$PSX
Phillips 66 Stock $psx

$psx Overview Financials Valuation SEC Filings Company Website

2017 Q2 Form 10-Q Financial Statement

#000153470117000083 Filed on August 01, 2017

Income Statement

Concept	2017 Q2	2016 Q2
Revenue	$24.09B	$21.85B
YoY Change	10.24%	-23.37%
Cost Of Revenue	$18.35B	$19.62B
YoY Change	-6.44%	-23.72%
Gross Profit	$5.734B	$2.414B
YoY Change	137.53%	-13.66%
Gross Profit Margin	23.81%	11.05%
Selling, General & Admin	$439.0M	$421.0M
YoY Change	4.28%	3.69%
% of Gross Profit	7.66%	17.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$320.0M	$290.0M
YoY Change	10.34%	5.84%
% of Gross Profit	5.58%	12.01%
Operating Expenses	$439.0M	$421.0M
YoY Change	4.28%	3.69%
Operating Profit	$5.295B	$1.993B
YoY Change	165.68%	-16.61%
Interest Expense	$528.0M	$88.00M
YoY Change	500.0%	-73.17%
% of Operating Profit	9.97%	4.42%
Other Income/Expense, Net	$18.00M	$17.00M
YoY Change	5.88%	-10.53%
Pretax Income	$848.0M	$720.0M
YoY Change	17.78%	-50.85%
Income Tax	$267.0M	$204.0M
% Of Pretax Income	31.49%	28.33%
Net Earnings	$550.0M	$496.0M
YoY Change	10.89%	-50.99%
Net Earnings / Revenue	2.28%	2.27%
Basic Earnings Per Share	$1.06	$0.94
Diluted Earnings Per Share	$1.06	$0.93
COMMON SHARES
Basic Shares Outstanding	517.8M shares	528.2M shares
Diluted Shares Outstanding	520.2M shares	531.1M shares

Balance Sheet

Concept	2017 Q2	2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$2.161B	$2.232B
YoY Change	-3.18%	-56.14%
Cash & Equivalents	$2.161B	$2.232B
Short-Term Investments
Other Short-Term Assets	$456.0M	$821.0M
YoY Change	-44.46%	9.18%
Inventory	$4.245B	$3.993B
Prepaid Expenses
Receivables	$5.594B	$5.597B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$12.46B	$12.64B
YoY Change	-1.48%	-23.53%
LONG-TERM ASSETS
Property, Plant & Equipment	$21.29B	$20.25B
YoY Change	5.17%	7.9%
Goodwill	$3.270B	$3.275B
YoY Change	-0.15%	0.0%
Intangibles	$889.0M	$896.0M
YoY Change	-0.78%	1.82%
Long-Term Investments	$13.51B	$12.94B
YoY Change	4.41%	28.46%
Other Assets	$413.0M	$364.0M
YoY Change	13.46%	4.0%
Total Long-Term Assets	$39.37B	$37.72B
YoY Change	4.39%	13.13%
TOTAL ASSETS
Total Short-Term Assets	$12.46B	$12.64B
Total Long-Term Assets	$39.37B	$37.72B
Total Assets	$51.83B	$50.36B
YoY Change	2.91%	0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$5.891B	$6.319B
YoY Change	-6.77%	-18.45%
Accrued Expenses	$1.826B	$1.784B
YoY Change	2.35%	15.17%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$493.0M	$1.532B
YoY Change	-67.82%	3547.62%
Total Short-Term Liabilities	$8.874B	$10.40B
YoY Change	-14.67%	3.23%
LONG-TERM LIABILITIES
Long-Term Debt	$9.472B	$7.330B
YoY Change	29.22%	-17.85%
Other Long-Term Liabilities	$2.111B	$2.332B
YoY Change	-9.48%	5.71%
Total Long-Term Liabilities	$11.58B	$9.662B
YoY Change	19.88%	-13.18%
TOTAL LIABILITIES
Total Short-Term Liabilities	$8.874B	$10.40B
Total Long-Term Liabilities	$11.58B	$9.662B
Total Liabilities	$28.02B	$26.30B
YoY Change	6.57%	-1.34%
SHAREHOLDERS EQUITY
Retained Earnings	$13.00B	$12.60B
YoY Change	3.21%	17.44%
Common Stock	$19.63B	$19.38B
YoY Change	1.31%	1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$9.454B	$8.379B
YoY Change	12.83%	20.27%
Treasury Stock Shares	131.2M shares	117.8M shares
Shareholders Equity	$22.37B	$22.84B
YoY Change
Total Liabilities & Shareholders Equity	$51.83B	$50.36B
YoY Change	2.91%	0.98%

