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.

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

US$ in millions

	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	3,347)	3,520)	2,985)	3,017)	3,604)	2,987)	2,671)	2,630)	2,599)	3,115)	3,848)	2,704)	768)
Accounts receivable, net	3,032)	2,833)	3,003)	2,823)	2,599)	2,403)	2,669)	3,128)	2,831)	2,781)	2,872)	2,665)	2,674)
Contract assets, current	568)	537)	666)	712)	655)	503)	502)	695)	694)	656)	753)	761)	651)
Inventories, net	2,803)	2,640)	2,664)	2,350)	2,358)	1,970)	1,926)	1,885)	1,854)	1,629)	1,581)	1,639)	1,556)
Assets held for sale	—)	—)	—)	—)	—)	3,168)	3,148)	—)	—)	—)	—)	—)	—)
Other assets, current	408)	349)	422)	374)	386)	376)	384)	416)	350)	343)	280)	284)	319)
Current assets	10,158)	9,879)	9,740)	9,276)	9,602)	11,407)	11,300)	8,754)	8,328)	8,524)	9,334)	8,053)	5,968)
Future income tax benefits	639)	612)	619)	566)	517)	563)	456)	461)	461)	449)	439)	419)	454)
Fixed assets, net	2,277)	2,241)	2,055)	1,805)	1,825)	1,826)	1,764)	1,837)	1,777)	1,810)	1,676)	1,651)	1,638)
Operating lease right-of-use assets	625)	642)	625)	595)	596)	640)	626)	786)	770)	788)	823)	843)	865)
Intangible assets, net	1,287)	1,342)	1,309)	458)	488)	509)	481)	1,071)	1,002)	1,037)	1,024)	1,024)	1,014)
Goodwill	9,987)	9,977)	9,621)	9,067)	9,288)	9,349)	9,237)	10,279)	10,077)	10,139)	9,906)	9,735)	9,648)
Pension and post-retirement assets	29)	26)	23)	31)	37)	43)	25)	635)	607)	554)	574)	521)	473)
Equity method investments	1,103)	1,148)	1,151)	1,671)	1,638)	1,593)	1,619)	1,572)	1,530)	1,513)	1,696)	1,697)	1,664)
Other assets	306)	219)	207)	193)	202)	242)	280)	343)	316)	279)	256)	233)	277)
Long-term assets	16,253)	16,207)	15,610)	14,386)	14,591)	14,765)	14,488)	16,984)	16,540)	16,569)	16,394)	16,123)	16,033)
Total assets	26,411)	26,086)	25,350)	23,662)	24,193)	26,172)	25,788)	25,738)	24,868)	25,093)	25,728)	24,176)	22,001)

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 cash position exhibited significant fluctuations, starting at $768 million in March 2020, peaking at $3,848 million in September 2020, and maintaining elevated levels above $2,500 million in subsequent quarters. The most recent quarter, March 2023, reported $3,347 million, indicating sustained liquidity strength compared to early 2020.
Accounts receivable, net: Accounts receivable showed moderate variability, beginning near $2,674 million in March 2020 and reaching a local peak of $3,128 million in June 2021. This was followed by a decline and subsequent recovery, rising to $3,032 million in March 2023. This pattern suggests some seasonality or variability in revenue collections.
Contract assets, current: Contract assets fluctuated within a limited range, generally between $500 million and $760 million. After peaking at $761 million in June 2020, these assets trended downward to approximately $537 million by December 2022, with a slight rebound to $568 million in March 2023, indicating some reduction in unbilled receivables over time.
Inventories, net: Inventories showed a consistent upward trend, increasing from $1,556 million in March 2020 to $2,803 million in March 2023. This steady growth reflects a buildup in stock levels which may relate to increased production, anticipated demand, or changes in inventory management.
Assets held for sale: Assets held for sale were reported only in a narrow timeframe during 2021, specifically $3,148 million and $3,168 million in September and December, respectively. The presence of these assets in that period suggests strategic divestitures or reclassifications temporarily recorded.
Other assets, current: Current other assets showed minor fluctuations, generally staying within the $280 million to $420 million range. There was no pronounced trend, indicating relative stability in miscellaneous current assets.
Current assets: Current assets peaked noticeably at $11,407 million in December 2021 from a starting point of $5,968 million in March 2020. After this peak, current assets declined but remained above $9,000 million, with $10,158 million recorded in March 2023, highlighting increased short-term asset holdings over the period.
Future income tax benefits: These benefits remained relatively stable, fluctuating between $400 million and $640 million, with a slight upward trend peaking at $639 million in March 2023, indicating incremental recognition of deferred tax assets.
Fixed assets, net: Fixed assets increased overall from $1,638 million in March 2020 to $2,277 million in March 2023. This trend reflects ongoing capital investment and asset additions over the periods analyzed.
Operating lease right-of-use assets: Operating lease assets declined from $865 million in March 2020 to around $625 million in March 2023, showing a downward trend that may relate to lease expirations or changes in lease accounting treatments.
Intangible assets, net: Intangible assets experienced a distinct drop to $481 million in September 2021 from approximately $1,000 million previously, followed by a recovery rising above $1,300 million by December 2022. This volatility may be due to impairment, acquisitions, or revaluation events.
Goodwill: Goodwill remained relatively consistent between $9,200 million and $10,300 million throughout the period. There was a slight dip in mid-2021 but recovered by early 2023, indicating stable acquisition-related intangible asset valuations.
Pension and post-retirement assets: These assets showed a sharp decline from over $600 million in mid-2021 to under $50 million thereafter, remaining low through early 2023. This suggests a significant remeasurement, settlement, or reclassification occurring during 2021.
Equity method investments: Equity investments fluctuated, peaking near $1,700 million mid-2020 and again in mid-2022 before decreasing to around $1,100 million by March 2023, indicating changes in affiliated or joint venture positions.
Other assets: Other long-term assets remained modest, fluctuating between $190 million and $320 million, with an uptick to $306 million in March 2023. This signals slight variability but no major changes in this category.
Long-term assets: Long-term assets showed a mild decline from $16,033 million in March 2020 to $14,591 million in March 2022, recovering to $16,253 million by March 2023. This pattern may reflect asset disposals and subsequent investments or adjustments.
Total assets: Total assets increased from $22,001 million in March 2020, peaking at $26,172 million in December 2021. Thereafter, assets decreased to $23,662 million in June 2022 before recovering to $26,411 million by March 2023. This overall growth trend reflects expanded operations or acquisitions balanced against asset rebalancing.

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Carrier Global Corp. (NYSE:CARR)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data