Analysis of Geographic Areas
Ecolab Inc. operates in 7 regions: United States; Europe; Asia Pacific; Latin America; Greater China; India, Middle East and Africa; and Canada.
Area Asset Turnover
Ecolab Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | 2.73 | 0.91 | 0.87 | 0.84 | 0.83 |
| Europe | 4.89 | 0.87 | 1.09 | 1.13 | 1.01 |
| Asia Pacific | 4.81 | 1.29 | 1.23 | 1.23 | 1.16 |
| Latin America | 5.54 | 1.56 | 1.77 | 1.60 | 1.47 |
| Greater China | 3.30 | 0.42 | 0.45 | 0.43 | 0.37 |
| India, Middle East and Africa | 7.00 | 2.19 | 2.29 | 2.35 | 2.11 |
| Canada | 5.49 | 3.78 | 1.08 | 1.11 | 0.99 |
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).
The analysis of geographic asset turnover from 2017 through 2021 reveals a period of relative stability followed by a systemic and substantial increase in efficiency metrics across all operating segments in the final year. While baseline performance varied significantly by region, the universal surge in 2021 indicates a fundamental shift in the asset-to-revenue relationship on a global scale.
- High-Performing Regions
- India, Middle East and Africa consistently demonstrated the highest asset turnover ratios throughout the five-year period, maintaining a lead over all other regions. This segment peaked at a ratio of 7.00 in 2021, following a stable period where ratios fluctuated between 2.11 and 2.35 from 2017 to 2020.
- Low-Performing Regions
- Greater China consistently recorded the lowest asset turnover ratios, beginning at 0.37 in 2017. Although a significant increase to 3.30 occurred in 2021, the region remained less efficient in asset utilization compared to other geographic areas for the majority of the observed period.
- Regional Growth Patterns
- Latin America and Asia Pacific showed steady improvements in turnover ratios between 2017 and 2019. Latin America exhibited a peak of 1.77 in 2019 before a slight contraction in 2020 and a subsequent leap to 5.54 in 2021. Asia Pacific maintained a consistent range between 1.16 and 1.29 before rising to 4.81 in 2021.
- Atypical Trends
- Canada displayed a unique trajectory, with a sharp increase in asset turnover starting in 2020 (3.78), contrasting with other regions like Europe and Latin America, which experienced declines or stagnation during that same year. This upward trend continued into 2021, reaching 5.49.
- Global Systemic Shift
- A profound increase in ratios is evident across all regions in 2021. For example, the United States ratio rose from 0.91 to 2.73, and Europe rose from 0.87 to 4.89. This synchronized movement suggests a significant corporate-wide event, such as a major asset divestiture or a substantial revenue surge, rather than isolated regional operational improvements.
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Area Asset Turnover: United States
Ecolab Inc.; United States; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 6,585,200) | 6,118,200) | 7,983,300) | 7,748,200) | 7,324,500) |
| Long-lived assets, net | 2,416,400) | 6,739,400) | 9,223,600) | 9,175,400) | 8,853,700) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 2.73 | 0.91 | 0.87 | 0.84 | 0.83 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 6,585,200 ÷ 2,416,400 = 2.73
The financial performance for the United States region from 2017 to 2021 is characterized by a significant shift in asset efficiency, driven primarily by a substantial reduction in the asset base rather than sales growth.
- Net Sales Trends
- Revenue demonstrated a steady upward trajectory from 2017 to 2019, peaking at 7.98 billion. A sharp decline occurred in 2020, with sales dropping to 6.12 billion, followed by a partial recovery to 6.59 billion in 2021. This suggests a period of volatility and external disruption impacting top-line performance between 2019 and 2021.
- Long-lived Assets Analysis
- The net value of long-lived assets remained relatively stable between 2017 and 2019, fluctuating slightly around 9 billion. However, a significant contraction began in 2020, with assets falling to 6.74 billion, followed by a precipitous drop to 2.42 billion in 2021. This drastic reduction in the asset base indicates a potential restructuring, divestment, or significant write-down of assets within the region.
