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Condensed Consolidating Financial Information | 6 Months Ended
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Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information $7.5 billion of our senior notes were issued by Phillips 66, and are guaranteed by Phillips 66 Company, a 100-percent-owned subsidiary. Phillips 66 Company has fully and unconditionally guaranteed the payment obligations of Phillips 66 with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for:
• | Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting).
• | All other nonguarantor subsidiaries.
• | The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis.
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.
| Millions of Dollars
| Three Months Ended June 30, 2016
Statement of Income | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 15,237 |  | 6,612 |  | — |  | 21,849 |
Equity in earnings of affiliates | 556 |  | 487 |  | 74 |  | (682 | ) | 435 |
Net gain on dispositions | — |  | — |  | 6 |  | — |  | 6 |
Other income | — |  | 9 |  | 8 |  | — |  | 17 |
Intercompany revenues | — |  | 219 |  | 2,126 |  | (2,345 | ) | — |
Total Revenues and Other Income | 556 |  | 15,952 |  | 8,826 |  | (3,027 | ) | 22,307 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 12,473 |  | 6,014 |  | (2,289 | ) | 16,198 |
Operating expenses | — |  | 781 |  | 223 |  | (10 | ) | 994 |
Selling, general and administrative expenses | 1 |  | 313 |  | 109 |  | (2 | ) | 421 |
Depreciation and amortization | — |  | 203 |  | 87 |  | — |  | 290 |
Impairments | — |  | — |  | 2 |  | — |  | 2 |
Taxes other than income taxes | — |  | 1,397 |  | 2,197 |  | — |  | 3,594 |
Accretion on discounted liabilities | — |  | 4 |  | 1 |  | — |  | 5 |
Interest and debt expense | 91 |  | 9 |  | 27 |  | (44 | ) | 83 |
Foreign currency transaction (gains) losses | — |  | — |  | — |  | — |  | — |
Total Costs and Expenses | 92 |  | 15,180 |  | 8,660 |  | (2,345 | ) | 21,587 |
Income before income taxes | 464 |  | 772 |  | 166 |  | (682 | ) | 720 |
Provision (benefit) for income taxes | (32 | ) | 216 |  | 20 |  | — |  | 204 |
Net Income | 496 |  | 556 |  | 146 |  | (682 | ) | 516 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 20 |  | — |  | 20 |
Net Income Attributable to Phillips 66 | $ | 496 |  | 556 |  | 126 |  | (682 | ) | 496 |
Comprehensive Income | $ | 401 |  | 461 |  | 39 |  | (480 | ) | 421 |
| Millions of Dollars
| Three Months Ended June 30, 2015
Statement of Income | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 19,903 |  | 8,609 |  | — |  | 28,512 |
Equity in earnings (losses) of affiliates | 1,071 |  | 694 |  | (151 | ) | (1,207 | ) | 407 |
Net gain (loss) on dispositions | — |  | (110 | ) | 249 |  | — |  | 139 |
Other income | — |  | 6 |  | 13 |  | — |  | 19 |
Intercompany revenues | — |  | 349 |  | 2,994 |  | (3,343 | ) | — |
Total Revenues and Other Income | 1,071 |  | 20,842 |  | 11,714 |  | (4,550 | ) | 29,077 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 16,472 |  | 9,088 |  | (3,307 | ) | 22,253 |
Operating expenses | — |  | 782 |  | 271 |  | (10 | ) | 1,043 |
Selling, general and administrative expenses | 1 |  | 303 |  | 103 |  | (1 | ) | 406 |
