Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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

US$ in millions

	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	3,154)	2,051)	1,898)	1,918)	4,441)	2,567)	2,920)	4,013)	1,615)	966)	1,289)	1,313)	1,826)	1,500)	2,694)	1,664)	2,778)	2,502)	1,243)	1,005)	2,396)
Short-term investments	—)	—)	61)	26)	14)	149)	265)	347)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable	55)	66)	37)	89)	80)	68)	62)	145)	118)	116)	89)	98)	100)	106)	84)	105)	104)	87)	95)	111)	90)
Accounts receivable, related party	39)	113)	122)	33)	31)	38)	45)	31)	56)	41)	51)	66)	50)	56)	55)	57)	52)	61)	62)	53)	47)
Notes receivable	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	1)	37)	37)	36)	34)	35)	35)	—)	—)	—)
Other receivables	13)	10)	10)	13)	30)	35)	28)	18)	12)	12)	12)	11)	11)	16)	11)	12)	12)	16)	50)	45)	48)
Inventories	1,592)	1,645)	1,604)	1,541)	1,658)	1,734)	1,596)	1,677)	1,268)	1,281)	1,108)	1,059)	1,117)	1,127)	1,085)	1,026)	1,046)	984)	924)	917)	972)
Deferred income taxes, net	—)	—)	979)	1,018)	992)	1,032)	1,051)	935)	704)	703)	674)	637)	634)	606)	684)	750)	826)	908)	921)	930)	939)
Other current assets	250)	353)	251)	267)	283)	564)	456)	285)	216)	204)	232)	273)	230)	207)	190)	176)	176)	219)	224)	286)	242)
Current assets	5,103)	4,238)	4,962)	4,905)	7,529)	6,187)	6,423)	7,451)	3,989)	3,323)	3,456)	3,458)	4,005)	3,655)	4,839)	3,824)	5,029)	4,812)	3,519)	3,347)	4,734)
Property, plant and equipment, net of accumulated depreciation	1,355)	1,348)	1,310)	1,295)	1,269)	1,255)	1,218)	1,298)	1,202)	1,203)	1,198)	1,177)	1,131)	1,074)	1,049)	1,027)	1,034)	1,037)	1,038)	1,053)	1,063)
Trademarks and other intangible assets, net of accumulated amortization	29,438)	29,444)	29,449)	29,455)	29,461)	29,467)	29,473)	28,301)	2,418)	2,421)	2,424)	2,412)	2,415)	2,417)	2,451)	2,452)	2,454)	2,455)	2,588)	2,591)	2,598)
Goodwill	15,992)	15,992)	15,993)	15,993)	15,993)	15,993)	16,223)	17,019)	8,015)	8,016)	8,017)	8,018)	8,018)	8,011)	8,011)	8,010)	8,011)	8,011)	8,011)	8,010)	8,010)
Other assets and deferred charges	71)	73)	78)	124)	156)	322)	437)	489)	226)	233)	237)	236)	230)	245)	242)	219)	250)	242)	238)	233)	267)
Noncurrent assets	46,856)	46,857)	46,830)	46,867)	46,879)	47,037)	47,351)	47,107)	11,861)	11,873)	11,876)	11,843)	11,794)	11,747)	11,753)	11,708)	11,749)	11,745)	11,875)	11,887)	11,938)
Total assets	51,959)	51,095)	51,792)	51,772)	54,408)	53,224)	53,774)	54,558)	15,850)	15,196)	15,332)	15,301)	15,799)	15,402)	16,592)	15,532)	16,778)	16,557)	15,394)	15,234)	16,672)

An examination of the quarterly financial data reveals various trends across the key asset categories over the period analyzed.

