Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidated Income Statement

This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.

	Millions of Dollars
	Year Ended December 31, 2019
Statement of Income	Phillips 66			Phillips 66 Company	All Other Subsidiaries	Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		82,857	24,436	—		107,293
Equity in earnings of affiliates	3,342			2,163	738	(4,116	)	2,127
Net gain on dispositions	—			—	20	—		20
Other income	—			76	43	—		119
Intercompany revenues	—			3,804	14,370	(18,174	)	—
Total Revenues and Other Income	3,342			88,900	39,607	(22,290	)	109,559
Costs and Expenses
Purchased crude oil and products	—			78,244	35,067	(17,782	)	95,529
Operating expenses	—			4,005	1,141	(72	)	5,074
Selling, general and administrative expenses	6			1,299	386	(10	)	1,681
Depreciation and amortization	—			918	423	—		1,341
Impairments	—			3	858	—		861
Taxes other than income taxes	—			293	116	—		409
Accretion on discounted liabilities	—			18	5	—		23
Interest and debt expense	347			145	276	(310	)	458
Foreign currency transaction losses	—			—	5	—		5
Total Costs and Expenses	353			84,925	38,277	(18,174	)	105,381
Income before income taxes	2,989			3,975	1,330	(4,116	)	4,178
Income tax expense (benefit)	(87		)	633	255	—		801
Net Income	3,076			3,342	1,075	(4,116	)	3,377
Less: net income attributable to noncontrolling interests	—			—	301	—		301
Net Income Attributable to Phillips 66	$	3,076		3,342	774	(4,116	)	3,076
Comprehensive Income	$	3,069		3,335	1,098	(4,132	)	3,370

	Millions of Dollars
	Year Ended December 31, 2018
Statement of Income	Phillips 66			Phillips 66 Company	All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		85,486	25,975		—		111,461
Equity in earnings of affiliates	5,918			4,030	747		(8,019	)	2,676
Net gain on dispositions	—			8	11		—		19
Other income	—			33	28		—		61
Intercompany revenues	—			3,493	14,085		(17,578	)	—
Total Revenues and Other Income	5,918			93,050	40,846		(25,597	)	114,217
Costs and Expenses
Purchased crude oil and products	—			79,559	35,563		(17,192	)	97,930
Operating expenses	—			3,769	1,193		(82	)	4,880
Selling, general and administrative expenses	7			1,297	383		(10	)	1,677
Depreciation and amortization	—			926	430		—		1,356
Impairments	—			3	5		—		8
Taxes other than income taxes	—			321	104		—		425
Accretion on discounted liabilities	—			18	5		—		23
Interest and debt expense	402			146	250		(294	)	504
Foreign currency transaction gains	—			—	(31	)	—		(31	)
Total Costs and Expenses	409			86,039	37,902		(17,578	)	106,772
Income before income taxes	5,509			7,011	2,944		(8,019	)	7,445
Income tax expense (benefit)	(86		)	1,093	565		—		1,572
Net Income	5,595			5,918	2,379		(8,019	)	5,873
Less: net income attributable to noncontrolling interests	—			—	278		—		278
Net Income Attributable to Phillips 66	$	5,595		5,918	2,101		(8,019	)	5,595
Comprehensive Income	$	5,520		5,843	2,291		(7,856	)	5,798

	Millions of Dollars
	Year Ended December 31, 2017
Statement of Income	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		74,640		27,714		—		102,354
Equity in earnings of affiliates	5,336			3,256		559		(7,419	)	1,732
Net gain on dispositions	—			1		14		—		15
Other income	3			471		47		—		521
Intercompany revenues	—			1,610		13,457		(15,067	)	—
Total Revenues and Other Income	5,339			79,978		41,791		(22,486	)	104,622
Costs and Expenses
Purchased crude oil and products	—			63,812		30,379		(14,782	)	79,409
Operating expenses	—			3,672		1,085		(58	)	4,699
Selling, general and administrative expenses	7			1,300		399		(11	)	1,695
Depreciation and amortization	—			892		426		—		1,318
Impairments	—			20		4		—		24
Taxes other than income taxes	—			5,784		7,678		—		13,462
Accretion on discounted liabilities	—			17		5		—		22
Interest and debt expense	348			70		236		(216	)	438
Total Costs and Expenses	355			75,567		40,212		(15,067	)	101,067
Income before income taxes	4,984			4,411		1,579		(7,419	)	3,555
Income tax benefit	(122		)	(925	)	(646	)	—		(1,693	)
Net Income	5,106			5,336		2,225		(7,419	)	5,248
Less: net income attributable to noncontrolling interests	—			—		142		—		142
Net Income Attributable to Phillips 66	$	5,106		5,336		2,083		(7,419	)	5,106
Comprehensive Income	$	5,484		5,714		2,498		(8,070	)	5,626

