Analysis of Geographic Areas
Linde plc operates in 8 regions: United States; China; Germany; United Kingdom; Australia; Mexico; Brazil; and Other, non-U.S..
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Area Asset Turnover
Linde plc, asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Germany | |||||
| United Kingdom | |||||
| Australia | |||||
| Mexico | |||||
| Brazil | |||||
| Other, non-U.S. |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Over the observed period from 2020 to 2024, the annual geographic area asset turnover ratios exhibit varied trends across different regions, indicating differences in asset utilization efficiency.
- United States
- The asset turnover ratio experienced growth from 1.09 in 2020 to a peak of 1.38 in 2022, followed by a decline to 1.19 by 2024. This suggests a period of improving asset efficiency until 2022, with some regression thereafter.
- China
- China shows a consistent upward trajectory over the five years, starting at 0.85 in 2020 and increasing steadily to 1.31 by 2024. This trend indicates continuous enhancement in asset turnover and operational efficiency in the Chinese market.
- Germany
- Germany's ratio rose significantly from 1.56 in 2020 to a peak of 2.18 in 2022, followed by a decline to just under 1.81 by 2024. Although lower than its peak, the 2024 figure remains higher than the initial 2020 value, reflecting improved asset utilization despite some recent reduction.
- United Kingdom
- The United Kingdom exhibits notable growth, with the ratio increasing from 1.21 in 2020 to 2.78 in 2022. Subsequently, there is a slight decrease to 2.31 in 2024, which remains well above the 2020 level, signifying substantial improvement over time.
- Australia
- Australia’s ratio rose substantially from 0.97 in 2020 to 1.99 in 2022 and remained stable through 2023 before increasing further to 2.36 in 2024, suggesting strengthening asset efficiency especially in the later years.
- Mexico
- Data for Mexico is missing for 2020 and 2021. From 2022 onward, the ratio shows consistent growth from 1.48 in 2022 to 1.91 in 2024, indicative of expanding operational efficiency in this region.
- Brazil
- Brazil’s turnover ratio increased steadily from 1.12 in 2020 to 1.71 in 2024, with a slight dip in 2023. Overall, this represents a positive trend in asset turnover over the period.
- Other, non-U.S.
- This category displays steady improvement from 0.73 in 2020 to 1.21 in 2023, with a minor decline to 1.20 in 2024, reflecting moderate gains in asset efficiency.
In summary, most regions demonstrate an upward trend in asset turnover ratios over the time frame, indicating enhanced efficiency in generating revenue from assets. Peaks are generally observed around 2022, with some regions experiencing slight declines afterward but maintaining higher levels than at the start of the period. The United Kingdom and Germany show the highest peak ratios, while China and Mexico represent regions with notable continuous growth. The United States shows a somewhat cyclical pattern, with improvement followed by a decline. Overall, the data reflects an overall positive momentum in asset utilization across the various geographic areas.
Area Asset Turnover: United States
Linde plc; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- Sales demonstrate a consistent upward trajectory across the observed years, increasing from 8,475 million US dollars in 2020 to 11,497 million US dollars in 2024. The growth is particularly notable between 2021 and 2022, where sales rose by approximately 15.7%. After a period of relative stabilization in 2023, sales resumed growth in 2024, reaching the highest recorded value within the series.
- Long-lived assets
- Long-lived assets show a moderately fluctuating trend over the period. Initially, there is a slight decline from 7,777 million US dollars in 2020 to 7,659 million in 2021, remaining relatively stable through 2022. However, a pronounced increase occurs in 2023, reaching 8,490 million, which continues upward to 9,663 million in 2024. This indicates an ongoing investment in or revaluation of long-lived assets in the latter years.
- Area asset turnover
- The area asset turnover ratio exhibits variability, with an initial increase from 1.09 in 2020 to a peak of 1.38 in 2022, suggesting improved efficiency in asset utilization during this period. However, this ratio declines subsequently to 1.24 in 2023 and further to 1.19 in 2024, indicating a reduction in how effectively the long-lived assets generate sales in the last two years.
- Insights
- The data reflect a scenario where sales steadily increase alongside rising levels of long-lived assets, particularly in the last two years. Despite the growth in sales, the declining asset turnover ratio in the final years suggests that assets are becoming less efficient in generating sales revenue. This may imply the need to assess asset utilization strategies or the nature of recent asset acquisitions. The earlier years show improved asset efficiency, but this trend reverses as assets grow more quickly than sales.
Area Asset Turnover: China
Linde plc; China; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
The data for the China geographic area of the company demonstrates several notable trends from 2020 to 2024 across sales, long-lived assets, and area asset turnover.
