Analysis of Geographic Areas
Ecolab Inc. operates in 7 regions: United States; Europe; Asia Pacific; Latin America; Greater China; India, Middle East and Africa; and Canada.
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- Income Statement
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
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Area Asset Turnover
Ecolab Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia Pacific | |||||
| Latin America | |||||
| Greater China | |||||
| India, Middle East and Africa | |||||
| Canada |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- United States
- The asset turnover ratio in the United States showed a steady increase from 0.83 in 2017 to 0.91 in 2020, followed by a significant jump to 2.73 in 2021. This indicates a substantial improvement in asset utilization efficiency in the latest year.
- Europe
- Europe’s ratio increased moderately from 1.01 in 2017 to a peak of 1.13 in 2018, then declined to 0.87 by 2020. In 2021, there was a remarkable rise to 4.89, indicating a strong rebound and much-improved asset efficiency after a period of decline.
- Asia Pacific
- The Asia Pacific region demonstrated a gradual upward trend, rising from 1.16 in 2017 to 1.29 in 2020. This was followed by a sharp increase to 4.81 in 2021, suggesting a significant enhancement in how assets are being turned over in that year.
- Latin America
- The ratio in Latin America grew steadily from 1.47 in 2017 to a peak of 1.77 in 2019 but slightly decreased to 1.56 in 2020. A pronounced increase to 5.54 occurred in 2021, indicating a marked improvement in asset turnover efficiency.
- Greater China
- Greater China experienced a low asset turnover ratio relative to other regions, starting at 0.37 in 2017 and increasing slowly to 0.45 in 2019. The ratio decreased slightly to 0.42 in 2020 but then surged to 3.30 in 2021, showing a dramatic enhancement in asset turnover.
- India, Middle East and Africa
- This region consistently showed the highest turnover ratios compared to others from 2017 through 2020, starting at 2.11 and slightly fluctuating to 2.19. In 2021, it experienced a substantial rise to 7.00, indicating exceptional asset utilization efficiency.
- Canada
- Canada’s ratio increased steadily from 0.99 in 2017 to 1.11 in 2018, followed by a slight dip to 1.08 in 2019. A significant jump occurred in 2020, with the ratio rising to 3.78, then further increasing to 5.49 in 2021, reflecting a notable improvement in asset turnover efficiency.
- Overall Analysis
- Across all geographic areas, the asset turnover ratios exhibited moderate changes from 2017 to 2020, with some regions experiencing slight declines or fluctuations. However, in 2021, there was a marked and substantial increase in asset turnover ratios in every region. This pattern suggests either a company-wide operational improvement or changes in accounting or asset management practices occurring in 2021 that significantly enhanced the efficiency with which assets are utilized to generate revenue.
Area Asset Turnover: United States
Ecolab Inc.; United States; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
- Net Sales
- Net sales experienced a general upward trend from 2017 to 2019, increasing from 7,324,500 thousand US dollars to 7,983,300 thousand US dollars. However, there was a notable decline in 2020, with sales dropping to 6,118,200 thousand US dollars. A moderate recovery is observed in 2021, with net sales rising again to 6,585,200 thousand US dollars, though still below the peak recorded in 2019.
- Long-lived Assets, Net
- Long-lived assets showed relative stability between 2017 and 2019, gradually increasing from 8,853,700 thousand US dollars to 9,223,600 thousand US dollars. In 2020, there was a significant decrease to 6,739,400 thousand US dollars, followed by a more pronounced drop in 2021 to 2,416,400 thousand US dollars. This sharp decline suggests a major reduction or divestiture of long-lived assets during the last two years.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a steady increase from 0.83 in 2017 to 0.91 in 2020, indicating improved efficiency in generating sales from assets over this period. In 2021, the ratio surged significantly to 2.73. This sharp increase is likely driven by the substantial decrease in asset base combined with a partial recovery in sales, reflecting a greater sales output per unit of asset value.
Area Asset Turnover: Europe
Ecolab Inc.; Europe; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
- Net Sales
- Net sales in the Europe geographic area showed a generally positive trend from 2017 to 2021. Sales increased from 2,652,200 thousand US dollars in 2017 to 2,848,000 thousand US dollars in 2021. The sales figures demonstrated a steady increase until 2019, peaking at 2,888,800 thousand US dollars. However, there was a notable decline in 2020, with net sales dropping to 2,650,100 thousand US dollars, before recovering again in 2021.
- Long-Lived Assets, Net
- The value of long-lived assets, net, exhibited a fluctuating pattern during the period. After a slight decline from 2,623,800 thousand US dollars in 2017 to 2,538,700 thousand US dollars in 2018, the value increased in 2019 and 2020, reaching a peak of 3,062,000 thousand US dollars in 2020. In 2021, however, there was a dramatic decrease to 580,700 thousand US dollars, marking a significant shift in asset base or accounting treatment for this asset category.
