$PSX
Phillips 66 Stock $psx

$psx Overview Financials Valuation SEC Filings Company Website

2017 Q3 Form 10-Q Financial Statement

#000153470117000105 Filed on October 27, 2017

Income Statement

Concept	2017 Q3	2016 Q3
Revenue	$25.63B	$21.62B
YoY Change	18.51%	-16.16%
Cost Of Revenue	$19.46B	$19.35B
YoY Change	0.56%	-12.4%
Gross Profit	$6.164B	$2.276B
YoY Change	170.83%	-38.47%
Gross Profit Margin	24.05%	10.53%
Selling, General & Admin	$435.0M	$411.0M
YoY Change	5.84%	-5.95%
% of Gross Profit	7.06%	18.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$337.0M	$293.0M
YoY Change	15.02%	8.52%
% of Gross Profit	5.47%	12.87%
Operating Expenses	$435.0M	$411.0M
YoY Change	5.84%	-5.95%
Operating Profit	$5.729B	$1.865B
YoY Change	207.18%	-42.83%
Interest Expense	$77.00M	$357.0M
YoY Change	-78.43%	-30.14%
% of Operating Profit	1.34%	19.14%
Other Income/Expense, Net	$49.00M	$24.00M
YoY Change	104.17%	20.0%
Pretax Income	$1.256B	$813.0M
YoY Change	54.49%	-65.54%
Income Tax	$407.0M	$277.0M
% Of Pretax Income	32.4%	34.07%
Net Earnings	$823.0M	$511.0M
YoY Change	61.06%	-67.62%
Net Earnings / Revenue	3.21%	2.36%
Basic Earnings Per Share	$1.60	$0.97
Diluted Earnings Per Share	$1.60	$0.96
COMMON SHARES
Basic Shares Outstanding	512.9M shares	526.0M shares
Diluted Shares Outstanding	516.0M shares	528.8M shares

Balance Sheet

Concept	2017 Q3	2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.547B	$2.337B
YoY Change	-33.8%	-51.53%
Cash & Equivalents	$1.547B	$2.337B
Short-Term Investments
Other Short-Term Assets	$578.0M	$721.0M
YoY Change	-19.83%	12.48%
Inventory	$4.455B	$3.905B
Prepaid Expenses
Receivables	$6.355B	$5.001B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$12.94B	$11.96B
YoY Change	8.12%	-20.5%
LONG-TERM ASSETS
Property, Plant & Equipment	$21.30B	$20.45B
YoY Change	4.19%	6.18%
Goodwill	$3.270B	$3.267B
YoY Change	0.09%	-0.24%
Intangibles	$884.0M	$892.0M
YoY Change	-0.9%	1.48%
Long-Term Investments	$13.90B	$13.28B
YoY Change	4.68%	25.24%
Other Assets	$421.0M	$407.0M
YoY Change	3.44%	14.97%
Total Long-Term Assets	$39.78B	$38.29B
YoY Change	3.88%	11.42%
TOTAL ASSETS
Total Short-Term Assets	$12.94B	$11.96B
Total Long-Term Assets	$39.78B	$38.29B
Total Assets	$52.71B	$50.25B
YoY Change	4.89%	1.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$6.404B	$5.767B
YoY Change	11.05%	-6.24%
Accrued Expenses	$1.928B	$1.955B
YoY Change	-1.38%	-0.76%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$706.0M	$1.583B
YoY Change	-55.4%	3581.4%
Total Short-Term Liabilities	$9.905B	$10.10B
YoY Change	-1.93%	13.8%
LONG-TERM LIABILITIES
Long-Term Debt	$9.495B	$7.275B
YoY Change	30.52%	-18.33%
Other Long-Term Liabilities	$1.748B	$2.000B
YoY Change	-12.6%	-9.05%
Total Long-Term Liabilities	$11.24B	$9.275B
YoY Change	21.22%	-16.49%
TOTAL LIABILITIES
Total Short-Term Liabilities	$9.905B	$10.10B
Total Long-Term Liabilities	$11.24B	$9.275B
Total Liabilities	$28.75B	$25.94B
YoY Change	10.83%	2.21%
SHAREHOLDERS EQUITY
Retained Earnings	$13.46B	$12.78B
YoY Change	5.39%	6.46%
Common Stock	$19.66B	$19.48B
YoY Change	0.91%	1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$9.915B	$8.558B
YoY Change	15.86%	16.59%
Treasury Stock Shares	136.7M shares	120.1M shares
Shareholders Equity	$22.52B	$22.91B
YoY Change
Total Liabilities & Shareholders Equity	$52.71B	$50.25B
YoY Change	4.89%	1.7%

