Balance Sheet: Assets
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.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Emerson Electric Co., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
The analysis of the annual financial data reveals several notable trends across the various asset categories over the six-year period ending in 2019.
- Cash and equivalents
- The cash and equivalents balance remained relatively stable from 2014 through 2017, fluctuating slightly around the 3,000 million US$ mark, before experiencing a sharp decline in 2018 to 1,093 million US$, followed by a modest recovery to 1,494 million US$ in 2019.
- Receivables, less allowances
- There is a downward trend in receivables from 5,019 million US$ in 2014 to 2,701 million US$ in 2016, then a moderate increase thereafter, reaching 3,344 million US$ in 2018 before a slight dip to 2,985 million US$ in 2019. This indicates variability possibly related to changes in sales or collection practices.
- Inventories
- Inventories declined notably from 2,057 million US$ in 2014 to a low of 1,208 million US$ in 2016, followed by a recovery trend to 1,880 million US$ in 2019, suggesting adjustments in inventory management or demand fluctuations.
- Unbilled receivables (contract assets)
- This item appears only in 2019 with a value of 456 million US$, indicating the introduction or recognition of this asset category in that year.
- Other current assets
- This category shows a significant spike in 2016 at 2,869 million US$, a substantial increase compared to other years. Outside this anomaly, other current assets remained below 1,000 million US$ through the period, with a slight increase to 780 million US$ in 2019.
- Current assets
- The total current assets declined steadily from 10,867 million US$ in 2014 to 6,619 million US$ in 2018, with a minor increase to 7,139 million US$ in 2019, reflecting the trends observed in cash, receivables, and inventories.
- Property, plant, and equipment, net
- Net property, plant, and equipment decreased from 3,802 million US$ in 2014 to 2,931 million US$ in 2016, then gradually increased to 3,642 million US$ in 2019. This suggests possible asset disposals or depreciation followed by reinvestment or acquisition.
- Goodwill
- Goodwill exhibited a downward trend from 7,182 million US$ in 2014 to 3,909 million US$ in 2016, subsequently increasing steadily to 6,536 million US$ in 2019. This pattern suggests significant impairment or divestitures around 2016, followed by acquisitions or goodwill adjustments.
- Other intangible assets
- Other intangible assets declined sharply to 902 million US$ in 2016 from 1,689 million US$ in 2014 but then surged to 2,751 million US$ by 2018 before decreasing slightly to 2,615 million US$ in 2019. This volatility indicates active management of intangible assets, potentially through acquisitions and amortization.
- Pension assets
- Pension assets were introduced in 2017 at 197 million US$, increased significantly to 591 million US$ in 2018, and then decreased to 164 million US$ in 2019, suggesting fluctuating pension plan valuations or funding status over these years.
- Asbestos-related insurance receivables
- Beginning in 2017, asbestos-related insurance receivables are recorded, with decreasing balances from 133 million US$ in 2017 to 115 million US$ in 2019, possibly reflecting ongoing claim settlements or adjustments.
- Deferred income taxes
- Deferred income taxes show small fluctuations between 74 million US$ and 97 million US$ during the period from 2017 onward, indicating a relatively stable deferred tax position.
- Other noncurrent assets
- Other noncurrent assets experienced an abnormally high value in 2016 at 4,041 million US$, compared to lower amounts in other years, followed by fluctuations and a decline to 565 million US$ in 2019. This unusual spike could be due to reclassification, one-time transactions, or accounting changes.
- Other assets
- The other assets category demonstrated variability, with a peak of 10,209 million US$ in 2018 and slight reduction to 9,716 million US$ in 2019, indicating adjustments among various noncurrent assets.
- Noncurrent assets
- Noncurrent assets decreased from 13,310 million US$ in 2014 to 11,783 million US$ in 2016, followed by a recovery to 13,771 million US$ in 2018 and a slight decrease to 13,358 million US$ in 2019, reflecting the patterns observed in PP&E, goodwill, and intangible assets.
- Total assets
- Total assets declined steadily from 24,177 million US$ in 2014 to 19,589 million US$ in 2017, then showed a recovery trend reaching 20,497 million US$ in 2019. This overall movement aligns with the changes in both current and noncurrent asset categories during the period.