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12 Months Ended Dec. 31, 2015 Document And Entity Information -
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You have been hired as a consultant by Zachary Meyerowitz, chief investment officer for Bright Side investment fund.  Mr. Meyerowitz has asked you to estimate the change needed to adjust Exxon Mobil?s reserves valuation in consideration of lower oil prices and potentially lower demand due to energy policy and regulations.  He would also like to know how this would affect the three elements of the DuPont ratio, the return on equity outcome, and your opinion of the impact this will have on their debt rating and stock price. 

 

Compose the memo into four to five paragraphs:

 

1.      Introduction: state purpose, identify the method of analysis, preview conclusions

2.      Adjustment to the reserve valuation; include your outcome and describe your method for reaching that outcome

3.      Impact on the financial statements, and ratio outcomes.

4.      Impact on debt rating and stock price

5.      Concluding remarks if desired. 


12 Months Ended

 

Dec. 31, 2015 Document And Entity Information - USD ($) $ in Billions

 

Document And Entity Information [Abstract]

 

Document Type

 

Amendment Flag

 

Document Period End Date

 

Document Fiscal Period Focus

 

Document Fiscal Year Focus

 

Trading Symbol

 

Entity Registrant Name

 

Entity Central Index Key

 

Current Fiscal Year End Date

 

Entity Well-known Seasoned Issuer

 

Entity Current Reporting Status

 

Entity Voluntary Filers

 

Entity Filer Category

 

Entity Common Stock, Shares Outstanding

 

Entity Public Float 10-K

 

false

 

Dec. 31, 2015 FY

 

2,015

 

XOM

 

EXXON MOBIL CORP

 

34,088

 

--12-31

 

Yes

 

Yes

 

No

 

Large Accelerated Filer Jan. 31, 2016 Jun. 30, 2015 4,152,756,609

 

$ 346 12 Months Ended Consolidated Statement Of Income - USD ($) $ in Millions

 

Revenues and other income

 

Sales and other operating revenue

 

Income from equity affiliates

 

Other income

 

Total revenues and other income

 

Costs and other deductions

 

Crude oil and product purchases

 

Production and manufacturing expenses

 

Selling, general and administrative expenses

 

Depreciation and depletion

 

Exploration expenses, including dry holes

 

Interest expense

 

Sales-based taxes

 

Other taxes and duties

 

Total costs and other deductions

 

Income before income taxes

 

Income taxes

 

Net income including noncontrolling interests

 

Net income attributable to noncontrolling interests

 

Net income attributable to ExxonMobil

 

Earnings per common share (dollars)

 

Earnings per common share - assuming dilution (dollars)

 

[1]

 

[2]

 

[3] Dec. 31, 2015

 

[1],[2] [1] [3] $ 259,488

 

7,644

 

1,750

 

268,882

 

130,003

 

35,587

 

11,501

 

18,048

 

1,523

 

311

 

22,678

 

27,265

 

246,916

 

21,966

 

5,415

 

16,551

 

401

 

$ 16,150

 

$ 3.85

 

$ 3.85 Sales and other operating revenue includes

 

sales-based

 

taxesoperating

 

of $22,678

 

millionincludes

 

for 2015,

 

Sales and other

 

revenue

 

sales-based

 

$22,678

 

million

 

2015,

 

The earningstaxes

 

per of

 

common

 

share

 

andfor

 

earnings

 

per common share - assuming dilution are the 12 Months Ended

 

Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 $ 394,105

 

13,323

 

4,511

 

411,939 $ 420,836

 

13,927

 

3,492

 

438,255 225,972

 

40,859

 

12,598

 

17,297

 

1,669

 

286

 

29,342

 

32,286

 

360,309

 

51,630

 

18,015

 

33,615

 

1,095

 

$ 32,520

 

$ 7.6

 

$ 7.6 244,156

 

40,525

 

12,877

 

17,182

 

1,976

 

9

 

30,589

 

33,230

 

380,544

 

57,711

 

24,263

 

33,448

 

868

 

$ 32,580

 

$ 7.37

 

$ 7.37 erating revenue includes

 

ferating

 

$22,678

 

millionincludes

 

for 2015,

 

revenue

 

f $22,678

 

million

 

