Phillips 66, adjusted current assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Current assets	14,395)	13,209)	14,390)	12,680)	12,256)
Adjustments
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories¹	4,300)	2,900)	4,300)	3,300)	1,300)
After Adjustment
Adjusted current assets	18,736)	16,131)	18,719)	16,014)	13,611)

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).

¹ Estimated excess of current replacement cost over LIFO cost of inventories. See details »

Current Assets: The current assets of the company show a generally upward trend from 2015 to 2019. The value increased from 12,256 million US dollars in 2015 to 14,395 million US dollars in 2019. There was a slight decline observed in 2018, where current assets decreased to 13,209 million US dollars from 14,390 million US dollars in 2017, before rising again in 2019.
Adjusted Current Assets: Adjusted current assets exhibit a more pronounced growth pattern compared to current assets within the same period. Starting at 13,611 million US dollars in 2015, adjusted current assets rose significantly each year, reaching 18,736 million US dollars by 2019. The increase was notable in 2016 and 2017, with adjusted current assets growing from 16,014 million to 18,719 million US dollars respectively. Although a decline occurred in 2018 to 16,131 million, the value rebounded sharply in 2019.

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Phillips 66, adjusted total assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Total assets	58,720)	54,302)	54,371)	51,653)	48,580)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories²	4,300)	2,900)	4,300)	3,300)	1,300)
Less: Deferred tax assets (included in Other assets)³	48)	49)	91)	92)	161)
After Adjustment
Adjusted total assets	63,013)	58,566)	60,217)	56,267)	51,530)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Estimated excess of current replacement cost over LIFO cost of inventories. See details »

³ Deferred tax assets (included in Other assets). See details »

The financial data reveals a consistent upward trend in the total assets over the five-year period from December 31, 2015, to December 31, 2019. The total assets increased from US$48,580 million in 2015 to US$58,720 million in 2019, indicating a growth of approximately 20.8%. This steady increase suggests an expansion in the company's asset base.

When examining the adjusted total assets, a similar growth pattern is observed. Adjusted total assets rose from US$51,530 million in 2015 to US$63,013 million in 2019, representing an increase of about 22.3%. The adjusted figures are consistently higher than the reported total assets, which may reflect certain revaluations or adjustments that provide a broader perspective on the asset base.

Notably, the annual increments in adjusted total assets are somewhat larger than those in total assets, particularly in 2016 and 2017, where the adjusted total assets increased by more significant margins compared to the total assets. This might indicate adjustments related to acquisitions, revaluation of assets, or accounting changes during those years.

The data for 2018 shows a marginal decrease in adjusted total assets compared to 2017, from US$60,217 million to US$58,566 million, while total assets remained relatively flat over the same period. This slight decline could be indicative of asset disposals, impairments, or other financial adjustments during that year.

Overall, the upward trend in both total assets and adjusted total assets over the examined period signifies growth and potential investment in asset accumulation, reflecting positively on the company's financial strength and capacity to support ongoing operations and potential expansion initiatives.

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Phillips 66, adjusted total liabilities

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Total liabilities	31,551)	27,149)	26,943)	27,928)	24,642)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Less: Deferred tax liabilities²	5,553)	5,275)	5,008)	6,743)	6,041)
After Adjustment
Adjusted total liabilities	25,998)	23,265)	23,543)	22,557)	20,357)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

Total liabilities: The total liabilities exhibit an overall increasing trend throughout the period from the end of 2015 to the end of 2019. Starting at 24,642 million USD in 2015, the liabilities increased to 27,928 million USD in 2016, reflecting a significant rise. There was a slight decline in 2017 to 26,943 million USD, followed by a modest increase in 2018 to 27,149 million USD. By the end of 2019, total liabilities had surged to 31,551 million USD, representing the highest point in the observed period. This suggests an upward pressure on the company's obligations, especially notable in the last year of the period.
Adjusted total liabilities: Adjusted total liabilities also demonstrate a general upward movement during the five-year span. Beginning at 20,357 million USD at the close of 2015, the figure rose steadily each year, reaching 22,557 million USD in 2016 and continuing to increase to 23,543 million USD in 2017. There was a slight decrease in 2018 to 23,265 million USD, followed by a rise to 25,998 million USD in 2019. The adjusted liabilities follow a similar pattern to the total liabilities, indicating consistent increases in certain components of liabilities when adjustments are considered. This steady growth implies that the company faced growing adjusted liabilities, although they remained lower than the total liabilities throughout the period.

