Module 8: Project 2

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Balance Sheet

NOTE: 2016 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS
Report Date 2019 2018 2017 2016
Scale Millions Millions Millions Millions
Assets
Cash & cash equivalents 5,686 10,292 4,813 6,988
Marketable securities 63 53 9 13
Accounts & notes receivable, net 13,325 15,050 15,353 14,092
Total inventories 5,848 5,704 5,585 5,419
Prepaid expenses & other current assets 3,407 2,922 2,800 3,107
Total current assets 28,329 34,021 28,560 29,619
Long-term receivables, net 1,511 1,942 2,849 2,485
Investments 38,688 35,546 32,497 30,250
Property, plant & equipment, net 150,494 169,207 177,712 182,186
Deferred charges & other assets 10,532 6,766 7,017 6,838
Goodwill 4,463 4,518 4,531 4,581
Assets held for sale 3,411 1,863 640 4,119
Total assets 237,428 253,863 253,806 260,078
Liabilities
Short-term debt 3,282 5,726 5,192 10,840
Accounts payable 14,103 13,953 14,565 13,986
Accrued liabilities 6,589 4,927 5,267 4,882
Federal & other taxes on income 1,554 1,628 1,600 1,050
Other taxes payable 1,002 937 1,113 1,027
Total current liabilities 26,530 27,171 27,737 31,785
Total long-term debt, net of current portion 23,691 28,733 33,477 35,193
Capital lease obligations - - 94 93
Deferred credits & other noncurrent obligations 20,445 19,742 21,106 21,553
Noncurrent deferred income taxes 13,688 15,921 14,652 17,516
Noncurrent employee benefit plans 7,866 6,654 - -
Reserves for employee benefit plans - - 7,421 7,216
Total liabilities 92,220 98,221 104,487 113,356
Stockholders' Equity
Common stock 1,832 1,832 1,832 1,832
Capital in excess of par value 17,265 17,112 16,848 16,595
Retained earnings 174,945 180,987 174,106 173,046
Accumulated other comprehensive income (loss) (4,990) (3,544) (3,589) (3,843)
Deferred compensation & benefit plan trust (240) (240) (240) (240)
Treasury stock, at cost (44,599) (41,593) (40,833) (41,834)
Noncontrolling interests 995 1,088 1,195 1,166
Total equity 145,208 155,642 149,319 146,722

Income Statement

Report Date 2019 2018 2017
Scale Millions Millions Millions
Net Sales 139,865 158,902 134,674
Income (loss) from equity affiliates 3,968 6,327 4,438
Other income 2,683 1,110 2,610
Total revenues & other income 146,516 166,339 141,722
Cost of sales 80,113 94,578 75,765
Operating expenses 21,385 20,544 19,437
Selling, general & administrative expenses 4,143 3,838 4,448
Exploration expenses 770 1,210 864
Depreciation, depletion & amortization expenses 29,218 19,419 19,349
Taxes other than on income 4,136 4,867 12,331
Interest & debt expense 798 748 307
Other components of net periodic benefit costs 417 560 -
Income before income tax expense 5,536 20,575 9,221
Income tax expense (benefit) 2,691 5,715 (48)
Income after income tax expense 2,845 14,860 9,269
Less: Net income (loss) attributable to noncontrolling interests 79 (36) (74)
Net income (loss) 2,924 14,824 9,195

Additional Data

2019 2018 2017 2016
Accounts & notes receivable, gross 14,071 15,919 15,843 14,465
Allowance for doubtful accounts 746 869 490 373
Property, plant & equipment, at cost 326,722 340,244 344,485 336,077
Less accumulated depreciation, depletion & amortization 176,228 171,037 166,773 153,891
Net cash flows from operating activities 27,314 30,618 20,515 12,846
Weighted average shares outstanding-basic 1882 1897 1882
Year end shares outstanding 1882.168 1902.838 1904.702
Tax Rate 35% 35% 35%