2015,

 

ommon

 

share

 

andfor

 

earnings

 

- assuming dilution are the 49.9%

 

36.2%

 

24.8%

 

29.2% 42.7%

 

32.3%

 

24.7%

 

27.9% 42.0%

 

32.4%

 

25.2%

 

28.3% 6.01% 7.89% 7.43% Margins based on Sales and operating revenue

 

Gross Margin

 

Operating Margin before depreciation

 

EBIT margin (includes depreciation and SGA)

 

Operating Margin after depreciation (does not include SGA) Net margin (Net income / total revenue) Consolidated Statement Of Income (Parenthetical) - USD ($) $

 

Consolidated Statement Of Income [Abstract]

 

Sales-based taxes included in sales and other operating revenue

 

[1] ment Of Income (Parenthetical) - USD ($) $ in Millions

 

[1] Sales and other operating revenue includes sales-based taxes of $22,678 million for 2015, $29,342 million for 2014 and $3

 

for 2013. 12 Months Ended

 

Dec. 31, 2015

 

Dec. 31, 2014

 

$ 22,678 $ 29,342 15, $29,342 million for 2014 and $30,589 million Dec. 31, 2013

 

$ 30,589 Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions

 

Consolidated Statement Of Comprehensive Income [Abstract]

 

Net income including noncontrolling interests

 

Other comprehensive income (net of income taxes)

 

Foreign exchange translation adjustment

 

Adjustment for foreign exchange translation (gain)/loss included in net income

 

Postretirement benefits reserves adjustment (excluding amortization)

 

Amortization and settlement of postretirement benefits reserves adjustment included in net

 

periodic benefit costs

 

Unrealized change in fair value of stock investments

 

Realized (gain)/ loss from stock investments included in net income

 

Total other comprehensive income

 

Comprehensive income including noncontrolling interests

 

Comprehensive income attributable to noncontrolling interests

 

Comprehensive income attributable to ExxonMobil 12 Months Ended

 

Dec. 31, 2015

 

Dec. 31, 2014 Dec. 31, 2013 $ 16,551 $ 33,615 $ 33,448 (9,303)

 

(14)

 

2,358

 

1,448 (5,847)

 

152

 

(4,262)

 

1,111 (3,620)

 

(23)

 

3,174

 

1,820 33

 

27

 

(5,451)

 

11,100

 

(496)

 

$ 11,596 (63)

 

3

 

(8,906)

 

24,709

 

421

 

$ 24,288 1,351

 

34,799

 

760

 

$ 34,039 Consolidated Balance Sheet - USD ($) $ in Millions

 

Current assets

 

Cash and cash equivalents

 

Cash and cash equivalents - restricted

 

Notes and accounts receivable, less estimated doubtful amounts

 

Inventories

 

Crude oil, products and merchandise

 

Materials and supplies

 

Other current assets

 

Total current assets

 

Investments, advances and long-term receivables

 

Property, plant and equipment, at cost, less accumulated depreciation and depletion

 

Other assets, including intangibles, net

 

Total assets

 

Current liabilities

 

Notes and loans payable

 

Accounts payable and accrued liabilities

 

Income taxes payable

 

Total current liabilities

 

Long-term debt

 

Postretirement benefits reserves

 

Deferred income tax liabilities

 

Long-term obligations to equity companies

 

Other long-term obligations

 

Total liabilities

 

Commitments and contingencies (Note 16)

 

Equity

 

Common stock without par value (9,000 million shares authorized, 8,019 million shares issued)

 

Earnings reinvested

 

Accumulated other comprehensive income

 

Common stock held in treasury (3,863 million shares in 2015 and 3,818 million shares in 2014)

 

ExxonMobil share of equity

 

Noncontrolling interests

 

Total equity

 

Total liabilities and equity Dec. 31, 2015

 

$ 3,705 Dec. 31, 2014 19,875 $ 4,616

 

42

 

28,009 12,037

 

4,208

 

2,798

 

42,623

 

34,245

 

251,605

 

8,285

 

336,758 12,384

 

4,294

 

3,565

 

52,910

 

35,239

 

252,668

 

8,676

 

349,493 18,762

 

32,412

 

2,802

 

53,976

 

19,925

 

22,647

 

36,818

 

5,417

 