Depreciation and amortization | — |  | 214 |  | 60 |  | — |  | 274 |
Impairments | — |  | 2 |  | — |  | — |  | 2 |
Taxes other than income taxes | — |  | 1,435 |  | 2,114 |  | — |  | 3,549 |
Accretion on discounted liabilities | — |  | 4 |  | 2 |  | — |  | 6 |
Interest and debt expense | 90 |  | 6 |  | 8 |  | (25 | ) | 79 |
Foreign currency transaction (gains) losses | — |  | — |  | — |  | — |  | — |
Total Costs and Expenses | 91 |  | 19,218 |  | 11,646 |  | (3,343 | ) | 27,612 |
Income before income taxes | 980 |  | 1,624 |  | 68 |  | (1,207 | ) | 1,465 |
Provision (benefit) for income taxes | (32 | ) | 553 |  | (81 | ) | — |  | 440 |
Net Income | 1,012 |  | 1,071 |  | 149 |  | (1,207 | ) | 1,025 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 13 |  | — |  | 13 |
Net Income Attributable to Phillips 66 | $ | 1,012 |  | 1,071 |  | 136 |  | (1,207 | ) | 1,012 |
Comprehensive Income | $ | 1,237 |  | 1,296 |  | 364 |  | (1,647 | ) | 1,250 |
| Millions of Dollars
| Six Months Ended June 30, 2016
Statement of Income | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 26,935 |  | 12,323 |  | — |  | 39,258 |
Equity in earnings of affiliates | 1,003 |  | 885 |  | 160 |  | (1,280 | ) | 768 |
Net gain on dispositions | — |  | — |  | 6 |  | — |  | 6 |
Other income | — |  | 24 |  | 11 |  | — |  | 35 |
Intercompany revenues | — |  | 397 |  | 3,713 |  | (4,110 | ) | — |
Total Revenues and Other Income | 1,003 |  | 28,241 |  | 16,213 |  | (5,390 | ) | 40,067 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 21,467 |  | 10,659 |  | (3,998 | ) | 28,128 |
Operating expenses | — |  | 1,613 |  | 422 |  | (18 | ) | 2,017 |
Selling, general and administrative expenses | 4 |  | 600 |  | 208 |  | (5 | ) | 807 |
Depreciation and amortization | — |  | 403 |  | 167 |  | — |  | 570 |
Impairments | — |  | — |  | 2 |  | — |  | 2 |
Taxes other than income taxes | — |  | 2,741 |  | 4,314 |  | — |  | 7,055 |
Accretion on discounted liabilities | — |  | 8 |  | 2 |  | — |  | 10 |
Interest and debt expense | 184 |  | 17 |  | 57 |  | (89 | ) | 169 |
Foreign currency transaction (gains) losses | — |  | — |  | (7 | ) | — |  | (7 | )
Total Costs and Expenses | 188 |  | 26,849 |  | 15,824 |  | (4,110 | ) | 38,751 |
Income before income taxes | 815 |  | 1,392 |  | 389 |  | (1,280 | ) | 1,316 |
Provision (benefit) for income taxes | (66 | ) | 389 |  | 79 |  | — |  | 402 |
Net Income | 881 |  | 1,003 |  | 310 |  | (1,280 | ) | 914 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 33 |  | — |  | 33 |
Net Income Attributable to Phillips 66 | $ | 881 |  | 1,003 |  | 277 |  | (1,280 | ) | 881 |
Comprehensive Income | $ | 782 |  | 904 |  | 191 |  | (1,062 | ) | 815 |
| Millions of Dollars
| Six Months Ended June 30, 2015
Statement of Income | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 35,490 |  | 15,800 |  | — |  | 51,290 |
Equity in earnings (losses) of affiliates | 2,123 |  | 1,416 |  | (102 | ) | (2,574 | ) | 863 |
Net gain (loss) on dispositions | — |  | (115 | ) | 376 |  | — |  | 261 |
Other income | — |  | 65 |  | 24 |  | — |  | 89 |
Intercompany revenues | — |  | 489 |  | 5,143 |  | (5,632 | ) | — |
