Analysis: Deferred Assets and Liabilities, Net

Entity Registrant Name Phillips 66
CIK 0001534701
Accession number 0001534701-14-000042
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/1534701/000153470114000042/psx-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01
Commentary Conforms with all rules.
Level 3 Text Block concept us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Major components of deferred tax liabilities and assets at December 31 were:
 
 
Millions of Dollars
 
2013

 
2012

Deferred Tax Liabilities
 
 
 
Properties, plants and equipment, and intangibles
$
3,747

 
3,721

Investment in joint ventures
2,696

 
2,183

Investment in foreign subsidiaries
401

 
386

Other
—

 
24

Total deferred tax liabilities
6,844

 
6,314

Deferred Tax Assets
 
 
 
Benefit plan accruals
499

 
614

Inventory
51

 
92

Asset retirement obligations and accrued environmental costs
223

 
234

Other financial accruals and deferrals
223

 
166

Loss and credit carryforwards
123

 
313

Other
18

 
59

Total deferred tax assets
1,137

 
1,478

Less: valuation allowance
127

 
329

Net deferred tax assets
1,010

 
1,149

Net deferred tax liabilities
$
5,834

 
5,165

Level 4 Details Key Concepts: Deferred tax assets (liabilities)

Description Fact value US GAAP XBRL Concept
Deferred tax assets, gross 1,137,000,000 us-gaap:DeferredTaxAssetsGross
Valuation allowance -127,000,000 us-gaap:DeferredTaxAssetsValuationAllowance
Deferred tax assets, net 1,010,000,000 us-gaap:DeferredTaxAssetsNet
Deferred tax liabilities -6,844,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -5,834,000,000
CHECK 0

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(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets, net, current 0
Deferred tax assets, net, noncurrent 0
Deferred tax liabilities, net, current 0 us-gaap:DeferredTaxLiabilitiesCurrent
Deferred tax liabilities, net, noncurrent -6,125,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -5,834,000,000
CHECK 0

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(Unclassified balance sheet) Deferred tax assets (liabilities), net components asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets 1,010,000,000
Deferred tax liabilities, net -6,844,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -5,834,000,000
CHECK 0

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