Cashflow Statement

Concept	2017 Q3	2016 Q3
OPERATING ACTIVITIES
Net Income	$823.0M	$511.0M
YoY Change	61.06%	-67.62%
Depreciation, Depletion And Amortization	$337.0M	$293.0M
YoY Change	15.02%	8.52%
Cash From Operating Activities	$401.0M	$883.0M
YoY Change	-54.59%	-38.55%
INVESTING ACTIVITIES
Capital Expenditures	-$367.0M	-$661.0M
YoY Change	-44.48%	-33.37%
Acquisitions
YoY Change
Other Investing Activities	-$14.00M	$110.0M
YoY Change	-112.73%	292.86%
Cash From Investing Activities	-$381.0M	-$551.0M
YoY Change	-30.85%	-42.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-612.0M	-230.0M
YoY Change	166.09%	-67.1%
NET CHANGE
Cash From Operating Activities	401.0M	883.0M
Cash From Investing Activities	-381.0M	-551.0M
Cash From Financing Activities	-612.0M	-230.0M
Net Change In Cash	-592.0M	102.0M
YoY Change	-680.39%	-145.13%
FREE CASH FLOW
Cash From Operating Activities	$401.0M	$883.0M
Capital Expenditures	-$367.0M	-$661.0M
Free Cash Flow	$768.0M	$1.544B
YoY Change	-50.26%	-36.43%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.35
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	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	3096000	shares
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2017
	dei	Document Period End Date DocumentPeriodEndDate	2017-09-30
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001534701
CY2017Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	506740487	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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	us-gaap	Effect Of Lifo Inventory Liquidation On Income EffectOfLIFOInventoryLiquidationOnIncome	-71000000	USD
CY2016Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.34
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.32
CY2017Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.32
CY2016Q4	us-gaap	Excess Of Replacement Or Current Costs Over Stated Lifo Value ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue	3300000000	USD
CY2017Q3	us-gaap	Excess Of Replacement Or Current Costs Over Stated Lifo Value ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue	3800000000	USD
CY2016Q3	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	3357000000	USD
	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	10225000000	USD
CY2017Q3	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	3376000000	USD
	us-gaap	Excise And Sales Taxes ExciseAndSalesTaxes	9664000000	USD
CY2017Q3	us-gaap	Fair Value Assets Level2 To Level1 Transfers Amount FairValueAssetsLevel2ToLevel1TransfersAmount	110000000	USD
CY2017Q3	us-gaap	Fair Value Liabilities Level2 To Level1 Transfers Amount FairValueLiabilitiesLevel2ToLevel1TransfersAmount	112000000	USD
CY2016Q3	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	9000000	USD
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	16000000	USD
CY2017Q3	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-7000000	USD
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-6000000	USD
CY2016Q4	us-gaap	Goodwill Goodwill	3270000000	USD
CY2017Q3	us-gaap	Goodwill Goodwill	3270000000	USD
CY2016Q3	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	511000000	USD
	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	1392000000	USD
CY2017Q3	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	823000000	USD
	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	1908000000	USD
CY2016Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	813000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	2129000000	USD
CY2017Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	1256000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	2901000000	USD
CY2016Q3	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	536000000	USD
	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	1450000000	USD
CY2017Q3	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	849000000	USD
	us-gaap	Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest	1993000000	USD
CY2016Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	391000000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	1159000000	USD
CY2017Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	530000000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	1357000000	USD
	us-gaap	Income Loss From Equity Method Investments Net Of Dividends Or Distributions IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions	772000000	USD
	us-gaap	Income Loss From Equity Method Investments Net Of Dividends Or Distributions IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions	543000000	USD
CY2016Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	277000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	679000000	USD
CY2017Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	407000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	908000000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	1025000000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	464000000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	510000000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1228000000	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	453000000	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	106000000	USD
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-185000000	USD
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	33000000	USD
CY2016Q3	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2807000	shares
CY2017Q3	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	3037000	shares
CY2016Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	888000000	USD
CY2017Q3	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	884000000	USD
CY2016Q3	us-gaap	Interest And Debt Expense InterestAndDebtExpense	81000000	USD
	us-gaap	Interest And Debt Expense InterestAndDebtExpense	250000000	USD
