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Microsoft Excel LibreOffice Calc

Phillips 66 (PSX)


Analysis of Debt

Advanced level


Accounting Policy on Debt

Capitalized Interest

A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset.

Source: 10-K (filing date: 2019-02-22).


Total Debt (Carrying Amount)

Phillips 66, balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Short-term debt
Long-term debt
Total total debt (carrying amount)

Based on: 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), 10-K (filing date: 2015-02-20).

Debt item Description The company
Total 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 decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2018
Selected Financial Data (US$ in millions)
Floating-rate debt
Fixed-rate debt, excluding capital leases
Capitalized leases
Total total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2019-02-22).


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: 2019-02-22).

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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Interest and debt expense
Interest capitalized
Interest and debt expense incurred

Based on: 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), 10-K (filing date: 2015-02-20).

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 2016 to 2017 and from 2017 to 2018.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Phillips 66’s interest capitalized decreased from 2016 to 2017 but then slightly increased from 2017 to 2018.
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 2016 to 2017 and from 2017 to 2018.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in millions)
Net income attributable to Phillips 66
Add: Net income attributable to noncontrolling interest
Less: Income from discontinued operations, net of provision for income taxes
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: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 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 2016 to 2017 and from 2017 to 2018.