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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Statement of Income |
| Millions of Dollars |  |  |  |
| Three Months Ended June 30, 2020 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income (Loss) |  |  |  |  |
Sales and other operating revenues | $ | — |  | 8,236 |  | 2,677 |  | — |  | 10,913 |
Equity in earnings (losses) of affiliates | (86) |  | 230 |  | 174 |  | (161) |  | 157 |
Net gain on dispositions | — |  | — |  | 85 |  | — |  | 85 |
Other income | — |  | 19 |  | 9 |  | — |  | 28 |
Intercompany revenues | 1 |  | 604 |  | 1,553 |  | (2,158) |  | — |
Total Revenues and Other Income (Loss) | (85) |  | 9,089 |  | 4,498 |  | (2,319) |  | 11,183 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 7,990 |  | 3,665 |  | (2,047) |  | 9,608 |
Operating expenses | — |  | 810 |  | 248 |  | (32) |  | 1,026 |
Selling, general and administrative expenses | 1 |  | 319 |  | 92 |  | (3) |  | 409 |
Depreciation and amortization | — |  | 235 |  | 108 |  | — |  | 343 |
Taxes other than income taxes | — |  | 86 |  | 28 |  | — |  | 114 |
Accretion on discounted liabilities | — |  | 4 |  | 1 |  | — |  | 5 |
Interest and debt expense | 92 |  | 22 |  | 79 |  | (76) |  | 117 |
Foreign currency transaction losses | — |  | — |  | 6 |  | — |  | 6 |
Total Costs and Expenses | 93 |  | 9,466 |  | 4,227 |  | (2,158) |  | 11,628 |
Income (loss) before income taxes | (178) |  | (377) |  | 271 |  | (161) |  | (445) |
Income tax benefit | (37) |  | (291) |  | (50) |  | — |  | (378) |
Net Income (Loss) | (141) |  | (86) |  | 321 |  | (161) |  | (67) |
Less: net income attributable to noncontrolling interests | — |  | — |  | 74 |  | — |  | 74 |
Net Income (Loss) Attributable to Phillips 66 | $ | (141) |  | (86) |  | 247 |  | (161) |  | (141) |
Comprehensive Income (Loss) | $ | (298) |  | (243) |  | 343 |  | (26) |  | (224) |
| Millions of Dollars |  |  |  |
| Three Months Ended June 30, 2019 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 21,698 |  | 6,149 |  | — |  | 27,847 |
Equity in earnings of affiliates | 1,495 |  | 1,000 |  | 202 |  | (2,049) |  | 648 |
Other income | — |  | 22 |  | 1 |  | — |  | 23 |
Intercompany revenues | — |  | 722 |  | 4,095 |  | (4,817) |  | — |
Total Revenues and Other Income | 1,495 |  | 23,442 |  | 10,447 |  | (6,866) |  | 28,518 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 20,185 |  | 9,082 |  | (4,713) |  | 24,554 |
Operating expenses | — |  | 917 |  | 271 |  | (23) |  | 1,165 |
Selling, general and administrative expenses | 1 |  | 319 |  | 91 |  | (3) |  | 408 |
Depreciation and amortization | — |  | 229 |  | 105 |  | — |  | 334 |
Impairments | — |  | 1 |  | 1 |  | — |  | 2 |
Taxes other than income taxes | — |  | 70 |  | 27 |  | — |  | 97 |
Accretion on discounted liabilities | — |  | 5 |  | 1 |  | (1) |  | 5 |
Interest and debt expense | 89 |  | 37 |  | 66 |  | (77) |  | 115 |
Foreign currency transaction losses | — |  | — |  | 9 |  | — |  | 9 |
Total Costs and Expenses | 90 |  | 21,763 |  | 9,653 |  | (4,817) |  | 26,689 |
Income before income taxes | 1,405 |  | 1,679 |  | 794 |  | (2,049) |  | 1,829 |
Income tax expense (benefit) | (19) |  | 184 |  | 160 |  | — |  | 325 |
Net Income | 1,424 |  | 1,495 |  | 634 |  | (2,049) |  | 1,504 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 80 |  | — |  | 80 |
Net Income Attributable to Phillips 66 | $ | 1,424 |  | 1,495 |  | 554 |  | (2,049) |  | 1,424 |
Comprehensive Income | $ | 1,366 |  | 1,437 |  | 574 |  | (1,931) |  | 1,446 |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2020 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income (Loss) |  |  |  |  |
Sales and other operating revenues | $ | — |  | 23,746 |  | 8,045 |  | — |  | 31,791 |
Equity in earnings (losses) of affiliates | (2,506) |  | (131) |  | 413 |  | 2,746 |  | 522 |
