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Microsoft Excel LibreOffice Calc

Exxon Mobil Corp. (XOM)


Analysis of Equity Method Investment

Difficulty: Advanced


Selected Financial Data

Exxon Mobil Corp.’s selected financial data

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Income from equity affiliates hidden hidden hidden hidden hidden
Equity method company investments and advances, investments hidden hidden hidden hidden hidden
ROA (equity method investments only)1 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

2018 Calculations

1 ROA (equity method investments only) = 100 × Income from equity affiliates ÷ Equity method company investments and advances, investments
= 100 × hidden ÷ hidden = hidden

Item Description The company
Income from equity affiliates This item represents the entity’s proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Exxon Mobil Corp.’s income from equity affiliates increased from 2016 to 2017 and from 2017 to 2018.
Equity method company investments and advances, investments This item represents the carrying amount on the entity’s balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity’s share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized. Exxon Mobil Corp.’s equity method company investments and advances, investments increased from 2016 to 2017 and from 2017 to 2018.
ROA (equity method investments only) A profitability ratio calculated as income from equity affiliates divided by equity method company investments and advances, investments. Exxon Mobil Corp.’s ROA of equity method investments deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Summarized Financial Information

Summarized financial information for Exxon Mobil Corp.’s affiliates, subsidiaries, associates, and joint ventures

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current assets hidden hidden hidden hidden hidden
Long-term assets hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden
Current liabilities hidden hidden hidden hidden hidden
Long-term liabilities hidden hidden hidden hidden hidden
Total liabilities hidden hidden hidden hidden hidden
Net assets hidden hidden hidden hidden hidden
Total liabilities and equity hidden hidden hidden hidden hidden
Revenues hidden hidden hidden hidden hidden
Income before income taxes hidden hidden hidden hidden hidden
Income taxes hidden hidden hidden hidden hidden
Income from equity affiliates hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

Item Description The company
Net assets Amount of equity, excluding noncontrolling interest, attributable to the equity method investment of the entity. Net assets of Exxon Mobil Corp.’s affiliates, subsidiaries, associates, and joint ventures increased from 2016 to 2017 and from 2017 to 2018.
Income from equity affiliates The amount of net income (loss) reported by an equity method investment of the entity. Income from equity affiliates of Exxon Mobil Corp.’s affiliates, subsidiaries, associates, and joint ventures increased from 2016 to 2017 and from 2017 to 2018.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of Exxon Mobil Corp.’s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

Exxon Mobil Corp., adjustments to financial data

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Weighted average percentage interest in affiliates hidden hidden hidden hidden hidden
Adjustment to Current Assets
Current assets (as reported) hidden hidden hidden hidden hidden
Add: Current assets of affiliates (adjustment) hidden hidden hidden hidden hidden
Current assets (adjusted) hidden hidden hidden hidden hidden
Adjustment to Total Assets
Total assets (as reported) hidden hidden hidden hidden hidden
Less: Equity method company investments and advances, investments (adjustment) hidden hidden hidden hidden hidden
Add: Total assets of affiliates (adjustment) hidden hidden hidden hidden hidden
Total assets (adjusted) hidden hidden hidden hidden hidden
Adjustment to Current Liabilities
Current liabilities (as reported) hidden hidden hidden hidden hidden
Add: Current liabilities of affiliates (adjustment) hidden hidden hidden hidden hidden
Current liabilities (adjusted) hidden hidden hidden hidden hidden
Adjustment to Total Liabilities
Total liabilities (as reported) hidden hidden hidden hidden hidden
Add: Total liabilities of affiliates (adjustment) hidden hidden hidden hidden hidden
Total liabilities (adjusted) hidden hidden hidden hidden hidden
Adjustment to Sales And Other Operating Revenue
Sales and other operating revenue (as reported) hidden hidden hidden hidden hidden
Add: Revenues of affiliates (adjustment) hidden hidden hidden hidden hidden
Sales and other operating revenue (adjusted) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).


Exxon Mobil Corp., Financial Data: Reported vs. Adjusted


Adjusted Ratios: Proportionate Consolidation (Summary)

Exxon Mobil Corp., adjusted ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current Ratio
Reported current ratio hidden hidden hidden hidden hidden
Adjusted current ratio hidden hidden hidden hidden hidden
Net Profit Margin
Reported net profit margin hidden hidden hidden hidden hidden
Adjusted net profit margin hidden hidden hidden hidden hidden
Total Asset Turnover
Reported total asset turnover hidden hidden hidden hidden hidden
Adjusted total asset turnover hidden hidden hidden hidden hidden
Financial Leverage
Reported financial leverage hidden hidden hidden hidden hidden
Adjusted financial leverage hidden hidden hidden hidden hidden
Return on Assets (ROA)
Reported ROA hidden hidden hidden hidden hidden
Adjusted ROA hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Exxon Mobil Corp.’s adjusted current ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Exxon Mobil Corp.’s adjusted net profit margin improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover improved from 2016 to 2017 and from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Exxon Mobil Corp.’s adjusted financial leverage declined from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.

Exxon Mobil Corp., Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Current assets hidden hidden hidden hidden hidden
Current liabilities hidden hidden hidden hidden hidden
Ratio
Current ratio1 hidden hidden hidden hidden hidden
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted current assets hidden hidden hidden hidden hidden
Adjusted current liabilities hidden hidden hidden hidden hidden
Ratio
Adjusted current ratio2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Exxon Mobil Corp.’s adjusted current ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil hidden hidden hidden hidden hidden
Sales and other operating revenue hidden hidden hidden hidden hidden
Ratio
Net profit margin1 hidden hidden hidden hidden hidden
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil hidden hidden hidden hidden hidden
Adjusted sales and other operating revenue hidden hidden hidden hidden hidden
Ratio
Adjusted net profit margin2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × hidden ÷ hidden = hidden

2 Adjusted net profit margin = 100 × Net income attributable to ExxonMobil ÷ Adjusted sales and other operating revenue
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Exxon Mobil Corp.’s adjusted net profit margin improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden
Ratio
Total asset turnover1 hidden hidden hidden hidden hidden
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted sales and other operating revenue hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden
Ratio
Adjusted total asset turnover2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Total asset turnover = Sales and other operating revenue ÷ Total assets
= hidden ÷ hidden = hidden

2 Adjusted total asset turnover = Adjusted sales and other operating revenue ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Total assets hidden hidden hidden hidden hidden
Total ExxonMobil share of equity hidden hidden hidden hidden hidden
Ratio
Financial leverage1 hidden hidden hidden hidden hidden
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted total assets hidden hidden hidden hidden hidden
Total ExxonMobil share of equity hidden hidden hidden hidden hidden
Ratio
Adjusted financial leverage2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= hidden ÷ hidden = hidden

2 Adjusted financial leverage = Adjusted total assets ÷ Total ExxonMobil share of equity
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Exxon Mobil Corp.’s adjusted financial leverage declined from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden
Ratio
ROA1 hidden hidden hidden hidden hidden
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden
Ratio
Adjusted ROA2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

1 ROA = 100 × Net income attributable to ExxonMobil ÷ Total assets
= 100 × hidden ÷ hidden = hidden

2 Adjusted ROA = 100 × Net income attributable to ExxonMobil ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.