Common-Size Balance Sheet: Assets
Based on: 10-K (reporting date: 2023-12-31), 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).
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets demonstrated an increasing trend from 4.3% in 2019 to a peak of 11.5% in 2021, followed by a slight decline to 9.56% by 2023. This indicates a significant accumulation of liquid assets through 2021, with a modest reduction thereafter.
- Receivable from the Sale of IQOS System Commercialization Rights
- This item appears only in 2022, accounting for 4.66% of total assets, suggesting a one-off or unique financial event related to the IQOS system during that year.
- Receivables
- Receivables maintained a relatively stable and low percentage of total assets, ranging narrowly between 0.12% and 0.31% across the years, suggesting consistent management of credit sales or collections.
- Inventories
- Inventories as a share of total assets showed a declining pattern from 4.65% in 2019 to about 3.15% in 2023, reflecting either improved inventory turnover or a strategic reduction in stock levels over time.
- Income Taxes
- Income taxes as a proportion of total assets appeared solely in 2022 and 2023, with an increase from 0.28% to 1.29%, indicating rising tax liabilities or accruals during these years.
- Other Current Assets
- Other current assets fluctuated, showing a decline from 0.53% in 2019 to 0.15% in 2020, then a recovery to 0.75% in 2021, followed by a gradual decrease to 0.3% in 2023. This inconsistency may reflect volatility in miscellaneous short-term asset categories.
- Current Assets
- The proportion of current assets to total assets climbed from 9.79% in 2019 to a high of 19.54% in 2022 before retracting to 14.48% in 2023, indicating increased short-term asset holdings with some normalization in the latest year.
- Property, Plant and Equipment (net)
- This asset category remained relatively stable, fluctuating narrowly between 3.93% and 4.35% of total assets, pointing to steady investment or maintenance in fixed assets.
- Goodwill
- Goodwill showed a steadily increasing trend from 10.51% in 2019 to 17.61% in 2023, signifying growth in acquired intangible assets or accounting for business combinations over this period.
- Other Intangible Assets (net)
- Other intangible assets exhibited a consistent upward trajectory from 25.75% in 2019 to 35.48% in 2023, highlighting increased capitalization or acquisition of intangible resources.
- Investments in Equity Securities
- This category displayed a notable decline from 47.86% in 2019 to 25.96% in 2023, representing a strategic shift away from equity securities or realizations of such investments.
- Other Assets
- Other assets remained relatively stable, with minor fluctuations around 2%, indicating consistent residual asset categories.
- Non-current Assets
- Non-current assets as a percentage of total assets trended downward from 90.21% in 2019 to a low of 80.46% in 2022, then rebounded somewhat to 85.52% in 2023, reflecting shifts in long-term asset composition and possibly influenced by changes in current asset holdings.
- Total Assets
- Total assets consistently represent 100% as expected, serving as the base for all percentage calculations.