Balance Sheet: Assets
Quarterly Data
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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National Oilwell Varco Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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National Oilwell Varco Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
The analysis of the quarterly financial data reveals several notable trends and fluctuations across various asset categories over the observed periods.
- Cash and Cash Equivalents
- There was an overall decline in cash and cash equivalents from the first quarter of 2011 through mid-2012, reaching a low in September 2012. This was followed by a recovery that peaked in the fourth quarter of 2014 before declining again into 2016. The fluctuation suggests periodic liquidity adjustments possibly in response to operational or investment activities.
- Receivables, Net
- Receivables exhibited a consistent upward trend from 2011 to the end of 2013, indicating increasing sales or potentially longer collection periods. However, starting in early 2014, receivables began decreasing steadily through mid-2016, which may reflect improved collections efficiency or a contraction in sales volumes.
- Inventories, Net
- Inventories steadily increased from 2011 through mid-2013, peaking in the first quarter of 2013. After that, a gradual decrease is observed until mid-2016. This pattern likely indicates initial accumulation followed by inventory normalization or sales absorbing inventory levels.
- Costs in Excess of Billings
- This category rose significantly from early 2011 through the end of 2014, reaching its highest level in December 2014, before declining substantially in subsequent years. This trend could point to expanding work in progress or unbilled revenue during the increasing phase, followed by slower project timelines or realizations.
- Deferred Income Taxes (Current and Noncurrent)
- Both current and noncurrent deferred income taxes showed fluctuations without a clear upward or downward trend. Variations around mid-cycle peaks suggest impacts from tax planning, profitability changes, or timing differences in income recognition.
- Prepaid and Other Current Assets
- This category expanded overall from 2011 to 2013, with some variability thereafter but a generally moderate decline towards mid-2016, indicating changes in prepaid expenses or other current assets that mirror operational adjustments.
- Current Assets
- Current assets followed an upward trajectory from 2011 until the end of 2013, reflecting asset growth. Afterward, a decline sets in from early 2014 extending to mid-2016, which could indicate asset optimization, liquidity reduction, or operational tightening.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment assets grew modestly from 2011 to early 2013, followed by relative stability with slight decreases from 2014 through 2016. This suggests a plateau in capital expenditures or the beginning of asset retirements or depreciation outpacing acquisitions during this period.
- Goodwill
- Goodwill experienced a marked increase between 2011 and early 2013, nearly doubling by March 2013, possibly due to acquisitions. Following this peak, it remained relatively stable with a slight declining trend starting in 2014 through 2016, indicating no major recent acquisitions and possible impairment considerations.
- Intangibles, Net
- Intangible assets demonstrated a gradual decrease from 2011 to mid-2016, suggesting ongoing amortization outpacing additions to intangible asset balances.
- Investment in Unconsolidated Affiliates
- Investments in unconsolidated affiliates showed modest fluctuations but a general downward trend from 2011 to mid-2016, which might reflect divestitures or losses in affiliated entities.
- Other Assets
- This category displayed minor variability with a slight increase until 2014, followed by a modest decline through mid-2016, indicating limited material changes.
- Noncurrent Assets
- Noncurrent assets increased consistently through 2013, peaking in early 2013, then gradually decreased from 2014 to 2016. This likely correlates with the trends in property, goodwill, intangibles, and other long-term investments, highlighting asset depreciation, amortization, and less reinvestment over time.
- Total Assets
- Total assets increased steadily from 2011 through early 2013, reaching a peak at that time. Afterwards, a persistent decline was observed through mid-2016, reflecting decreases across current and noncurrent asset classes, likely driven by operational shifts, market conditions, or financial strategy adjustments.
Overall, the company’s asset base expanded significantly up to early 2013, followed by a multi-year contraction through mid-2016. Key asset categories such as cash, receivables, inventories, and property plant and equipment mirror this pattern, indicating a period of growth succeeded by consolidation or downsizing. The patterns in goodwill suggest acquisition activity prior to 2013 with stabilization thereafter. The declining trends in intangibles and investments further emphasize reduced capital deployment or divestitures. The observed fiscal trends could reflect sectoral dynamics impacting operational scale and financial positioning during this period.