- Sales
- Sales increased steadily from 2,061 million US dollars in 2020 to 2,643 million in 2022. There was a slight decline in 2023 to 2,585 million, followed by a recovery to 2,649 million in 2024. Overall, the sales figures show a positive growth trend with minor fluctuations.
- Long-lived Assets
- Long-lived assets reflected a continuous downward trend, decreasing every year from 2,413 million US dollars in 2020 to 2,022 million in 2024. This decline indicates a gradual reduction in the asset base in this geographic area over the period, suggesting possible asset disposals, depreciation, or limited reinvestment in fixed assets.
- Area Asset Turnover
- The area asset turnover ratio, which measures sales generated per unit of asset, increased consistently from 0.85 in 2020 to 1.31 in 2024. This indicates improving efficiency in utilizing the asset base to produce sales, likely due to rising sales combined with shrinking asset levels.
In summary, the China area shows a pattern of rising sales alongside a steadily decreasing asset base, resulting in enhanced asset turnover efficiency. This trend suggests improved operational effectiveness in asset utilization despite the modest volatility in annual sales.
Area Asset Turnover: Germany
Linde plc; Germany; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- Sales in the Germany geographic area demonstrate a declining trend over the observed five-year period. Starting from US$3,740 million in 2020, sales slightly decreased to US$3,601 million in 2021, then showed a marginal increase to US$3,662 million in 2022. However, from 2022 onward, sales experienced a sharper decline, falling to US$2,827 million in 2023 and continuing down to US$2,509 million in 2024. Overall, this reflects a significant reduction in sales by approximately 33% from 2020 to 2024.
- Long-lived assets
- Long-lived assets progressively decreased each year within the period analyzed. The asset base contracted from US$2,394 million in 2020 to US$2,003 million in 2021, continuing downward to US$1,678 million in 2022, US$1,584 million in 2023, and finally US$1,386 million in 2024. This consistent decline suggests asset disposals or impairment, or a strategic shift leading to leaner asset holdings, culminating in a reduction of approximately 42% over five years.
- Area asset turnover
- The area asset turnover ratio exhibited variability but generally remained elevated over the period. It increased from 1.56 in 2020 to a peak of 2.18 in 2022, indicating improved efficiency in generating sales from the assets. Subsequently, the ratio declined to 1.78 in 2023 but slightly recovered to 1.81 in 2024. Despite fluctuations, the 2024 turnover still exceeds the 2020 level, suggesting improved asset utilization overall despite the reductions in both sales and asset base.
Area Asset Turnover: United Kingdom
Linde plc; United Kingdom; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- Sales showed an initial increase from 1595 million US dollars in 2020 to 2060 million in 2021, representing significant growth. However, sales declined in the subsequent years to 1954 million in 2022 and further to 1507 million in 2023. A slight recovery is observed in 2024, with sales increasing to 1540 million. Overall, the sales trend exhibits volatility with a peak in 2021 followed by a notable decline and a modest rebound.
- Long-lived assets
- Long-lived assets have declined consistently over the period analyzed. Starting at 1313 million US dollars in 2020, assets decreased to 1078 million in 2021, continuing down to 704 million in 2022, followed by further reductions to 684 million in 2023 and 668 million in 2024. This pattern indicates a sustained reduction in asset base in this geographic area.
- Area asset turnover
- The area asset turnover ratio demonstrates variation throughout the years. It initially increased sharply from 1.21 in 2020 to 1.91 in 2021 and further to 2.78 in 2022, reflecting improved efficiency in utilizing assets to generate sales. However, this ratio declined to 2.20 in 2023 before rising again slightly to 2.31 in 2024. Despite some fluctuations, the overall trend shows enhanced asset productivity compared to the starting point in 2020.
Area Asset Turnover: Australia
Linde plc; Australia; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- Sales demonstrated a generally increasing trend over the period analyzed. Starting at $1,071 million in 2020, sales rose to $1,307 million in 2021, followed by a further increase to $1,372 million in 2022. Despite a slight dip to $1,303 million in 2023, sales recovered to $1,354 million in 2024, indicating a resilient revenue performance with minor fluctuations.
- Long-lived assets
- Long-lived assets consistently decreased during the period. From $1,105 million in 2020, assets declined sharply to $872 million in 2021, then continued to reduce to $688 million in 2022, followed by $654 million in 2023, and finally reached $573 million in 2024. This steady reduction may suggest asset disposals, depreciation, or revaluation impacts affecting the asset base.
- Area asset turnover
- The area asset turnover ratio exhibited a strong upward trend, indicating improved efficiency in utilizing assets to generate sales. The ratio progressed from 0.97 in 2020 to 1.5 in 2021, then to 1.99 in 2022 and 2023, and further increased to 2.36 in 2024. This consistent improvement implies enhanced productivity and better asset management over the years.