Total Revenues and Other Income | 2,123 |  | 37,345 |  | 21,241 |  | (8,206 | ) | 52,503 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 28,749 |  | 15,761 |  | (5,562 | ) | 38,948 |
Operating expenses | 4 |  | 1,656 |  | 501 |  | (24 | ) | 2,137 |
Selling, general and administrative expenses | 3 |  | 595 |  | 204 |  | (2 | ) | 800 |
Depreciation and amortization | — |  | 408 |  | 119 |  | — |  | 527 |
Impairments | — |  | 2 |  | — |  | — |  | 2 |
Taxes other than income taxes | — |  | 2,816 |  | 4,195 |  | — |  | 7,011 |
Accretion on discounted liabilities | — |  | 8 |  | 3 |  | — |  | 11 |
Interest and debt expense | 183 |  | 12 |  | 14 |  | (44 | ) | 165 |
Foreign currency transaction losses | — |  | — |  | 49 |  | — |  | 49 |
Total Costs and Expenses | 190 |  | 34,246 |  | 20,846 |  | (5,632 | ) | 49,650 |
Income before income taxes | 1,933 |  | 3,099 |  | 395 |  | (2,574 | ) | 2,853 |
Provision (benefit) for income taxes | (66 | ) | 976 |  | (79 | ) | — |  | 831 |
Net Income | 1,999 |  | 2,123 |  | 474 |  | (2,574 | ) | 2,022 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 23 |  | — |  | 23 |
Net Income Attributable to Phillips 66 | $ | 1,999 |  | 2,123 |  | 451 |  | (2,574 | ) | 1,999 |
Comprehensive Income | $ | 2,061 |  | 2,185 |  | 513 |  | (2,675 | ) | 2,084 |
| Millions of Dollars
| June 30, 2016
Balance Sheet | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 864 |  | 1,368 |  | — |  | 2,232 |
Accounts and notes receivable | 13 |  | 3,614 |  | 3,334 |  | (1,364 | ) | 5,597 |
Inventories | — |  | 2,657 |  | 1,336 |  | — |  | 3,993 |
Prepaid expenses and other current assets | 1 |  | 488 |  | 332 |  | — |  | 821 |
Total Current Assets | 14 |  | 7,623 |  | 6,370 |  | (1,364 | ) | 12,643 |
Investments and long-term receivables | 31,691 |  | 22,722 |  | 7,775 |  | (49,252 | ) | 12,936 |
Net properties, plants and equipment | — |  | 12,867 |  | 7,380 |  | — |  | 20,247 |
Goodwill | — |  | 3,040 |  | 235 |  | — |  | 3,275 |
Intangibles | — |  | 722 |  | 174 |  | — |  | 896 |
Other assets | 12 |  | 205 |  | 149 |  | (2 | ) | 364 |
Total Assets | $ | 31,717 |  | 47,179 |  | 22,083 |  | (50,618 | ) | 50,361 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 5,333 |  | 3,115 |  | (1,364 | ) | 7,084 |
Short-term debt | 1,498 |  | 28 |  | 6 |  | — |  | 1,532 |
Accrued income and other taxes | — |  | 378 |  | 534 |  | — |  | 912 |
Employee benefit obligations | — |  | 347 |  | 38 |  | — |  | 385 |
Other accruals | 59 |  | 339 |  | 89 |  | — |  | 487 |
Total Current Liabilities | 1,557 |  | 6,425 |  | 3,782 |  | (1,364 | ) | 10,400 |
Long-term debt | 5,917 |  | 146 |  | 1,267 |  | — |  | 7,330 |
Asset retirement obligations and accrued environmental costs | — |  | 499 |  | 173 |  | — |  | 672 |
Deferred income taxes | — |  | 4,420 |  | 1,815 |  | (2 | ) | 6,233 |
Employee benefit obligations | — |  | 1,146 |  | 197 |  | — |  | 1,343 |
Other liabilities and deferred credits | 1,372 |  | 2,895 |  | 3,705 |  | (7,655 | ) | 317 |
Total Liabilities | 8,846 |  | 15,531 |  | 10,939 |  | (9,021 | ) | 26,295 |
Common stock | 10,997 |  | 25,403 |  | 10,782 |  | (36,185 | ) | 10,997 |
Retained earnings | 12,626 |  | 6,997 |  | (624 | ) | (6,402 | ) | 12,597 |
