Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Phillips 66, adjusted current assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Current assets	14,395)	13,209)	14,390)	12,680)	12,256)
Adjustments
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories¹	4,300)	2,900)	4,300)	3,300)	1,300)
After Adjustment
Adjusted current assets	18,736)	16,131)	18,719)	16,014)	13,611)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Estimated excess of current replacement cost over LIFO cost of inventories. See details »

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Phillips 66, adjusted total assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Total assets	58,720)	54,302)	54,371)	51,653)	48,580)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories²	4,300)	2,900)	4,300)	3,300)	1,300)
Less: Deferred tax assets (included in Other assets)³	48)	49)	91)	92)	161)
After Adjustment
Adjusted total assets	63,013)	58,566)	60,217)	56,267)	51,530)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Estimated excess of current replacement cost over LIFO cost of inventories. See details »

³ Deferred tax assets (included in Other assets). See details »

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Phillips 66, adjusted total liabilities

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Total liabilities	31,551)	27,149)	26,943)	27,928)	24,642)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Less: Deferred tax liabilities²	5,553)	5,275)	5,008)	6,743)	6,041)
After Adjustment
Adjusted total liabilities	25,998)	23,265)	23,543)	22,557)	20,357)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Phillips 66, adjusted stockholders’ equity

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Stockholders’ equity	24,910)	24,653)	25,085)	22,390)	23,100)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,505)	(5,226)	(4,917)	(6,651)	(5,880)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories²	4,300)	2,900)	4,300)	3,300)	1,300)
Add: Noncontrolling interests	2,259)	2,500)	2,343)	1,335)	838)
After Adjustment
Adjusted total equity	37,015)	35,301)	36,674)	33,710)	31,173)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Net deferred tax assets (liabilities). See details »

² Estimated excess of current replacement cost over LIFO cost of inventories. See details »

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Phillips 66, adjusted capitalization table

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Short-term debt	547)	67)	41)	550)	44)
Long-term debt	11,216)	11,093)	10,069)	9,588)	8,843)
Total reported debt	11,763)	11,160)	10,110)	10,138)	8,887)
Stockholders’ equity	24,910)	24,653)	25,085)	22,390)	23,100)
Total reported capital	36,673)	35,813)	35,195)	32,528)	31,987)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	1,391)	1,608)	1,372)	1,756)
Add: Operating lease liabilities (included in Other accruals)²	455)	—)	—)	—)	—)
Add: Operating lease liabilities (included in Other liabilities and deferred credits)³	806)	—)	—)	—)	—)
Adjusted total debt	13,024)	12,551)	11,718)	11,510)	10,643)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,505)	(5,226)	(4,917)	(6,651)	(5,880)
Add: Allowances	41)	22)	29)	34)	55)
Add: Estimated excess of current replacement cost over LIFO cost of inventories⁵	4,300)	2,900)	4,300)	3,300)	1,300)
Add: Noncontrolling interests	2,259)	2,500)	2,343)	1,335)	838)
Adjusted total equity	37,015)	35,301)	36,674)	33,710)	31,173)
After Adjustment
Adjusted total capital	50,039)	47,852)	48,392)	45,220)	41,816)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities (included in Other accruals). See details »

³ Operating lease liabilities (included in Other liabilities and deferred credits). See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ Estimated excess of current replacement cost over LIFO cost of inventories. See details »

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Phillips 66, adjusted net income attributable to Phillips 66

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
As Reported
Net income attributable to Phillips 66	3,076)	5,595)	5,106)	1,555)	4,227)
Adjustments
Add: Deferred income tax expense (benefit)¹	182)	252)	(1,889)	610)	483)
Add: Increase (decrease) in allowances	19)	(7)	(5)	(21)	(16)
Add: Increase (decrease) in LIFO reserve²	1,400)	(1,400)	1,000)	2,000)	(1,700)
Add: Other comprehensive income (loss), net of income taxes	(7)	(75)	378)	(342)	(122)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	301)	278)	142)	89)	53)
After Adjustment
Adjusted net income	4,971)	4,643)	4,732)	3,891)	2,925)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Phillips 66 (NYSE:PSX)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income