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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Inventory Disclosure
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Raw materials and work in process | |||||||||||
Finished goods | |||||||||||
Deferred inventory costs | |||||||||||
Inventories, including deferred inventory costs |
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).
The financial data reveals several notable trends and changes in the inventory-related accounts over the five-year period.
- Raw Materials and Work in Process
- This category shows an overall increase from 2020 to 2023, rising from 7,937 million USD to 11,209 million USD. However, there is a marked decline in 2024, dropping to 7,372 million USD. The initial upward trend suggests an accumulation or increased investment in raw materials and work-in-progress inventory, which could reflect production scaling or stockpiling strategies. The sharp reduction in 2024 may indicate either a drawdown of inventory, improved inventory management, or possibly supply chain constraints.
- Finished Goods
- The balance of finished goods decreases steadily over the five years. Starting at 5,654 million USD in 2020, it declines to 1,459 million USD in 2024. This consistent reduction might imply faster turnover of finished products, efforts to reduce inventory holdings, or a decrease in production output relative to sales.
- Deferred Inventory Costs
- Data for deferred inventory costs begin in 2021 with 2,210 million USD, decreasing progressively each year to 932 million USD in 2024. This downward trend suggests a systematic reduction in deferred costs, which may signal improved cost recognition practices or a decrease in the deferral of inventory-related expenses.
- Inventories, including Deferred Inventory Costs
- Total inventories, combining all categories, increase from 13,591 million USD in 2020 to a peak of 17,403 million USD in 2022. Following this peak, inventories decrease in 2023 and more sharply in 2024 to 9,763 million USD. This pattern indicates inventory build-up until 2022, followed by significant reductions over the next two years, potentially reflecting shifts in inventory strategy, market demand changes, or operational adjustments.
In summary, the data show an initial trend of inventory accumulation up to 2022, including larger holdings in raw materials, work-in-process, and deferred costs, followed by a pronounced reduction across all inventory categories by 2024. The marked declines in inventories and deferred costs in the last two years suggest a strategic effort to optimize inventory levels, streamline operations, or respond to changing market or supply conditions. The steady drop in finished goods inventory supports the notion of enhanced inventory turnover or altered production-output dynamics during this period.