Common-Size Balance Sheet: Assets
Quarterly Data
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HCA Healthcare Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets has demonstrated notable volatility over the analyzed periods. Starting at low levels around 2% in early 2017, there was a significant spike in mid-2019 and mid-2020, reaching peaks of approximately 9.52% in March 2020 and 12.91% in June 2020. After these peaks, the ratio declined sharply, stabilizing in the range of roughly 2% to 4.5% by early 2022. This pattern suggests significant fluctuations in liquidity management or short-term cash holdings, with particularly elevated reserves coinciding with the onset of the COVID-19 pandemic.
- Accounts Receivable
- Accounts receivable as a percentage of total assets remained relatively stable, fluctuating mostly between 15.9% and 17.8%. The ratio showed a gradual decline from early 2019 into mid-2020, reaching a low point near 12.6%, followed by a recovery and a return to near previous levels in 2021 and 2022. This trend may reflect changes in revenue cycle efficiency, billing practices, or shifts in credit terms extended to customers over the period.
- Inventories
- Inventories consistently accounted for around 3.8% to 4.5% of total assets throughout the time frame, with minor fluctuations downward observed during 2020 and early 2022. This reduction during certain quarters could indicate better inventory management or possible supply chain adjustments likely influenced by external factors impacting stock levels.
- Other Current Assets
- This category showed moderate variation, generally ranging from about 2.5% to 4.0% of total assets. During the early pandemic quarters, a slight decrease was apparent, but a subsequent rebound was noted toward late 2021 and early 2022. This may reflect adjustments in miscellaneous current assets aligned with operational changes.
- Current Assets
- Overall current assets as a percentage of total assets fluctuated between approximately 24% to 32%, with peaks in mid-2019 and mid-2020. There was a marked increase during pandemic onset periods, which corresponds to the increase in cash and cash equivalents noted earlier, suggesting a shift towards more liquid or near-liquid asset holdings during uncertain times.
- Property and Equipment, at Cost
- The proportion of property and equipment at cost steadily decreased from approximately 111% in early 2017 to below 100% by early 2022. This decrease indicates a relative reduction in fixed asset investment or asset base growth compared to total assets, potentially due to disposition, lesser capital expenditures, or growth in other asset categories.
- Accumulated Depreciation
- Accumulated depreciation showed a gradual decline in its negative percentage relative to total assets, shifting from around -62.5% to approximately -53% by early 2022. This trend suggests ongoing depreciation of existing fixed assets with a possible effect of asset retirements or write-offs influencing the net carrying amounts.
- Property and Equipment, Net
- The net property and equipment ratio remained relatively stable around 44% to 50%, with minor fluctuations. This stability indicates that the net carrying value of fixed assets formed a consistent proportion of total assets despite changes in gross fixed assets and accumulated depreciation.
- Investments of Insurance Subsidiaries
- Investments in insurance subsidiaries accounted for roughly 0.7% to 1.1% of total assets, remaining fairly steady across the periods with a slight downward trend in late periods, potentially reflecting divestitures or changes in investment strategy.
- Investments in and Advances to Affiliates
- This category displayed slight increases over time, moving from approximately 0.5% to near 0.9%, suggesting a moderate increase in investments or advances to affiliated entities, possibly reflecting strategic partnerships or financing activities within the corporate group.
- Goodwill and Other Intangible Assets
- Goodwill and intangible assets exhibited minor fluctuations, staying mostly within an 18% to 20% range of total assets. There was a modest downward trend from early 2019 through early 2021, followed by slight increases thereafter, which may correspond to acquisition activities or impairments affecting intangible asset balances.
- Right-of-Use Operating Lease Assets
- Introduced only in 2018, these assets represented about 4% of total assets and remained consistently around that level through to early 2022. This reflects the adoption and continued recognition of lease-related assets consistent with lease accounting standards.
- Other Noncurrent Assets
- Other noncurrent assets demonstrated a general decrease from approximately 3.3% in 2017 down to below 1% by early 2022. This consistent decline may indicate disposals, amortization, or reclassification of noncurrent assets within this category.
- Noncurrent Assets
- The overall proportion of noncurrent assets relative to total assets showed minor fluctuations but mostly ranged between 68% and 75%. There was a slight downward trend seen during the pandemic-related quarters in 2020, followed by some recovery, indicating relative stability in long-term asset holdings amid some volatility likely caused by changing asset compositions.
- Total Assets
- Total assets remained constant at 100% as per definition, serving as the base for all proportional analyses.