Common-Size Balance Sheet: Assets
Quarterly Data
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Motorola Solutions Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Motorola Solutions Inc., common-size consolidated balance sheet: assets (quarterly data)
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 analysis of the asset structure over multiple quarters reveals several notable trends and shifts in the composition of current and non-current assets as a percentage of total assets.
- Cash and Cash Equivalents
- This category shows considerable variability, peaking notably in mid-2021 with values above 17%, followed by a general decline into 2022 before recovering somewhat toward the end of 2023 and early 2024. The fluctuations may indicate changing liquidity positions or cash management strategies responding to operational needs or market conditions.
- Accounts Receivable, Net
- Accounts receivable generally fluctuated between approximately 10% and 13% of total assets across the observed periods. There was a slight downward shift around early 2020, followed by a recovery trend with peaks near 13-13.5% in the later quarters, suggesting variations in credit sales or collection effectiveness.
- Contract Assets
- Contract assets maintained a relatively stable proportion, hovering mostly between 7.5% and 9.5%. Some quarters show mild increases particularly in late 2019 and 2021, while other periods experience modest declines, reflecting changes in revenue recognition or project completion timing.
- Inventories, Net
- Inventories displayed an overall increasing trend from early 2019 until late 2022, reaching over 9%, indicating possible stock buildup or changes in inventory management. However, from 2023 onward, inventory levels as a percentage of total assets declined noticeably toward around 6%, which may reflect improved inventory turnover or adjustments to supply chain conditions.
- Other Current Assets
- Other current assets have remained relatively constant, generally between 2% and 3%, with some minor fluctuations. This stability suggests consistent levels of miscellaneous current asset accounts.
- Current Assets and Non-current Assets
- Current assets as a percentage of total assets varied between roughly 36% and 43% across the periods. There were peaks around late 2021 and early 2024, indicating periods of increased liquidity or working capital. Non-current assets correspondingly moved inversely, ranging roughly from 57% to 63%, reflecting shifts in the asset base structure.
- Property, Plant, and Equipment, Net
- A gradual decline is observable in this asset category, decreasing from above 9% to around 7–7.5% in the most recent quarters. This downward trend may be due to depreciation, asset disposals, or reduced capital expenditure.
- Right-of-Use Operating Lease Assets
- Lease assets decreased significantly from nearly 6% in early 2019 to stabilizing near 3.5%–4% in recent periods, possibly reflecting lease terminations, remeasurements, or strategic shifts in leased asset utilization.
- Investments
- Investments as a percentage of total assets show a slow but steady decline from around 1.6% to below 1%, indicating a reduction in investment holdings or market value declines.
- Deferred Income Taxes
- Deferred income taxes exhibit some variation but generally remain near 8% to 9%, showing relative consistency in tax assets over time.
- Goodwill
- Goodwill increased from approximately 18.5% to a peak exceeding 26% in 2023, representing a significant growth in intangible purchase premiums, possibly related to acquisitions or revaluations.
- Intangible Assets, Net
- Net intangible assets declined from over 14% to around 9%, indicating amortization or impairment losses outweighing additions or acquisitions in this category.
- Other Assets
- Other assets remained fairly stable around 2% to 4%, although a drop to near 2% is seen in 2022-2024 periods, suggesting divestitures or reclassifications.
In summary, the company demonstrates a dynamic asset composition with significant movements in cash, goodwill, and inventories. Non-current assets have decreased somewhat as a proportion of total assets, mainly due to reductions in property and plant, intangible assets, and investments. Meanwhile, current assets fluctuate in line with operational needs and strategy shifts. The growth in goodwill alongside declines in net intangible assets suggests active acquisition activity but also the amortization of acquired intangible resources.