Carrier Global Corp. (NYSE:CARR)

The asset composition demonstrates a heavy concentration in non-current assets, specifically intangible assets and goodwill, which consistently represent a dominant portion of the total asset base. While total current assets peaked in 2021 at 43.58%, the overall structure indicates shifts in working capital and asset allocation over the observed three-year period.

Liquidity and Working Capital Trends

Cash and cash equivalents remained relatively stable, concluding the period at 13.49% of total assets. A consistent upward trend is observed in inventories, which grew from 6.49% in 2020 to 10.12% in 2022, indicating an increasing proportion of capital tied up in stock. Accounts receivable exhibited fluctuation, decreasing to 9.18% in 2021 before returning to 10.86% in 2022.

Intangible Asset and Goodwill Concentration

Goodwill represents the most significant component of the balance sheet, fluctuating between 35.72% and 40.41%. When combined with intangible assets, which reached 5.14% in 2022, these non-physical assets constitute a primary driver of the total asset value. Intangible assets showed notable volatility, dropping to 1.94% in 2021 prior to the increase observed in 2022.

Long-term Asset Evolution

Fixed assets, net, showed a modest increase to 8.59% by 2022. A significant contraction is observed in pension and post-retirement assets, which fell from 2.21% in 2020 to 0.10% in 2022. Additionally, equity method investments followed a downward trend, decreasing from 6.03% in 2020 to 4.40% in 2022.

Asset Reclassification and Structural Shifts

The spike in current assets during 2021 was primarily attributed to the recognition of assets held for sale, which accounted for 12.10% of total assets. The absence of this item in 2020 and 2022 suggests a specific divestiture event that temporarily altered the ratio between current and long-term assets.