Common-Size Balance Sheet: Assets
Marathon Petroleum Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets showed a noticeable increase from 0.49% in 2020 to a peak of 9.59% in 2022, before declining to 6.33% in 2023. This indicates a trend toward higher liquidity in recent years followed by a slight reduction.
- Short-term Investments
- Short-term investments were absent in the earlier years but represented 6.5% of total assets in 2021, decreased to 3.5% in 2022, and then increased again to 5.56% in 2023. This suggests a strategic fluctuation in investment allocation within short-term securities.
- Receivables, Less Allowance for Doubtful Accounts
- Receivables increased steadily from 6.76% in 2020 to a high of 14.99% in 2022, slightly decreasing to 13.51% in 2023. This upward trend indicates a growing portion of assets held in receivables, which may reflect increased sales or extended credit terms.
- Inventories
- Inventories as a percentage of total assets experienced a modest decline from 10.39% in 2019 to 9.39% in 2020 but gradually increased in subsequent years, reaching 10.84% by 2023. This upturn points to a rebuilding or accumulation of inventory assets.
- Other Current Assets
- There was an increase in other current assets from 0.54% in 2019 to 3.2% in 2020, followed by a decrease and stabilization around 1.13% to 1.3% in the following years, indicating some fluctuations but generally low proportions within total assets.
- Assets Held for Sale
- Assets held for sale appeared significantly only in 2020 at 13.37%, suggesting a notable divestiture or restructuring event during that year, with no recorded values in subsequent years.
- Current Assets
- The share of current assets grew substantially from 20.47% in 2019 to a peak of 39.2% in 2022 before a slight decrease to 37.37% in 2023. This growth aligns with increases in cash, receivables, and short-term investments, highlighting a shift towards higher liquidity.
- Equity Method Investments
- Equity method investments remained relatively stable, showing minor fluctuations between 6.34% and 7.28% across the periods, indicating consistent contributions from associated entities or joint ventures.
- Property, Plant, and Equipment, Net
- Net property, plant, and equipment decreased steadily from 46.28% in 2019 to 39.66% in 2022, with a slight increase to 40.83% in 2023. This decline over the years may reflect asset disposals, depreciation, or reduced capital expenditures.
- Goodwill
- Goodwill saw a sharp drop from 20.33% in 2019 to roughly 9.6% in the following years, maintaining a relatively stable level thereafter. This significant reduction likely reflects impairments or write-offs.
- Operating Lease Right of Use Assets
- Operating lease assets decreased gradually from 2.5% in 2019 to 1.35% in 2022, with a slight increase to 1.43% in 2023, indicating a diminishing or stabilized reliance on leased assets.
- Other Noncurrent Assets
- Other noncurrent assets experienced minor fluctuations, ranging between 2.81% and 3.5%, remaining a small but steady component of total assets.
- Noncurrent Assets
- The proportion of noncurrent assets decreased consistently from 79.53% in 2019 to 60.8% in 2022, then rose slightly to 62.63% in 2023. This trend suggests a gradual shift from long-term asset holdings toward current assets in the balance structure.
- Total Assets
- Total assets were normalized to 100% each year, serving as the basis for analyzing individual asset category proportions.