Cashflow Statement

Concept	2017 Q2	2016 Q2
OPERATING ACTIVITIES
Net Income	$550.0M	$496.0M
YoY Change	10.89%	-50.99%
Depreciation, Depletion And Amortization	$320.0M	$290.0M
YoY Change	10.34%	5.84%
Cash From Operating Activities	$1.865B	$1.155B
YoY Change	61.47%	-19.06%
INVESTING ACTIVITIES
Capital Expenditures	-$458.0M	-$620.0M
YoY Change	-26.13%	-48.89%
Acquisitions
YoY Change
Other Investing Activities	$5.000M	-$130.0M
YoY Change	-103.85%	12900.0%
Cash From Investing Activities	-$453.0M	-$750.0M
YoY Change	-39.6%	-38.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-904.0M	132.0M
YoY Change	-784.85%	-120.53%
NET CHANGE
Cash From Operating Activities	1.865B	1.155B
Cash From Investing Activities	-453.0M	-750.0M
Cash From Financing Activities	-904.0M	132.0M
Net Change In Cash	508.0M	537.0M
YoY Change	-5.4%	-224.88%
FREE CASH FLOW
Cash From Operating Activities	$1.865B	$1.155B
Capital Expenditures	-$458.0M	-$620.0M
Free Cash Flow	$2.323B	$1.775B
YoY Change	30.87%	-32.77%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.31
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.30
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.35
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001534701
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2017
	dei	Document Period End Date DocumentPeriodEndDate	2017-06-30
CY2017Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	511510782	shares
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Registrant Name EntityRegistrantName	Phillips 66
	dei	Trading Symbol TradingSymbol	PSX
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CY2017Q2	psx	Accounts And Notes Receivable Net Including Related Parties AccountsAndNotesReceivableNetIncludingRelatedParties	5594000000	USD
CY2016Q4	psx	Accounts And Notes Receivable Net Of Allowance AccountsAndNotesReceivableNetOfAllowance	5485000000	USD
CY2017Q2	psx	Accounts And Notes Receivable Net Of Allowance AccountsAndNotesReceivableNetOfAllowance	4750000000	USD
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CY2016Q4	psx	Asset Retirement Obligations And Accrued Environmental Cost AssetRetirementObligationsAndAccruedEnvironmentalCost	655000000	USD
CY2017Q2	psx	Asset Retirement Obligations And Accrued Environmental Cost AssetRetirementObligationsAndAccruedEnvironmentalCost	625000000	USD
	psx	Capital Expenditures And Investments CapitalExpendituresAndInvestments	1370000000	USD
	psx	Capital Expenditures And Investments CapitalExpendituresAndInvestments	928000000	USD
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	psx	Cost And Expenses CostAndExpenses	38751000000	USD
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	psx	Cost And Expenses CostAndExpenses	46648000000	USD
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CY2016Q4	psx	Employee Benefit Obligations Current EmployeeBenefitObligationsCurrent	527000000	USD
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CY2016Q4	psx	Estimated Percentage Of Derivative Contract Volume Expiring Within Twelve Months EstimatedPercentageOfDerivativeContractVolumeExpiringWithinTwelveMonths	0.97
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	psx	Gain Loss On Disposition GainLossOnDisposition	15000000	USD
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CY2016Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.94
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	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.08
CY2016Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.93
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.65
CY2017Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.06
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.07
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	8000000	USD
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	19000000	USD
CY2016Q2	us-gaap	Effect Of Lifo Inventory Liquidation On Income EffectOfLIFOInventoryLiquidationOnIncome	-15000000	USD
	us-gaap	Effect Of Lifo Inventory Liquidation On Income EffectOfLIFOInventoryLiquidationOnIncome	-58000000	USD
CY2016Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.28
CY2017Q2	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	3252000000	USD
	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	6288000000	USD
CY2016Q4	us-gaap	Excess Of Replacement Or Current Costs Over Stated Lifo Value ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue	3300000000	USD
CY2017Q2	us-gaap	Excess Of Replacement Or Current Costs Over Stated Lifo Value ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue	2600000000	USD
CY2016Q2	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	3508000000	USD
CY2017Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.31
	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	6868000000	USD
CY2017Q2	us-gaap	Fair Value Assets Level2 To Level1 Transfers Amount FairValueAssetsLevel2ToLevel1TransfersAmount	55000000	USD
CY2017Q2	us-gaap	Fair Value Liabilities Level2 To Level1 Transfers Amount FairValueLiabilitiesLevel2ToLevel1TransfersAmount	56000000	USD
CY2016Q2	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	0	USD
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	7000000	USD
CY2017Q2	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	0	USD
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	1000000	USD
CY2016Q4	us-gaap	Goodwill Goodwill	3270000000	USD
CY2017Q2	us-gaap	Goodwill Goodwill	3270000000	USD
CY2016Q2	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	496000000	USD
	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	881000000	USD
CY2017Q2	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	550000000	USD
	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	1085000000	USD
CY2016Q2	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	720000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	1316000000	USD
CY2017Q2	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	848000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	1645000000	USD
CY2016Q2	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	516000000	USD
	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	914000000	USD
CY2017Q2	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	581000000	USD
