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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
Quarterly Data

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 16.35 22.12 22.19 20.87 15.82 11.38 12.24 11.87 13.81 14.22 15.27 14.55 15.55 16.57 14.95 17.73 13.07 10.46 4.11 8.32 3.01 1.86 1.62 1.18 1.22 1.12 1.35
Short-term investments 5.81 1.56 1.58 4.39 10.15 0.00 0.00 0.88 0.00 0.01 0.06 0.96 0.04 0.74 2.24 2.19 5.69 7.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trade receivables, net 5.41 5.31 5.44 5.07 5.69 7.18 6.56 6.65 6.86 6.54 6.63 6.29 6.39 6.77 6.77 6.36 6.17 6.58 6.66 7.97 9.15 8.17 7.47 8.06 8.15 7.90 8.11
Inventories 1.70 1.64 1.62 1.61 1.66 2.05 2.04 2.05 2.09 2.12 2.11 2.07 1.68 1.84 1.91 1.82 1.64 1.81 2.07 3.43 3.58 3.87 3.86 3.77 3.86 3.96 4.02
Prepaid expenses 0.50 0.79 0.68 0.65 0.75 0.66 0.50 0.41 0.50 0.53 0.39 0.68 0.54 0.71 0.98 1.04 0.44 0.35 0.43 0.55 0.47 0.51 0.34 0.39 0.36 0.66 0.43
Other receivables and current assets 2.14 2.08 2.26 1.92 2.27 2.77 2.68 2.52 1.91 2.01 2.13 1.95 2.12 2.53 2.51 2.64 2.88 2.41 3.58 3.53 3.46 3.51 2.82 3.29 3.97 4.17 3.87
Current assets of discontinued operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.06 0.05 0.05 5.39 0.11 0.11 0.12 0.00 0.00 0.00 0.00 0.00
Current assets 31.91% 33.51% 33.77% 34.51% 36.34% 24.04% 24.02% 24.38% 25.16% 25.44% 26.59% 26.50% 26.32% 29.15% 29.41% 31.82% 29.95% 29.62% 22.24% 23.91% 19.78% 18.03% 16.10% 16.69% 17.56% 17.80% 17.79%
Investment in net assets of and advances to equity affiliates 6.01 5.88 5.83 5.69 5.43 6.74 6.82 6.74 6.61 6.65 6.49 6.66 6.56 7.05 6.91 6.97 6.97 7.25 7.86 7.13 7.44 7.52 7.31 7.26 7.04 7.00 7.10
Plant and equipment, at cost 103.54 101.07 100.84 100.03 97.64 117.97 117.55 117.90 114.82 114.25 112.77 112.05 111.36 110.87 110.06 105.85 107.41 104.73 114.52 111.82 116.88 118.74 118.44 116.72 115.85 114.22 114.86
Accumulated depreciation -53.88 -52.79 -52.86 -52.49 -51.36 -63.49 -63.14 -63.33 -61.43 -61.28 -60.74 -60.31 -59.80 -63.23 -62.65 -60.15 -60.82 -58.85 -64.20 -62.79 -65.38 -66.07 -62.71 -61.46 -60.84 -60.00 -60.38
Plant and equipment, net 49.66% 48.28% 47.98% 47.54% 46.28% 54.48% 54.41% 54.57% 53.39% 52.97% 52.03% 51.74% 51.56% 47.63% 47.41% 45.70% 46.58% 45.87% 50.33% 49.03% 51.50% 52.67% 55.73% 55.26% 55.01% 54.22% 54.48%
Goodwill, net 3.55 3.50 3.54 3.54 3.23 4.03 4.15 4.21 4.20 4.22 4.08 4.11 4.13 4.40 4.34 3.91 3.95 4.63 5.08 6.37 6.65 6.84 6.46 6.49 6.59 6.60 6.81
Intangible assets, net 1.69 1.72 1.73 1.73 1.54 1.94 2.12 2.21 2.26 2.18 2.18 2.29 2.34 2.40 2.36 1.99 2.04 2.11 2.36 2.70 2.88 2.97 2.84 2.91 3.06 3.16 3.32
Noncurrent lease receivables 2.91 3.02 3.13 3.24 3.31 4.31 4.49 4.70 4.80 5.06 5.15 5.28 5.51 6.10 6.18 6.13 6.38 6.42 7.29 6.77 7.29 7.68 7.64 7.74 7.78 7.85 7.92
Other noncurrent assets 4.28 4.10 4.02 3.75 3.87 4.46 3.99 3.19 3.58 3.49 3.48 3.41 3.58 3.26 3.39 3.48 4.13 4.09 4.84 4.08 4.47 4.28 3.91 3.64 2.96 3.35 2.58
Noncurrent assets 68.09% 66.49% 66.23% 65.49% 63.66% 75.96% 75.98% 75.62% 74.84% 74.56% 73.41% 73.50% 73.68% 70.85% 70.59% 68.18% 70.05% 70.38% 77.76% 76.09% 80.22% 81.97% 83.90% 83.31% 82.44% 82.20% 82.21%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The balance sheet structure exhibits a significant shift in asset composition between December 2014 and June 2021, characterized by a transition from a heavily noncurrent asset base toward increased liquidity. Total current assets as a percentage of total assets rose from 17.79% to 31.91%, while total noncurrent assets declined from 82.21% to 68.09% over the same period.

Liquidity and Working Capital Trends
A substantial increase in cash and cash items is observed, growing from 1.35% of total assets in late 2014 to a peak of 22.19% in December 2020, before settling at 16.35% by June 2021. This trend is complemented by the intermittent appearance of short-term investments, which reached a high of 10.15% in September 2020. Conversely, trade receivables and inventories have both seen steady declines; trade receivables decreased from 8.11% to 5.41%, and inventories fell from 4.02% to 1.70%. These patterns suggest an aggressive accumulation of liquid reserves and improved efficiency in working capital management.
Fixed Asset and Capital Expenditure Analysis
Net plant and equipment, the largest component of the asset base, experienced a general downward trend in its proportion of total assets, moving from 54.48% in 2014 to 49.66% in 2021. While the gross cost of plant and equipment remained high, often exceeding 100% of total assets due to the offsetting effect of accumulated depreciation (which averaged between 50% and 66%), the net proportion suggests a slowing of capital expenditure relative to the growth of other asset classes or an acceleration in depreciation.
Intangible Assets and Long-term Receivables
A consistent contraction is evident in intangible assets and goodwill. Goodwill decreased from 6.81% to 3.55%, and net intangible assets fell from 3.32% to 1.69%, indicating a steady amortization process without proportional new acquisitions. Furthermore, noncurrent lease receivables showed a marked decline, dropping from 7.92% in 2014 to 2.91% in 2021, suggesting a fundamental change in the company's long-term leasing arrangements or asset monetization strategies.

Overall, the financial profile reveals a strategic pivot toward a more liquid posture. The reduction in the relative weight of fixed assets, lease receivables, and intangibles, paired with the surge in cash holdings, indicates a move away from asset-intensive operations toward a more flexible financial position.

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