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Phillips 66 (NYSE:PSX)

This company has been moved to the archive! The financial data has not been updated since February 21, 2020.

Common-Size Balance Sheet: Assets
Quarterly Data

Phillips 66, common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Cash and cash equivalents 2.75 3.86 3.15 2.17 5.56 1.65 3.44 1.62 5.74 2.93 4.17 2.94 5.25 4.65 4.43 3.57 6.33 9.76 10.20 10.98
Accounts and notes receivable, net of allowances 12.56 10.38 9.95 11.19 9.97 12.24 10.95 10.36 11.82 10.28 9.16 9.69 10.62 8.16 9.15 8.27 9.08 8.73 10.78 9.61
Accounts and notes receivable, related parties 1.93 1.68 1.69 1.43 1.40 2.02 2.13 1.39 1.99 1.77 1.63 1.38 1.77 1.79 1.96 1.55 1.57 1.79 2.39 2.08
Inventories 6.43 9.40 8.81 9.24 6.52 9.92 8.94 9.10 6.24 8.45 8.19 8.53 6.10 7.77 7.93 8.51 7.16 8.88 8.27 8.49
Prepaid expenses and other current assets 0.84 1.26 1.14 1.58 0.87 1.57 1.13 0.80 0.68 1.10 0.88 1.13 0.82 1.43 1.63 1.34 1.10 1.30 1.51 1.73
Current assets 24.51% 26.59% 24.74% 25.61% 24.33% 27.40% 26.59% 23.26% 26.47% 24.54% 24.03% 23.67% 24.55% 23.81% 25.10% 23.25% 25.23% 30.45% 33.15% 32.90%
Investments and long-term receivables 24.81 24.08 25.97 25.56 26.56 25.61 25.86 26.73 25.64 26.37 26.06 25.99 26.20 26.42 25.69 25.80 25.00 21.45 20.19 21.45
Net properties, plants and equipment 40.51 39.08 38.95 38.48 40.55 38.70 39.15 41.24 39.47 40.41 41.08 41.32 40.38 40.69 40.20 41.61 40.59 38.97 37.62 36.51
Goodwill 5.57 5.57 5.66 5.65 6.02 5.85 5.96 6.27 6.01 6.20 6.31 6.36 6.33 6.50 6.50 6.79 6.74 6.63 6.57 6.67
Intangibles 1.48 1.48 1.51 1.49 1.60 1.56 1.58 1.67 1.61 1.68 1.72 1.74 1.72 1.77 1.78 1.87 1.86 1.78 1.76 1.80
Other assets 3.11 3.20 3.18 3.21 0.95 0.88 0.86 0.83 0.80 0.80 0.80 0.92 0.82 0.81 0.72 0.68 0.57 0.72 0.70 0.67
Noncurrent assets 75.49% 73.41% 75.26% 74.39% 75.67% 72.60% 73.41% 76.74% 73.53% 75.46% 75.97% 76.33% 75.45% 76.19% 74.90% 76.75% 74.77% 69.55% 66.85% 67.10%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 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).

The analysis of the common-size balance sheet reveals a structural transition in asset allocation from 2015 through 2019, characterized by a significant reduction in liquidity and an increased concentration in noncurrent assets.

Liquidity and Current Asset Trends
A pronounced downward trend is observed in cash and cash equivalents, which fell from 10.98% of total assets in March 2015 to 2.75% by December 2019. This contraction was the primary driver in the overall decline of total current assets, which decreased from 32.90% to 24.51% over the period. Despite the drop in cash, accounts and notes receivable showed a general increase, rising from 9.61% to 12.56%, suggesting a shift in the composition of current assets toward receivables.
Noncurrent Asset Expansion
Noncurrent assets grew from 67.10% of the total balance sheet in March 2015 to 75.49% by December 2019. This growth was supported by a rise in investments and long-term receivables, which climbed from 21.45% to stabilize between 24% and 26%. Net properties, plants, and equipment also saw an increase from 36.51% to peak at 41.61% in March 2016, subsequently maintaining a range between 38% and 41% through the end of 2019.
Inventory and Working Capital Volatility
Inventories exhibited cyclical fluctuations, frequently peaking in the first and third quarters and reaching lows in the fourth quarter of each year. While the percentage of total assets remained within a range of approximately 6% to 10%, this pattern suggests seasonal operational requirements. Prepaid expenses and other current assets remained a marginal component, generally staying below 1.6% of total assets.
Intangibles and Other Asset Adjustments
A steady decline is noted in intangible assets, with goodwill decreasing from 6.67% to 5.57% and intangibles dropping from 1.80% to 1.48%. Notably, "Other assets" remained below 1% for the majority of the period until March 2019, when a sharp increase to 3.21% occurred, remaining elevated through December 2019.

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