Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Aggregate Accruals
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Based on: 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31), 10-K (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30), 10-Q (reporting date: 2010-03-31).
The analysis of financial data over the observed quarterly periods reveals several notable trends in the asset structure and composition.
- Cash and equivalents
- The proportion of cash and equivalents relative to total assets fluctuated between approximately 24% and 40%, with a clear upward trend toward the end of the period. The value increased significantly in the last two quarters, indicating a stronger liquidity position.
- Short-term investments
- This category exhibited considerable volatility, with percentages ranging from negligible amounts to peaks near 9%. After peaking around late 2010, the share of short-term investments generally declined, especially toward the final quarters, suggesting a shift away from short-term securities.
- Trade receivables, net
- The net trade receivables as a share of total assets remained relatively stable, fluctuating mostly between 7% and 10%. Slight decreases were notable toward the end of the timeline, which may reflect improved collections or changes in sales terms.
- Inventories
- Inventory levels as a percentage of total assets were fairly consistent, maintaining a narrow range around 2.3% to 3.1%. A mild declining trend at the conclusion of the period could indicate inventory optimization efforts.
- Other current assets
- Other current assets showed minor variability, generally oscillating between 4.2% and 5.7%. There was a slight increase in the later periods, potentially reflecting adjustments in prepaid expenses or other receivables.
- Assets of discontinued operations
- This component was negligible or absent until it appeared modestly in early 2013 and then declined sharply, approaching zero in subsequent quarters, indicating the wind-down or divestiture of discontinued operations.
- Current assets
- Current assets collectively accounted for roughly 41% to 55% of total assets, showing a gradual increasing trend with higher proportions noted in the final years. This shift suggests a strategic emphasis on liquidity and short-term asset management.
- Investments and other assets
- This category remained fairly stable but low, generally hovering just above 2%. A slight decline was observed mid-period but it stabilized thereafter.
- Deferred tax assets
- Deferred tax assets displayed fluctuations, initially rising sharply to nearly 3% in mid-2011 but declined thereafter, stabilizing around or below 1% in later periods. This volatility might relate to changes in tax planning or timing differences in asset recognition.
- Property, plant and equipment, net
- The net value of property, plant, and equipment as a percentage of total assets showed a slight downward trend, decreasing from above 10% in early periods to near 8% by the end, suggesting possible depreciation or asset sales exceeding new investments.
- Goodwill
- Goodwill as a component of total assets decreased steadily from over 26% to below 20%, indicating possible impairment charges, divestments, or changes in acquisition accounting impacting intangible asset valuation.
- Intangibles, net
- The net intangible assets exhibited some variability, with a notable spike in early 2013 reaching almost 19%, before declining again to around 14% subsequently. This could reflect revaluation or new acquisitions during that timeframe.
- Non-current assets
- Overall, non-current assets as a percentage of total assets declined from nearly 59% to under 45%, implying a strategic shift toward increasing current assets or a contraction in long-term investments and fixed assets.
- Total assets
- The total assets are consistently represented as 100% across periods, providing the base for all proportional analyses.
In summary, the data indicates a gradual transition towards a more liquid asset structure, with increasing holdings of cash and equivalents and current assets overall. Simultaneously, there is a reduction in goodwill and non-current assets, suggesting possible restructuring or refocusing of long-term investments. The stability of receivables and inventories supports steady operational management, while fluctuations in intangibles and deferred tax assets reflect episodic accounting adjustments or strategic decisions.