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Phillips 66, adjusted stockholders’ equity

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Stockholders’ equity	24,910)	24,653)	25,085)	22,390)	23,100)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,505)	(5,226)	(4,917)	(6,651)	(5,880)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories²	4,300)	2,900)	4,300)	3,300)	1,300)
Add: Noncontrolling interests	2,259)	2,500)	2,343)	1,335)	838)
After Adjustment
Adjusted total equity	37,015)	35,301)	36,674)	33,710)	31,173)

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).

¹ Net deferred tax assets (liabilities). See details »

² Estimated excess of current replacement cost over LIFO cost of inventories. See details »

Stockholders’ Equity Trend: Stockholders’ equity showed a fluctuating pattern over the five-year period. It started at 23,100 million US dollars at the end of 2015 and then slightly declined to 22,390 million in 2016. Subsequently, it increased sharply to 25,085 million in 2017, followed by a minor decrease to 24,653 million in 2018. By the end of 2019, stockholders’ equity rose modestly to 24,910 million. This suggests an overall moderate growth with some volatility, highlighting potential variations in retained earnings or capital structure adjustments.
Adjusted Total Equity Trend: Adjusted total equity exhibited a consistent upward trend throughout the period analyzed. Commencing at 31,173 million US dollars in 2015, it increased steadily each year, reaching 33,710 million in 2016, 36,674 million in 2017, with a slight dip to 35,301 million in 2018, and then rising again to 37,015 million in 2019. This persistent increase indicates a strengthening capital base when adjustments are considered, potentially reflecting improved asset valuations or other comprehensive income components.
Comparative Analysis: While stockholders’ equity fluctuated, the adjusted total equity maintained a generally upward trajectory, remaining considerably higher in all periods. The divergence between these two measures suggests that adjustments accounted for significant value not captured in the standard stockholders’ equity line, possibly related to fair value adjustments, accumulated other comprehensive income, or other capital reserves. The stable increase in adjusted total equity may be indicative of enhanced financial robustness over the period under review.

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Phillips 66, adjusted capitalization table

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Short-term debt	547)	67)	41)	550)	44)
Long-term debt	11,216)	11,093)	10,069)	9,588)	8,843)
Total reported debt	11,763)	11,160)	10,110)	10,138)	8,887)
Stockholders’ equity	24,910)	24,653)	25,085)	22,390)	23,100)
Total reported capital	36,673)	35,813)	35,195)	32,528)	31,987)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Add: Operating lease liabilities (included in Other accruals)²	455)	—)	—)	—)	—)
Add: Operating lease liabilities (included in Other liabilities and deferred credits)³	806)	—)	—)	—)	—)
Adjusted total debt	13,024)	12,551)	11,718)	11,510)	10,643)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,505)	(5,226)	(4,917)	(6,651)	(5,880)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories⁵	4,300)	2,900)	4,300)	3,300)	1,300)
Add: Noncontrolling interests	2,259)	2,500)	2,343)	1,335)	838)
Adjusted total equity	37,015)	35,301)	36,674)	33,710)	31,173)
After Adjustment
Adjusted total capital	50,039)	47,852)	48,392)	45,220)	41,816)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities (included in Other accruals). See details »

³ Operating lease liabilities (included in Other liabilities and deferred credits). See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ Estimated excess of current replacement cost over LIFO cost of inventories. See details »

The financial data indicates varying trends in the debt, equity, and capital figures over the period from the end of 2015 to the end of 2019.

