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Microsoft Excel LibreOffice Calc

Phillips 66 (PSX)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Phillips 66, balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term debt
Long-term debt
Total debt (carrying amount)

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

Debt item Description The company
Total debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Phillips 66’s total debt increased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2019
Selected Financial Data (US$ in millions)
Floating-rate debt
Fixed-rate debt, excluding finance leases
Finance leases
Software obligations
Other
Total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2020-02-21).

Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt:

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
Total

Based on: 10-K (filing date: 2020-02-21).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =

Interest Costs Incurred

Phillips 66, interest costs incurred

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Interest and debt expense
Interest capitalized
Interest and debt expense incurred

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

Debt item Description The company
Interest and debt expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Phillips 66’s interest and debt expense increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Phillips 66’s interest capitalized increased from 2017 to 2018 and from 2018 to 2019.
Interest and debt expense incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Phillips 66’s interest and debt expense incurred increased from 2017 to 2018 and from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income attributable to Phillips 66
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest and debt expense
Earnings before interest and tax (EBIT)
 
Interest and debt expense incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

2019 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest and debt expense incurred
= ÷ =

Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Phillips 66’s adjusted interest coverage ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.