21,165

 

$ 159,948 17,468

 

42,227

 

4,938

 

64,633

 

11,653

 

25,802

 

39,230

 

5,325

 

21,786

 

$ 168,429 $ 11,612

 

412,444

 

(23,511)

 

(229,734)

 

170,811

 

5,999

 

176,810

 

$ 336,758 $ 10,792

 

408,384

 

(18,957)

 

(225,820)

 

174,399

 

6,665

 

181,064

 

$ 349,493 Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions

 

Consolidated Balance Sheet [Abstract]

 

Common stock, without par value

 

Common stock, shares authorized

 

Common stock, shares issued

 

Common stock held in treasury, shares Dec. 31, 2015 9,000

 

8,019

 

3,863 Dec. 31, 2014 9,000

 

8,019

 

3,818 Consolidated Statement Of Cash Flows - USD ($) $ in Millions

 

Cash flows from operating activities

 

Net income including noncontrolling interests

 

Adjustments for noncash transactions

 

Depreciation and depletion

 

Deferred income tax charges/(credits)

 

Postretirement benefits expense in excess of/(less than) net payments

 

Other long-term obligation provisions in excess of/(less than) payments

 

Dividends received greater than/(less than) equity in current earnings of equity companies

 

Changes in operational working capital, excluding cash and debt

 

Reduction/(increase) - Notes and accounts receivable

 

Reduction/(increase) - Inventories

 

Reduction/(increase) - Other current assets

 

Increase/(reduction) - Accounts and other payables

 

Net (gain) on asset sales

 

All other items - net

 

Net cash provided by operating activities

 

Cash flows from investing activities

 

Additions to property, plant and equipment

 

Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and

 

returns of investments

 

Decrease/(increase) in restricted cash and cash equivalents

 

Additional investments and advances

 

Collection of advances

 

Net cash used in investing activities

 

Cash flows from financing activities

 

Additions to long-term debt

 

Reductions in long-term debt

 

Additions to short-term debt

 

Reductions in short-term debt

 

Additions/(reductions) in commercial paper, and debt with three months or less maturity

 

Cash dividends to ExxonMobil shareholders

 

Cash dividends to noncontrolling interests

 

Changes in noncontrolling interests

 

Tax benefits related to stock-based awards

 

Common stock acquired

 

Common stock sold

 

Net cash used in financing activities

 

Effects of exchange rate changes on cash

 

Increase/(decrease) in cash and cash equivalents

 

Cash and cash equivalents at beginning of year

 

Cash and cash equivalents at end of year 12 Months Ended

 

Dec. 31, 2015

 

Dec. 31, 2014 Dec. 31, 2013 $ 16,551 $ 33,615 $ 33,448 18,048

 

(1,832)

 

2,153

 

(380)

 

(691) 17,297

 

1,540

 

524

 

1,404

 

(358) 17,182

 

754

 

2,291

 

(2,566)

 

3 4,692

 

(379)

 

45

 

(7,471)

 

(226)

 

(166)

 

30,344 3,118

 

(1,343)

 

(68)

 

(6,639)

 

(3,151)

 

(823)

 

45,116 (305)

 

(1,812)

 

(105)

 

(2,498)

 

(1,828)

 

350

 

44,914 (26,490)

 

2,389 (32,952)

 

4,035 (33,669)

 

2,707 42

 

(607)

 

842

 

(23,824) 227

 

(1,631)

 

3,346

 

(26,975) 72

 

(4,435)

 

1,124

 

(34,201) 8,028

 

(26) 5,731

 

(69) (506)

 

1,759

 

(12,090)

 

(170) (745)

 

2,049

 

(11,568)

 

(248) 2

 

(4,039)

 

5

 

(7,037)

 

(394)

 

(911)

 

4,616

 

$ 3,705 115

 

(13,183)

 

30

 

(17,888)

 

(281)

 

(28)

 

4,644

 

$ 4,616 345

 

(13)

 

16

 

(756)

 

12,012

 

(10,875)

 

(304)

 

(1)

 

48

 

(15,998)

 

50

 

(15,476)

 

(175)

 

(4,938)

 

9,582

 

$ 4,644 Consolidated Statement Of Changes In Equity - USD ($) shares in Millions, $ in Millions

