Common-Size Balance Sheet: Assets
Quarterly Data
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
The asset composition of the balance sheet exhibits a strategic shift in liquidity and asset allocation between 2013 and 2020. The overall structure transitioned from a more liquid position to one more heavily weighted toward noncurrent assets, particularly in the latter half of the analyzed period.
- Liquidity and Current Asset Trends
- Cash and equivalents demonstrated significant volatility, peaking at 29.17% in March 2017 before experiencing a sharp contraction to 5.36% by September 2018. Total current assets followed a similar trajectory, maintaining a range between 41% and 46% from 2013 through early 2017, followed by a decline to a low of 32.46% in September 2018, and a subsequent recovery to 37.00% by March 2020. Receivables also displayed a gradual downward trend, decreasing from peaks above 20% in 2014 to approximately 12.16% by March 2020.
- Fixed and Intangible Asset Analysis
- Property, plant, and equipment remained relatively stable as a percentage of total assets, generally fluctuating between 13% and 17%. In contrast, other intangible assets showed a consistent upward trend, rising from approximately 7.6% in late 2013 to a range of 11% to 13% between 2018 and 2020. Goodwill remained a primary component of the balance sheet, typically fluctuating between 28% and 32%, despite a temporary decline to 17.98% in September 2016.
- Long-term Asset Structure
- Noncurrent assets saw a general increase in their proportion of the total balance sheet. Starting at 58.55% in December 2013, noncurrent assets rose to a peak of 67.54% in September 2018. This increase is primarily attributed to the growth in intangible assets and the fluctuating levels of goodwill, indicating a shift toward a more asset-heavy long-term structure.
- Inventory Management
- Inventories remained the most stable component of the balance sheet throughout the analyzed period, consistently representing between 8% and 10% of total assets. This suggests a disciplined approach to inventory levels relative to the overall growth or contraction of the total asset base.
The overall trend indicates a transition from a liquidity-heavy position to one more focused on long-term intangible value. The sharp fluctuations in cash and current assets between 2017 and 2019 suggest significant capital reallocation or strategic corporate events during that window.
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