Accumulated other comprehensive income (loss) | (752 | ) | (752 | ) | (238 | ) | 990 |  | (752 | )
Noncontrolling interests | — |  | — |  | 1,224 |  | — |  | 1,224 |
Total Liabilities and Equity | $ | 31,717 |  | 47,179 |  | 22,083 |  | (50,618 | ) | 50,361 |
| Millions of Dollars
| December 31, 2015
Balance Sheet | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 575 |  | 2,499 |  | — |  | 3,074 |
Accounts and notes receivable | 14 |  | 3,643 |  | 2,217 |  | (701 | ) | 5,173 |
Inventories | — |  | 2,171 |  | 1,306 |  | — |  | 3,477 |
Prepaid expenses and other current assets | 2 |  | 382 |  | 148 |  | — |  | 532 |
Total Current Assets | 16 |  | 6,771 |  | 6,170 |  | (701 | ) | 12,256 |
Investments and long-term receivables | 33,315 |  | 24,068 |  | 7,395 |  | (52,635 | ) | 12,143 |
Net properties, plants and equipment | — |  | 12,651 |  | 7,070 |  | — |  | 19,721 |
Goodwill | — |  | 3,040 |  | 235 |  | — |  | 3,275 |
Intangibles | — |  | 726 |  | 180 |  | — |  | 906 |
Other assets | 16 |  | 154 |  | 113 |  | (4 | ) | 279 |
Total Assets | $ | 33,347 |  | 47,410 |  | 21,163 |  | (53,340 | ) | 48,580 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 4,015 |  | 2,341 |  | (701 | ) | 5,655 |
Short-term debt | — |  | 25 |  | 19 |  | — |  | 44 |
Accrued income and other taxes | — |  | 320 |  | 558 |  | — |  | 878 |
Employee benefit obligations | — |  | 528 |  | 48 |  | — |  | 576 |
Other accruals | 59 |  | 240 |  | 79 |  | — |  | 378 |
Total Current Liabilities | 59 |  | 5,128 |  | 3,045 |  | (701 | ) | 7,531 |
Long-term debt | 7,413 |  | 158 |  | 1,272 |  | — |  | 8,843 |
Asset retirement obligations and accrued environmental costs | — |  | 496 |  | 169 |  | — |  | 665 |
Deferred income taxes | — |  | 4,500 |  | 1,545 |  | (4 | ) | 6,041 |
Employee benefit obligations | — |  | 1,094 |  | 191 |  | — |  | 1,285 |
Other liabilities and deferred credits | 2,746 |  | 2,765 |  | 3,734 |  | (8,968 | ) | 277 |
Total Liabilities | 10,218 |  | 14,141 |  | 9,956 |  | (9,673 | ) | 24,642 |
Common stock | 11,405 |  | 25,404 |  | 10,688 |  | (36,092 | ) | 11,405 |
Retained earnings | 12,377 |  | 8,518 |  | (200 | ) | (8,347 | ) | 12,348 |
Accumulated other comprehensive income (loss) | (653 | ) | (653 | ) | (119 | ) | 772 |  | (653 | )
Noncontrolling interests | — |  | — |  | 838 |  | — |  | 838 |
Total Liabilities and Equity | $ | 33,347 |  | 47,410 |  | 21,163 |  | (53,340 | ) | 48,580 |
| Millions of Dollars
| Six Months Ended June 30, 2016
Statement of Cash Flows | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Cash Flows From Operating Activities |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 2,486 |  | 1,259 |  | 876 |  | (3,208 | ) | 1,413 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments* | — |  | (685 | ) | (723 | ) | 38 |  | (1,370 | )
Proceeds from asset dispositions | — |  | 3 |  | 12 |  | — |  | 15 |
Intercompany lending activities | (1,190 | ) | 2,295 |  | (1,105 | ) | — |  | — |
Advances/loans—related parties | — |  | (75 | ) | (107 | ) | — |  | (182 | )
Other | — |  | 13 |  | (88 | ) | — |  | (75 | )
Net Cash Provided by (Used in) Investing Activities | (1,190 | ) | 1,551 |  | (2,011 | ) | 38 |  | (1,612 | )