Net gain on dispositions | — |  | 1 |  | 85 |  | — |  | 86 |
Other income | — |  | 17 |  | 11 |  | — |  | 28 |
Intercompany revenues | 1 |  | 1,534 |  | 3,971 |  | (5,506) |  | — |
Total Revenues and Other Income (Loss) | (2,505) |  | 25,167 |  | 12,525 |  | (2,760) |  | 32,427 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 22,976 |  | 10,354 |  | (5,282) |  | 28,048 |
Operating expenses | — |  | 1,927 |  | 502 |  | (62) |  | 2,367 |
Selling, general and administrative expenses | 4 |  | 530 |  | 199 |  | (5) |  | 728 |
Depreciation and amortization | — |  | 470 |  | 215 |  | — |  | 685 |
Impairments | — |  | 1,805 |  | 1,201 |  | — |  | 3,006 |
Taxes other than income taxes | — |  | 209 |  | 62 |  | — |  | 271 |
Accretion on discounted liabilities | — |  | 9 |  | 2 |  | — |  | 11 |
Interest and debt expense | 170 |  | 58 |  | 157 |  | (157) |  | 228 |
Foreign currency transaction losses | — |  | — |  | 6 |  | — |  | 6 |
Total Costs and Expenses | 174 |  | 27,984 |  | 12,698 |  | (5,506) |  | 35,350 |
Loss before income taxes | (2,679) |  | (2,817) |  | (173) |  | 2,746 |  | (2,923) |
Income tax benefit | (42) |  | (311) |  | (76) |  | — |  | (429) |
Net Loss | (2,637) |  | (2,506) |  | (97) |  | 2,746 |  | (2,494) |
Less: net income attributable to noncontrolling interests | — |  | — |  | 143 |  | — |  | 143 |
Net Loss Attributable to Phillips 66 | $ | (2,637) |  | (2,506) |  | (240) |  | 2,746 |  | (2,637) |
Comprehensive Loss | $ | (3,002) |  | (2,871) |  | (284) |  | 3,298 |  | (2,859) |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 39,113 |  | 11,837 |  | — |  | 50,950 |
Equity in earnings of affiliates | 1,776 |  | 1,431 |  | 367 |  | (2,410) |  | 1,164 |
Net gain on dispositions | — |  | — |  | 1 |  | — |  | 1 |
Other income | — |  | 42 |  | 19 |  | — |  | 61 |
Intercompany revenues | — |  | 1,883 |  | 7,310 |  | (9,193) |  | — |
Total Revenues and Other Income | 1,776 |  | 42,469 |  | 19,534 |  | (11,603) |  | 52,176 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 37,265 |  | 17,336 |  | (8,992) |  | 45,609 |
Operating expenses | — |  | 1,917 |  | 597 |  | (42) |  | 2,472 |
Selling, general and administrative expenses | 4 |  | 574 |  | 201 |  | (5) |  | 774 |
Depreciation and amortization | — |  | 456 |  | 209 |  | — |  | 665 |
Impairments | — |  | 1 |  | 2 |  | — |  | 3 |
Taxes other than income taxes | — |  | 165 |  | 60 |  | — |  | 225 |
Accretion on discounted liabilities | — |  | 9 |  | 2 |  | — |  | 11 |
Interest and debt expense | 182 |  | 73 |  | 133 |  | (154) |  | 234 |
Foreign currency transaction losses | — |  | — |  | 14 |  | — |  | 14 |
Total Costs and Expenses | 186 |  | 40,460 |  | 18,554 |  | (9,193) |  | 50,007 |
Income before income taxes | 1,590 |  | 2,009 |  | 980 |  | (2,410) |  | 2,169 |
Income tax expense (benefit) | (38) |  | 233 |  | 200 |  | — |  | 395 |
Net Income | 1,628 |  | 1,776 |  | 780 |  | (2,410) |  | 1,774 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 146 |  | — |  | 146 |
Net Income Attributable to Phillips 66 | $ | 1,628 |  | 1,776 |  | 634 |  | (2,410) |  | 1,628 |
Comprehensive Income | $ | 1,642 |  | 1,790 |  | 785 |  | (2,429) |  | 1,788 |
Condensed Consolidating Balance Sheet |
| Millions of Dollars |  |  |  |
| June 30, 2020 |  |  |  |
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 661 |  | 1,229 |  | — |  | 1,890 |
Accounts and notes receivable | — |  | 3,661 |  | 3,154 |  | (1,963) |  | 4,852 |
Inventories | — |  | 3,622 |  | 1,514 |  | — |  | 5,136 |
Prepaid expenses and other current assets | 1 |  | 377 |  | 243 |  | — |  | 621 |
Total Current Assets | 1 |  | 8,321 |  | 6,140 |  | (1,963) |  | 12,499 |
Investments and long-term receivables | 31,289 |  | 24,786 |  | 10,747 |  | (53,194) |  | 13,628 |
Net properties, plants and equipment | — |  | 13,725 |  | 10,557 |  | — |  | 24,282 |
