Name: National Oilwell Varco Inc. (NYSE:NOV) | 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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National Oilwell Varco Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Cash and cash equivalents	2,080)	3,536)	3,436)	3,319)	3,535)
Receivables, net	2,926)	4,416)	4,896)	4,320)	3,291)
Inventories, net	4,678)	5,281)	5,603)	5,891)	4,030)
Costs in excess of billings	1,250)	1,878)	1,539)	1,225)	593)
Deferred income taxes	376)	447)	373)	349)	336)
Prepaid and other current assets	491)	604)	576)	574)	325)
Current assets	11,801)	16,162)	16,423)	15,678)	12,110)
Property, plant and equipment, net	3,124)	3,362)	3,408)	2,945)	2,445)
Deferred income taxes	488)	503)	372)	413)	267)
Goodwill	6,980)	8,539)	9,049)	7,172)	6,151)
Intangibles, net	3,849)	4,444)	5,055)	4,743)	4,073)
Investment in unconsolidated affiliates	327)	362)	390)	393)	391)
Other assets	156)	190)	115)	140)	78)
Noncurrent assets	14,924)	17,400)	18,389)	15,806)	13,405)
Total assets	26,725)	33,562)	34,812)	31,484)	25,515)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

Total assets experienced a period of expansion between 2011 and 2013, peaking at 34,812 million USD, before entering a contraction phase that resulted in a total asset value of 26,725 million USD by the end of 2015. This trajectory reflects a significant increase in the asset base followed by a sharp reduction, particularly in the final year of the observed period.

Current Asset Trends: Current assets followed a similar growth and contraction pattern, rising from 12,110 million USD in 2011 to a peak of 16,423 million USD in 2013, then declining to 11,801 million USD in 2015. Cash and cash equivalents remained relatively stable between 3,319 million USD and 3,536 million USD from 2011 through 2014, but decreased significantly to 2,080 million USD in 2015. Receivables, net, showed substantial growth from 3,291 million USD in 2011 to 4,896 million USD in 2013, followed by a sharp decline to 2,926 million USD in 2015. Inventories, net, peaked in 2012 at 5,891 million USD and trended downward thereafter to 4,678 million USD in 2015.
Operational Asset Indicators: Costs in excess of billings exhibited a steady upward trend from 593 million USD in 2011 to a peak of 1,878 million USD in 2014, before retreating to 1,250 million USD in 2015. This indicates a period of increasing unbilled project costs that corrected in the final year.
Noncurrent Asset Composition: Noncurrent assets grew from 13,405 million USD in 2011 to 18,389 million USD in 2013, eventually declining to 14,924 million USD in 2015. A significant portion of this fluctuation is attributed to Goodwill and Intangibles. Goodwill increased from 6,151 million USD in 2011 to 9,049 million USD in 2013, then fell to 6,980 million USD by 2015. Similarly, Intangibles, net, rose from 4,073 million USD in 2011 to 5,055 million USD in 2013 before decreasing to 3,849 million USD in 2015. Property, plant and equipment, net, followed a similar arc, peaking at 3,408 million USD in 2013 and ending at 3,124 million USD in 2015.
Overall Asset Contraction: The period between 2013 and 2015 is characterized by a systematic reduction across almost all major asset categories. The decline in Goodwill and Intangibles suggests potential impairment charges, while the simultaneous drop in cash, receivables, and inventories points to a broader contraction of the balance sheet and a reduction in working capital.

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