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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Phillips 66, consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The analysis of the annual financial data reveals several noteworthy trends in asset composition and valuation over the five-year period.
- Cash and Cash Equivalents
- There is a clear decreasing trend in cash and cash equivalents, dropping from 3,074 million US dollars in 2015 to 1,614 million US dollars in 2019, reflecting a significant decline of approximately 47.5%. This could indicate either increased cash utilization or changes in liquidity management.
- Accounts and Notes Receivable
- Net receivables excluding related parties increase steadily, rising from 4,411 million to 7,376 million US dollars, suggesting growth in sales or credit extension. Receivables from related parties demonstrate variability but generally trend upward from 762 million to 1,134 million US dollars, indicating more intercompany transactions or adjustments.
- Inventories
- Inventories exhibit fluctuation but overall increase from 3,477 million to 3,776 million US dollars, which may signify stock buildup to support higher sales volumes or supply chain considerations.
- Prepaid Expenses and Other Current Assets
- These assets slightly decline initially from 532 million to 370 million by 2017 but rebound to 495 million by 2019, suggesting more efficient expense management or timing differences in payments.
- Current Assets
- Total current assets increase from 12,256 million to 14,395 million US dollars, with some variability that corresponds to changes in the components mentioned above, indicating overall growth in liquid and near-liquid assets despite cash decreases.
- Investments and Long-Term Receivables
- Equity investments show consistent growth from 11,977 million to 14,284 million US dollars, reflecting potential appreciation or increased holdings. Other investments maintain relatively low balance levels but increase gradually, while loans and long-term receivables, despite a fluctuation peak in 2016, end higher at 157 million US dollars.
- Net Properties, Plants, and Equipment (PP&E)
- Net PP&E steadily rises from 19,721 million to 23,786 million US dollars, indicating ongoing capital expenditure and asset base expansion, which might support future operational capacity.
- Goodwill and Intangibles
- Goodwill remains constant at 3,270 million US dollars after 2015, while intangible assets show a slight decrease from 906 million to 869 million US dollars, suggesting stable acquisition activity or amortization effects.
- Other Assets
- Other assets present substantial growth from 279 million to 1,829 million US dollars, which may be attributable to reclassification, asset purchases, or adjustments, significantly affecting noncurrent asset totals.
- Noncurrent Assets and Total Assets
- Noncurrent assets increase from 36,324 million to 44,325 million US dollars, reflecting the aforementioned trends in investments, PP&E, and other assets. Consequently, total assets expand from 48,580 million to 58,720 million US dollars over the period, indicating overall asset growth and capital strengthening.
In summary, there is an observable shift from liquid assets towards long-term investments and fixed assets, accompanied by strong growth in receivables and overall asset base. The decline in cash balances paired with asset growth suggests increased capital deployment. Stability in goodwill and intangibles implies limited major acquisitions or disposals affecting these categories.