CY2017Q3	us-gaap	Interest And Debt Expense InterestAndDebtExpense	112000000	USD
	us-gaap	Interest And Debt Expense InterestAndDebtExpense	324000000	USD
CY2016Q4	us-gaap	Inventory Crude Oil Products And Merchandise InventoryCrudeOilProductsAndMerchandise	2883000000	USD
CY2017Q3	us-gaap	Inventory Crude Oil Products And Merchandise InventoryCrudeOilProductsAndMerchandise	4172000000	USD
CY2016Q4	us-gaap	Inventory Net InventoryNet	3150000000	USD
CY2017Q3	us-gaap	Inventory Net InventoryNet	4455000000	USD
CY2016Q4	us-gaap	Lifo Inventory Amount LIFOInventoryAmount	2772000000	USD
CY2017Q3	us-gaap	Lifo Inventory Amount LIFOInventoryAmount	4059000000	USD
CY2016Q4	us-gaap	Liabilities Liabilities	27928000000	USD
CY2017Q3	us-gaap	Liabilities Liabilities	28753000000	USD
CY2016Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	51653000000	USD
CY2017Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	52712000000	USD
CY2016Q4	us-gaap	Liabilities Current LiabilitiesCurrent	9463000000	USD
CY2017Q3	us-gaap	Liabilities Current LiabilitiesCurrent	9905000000	USD
CY2016Q4	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	9588000000	USD
CY2017Q3	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	9495000000	USD
CY2016Q4	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	13534000000	USD
CY2017Q3	us-gaap	Long Term Investments And Receivables Net LongTermInvestmentsAndReceivablesNet	13899000000	USD
CY2016Q4	us-gaap	Minority Interest MinorityInterest	1335000000	USD
CY2017Q3	us-gaap	Minority Interest MinorityInterest	1436000000	USD
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	45000000	USD
	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	83000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-881000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-2202000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-2163000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-676000000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	2296000000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1717000000	USD
CY2016Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	25000000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	58000000	USD
CY2017Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	26000000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	85000000	USD
CY2016Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	509000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	1387000000	USD
CY2017Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	822000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	1904000000	USD
CY2016Q3	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	510000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	1389000000	USD
CY2017Q3	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	823000000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	1907000000	USD
CY2016Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	24000000	USD
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	59000000	USD
CY2017Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	49000000	USD
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	519000000	USD
CY2016Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	426000000	USD
CY2017Q3	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	421000000	USD
	us-gaap	Other Comprehensive Income Loss Before Reclassifications Net Of Tax OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax	-184000000	USD
	us-gaap	Other Comprehensive Income Loss Before Reclassifications Net Of Tax OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax	219000000	USD
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	us-gaap	Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax	-7000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax	0	USD
	us-gaap	Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax	0	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax	31000000	USD
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CY2017Q3	us-gaap	Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax	0	USD
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CY2016Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-61000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-183000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	94000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	222000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-62000000	USD
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CY2017Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	95000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	214000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	1000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	4000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	-1000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	8000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-40000000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-139000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	125000000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	311000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-19000000	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-55000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-30000000	USD
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CY2016Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax	-28000000	USD
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CY2017Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax	0	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax	0	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-9000000	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-29000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-17000000	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-56000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-23000000	USD