Goodwill | — |  | 1,047 |  | 378 |  | — |  | 1,425 |
Intangibles | — |  | 740 |  | 134 |  | — |  | 874 |
Other assets | 12 |  | 4,195 |  | 673 |  | (3,070) |  | 1,810 |
Total Assets | $ | 31,302 |  | 52,814 |  | 28,629 |  | (58,227) |  | 54,518 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 4,796 |  | 2,535 |  | (1,963) |  | 5,368 |
Short-term debt | 1,497 |  | 15 |  | 271 |  | — |  | 1,783 |
Accrued income and other taxes | — |  | 439 |  | 607 |  | — |  | 1,046 |
Employee benefit obligations | — |  | 354 |  | 41 |  | — |  | 395 |
Other accruals | 76 |  | 1,292 |  | 417 |  | (354) |  | 1,431 |
Total Current Liabilities | 1,573 |  | 6,896 |  | 3,871 |  | (2,317) |  | 10,023 |
Long-term debt | 8,938 |  | 158 |  | 3,567 |  | — |  | 12,663 |
Asset retirement obligations and accrued environmental costs | — |  | 450 |  | 175 |  | — |  | 625 |
Deferred income taxes | — |  | 3,801 |  | 1,673 |  | (3) |  | 5,471 |
Employee benefit obligations | — |  | 1,142 |  | 218 |  | — |  | 1,360 |
Other liabilities and deferred credits | 46 |  | 10,806 |  | 5,714 |  | (15,485) |  | 1,081 |
Total Liabilities | 10,557 |  | 23,253 |  | 15,218 |  | (17,805) |  | 31,223 |
Common stock | 3,232 |  | 25,873 |  | 9,588 |  | (35,461) |  | 3,232 |
Retained earnings | 18,661 |  | 4,836 |  | 1,700 |  | (6,566) |  | 18,631 |
Accumulated other comprehensive loss | (1,148) |  | (1,148) |  | (457) |  | 1,605 |  | (1,148) |
Noncontrolling interests | — |  | — |  | 2,580 |  | — |  | 2,580 |
Total Liabilities and Equity | $ | 31,302 |  | 52,814 |  | 28,629 |  | (58,227) |  | 54,518 |
| Millions of Dollars |  |  |  |
| December 31, 2019 |  |  |  |
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 136 |  | 1,478 |  | — |  | 1,614 |
Accounts and notes receivable | 86 |  | 6,334 |  | 4,148 |  | (2,058) |  | 8,510 |
Inventories | — |  | 2,594 |  | 1,182 |  | — |  | 3,776 |
Prepaid expenses and other current assets | 2 |  | 362 |  | 131 |  | — |  | 495 |
Total Current Assets | 88 |  | 9,426 |  | 6,939 |  | (2,058) |  | 14,395 |
Investments and long-term receivables | 33,082 |  | 25,039 |  | 10,989 |  | (54,539) |  | 14,571 |
Net properties, plants and equipment | — |  | 13,676 |  | 10,110 |  | — |  | 23,786 |
Goodwill | — |  | 2,853 |  | 417 |  | — |  | 3,270 |
Intangibles | — |  | 732 |  | 137 |  | — |  | 869 |
Other assets | 14 |  | 4,290 |  | 714 |  | (3,189) |  | 1,829 |
Total Assets | $ | 33,184 |  | 56,016 |  | 29,306 |  | (59,786) |  | 58,720 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 7,024 |  | 3,609 |  | (2,058) |  | 8,575 |
Short-term debt | 500 |  | 16 |  | 31 |  | — |  | 547 |
Accrued income and other taxes | — |  | 386 |  | 593 |  | — |  | 979 |
Employee benefit obligations | — |  | 648 |  | 62 |  | — |  | 710 |
Other accruals | 65 |  | 850 |  | 249 |  | (329) |  | 835 |
Total Current Liabilities | 565 |  | 8,924 |  | 4,544 |  | (2,387) |  | 11,646 |
Long-term debt | 7,434 |  | 155 |  | 3,627 |  | — |  | 11,216 |
Asset retirement obligations and accrued environmental costs | — |  | 460 |  | 178 |  | — |  | 638 |
Deferred income taxes | — |  | 3,727 |  | 1,828 |  | (2) |  | 5,553 |
Employee benefit obligations | — |  | 825 |  | 219 |  | — |  | 1,044 |
Other liabilities and deferred credits | 245 |  | 8,975 |  | 5,465 |  | (13,231) |  | 1,454 |
Total Liabilities | 8,244 |  | 23,066 |  | 15,861 |  | (15,620) |  | 31,551 |
Common stock | 3,634 |  | 25,838 |  | 9,516 |  | (35,354) |  | 3,634 |
Retained earnings | 22,094 |  | 7,900 |  | 1,940 |  | (9,870) |  | 22,064 |
Accumulated other comprehensive loss | (788) |  | (788) |  | (270) |  | 1,058 |  | (788) |
Noncontrolling interests | — |  | — |  | 2,259 |  | — |  | 2,259 |
Total Liabilities and Equity | $ | 33,184 |  | 56,016 |  | 29,306 |  | (59,786) |  | 58,720 |
Condensed Consolidating Statement of Cash Flows |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2020 |  |  |  |