	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	1144000000	USD
CY2016Q2	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	435000000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	768000000	USD
CY2017Q2	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	462000000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	827000000	USD
	us-gaap	Income Loss From Equity Method Investments Net Of Dividends Or Distributions IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions	515000000	USD
	us-gaap	Income Loss From Equity Method Investments Net Of Dividends Or Distributions IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions	252000000	USD
CY2016Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	204000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	402000000	USD
CY2017Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	267000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	501000000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	1512000000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-308000000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	536000000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1047000000	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	504000000	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-17000000	USD
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	386000000	USD
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-724000000	USD
CY2016Q2	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2813000	shares
	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2822000	shares
CY2017Q2	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2375000	shares
	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2623000	shares
CY2016Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	888000000	USD
CY2017Q2	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	889000000	USD
CY2016Q2	us-gaap	Interest And Debt Expense InterestAndDebtExpense	83000000	USD
	us-gaap	Interest And Debt Expense InterestAndDebtExpense	169000000	USD
CY2017Q2	us-gaap	Interest And Debt Expense InterestAndDebtExpense	107000000	USD
	us-gaap	Interest And Debt Expense InterestAndDebtExpense	212000000	USD
CY2016Q4	us-gaap	Inventory Crude Oil Products And Merchandise InventoryCrudeOilProductsAndMerchandise	2883000000	USD
CY2017Q2	us-gaap	Inventory Crude Oil Products And Merchandise InventoryCrudeOilProductsAndMerchandise	3972000000	USD
CY2016Q4	us-gaap	Inventory Net InventoryNet	3150000000	USD
CY2017Q2	us-gaap	Inventory Net InventoryNet	4245000000	USD
CY2016Q4	us-gaap	Lifo Inventory Amount LIFOInventoryAmount	2772000000	USD
CY2017Q2	us-gaap	Lifo Inventory Amount LIFOInventoryAmount	3863000000	USD
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CY2016Q4	us-gaap	Liabilities Liabilities	27928000000	USD
CY2017Q2	us-gaap	Liabilities Liabilities	28022000000	USD
CY2016Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	51653000000	USD
CY2017Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	51828000000	USD
CY2016Q4	us-gaap	Liabilities Current LiabilitiesCurrent	9463000000	USD
CY2017Q2	us-gaap	Liabilities Current LiabilitiesCurrent	8874000000	USD
CY2016Q4	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	9588000000	USD
CY2017Q2	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	9472000000	USD
CY2016Q4	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	13534000000	USD
CY2017Q2	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	13507000000	USD
CY2016Q4	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	9690000000	USD
CY2017Q2	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	8121000000	USD
CY2016Q4	us-gaap	Longterm Debt Percentage Bearing Variable Interest Amount LongtermDebtPercentageBearingVariableInterestAmount	260000000	USD
CY2017Q2	us-gaap	Longterm Debt Percentage Bearing Variable Interest Amount LongtermDebtPercentageBearingVariableInterestAmount	1650000000	USD
CY2016Q4	us-gaap	Minority Interest MinorityInterest	1335000000	USD
CY2017Q2	us-gaap	Minority Interest MinorityInterest	1438000000	USD
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	28000000	USD
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	54000000	USD
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	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-295000000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1413000000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1316000000	USD
CY2016Q2	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	20000000	USD
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CY2017Q2	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	31000000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	59000000	USD
CY2016Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	494000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	878000000	USD
CY2017Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	548000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	1082000000	USD
CY2016Q2	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	495000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	878000000	USD
CY2017Q2	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	549000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	1083000000	USD
CY2016Q2	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	17000000	USD
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CY2017Q2	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	18000000	USD
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CY2016Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	426000000	USD
CY2017Q2	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	413000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax	-2000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-107000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	102000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	128000000	USD