- Area Asset Turnover Interpretation
- The asset turnover ratio experienced a gradual and consistent increase from 0.83 in 2017 to 0.91 in 2020. In 2021, the ratio surged to 2.73. This exponential increase is not attributable to an increase in sales, but is instead the direct result of the severe depletion of long-lived assets. The data indicates that the region is generating significantly more revenue per unit of asset in 2021 compared to previous years, though this efficiency gain is driven by a shrinking asset denominator.
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Area Asset Turnover: Europe
Ecolab Inc.; Europe; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 2,841,000) | 2,650,100) | 2,888,800) | 2,858,300) | 2,652,200) |
| Long-lived assets, net | 580,700) | 3,062,000) | 2,641,600) | 2,538,700) | 2,623,800) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 4.89 | 0.87 | 1.09 | 1.13 | 1.01 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 2,841,000 ÷ 580,700 = 4.89
The financial performance in the European region between 2017 and 2021 is characterized by relatively stable revenue streams contrasted with a significant structural shift in the asset base during the final year of the period.
- Net Sales Trends
- Revenue exhibited moderate growth from 2017 to 2019, peaking at 2,888.8 million US$. A contraction occurred in 2020, with sales decreasing to 2,650.1 million US$, followed by a recovery to 2,841 million US$ in 2021. This pattern indicates a resilient demand base despite a temporary downturn in 2020.
- Long-lived Assets Analysis
- The net value of long-lived assets remained relatively consistent between 2017 and 2019, fluctuating between 2.5 billion and 2.6 billion US$. Assets increased to a peak of 3,062 million US$ in 2020 before experiencing a substantial reduction to 580.7 million US$ in 2021. This sharp decline suggests a major strategic reallocation, asset divestment, or significant impairment charge.
- Area Asset Turnover Performance
- The asset turnover ratio remained near unity between 2017 and 2019, reflecting a stable relationship between sales generation and the asset base. The ratio declined to its lowest point of 0.87 in 2020, driven by the simultaneous decrease in net sales and the increase in long-lived assets. In 2021, the ratio rose sharply to 4.89, a mathematical result of the drastic reduction in the asset denominator while sales recovered to near-peak levels.
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Area Asset Turnover: Asia Pacific
Ecolab Inc.; Asia Pacific; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 1,141,200) | 1,088,500) | 1,252,400) | 1,239,100) | 1,184,900) |
| Long-lived assets, net | 237,100) | 846,100) | 1,015,100) | 1,003,400) | 1,022,500) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 4.81 | 1.29 | 1.23 | 1.23 | 1.16 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 1,141,200 ÷ 237,100 = 4.81
The financial performance in the Asia Pacific region between 2017 and 2021 is characterized by relatively stable revenue streams contrasted with a significant reduction in the asset base, leading to a sharp increase in asset efficiency ratios in the final year of the period.
- Net Sales Trends
- Revenue exhibited modest growth from 2017 to 2019, peaking at 1,252,400 thousand US dollars. A contraction occurred in 2020, with sales falling to 1,088,500 thousand US dollars, followed by a partial recovery to 1,141,200 thousand US dollars by the end of 2021.
- Long-lived Assets Analysis
- Net long-lived assets remained stable near the 1 billion US dollar mark from 2017 through 2019. A downward trend began in 2020 with a decrease to 846,100 thousand US dollars, culminating in a substantial reduction to 237,100 thousand US dollars in 2021. This represents a significant contraction of the regional asset base.
- Area Asset Turnover Interpretation
- The area asset turnover ratio experienced a gradual increase from 1.16 in 2017 to 1.29 in 2020, reflecting a steady improvement in how assets were utilized to generate sales. In 2021, the ratio spiked to 4.81. This dramatic escalation is primarily attributed to the precipitous decline in long-lived assets rather than a corresponding surge in net sales, indicating a fundamental shift in the asset structure of the Asia Pacific operations.