	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-70000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-45000000	USD
	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax	-145000000	USD
CY2016Q3	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax	4000000	USD
	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax	-12000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax	0	USD
	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax	0	USD
CY2016Q3	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax	1000000	USD
	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax	-5000000	USD
CY2017Q3	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax	0	USD
	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax	0	USD
CY2016Q3	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1061000000	USD
	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	3078000000	USD
CY2017Q3	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1134000000	USD
	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	3541000000	USD
CY2016Q4	us-gaap	Other Inventory Supplies OtherInventorySupplies	267000000	USD
CY2017Q3	us-gaap	Other Inventory Supplies OtherInventorySupplies	283000000	USD
CY2016Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	520000000	USD
CY2017Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	545000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	192000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	234000000	USD
CY2016Q3	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	2000000	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	5000000	USD
CY2017Q3	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	1000000	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	4000000	USD
CY2016Q3	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	1000000	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	3000000	USD
CY2017Q3	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	0	USD
	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Diluted ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted	1000000	USD
	us-gaap	Partners Capital Account Sale Of Units PartnersCapitalAccountSaleOfUnits	818000000	USD
	us-gaap	Partners Capital Account Sale Of Units PartnersCapitalAccountSaleOfUnits	144000000	USD
	us-gaap	Payments For Advance To Affiliate PaymentsForAdvanceToAffiliate	266000000	USD
	us-gaap	Payments For Advance To Affiliate PaymentsForAdvanceToAffiliate	9000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	132000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	80000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	812000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	1127000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	954000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1042000000	USD
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	45000000	USD
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	83000000	USD
CY2016Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1216000000	USD
CY2017Q3	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	877000000	USD
CY2016Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	422000000	USD
CY2017Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	578000000	USD
	us-gaap	Proceeds From Collection Of Advance To Affiliate ProceedsFromCollectionOfAdvanceToAffiliate	107000000	USD
CY2017Q1	us-gaap	Proceeds From Collection Of Advance To Affiliate ProceedsFromCollectionOfAdvanceToAffiliate	325000000	USD
	us-gaap	Proceeds From Collection Of Advance To Affiliate ProceedsFromCollectionOfAdvanceToAffiliate	325000000	USD
	us-gaap	Proceeds From Issuance Of Common Limited Partners Units ProceedsFromIssuanceOfCommonLimitedPartnersUnits	972000000	USD
	us-gaap	Proceeds From Issuance Of Common Limited Partners Units ProceedsFromIssuanceOfCommonLimitedPartnersUnits	171000000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	14000000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	23000000	USD
	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	400000000	USD
	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	3083000000	USD
	us-gaap	Proceeds From Payments For Long Term Loans For Related Parties ProceedsFromPaymentsForLongTermLoansForRelatedParties	0	USD
	us-gaap	Proceeds From Payments For Long Term Loans For Related Parties ProceedsFromPaymentsForLongTermLoansForRelatedParties	0	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-38000000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-66000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	31989000000	USD
CY2017Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	33348000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	20855000000	USD
CY2017Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	21303000000	USD
CY2016Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	6397000000	USD
CY2017Q3	us-gaap	Receivables Net Current ReceivablesNetCurrent	6355000000	USD
	us-gaap	Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax	-45000000	USD
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CY2016Q3	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	31000000	USD
	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	92000000	USD
CY2017Q3	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	13000000	USD
	us-gaap	Related Party Transaction Expenses From Transactions With Related Party RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty	52000000	USD
	us-gaap	Repayments Of Debt And Capital Lease Obligations RepaymentsOfDebtAndCapitalLeaseObligations	418000000	USD
