Common-Size Balance Sheet: Assets
Quarterly Data
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and cash equivalents
- Cash and cash equivalents as a percentage of total assets show variability over the analyzed periods, ranging from a low near 1.13% to a peak around 4.26%. Initially, there was an increase in early 2020, but the ratio generally declined through 2021 and fluctuated modestly in subsequent periods. Toward the end of the timeline, the percentage increased again, reaching 2.06% in the last quarter, indicating a possible strengthening of liquidity.
- Accounts receivable, net
- The proportion of accounts receivable relative to total assets gradually increased from about 2.68% at the beginning, peaking over 3.2% in the mid-2020s, particularly around mid-2022 and mid-2024, before slightly declining towards the most recent quarter. This reflects a modest growth trend in receivables, possibly indicating higher credit sales or changes in collection efficiency.
- Materials and supplies
- The percentage devoted to materials and supplies remained relatively stable across the observed quarters, fluctuating narrowly around the 1.0% to 1.2% range. This stability suggests consistent inventory management without significant accumulation or depletion events over the period.
- Other current assets
- Other current assets experienced small fluctuations over time, generally staying within 0.4% to 0.6% of total assets. Some moderate increases were observed in mid-2022 and mid-2024, indicating minor changes in the composition or value of miscellaneous current resources.
- Current assets
- Overall current assets as a portion of total assets showed variations, moving between approximately 5.6% and 8.0%. The highest ratio occurred during mid-2020, followed by a gradual decline to around 6% or slightly less in later periods. This trend suggests a reduction in liquidity positioning relative to the company's total asset base during post-pandemic recovery phases, with some rebound observed thereafter.
- Investments
- Investments as a percentage of total assets displayed a slight upward trend over the entire timeframe. Starting near 3.3%, the ratio increased steadily, reaching close to 4.0% in more recent quarters. This consistent increase implies a strategic shift towards higher investment holdings as part of the asset mix.
- Properties, net
- Net properties accounted for the majority of total assets, consistently representing around 85% to 87%. While minor fluctuations occurred, the proportion remained relatively stable, underscoring the company’s reliance on significant fixed assets and property investments as a core component of its total assets.
- Operating lease assets
- The share of operating lease assets demonstrated a gradual decline throughout the timeline, dropping from approximately 2.85% early on to about 1.67% by the last quarter observed. This steady decrease may reflect changes in leasing strategy, asset reclassification, or the impact of lease accounting standards affecting the recognition of these assets.
- Other assets
- Other assets saw an upward trend mid-period, particularly between late 2020 and early 2023, rising from below 1% to over 2%. However, this ratio stabilized and slightly decreased afterward, maintaining a level slightly above 2%. This movement indicates adjustments in miscellaneous long-term asset holdings or valuation changes.
- Long-term assets
- Long-term assets consistently comprised the vast majority of total assets, maintaining close to 94% throughout all periods. This stability highlights the company's asset structure as predominantly long-term in nature, consistent with capital-intensive operations.
- Total assets
- By definition, total assets represent 100% in all periods, serving as the denominator for all analyzed ratios.