Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Phillips 66, consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income	3,377)	5,873)	5,248)	1,644)	4,280)
Depreciation and amortization	1,341)	1,356)	1,318)	1,168)	1,078)
Impairments	861)	8)	24)	5)	7)
Accretion on discounted liabilities	23)	23)	22)	21)	21)
Deferred income taxes	183)	252)	(1,886)	612)	529)
Undistributed equity earnings	(143)	221)	(516)	(815)	185)
Net gain on dispositions	(20)	(19)	(15)	(10)	(283)
Gain on consolidation of business	—)	—)	(423)	—)	—)
Other	16)	132)	(186)	(163)	117)
Accounts and notes receivable	(2,308)	1,320)	(1,182)	(1,258)	2,129)
Inventories	(204)	(202)	(176)	216)	(144)
Prepaid expenses and other current assets	(14)	(113)	104)	(147)	324)
Accounts payable	1,941)	(1,546)	1,153)	1,579)	(2,300)
Taxes and other accruals	(245)	268)	163)	111)	(230)
Working capital adjustments	(830)	(273)	62)	501)	(221)
Adjustments to reconcile net income to net cash provided by operating activities	1,431)	1,700)	(1,600)	1,319)	1,433)
Net cash provided by operating activities	4,808)	7,573)	3,648)	2,963)	5,713)
Capital expenditures and investments	(3,873)	(2,639)	(1,832)	(2,844)	(5,764)
Proceeds from asset dispositions, includes return of investments in equity affiliates	157)	57)	86)	156)	70)
Advances/loans, related parties	(98)	(1)	(10)	(432)	(50)
Collection of advances/loans, related parties	95)	—)	326)	108)	50)
Restricted cash received from consolidation of business	—)	—)	318)	—)	—)
Other	31)	112)	(34)	(146)	(44)
Net cash used in investing activities	(3,688)	(2,471)	(1,146)	(3,158)	(5,738)
Issuance of debt	1,783)	2,184)	3,508)	2,090)	1,169)
Repayment of debt	(1,307)	(1,144)	(3,678)	(833)	(926)
Issuance of common stock	32)	39)	35)	34)	31)
Repurchase of common stock	(1,650)	(4,645)	(1,590)	(1,042)	(1,512)
Dividends paid on common stock	(1,570)	(1,436)	(1,395)	(1,282)	(1,172)
Distributions to noncontrolling interests	(241)	(207)	(120)	(75)	(46)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	173)	128)	1,205)	972)	384)
Other	269)	(86)	(76)	(42)	(45)
Net cash used in financing activities	(2,511)	(5,167)	(2,111)	(178)	(2,117)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(14)	(35)	17)	10)	9)
Net change in cash, cash equivalents and restricted cash	(1,405)	(100)	408)	(363)	(2,133)
Cash, cash equivalents and restricted cash at beginning of year	3,019)	3,119)	2,711)	3,074)	5,207)
Cash, cash equivalents and restricted cash at end of year	1,614)	3,019)	3,119)	2,711)	3,074)

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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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Phillips 66 net cash provided by operating activities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Phillips 66 net cash used in investing activities decreased from 2017 to 2018 and from 2018 to 2019.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Phillips 66 net cash used in financing activities decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.

Phillips 66 (NYSE:PSX)

Cash Flow Statement