, stabilizing around $31.34 billion.
In summary, the data highlights a period of growth in total assets punctuated by a dip in 2022. The growth is supported primarily by increases in long-term fixed assets and lease-related assets. Liquid assets, including cash and short-term investments, demonstrate more volatility, with peak values in 2021. Intangible assets and goodwill show a decreasing trend after initial growth, which may reflect amortization or impairment actions. The steady rise in accounts receivable and property assets suggests expansion activity and increased operational scale during the period analyzed.