- Area Asset Turnover
- The area asset turnover ratio, which measures efficiency in using assets to generate sales, increased from 1.01 in 2017 to a peak of 1.13 in 2018. It slightly decreased to 1.09 in 2019 and then dropped more substantially to 0.87 in 2020, reflecting reduced efficiency possibly due to the impact of lower sales or increased assets. Notably, in 2021, the ratio surged sharply to 4.89, indicating an exceptional improvement in asset utilization, likely driven by the substantial reduction in reported long-lived assets combined with maintained sales levels.
Area Asset Turnover: Asia Pacific
Ecolab Inc.; Asia Pacific; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
- Net Sales
- Net sales demonstrated a generally stable pattern over the five-year period, ranging between approximately 1.18 billion and 1.25 billion US dollars from 2017 to 2019. A decline was observed in 2020, dropping to 1.09 billion US dollars, likely reflecting external market or economic disruptions. However, this was followed by a partial recovery in 2021, with net sales increasing to around 1.14 billion US dollars, though not reaching the pre-2020 levels.
- Long-lived Assets, Net
- Long-lived assets showed relative stability from 2017 to 2019, maintaining values close to 1 billion US dollars. A significant decrease occurred in 2020, with assets dropping sharply to approximately 846 million US dollars. This decline continued more drastically in 2021, with net long-lived assets falling to about 237 million US dollars, indicating possible asset disposals, impairments, or reclassifications within the geographic area under review.
- Area Asset Turnover
- Area asset turnover exhibited a steady increase from 2017 (1.16) to 2020 (1.29), suggesting improved efficiency in using assets to generate net sales. In 2021, there was a dramatic rise to 4.81, which corresponds inversely with the significant reduction in net long-lived assets. This sharp increase likely reflects the diminished asset base rather than a proportional increase in sales efficiency.
- Summary Insights
- The data reveals steady sales with a temporary decline likely linked to external factors in 2020, followed by recovery. In contrast, long-lived assets experienced pronounced reductions starting in 2020, continuing into 2021. The asset turnover ratio suggests that despite lower asset levels, sales generation efficiency appeared to improve significantly in 2021, but this may primarily be due to the asset base contraction rather than operational performance enhancements. These trends may indicate strategic asset realignment or restructuring in the Asia Pacific region during the later periods.
Area Asset Turnover: Latin America
Ecolab Inc.; Latin America; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
- Net sales
- Net sales in the Latin America geographic area experienced a slight upward trend from 2017 to 2019, increasing from 892,800 thousand US dollars in 2017 to 924,300 thousand US dollars in 2019. However, there was a notable decline in 2020, with net sales decreasing significantly to 689,500 thousand US dollars. In 2021, net sales partially recovered, rising to 763,300 thousand US dollars but remaining below the pre-2020 levels.
- Long-lived assets, net
- The value of net long-lived assets showed a consistent decline over the analyzed period. The assets dropped from 605,800 thousand US dollars in 2017 to 137,900 thousand US dollars in 2021. This represents a substantial reduction, particularly marked between 2020 and 2021, indicating a divestment or impairment of assets or a change in asset management strategy during these years.
- Area asset turnover
- The area asset turnover ratio, which measures the efficiency of asset usage in generating sales, generally increased from 1.47 in 2017 to 1.77 in 2019, demonstrating improving efficiency. Nevertheless, this ratio declined to 1.56 in 2020 amid the drop in sales. A sharp and notable increase to 5.54 was observed in 2021, reflecting a significant improvement in how effectively the remaining assets were utilized to generate sales, likely influenced by the substantial reduction in long-lived assets.
Area Asset Turnover: Greater China
Ecolab Inc.; Greater China; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
Analysis of the data for the Greater China geographic area reveals several notable trends over the five-year period ending in 2021.
- Net Sales
- Net sales exhibit a generally upward trajectory throughout the period. Starting at 483.7 million US dollars in 2017, net sales increased modestly year over year until 2020, where a marginal dip to 515.8 million US dollars was observed. However, a significant jump occurred in 2021, reaching 615.8 million US dollars, marking the highest value in the time series and indicating strong revenue growth in the final year.
- Long-lived Assets, Net
- The value of net long-lived assets shows a decreasing trend from 2017 to 2021, albeit with an unusual and marked drop in 2021. Starting at 1.301 billion US dollars in 2017, the asset base declined gradually to approximately 1.163 billion US dollars by 2019. There was a slight recovery in 2020 to about 1.226 billion US dollars, but in 2021, the figure fell drastically to 186.4 million US dollars. This sharp reduction in long-lived assets could suggest disposals, impairment, or a reclassification of assets.
