v2.4.0.6

Separation of Downstream Business (Tables) | 12 Months Ended
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Dec. 31, 2011
Carrying Value of Major Categories of Assets and Liabilities | The following table presents the carrying value of the major categories of assets and liabilities of Phillips 66, included in our consolidated balance sheet at December 31, 2011 and 2010:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  |  | — |
Accounts and notes receivable |  |  | 8,353 |  |  |  | 8,362 |
Accounts and notes receivable—related parties |  |  | 1,671 |  |  |  | 1,849 |
Inventories |  |  | 3,403 |  |  |  | 4,062 |
Prepaid expenses and other current assets |  |  | 443 |  |  |  | 352 |
Total current assets of discontinued operations |  |  | 13,870 |  |  |  | 14,625 |
Investments and long-term receivables |  |  | 10,304 |  |  |  | 9,917 |
Loans and advances—related parties |  |  | 1 |  |  |  | 401 |
Net properties, plants and equipment |  |  | 15,047 |  |  |  | 15,670 |
Goodwill |  |  | 3,332 |  |  |  | 3,633 |
Intangibles |  |  | 732 |  |  |  | 777 |
Other assets |  |  | 121 |  |  |  | 112 |
Total assets of discontinued operations |  | $ | 43,407 |  |  |  | 45,135 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 10,007 |  |  |  | 9,816 |
Accounts payable—related parties |  |  | 785 |  |  |  | 937 |
Short-term debt |  |  | 30 |  |  |  | 29 |
Accrued income and other taxes |  |  | 967 |  |  |  | 995 |
Employee benefit obligations |  |  | 76 |  |  |  | 98 |
Other accruals |  |  | 411 |  |  |  | 452 |
Total current liabilities of discontinued operations |  |  | 12,276 |  |  |  | 12,327 |
Long-term debt |  |  | 361 |  |  |  | 388 |
Asset retirement obligations and accrued environmental costs |  |  | 787 |  |  |  | 802 |
Deferred income taxes |  |  | 5,533 |  |  |  | 4,698 |
Employee benefit obligations |  |  | 1,057 |  |  |  | 702 |
Other liabilities and deferred credits |  |  | 417 |  |  |  | 274 |
Total liabilities of discontinued operations |  | $ | 20,431 |  |  |  | 19,191 |
Sales and other operating revenues and income from discontinued operations were as follows:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Sales and other operating revenues from discontinued operations |  | $ | 196,068 |  |  |  | 146,542 |  |  |  | 112,675 |
Income from discontinued operations before-tax |  | $ | 6,776 |  |  |  | 1,438 |  |  |  | 868 |
Income tax expense |  |  | 1,729 |  |  |  | 470 |  |  |  | 173 |
Income from discontinued operations |  | $ | 5,047 |  |  |  | 968 |  |  |  | 695 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43, 44, 45, 47, 48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 + Details
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