Name: Air Products & Chemicals Inc. (NYSE:APD) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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

US$ in thousands

	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015
Cash and cash items	5,253,000)	2,248,700)	2,791,300)	3,273,600)	1,501,300)	206,400)
Short-term investments	1,104,900)	166,000)	184,700)	404,000)	—)	—)
Trade receivables, net	1,274,800)	1,260,200)	1,207,200)	1,174,000)	1,439,900)	1,406,200)
Inventories	404,800)	388,300)	396,100)	335,400)	619,900)	657,800)
Prepaid expenses	164,500)	77,400)	129,600)	191,400)	99,600)	67,300)
Contract assets	55,900)	64,300)	—)	—)	—)	—)
Contract fulfillment costs	109,900)	64,500)	—)	—)	—)	—)
Deferred tax assets	—)	—)	—)	—)	—)	117,200)
Derivative instruments	97,500)	142,500)	61,100)	93,900)	170,900)	72,900)
Current lease receivables	86,700)	90,900)	92,100)	93,300)	88,200)	84,200)
Contracts in progress, less progress billings	—)	—)	77,500)	84,800)	81,600)	110,800)
Prepaid inventory	—)	—)	—)	—)	92,800)	—)
Other	132,900)	115,500)	142,600)	216,100)	203,700)	188,000)
Other receivables and current assets	482,900)	477,700)	373,300)	488,100)	637,200)	573,100)
Current assets of discontinued operations	—)	—)	—)	10,200)	19,400)	—)
Current assets	8,684,900)	4,618,300)	5,082,200)	5,876,700)	4,317,300)	2,910,800)
Investment in net assets of and advances to equity affiliates	1,432,200)	1,276,200)	1,277,200)	1,286,900)	1,288,100)	1,265,700)
Plant and equipment, net	11,964,700)	10,337,600)	9,923,700)	8,440,200)	8,852,700)	9,636,900)
Goodwill, net	891,500)	797,100)	788,900)	721,500)	1,150,200)	1,131,300)
Intangible assets, net	435,800)	419,500)	438,500)	368,300)	488,000)	508,300)
Noncurrent lease receivables	816,300)	890,000)	1,013,300)	1,131,800)	1,221,700)	1,350,200)
Operating lease right-of-use assets	376,800)	—)	—)	—)	—)	—)
Deferred tax assets	115,100)	115,200)	121,400)	174,500)	192,700)	69,000)
Derivative instruments	45,800)	81,700)	85,000)	133,900)	204,400)	246,000)
Noncurrent customer receivable	—)	118,000)	92,400)	62,600)	—)	—)
Prepaid tax	19,300)	17,000)	13,200)	5,100)	53,500)	31,300)
Pension benefits	26,500)	28,700)	131,700)	18,400)	—)	—)
Long-term deposits on plant and equipment	100,000)	—)	—)	34,800)	36,500)	40,100)
Other	259,600)	243,500)	210,800)	212,500)	250,200)	248,500)
Other noncurrent assets	943,100)	604,100)	654,500)	641,800)	737,300)	634,900)
Noncurrent assets	16,483,600)	14,324,500)	14,096,100)	12,590,500)	13,738,000)	14,527,300)
Total assets	25,168,500)	18,942,800)	19,178,300)	18,467,200)	18,055,300)	17,438,100)

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).

Total assets experienced a significant upward trajectory over the analyzed period, growing from 17.4 billion US dollars in 2015 to 25.2 billion US dollars in 2020. This expansion was primarily driven by a substantial increase in both current and noncurrent asset categories, with a particularly pronounced surge in liquidity during the final reported year.

Liquidity and Current Asset Composition: A dramatic increase in liquidity is observed, with cash and cash items rising from 206.4 million US dollars in 2015 to 5.25 billion US dollars in 2020. This growth was complemented by short-term investments, which peaked at 1.1 billion US dollars in 2020. Consequently, total current assets grew from 2.9 billion US dollars in 2015 to 8.7 billion US dollars in 2020, indicating a significantly strengthened short-term financial position.
Working Capital Trends: Trade receivables remained relatively stable, fluctuating between 1.17 billion and 1.44 billion US dollars throughout the period. Conversely, inventories showed a general downward trend, decreasing from 657.8 million US dollars in 2015 to 404.8 million US dollars in 2020, suggesting improved inventory management or a shift in operational requirements. Prepaid expenses and other current assets exhibited volatility but did not drive the overall asset growth trend.
Fixed Asset Investment and Infrastructure: Plant and equipment, net, representing the largest asset component, demonstrated a consistent long-term growth pattern. After a slight dip between 2015 and 2017, the value climbed steadily to 11.96 billion US dollars by 2020. This suggests sustained capital expenditure and investment in physical production capacity.
Noncurrent Asset Dynamics: Noncurrent lease receivables exhibited a steady decline, falling from 1.35 billion US dollars in 2015 to 816.3 million US dollars in 2020. Goodwill and intangible assets remained relatively stable, though Goodwill saw a notable decrease in 2017 before recovering to 891.5 million US dollars by 2020. A new entry for operating lease right-of-use assets appeared in 2020 at 376.8 million US dollars, reflecting changes in accounting standards regarding lease recognition.
Other Noncurrent Holdings: Investments in net assets of equity affiliates remained consistent for several years around 1.28 billion US dollars, with a slight increase to 1.43 billion US dollars in 2020. Other noncurrent assets saw a peak in 2020 at 943.1 million US dollars, contributing to the overall increase in the noncurrent asset base to 16.48 billion US dollars.

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