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Area Asset Turnover: Latin America
Ecolab Inc.; Latin America; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 763,300) | 689,500) | 924,300) | 906,300) | 892,800) |
| Long-lived assets, net | 137,900) | 443,000) | 522,400) | 565,800) | 605,800) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 5.54 | 1.56 | 1.77 | 1.60 | 1.47 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 763,300 ÷ 137,900 = 5.54
The financial performance in Latin America between 2017 and 2021 is characterized by a period of initial stability followed by significant volatility in both revenue and asset utilization. While sales experienced a sharp contraction in 2020, the most notable shift occurred in the asset base, which led to a dramatic increase in the asset turnover ratio by the end of the period.
- Net Sales Trends
- Revenue exhibited a steady upward trajectory from 2017 to 2019, rising from 892,800 thousand US$ to a peak of 924,300 thousand US$. A substantial decline was recorded in 2020, with sales falling to 689,500 thousand US$, representing a decrease of approximately 25.4% from the previous year. A partial recovery occurred in 2021, with sales increasing to 763,300 thousand US$, although they remained below 2017 levels.
- Long-lived Assets Analysis
- A consistent downward trend in net long-lived assets was observed throughout the analyzed period. Assets decreased gradually from 605,800 thousand US$ in 2017 to 443,000 thousand US$ in 2020. A precipitous reduction occurred in 2021, with the asset base falling to 137,900 thousand US$, a decrease of approximately 68.8% in a single year, suggesting a significant restructuring, divestment, or impairment of assets within the region.
- Area Asset Turnover Interpretation
- The asset turnover ratio improved from 1.47 in 2017 to 1.77 in 2019, reflecting increased operational efficiency. The ratio dipped to 1.56 in 2020 as the decline in sales outpaced the reduction in assets. However, the ratio surged to 5.54 in 2021. This exponential increase was not driven by a proportional surge in revenue, but rather by the drastic contraction of the asset base, indicating a shift toward an asset-light operational model in the Latin American market.
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Area Asset Turnover: Greater China
Ecolab Inc.; Greater China; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 615,800) | 515,800) | 523,200) | 519,200) | 483,700) |
| Long-lived assets, net | 186,400) | 1,226,500) | 1,163,100) | 1,194,600) | 1,301,000) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 3.30 | 0.42 | 0.45 | 0.43 | 0.37 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 615,800 ÷ 186,400 = 3.30
Financial performance in the Greater China region from 2017 to 2021 is characterized by consistent revenue growth and a significant structural adjustment in the asset base during the final reported year.
- Net Sales Trends
- Revenue exhibited a general upward trajectory, increasing from US$ 483.7 million in 2017 to US$ 615.8 million in 2021. A period of stability was observed between 2018 and 2020, with a slight contraction in 2020, followed by a substantial increase in 2021.
- Long-lived Assets Analysis
- The net long-lived asset base remained relatively stable between 2017 and 2020, ranging from US$ 1.16 billion to US$ 1.30 billion. However, a precipitous decline occurred in 2021, where assets dropped to US$ 186.4 million. This suggests a major reclassification, divestment, or impairment of assets within the region.
- Area Asset Turnover Efficiency
- The area asset turnover ratio remained low and relatively stable from 2017 to 2020, moving from 0.37 to 0.42. In 2021, the ratio experienced an anomalous surge to 3.30. This spike is fundamentally driven by the drastic reduction in the asset base rather than organic sales growth alone, resulting in a significantly higher turnover figure that deviates from the historical trend.
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Area Asset Turnover: India, Middle East and Africa
Ecolab Inc.; India, Middle East and Africa; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 421,700) | 390,600) | 685,800) | 709,500) | 655,700) |
| Long-lived assets, net | 60,200) | 178,500) | 299,200) | 302,100) | 310,100) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 7.00 | 2.19 | 2.29 | 2.35 | 2.11 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 421,700 ÷ 60,200 = 7.00
The financial performance of the India, Middle East, and Africa region is characterized by a period of relative stability followed by a significant contraction in sales and a drastic reduction in the asset base.
