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Exxon Mobil Corp. (XOM) | Analysis of Inventory

Inventory Accounting Policy

Crude oil, products and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method – LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less.

Source: Exxon Mobil Corp., Annual Report

Inventory Disclosure

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Exxon Mobil Corp., Statement of Financial Position, Inventory

USD $ in millions

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
Crude oil, products and merchandise
Materials and supplies
Total inventories

Source: Based on data from Exxon Mobil Corp. Annual Reports

Item Description The company
Crude oil, products and merchandise The aggregated amount of merchandise or goods held by the entity that are readily available for future sale and items held by the entity which are partially complete or in the process of being readied for future sale. Exxon Mobil Corp.'s crude oil, products and merchandise declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Materials and supplies Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. Exxon Mobil Corp.'s materials and supplies increased from 2008 to 2009 and from 2009 to 2010.
Total inventories Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Exxon Mobil Corp.'s total inventories declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.

Adjustment to Inventory: from LIFO to FIFO

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Adjusting LIFO Inventory to FIFO (Current) Cost

USD $ in millions

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Adjustment to Inventories
Inventories at LIFO (as reported)
Add: LIFO reserve, ending balance
Inventories at FIFO (adjusted)
  Adjustment to Current Assets
Current assets (as reported)
Add: LIFO reserve, ending balance
Current assets (adjusted)
  Adjustment to Total Assets
Total assets (as reported)
Add: LIFO reserve, ending balance
Total assets (adjusted)
  Adjustment to ExxonMobil Share Of Equity
ExxonMobil share of equity (as reported)
Add: LIFO reserve, ending balance
ExxonMobil share of equity (adjusted)
  Adjustment to Net Income Attributable To ExxonMobil
Net income attributable to ExxonMobil (as reported)
Add: Increase (decrease) in LIFO reserve, ending balance
Net income attributable to ExxonMobil (adjusted)

Exxon Mobil Corp.'s inventory value on Dec 31, 2010 would be $34,276  (in millions) if the FIFO inventory method was used instead of LIFO. Exxon Mobil Corp.'s inventories, valued on a LIFO basis, on Dec 31, 2010 were $12,976 . Exxon Mobil Corp.'s inventories would have been $21,300  higher than reported on Dec 31, 2010 if the FIFO method had been used instead.

Adjusted Ratios: LIFO vs. FIFO (Summary)

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Exxon Mobil Corp., adjusted ratios

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Current Ratio
Reported current ratio (LIFO)
Adjusted current ratio (FIFO)
  Net Profit Margin
Reported net profit margin (LIFO) % % % % %
Adjusted net profit margin (FIFO) % % % % %
  Total Asset Turnover
Reported total asset turnover (LIFO)
Adjusted total asset turnover (FIFO)
  Financial Leverage
Reported financial leverage (LIFO)
Adjusted financial leverage (FIFO)
  Return on Equity (ROE)
Reported ROE (LIFO) % % % % %
Adjusted ROE (FIFO) % % % % %
  Return on Assets (ROA)
Reported ROA (LIFO) % % % % %
Adjusted ROA (FIFO) % % % % %
Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Exxon Mobil Corp.'s adjusted current ratio deteriorated from 2008 to 2009 and from 2009 to 2010.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Exxon Mobil Corp.'s adjusted net profit margin improved from 2008 to 2009 and from 2009 to 2010.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.'s adjusted total asset turnover deteriorated from 2008 to 2009 and from 2009 to 2010.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp.'s adjusted financial leverage increased from 2008 to 2009 but then declined significantly from 2009 to 2010.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Exxon Mobil Corp.'s adjusted ROE deteriorated from 2008 to 2009 and from 2009 to 2010.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

Adjusted Current Ratio

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Current assets (USD $ in millions)
Current liabilities (USD $ in millions)
   
Current ratio1
  Adjusted: from LIFO to FIFO
Adjusted current assets (USD $ in millions)
Current liabilities (USD $ in millions)
   
Adjusted current ratio2

2010 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Exxon Mobil Corp.'s adjusted current ratio deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Net Profit Margin

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to ExxonMobil (USD $ in millions)
Sales and other operating revenue (USD $ in millions)
   
Net profit margin1 % % % % %
  Adjusted: from LIFO to FIFO
Adjusted net income attributable to ExxonMobil (USD $ in millions)
Sales and other operating revenue (USD $ in millions)
   
Adjusted net profit margin2 % % % % %

2010 Calculations

1 Net profit margin = 100 × Net income attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Adjusted net income attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Exxon Mobil Corp.'s adjusted net profit margin improved from 2008 to 2009 and from 2009 to 2010.

Adjusted Total Asset Turnover

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Sales and other operating revenue (USD $ in millions)
Total assets (USD $ in millions)
   
Total asset turnover1
  Adjusted: from LIFO to FIFO
Sales and other operating revenue (USD $ in millions)
Adjusted total assets (USD $ in millions)
   
Adjusted total asset turnover2

2010 Calculations

1 Total asset turnover = Sales and other operating revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= ÷ =

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.'s adjusted total asset turnover deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Financial Leverage

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Total assets (USD $ in millions)
ExxonMobil share of equity (USD $ in millions)
   
Financial leverage1
  Adjusted: from LIFO to FIFO
Adjusted total assets (USD $ in millions)
Adjusted exxonMobil share of equity (USD $ in millions)
   
Adjusted financial leverage2

2010 Calculations

1 Financial leverage = Total assets ÷ ExxonMobil share of equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted exxonMobil share of equity
= ÷ =

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp.'s adjusted financial leverage increased from 2008 to 2009 but then declined significantly from 2009 to 2010.

Adjusted Return On Equity (ROE)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to ExxonMobil (USD $ in millions)
ExxonMobil share of equity (USD $ in millions)
   
ROE1 % % % % %
  Adjusted: from LIFO to FIFO
Adjusted net income attributable to ExxonMobil (USD $ in millions)
Adjusted exxonMobil share of equity (USD $ in millions)
   
Adjusted ROE2 % % % % %

2010 Calculations

1 ROE = 100 × Net income attributable to ExxonMobil ÷ ExxonMobil share of equity
= 100 × ÷ = %

2 Adjusted ROE = 100 × Adjusted net income attributable to ExxonMobil ÷ Adjusted exxonMobil share of equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Exxon Mobil Corp.'s adjusted ROE deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Return On Assets (ROA)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to ExxonMobil (USD $ in millions)
Total assets (USD $ in millions)
   
ROA1 % % % % %
  Adjusted: from LIFO to FIFO
Adjusted net income attributable to ExxonMobil (USD $ in millions)
Adjusted total assets (USD $ in millions)
   
Adjusted ROA2 % % % % %

2010 Calculations

1 ROA = 100 × Net income attributable to ExxonMobil ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Adjusted net income attributable to ExxonMobil ÷ Adjusted total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

February 7, 2012

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