CY2016Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-108000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	95000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	1000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	7000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-95000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	143000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-18000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-50000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-9000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-30000000	USD
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CY2016Q2	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-24000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-77000000	USD
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CY2017Q2	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax	-1000000	USD
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CY2016Q2	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	994000000	USD
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CY2017Q2	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1137000000	USD
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CY2016Q4	us-gaap	Other Inventory Supplies OtherInventorySupplies	267000000	USD
CY2017Q2	us-gaap	Other Inventory Supplies OtherInventorySupplies	273000000	USD
CY2016Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	520000000	USD
CY2017Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	574000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-116000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-98000000	USD
CY2016Q2	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	2000000	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	3000000	USD
CY2017Q2	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	2000000	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	3000000	USD
CY2016Q2	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	1000000	USD
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	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	2000000	USD
	us-gaap	Partners Capital Account Sale Of Units PartnersCapitalAccountSaleOfUnits	562000000	USD
	us-gaap	Partners Capital Account Sale Of Units PartnersCapitalAccountSaleOfUnits	143000000	USD
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	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	633000000	USD
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CY2016Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1216000000	USD
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CY2017Q1	us-gaap	Proceeds From Collection Of Advance To Affiliate ProceedsFromCollectionOfAdvanceToAffiliate	325000000	USD
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CY2016Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	31989000000	USD
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CY2016Q2	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	28000000	USD
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CY2017Q2	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	13000000	USD
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CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	12608000000	USD
CY2017Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	13001000000	USD
CY2016Q2	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	549000000	USD
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CY2017Q2	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	569000000	USD
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CY2017Q2	us-gaap	Sales Revenue Net SalesRevenueNet	24087000000	USD
CY2016Q2	us-gaap	Sales Revenue Net SalesRevenueNet	21849000000	USD
	us-gaap	Sales Revenue Net SalesRevenueNet	39258000000	USD
	us-gaap	Sales Revenue Net SalesRevenueNet	46981000000	USD
CY2016Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	421000000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	807000000	USD
CY2017Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	439000000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	823000000	USD
	us-gaap	Stock Issued During Period Shares Share Based Compensation StockIssuedDuringPeriodSharesShareBasedCompensation	1271000	shares
	us-gaap	Stock Issued During Period Shares Share Based Compensation StockIssuedDuringPeriodSharesShareBasedCompensation	1135000	shares
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	22390000000	USD
CY2017Q2	us-gaap	Stockholders Equity StockholdersEquity	22368000000	USD
CY2015Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23938000000	USD
CY2016Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	24066000000	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23725000000	USD
CY2017Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23806000000	USD
CY2016Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	805000000	USD
CY2017Q2	us-gaap	Taxes Payable Current TaxesPayableCurrent	893000000	USD
CY2015Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	109926000	shares
CY2016Q2	us-gaap	Treasury Stock Shares TreasuryStockShares	117758000	shares
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	122827000	shares
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	122827264	shares
CY2017Q2	us-gaap	Treasury Stock Shares TreasuryStockShares	131218218	shares
CY2017Q2	us-gaap	Treasury Stock Shares TreasuryStockShares	131218000	shares
	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	7832000	shares
	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	8391000	shares
CY2016Q4	us-gaap	Treasury Stock Value TreasuryStockValue	8788000000	USD
CY2017Q2	us-gaap	Treasury Stock Value TreasuryStockValue	9454000000	USD
	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	633000000	USD
	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	666000000	USD
CY2016Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	531060000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	532815000	shares
CY2017Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	520160000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	522329000	shares
CY2016Q2	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	4167000	shares
	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	4339000	shares
CY2017Q2	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	3693000	shares
	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	3868000	shares