 

Balance at Dec. 31, 2012

 

Balance (in shares) - issued at Dec. 31, 2012

 

Balance (in shares) - in treasury at Dec. 31, 2012

 

Balance (in shares) - outstanding at Dec. 31, 2012

 

Amortization of stock-based awards

 

Tax benefits related to stock-based awards

 

Other

 

Net income for the year

 

Dividends - common shares (company)

 

Dividends - common shares (NCI)

 

Dividends - common shares (total)

 

Other comprehensive income

 

Acquisitions, at cost (company)

 

Acquisitions, at cost (NCI)

 

Acquisitions, at cost (total)

 

Dispositions

 

Acquisitions (in shares)

 

Dispositions (in shares)

 

Balance at Dec. 31, 2013

 

Balance (in shares) - issued at Dec. 31, 2013

 

Balance (in shares) - in treasury at Dec. 31, 2013

 

Balance (in shares) - outstanding at Dec. 31, 2013

 

Amortization of stock-based awards

 

Tax benefits related to stock-based awards

 

Other

 

Net income for the year

 

Dividends - common shares (company)

 

Dividends - common shares (NCI)

 

Dividends - common shares (total)

 

Other comprehensive income

 

Acquisitions, at cost (company)

 

Acquisitions, at cost (total)

 

Dispositions

 

Acquisitions (in shares)

 

Dispositions (in shares)

 

Balance at Dec. 31, 2014

 

Balance (in shares) - issued at Dec. 31, 2014

 

Balance (in shares) - in treasury at Dec. 31, 2014

 

Balance (in shares) - outstanding at Dec. 31, 2014

 

Amortization of stock-based awards

 

Tax benefits related to stock-based awards

 

Other

 

Net income for the year

 

Dividends - common shares (company) Dividends - common shares (NCI)

 

Dividends - common shares (total)

 

Other comprehensive income

 

Acquisitions, at cost (company)

 

Acquisitions, at cost (total)

 

Dispositions

 

Acquisitions (in shares)

 

Dispositions (in shares)

 

Balance at Dec. 31, 2015

 

Balance (in shares) - issued at Dec. 31, 2015

 

Balance (in shares) - in treasury at Dec. 31, 2015

 

Balance (in shares) - outstanding at Dec. 31, 2015 Total

 

$ 171,660

 

8,019

 

3,517

 

4,502

 

$ 761

 

162

 

(259)

 

33,448 ExxonMobil Share Of Common Stock [Member]

 

$ 9,653 761

 

162

 

(499) (11,179)

 

1,351 (15,999)

 

$ 550

 

(177)

 

10

 

$ 180,495

 

8,019

 

3,684

 

4,335

 

$ 780

 

49

 

(114)

 

33,615 10,077 780

 

49

 

(114) (11,816)

 

(8,906)

 

(13,183)

 

$ 144

 

(136)

 

2

 

$ 181,064

 

8,019

 

3,818

 

4,201

 

$ 828

 

116

 

(124)

 

16,551 10,792 828

 

116

 

(124) (12,260)

 

(5,451)

 

(4,039)

 

$ 125

 

(48)

 

3

 

$ 176,810

 

8,019

 

3,863

 

4,156 $ 11,612 ExxonMobil Share Of Earnings Reinvested [Member]

 

$ 365,727 32,580

 

(10,875) 387,432 32,520

 

(11,568) 408,384 16,150

 

(12,090) $ 412,444 ExxonMobil Share Of Accumulated Other Comprehensive Income [Member]

 

$ (12,184) 1,459 (10,725) (8,232) (18,957) (4,554) $ (23,511) ExxonMobil Share Of Common Stock Held In Treasury [Member]

 

$ (197,333) (15,998) 550 (212,781) (13,183)

 

144 (225,820) (4,039)

 

125 $ (229,734) ExxonMobil Share Of Equity [Member]

 

$ 165,863 761

 

162

 

(499)

 

32,580

 

(10,875) Noncontrolling Interests [Member]

 

$ 5,797 240

 

868

 

(304) 1,459

 

(15,998) (108)

 

(1) 550 174,003 780

 

49

 

(114)

 

32,520

 

(11,568) 6,492 1,095

 

(248) (8,232)

 

