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Reynolds American Inc. (NYSE:RAI)

This company has been moved to the archive! The financial data has not been updated since May 3, 2017.

Common-Size Balance Sheet: Assets
Quarterly Data

Reynolds American Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Cash and cash equivalents 6.07 4.01 3.66 3.70 8.16 4.82 5.43 7.36 10.19 6.36 8.41 8.58 11.56 9.74 16.24 10.71 16.56 15.11 8.07 6.60 14.37
Short-term investments 0.00 0.00 0.12 0.05 0.03 0.28 0.49 0.64 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
Accounts receivable 0.11 0.13 0.07 0.17 0.15 0.13 0.12 0.27 0.74 0.76 0.58 0.64 0.63 0.69 0.51 0.68 0.62 0.53 0.62 0.73 0.54
Accounts receivable, related party 0.08 0.22 0.24 0.06 0.06 0.07 0.08 0.06 0.35 0.27 0.33 0.43 0.32 0.36 0.33 0.37 0.31 0.37 0.40 0.35 0.28
Notes receivable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.23 0.24 0.22 0.22 0.21 0.21 0.00 0.00 0.00
Other receivables 0.03 0.02 0.02 0.03 0.06 0.07 0.05 0.03 0.08 0.08 0.08 0.07 0.07 0.10 0.07 0.08 0.07 0.10 0.32 0.30 0.29
Inventories 3.06 3.22 3.10 2.98 3.05 3.26 2.97 3.07 8.00 8.43 7.23 6.92 7.07 7.32 6.54 6.61 6.23 5.94 6.00 6.02 5.83
Deferred income taxes, net 0.00 0.00 1.89 1.97 1.82 1.94 1.95 1.71 4.44 4.63 4.40 4.16 4.01 3.93 4.12 4.83 4.92 5.48 5.98 6.10 5.63
Other current assets 0.48 0.69 0.48 0.52 0.52 1.06 0.85 0.52 1.36 1.34 1.51 1.78 1.46 1.34 1.15 1.13 1.05 1.32 1.46 1.88 1.45
Current assets 9.82% 8.29% 9.58% 9.47% 13.84% 11.62% 11.94% 13.66% 25.17% 21.87% 22.54% 22.60% 25.35% 23.73% 29.16% 24.62% 29.97% 29.06% 22.86% 21.97% 28.39%
Property, plant and equipment, net of accumulated depreciation 2.61 2.64 2.53 2.50 2.33 2.36 2.27 2.38 7.58 7.92 7.81 7.69 7.16 6.97 6.32 6.61 6.16 6.26 6.74 6.91 6.38
Trademarks and other intangible assets, net of accumulated amortization 56.66 57.63 56.86 56.89 54.15 55.36 54.81 51.87 15.26 15.93 15.81 15.76 15.29 15.69 14.77 15.79 14.63 14.83 16.81 17.01 15.58
Goodwill 30.78 31.30 30.88 30.89 29.39 30.05 30.17 31.19 50.57 52.75 52.29 52.40 50.75 52.01 48.28 51.57 47.75 48.38 52.04 52.58 48.04
Other assets and deferred charges 0.14 0.14 0.15 0.24 0.29 0.60 0.81 0.90 1.43 1.53 1.55 1.54 1.46 1.59 1.46 1.41 1.49 1.46 1.55 1.53 1.60
Noncurrent assets 90.18% 91.71% 90.42% 90.53% 86.16% 88.38% 88.06% 86.34% 74.83% 78.13% 77.46% 77.40% 74.65% 76.27% 70.84% 75.38% 70.03% 70.94% 77.14% 78.03% 71.61%
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%

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

The asset structure of the organization underwent a profound transformation between March 2012 and March 2017, characterized by a significant shift from liquid and tangible assets toward long-term intangible assets. A pivotal structural realignment occurred in the second quarter of 2015, fundamentally altering the composition of the balance sheet.

Liquidity and Current Asset Trends
Current assets exhibited a long-term downward trajectory, decreasing from 28.39% of total assets in March 2012 to 9.82% by March 2017. This decline is primarily driven by a reduction in cash and cash equivalents, which fluctuated between 6% and 16% for the first three years before trending lower, reaching a minimum of 3.66% in June 2016. Inventories also saw a sharp contraction, dropping from an average of approximately 6-8% prior to March 2015 to a stable range of 2.9% to 3.2% in the subsequent two years.
Intangible Asset Realignment
The most significant change is observed in the composition of noncurrent assets. Trademarks and other intangible assets remained relatively stable at approximately 15% of total assets until March 2015, at which point they surged to 51.87% and eventually peaked at 57.63% in December 2016. This increase coincided with a substantial decrease in goodwill, which fell from a range of 48% to 52% in the early period to approximately 30% following the June 2015 shift. This pattern suggests a reallocation of asset valuation or a major corporate event that shifted the weight of intangible value from unidentifiable goodwill to specific identifiable trademarks.
Fixed and Other Noncurrent Assets
Property, plant, and equipment (PP&E) experienced a marked decrease in relative weight, falling from an average of 6-8% of total assets before March 2015 to approximately 2.3-2.6% thereafter. Similarly, deferred income taxes, net, saw a reduction from a peak of 6.10% in June 2012 to below 2% by 2016. These trends indicate that tangible fixed assets became a much smaller component of the total asset base as the company's valuation became increasingly dominated by intangible assets.
Overall Asset Composition Shift
The proportion of noncurrent assets rose from 71.61% in March 2012 to 90.18% by March 2017. The overall trend reveals a transition toward an asset-light operational model in terms of physical infrastructure and liquidity, with the balance sheet becoming heavily concentrated in intellectual property and trademarks.

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