Stock Analysis on Net
Stock Analysis on Net

Phillips 66 (NYSE:PSX)

This company has been moved to the archive! The financial data has not been updated since February 21, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Phillips 66, common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Accounts payable 13.70 11.26 13.32 12.38 10.61
Accounts payable, related parties 0.91 0.87 1.44 1.29 1.03
Short-term debt 0.93 0.12 0.08 1.06 0.09
Accrued income and other taxes 1.67 2.06 1.84 1.56 1.81
Employee benefit obligations 1.21 1.33 1.07 1.02 1.19
Other accruals 1.42 0.81 0.84 1.01 0.78
Current liabilities 19.83% 16.45% 18.59% 18.32% 15.50%
Long-term debt 19.10 20.43 18.52 18.56 18.20
Asset retirement obligations and accrued environmental costs 1.09 1.15 1.18 1.27 1.37
Deferred income taxes 9.46 9.71 9.21 13.05 12.44
Employee benefit obligations 1.78 1.60 1.63 2.35 2.65
Other liabilities and deferred credits 2.48 0.65 0.43 0.51 0.57
Noncurrent liabilities 33.90% 33.54% 30.97% 35.75% 35.22%
Total liabilities 53.73% 50.00% 49.55% 54.07% 50.72%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Capital in excess of par 34.57 36.60 36.36 37.87 39.41
Treasury stock, at cost -28.39 -27.67 -19.09 -17.01 -15.94
Retained earnings 37.57 37.73 29.99 24.41 25.42
Accumulated other comprehensive loss -1.34 -1.27 -1.13 -1.93 -1.34
Stockholders’ equity 42.42% 45.40% 46.14% 43.35% 47.55%
Noncontrolling interests 3.85 4.60 4.31 2.58 1.72
Total equity 46.27% 50.00% 50.45% 45.93% 49.28%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The capital structure exhibits a consistent balance between total liabilities and total equity over the five-year period, with liabilities fluctuating between 49.55% and 54.07% of the total balance sheet. While the overall leverage remains relatively stable, there are notable shifts in the composition of both the liability and equity components.

Current Liabilities and Short-Term Obligations
A gradual increase in current liabilities is observed, rising from 15.50% in 2015 to 19.83% in 2019. This trend is primarily driven by accounts payable, which grew from 10.61% to 13.70% of total liabilities and equity. Short-term debt remains a negligible component for most of the period, although it experienced a spike to 0.93% in 2019.
Noncurrent Liabilities and Long-Term Debt
Noncurrent liabilities showed a slight overall decline from 35.22% in 2015 to 33.90% in 2019. Long-term debt remained remarkably stable, oscillating between 18.20% and 20.43%. A significant reduction is noted in deferred income taxes, which dropped from a peak of 13.05% in 2016 to 9.46% by 2019, contributing to the contraction of noncurrent liabilities.
Equity Composition and Shareholder Returns
Total equity decreased from 49.28% in 2015 to 46.27% in 2019. This decline is characterized by a significant shift in the internal components of equity. Retained earnings grew substantially from 25.42% to 37.57%, indicating strong profit accumulation. Simultaneously, treasury stock increased sharply in negative value from -15.94% to -28.39%, reflecting an aggressive program of share repurchases that offset the growth in retained earnings.
Noncontrolling Interests
Noncontrolling interests as a percentage of the total balance sheet increased from 1.72% in 2015 to 3.85% in 2019, peaking at 4.60% in 2018, suggesting an increase in the proportion of equity held by external partners in consolidated subsidiaries.

The financial profile suggests a strategy of maintaining a steady leverage ratio while aggressively returning capital to shareholders through buybacks. The increase in current liabilities, specifically accounts payable, indicates a growing reliance on trade credit to fund operations, while the stability of long-term debt suggests a controlled approach to long-term borrowing.

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