Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Phillips 66 pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2012
- Return on Assets (ROA) since 2012
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Phillips 66, consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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 financial data reveals several notable trends in the company's liabilities, equity, and overall financial position over the five-year period from 2015 to 2019.
- Accounts Payable and Related Parties
- Accounts payable increased steadily from $5,155 million in 2015 to $8,043 million in 2019, indicating a growing obligation to suppliers and creditors. Accounts payable to related parties showed a fluctuating pattern, peaking at $785 million in 2017 before declining to $532 million in 2019.
- Short-Term Debt
- This item exhibited volatility, with a significant increase in 2016 ($550 million) and again in 2019 ($547 million), while remaining low in other years. Such fluctuations suggest episodic short-term borrowing rather than a consistent trend.
- Accrued Income and Other Taxes, Employee Benefit Obligations, and Other Accruals
- Accrued income and other taxes rose from $878 million in 2015 to a peak of $1,116 million in 2018, then decreased to $979 million in 2019. Employee benefit obligations showed a moderate increase, from $576 million in 2015 to $710 million in 2019. Other accruals experienced growth especially toward the end of the period, with a marked rise in 2019 to $835 million, suggesting higher pending liabilities.
- Current Liabilities
- Current liabilities increased overall from $7,531 million in 2015 to $11,646 million in 2019, with a dip in 2018. This reflects a growing short-term financial obligation over the period.
- Long-Term Debt
- Long-term debt displayed a steady upward trend, rising from $8,843 million in 2015 to $11,216 million in 2019, indicating increased long-term borrowing or obligations.
- Asset Retirement Obligations and Accrued Environmental Costs
- This liability remained relatively stable around the $600 million range, showing limited fluctuation over the five years.
- Deferred Income Taxes
- Deferred income taxes peaked in 2016 at $6,743 million, then decreased sharply to $5,008 million in 2017 before stabilizing around the $5,500 million mark, suggesting changes in tax-related timing differences or regulations.
- Employee Benefit Obligations (Noncurrent)
- Noncurrent employee benefit obligations decreased significantly from $1,285 million in 2015 to $884 million in 2017, then slightly increased to $1,044 million in 2019. This reflects adjustments in long-term employee benefit liabilities.
- Other Liabilities and Deferred Credits
- These liabilities showed considerable growth, particularly in 2019 when figures surged to $1,454 million, implying increased deferred liabilities or credits.
- Noncurrent Liabilities
- Overall noncurrent liabilities increased from $17,111 million in 2015 to $19,905 million in 2019, reflecting an expansion in long-term obligations.
- Total Liabilities
- Total liabilities rose from $24,642 million in 2015 to $31,551 million in 2019, with notable increases in 2016 and 2019, indicating a growing financial leverage position.
- Equity Components
- Common stock remained constant at $6 million throughout. Capital in excess of par showed a gradual increase, reaching $20,301 million in 2019. Treasury stock at cost increasingly negative, growing from -$7,746 million in 2015 to -$16,673 million in 2019, indicating ongoing stock repurchases or adjustments.
- Retained Earnings
- Retained earnings presented a strong upward trend from $12,348 million in 2015 to $22,064 million in 2019, suggesting robust profitability and accumulation of earnings over the years.
- Accumulated Other Comprehensive Loss
- This metric fluctuated with a peak loss in 2016 (-$995 million) and moderate improvement afterwards, ending at -$788 million in 2019, indicating fluctuations in comprehensive income components such as foreign currency translation or unrealized gains/losses.
- Stockholders’ Equity and Noncontrolling Interests
- Stockholders' equity showed growth from $23,100 million in 2015 to $24,910 million in 2019, with a slight dip in 2018. Noncontrolling interests increased significantly, from $838 million to $2,259 million, reflecting a greater stake held by external parties.
- Total Equity and Total Liabilities and Equity
- Total equity increased steadily to reach $27,169 million in 2019. Combined total liabilities and equity demonstrated consistent growth, from $48,580 million in 2015 to $58,720 million in 2019, indicating expansion in the overall financial base and asset size.