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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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial figures reveals several key trends in the company's asset composition and liquidity position over the observed periods.
- Cash and Cash Equivalents
- This category shows significant fluctuations with a peak around mid-2020 and early 2024, followed by notable decreases in certain quarters, such as the second and third quarters of 2023. There is no clear linear trend, indicating variability in liquidity management or cash flow volatility.
- Short-term and Other Investments
- Short-term investments exhibit a pronounced peak in mid-2020 with values exceeding 12 billion USD, followed by a general declining trend toward early 2023. However, a resurgence occurs beginning in mid-2024, culminating in values surpassing 15 billion USD by mid-2025. This pattern suggests active portfolio adjustments or varying investment strategies across quarters.
- Accounts Receivable, Net
- Net accounts receivable remain relatively stable with mild oscillations between approximately 2.3 billion and 3.2 billion USD. A slow upward drift is noticeable toward the later periods, indicating moderately increasing sales on credit or receivable balances.
- Unbilled Receivables, Net
- Unbilled receivables maintain a range generally between 8.3 and 10 billion USD. Some quarter-to-quarter variability is present, but no significant upward or downward trend is discernible, implying steady project billing progress or contract work-in-process balances.
- Current Portion of Financing Receivables, Net
- Values fluctuate considerably over the timeline, with initial amounts around 100-150 million USD, dropping sharply in several quarters before sporadically rising above 400 million USD in late 2024. This volatility may point to shifts in financing arrangements or collection timing.
- Inventories
- Inventories remain consistently high, mostly oscillating between approximately 78 and 89 billion USD, with a gentle upward trend toward the later years. This suggests sustained production and material holdings, reflecting ongoing operational scale.
- Other Current Assets, Net
- Other current assets show irregular movements without a clear directional trend, with values generally ranging between 2 and 3 billion USD. This irregularity could be attributed to miscellaneous short-term asset classes or timing differences.
- Assets Held for Sale
- Data appears only at the end of the observation period, reflecting a 1.45 billion USD asset identified for sale, indicating a recent strategic divestment or restructuring decision.
- Current Assets
- The total of current assets mirrors the fluctuations seen in cash equivalents and investments, peaking around 130 billion USD in mid-2020, dipping toward early 2023, and rebounding significantly near early 2025. This indicates variability in liquidity and short-term asset management.
- Financing Receivables and Operating Lease Equipment, Net
- This category shows a continuous gradual decrease from approximately 2.1 billion USD in early 2020 to under 0.4 billion USD by mid-2025, reflecting asset disposals, paydowns, or shrinking leasing portfolios.
- Property, Plant, and Equipment, Net
- Net property, plant, and equipment gradually declines from about 12.4 billion USD to a low of approximately 10.4 billion USD by mid-2023, followed by a slow recovery reaching around 11.6 billion USD by mid-2025. This pattern suggests depreciation and modest new capital expenditures or asset revaluations.
- Goodwill
- Goodwill remains largely constant around 8 billion USD, with a notable decline from about 8.1 billion USD to 7.3 billion USD at mid-2025, potentially indicating impairment or divestitures.
- Acquired Intangible Assets, Net
- Intangible assets steadily decrease over the periods, dropping from approximately 3.3 billion USD in early 2020 to about 1.5 billion USD by mid-2025. This consistent reduction likely reflects amortization or asset impairments.
- Deferred Income Taxes
- Deferred tax balances show variability, mostly under 100 million USD, with some missing data points and a spike up to approximately 185 million USD in late 2024. The irregular pattern indicates tax timing differences or adjustments in tax position.
- Investments
- Investment balances remain very stable, fluctuating slightly around the 1 billion USD mark throughout the observed periods, suggesting minimal changes in longer-term investment holdings.
- Other Assets, Net of Accumulated Amortization
- Other assets show an overall upward trend from about 4.4 billion USD to near 5.9 billion USD by mid-2025, indicating growing miscellaneous long-term assets or capitalized expenses.
- Long-term Assets
- Long-term assets demonstrate a slight declining trend from about 32 billion USD to below 28 billion USD, reflecting asset retirements, depreciation, or disposals.
- Total Assets
- Total assets peak during mid-2020 and mid-2025 periods, exceeding 156 billion USD, with declines in the interim periods reaching lows near 134 billion USD. This cyclical pattern may be tied to cash levels, investment positions, or inventory changes influencing overall asset size.
In summary, the company exhibits considerable variability in cash, investments, and current assets, with steady inventories and reductions in long-term assets such as property, plant and equipment, and intangible assets. Goodwill and financing receivables gradually decrease, while other assets show incremental growth. Total asset levels reveal cyclical movements likely linked to operational cash flows and asset management strategies over the observed timeframe.