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Carrier Global Corp. (NYSE:CARR)

This company has been moved to the archive! The financial data has not been updated since April 26, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Carrier Global Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents 12.67 13.49 11.78 12.75 14.90 11.41 10.36 10.22 10.45 12.41 14.96 11.18 3.49
Accounts receivable, net 11.48 10.86 11.85 11.93 10.74 9.18 10.35 12.15 11.38 11.08 11.16 11.02 12.15
Contract assets, current 2.15 2.06 2.63 3.01 2.71 1.92 1.95 2.70 2.79 2.61 2.93 3.15 2.96
Inventories, net 10.61 10.12 10.51 9.93 9.75 7.53 7.47 7.32 7.46 6.49 6.15 6.78 7.07
Assets held for sale 0.00 0.00 0.00 0.00 0.00 12.10 12.21 0.00 0.00 0.00 0.00 0.00 0.00
Other assets, current 1.54 1.34 1.66 1.58 1.60 1.44 1.49 1.62 1.41 1.37 1.09 1.17 1.45
Current assets 38.46% 37.87% 38.42% 39.20% 39.69% 43.58% 43.82% 34.01% 33.49% 33.97% 36.28% 33.31% 27.13%
Future income tax benefits 2.42 2.35 2.44 2.39 2.14 2.15 1.77 1.79 1.85 1.79 1.71 1.73 2.06
Fixed assets, net 8.62 8.59 8.11 7.63 7.54 6.98 6.84 7.14 7.15 7.21 6.51 6.83 7.45
Operating lease right-of-use assets 2.37 2.46 2.47 2.51 2.46 2.45 2.43 3.05 3.10 3.14 3.20 3.49 3.93
Intangible assets, net 4.87 5.14 5.16 1.94 2.02 1.94 1.87 4.16 4.03 4.13 3.98 4.24 4.61
Goodwill 37.81 38.25 37.95 38.32 38.39 35.72 35.82 39.94 40.52 40.41 38.50 40.27 43.85
Pension and post-retirement assets 0.11 0.10 0.09 0.13 0.15 0.16 0.10 2.47 2.44 2.21 2.23 2.16 2.15
Equity method investments 4.18 4.40 4.54 7.06 6.77 6.09 6.28 6.11 6.15 6.03 6.59 7.02 7.56
Other assets 1.16 0.84 0.82 0.82 0.83 0.92 1.09 1.33 1.27 1.11 1.00 0.96 1.26
Long-term assets 61.54% 62.13% 61.58% 60.80% 60.31% 56.42% 56.18% 65.99% 66.51% 66.03% 63.72% 66.69% 72.87%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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 asset composition exhibits a structural shift from long-term to current assets over the analyzed period. Total current assets increased from 27.13% in March 2020 to 38.46% by March 2023, while long-term assets declined from 72.87% to 61.54% during the same timeframe. This transition indicates a movement toward a more liquid balance sheet profile.

Liquidity and Working Capital Trends
Cash and cash equivalents experienced a sharp increase from 3.49% in March 2020, stabilizing in a range between 10% and 15% for the remainder of the period. Inventories, net showed a steady upward trajectory, rising from 7.07% in March 2020 to 10.61% by March 2023, suggesting a growing allocation of resources toward stock holding. Accounts receivable remained relatively stable, fluctuating between approximately 9% and 12% of total assets.
Intangible Assets and Goodwill
Goodwill represents the largest single component of the asset base, though its relative weight decreased from a peak of 43.85% in March 2020 to 37.81% in March 2023. Intangible assets, net, exhibited volatility, dropping significantly in September 2021 to 1.87% before recovering to 4.87% by March 2023. Equity method investments showed a consistent downward trend, declining from 7.56% in March 2020 to 4.18% in March 2023.
Strategic Asset Adjustments
Significant structural changes occurred in late 2021, highlighted by the emergence of assets held for sale, which peaked at 12.21% in September 2021 before being removed from the balance sheet. Simultaneously, pension and post-retirement assets saw a precipitous decline from 2.47% in June 2021 to 0.10% by September 2021, remaining at negligible levels thereafter, indicating a major settlement or restructuring of pension obligations.
Fixed and Other Long-term Assets
Fixed assets, net, remained relatively stable with a slight upward trend, moving from 7.45% in March 2020 to 8.62% in March 2023. Operating lease right-of-use assets experienced a gradual contraction, decreasing from 3.93% to 2.37% over the period. Future income tax benefits remained consistent, generally fluctuating between 1.7% and 2.4% of total assets.

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