- Area Asset Turnover
- The area asset turnover ratio, which measures sales generated per unit of asset value, showed little variation from 2017 through 2020, fluctuating between 0.37 and 0.45. However, in 2021, this ratio surged dramatically to 3.3. This spike corresponds with the marked decline in net long-lived assets combined with increased sales, indicating significantly higher efficiency or potentially reflecting the asset base change mentioned above. The unusual ratio increase warrants further investigation to understand the underlying causes—whether it is operational improvement or accounting effects related to asset reduction.
Overall, the data indicate a steady increase in sales performance alongside a significant structural change in the asset base in 2021. The resulting effect on asset utilization metrics suggests a shift in operational dynamics or accounting treatment that materially affects the interpretation of efficiency and asset productivity in the most recent year.
Area Asset Turnover: India, Middle East and Africa
Ecolab Inc.; India, Middle East and Africa; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
- Net Sales
-
Net sales exhibited an initial increase from 655.7 million US dollars in 2017 to 709.5 million US dollars in 2018. This was followed by a decline to 685.8 million US dollars in 2019. A more pronounced decrease occurred in 2020, dropping significantly to 390.6 million US dollars, likely reflecting external economic disruptions. In 2021, net sales showed a moderate recovery, rising to 421.7 million US dollars, though remaining well below pre-2020 levels.
- Long-Lived Assets, Net
-
Long-lived assets, net, experienced a gradual decline from 310.1 million US dollars in 2017 to 299.2 million US dollars in 2019. A sharp decrease was observed in 2020, with assets reducing to 178.5 million US dollars. This downward trend intensified in 2021, where the figure dropped substantially to 60.2 million US dollars, indicating a significant divestiture or impairment of long-lived assets during this period.
- Area Asset Turnover
-
The area asset turnover ratio improved modestly from 2.11 in 2017 to 2.35 in 2018, then slightly decreased to 2.29 in 2019 and continued a downward trend to 2.19 in 2020. However, in 2021, the ratio increased dramatically to 7.00, representing a substantial improvement in the efficiency of asset utilization relative to sales. This spike coincides with the significant reduction in long-lived assets, suggesting that the company achieved higher sales revenue per dollar of assets despite lower absolute net sales.
Area Asset Turnover: Canada
Ecolab Inc.; Canada; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Area asset turnover = Net sales ÷ Long-lived assets, net
= ÷ =
Over the examined five-year period, net sales in the Canada geographic area exhibit notable fluctuation. Beginning at $644.5 million in 2017, sales increased moderately to $687.6 million in 2018, then decreased to $648.5 million in 2019. A significant decline occurred in 2020, with net sales dropping more than 48% to $337.5 million, followed by a marginal recovery to $364.9 million in 2021. This sharp downturn suggests an impactful event or market condition that adversely affected revenue during 2020.
The value of long-lived assets presents a declining trend overall. Starting from $649.1 million at the end of 2017, the asset base reduced steadily to $616.8 million in 2018 and $598.1 million in 2019. Then, it fell drastically to $89.3 million in 2020 and further to $66.5 million in 2021. The substantial reduction in asset value during the last two years may indicate asset disposals, impairments, or reclassification, which could be related to the reduced business scale or strategic changes in the area.
The area asset turnover ratio reveals an improving efficiency in the utilization of assets to generate sales. It increased from below 1.0 in 2017 (0.99) to 1.11 in 2018 and 1.08 in 2019, reflecting relatively consistent productivity during these years. However, a sharp increase occurred in 2020 and 2021, rising to 3.78 and then 5.49 respectively. This spike in turnover is largely attributable to the dramatic reduction in asset base rather than a proportional increase in sales, indicating a higher reliance on fewer assets to produce revenue or potentially underinvestment in assets relative to sales.
In summary, the Canada geographic area experienced significant contractions in both sales and asset investments starting in 2020, accompanied by a marked increase in asset efficiency metrics. These developments may reflect operational restructuring, market challenges, or strategic adjustments impacting both resource allocation and revenue generation capacity within the region.
Net sales
Ecolab Inc., net sales by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia Pacific | |||||
| Latin America | |||||
| Greater China | |||||
| India, Middle East and Africa | |||||
| Canada | |||||
| Total |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Overall Net Sales Trend
- The total net sales exhibited growth from 2017 through 2019, increasing from approximately $13.84 billion to around $14.91 billion. However, a pronounced decline occurred in 2020, with total net sales dropping to roughly $11.79 billion, followed by a partial recovery in 2021 reaching about $12.73 billion.
- United States
- Net sales in the United States increased steadily from 2017 ($7.32 billion) to 2019 ($7.98 billion), then experienced a significant decline in 2020 to $6.12 billion. In 2021, sales showed a moderate recovery to $6.59 billion, remaining below pre-2020 levels.
