Analysis of Property, Plant and Equipment
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SLB N.V. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Property, Plant and Equipment Disclosure
SLB N.V., balance sheet: property, plant and equipment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | |||||||||||
| Buildings & improvements | |||||||||||
| Machinery & equipment | |||||||||||
| Fixed assets | |||||||||||
| Accumulated depreciation | |||||||||||
| Fixed assets less accumulated depreciation |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Land
- The value of land shows a consistent decline over the analyzed period, decreasing from $362 million in 2020 to $315 million in 2024. This indicates either disposals of land assets or revaluations leading to a gradual reduction in reported land value.
- Buildings & Improvements
- The value of buildings and improvements exhibits an overall upward trend, increasing from $3,757 million in 2020 to a peak of $4,569 million in 2023, followed by a slight decrease to $4,510 million in 2024. This suggests ongoing investments in building infrastructure with some minor disposals or depreciation effects toward the end of the period.
- Machinery & Equipment
- Machinery and equipment values decreased from $25,625 million in 2020 to a low of $23,732 million in 2022. Thereafter, there is a recovery to $25,073 million in 2023 followed by a slight decrease to $24,748 million in 2024. The initial decline may reflect asset disposals or limited acquisitions, with later years indicating renewed investment or replacement activities.
- Fixed Assets
- The total fixed assets reflect the combined effect of the above categories, showing a decline from $29,744 million in 2020 to $28,386 million in 2022. The figure then rises to $29,965 million in 2023 followed by a small decrease to $29,573 million in 2024, aligning with the trends observed in buildings and machinery.
- Accumulated Depreciation
- Accumulated depreciation decreases in absolute value from -$22,918 million in 2020 to -$21,779 million in 2022, indicating a reduction in accumulated write-downs or potentially asset disposals affecting depreciated assets. It then increases again to -$22,725 million in 2023 before lessening somewhat to -$22,214 million in 2024, suggesting fluctuations in depreciation charges and asset retirements.
- Fixed Assets Less Accumulated Depreciation (Net Book Value)
- The net book value of fixed assets demonstrates a declining trend from $6,826 million in 2020 to a low of $6,429 million in 2021, followed by a gradual recovery to $7,359 million in 2024. This recovery in net values points to acquisitions or revaluations offsetting depreciation, improving the overall carrying value of fixed assets over recent years.
Asset Age Ratios (Summary)
SLB N.V., asset age ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Average Age Ratio
- The average age ratio exhibited a declining trend from 78% in 2020 to 75.92% in 2024. This gradual decrease suggests a slight reduction in the relative age of the property, plant, and equipment over the observed period, indicating that the asset base may have been renewed or expanded with newer additions.
- Estimated Total Useful Life
- The estimated total useful life of the assets increased from 18 years in 2020 to a peak of 21 years in 2022 and 2023, before declining to 19 years in 2024. The initial increase implies either improved asset quality or revised estimates extending asset longevity, while the subsequent decrease in 2024 could reflect reassessments or changes in asset composition.
- Estimated Age (Time Elapsed Since Purchase)
- The estimated age of the assets rose from 14 years in 2020 to 16 years by 2021 and remained steady through 2023, before decreasing back to 14 years in 2024. The plateau between 2021 and 2023 indicates stability in the age of the asset base, but the drop in 2024 may suggest significant asset disposals, replacements, or reevaluations resulting in a younger asset profile.
- Estimated Remaining Life
- The estimated remaining life increased from 4 years in 2020 and 2021 to 5 years from 2022 onward, maintaining this level through 2024. This improvement points to an extended service period expected from the assets, potentially due to enhanced maintenance practices, upgrades, or more favorable longevity assessments.
Average Age
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Accumulated depreciation | ||||||
| Fixed assets | ||||||
| Land | ||||||
| Asset Age Ratio | ||||||
| Average age1 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Fixed assets – Land)
= 100 × ÷ ( – ) =
- Accumulated Depreciation
- The accumulated depreciation exhibits a fluctuating pattern over the observed period. It decreased from 22,918 million US dollars at the end of 2020 to 21,779 million in 2022, followed by a moderate increase up to 22,725 million in 2023 and then a slight decrease to 22,214 million in 2024. This suggests ongoing depreciation expenses balanced with asset disposals or revaluations impacting the net figure.
- Fixed Assets
- The value of fixed assets demonstrates a generally declining trend from 29,744 million US dollars in 2020 to 28,386 million in 2022. Subsequently, it increased significantly to 29,965 million in 2023, before a slight decrease to 29,573 million in 2024. The initial decline could be attributed to asset disposals or reduced capital expenditures, whereas the rebound indicates renewed investment in fixed assets or asset additions in recent years.
- Land
- Land assets have shown a steady decline throughout the period, decreasing from 362 million US dollars in 2020 to 315 million in 2024. This consistent downward movement might reflect sales of land, revaluation declines, or strategic consolidation of property holdings.
