Separation of Downstream Business (Tables)

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

- 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.

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