Common-Size Balance Sheet: Assets
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Ecolab Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets shows significant volatility. It was low around 1% in 2017, decreased to 0.57% in 2018, then rose sharply to 6.95% in 2020 before falling back to 1.7% in 2021. This suggests fluctuations in liquidity management and cash holdings over the years.
- Accounts Receivable, Net
- The accounts receivable as a percentage of total assets peaked slightly in 2019 at 13.4%, then displayed a downtrend reaching 11.69% in 2021. This indicates a gradual reduction in outstanding receivables relative to asset base, potentially reflecting improved collections or sales composition changes.
- Inventories
- Inventory levels remained relatively stable, fluctuating narrowly between 7.03% and 7.7% throughout the period. This stability suggests consistent inventory management practices relative to the company’s total assets.
- Prepaid Assets
- Prepaid assets consistently contributed a small portion to total assets, ranging from 0.55% to 0.77%, with a mild downward trend in the middle years followed by a slight increase in 2021. The changes are minor and do not indicate significant shifts in prepaid expenses.
- Taxes Receivable
- Taxes receivable fluctuated moderately, rising to 0.93% in 2020 before decreasing to 0.71% in 2021. The fluctuations may reflect timing differences in tax payments or adjustments in tax asset management.
- Derivative Assets
- Derivative assets remained a small portion of total assets but showed variability, especially a dip to 0.02% in 2020 after peaking around 0.26% in 2019, then rebounding to 0.29% in 2021. This suggests active but variable use of derivatives in the company’s financial strategy.
- Other Current Assets
- Other current assets exhibited a slight declining trend from 1.83% in 2017 to 1.68% in 2021, a relatively minor decrease indicating marginal changes in these components relative to total assets.
- Current Assets
- Overall, current assets hovered around 23%, with an anomalous increase to 28.23% in 2020 before dropping back to 22.1% in 2021. The spike in 2020 likely relates to the increase in cash and other liquid assets that year, reflecting a temporary shift towards liquidity.
- Property, Plant, and Equipment, Net
- There is a clear decreasing trend in the share of property, plant, and equipment, from 18.57% in 2017 down to 15.51% in 2021. This steady decline could indicate asset disposals, depreciation outpacing new investments, or a shift in business model towards less asset-intensive operations.
- Goodwill
- Goodwill maintained a substantial portion of total assets, ranging mostly in the mid-30% range but increasing notably to 38.03% in 2021 after a low point in 2020 at 33.14%. This increase could reflect acquisitions or reassessments of asset values.
- Other Intangible Assets, Net
- Other intangible assets declined steadily from 20.13% in 2017 to 16.42% in 2020 before rebounding sharply to 19.92% in 2021. This pattern aligns with possible amortization or impairment followed by asset additions or revaluations in the latest year.
- Operating Lease Assets
- These assets appeared starting in 2019, representing 2.77% of total assets initially, and then showed a progressive decline to 1.87% by 2021. This downward trend may suggest lease terminations, renewals on different terms, or adjustments in lease accounting.
- Deferred Income Taxes
- Deferred income taxes increased gradually from 0.51% in 2017 to 0.9% in 2020, then settled back to 0.57% in 2021. The rise and subsequent decrease could indicate changes in tax timing differences or tax planning strategies.
- Pension Assets
- Pension-related assets remained negligible through most years but showed a notable rise to 0.54% in 2021 from very low levels prior, which may indicate adjustments in pension plan funding or actuarial gains.
- Restricted Cash
- Restricted cash was recorded only in 2018 at 0.89%, absent in other years, suggesting a one-time or temporary restriction of cash during that period.
- Other Assets
- Other non-specified assets maintained a steady proportion, slightly declining from 2.38% in 2017 to 2.57% in 2021, exhibiting minor fluctuations without a clear directional trend.
- Noncurrent Assets
- The share of noncurrent assets relative to total assets stayed around 77%, with a dip to 71.77% in 2020 corresponding with the rise in current assets that year. This rebalancing reversed in 2021, returning the noncurrent asset share to a pre-pandemic level.
- General Observations
- The overall asset structure demonstrates a stable proportion between current and noncurrent assets, with temporary shifts in liquidity and asset allocations during 2020, likely associated with external economic factors. Consistent decreases in physical assets and intangible assets through 2020 suggest either asset depreciation or strategic divestitures. The resurgence in intangible assets and goodwill in 2021 signals renewed investment or acquisition activity. Fluctuations in cash and derivatives hint at an adaptive approach to financial risk and liquidity management over the observed timeframe.