CY2016Q2	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	524080000	shares
	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	525654000	shares
CY2017Q2	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	514092000	shares
	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	515838000	shares
CY2016Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	528247000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	529993000	shares
CY2017Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	517785000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	519706000	shares
	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">New Accounting Standards</font><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In February 2017, the FASB issued ASU No. 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets.” This ASU clarifies the scope and accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales.  This ASU will eliminate the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity method joint ventures.  These amendments could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets.  Public entities should apply the guidance in ASU No. 2017-05 to annual periods beginning after December 15, 2017, including interim periods within those periods.  We are currently evaluating the provisions of ASU No. 2017-05.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction is not considered an acquisition of a business. If the screen is not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We are currently evaluating the provisions of ASU No. 2017-01.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. Public business entities should apply the guidance in ASU No. 2016-13 for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption will be permitted for annual periods beginning after December 15, 2018. We are currently evaluating the provisions of ASU No. 2016-13 and assessing the impact on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” In the new standard, the FASB modified its determination of whether a contract is a lease rather than whether a lease is a capital or operating lease under the previous accounting principles generally accepted in the United States (GAAP). A contract represents a lease if a transfer of control occurs over an identified property, plant or equipment for a period of time in exchange for consideration. Control over the use of the identified asset includes the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct its use. The FASB continued to maintain </font><font style="font-family:inherit;font-size:10.5pt;">two</font><font style="font-family:inherit;font-size:10.5pt;"> classifications of leases—financing and operating—which are substantially similar to capital and operating leases in the previous lease guidance. Under the new standard, recognition of assets and liabilities arising from operating leases will require recognition on the balance sheet. The effect of all leases in the statement of comprehensive income and the statement of cash flows will be largely unchanged. Lessor accounting will also be largely unchanged. Additional disclosures will be required for financing and operating leases for both lessors and lessees. Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of ASU No. 2016-02 to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” to meet its objective of providing more decision-useful information about financial instruments. The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, </font><font style="font-family:inherit;font-size:10.5pt;">one</font><font style="font-family:inherit;font-size:10.5pt;"> provision will also affect net income. Equity investments carried under the cost method or lower of cost or fair value method of accounting, in accordance with current GAAP, will have to be carried at fair value upon adoption of ASU No. 2016-01, with changes in fair value recorded in net income. For equity investments that do not have readily determinable fair values, a company may elect to carry such investments at cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. Public business entities should apply the guidance in ASU No. 2016-01 for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption prohibited. We are currently evaluating the provisions of ASU No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited impact on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU and other related updates issued are intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets and expand disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for </font><font style="font-family:inherit;font-size:10.5pt;">one</font><font style="font-family:inherit;font-size:10.5pt;"> year. Public business entities should apply the guidance in ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. As part of our assessment work-to-date, we have formed an implementation work team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. Our expectation is to adopt the standard on January 1, 2018, using the modified retrospective application. In addition, we expect to present revenue net of sales-based taxes collected from our customers resulting in no impact to earnings. Sales-based taxes include excise taxes on petroleum product sales as noted on our consolidated statement of income. Our evaluation of the new ASU is ongoing, which includes understanding the impact of adoption on earnings from equity method investments. Based on our analysis to-date, we have not identified any other material impact on our financial statements other than disclosures.</font></div></div>

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0001534701-17-000083-index-headers.html	Edgar Link	pending
0001534701-17-000083-index.html	Edgar Link	pending
0001534701-17-000083.txt	Edgar Link	pending
0001534701-17-000083-xbrl.zip	Edgar Link	pending
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2017 Q2 Form 10-Q Financial Statement

#000153470117000083 Filed on August 01, 2017

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2017 Q2 Form 10-Q Financial Statement

#000153470117000083 Filed on August 01, 2017

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