Name: Motorola Solutions Inc. (NYSE:MSI) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

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.

Motorola Solutions Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	1,705)	1,325)	1,874)	1,254)	1,001)
Accounts receivable, net	1,710)	1,518)	1,386)	1,390)	1,412)
Contract assets	1,102)	974)	1,105)	933)	1,046)
Inventories, net	827)	1,055)	788)	508)	447)
Current contract cost assets	56)	61)	30)	23)	24)
Contractor receivables	40)	47)	7)	—)	—)
Tax-related deposits	32)	33)	41)	52)	77)
Other	229)	242)	181)	167)	171)
Other current assets	357)	383)	259)	242)	272)
Current assets held for disposition	24)	—)	—)	—)	—)
Current assets	5,725)	5,255)	5,412)	4,327)	4,178)
Property, plant and equipment, net	964)	927)	1,042)	1,022)	992)
Right-of-use operating lease assets	495)	485)	382)	468)	554)
Common stock	28)	21)	69)	19)	25)
Strategic investments, at cost	28)	45)	35)	46)	40)
Company-owned life insurance policies	74)	69)	81)	77)	74)
Equity method investments	13)	12)	24)	16)	20)
Investments	143)	147)	209)	158)	159)
Deferred income taxes	1,062)	1,036)	916)	966)	943)
Goodwill	3,401)	3,312)	2,565)	2,219)	2,067)
Intangible assets, net	1,255)	1,342)	1,105)	1,234)	1,327)
Defined benefit plan assets	98)	164)	365)	283)	223)
Non-current contract cost assets	119)	130)	124)	105)	107)
Other	57)	16)	69)	94)	92)
Other assets	274)	310)	558)	482)	422)
Non-current assets held for disposition	17)	—)	—)	—)	—)
Non-current assets	7,611)	7,559)	6,777)	6,549)	6,464)
Total assets	13,336)	12,814)	12,189)	10,876)	10,642)

Based on: 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), 10-K (reporting date: 2019-12-31).

Total assets have demonstrated a consistent upward trajectory over the five-year period, growing from 10,642 million USD in 2019 to 13,336 million USD by the end of 2023. This expansion is characterized by growth in both current and non-current asset categories, reflecting an increase in the overall scale of the company's resource base.

Liquidity and Current Asset Trends: Current assets increased from 4,178 million USD in 2019 to 5,725 million USD in 2023. Cash and cash equivalents showed volatility, peaking at 1,874 million USD in 2021 before settling at 1,705 million USD in 2023. Accounts receivable, net, exhibited a steady increase, rising from 1,412 million USD in 2019 to 1,710 million USD in 2023, suggesting growth in credit sales or a lengthening of collection cycles. A notable spike in inventories occurred in 2022, reaching 1,055 million USD, before moderating to 827 million USD in 2023.
Strategic Growth and Intangible Assets: The most significant growth within the non-current asset category is observed in goodwill, which rose from 2,067 million USD in 2019 to 3,401 million USD in 2023. This substantial increase indicates a period of aggressive inorganic growth through acquisitions. Net intangible assets remained relatively stable, fluctuating between 1,105 million USD and 1,342 million USD over the period, suggesting that the growth in the company's asset base is driven more by the premium paid for acquisitions rather than the growth of identified intangible assets.
Fixed and Operational Assets: Property, plant and equipment, net, remained relatively stagnant, shifting from 992 million USD in 2019 to 964 million USD in 2023, which implies a low level of capital expenditure relative to the growth of other asset classes. Right-of-use operating lease assets fluctuated, ending the period at 495 million USD. Deferred income taxes showed a gradual increase, moving from 943 million USD to 1,062 million USD, reflecting changes in temporary differences between accounting and tax treatments.
Other Non-Current Asset Movements: Defined benefit plan assets experienced a sharp decline from a peak of 365 million USD in 2021 to 98 million USD in 2023. Strategic investments and equity method investments remained minimal and showed a general downward trend toward the end of the period, with strategic investments decreasing from 40 million USD in 2019 to 28 million USD in 2023.

In summary, the asset structure has shifted toward a higher concentration of intangible value, specifically goodwill, while maintaining a strengthening liquidity position. The growth in total assets is primarily driven by strategic acquisitions and an increase in working capital components rather than investment in physical infrastructure.

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