Separation of Downstream Business (Tables)

The following table presents the carrying value of the major categories of assets and liabilities of Phillips 66, immediately preceding the separation of our Downstream business on April 30, 2012, excluded from our consolidated balance sheet at September 30, 2012:

		Millions of Dollars
Assets
Cash and cash equivalents		$	3,603
Accounts and notes receivable			7,295
Accounts and notes receivable—related parties			1,501
Inventories			5,017
Prepaid expenses and other current assets			996
	Total current assets of discontinued operations		18,412
Investments and long-term receivables			10,826
Loans and advances—related parties			1
Net properties, plants and equipment			15,258
Goodwill			3,330
Intangibles			730
Other assets			95
Total assets of discontinued operations		$	48,652

Liabilities
Accounts payable		$	12,064
Accounts payable—related parties			938
Short-term debt			7,814
Accrued income and other taxes			493
Employee benefit obligations			219
Other accruals			952
	Total current liabilities of discontinued operations		22,480
Long-term debt			175
Asset retirement obligations and accrued environmental costs			771
Deferred income taxes			4,980
Employee benefit obligations			1,166
Other liabilities and deferred credits			426
Total liabilities of discontinued operations		$	29,998

Sales and other operating revenues and income from discontinued operations were as follows:

		Millions of Dollars
		Three Months Ended			Nine Months Ended
		September 30			September 30
		2012		2011	2012	2011

Sales and other operating revenues from discontinued
	operations	$	2	50,590	62,109	147,954

Income from discontinued operations before-tax		$	2	1,574	1,792	4,307
Income tax expense			-	438	542	1,327
Income from discontinued operations		$	2	1,136	1,250	2,980

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details