Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

$22.49

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

Common-Size Balance Sheet: Assets
Quarterly Data

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Air Products & Chemicals Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Cash and cash items
Short-term investments
Trade receivables, net
Inventories
Prepaid expenses
Other receivables and current assets
Current assets of discontinued operations
Current assets
Investment in net assets of and advances to equity affiliates
Plant and equipment, at cost
Accumulated depreciation
Plant and equipment, net
Goodwill, net
Intangible assets, net
Noncurrent lease receivables
Other noncurrent assets
Noncurrent assets
Total assets

Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).

Cash and Cash Items
Cash and cash items as a percentage of total assets demonstrated marked volatility over the analyzed periods. Beginning near 1.35% at the end of 2014, this ratio surged substantially in late 2016 and early 2017, reaching a peak above 17%, and maintained elevated levels around 15-22% through early 2021. This suggests a significant strengthening of liquidity reserves in this timeframe, potentially reflecting strategic liquidity management or responses to market uncertainty.
Short-term Investments
Short-term investments data was sporadic but showed a general decline from highs near 8% in early 2017 to minimal levels by late 2018, followed by renewed increases reaching over 10% by early 2021. The fluctuations imply shifting allocation strategies between liquid cash equivalents and short-term investment instruments within current asset portfolios.
Trade Receivables, Net
Trade receivables as a percentage of total assets remained relatively stable with minor declines from over 8% at the beginning of 2015 to around 5-6% from 2019 onward. This gradual reduction could indicate improved collections efficiency or changes in sales terms impacting receivables levels.
Inventories
Inventory levels as a proportion of total assets declined sharply from above 4% in late 2014 to near 2% by 2016 and remained consistently low through 2021, mostly fluctuating between 1.6% and 2.1%. This suggests a deliberate effort to reduce inventory holdings or improvements in inventory management over the observed period.
Prepaid Expenses
Prepaid expenses showed modest variation, generally fluctuating between 0.3% and 1.0% of total assets without a clear consistent trend. Spikes around late 2017 and early 2018 indicate temporary changes in prepaid cost structures.
Other Receivables and Current Assets
These assets exhibited a steady decline as a percentage of total assets, decreasing from almost 4% in early 2015 to around 2% consistently by 2021, reflecting possible tightening or streamlined management of ancillary liquid assets.
Current Assets
The overall current assets ratio experienced initial declines until late 2015 but then sharply increased to nearly 30% by early 2017, driven mainly by spikes in cash and short-term investments. Following this peak, current assets stabilized between 24% and 36%, illustrating a sustained increase in liquidity relative to total assets compared to earlier years.
Investment in Net Assets of and Advances to Equity Affiliates
This line remained fairly constant, fluctuating marginally around 6.5% to 7.5% of total assets, indicating a stable investment exposure in equity affiliates without major divestitures or acquisitions.
Plant and Equipment, at Cost
Plant and equipment values largely remained stable, around 110%-118% relative to total assets through 2015 to 2019, reflecting substantial, consistent capital investment. However, a notable decline to approximately 98%-104% occurred from late 2019 through 2021, representing potential disposals, impairments, or asset revaluations.
Accumulated Depreciation
Accumulated depreciation mostly mirrored the pattern of plant and equipment, staying near -60% of total assets in earlier years but showing a considerable reduction in magnitude to around -51% to -54% by early 2021, consistent with the asset base changes noted.
Plant and Equipment, Net
Net plant and equipment decreased from about 55% in 2015 to approximately 45% by 2017 and rebounded to near 54%-55% by 2019, followed by a decline to approximately 46%-50% through 2021, indicating dynamic depreciation policies or asset turnover activity during these intervals.
Goodwill, Net
Goodwill as a percentage of total assets showed a steady decline from nearly 7% at the start of the period to about 3.5% by 2021, suggesting impairments or less acquisition activity resulting in reduced intangible goodwill balances over time.
Intangible Assets, Net
Intangible assets slowly decreased from above 3% in 2014 to roughly 1.7% by 2021. This gradual reduction points to amortization outpacing new intangible asset capitalization, resulting in a lower net balance.
Noncurrent Lease Receivables
This category showed a consistent decline from nearly 8% at the start to under 3% by 2021, reflecting either lease expirations, sales of lease receivables, or a strategic withdrawal from leasing activities.
Other Noncurrent Assets
Other noncurrent assets held steady near 3%-4.5% across the periods analyzed, indicating stable holdings of various long-term noncurrent assets without material fluctuation.
Noncurrent Assets
The total proportion of noncurrent assets generally declined from approximately 83%-84% in early periods down to near 64%-68% by 2020-2021, aligning with the observed reductions in plant, equipment, goodwill, and lease receivables, indicating a relative shift toward more liquid or current asset holdings.