The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Phillips 66, consolidated income statement
US$ in millions
|Income statement item||Description||The company|
|Sales and other operating revenues||Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.||Phillips 66’s sales and other operating revenues increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.|
|Operating income||The net result for the period of deducting operating expenses from operating revenues.||Phillips 66’s operating income increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.|
|Income before income taxes||Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.||Phillips 66’s income before income taxes increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.|
|Net income attributable to Phillips 66||The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.||Phillips 66’s net income attributable to Phillips 66 increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.|