Common-Size Balance Sheet: Assets
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).
- Cash
- Cash as a percentage of total assets shows a consistent increase over the five-year period, growing from 1.99% in 2020 to 7.24% in 2024. This indicates a trend toward higher liquidity or cash reserves relative to the asset base.
- Short-term investments
- Short-term investments decreased from 5.09% in 2020 to 2.3% in 2024, reflecting a decline in the allocation to these assets over time despite a slight uptick from 2023 to 2024.
- Receivables less allowance for doubtful accounts
- Receivables increased steadily from 12.37% to 16.37% of total assets between 2020 and 2024, suggesting a rising proportion of amounts owed by customers relative to the overall asset base.
- Inventories
- Inventories gradually expanded from 7.90% in 2020 to a peak of 9.27% in 2022, before slightly decreasing to 8.94% by 2024. This reflects a moderate rise and then stabilization in inventory levels relative to total assets.
- Other current assets
- Other current assets declined from 3.09% in 2020 to 2.24% in 2021 but then increased to 3.19% by 2023, followed by a slight decrease to 3.10% in 2024, exhibiting some fluctuations throughout the period.
- Current assets
- Current assets as a whole increased from 30.44% in 2020 to 37.95% in 2024, indicating an overall growth in assets expected to be converted into cash or consumed within a year.
- Investments in affiliated companies
- This category shows a declining trend from 4.86% in 2020 to 3.34% in 2024, suggesting a reduced investment or stake in affiliated companies over time.
- Fixed assets less accumulated depreciation
- Fixed assets remained relatively stable but experienced a slight downward trend, decreasing from 16.09% in 2020 to 15.04% in 2024, indicating minor reductions or depreciation not fully offset by additions.
- Goodwill
- Goodwill measured as a percentage of total assets slightly decreased from 30.59% in 2020 to 29.82% in 2024, showing a modest decline but remaining a significant portion of total assets.
- Intangible assets
- Intangible assets steadily decreased from 8.14% in 2020 to 6.16% in 2024, suggesting amortization or impairment effects reducing the book value of these assets.
- Investments in APS projects
- Investments in APS projects increased from 4.04% in 2020 to 4.69% in 2022, before declining slightly to 4.26% in 2024, indicating some short-term growth followed by a minor reduction.
- Pension and other postretirement plan assets
- These assets increased sharply from 0.85% in 2020 to 2.49% in 2021 but then declined consistently to 0.96% by 2024, reflecting post-peak reductions, potentially due to plan funding changes or asset revaluations.
- Operating lease assets
- Operating lease assets showed minor fluctuations, decreasing from 1.67% in 2020 to 1.25% in 2022, followed by a slight increase to 1.50% in 2023 and a modest decline to 1.43% in 2024.
- Exploration data costs capitalized
- These costs have generally decreased from 0.75% in 2020 to a low of 0.31% in 2023, followed by a slight increase to 0.40% in 2024, indicating reduced capitalization of exploration expenses with some recent uptick.
- Fair value of hedge contracts
- The fair value of hedge contracts declined significantly from 1.01% in 2020 to near zero in 2022, with minimal increases in subsequent years, showing reduced hedging asset values or fewer hedge contracts.
- Other
- The "Other" category declined steadily from 1.57% in 2020 to 0.61% in 2024, reflecting a decrease in miscellaneous asset types included in this classification.
- Other assets
- Other assets showed a decreasing trend from 9.88% in 2020 to 7.70% in 2024, indicating a reduction in non-specified asset categories within this grouping.
- Non-current assets
- Non-current assets decreased from 69.56% in 2020 to 62.05% in 2024, representing a shift toward a relatively smaller proportion of long-term assets in total assets.
- Total assets
- The total assets percentage is consistently 100% across all years, serving as the base for all asset category proportions.
- Summary
- The data exhibits a clear shift from non-current to current assets over the analyzed period. There is a notable increase in cash reserves and receivables, alongside a decline in investments in affiliated companies and intangible assets. Goodwill remains substantial but slightly diminished. Fixed assets stay relatively stable, whereas various other asset categories show fluctuations or gradual reductions. The overall trend points to heightened liquidity, a greater emphasis on current assets, and cautious management of long-term intangible and investment assets.