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | — |  | — |  | 150 |  | — |  | 150 |
Repayment of debt | — |  | (11 | ) | (155 | ) | — |  | (166 | )
Issuance of common stock | (29 | ) | — |  | — |  | — |  | (29 | )
Repurchase of common stock | (633 | ) | — |  | — |  | — |  | (633 | )
Dividends paid on common stock | (625 | ) | (2,528 | ) | (680 | ) | 3,208 |  | (625 | )
Distributions to noncontrolling interests | — |  | — |  | (28 | ) | — |  | (28 | )
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 669 |  | — |  | 669 |
Other* | (9 | ) | 18 |  | 40 |  | (38 | ) | 11 |
Net Cash Used in Financing Activities | (1,296 | ) | (2,521 | ) | (4 | ) | 3,170 |  | (651 | )
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | 8 |  | — |  | 8 |
Net Change in Cash and Cash Equivalents | — |  | 289 |  | (1,131 | ) | — |  | (842 | )
Cash and cash equivalents at beginning of period | — |  | 575 |  | 2,499 |  | — |  | 3,074 |
Cash and Cash Equivalents at End of Period | $ | — |  | 864 |  | 1,368 |  | — |  | 2,232 |
* Includes intercompany capital contributions.
| Millions of Dollars
| Six Months Ended June 30, 2015
Statement of Cash Flows | Phillips 66 |  | Phillips 66 Company |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated |
Cash Flows From Operating Activities |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 531 |  | 1,386 |  | 1,524 |  | (662 | ) | 2,779 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments* | — |  | (663 | ) | (2,465 | ) | 834 |  | (2,294 | )
Proceeds from asset dispositions** | — |  | 773 |  | 104 |  | (882 | ) | (5 | )
Intercompany lending activities | 1,611 |  | (1,357 | ) | (254 | ) | — |  | — |
Advances/loans—related parties | — |  | (50 | ) | — |  | — |  | (50 | )
Collection of advances/loans—related parties | — |  | 50 |  | — |  | — |  | 50 |
Other | — |  | (28 | ) | 75 |  | — |  | 47 |
Net Cash Provided by (Used in) Investing Activities | 1,611 |  | (1,275 | ) | (2,540 | ) | (48 | ) | (2,252 | )
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | — |  | — |  | 1,169 |  | — |  | 1,169 |
Repayment of debt | (800 | ) | (9 | ) | (95 | ) | — |  | (904 | )
Issuance of common stock | (25 | ) | — |  | — |  | — |  | (25 | )
Repurchase of common stock | (733 | ) | — |  | — |  | — |  | (733 | )
Dividends paid on common stock | (574 | ) | (574 | ) | (48 | ) | 622 |  | (574 | )
Distributions to controlling interests | — |  | — |  | (186 | ) | 186 |  | — |
Distributions to noncontrolling interests | — |  | — |  | (20 | ) | — |  | (20 | )
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 384 |  | — |  | 384 |
Other* | (10 | ) | 22 |  | 88 |  | (98 | ) | 2 |
Net Cash Provided by (Used in) Financing Activities | (2,142 | ) | (561 | ) | 1,292 |  | 710 |  | (701 | )
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | 56 |  | — |  | 56 |
Net Change in Cash and Cash Equivalents | — |  | (450 | ) | 332 |  | — |  | (118 | )
Cash and cash equivalents at beginning of period | — |  | 2,045 |  | 3,162 |  | — |  | 5,207 |
Cash and Cash Equivalents at End of Period | $ | — |  | 1,595 |  | 3,494 |  | — |  | 5,089 |
* Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions.

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