(13,183) (674) 144 174,399 828

 

116

 

(124)

 

16,150

 

(12,090) 6,665 401 (170)

 

(4,554)

 

(4,039) (897) 125 $ 170,811 $ 5,999 Summary Of Accounting Policies

 

Summary Of Accounting Policies [Abstract]

 

Summary Of Accounting Policies 12 Months Ended

 

Dec. 31, 2015

 

1. Summary of Accounting Policies Principles of Consolidation. The Consolidated Financial

 

Statements include the accounts of subsidiaries the Corporation controls. They also include the

 

Corporation?s share of the undivided interest in certain upstream assets , liabilities , revenues and

 

expenses . Amounts representing the Corporation?s interest in entities that it does not control, but

 

over which it exercises significant influence, are included in ?Investments, advances and long-term

 

receivables . ? The Cor poration?s share of the net income of these companies is included in the

 

Consolidated Statement of Income caption ?Income from equity affiliates.? Majority ownership is

 

normally the indicator of control that is the basis on which subsidiaries are consolid ated. However,

 

certain factors may indicate that a majority-owned investment is not controlled and therefore

 

should be accounted for using the equity method of accounting. These factors occur where the

 

minority shareholders are granted by law or by contrac t substantive participating rights. These

 

include the right to approve operating policies, expense budgets, financing and investment plans,

 

and management compensation and succession plans. The Corporation?s share of the cumulative

 

foreign exchange transl ation adjustment for equity method investments is reported in

 

Accumulated Other Comprehensive Income . Evidence of loss in value that might indicate

 

impairment of investments in companies accounted for on the equity method is assessed to

 

determine if such evidence represents a loss in value of the Corporation?s investment that is other

 

than temporary. Examples of key indicators include a history of operating losses, negative earnings

 

and cash flow outlook, significant downward revisions to oil and gas reser ves, and the financial

 

condition and prospects for the investee?s business segment or geographic region. If evidence of an

 

other than temporary loss in fair value below carrying amount is determined, an impairment is

 

recognized. In the absence of market pr ices for the investment, discounted cash flows are used to

 

assess fair value. Revenue Recognition. The Corporation generally sells crude oil, natural gas and

 

petroleum and chemical products under short-term agreements at prevailing market prices. In

 

some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic

 

price adjustments. Revenues are recognized when the products are delivered, which occurs when

 

the customer has taken title and has assumed the risks and rewards of ow nership, prices are fixed

 

or determinable and collectibility is reasonably assured. Revenues from the production of natural

 

gas properties in which the Corporation has an interest with other producers are recognized on the

 

basis of the Corporation?s net w orking interest. Differences between actual production and net

 

working interest volumes are not significant. Purchases and sales of inventory with the same

 

counterparty that are entered into in contemplation of one another are combined and recorded as

 

exc hanges measured at the book value of the item sold. Sales-Based Taxes. The Corporation

 

reports sales, excise and value-added taxes on sales transactions on a gross basis in the

 

Consolidated Statement of Income (included in both revenues and costs). Deriv ative Instruments.

 

The Corporation makes limited use of derivative instruments. The Corporation does not engage in

 

speculative derivative activities or derivative trading activities, nor does it use derivatives with

 

leveraged features. When the Corporation does enter into derivative transactions, it is to offset Accounting Changes

 

Accounting Changes [Abstract]

 

Accounting Changes 12 Months Ended

 

Dec. 31, 2015

 

2. Accounting Changes The Corporation did not adopt authoritative guidance in 2015 that had a

 

material impact on the Corporation?s financial statements. In May 2014, the Financial Accounting

 

Standards Board issued a new standard, Revenue from Contracts with Customers . The standard

 

establishes a single revenue recognition model for all contracts with customers, eliminates industry

 

specific requirements, and expands disclosure requirements. The standard is required to be

 

adopted beginning January 1, 2018. ?Sales and Other Operating Revenue? on the Consolidated

 

Statement of Income includes sales, excise and value-added taxes on sales transactions. When the

 

Corporation adopts the standard, revenue will exclude sales-based taxes collected on behalf o f

 

third parties. This change in reporting will not impact earnings. The Corporation continues to

 

evaluate other areas of the standard and its effect on the Corporation?s financial statements. Miscellaneous Financial Information

