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.

Phillips 66, consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Accounts payable	8,043)	6,113)	7,242)	6,395)	5,155)
Accounts payable, related parties	532)	473)	785)	666)	500)
Short-term debt	547)	67)	41)	550)	44)
Accrued income and other taxes	979)	1,116)	1,002)	805)	878)
Employee benefit obligations	710)	724)	582)	527)	576)
Other accruals	835)	442)	455)	520)	378)
Current liabilities	11,646)	8,935)	10,107)	9,463)	7,531)
Long-term debt	11,216)	11,093)	10,069)	9,588)	8,843)
Asset retirement obligations and accrued environmental costs	638)	624)	641)	655)	665)
Deferred income taxes	5,553)	5,275)	5,008)	6,743)	6,041)
Employee benefit obligations	1,044)	867)	884)	1,216)	1,285)
Other liabilities and deferred credits	1,454)	355)	234)	263)	277)
Noncurrent liabilities	19,905)	18,214)	16,836)	18,465)	17,111)
Total liabilities	31,551)	27,149)	26,943)	27,928)	24,642)
Common stock, $0.01 par value	6)	6)	6)	6)	6)
Capital in excess of par	20,301)	19,873)	19,768)	19,559)	19,145)
Treasury stock, at cost	(16,673)	(15,023)	(10,378)	(8,788)	(7,746)
Retained earnings	22,064)	20,489)	16,306)	12,608)	12,348)
Accumulated other comprehensive loss	(788)	(692)	(617)	(995)	(653)
Stockholders’ equity	24,910)	24,653)	25,085)	22,390)	23,100)
Noncontrolling interests	2,259)	2,500)	2,343)	1,335)	838)
Total equity	27,169)	27,153)	27,428)	23,725)	23,938)
Total liabilities and equity	58,720)	54,302)	54,371)	51,653)	48,580)

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).

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Balance sheet item	Description	The company
Current liabilities	Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.	Phillips 66 current liabilities decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Noncurrent liabilities	Amount of obligation due after one year or beyond the normal operating cycle, if longer.	Phillips 66 noncurrent liabilities increased from 2017 to 2018 and from 2018 to 2019.
Total liabilities	Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.	Phillips 66 total liabilities increased from 2017 to 2018 and from 2018 to 2019.
Stockholders’ equity	Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.	Phillips 66 stockholders’ equity decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.

Phillips 66 (NYSE:PSX)

Balance Sheet: Liabilities and Stockholders’ Equity