Area Asset Turnover: Mexico
Linde plc; Mexico; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales Trend
- Sales figures demonstrate a consistent upward trajectory from 2022 to 2024. Starting at 1,044 million US dollars in 2022, sales increased to 1,292 million in 2023 and further to 1,346 million in 2024, indicating steady growth in revenue within the Mexico geographic area.
- Long-lived Assets Movement
- Long-lived assets exhibited fluctuations over the observed period. The asset base grew from 707 million US dollars in 2022 to 768 million in 2023, followed by a decline to 704 million in 2024. This suggests a possible asset disposal or revaluation in the latest year, despite growth in the prior year.
- Area Asset Turnover Ratio
- The area asset turnover ratio increased progressively year over year. Beginning at 1.48 in 2022, it rose to 1.68 in 2023 and further to 1.91 in 2024. This trend signals improved efficiency in utilizing fixed assets to generate sales revenue within the Mexico segment.
- Overall Insights
- The data reflect a positive growth environment in the Mexico area, with rising sales and enhanced asset utilization efficiency. Despite a minor reduction in long-lived assets in 2024, the increase in asset turnover indicates effective management of assets to support sales expansion.
Area Asset Turnover: Brazil
Linde plc; Brazil; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- Sales in the Brazil geographic area demonstrate a consistent upward trend from 2020 through 2023, increasing from 822 million US dollars in 2020 to a peak of 1,302 million US dollars in 2023. However, in 2024 sales experienced a slight decline, falling to 1,263 million US dollars, though remaining well above the 2020 level.
- Long-lived assets
- The value of long-lived assets fluctuated over the analyzed period. Starting at 734 million US dollars in 2020, there was a minor decrease to 705 million in 2021, followed by a small increase to 720 million in 2022. A more notable increase occurred in 2023, reaching 836 million, after which the asset base declined again to 738 million in 2024, nearing the levels seen at the beginning of the period.
- Area asset turnover ratio
- The area asset turnover ratio exhibited an overall positive progression, improving from 1.12 in 2020 to 1.71 in 2024. This indicates increasingly efficient use of assets in generating sales across the years. The ratio peaked in 2024, despite the slight decline in sales during that year, suggesting that asset utilization improved relative to asset size.
- Summary and Insights
- The data shows growth in sales with a minor reversal in the most recent year, pointing towards potential market or operational challenges impacting revenue after significant expansion. The long-lived assets show variability, with investment peaks and subsequent reductions, possibly reflecting asset management strategies or disposals. The rising asset turnover ratio implies enhanced efficiency in asset utilization, contributing to higher sales generation per unit of asset value. Overall, the trends suggest a focus on improving operational efficiency in Brazil, albeit with attention needed to sustain sales growth amid changing asset levels.
Area Asset Turnover: Other, non-U.S.
Linde plc; Other, non-U.S.; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Area asset turnover = Sales ÷ Long-lived assets
= ÷ =
- Sales
- The sales figures exhibit an overall upward trend from 2020 to 2023, growing from $9,479 million in 2020 to a peak of $11,472 million in 2023. However, in 2024, sales declined to $10,847 million, representing a reduction from the previous year but still above the 2020 level.
- Long-lived Assets
- There is a consistent downward trajectory in the value of long-lived assets over the five-year period. The asset base decreased from $12,975 million in 2020 to $9,021 million in 2024, reflecting a contraction of approximately 30%. This trend indicates a possible reduction in fixed asset investments or disposals of assets.
- Area Asset Turnover
- The area asset turnover ratio demonstrates a significant improvement over the period. It increased sharply from 0.73 in 2020 to 1.21 in 2023, with a slight decrease to 1.20 in 2024. This increase suggests enhanced efficiency in utilizing long-lived assets to generate sales, possibly due to asset optimization or improved operational performance.
Sales
Linde plc, sales by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Germany | |||||
| United Kingdom | |||||
| Australia | |||||
| Mexico | |||||
| Brazil | |||||
| Other, non-U.S. | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The sales data across geographic areas over the five-year period demonstrates varied trends among different regions. Overall, the total sales increased from approximately 27,243 million US dollars in 2020 to 33,005 million US dollars in 2024, indicating a general growth in total revenue.
- United States
- The United States exhibited a consistent upward trend throughout the period, with sales rising from 8,475 million US dollars in 2020 to 11,497 million US dollars in 2024. Notably, the growth accelerated significantly between 2021 and 2022, after which it stabilized but remained on an upward trajectory.
- China
- Sales in China showed moderate growth from 2,061 million US dollars in 2020 to 2,649 million US dollars in 2024. There was an increase from 2020 to 2022, followed by a slight dip in 2023, and a small recovery in 2024, depicting relatively stable performance with minor fluctuations.