 

Miscellaneous Financial Information [Abstract]

 

Miscellaneous Financial Information 12 Months Ended

 

Dec. 31, 2015

 

3. Miscellaneous Financial Information Research and development expenses totaled $1,008 million

 

in 2015, $ 971 million in 201 4 and $1,0 44 million in 201 3 . Net income included before - tax

 

aggregate foreign exchange transacti on losses of $119 million and $225 million in 2015 and 2014,

 

respectively, and gains of $155 million in 201 3 . In 2015, 201 4 and 201 3 , net income included a

 

loss of $186 million, and gains of $ 187 million and $ 282 million, respectively, attributable to the

 

combined effects of LIFO i nve ntory accumulations and draw downs. The aggregate replacement

 

cost of inventories was estimated to exceed their LIFO carrying values by $ 4.5 billion and $ 10.6

 

billion at December 31, 201 5 , and 201 4 , respectively . Crude oil, products and merchandise as of

 

ye ar-end 201 5 and 201 4 consist of the following: 2015 2014 (billions of dollars) Crude oil 4.2 4.6

 

Petroleum products 4.1 4.1 Chemical products 2.7 2.9 Gas/other 1.0 0.8 Total 12.0 12.4 Other Comprehensive Income Information

 

Other Comprehensive Income Information [Abstract]

 

Other Comprehensive Income Information 12 Months Ended

 

Dec. 31, 2015

 

4 . Other Comprehensive Income Information Cumulative Post- Foreign retirement Unrealized

 

Exchange Benefits Change in ExxonMobil Share of Accumulated Other Translation Reserves Stock

 

Comprehensive Income Adjustment Adjustment Investments Total (millions of dollars) Balance as

 

of December 31, 2012 2,410 (14,594) - (12,184) Current period change excluding amounts

 

reclassified from accumulated other comprehensive income (3,233) 2,963 - (270) Amounts

 

reclassified from accumulated other comprehensive income (23) 1,752 - 1,729 Total change in

 

accumulated other comprehensive income (3,256) 4,715 - 1,459 Balance as of December 31, 2013

 

(846) (9,879) - (10,725) Balance as of December 31, 2013 (846) (9,879) - (10,725) Current period

 

change excluding amounts reclassified from accumulated other comprehensive income (5,258)

 

(4,132) (63) (9,453) Amounts reclassified from accumulated other comprehensive income 152

 

1,066 3 1,221 Total change in accumulated other comprehensive income (5,106) (3,066) (60)

 

(8,232) Balance as of December 31, 2014 (5,952) (12,945) (60) (18,957) Balance as of December

 

31, 2014 (5,952) (12,945) (60) (18,957) Current period change excluding amounts reclassified from

 

accumulated other comprehensive income (8,204) 2,202 33 (5,969) Amounts reclassified from

 

accumulated other comprehensive income (14) 1,402 27 1,415 Total change in accumulated other

 

comprehensive income (8,218) 3,604 60 (4,554) Balance as of December 31, 2015 (14,170) (9,341)

 

- (23,511) Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax

 

Income/(Expense) 2015 2014 2013 (millions of dollars) Foreign exchange translation gain/(loss)

 

included in net income (Statement of Income line: Other income) 14 (152) 23 Amortization and

 

settlement of postretirement benefits reserves adjustment included in net periodic benefit costs

 

(1) (2,066) (1,571) (2,616) Realized change in fair value of stock investments included in net income

 

(Statement of Income line: Other income) (42) (5) - (1) These accumulated other comprehensive

 

income components are included in the computation of net periodic pension cost. (See Note 17 ?