- Net Sales Performance
- Net sales grew from 655.7 million USD in 2017 to a peak of 709.5 million USD in 2018. A slight decline occurred in 2019, followed by a sharp contraction in 2020, where sales fell to 390.6 million USD. A partial recovery was observed in 2021, with sales increasing to 421.7 million USD.
- Long-Lived Assets Trend
- Between 2017 and 2019, net long-lived assets remained stable, decreasing marginally from 310.1 million USD to 299.2 million USD. A significant downward shift began in 2020, with assets dropping to 178.5 million USD, and accelerated sharply in 2021 to 60.2 million USD. This represents a substantial divestment or write-down of the region's capital asset base.
- Area Asset Turnover Analysis
- The area asset turnover ratio remained consistent between 2017 and 2020, fluctuating within a narrow range of 2.11 to 2.35. However, the ratio experienced an anomalous surge to 7.00 in 2021. This increase was not the result of revenue growth, but was driven by the precipitous decline in net long-lived assets. This indicates a shift toward an asset-light operational structure, where a significantly smaller asset base is supporting the region's sales volume.
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Area Asset Turnover: Canada
Ecolab Inc.; Canada; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 364,900) | 337,500) | 648,500) | 687,600) | 644,500) |
| Long-lived assets, net | 66,500) | 89,300) | 598,100) | 616,800) | 649,100) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 5.49 | 3.78 | 1.08 | 1.11 | 0.99 |
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).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= 364,900 ÷ 66,500 = 5.49
The financial performance in the Canadian area between 2017 and 2021 is characterized by a stable initial period followed by a substantial structural shift in the asset base and revenue generation patterns starting in 2020.
- Net Sales Trends
- Revenue remained relatively consistent from 2017 to 2019, peaking at 687.6 million US dollars in 2018. However, a sharp contraction occurred in 2020, with net sales falling to 337.5 million US dollars, representing a decline of approximately 48% from the previous year. A marginal recovery was observed in 2021, with sales increasing to 364.9 million US dollars.
- Long-lived Assets Evolution
- Net long-lived assets showed a gradual decline from 649.1 million US dollars in 2017 to 598.1 million US dollars in 2019. This was followed by a drastic reduction in 2020, where assets fell to 89.3 million US dollars, and a further decrease to 66.5 million US dollars by the end of 2021. This suggests a significant divestment or a reallocation of assets away from the Canadian area.
- Area Asset Turnover Analysis
- The area asset turnover ratio remained stable near 1.0 between 2017 and 2019, indicating a proportional relationship between the asset base and generated sales. In 2020, the ratio spiked to 3.78, and it further increased to 5.49 in 2021. This rapid escalation in the turnover ratio is primarily driven by the severe contraction of the asset base, which occurred at a much faster rate than the decline in net sales. The resulting increase reflects a leaner asset structure rather than a purely organic increase in operational efficiency.
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Net sales
Ecolab Inc., net sales by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | 6,585,200) | 6,118,200) | 7,983,300) | 7,748,200) | 7,324,500) |
| Europe | 2,841,000) | 2,650,100) | 2,888,800) | 2,858,300) | 2,652,200) |
| Asia Pacific | 1,141,200) | 1,088,500) | 1,252,400) | 1,239,100) | 1,184,900) |
| Latin America | 763,300) | 689,500) | 924,300) | 906,300) | 892,800) |
| Greater China | 615,800) | 515,800) | 523,200) | 519,200) | 483,700) |
| India, Middle East and Africa | 421,700) | 390,600) | 685,800) | 709,500) | 655,700) |
| Canada | 364,900) | 337,500) | 648,500) | 687,600) | 644,500) |
| Total | 12,733,100) | 11,790,200) | 14,906,300) | 14,668,200) | 13,838,300) |
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).
Total net sales exhibited a consistent growth trend from 2017 to 2019, peaking at 14.9 billion USD, followed by a substantial contraction in 2020. A partial recovery occurred in 2021, with total sales rising to 12.7 billion USD, although this figure remained below the levels observed between 2017 and 2019.