Condensed Consolidated Balance Sheet

	Millions of Dollars
	Year Ended December 31, 2019
Balance Sheet	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Assets
Cash and cash equivalents	$	—		136		1,478		—		1,614
Accounts and notes receivable	86			6,334		4,148		(2,058	)	8,510
Inventories	—			2,594		1,182		—		3,776
Prepaid expenses and other current assets	2			362		131		—		495
Total Current Assets	88			9,426		6,939		(2,058	)	14,395
Investments and long-term receivables	33,082			25,039		10,989		(54,539	)	14,571
Net properties, plants and equipment	—			13,676		10,110		—		23,786
Goodwill	—			2,853		417		—		3,270
Intangibles	—			732		137		—		869
Other assets	14			4,290		714		(3,189	)	1,829
Total Assets	$	33,184		56,016		29,306		(59,786	)	58,720
Liabilities and Equity
Accounts payable	$	—		7,024		3,609		(2,058	)	8,575
Short-term debt	500			16		31		—		547
Accrued income and other taxes	—			386		593		—		979
Employee benefit obligations	—			648		62		—		710
Other accruals	65			850		249		(329	)	835
Total Current Liabilities	565			8,924		4,544		(2,387	)	11,646
Long-term debt	7,434			155		3,627		—		11,216
Asset retirement obligations and accrued environmental costs	—			460		178		—		638
Deferred income taxes	—			3,727		1,828		(2	)	5,553
Employee benefit obligations	—			825		219		—		1,044
Other liabilities and deferred credits	245			8,975		5,465		(13,231	)	1,454
Total Liabilities	8,244			23,066		15,861		(15,620	)	31,551
Common stock	3,634			25,838		9,516		(35,354	)	3,634
Retained earnings	22,094			7,900		1,940		(9,870	)	22,064
Accumulated other comprehensive loss	(788		)	(788	)	(270	)	1,058		(788	)
Noncontrolling interests	—			—		2,259		—		2,259
Total Liabilities and Equity	$	33,184		56,016		29,306		(59,786	)	58,720

	Millions of Dollars
	Year Ended December 31, 2018
Balance Sheet	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Assets
Cash and cash equivalents	$	—		1,648		1,371		—		3,019
Accounts and notes receivable	9			4,255		3,202		(1,293	)	6,173
Inventories	—			2,489		1,054		—		3,543
Prepaid expenses and other current assets	2			373		99		—		474
Total Current Assets	11			8,765		5,726		(1,293	)	13,209
Investments and long-term receivables	32,712			22,799		9,829		(50,919	)	14,421
Net properties, plants and equipment	—			13,218		8,800		—		22,018
Goodwill	—			2,853		417		—		3,270
Intangibles	—			726		143		—		869
Other assets	9			335		173		(2	)	515
Total Assets	$	32,732		48,696		25,088		(52,214	)	54,302
Liabilities and Equity
Accounts payable	$	—		5,415		2,464		(1,293	)	6,586
Short-term debt	—			11		56		—		67
Accrued income and other taxes	—			458		658		—		1,116
Employee benefit obligations	—			663		61		—		724
Other accruals	66			227		149		—		442
Total Current Liabilities	66			6,774		3,388		(1,293	)	8,935
Long-term debt	7,928			54		3,111		—		11,093
Asset retirement obligations and accrued environmental costs	—			458		166		—		624
Deferred income taxes	1			3,541		1,735		(2	)	5,275
Employee benefit obligations	—			676		191		—		867
Other liabilities and deferred credits	55			4,611		4,287		(8,598	)	355
Total Liabilities	8,050			16,114		12,878		(9,893	)	27,149
Common stock	4,856			24,960		8,754		(33,714	)	4,856
Retained earnings	20,518			8,314		1,249		(9,592	)	20,489
Accumulated other comprehensive loss	(692		)	(692	)	(293	)	985		(692	)
Noncontrolling interests	—			—		2,500		—		2,500
Total Liabilities and Equity	$	32,732		48,696		25,088		(52,214	)	54,302

