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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Carrier Global Corp., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020
	Cash and cash equivalents
	Accounts receivable, net
	Contract assets, current
	Inventories, net
	Assets held for sale
	Other assets, current
	Current assets
	Future income tax benefits
	Fixed assets, net
	Operating lease right-of-use assets
	Intangible assets, net
	Goodwill
	Pension and post-retirement assets
	Equity method investments
	Other assets
	Long-term assets
	Total assets

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data over the three-year period reveals several notable trends and shifts in asset composition.

Liquidity Position: Cash and cash equivalents decreased slightly from 3115 million USD in 2020 to 2987 million USD in 2021, then increased substantially to 3520 million USD in 2022, indicating an improved liquidity position by the end of the period.
Receivables and Contractual Assets: Accounts receivable, net declined from 2781 million USD in 2020 to 2403 million USD in 2021, before rising again to 2833 million USD in 2022, suggesting fluctuations in collections or sales terms. Contract assets also decreased in 2021 to 503 million USD but saw a modest increase to 537 million USD in 2022, highlighting some variability in revenue recognition or project progress.
Inventory Levels: Inventories increased steadily from 1629 million USD in 2020, through 1970 million USD in 2021, reaching 2640 million USD in 2022, which may imply higher production, stockpiling, or slower turnover requiring attention to inventory management.
Current Assets: Current assets expanded significantly from 8524 million USD in 2020 to a peak of 11407 million USD in 2021, largely influenced by the recognition of assets held for sale amounting to 3168 million USD in 2021, which then normalized to 9879 million USD in 2022. This suggests a one-time reclassification affecting liquidity metrics in 2021.
Deferred Taxes and Fixed Assets: Future income tax benefits showed consistent growth over the period from 449 million USD to 612 million USD, pointing to rising deferred tax assets. Fixed assets also increased steadily from 1810 million USD in 2020 to 2241 million USD in 2022, indicating capital investment or asset base expansion.
Leases and Intangible Assets: Operating lease right-of-use assets declined from 788 million USD in 2020 to 640 million USD in 2021, stabilizing at 642 million USD in 2022, reflecting adjustments in lease obligations. Intangible assets experienced a sharp decrease in 2021 to 509 million USD from 1037 million USD in 2020, followed by a strong rebound to 1342 million USD in 2022, suggesting asset revaluation, impairment, or acquisitions affecting intangible assets.
Goodwill and Other Long-Term Assets: Goodwill decreased from 10139 million USD in 2020 to 9349 million USD in 2021, then rose again to 9977 million USD in 2022, indicating possible impairment charges or new acquisitions. Pension and post-retirement assets showed a significant decline from 554 million USD to 43 million USD in 2021, then further down to 26 million USD in 2022, likely reflecting changes in employee benefit obligations or plan funding status. Equity method investments decreased in 2022 to 1148 million USD from a peak of 1593 million USD in 2021, which may reflect divestitures or changes in investee value. Other long-term assets steadily decreased from 279 million USD to 219 million USD over the period.
Total Assets: Total assets rose from 25093 million USD in 2020 to 26172 million USD in 2021, then slightly contracted to 26086 million USD in 2022, suggesting overall asset base stability with minor fluctuations.

Assets: Selected Items

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Current Assets: Selected Items