	us-gaap	Repayments Of Debt And Capital Lease Obligations RepaymentsOfDebtAndCapitalLeaseObligations	3161000000	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	12608000000	USD
CY2017Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	13464000000	USD
CY2016Q3	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	588000000	USD
	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	1544000000	USD
CY2017Q3	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	638000000	USD
	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	1778000000	USD
CY2016Q3	us-gaap	Sales Revenue Net SalesRevenueNet	21624000000	USD
	us-gaap	Sales Revenue Net SalesRevenueNet	60882000000	USD
CY2017Q3	us-gaap	Sales Revenue Net SalesRevenueNet	25627000000	USD
	us-gaap	Sales Revenue Net SalesRevenueNet	72608000000	USD
CY2016Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	411000000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1218000000	USD
CY2017Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	435000000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1258000000	USD
	us-gaap	Stock Issued During Period Shares Share Based Compensation StockIssuedDuringPeriodSharesShareBasedCompensation	1581000	shares
	us-gaap	Stock Issued During Period Shares Share Based Compensation StockIssuedDuringPeriodSharesShareBasedCompensation	1826000	shares
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	22390000000	USD
CY2017Q3	us-gaap	Stockholders Equity StockholdersEquity	22523000000	USD
CY2015Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23938000000	USD
CY2016Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	24311000000	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23725000000	USD
CY2017Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	23959000000	USD
CY2016Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	805000000	USD
CY2017Q3	us-gaap	Taxes Payable Current TaxesPayableCurrent	901000000	USD
CY2015Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	109926000	shares
CY2016Q3	us-gaap	Treasury Stock Shares TreasuryStockShares	120067000	shares
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	122827000	shares
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	122827264	shares
CY2017Q3	us-gaap	Treasury Stock Shares TreasuryStockShares	136679305	shares
CY2017Q3	us-gaap	Treasury Stock Shares TreasuryStockShares	136679000	shares
	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	10141000	shares
	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	13852000	shares
CY2016Q4	us-gaap	Treasury Stock Value TreasuryStockValue	8788000000	USD
CY2017Q3	us-gaap	Treasury Stock Value TreasuryStockValue	9915000000	USD
	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	812000000	USD
	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	1127000000	USD
CY2016Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	528798000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	531650000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	515960000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	520516000	shares
CY2016Q3	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	4176000	shares
	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	4285000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	3776000	shares
	us-gaap	Weighted Average Number Of Shares Contingently Issuable WeightedAverageNumberOfSharesContingentlyIssuable	3837000	shares
CY2016Q3	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	521815000	shares
	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	524365000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	509147000	shares
	us-gaap	Weighted Average Number Of Shares Issued Basic WeightedAverageNumberOfSharesIssuedBasic	513583000	shares
CY2016Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	525991000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	528650000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	512923000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	517420000	shares
	us-gaap	Basis Of Accounting BasisOfAccounting	<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;color:#000000;font-weight:bold;text-decoration:none;">Interim Financial Information</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%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our </font><font style="font-family:inherit;font-size:10.5pt;">2016</font><font style="font-family:inherit;font-size:10.5pt;"> Annual Report on Form 10-K. The results of operations for the </font><font style="font-family:inherit;font-size:10.5pt;">three- and nine-month</font><font style="font-family:inherit;font-size:10.5pt;"> periods ended </font><font style="font-family:inherit;font-size:10.5pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10.5pt;">, are not necessarily indicative of the results to be expected for the full year. Certain prior period financial information has been recast to reflect the current year’s presentation.</font></div></div>
	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 (Subtopic 610-20).” 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 may result in earlier 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. As part of our assessment to-date, we have formed an implementation team, commenced identification of our lease population and are evaluating lease software packages.</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>

Files In Submission

Name	View Source	Status
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2017 Q3 Form 10-Q Financial Statement

#000153470117000105 Filed on October 27, 2017

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2017 Q3 Form 10-Q Financial Statement

#000153470117000105 Filed on October 27, 2017

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Phillips 66 Stock $psx