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 (Used in) Operating Activities | $ | 517 |  | (253) |  | 1,273 |  | (556) |  | 981 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments | — |  | (554) |  | (1,350) |  | 42 |  | (1,862) |
Return of investments in equity affiliates | — |  | — |  | 88 |  | — |  | 88 |
Proceeds from asset dispositions | — |  | — |  | 1 |  | — |  | 1 |
Intercompany lending activities | (1,751) |  | 2,123 |  | (372) |  | — |  | — |
Advances/loans—related parties | — |  | (210) |  | (21) |  | — |  | (231) |
Collection of advances/loans—related parties | — |  | 20 |  | 24 |  | — |  | 44 |
Other | — |  | (32) |  | (32) |  | — |  | (64) |
Net Cash Provided by (Used in) Investing Activities | (1,751) |  | 1,347 |  | (1,662) |  | 42 |  | (2,024) |
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | 3,015 |  | — |  | 215 |  | — |  | 3,230 |
Repayment of debt | (500) |  | (13) |  | (28) |  | — |  | (541) |
Issuance of common stock | 6 |  | — |  | — |  | — |  | 6 |
Repurchase of common stock | (443) |  | — |  | — |  | — |  | (443) |
Dividends paid on common stock | (789) |  | (556) |  | — |  | 556 |  | (789) |
Distributions to noncontrolling interests | — |  | — |  | (127) |  | — |  | (127) |
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 2 |  | — |  | 2 |
Other | (55) |  | — |  | 82 |  | (42) |  | (15) |
Net Cash Provided by (Used in) Financing Activities | 1,234 |  | (569) |  | 144 |  | 514 |  | 1,323 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | (4) |  | — |  | (4) |
Net Change in Cash and Cash Equivalents | — |  | 525 |  | (249) |  | — |  | 276 |
Cash and cash equivalents at beginning of period | — |  | 136 |  | 1,478 |  | — |  | 1,614 |
Cash and Cash Equivalents at End of Period | $ | — |  | 661 |  | 1,229 |  | — |  | 1,890 |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |
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 (Used in) Operating Activities | $ | (130) |  | 621 |  | 1,079 |  | (118) |  | 1,452 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments | — |  | (485) |  | (1,243) |  | — |  | (1,728) |
Return of investments in equity affiliates | — |  | 1 |  | 34 |  | — |  | 35 |
Proceeds from asset dispositions | — |  | — |  | 83 |  | — |  | 83 |
Intercompany lending activities | 1,730 |  | (1,385) |  | (345) |  | — |  | — |
Advances/loans—related parties | — |  | — |  | (95) |  | — |  | (95) |
Collection of advances/loans—related parties | — |  | — |  | 95 |  | — |  | 95 |
Other | — |  | (24) |  | 48 |  | — |  | 24 |
Net Cash Provided by (Used in) Investing Activities | 1,730 |  | (1,893) |  | (1,423) |  | — |  | (1,586) |
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | — |  | — |  | 860 |  | — |  | 860 |
Repayment of debt | — |  | (9) |  | (588) |  | — |  | (597) |
Issuance of common stock | 9 |  | — |  | — |  | — |  | 9 |
Repurchase of common stock | (799) |  | — |  | — |  | — |  | (799) |
Dividends paid on common stock | (770) |  | — |  | (118) |  | 118 |  | (770) |
Distributions to noncontrolling interests | — |  | — |  | (117) |  | — |  | (117) |
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 42 |  | — |  | 42 |
Other | (40) |  | — |  | 341 |  | — |  | 301 |
Net Cash Provided by (Used in) Financing Activities | (1,600) |  | (9) |  | 420 |  | 118 |  | (1,071) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | 5 |  | — |  | 5 |
Net Change in Cash and Cash Equivalents | — |  | (1,281) |  | 81 |  | — |  | (1,200) |
Cash and cash equivalents at beginning of period | — |  | 1,648 |  | 1,371 |  | — |  | 3,019 |
Cash and Cash Equivalents at End of Period | $ | — |  | 367 |  | 1,452 |  | — |  | 1,819 |

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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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