 

Pension and Other Postretirement Benefits for additional details.) Income Tax (Expense)/Credit For

 

Components of Other Comprehensive Income 2015 2014 2013 (millions of dollars) Foreign

 

exchange translation adjustment 170 292 218 Postretirement benefits reserves adjustment

 

(excluding amortization) (1,192) 2,009 (1,540) Amortization and settlement of postretirement

 

benefits reserves adjustment included in net periodic benefit costs (618) (460) (796) Unrealized

 

change in fair value of stock investments (17) 34 - Realized change in fair value of stock

 

investments included in net income (15) (2) - Total (1,672) 1,873 (2,118) Cash Flow Information

 

Cash Flow Information [Abstract]

 

Cash Flow Information 12 Months Ended

 

Dec. 31, 2015

 

5. Cash Flow Information The Consolidated Statement of Cash Flows provides information about

 

changes in cash and cash equivalents. Highly liquid investments with maturities of three months or

 

less when acquired are classified as cash equivalents. For 2015, the ?Net (gain) on asset sales? on

 

the Consolidated S tatement of Cash Flows includes before-tax amount s from the sale of service

 

stat ions in Europe, the sale of Up stream properties in the U.S., the sale of ExxonMobil?s interests

 

in Chemical and Refin ing joint ventures, and the pending sale of the Torrance refinery. For 2014,

 

the amount includes before-tax gains from the sale of Hong Kong power operations, additional

 

proceeds related to the 2013 sale of a partial interest in Iraq, the sale of Downstrea m affiliates in

 

the Caribbean and the sale or exchange of Upstream properties in the U.S., Canada, and Malaysia.

 

For 2013, the amount includes before-tax gains from the sale of a partial interest in Iraq, the sale of

 

Downstream affiliates in the Caribbean and the sale of service stations. These net gains are

 

reported in ?Other income? on the Consolidated Statement of Income. In 2015, the ?Additions /

 

( reductions) in commercial paper, and debt with three months or less maturity? on the

 

Consolidated Statement o f Cash Flows includes a net $358 million addition of commercial paper

 

with maturity over three months . The gross amount issued was $8.1 billion, while the gross

 

amount repaid was $7.7 billion. In 2015, ExxonMobil completed an asset exchange that resulted in

 

v alue received of approximately $500 million including $100 million in cash. The non-cash portion

 

was not included in the ?Sales of subsidiaries, investments, and property, plant and equipment? or

 

the ?All other items-net? lines on the Statement of Cash Flo ws. Capital leases of approximately $1

 

billion were not included in the ?Additions to long-term debt? or ?Additions to property, plant and

 

equipment? lines on the Statement of Cash Flows. In 2014, ExxonMobil completed asset

 

exchanges, primarily non-cash tr ansactions, of approximately $1.2 billion. This amount is not

 

included in the ?Sales of subsidiaries, investments, and property, plant and equipment? or the

 

?Additions to property, plant and equipment? lines on the Statement of Cash Flows . 2015 2014

 

2013 (millions of dollars) Cash payments for interest 586 380 426 Cash payments for income taxes

 

7,269 18,085 25,066 Additional Working Capital Information

 

Additional Working Capital Information [Abstract]

 

Additional Working Capital Information 12 Months Ended

 

Dec. 31, 2015

 

6 . Additional Working Capital Information Dec. 31 Dec. 31 2015 2014 (millions of dollars) Notes

 

and accounts receivable Trade, less reserves of $107 million and $113 million 13,243 18,541 Other,

 

less reserves of $4 million and $48 million 6,632 9,468 Total 19,875 28,009 Notes and loans

 

payable Bank loans 231 473 Commercial paper 17,973 16,225 Long-term debt due within one year

 

558 770 Total 18,762 17,468 Accounts payable and accrued liabilities Trade payables 18,074 25,286

 

Payables to equity companies 4,639 6,589 Accrued taxes other than income taxes 2,937 3,290

 

Other 6,762 7,062 Total 32,412 42,227 The Corporation has short-term committed lines of credit of

 

$6.0 billion which were unused as of December 31, 2015. T hese lines are available for general

 

corporate purposes . The weighted-average interest rate on short-term borrowings outstanding

 

was 0.4 percent and 0 . 3 percent at December 31, 201 5 , and 201 4 , respectively. Equity Company Information

 

Equity Company Information [Abstract]

 

Equity Company Information 12 Months Ended

 

Dec. 31, 2015

 

7. Equity Company Information The summarized financial information below includes amounts

 

related to certain less-than-majority-owned companies and majority-owned subsidiaries where

 

minority shareholders possess the right to participate in significant management decisions (see

 

Note 1). These companies are primarily engaged in oil and gas exploration and production, and

 

natural gas marketing in North America; natural gas exploration, production and distribution , and

 

downstream operations in Europe; and e xploration...

 







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