- North American Market Performance
- The United States remains the primary revenue driver, accounting for the largest share of net sales. Revenue in this region grew from 7.32 billion USD in 2017 to a peak of 7.98 billion USD in 2019, before declining to 6.12 billion USD in 2020 and recovering to 6.59 billion USD in 2021. Canada experienced a more volatile trajectory, with a sharp decline from 687.6 million USD in 2018 to 337.5 million USD in 2020, and a 2021 recovery that remained significantly below pre-2020 levels.
- European and Asia Pacific Stability
- Europe demonstrated relative stability compared to other regions. Sales peaked at 2.89 billion USD in 2019, experienced a moderate dip to 2.65 billion USD in 2020, and nearly returned to peak levels at 2.84 billion USD in 2021. The Asia Pacific region followed a similar pattern, peaking at 1.25 billion USD in 2019 and recovering to 1.14 billion USD by the end of 2021.
- Greater China Expansion
- Greater China showed the most robust long-term growth trajectory. Despite a minor dip in 2020, net sales reached a five-year peak of 615.8 million USD in 2021. This represents a significant increase over the 483.7 million USD reported in 2017, making it one of the few regions to exceed its 2019 peak by the end of the period.
- Emerging Markets and Other Regions
- The India, Middle East, and Africa (IMEA) region and Latin America both suffered significant revenue losses in 2020. IMEA sales fell from a 2018 high of 709.5 million USD to 390.6 million USD in 2020, with the 2021 recovery to 421.7 million USD remaining well below historical averages. Latin America experienced a decline to 689.5 million USD in 2020 before rebounding to 763.3 million USD in 2021.
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Long-lived assets, net
Ecolab Inc., long-lived assets, net by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | 2,416,400) | 6,739,400) | 9,223,600) | 9,175,400) | 8,853,700) |
| Europe | 580,700) | 3,062,000) | 2,641,600) | 2,538,700) | 2,623,800) |
| Asia Pacific | 237,100) | 846,100) | 1,015,100) | 1,003,400) | 1,022,500) |
| Latin America | 137,900) | 443,000) | 522,400) | 565,800) | 605,800) |
| Greater China | 186,400) | 1,226,500) | 1,163,100) | 1,194,600) | 1,301,000) |
| India, Middle East and Africa | 60,200) | 178,500) | 299,200) | 302,100) | 310,100) |
| Canada | 66,500) | 89,300) | 598,100) | 616,800) | 649,100) |
| Total | 3,685,200) | 12,584,800) | 15,463,100) | 15,396,800) | 15,366,000) |
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).
The aggregate value of net long-lived assets remained relatively stable from 2017 through 2019, maintaining a range between 15.36 billion and 15.46 billion US dollars. However, a significant contraction began in 2020 and accelerated sharply in 2021, resulting in a total asset value of 3.68 billion US dollars by the end of the period. This represents a total decrease of approximately 76% from the 2019 peak.
- Primary Geographic Concentration
- The United States consistently represented the largest share of long-lived assets. After peaking at 9.22 billion US dollars in 2019, assets in this region declined to 6.74 billion in 2020 and experienced a further steep drop to 2.42 billion US dollars by December 31, 2021.
- International Market Volatility
- European assets showed a divergent trend initially, increasing to a peak of 3.06 billion US dollars in 2020 before collapsing to 580.7 million US dollars in 2021. Similarly, assets in Greater China remained relatively stable through 2020 at 1.23 billion US dollars before falling to 186.4 million US dollars in 2021.
- Secondary Regional Declines
- Asia Pacific, Latin America, and the India, Middle East, and Africa segment all exhibited consistent downward trajectories starting in 2020. Asia Pacific assets decreased from 1.02 billion in 2017 to 237.1 million in 2021, while Latin American assets fell from 605.8 million in 2017 to 137.9 million in 2021.
- Accelerated Reduction in Canada
- Canada experienced one of the earliest sharp declines in long-lived assets. While assets were 598.1 million US dollars in 2019, they dropped precipitously to 89.3 million US dollars in 2020, remaining low at 66.5 million US dollars at the end of 2021.
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