Adjustments to Financial Statements
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Adjustments to Current Assets
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 (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).
1 Estimated excess of current replacement cost over LIFO cost of inventories. See details »
Adjustments to Total Assets
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 (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).
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 »
Adjustments to Total Liabilities
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 (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).
Adjustments to Stockholders’ Equity
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 (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).
1 Net deferred tax assets (liabilities). See details »
2 Estimated excess of current replacement cost over LIFO cost of inventories. See details »
Adjustments to Capitalization Table
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 (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).
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 »
Adjustments to Reported Income
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 (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).
