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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Boeing Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Boeing Co., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 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).
The financial data reveals several notable trends in asset composition and valuation over the examined five-year period. Total assets show a decline from 2020 through 2023, falling from approximately $152.1 billion to about $137.0 billion, followed by a significant recovery in 2024 to reach approximately $156.4 billion. This suggests a period of contraction followed by expansion in asset holdings.
- Liquidity Position
- Cash and cash equivalents increased steadily overall, rising from $7.8 billion in 2020 to $13.8 billion in 2024, with a peak at $14.6 billion in 2022 before a modest dip in 2023. This increase indicates improved liquidity and cash availability for operations or investment.
- Short-term and other investments, however, declined sharply from $17.8 billion in 2020 to a low of $2.6 billion in 2022, then partially rebounded to $12.5 billion by 2024. This volatility reflects strategic shifts in short-term investment holdings and potential reallocations of cash or investment portfolios.
- Receivables and Inventories
- Accounts receivable net values showed a general increase from $2.0 billion in 2020 to around $2.6 billion in 2024, indicating consistent or increasing sales activity on credit. Unbilled receivables remained relatively stable, around $8.0 to $8.6 billion, exhibiting little fluctuation over the years.
- Inventories were relatively stable from 2020 through 2023, fluctuating around $78.1 billion to $79.7 billion, but rose notably to $87.6 billion in 2024. This upward trend in inventory may suggest increased production or stockpiling in anticipation of demand.
- Current Assets
- Total current assets decreased from approximately $121.6 billion in 2020 to $108.7 billion in 2021 and then stabilized around $109.3 billion through 2023 before jumping to $128.0 billion in 2024. This rebound is primarily driven by increases in cash, short-term investments, and inventories.
- Long-Term Assets
- Long-term assets declined from $30.5 billion in 2020 to $27.6 billion in 2022, followed by stabilization around $27.7 billion to $28.4 billion over the next two years. The decline was influenced mainly by reductions in financing receivables and operating lease equipment, which decreased significantly from $1.9 billion in 2020 to $0.3 billion in 2024.
- Property, plant, and equipment values trended downward from $11.8 billion in 2020 to $10.5 billion in 2022, followed by slight recovery to $11.4 billion in 2024, indicating some reinvestment or asset acquisitions after a period of depreciation or disposals.
- Goodwill and acquired intangible assets decreased marginally over the period. Goodwill remained relatively stable around $8.0 billion, while intangible assets declined from $2.8 billion in 2020 to $2.0 billion in 2024, suggesting limited acquisition activity or amortization of existing assets.
- Other assets experienced fluctuations but generally increased from $4.7 billion in 2020 to $5.4 billion in 2024, which may reflect variations in miscellaneous long-term asset categories or capitalization policies.
- Summary of Asset Structure
- The overall asset composition displayed a shift towards higher liquidity and current asset levels in the latest year, possibly preparing for operational needs or investment opportunities. Concurrently, long-term assets displayed a moderate contraction but showed signs of stabilization and modest recovery near the end of the period.
- The decline in financing receivables and operating lease equipment suggests a strategic de-emphasis on these asset classes, while the stability in goodwill and intangible assets indicates steady acquisition or impairment activities.
In conclusion, the data portrays a company that experienced asset contraction over several years, particularly impacting current assets and long-term invested assets, but has recently improved liquidity and reinforced inventory levels, driving a total asset recovery in 2024.