Condensed Consolidated Cash Flow

	Millions of Dollars
	Year Ended December 31, 2019
Statement of Cash Flows	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$	3,541		2,923		2,298		(3,954	)	4,808
Cash Flows From Investing Activities
Capital expenditures and investments*	—			(1,493	)	(2,640	)	260		(3,873	)
Proceeds from asset dispositions**	—			354		153		(350	)	157
Intercompany lending activities	(297		)	567		(270	)	—		—
Advances/loans—related parties	—			—		(98	)	—		(98	)
Collection of advances/loans—related parties	—			—		95		—		95
Other	—			(8	)	39		—		31
Net Cash Used in Investing Activities	(297		)	(580	)	(2,721	)	(90	)	(3,688	)
Cash Flows From Financing Activities
Issuance of debt	—			—		1,783		—		1,783
Repayment of debt	—			(15	)	(1,292	)	—		(1,307	)
Issuance of common stock	32			—		—		—		32
Repurchase of common stock	(1,650		)	—		—		—		(1,650	)
Dividends paid on common stock	(1,570		)	(3,836	)	(118	)	3,954		(1,570	)
Distributions to noncontrolling interests	—			—		(241	)	—		(241	)
Net proceeds from issuance of Phillips 66 Partners LP common units	—			—		173		—		173
Other*	(56		)	(4	)	239		90		269
Net Cash Provided by (Used in) Financing Activities	(3,244		)	(3,855	)	544		4,044		(2,511	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—		(14	)	—		(14	)
Net Change in Cash and Cash Equivalents	—			(1,512	)	107		—		(1,405	)
Cash and cash equivalents at beginning of period	—			1,648		1,371		—		3,019
Cash and Cash Equivalents at End of Period	$	—		136		1,478		—		1,614
* Includes intercompany capital contributions.
** Includes return of investments in equity affiliates.

	Millions of Dollars
	Year Ended December 31, 2018
Statement of Cash Flows	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$	2,955		6,962		2,642		(4,986	)	7,573
Cash Flows From Investing Activities
Capital expenditures and investments	—			(998	)	(1,641	)	—		(2,639	)
Proceeds from asset dispositions*	—			462		50		(455	)	57
Intercompany lending activities	2,214			(3,031	)	817		—		—
Advances/loans—related parties	—			—		(1	)	—		(1	)
Other	—			27		85		—		112
Net Cash Provided by (Used in) Investing Activities	2,214			(3,540	)	(690	)	(455	)	(2,471	)
Cash Flows From Financing Activities
Issuance of debt	1,509			—		675		—		2,184
Repayment of debt	(550		)	(11	)	(583	)	—		(1,144	)
Issuance of common stock	39			—		—		—		39
Repurchase of common stock	(4,645		)	—		—		—		(4,645	)
Dividends paid on common stock	(1,436		)	(3,174	)	(1,812	)	4,986		(1,436	)
Distributions to noncontrolling interests	—			—		(207	)	—		(207	)
Net proceeds from issuance of Phillips 66 Partners LP common units	—			—		128		—		128
Other	(86		)	—		(455	)	455		(86	)
Net Cash Used in Financing Activities	(5,169		)	(3,185	)	(2,254	)	5,441		(5,167	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—		(35	)	—		(35	)
Net Change in Cash and Cash Equivalents	—			237		(337	)	—		(100	)
Cash and cash equivalents at beginning of period	—			1,411		1,708		—		3,119
Cash and Cash Equivalents at End of Period	$	—		1,648		1,371		—		3,019
* Includes return of investments in equity affiliates.

	Millions of Dollars
	Year Ended December 31, 2017
Statement of Cash Flows	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$	2,619		2,702		1,747		(3,420	)	3,648
Cash Flows From Investing Activities
Capital expenditures and investments*	—			(1,133	)	(839	)	140		(1,832	)
Proceeds from asset dispositions**	—			265		84		(263	)	86
Intercompany lending activities	401			1,453		(1,854	)	—		—
Advances/loans—related parties	—			(10	)	—		—		(10	)
Collection of advances/loans—related parties	—			75		251		—		326
Restricted cash from consolidation of business	—			—		318		—		318
Other	—			(26	)	(8	)	—		(34	)
Net Cash Provided by (Used in) Investing Activities	401			624		(2,048	)	(123	)	(1,146	)
Cash Flows From Financing Activities
Issuance of debt	1,500			—		2,008		—		3,508
Repayment of debt	(1,500		)	(17	)	(2,161	)	—		(3,678	)
Issuance of common stock	35			—		—		—		35
Repurchase of common stock	(1,590		)	—		—		—		(1,590	)
Dividends paid on common stock	(1,395		)	(2,752	)	(668	)	3,420		(1,395	)
Distributions to noncontrolling interests	—			—		(120	)	—		(120	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	—			—		1,205		—		1,205
Other*	(70		)	—		(129	)	123		(76	)
Net Cash Provided by (Used in) Financing Activities	(3,020		)	(2,769	)	135		3,543		(2,111	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	—			—		17		—		17
Net Change in Cash, Cash Equivalents and Restricted Cash	—			557		(149	)	—		408
Cash, cash equivalents and restricted cash at beginning of period	—			854		1,857		—		2,711
Cash, Cash Equivalents and Restricted Cash at End of Period	$	—		1,411		1,708		—		3,119
* Includes intercompany capital contributions.
** Includes return of investments in equity affiliates.