Total Reported Debt: The total reported debt increased steadily from $8,887 million in 2015 to $11,763 million in 2019. This represents a rise of approximately 32%, suggesting a growing reliance on debt financing over the five years.
Stockholders' Equity: The stockholders' equity showed some fluctuations. It declined slightly from $23,100 million in 2015 to $22,390 million in 2016, followed by a strong increase to $25,085 million in 2017. After a minor decrease in 2018, equity rose again slightly to $24,910 million in 2019. Overall, the equity level remained relatively stable with a modest upward trend toward the end of the period.
Total Reported Capital: Total reported capital, combining debt and equity, rose consistently from $31,987 million in 2015 to $36,673 million in 2019. This increase reflects the combined impact of rising debt and relatively stable equity.
Adjusted Total Debt: Adjusted total debt also exhibited a rising trend, increasing from $10,643 million in 2015 to $13,024 million in 2019. The adjusted figures are consistently higher than the reported debt, implying adjustments for additional liabilities or financial measures that increase the debt base considered.
Adjusted Total Equity: Adjusted total equity showed a growth pattern, increasing from $31,173 million in 2015 to $37,015 million in 2019, albeit with some volatility. The peak was in 2017 ($36,674 million), followed by a decline in 2018 and a recovery in 2019. Overall, there is a positive trend in adjusted equity, indicating an improvement in the underlying equity position.
Adjusted Total Capital: Adjusted total capital reflected steady growth, rising from $41,816 million in 2015 to $50,039 million in 2019. This steady increase highlights an expanding capital base when considering adjusted metrics, which may provide a more comprehensive view of the company’s financial resources.

In summary, the company’s capital structure shows increasing debt levels alongside generally stable or growing equity measures. Both reported and adjusted capital grew throughout the period, indicating overall expansion. The divergence between reported and adjusted figures suggests the presence of additional financial factors influencing the adjusted metrics, which consistently present a higher total debt and equity measure compared to the reported figures.

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Phillips 66, adjusted net income attributable to Phillips 66

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Net income attributable to Phillips 66	3,076)	5,595)	5,106)	1,555)	4,227)
Adjustments
Add: Deferred income tax expense (benefit)¹	182)	252)	(1,889)	610)	483)
Add: Increase (decrease) in allowances	19)	(7)	(5)	(21)	(16)
Add: Increase (decrease) in LIFO reserve²	1,400)	(1,400)	1,000)	2,000)	(1,700)
Add: Other comprehensive income (loss), net of income taxes	(7)	(75)	378)	(342)	(122)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	301)	278)	142)	89)	53)
After Adjustment
Adjusted net income	4,971)	4,643)	4,732)	3,891)	2,925)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

The financial results demonstrate variability in both net income attributable to the entity and adjusted net income over the observed periods. The net income figure shows notable fluctuations, with a peak in 2017 followed by a moderate decline and then a significant decrease in 2019. Conversely, the adjusted net income displays a generally upward trend, reflecting improvement over the years, despite minor unevenness between 2017 and 2018.

Net Income Attributable to Phillips 66: The net income experienced a sharp decline from 2015 to 2016, dropping from 4,227 million US dollars to 1,555 million US dollars. This was followed by a substantial recovery in 2017, reaching a high of 5,106 million US dollars. The upward momentum continued slightly into 2018, with net income increasing to 5,595 million US dollars. However, 2019 saw a notable reduction in net income to 3,076 million US dollars, indicating significant volatility across the years.
Adjusted Net Income: Adjusted net income presented a more stable and positive trajectory relative to reported net income. Starting at 2,925 million US dollars in 2015, it increased to 3,891 million in 2016, marking a considerable improvement. The upward trend continued through 2017 and 2018, with figures at 4,732 million and 4,643 million US dollars, respectively. In 2019, adjusted net income reached its highest point within the period at 4,971 million US dollars. This progression suggests effective adjustments and possibly reduced influence from one-time items or extraordinary events.

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Phillips 66 (NYSE:PSX)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income