Cash and cash equivalents: Fluctuations are evident in cash holdings, with a notable drop from $2,396 million in March 2012 to a low near $966 million in December 2014, followed by a significant peak at $4,441 million in March 2016, then settling around $3,154 million by March 2017. This indicates periods of liquidity tightening and subsequent aggressive accumulation of cash.
Short-term investments: Data is limited for short-term investments, but starting mid-2015 figures show a decline from $347 million to $14 million by December 2015, then modest increases afterward. The low figures suggest a reduced focus on short-term investment instruments during the latter part of the timeline.
Accounts receivable: Accounts receivable remained relatively stable, generally fluctuating between $37 million and $118 million, with no significant upward or downward trend. This suggests consistent credit sales and collection practices.
Accounts receivable, related party: These receivables displayed volatility, with a considerable increase to $122 million in March 2016, compared to prior figures mostly below $60 million. This sharp rise may indicate expanded transactions or unsettled balances with related entities during that period.
Notes receivable: Notes receivable figures appear sporadically, peaking at $37 million in March 2013, then declining to non-reported values. The isolated nature of these entries suggests limited ongoing reliance on notes receivable as an asset.
Other receivables: Amounts held steady with modest increases, peaking at $35 million mid-2015, then tapering again. This reflects a relatively minor and stable component of current receivables.
Inventories: Inventory levels rose steadily from $972 million in March 2012 to a high near $1,734 million in December 2015, followed by stabilization around $1,600 million thereafter. This growth suggests either increased stockpiling or rising costs/inflation of inventory items over time.
Deferred income taxes, net: A downward trend is evident from $939 million in early 2012 to $606 million at the end of 2013, followed by a recovery peaking at over $1,050 million mid-2015, then slight declines. These fluctuations may be linked to changes in tax regulations, profitability, or timing differences in recognizing taxable income.
Other current assets: These exhibited variability, ranging from $176 million to a peak of $564 million in mid-2015, afterward declining and then showing moderate fluctuations. Such changes suggest adjustments in miscellaneous short-term assets or prepayments.
Current assets: The total current assets demonstrate pronounced fluctuations, with a low around $3,300 million in mid-2014, surging sharply to $7,451 million in March 2015, then decreasing and stabilizing between $4,200 million and $5,100 million by early 2017. This indicates variable liquidity positions or possibly significant changes in working capital management during these periods.
Property, plant and equipment, net: Net fixed assets show a slow but steady increase from $1,063 million in March 2012 to approximately $1,355 million in March 2017, reflecting continued investment or depreciation offsetting consistent capital expenditures.
Trademarks and other intangible assets, net: This category remains largely stable around $2,400 to $2,600 million until early 2015, followed by a dramatic increase to approximately $29,400 million through 2015 to 2017. The sudden upsurge signals a major acquisition or revaluation of intangibles during that period.
Goodwill: Goodwill remains relatively steady near $8,000 million before rising sharply to over $17,000 million in early 2015, then experiencing a gradual decline but staying above $15,900 million. This pattern aligns with significant corporate acquisitions or goodwill impairments in the mid-2015 timeframe.
Other assets and deferred charges: This line item varies without a clear trend, peaking at $489 million in early 2015 and then declining to near $70 million by early 2017, indicating changing deferred costs or asset write-downs.
Noncurrent assets: Noncurrent assets remain steady around $11,700 million until early 2015, skyrocketing to over $47,000 million coinciding with spikes in goodwill and intangible assets, then sustaining near that elevated level through 2017. This suggests a substantial acquisition or asset reclassification inflating long-term assets.
Total assets: Total asset values mirror the noncurrent asset trend, with a stable base near $16,000 million through early 2014, escalating sharply post-2014 to levels above $51,000 million. Despite some decline following the peak, overall assets remain significantly higher than the initial period, reflecting major corporate growth or acquisitions.

In summary, the data suggests a company that underwent substantial expansion around 2015, likely through acquisition, as evidenced by large increases in intangible assets, goodwill, and total assets. Liquidity positions fluctuate but improve post-2015, while steady investment in property and equipment indicates ongoing capital expenditure. Receivables and inventories remain relatively stable, supporting consistent operations.

Assets: Selected Items

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Current Assets: Selected Items

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Reynolds American Inc. (NYSE:RAI)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data