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Motorola Solutions Inc. (NYSE:MSI)

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Common-Size Balance Sheet: Assets
Quarterly Data

Motorola Solutions Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Cash and cash equivalents 10.35 11.35 12.78 7.32 5.79 8.27 10.34 7.07 6.14 7.54 15.37 14.47 17.26 12.66 11.53 9.72 12.93 15.60 9.41 10.99 9.67 8.98
Accounts receivable, net 13.20 11.95 12.82 13.40 12.35 10.85 11.85 11.77 11.00 9.88 11.37 10.47 10.50 10.46 12.78 11.15 10.93 10.47 13.27 12.48 12.09 11.51
Contract assets 9.07 8.46 8.26 8.78 8.43 8.29 7.60 8.89 8.95 8.58 9.07 9.02 6.80 7.36 8.58 10.32 9.03 8.94 9.83 8.88 9.15 8.79
Inventories, net 6.02 6.30 6.20 7.71 8.33 8.76 8.23 9.95 9.18 8.17 6.46 5.29 5.02 5.08 4.67 4.72 4.33 4.12 4.20 4.43 4.25 4.25
Other current assets 3.11 3.38 2.68 3.25 2.86 2.90 2.99 2.81 2.52 2.58 2.12 2.21 2.28 2.25 2.23 2.42 2.17 2.68 2.56 3.26 3.25 3.64
Current assets held for disposition 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 41.75% 41.43% 42.93% 40.46% 37.76% 39.07% 41.01% 40.49% 37.79% 36.74% 44.40% 41.46% 41.87% 37.82% 39.78% 38.33% 39.39% 41.82% 39.26% 40.05% 38.41% 37.17%
Property, plant and equipment, net 7.40 7.18 7.23 7.49 7.63 7.50 7.23 7.45 8.90 9.27 8.55 8.94 9.24 9.86 9.40 9.42 9.30 8.70 9.32 9.28 9.42 9.38
Right-of-use operating lease assets 3.95 4.01 3.71 3.64 3.90 3.82 3.78 2.91 3.14 3.32 3.13 3.55 3.86 4.30 4.30 4.56 4.45 4.86 5.21 5.41 5.68 5.93
Investments 0.95 1.06 1.07 1.14 1.32 1.17 1.15 1.26 1.39 1.57 1.71 1.87 1.63 1.61 1.45 1.49 1.51 1.44 1.49 1.53 1.75 1.63
Deferred income taxes 9.18 9.34 7.96 8.42 9.57 8.69 8.08 8.50 8.60 8.58 7.51 8.18 8.81 9.16 8.88 8.45 8.89 8.57 8.86 8.35 9.15 9.54
Goodwill 25.48 25.59 25.50 26.36 26.89 26.61 25.85 24.52 24.61 24.59 21.04 21.44 19.94 21.31 20.40 21.30 20.46 19.36 19.42 19.34 18.57 18.61
Intangible assets, net 9.05 9.25 9.41 9.79 10.29 10.54 10.47 10.12 10.75 11.19 9.07 9.93 10.09 11.32 11.35 12.24 11.97 11.59 12.47 12.83 13.35 14.17
Other assets 2.25 2.15 2.05 2.70 2.64 2.61 2.42 4.75 4.81 4.74 4.58 4.64 4.57 4.61 4.43 4.22 4.02 3.67 3.97 3.21 3.65 3.57
Non-current assets held for disposition 0.00 0.00 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-current assets 58.25% 58.57% 57.07% 59.54% 62.24% 60.93% 58.99% 59.51% 62.21% 63.26% 55.60% 58.54% 58.13% 62.18% 60.22% 61.67% 60.61% 58.18% 60.74% 59.95% 61.59% 62.83%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The common-size balance sheet analysis from March 2019 through June 2024 reveals a strategic shift in asset composition, characterized by a growing concentration in goodwill and a gradual reduction in the relative weight of tangible non-current assets.

Liquidity and Current Asset Trends
Current assets have fluctuated between 36.74% and 44.40% of total assets. Cash and cash equivalents have shown significant volatility, peaking at 17.26% in July 2021 before reaching a trough of 5.79% in July 2023, eventually stabilizing at 10.35% by June 2024. Accounts receivable and contract assets have remained relatively stable, collectively representing approximately 20% to 23% of the total asset base throughout the period. A notable trend is observed in inventories, which rose from 4.25% in early 2019 to a peak of 9.95% in October 2022, before receding to 6.02% by June 2024, suggesting a period of inventory accumulation followed by a subsequent normalization.
Intangible Asset Dynamics
There is a pronounced divergence between goodwill and other intangible assets. Goodwill has trended steadily upward, increasing from 18.61% in March 2019 to 25.48% in June 2024, which points toward an increase in the proportion of the asset base derived from acquisitions. In contrast, net intangible assets have seen a consistent decline from 14.17% to 9.05% over the same period, likely reflecting the systematic amortization of identified intangible assets.
Non-Current Tangible Asset Contraction
A downward trend is evident in physical asset concentrations. Net property, plant, and equipment decreased from 9.38% in March 2019 to 7.40% in June 2024. Similarly, right-of-use operating lease assets declined from 5.93% to 3.95%. This indicates that the growth of the overall asset base has outpaced investments in physical infrastructure and leased assets.
Other Balance Sheet Components
Deferred income taxes have remained a consistent component of the balance sheet, generally fluctuating between 7.5% and 9.6%. Investments as a percentage of total assets have gradually diminished, moving from 1.63% in early 2019 to 0.95% by mid-2024. Minor allocations to assets held for disposition appeared in late 2023, though they remained negligible relative to the total asset structure.

In summary, the asset structure has transitioned toward a more intangible-heavy profile, with goodwill becoming the most significant individual asset component. This shift occurs alongside a moderation in the relative weight of tangible fixed assets and a fluctuating but generally stable liquidity position.

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