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Microsoft Excel LibreOffice Calc

Phillips 66 (NYSE:PSX)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Phillips 66, adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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).

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

2 Deferred tax liabilities. See details »

Adjustments to Stockholders’ Equity

Phillips 66, adjusted stockholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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).

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

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