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Air Products & Chemicals Inc. (NYSE:APD)

This company has been moved to the archive! The financial data has not been updated since August 9, 2021.

Common-Size Balance Sheet: Assets

Air Products & Chemicals Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Cash and cash items 20.87 11.87 14.55 17.73 8.32 1.18
Short-term investments 4.39 0.88 0.96 2.19 0.00 0.00
Trade receivables, net 5.07 6.65 6.29 6.36 7.97 8.06
Inventories 1.61 2.05 2.07 1.82 3.43 3.77
Prepaid expenses 0.65 0.41 0.68 1.04 0.55 0.39
Contract assets 0.22 0.34 0.00 0.00 0.00 0.00
Contract fulfillment costs 0.44 0.34 0.00 0.00 0.00 0.00
Deferred tax assets 0.00 0.00 0.00 0.00 0.00 0.67
Derivative instruments 0.39 0.75 0.32 0.51 0.95 0.42
Current lease receivables 0.34 0.48 0.48 0.51 0.49 0.48
Contracts in progress, less progress billings 0.00 0.00 0.40 0.46 0.45 0.64
Prepaid inventory 0.00 0.00 0.00 0.00 0.51 0.00
Other 0.53 0.61 0.74 1.17 1.13 1.08
Other receivables and current assets 1.92% 2.52% 1.95% 2.64% 3.53% 3.29%
Current assets of discontinued operations 0.00 0.00 0.00 0.06 0.11 0.00
Current assets 34.51% 24.38% 26.50% 31.82% 23.91% 16.69%
Investment in net assets of and advances to equity affiliates 5.69 6.74 6.66 6.97 7.13 7.26
Plant and equipment, net 47.54 54.57 51.74 45.70 49.03 55.26
Goodwill, net 3.54 4.21 4.11 3.91 6.37 6.49
Intangible assets, net 1.73 2.21 2.29 1.99 2.70 2.91
Noncurrent lease receivables 3.24 4.70 5.28 6.13 6.77 7.74
Operating lease right-of-use assets 1.50 0.00 0.00 0.00 0.00 0.00
Deferred tax assets 0.46 0.61 0.63 0.94 1.07 0.40
Derivative instruments 0.18 0.43 0.44 0.73 1.13 1.41
Noncurrent customer receivable 0.00 0.62 0.48 0.34 0.00 0.00
Prepaid tax 0.08 0.09 0.07 0.03 0.30 0.18
Pension benefits 0.11 0.15 0.69 0.10 0.00 0.00
Long-term deposits on plant and equipment 0.40 0.00 0.00 0.19 0.20 0.23
Other 1.03 1.29 1.10 1.15 1.39 1.43
Other noncurrent assets 3.75% 3.19% 3.41% 3.48% 4.08% 3.64%
Noncurrent assets 65.49% 75.62% 73.50% 68.18% 76.09% 83.31%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).

The asset structure of the company underwent a significant transformation between 2015 and 2020, characterized by a marked increase in liquidity and a corresponding reduction in the relative weight of noncurrent assets. Total current assets rose from 16.69% of total assets in 2015 to 34.51% in 2020, while noncurrent assets declined from 83.31% to 65.49% over the same period.

Liquidity and Cash Management
A substantial increase in liquidity is observed, driven primarily by cash and cash items, which grew from 1.18% of total assets in 2015 to 20.87% in 2020. This trend is further supported by the emergence and growth of short-term investments, which reached 4.39% by 2020 after being absent in the earliest periods of the analysis.
Working Capital Trends
There is a consistent downward trend in the relative proportion of operating working capital components. Trade receivables, net, decreased from 8.06% in 2015 to 5.07% in 2020. Similarly, inventories saw a steady decline from 3.77% to 1.61% over the six-year period, indicating a potential increase in asset turnover or a shift in inventory management strategies.
Fixed Asset Intensity
Plant and equipment, net, remains the dominant asset category, although its relative weight fluctuated. It started at 55.26% in 2015, reached a low of 45.70% in 2017, and ended the period at 47.54% in 2020. This suggests that while the company continues to be capital-intensive, the growth of other asset categories has diluted the proportion of fixed assets.
Intangible and Noncurrent Financial Assets
A gradual contraction is evident in noncurrent financial and intangible assets. Goodwill, net, declined from 6.49% to 3.54%, and intangible assets, net, decreased from 2.91% to 1.73%. Furthermore, noncurrent lease receivables showed a steady decline from 7.74% in 2015 to 3.24% in 2020.

The overall trajectory indicates a strategic shift toward a more liquid financial position. The accumulation of cash and short-term investments, paired with the relative decrease in fixed and intangible assets, suggests a transition toward a more flexible capital structure, potentially to fund future expansions or manage increased financial obligations.

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