- Europe
- Europe's net sales followed a growth trajectory from 2017 ($2.65 billion) to 2019 ($2.89 billion), with a dip in 2020 to $2.65 billion. The region rebounded slightly in 2021 to approximately $2.84 billion, nearly restoring 2019 figures.
- Asia Pacific
- Asia Pacific sales grew marginally from $1.18 billion in 2017 to $1.25 billion in 2019. The impact of 2020 was evident, with sales falling to $1.09 billion, followed by a modest recovery to $1.14 billion in 2021, still below the previous peak.
- Latin America
- Latin America showed steady growth from $893 million in 2017 to $924 million in 2019. A sharp decrease to $690 million occurred in 2020, with partial recovery in 2021 reaching $763 million, indicative of ongoing market challenges.
- Greater China
- Sales in Greater China increased consistently from $484 million in 2017 to $523 million in 2019. Unlike other regions, Greater China maintained more stable performance in 2020 ($516 million) and saw notable growth to $616 million in 2021, surpassing earlier periods.
- India, Middle East and Africa
- This segment experienced growth until 2018 ($710 million), followed by a slight decline in 2019 ($686 million). Strong contraction occurred in 2020, with net sales dropping to $391 million, and only marginal improvement in 2021 to $422 million, signaling persistent regional challenges.
- Canada
- Canadian sales increased from $645 million in 2017 to $688 million in 2018 but decreased thereafter to $649 million in 2019. The decline intensified in 2020 to $338 million with a mild recovery in 2021 to $365 million, indicating a substantial dip in sales performance within this market.
- Insights
- The data reveals a clear pattern of declining net sales across most regions in 2020, likely reflecting broad economic disruptions. The recovery in 2021 was uneven; Greater China not only resisted the downturn but also achieved growth beyond previous years, whereas regions such as India, Middle East and Africa, and Canada, continued facing challenges. The United States, being the largest market, significantly influenced total sales trends with its sharp decrease and partial recovery trajectory. Overall, regional net sales performance highlights varying degrees of resilience and recovery post-2020 disruptions.
Long-lived assets, net
Ecolab Inc., long-lived assets, net by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia Pacific | |||||
| Latin America | |||||
| Greater China | |||||
| India, Middle East and Africa | |||||
| Canada | |||||
| Total |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Overall Trends
- The total net long-lived assets in geographic areas have demonstrated relative stability from 2017 through 2019, maintaining values slightly above US$15 billion. However, from 2019 to 2021 there is a pronounced and continuous decline, culminating in a substantial decrease to approximately US$3.7 billion by the end of 2021.
- United States
- The United States consistently accounts for the largest portion of long-lived assets, peaking at over US$9.2 billion during 2018 and 2019. Following this, there is a marked decrease, sharply declining to approximately US$2.4 billion by the end of 2021. This pattern significantly contributes to the overall reduction observed in total assets.
- Europe
- Europe's net long-lived assets were relatively stable from 2017 to 2019, fluctuating around US$2.6 billion, with a temporary increase to over US$3 billion in 2020. Notably, in 2021 these assets decreased dramatically to just over US$580 million, signaling substantial asset reductions or reclassifications in that region.
- Asia Pacific
- The Asia Pacific region maintained values slightly above US$1 billion through 2017 to 2019, followed by a decline to approximately US$846 million in 2020, and a further decrease to US$237 million in 2021. This reflects a steady downward trend, particularly steep in the most recent year.
- Latin America
- Long-lived assets in Latin America demonstrated a consistent decrease from US$605.8 million in 2017 to roughly US$138 million in 2021. This represents a significant reduction over the five-year period.
- Greater China
- Greater China's long-lived assets exhibited a mild decline from US$1.3 billion in 2017 to around US$1.16 billion in 2019, followed by a slight increase in 2020. Nonetheless, a sharp drop to approximately US$186 million in 2021 is observed, indicating noteworthy changes impacting asset values.
- India, Middle East and Africa
- This region's long-lived assets remain the smallest but are relatively resilient through 2017 to 2019, staying near US$300 million. However, similar to other regions, there is a significant reduction in 2020 and especially in 2021, falling to about US$60 million.
- Canada
- Canada's assets show a modest downward trend from US$649 million in 2017 to around US$598 million in 2019, followed by a sharp decline to roughly US$66 million by 2021. The steep decrease in the final years aligns with the broader trend seen across multiple regions.
- Summary
- The data reveals a stable asset base across all geographic segments from 2017 through 2019, followed by a pronounced decline beginning in 2020 and intensifying in 2021. This widespread reduction affects all regions, with the United States and Europe showing the largest absolute decreases. The patterns suggest possible strategic divestitures, asset impairments, or reclassifications during the latter period, warranting further investigation into operational or market factors influencing this contraction.