In continuing our theme of examining firm level segment disclosures, we took a brief look at the Property Plant and Equipment that US firms reported in China. Our sample size is relatively small (30+ firms), but the point is that this data is not hard to obtain using Calcbench. As firms continue to disclose more information about geographies, we will be able to get it to our customers in short order.
In our sample, average Chinese PP&E increased roughly 14% from 2012 to 2014 from $612 Million to almost $700 million. Most of that gain, however, was recorded by Apple, Inc whose investment increased from 7.3 Billion to almost 9.5 billion dollars. Removing Apple from the average, however, we still find a 4.6% increase in PP&E across the remaining firms.
One very interesting finding is that storage device makers, including Seagate, Western Digital, Micron and Sandisk have all decreased their Chinese exposure by roughly 20% each over the last three years.
Below is a table of firms with their US Dollar exposure (Millions) to China via their Property, Plant and Equipment from 2012 through 2014. We limited this to firms that explicitly tag Chinese PP&E and have at least 100 Million dollars of exposure in each of the last 3 full year periods.
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Alcoa Inc. | 395 | 388 | 389 |
| Barnes Group Inc | 152 | 156 | 152 |
| Borgwarner Inc | 184 | 239 | 300 |
| Celanese Corp | 642 | 653 | 593 |
| Momentive Performance Materials Inc. | 475 | 374 | 344 |
| Cummins Inc | 589 | 646 | 692 |
| Conocophillips | 2408 | 2143 | 1913 |
| Cree Inc | 122 | 155 | 131 |
| Goodyear Tire & Rubber Co /OH/ | 796 | 821 | 809 |
| Hanesbrands Inc. | 144 | 133 | 117 |
| Joy Global Inc | 289 | 319 | 281 |
| Lear Corp | 132 | 171 | 180 |
| Micron Technology Inc | 328 | 350 | 242 |
| NXP Semiconductors N.V. | 131 | 115 | 116 |
| Regal Beloit Corp | 108 | 111 | 108 |
| Sensata Technologies Holding N.V. | 135 | 152 | 171 |
| Seagate Technology plc | 212 | 167 | 138 |
| Trw Automotive Holdings Corp | 357 | 478 | 565 |
| Ttm Technologies Inc | 790 | 755 | 683 |
| Visteon Corp | 133 | 182 | 213 |
| Viasystems Group Inc | 285 | 303 | 290 |
| Western Digital Corp | 348 | 279 | 218 |
| WuXi PharmaTech (Cayman) Inc. | 247 | 263 | 320 |
| Air Products & Chemicals Inc /DE/ | 919 | 1282 | 1583 |
| Amkor Technology, Inc. | 410 | 525 | 575 |
| Dupont E I De Nemours & Co | 423 | 356 | 348 |
| Sandisk Corp | 351 | 300 | 284 |
| Autoliv Inc | 243 | 277 | 391 |
| Cabot Corp | 305 | 385 | 355 |
| Federal-Mogul Holdings Corp | 126 | 158 | 234 |
| On Semiconductor Corp | 104 | 101 | 122 |
| Apple Inc | 7314 | 7403 | 9477 |