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Statement of Financial Position, Assets
Difficulty: Beginner
The statement of financial position provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s 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.
Occidental Petroleum Corp., Consolidated Statement of Financial Position, Assets
USD $ in millions
Based on: 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-03-03).
Assets, Selected Items
| Item | Description | The company |
|---|---|---|
| Current assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | Occidental Petroleum Corp.’s current assets declined from 2015 to 2016 and from 2016 to 2017. |
| Property, plant and equipment, net of accumulated depreciation, depletion and amortization | Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. | Occidental Petroleum Corp.’s property, plant and equipment, net of accumulated depreciation, depletion and amortization increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
| Noncurrent assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. | Occidental Petroleum Corp.’s noncurrent assets increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
| Total assets | Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | Occidental Petroleum Corp.’s total assets declined from 2015 to 2016 and from 2016 to 2017. |
Current Assets, Selected Items
| Item | Description | The company |
|---|---|---|
| Cash and cash equivalents | Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. | Occidental Petroleum Corp.’s cash and cash equivalents declined from 2015 to 2016 and from 2016 to 2017. |
| Trade receivables, net of reserves | Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. | Occidental Petroleum Corp.’s trade receivables, net of reserves increased from 2015 to 2016 and from 2016 to 2017. |
| Inventories | Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. | Occidental Petroleum Corp.’s inventories declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |