Friday, March 22, 2019
Our New Master Class Video

Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
Big Moves in Goodwill, Intangible Value

Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

Thursday, February 28, 2019
Summary of Our Goodwill Research/ How-To

Wednesday, February 27, 2019
What Does ‘Other’ Mean? An Example

Thursday, February 21, 2019
Another Tale, Buried in the Footnotes

Wednesday, February 13, 2019
Low Latency Calcbench

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
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Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

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PPE, Revenue Disclosures in China Market
Tuesday, October 18, 2016

Last year we took a peek at companies’ investments in China, measuring the reported value of their PPE (property, plant, and equipment) in that country from 2012 through 2014. Our sample size was only 30 companies, but it still showed a steady increase in PPE over time.

We decided to circle back to Chinese PPE again this week, to see how the numbers look for 2015. As you can see from the chart below, 27 companies reported a total of $21.1 billion in China PPE last year. Apple was in the lead with $8.7 billion, surprising nobody, given the company’s extensive manufacturing operations there.

Then we looked at companies disclosing revenue in China. That list is below. The grand total for 2015 was $118.1 billion, and again Apple topped the list—and again that was no surprise, given the huge size of the Chinese market and its appetite for Apple products.

You can see that not all companies are on both lists. Goodyear, Sandisk, and Seagate, for example, all have manufacturing operations in China large enough that they break out that country as its own PPE segment—but they do not have enough sales in China to offer the same breakout for revenue.

Conversely, numerous companies report sales revenue from China, but don’t disclose any PPE there: Analog Devices, Intel, KLA Tencor, National Oilwell.

Might a company have some operations in China (either sales or PPE), but not report them as a separate segment? Yes. But in those cases we can assume that whatever presence in China they have, it isn’t large enough or important enough to be material to investors.

You can do your own research along these lines using the Calcbench Segments, Rollforwards, and Breakouts database. We have written about using the Segments database before, and we will again. This is just one more example of how you can Calcbench your data research needs!

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