Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Phillips 66, consolidated balance sheet: assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Cash and cash equivalents	1,614)	3,019)	3,119)	2,711)	3,074)
Accounts and notes receivable, net of allowances	7,376)	5,414)	6,424)	5,485)	4,411)
Accounts and notes receivable, related parties	1,134)	759)	1,082)	912)	762)
Inventories	3,776)	3,543)	3,395)	3,150)	3,477)
Prepaid expenses and other current assets	495)	474)	370)	422)	532)
Current assets	14,395)	13,209)	14,390)	12,680)	12,256)
Equity investments	14,284)	14,218)	13,733)	13,102)	11,977)
Other investments	130)	106)	114)	98)	82)
Loans and long-term receivables	157)	97)	94)	334)	84)
Investments and long-term receivables	14,571)	14,421)	13,941)	13,534)	12,143)
Net properties, plants and equipment	23,786)	22,018)	21,460)	20,855)	19,721)
Goodwill	3,270)	3,270)	3,270)	3,270)	3,275)
Intangibles	869)	869)	876)	888)	906)
Other assets	1,829)	515)	434)	426)	279)
Noncurrent assets	44,325)	41,093)	39,981)	38,973)	36,324)
Total assets	58,720)	54,302)	54,371)	51,653)	48,580)

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).

Assets: Selected Items

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Balance sheet item	Description	The company
Current assets	Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.	Phillips 66 current assets decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net properties, plants and equipment	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Phillips 66 net properties, plants and equipment increased from 2017 to 2018 and from 2018 to 2019.
Noncurrent assets	Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.	Phillips 66 noncurrent assets increased from 2017 to 2018 and from 2018 to 2019.
Total assets	Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.	Phillips 66 total assets decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Current Assets: Selected Items

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Balance sheet item	Description	The company
Cash and cash equivalents	Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.	Phillips 66 cash and cash equivalents decreased from 2017 to 2018 and from 2018 to 2019.
Accounts and notes receivable, net of allowances	The aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively.	Phillips 66 accounts and notes receivable, net of allowances decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Inventories	Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.	Phillips 66 inventories increased from 2017 to 2018 and from 2018 to 2019.

Phillips 66 (NYSE:PSX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items