- Germany
- Germany's sales declined steadily over the five-year span, dropping from 3,740 million US dollars in 2020 to 2,509 million US dollars in 2024. The most significant decrease occurred between 2022 and 2024, suggesting a contraction or challenges in this market.
- United Kingdom
- The United Kingdom experienced an initial rise from 1,595 million US dollars in 2020 to a peak of 2,060 million US dollars in 2021, followed by a decline through 2023, reaching 1,507 million US dollars, and a slight rebound to 1,540 million US dollars in 2024. This pattern indicates volatility and relative weakening in the later years.
- Australia
- Australia's sales steadily increased from 1,071 million US dollars in 2020 to 1,354 million US dollars in 2024, with minor fluctuations. The growth indicates sustained positive momentum in this region.
- Mexico
- Mexico's sales figures are only available from 2022 onwards, showing growth from 1,044 million US dollars in 2022 to 1,346 million US dollars in 2024. This upward trend highlights increasing market presence or successful penetration in recent years.
- Brazil
- Brazil showed consistent growth from 822 million US dollars in 2020 to a peak of 1,302 million US dollars in 2023, with a marginal decrease to 1,263 million US dollars in 2024. Overall, this represents a positive expansion trend with a slight tapering at the end.
- Other, non-U.S.
- The "Other, non-U.S." category fluctuated slightly, increasing from 9,479 million US dollars in 2020 to a peak of 11,472 million US dollars in 2023, followed by a decline to 10,847 million US dollars in 2024. This suggests variable performance across other international markets outside the specifically listed countries.
In summary, the data indicates robust growth in the United States and emerging markets such as Mexico and Brazil. Conversely, some established markets, notably Germany and the United Kingdom, experienced declining sales over the period. Australia and China maintained relatively stable sales with modest growth. The fluctuations in the "Other, non-U.S." segment point to varied outcomes in secondary markets. The overall increase in total sales demonstrates effective expansion or market resilience despite regional disparities.
Long-lived assets
Linde plc, long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Germany | |||||
| United Kingdom | |||||
| Australia | |||||
| Mexico | |||||
| Brazil | |||||
| Other, non-U.S. | |||||
| Total |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The long-lived assets data over the years indicate distinct geographic trends. The total long-lived assets experienced a consistent decline from 2020 through 2022, decreasing from approximately $28.7 billion to $23.5 billion. However, in 2023 and 2024, a reversal occurred with moderate increases, reaching nearly $24.8 billion by the end of 2024.
- United States
- The United States shows an initial slight decrease from $7.78 billion in 2020 to just under $7.66 billion in 2021 and 2022, followed by a notable recovery in 2023 and 2024. By 2024, assets increased substantially to approximately $9.66 billion, surpassing 2020 levels.
- China
- Assets in China steadily declined each year from $2.41 billion in 2020 to just over $2.02 billion in 2024. The trend suggests continuous asset attrition without signs of recovery during this timeframe.
- Germany
- Germany exhibits a persistent downward trajectory in asset values, dropping from $2.39 billion in 2020 to $1.39 billion in 2024, indicating a significant contraction over the five-year period.
- United Kingdom
- The United Kingdom experienced a sharp decrease from $1.31 billion in 2020 to $0.68 billion by 2024, consistent with the overall decline seen in several non-U.S. regions.
- Australia
- Australia's long-lived assets also decreased notably from $1.11 billion in 2020 to $0.57 billion in 2024, mirroring the downward trends observed in European and Asian markets.
- Mexico
- Data for Mexico commences in 2022 with assets valued at $0.71 billion, followed by a slight increase to $0.77 billion in 2023, before declining to $0.70 billion in 2024, indicating relatively stable asset levels with minor fluctuations in the short term.
- Brazil
- Brazil shows minor fluctuations, starting at $0.73 billion in 2020, dipping slightly in 2021, then rising to a peak of $0.84 billion in 2023 before easing to $0.74 billion in 2024. The pattern suggests moderate stability with some cyclical variation.
- Other, non-U.S.
- This category decreased significantly from $13.0 billion in 2020 to about $9.0 billion in 2024, representing a substantial reduction and reinforcing the trend of asset contraction in non-U.S. regions outside the specifically named countries.
Overall, the data reveal a strong U.S. asset base that recovered and grew in the latter years, while non-U.S. assets generally declined, with the most pronounced decreases seen in Germany, the United Kingdom, Australia, China, and other non-U.S. areas. Mexico and Brazil represent exceptions with relatively stable or slightly fluctuating asset values. The total asset base's resurgence in 2023 and 2024 is primarily driven by gains in the United States.