Chevron Corp. (CVX)

Balance Sheet: Assets

Difficulty: Beginner

The balance sheet provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s 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.

Chevron Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Cash and cash equivalents	9,342	4,813	6,988	11,022	12,785
Time deposits	950	—	—	—	8
Marketable securities	53	9	13	310	422
Accounts and notes receivable, less allowance	15,050	15,353	14,092	12,860	16,736
Inventories	5,704	5,585	5,419	6,334	6,505
Prepaid expenses and other current assets	2,922	2,800	3,107	4,821	5,776
Current assets	34,021	28,560	29,619	35,347	42,232
Long-term receivables, net	1,942	2,849	2,485	2,412	2,817
Investments in companies accounted for using the equity method	34,893	31,786	29,346	26,004	25,719
Advances to companies accounted for using the equity method	368	319	443	574	616
Other investments accounted for at or below cost	285	392	461	532	577
Investments and advances	35,546	32,497	30,250	27,110	26,912
Properties, plant and equipment, net	169,207	177,712	182,186	188,396	183,173
Deferred charges and other assets	6,766	7,017	6,838	6,801	6,299
Goodwill	4,518	4,531	4,581	4,588	4,593
Assets held for sale	1,863	640	4,119	1,449	—
Noncurrent assets	219,842	225,246	230,459	230,756	223,794
Total assets	253,863	253,806	260,078	266,103	266,026

Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20).

Assets: Selected Items

Balance sheet item	Description	The company
Current assets	Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.	Chevron Corp.’s current assets declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Properties, plant and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Chevron Corp.’s properties, plant and equipment, net declined from 2016 to 2017 and from 2017 to 2018.
Noncurrent assets	Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.	Chevron Corp.’s noncurrent assets declined from 2016 to 2017 and from 2017 to 2018.
Total assets	Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.	Chevron Corp.’s total assets declined from 2016 to 2017 but then slightly increased from 2017 to 2018.

Current Assets: Selected Items

Balance sheet item	Description	The company
Cash and cash equivalents	Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.	Chevron Corp.’s cash and cash equivalents declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Marketable securities	Amount of investment in marketable security, classified as current.	Chevron Corp.’s marketable securities declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Accounts and notes receivable, less allowance	The aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively.	Chevron Corp.’s accounts and notes receivable, less allowance increased from 2016 to 2017 but then slightly declined from 2017 to 2018.
Inventories	Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.	Chevron Corp.’s inventories increased from 2016 to 2017 and from 2017 to 2018.