Common-Size Balance Sheet: Assets
Constellation Brands Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
- Cash and cash equivalents
- The proportion of cash and cash equivalents to total assets exhibited a general downward trend from 0.95% in early 2017 to a low of 0.30% in early 2020. A notable increase occurred in 2021, reaching 1.7%, before declining again to 0.77% in 2022, indicating fluctuating liquidity levels over the six-year span.
- Accounts receivable
- Accounts receivable as a percentage of total assets showed a slight decline from 3.96% in 2017 to 2.90% in 2019 and 2021, before increasing to 3.48% in 2022, suggesting a degree of variability but general stabilization around the 3% mark.
- Inventories
- There was a consistent decrease in inventory levels relative to total assets from 10.51% in 2017 to 4.76% in 2021, followed by a modest increase to 6.08% in 2022. This trend could reflect improved inventory management or changes in product mix.
- Prepaid taxes
- The share of prepaid taxes remained relatively stable and low from 2017 to 2020, fluctuating between 0.14% and 0.31%, but it notably increased to 0.98% in 2022, indicating a higher prepayment of taxes in the latest period.
- Value added taxes receivable
- This item showed growth from 0.42% in 2017, peaking at 1.15% in 2020, before declining to 0.75% in 2022, suggesting changes in recoverable VAT balances or operational adjustments in tax handling.
- Derivative assets
- Derivative assets were not reported until 2019, starting at 0.08%, and increasing steadily to 0.36% in 2022, indicating a growing use or recognition of derivative instruments within the asset portfolio.
- Income taxes receivable
- This category decreased consistently over the years, from 0.54% in 2017 to 0.11% in 2022, pointing to lower outstanding income tax receivables on the balance sheet.
- Other current assets
- Other current assets as a percentage of total assets remained relatively stable, declining slightly from 0.67% in 2017 to 0.29% in 2021, then a minor increase to 0.35% in 2022.
- Prepaid expenses and other
- These assets showed some volatility but a generally increasing trend, rising from 1.94% in 2017 to 2.55% in 2022, indicating an increase in prepaid expenses or similar assets.
- Assets held for sale, current and noncurrent
- Assets held for sale appeared in 2020 at 2.3% for current and 2.02% for total assets, but were not reported before or after that year, suggesting a one-time disposal or restructuring event.
- Current assets, total
- The total current assets proportion decreased from 17.36% in 2017 to 11.23% in 2021, with a slight rebound to 12.88% in 2022, indicating a gradual shift in asset composition towards noncurrent categories.
- Property, plant, and equipment
- PP&E as a proportion of assets displayed a dip from 23.32% in 2018 to 18.02% in 2019, followed by a steady increase to 23.44% in 2022, demonstrating investment and asset base strengthening in fixed assets during the latter years.
- Goodwill
- Goodwill experienced a significant decline from 42.58% in 2017 to 27.67% in 2019, followed by a slight increase to 30.41% in 2022, indicating asset revaluation or impairment adjustments and some acquisition activities.
- Intangible assets
- Intangible assets similarly decreased from 18.16% in 2017 to below 10% in 2020, then modestly increased to 10.66% in 2022. This pattern may suggest amortization exceeding new intangibles acquired initially, with some stabilization more recently.
- Equity method investments
- Equity method investments showed a marked increase from under 1% in 2017-2018 to over 10% from 2019 onward, stabilizing around 10.4% in 2022. This indicates a strategic emphasis on investments accounted for by the equity method in recent years.
- Securities measured at fair value
- This category appeared from 2018 at 3.27%, peaking at 11.07% in 2019, then fluctuating downward to 0.74% in 2022, reflecting potential changes in investment strategies or market valuations of securities held.
- Deferred income taxes
- Deferred income tax assets as a portion of total assets increased sharply from near zero in early years to over 9% by 2020, remaining at that level through 2022, indicating recognition of deferred tax assets linked to timing differences or carryforwards.
- Other noncurrent assets
- Other assets grew from 0.22% in 2017 to over 2% by 2020, maintaining a slight upward trend through 2022, suggesting increased allocation to miscellaneous noncurrent asset categories.
- Noncurrent assets, total
- Noncurrent assets as a percentage of total assets steadily increased from around 82.6% in 2017 to approximately 88.8% in 2021, settling slightly lower at 87.12% in 2022, highlighting a long-term asset base concentration.