Common-Size Balance Sheet: Assets
Quarterly Data
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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Carrier Global Corp., common-size consolidated balance sheet: assets (quarterly data)
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).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents in total assets showed a notable increase from 3.49% in the first quarter of 2020 to a peak of approximately 14.96% in the third quarter of 2020. Subsequently, the ratio stabilized around a range of around 10-14%, evidencing a maintained liquidity level without significant fluctuations through early 2023.
- Accounts Receivable, Net
- Accounts receivable as a percentage of total assets generally fluctuated between 9% and 12%, with a slight downward trend observed during 2021 and a moderate recovery in 2022 and early 2023. This indicates relative stability in the conversion of sales to receivables over the periods analyzed.
- Contract Assets, Current
- The share of contract assets in total assets demonstrated a gradual decline from 2.96% in early 2020 to around 1.9%-2.7% by early 2023, with some variability. The overall trend suggests a diminished reliance or reduced accumulation of contract assets over time.
- Inventories, Net
- Inventories showed an increasing trend over the reported quarters, rising from 7.07% of total assets in early 2020 to a high exceeding 10% in late 2022 and early 2023. This increase may reflect higher investment in stock or potential buildup due to demand changes or supply chain considerations.
- Assets Held for Sale
- Assets held for sale appeared only in the third and fourth quarters of 2021, accounting for approximately 12% of total assets before disappearing again in subsequent periods. This could indicate a temporary strategy or divestiture occurring during that timeframe.
- Other Current Assets
- Other current assets remained relatively stable, fluctuating narrowly between roughly 1.1% and 1.6% of total assets, suggesting consistent other working capital components without major variations.
- Current Assets
- The total current assets as a percentage of total assets increased significantly mid-2021 to late 2021, peaking around 43.8%. Post-peak, a moderate decline occurred, with levels stabilizing near 38% by early 2023, indicating a shift towards higher liquidity and working capital during 2021 followed by normalization.
- Future Income Tax Benefits
- This item showed relative stability with values hovering between 1.7% and 2.4%, reflecting consistent deferred tax-related assets.
- Fixed Assets, Net
- A slight upward trend in fixed assets was observed from 6.5% in late 2020 to about 8.6% in early 2023. This gradual growth suggests ongoing investment in tangible assets.
- Operating Lease Right-of-Use Assets
- The proportion of lease right-of-use assets declined from nearly 3.9% in early 2020 to below 2.5% during 2022 and remained relatively steady afterward, reflective of possible lease terminations or changes in lease accounting.
- Intangible Assets, Net
- Intangible assets exhibited an initial decline from 4.6% in early 2020 to near 1.9% in late 2021, then a sharp increase to over 5% in late 2022, followed by a slight reduction early in 2023. This pattern might correspond to asset revaluations, acquisitions, or impairment reversals.
- Goodwill
- The goodwill component showed a decrease from approximately 44% in early 2020 to near 36% in late 2021, followed by some recovery to above 37% through 2022 and early 2023, indicating potential adjustments or impairments within this asset category.
- Pension and Post-Retirement Assets
- There was a significant reduction from around 2.2% through early 2021 to below 0.2% by late 2021, maintaining low levels subsequently. This notable decrease suggests plan settlements, reclassifications, or demographic shifts affecting these long-term assets.
- Equity Method Investments
- This category decreased gradually over time from 7.5% in early 2020 to about 4.2% in early 2023, with a drop particularly marked in late 2022, indicating divestitures or revaluations of associated investments.
- Other Assets
- Other assets experienced minor fluctuations but generally remained around 1%, with a slight uptick to 1.16% in early 2023, suggesting modest changes in miscellaneous asset accounts.
- Long-Term Assets
- Long-term assets exhibited a decreasing trend from approximately 73% of total assets in early 2020 to near 56% in late 2021, followed by a partial rebound to around 61% by early 2023. This reflects structural shifts between long-term and current assets, possibly linked to asset reclassifications or shifts in business strategy.