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.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Dividend Discount Model (DDM)
- Selected Financial Data since 2011
- Net Profit Margin since 2011
- Current Ratio since 2011
- Total Asset Turnover since 2011
- Price to Operating Profit (P/OP) since 2011
- Aggregate Accruals
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Marathon Petroleum Corp., consolidated balance sheet: assets
US$ in millions
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).
- Liquidity Position
- The cash and cash equivalents balance demonstrated volatility over the period, declining sharply from 1,527 million US$ in 2019 to 415 million US$ in 2020, then rising substantially to a peak of 8,625 million US$ in 2022, before decreasing to 5,443 million US$ in 2023. Short-term investments, absent in the first two years, appeared in 2021 with 5,548 million US$, then fluctuated to 3,145 million US$ in 2022 and rose again to 4,781 million US$ in 2023. This pattern indicates an evolving strategy in liquid asset management.
- Receivables and Inventory
- Receivables, net of allowances, showed a marked increase from 7,872 million US$ in 2019 to 11,034 million US$ in 2021, peaking at 13,477 million US$ in 2022 before declining to 11,619 million US$ in 2023. Inventories decreased significantly in 2020 to 7,999 million US$ from 10,243 million US$, then gradually increased to 9,317 million US$ by 2023. These trends suggest fluctuations in operational activity and inventory management possibly tied to market or supply chain conditions.
- Other Current Assets and Assets Held for Sale
- Other current assets fluctuated considerably, with an unusual spike to 2,724 million US$ in 2020, followed by a decline and a moderate recovery by 2023. Assets held for sale were only recognized in 2020 at 11,389 million US$, which may reflect a divestiture or reclassification event during that year.
- Total Current Assets
- Total current assets increased from 20,170 million US$ in 2019 to a peak of 35,242 million US$ in 2022 before reducing to 32,131 million US$ in 2023, reflecting overall growth with some contraction in the latest year.
- Noncurrent Assets
- Equity method investments declined from 6,898 million US$ in 2019 to about 6,260 million US$ in 2023, indicating a steady decrease in this asset category. Property, plant, and equipment (net) decreased progressively each year from 45,615 million US$ in 2019 to 35,112 million US$ in 2023, demonstrating ongoing asset depreciation, divestitures, or limited capital expenditures. Goodwill halved sharply from 20,040 million US$ in 2019 to 8,256 million US$ in 2020 and remained stable thereafter, suggesting significant impairment or disposal occurred in 2020. Operating lease right of use assets and other noncurrent assets exhibited gradual declines or modest recovery but remained relatively stable overall.
- Total Assets
- Total assets decreased notably from 98,556 million US$ in 2019 to 85,158 million US$ in 2020, then stabilized around the 85,000 to 90,000 million US$ range, ending at 85,987 million US$ in 2023. The initial drop reflects significant asset reductions early in the period, followed by relative stability thereafter.
- Summary
- The data reflects a company that experienced substantial asset base contraction in 2020, particularly in goodwill and property, plant and equipment, along with a large recognized asset held for sale, indicating possible restructuring or strategic asset disposals. Liquidity improved markedly from 2020 onwards, as seen by increasing cash equivalents and short-term investments. Receivables and inventories showed variable trends consistent with shifting operational dynamics. The overall asset base contracted then stabilized, reflecting a phase of consolidation after significant adjustments. These patterns suggest a focus on liquidity management and asset optimization amidst changing market or operational conditions.