- Average Age Ratio
- The average age ratio of assets reveals a gradual decrease from 78% in 2020 to 75.92% in 2024. This declining ratio implies that the company's property, plant, and equipment base is becoming relatively newer over time, possibly as a result of asset replacements, upgrades, or increased investments in new equipment.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = (Fixed assets – Land) ÷ Depreciation of fixed assets
= ( – ) ÷ =
- Fixed Assets
- The value of fixed assets showed a declining trend from 2020 to 2022, decreasing from 29,744 million USD to 28,386 million USD. However, there was a rebound in 2023 with an increase to 29,965 million USD, followed by a slight decrease to 29,573 million USD in 2024.
- Land
- The value of land exhibited a consistent decline over the period, dropping from 362 million USD in 2020 to 315 million USD in 2024. This reflects a decrease of approximately 13% over the five-year span.
- Depreciation of Fixed Assets
- The depreciation expense decreased from 1,625 million USD in 2020 to 1,368 million USD in 2022, suggesting reduced wear and tear or possible asset disposals. After this period, depreciation rose, reaching 1,551 million USD in 2024, indicating increased asset usage or additions.
- Estimated Total Useful Life
- The estimated total useful life of fixed assets increased from 18 years in 2020 to 21 years in 2022 and 2023, before declining to 19 years in 2024. This fluctuation may indicate changes in asset composition or updated asset management policies.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation of fixed assets
= ÷ =
The analysis of the annual property, plant, and equipment financial data reveals several noteworthy trends related to accumulated depreciation, depreciation expenses, and the average age of assets.
- Accumulated Depreciation
- Over the five-year period, accumulated depreciation shows a fluctuating trend. Starting at $22,918 million in 2020, it slightly decreased to $22,648 million in 2021 and continued to decline to $21,779 million in 2022. However, it rose again in 2023 to $22,725 million before falling slightly to $22,214 million in 2024. This pattern suggests periods of asset disposals or revaluations impacting the net book value of property, plant, and equipment, rather than a straightforward annual increase typical of accumulated depreciation.
- Depreciation of Fixed Assets
- The depreciation expense for fixed assets generally declined from $1,625 million in 2020 to a low of $1,368 million in 2022, indicating either reduced asset base additions, changes in depreciation methods, or asset retirements affecting depreciation charges. This trend reversed after 2022, with depreciation expense increasing to $1,445 million in 2023 and further to $1,551 million in 2024. The recent increase may reflect new asset acquisitions, changes in asset utilization, or adjustments in depreciation estimates.
- Time Elapsed Since Purchase
- The average age of the asset base remained relatively stable, beginning at 14 years in 2020, increasing to 16 years from 2021 through 2023, and then decreasing back to 14 years in 2024. The rise in asset age indicates a period with less asset renewal or acquisition, while the decrease in 2024 suggests recent investments or additions of newer assets.
Overall, the data depict a dynamic asset base with fluctuating accumulated depreciation values influenced by asset lifecycle events. The decline and subsequent increase in depreciation expenses, coupled with the variations in average asset age, imply periods of asset reduction followed by renewal or growth. These patterns highlight the company’s cyclical approach to managing its property, plant, and equipment, balancing asset utilization with timely reinvestment.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = (Fixed assets less accumulated depreciation – Land) ÷ Depreciation of fixed assets
= ( – ) ÷ =
- Fixed Assets Less Accumulated Depreciation
- The net value of fixed assets experienced a decline from 6,826 million US dollars at the end of 2020 to 6,429 million US dollars by the end of 2021, indicating a reduction in net asset value during that period. However, from 2021 onwards, there was a gradual recovery, with the value increasing to 6,607 million US dollars in 2022, 7,240 million US dollars in 2023, and further to 7,359 million US dollars by the end of 2024. This upward trend in the latter years suggests reinvestment or capitalization of assets outpacing depreciation or disposals.
- Land
- The value of land assets showed a consistent downward trend over the five-year period, decreasing from 362 million US dollars in 2020 to 315 million US dollars in 2024. This steady reduction may reflect sales, revaluation, or reclassification of land holdings.
- Depreciation of Fixed Assets
- Depreciation expense decreased notably from 1,625 million US dollars in 2020 to 1,402 million US dollars in 2021 and further to 1,368 million US dollars in 2022. After this decline, depreciation charges increased again to 1,445 million US dollars in 2023 and reached 1,551 million US dollars by 2024. The initial reduction followed by rising depreciation might be linked to changes in asset base or adjustments in depreciation methods or estimates.
- Estimated Remaining Life of Fixed Assets
- The estimated remaining life of the fixed assets was stable at 4 years for 2020 and 2021. From 2022 through 2024, the estimated remaining life increased to 5 years, indicating either an extension in asset useful life assumptions or the acquisition of newer assets with longer useful lives.