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Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured. Phillips 66's intangible assets for the quarter that ended in Dec. 2023 was $2,470 Mil.
The historical data trend for Phillips 66's Intangible Assets can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Phillips 66 Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Intangible Assets | Get a 7-Day Free Trial | 4,139.00 | 2,268.00 | 2,297.00 | 2,317.00 | 2,470.00 |
Phillips 66 Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Intangible Assets | Get a 7-Day Free Trial | 2,317.00 | 2,279.00 | 2,272.00 | 2,481.00 | 2,470.00 |
Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured. Examples of intangible assets include trade secrets, copyrights, patents, trademarks. If a company acquires assets at the prices above the book value, it may carry goodwill on its balance sheet. Goodwill reflects the difference between the price the company paid and the book value of the assets.
Phillips 66 (NYSE:PSX) Intangible Assets Explanation
If a company (company A) received a patent through their own work, though it has value, it does not show up on its balance sheet as an intangible asset. However, if company A sells this patent to company B, it will show up on company B's balance sheet as an intangible asset.
The same applies to brand names, trade secrets etc. For instance, Coca-Cola's brand is extremely valuable, but the brand does not appear on its balance sheet, because the brand was never acquired.
Some intangibles are amortized. Amortization is the depreciation of intangible assets.
Many intangibles are not amortized. They may still be written down when the company decides the asset is impaired.
Whenever you see an increase in goodwill over a number of years, you can assume it's because the company is out buying other businesses above book value. GOOD if buying businesses with durable competitive advantage.
If goodwill stays the same, the company when acquiring other companies is either paying less than book value or not acquiring. Businesses with moats never sell for less than book value.
Intangibles acquired are on balance sheet at fair value.
Internally developed brand names (Coke, Wrigleys, Band-Aid) however are not reflected on the balance sheet.
One of the reasons competitive advantage power can remain hidden for so long.
Be Aware
Companies may change the way intangible assets are amortized, and this will affect their reported earnings.
Thank you for viewing the detailed overview of Phillips 66's Intangible Assets provided by GuruFocus.com. Please click on the following links to see related term pages.
Zhanna Golodryga | officer: Executive Vice President | PO BOX 10247, BIRMINGHAM AL 35202-0247 |
Vanessa Allen Sutherland | officer: EVP, GC and Secretary | 650 W PEACHTREE ST NW, ATLANTA GA 30308 |
Joseph Scott Pruitt | officer: Vice President and Controller | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Kevin J Mitchell | officer: Exec. VP, Finance and CFO | 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
Timothy D. Roberts | officer: Executive Vice President | C/O PHILLIPS 66 PARTNERS LP, 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
Greg C. Garland | officer: Chairman, Pres. and CEO-Desig | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Brian Mandell | officer: Senior Vice President | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Gregory Hayes | director | 870 WINTER STREET, WALTHAM MA 02451 |
Paula Ann Johnson | officer: SVP, Gen Counsel & Sec (Desig) | 600 N. DAIRY ASHFORD, HOUSTON TX 77079 |
Richard G Harbison | officer: Senior VP, Refining | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Robert A Herman | officer: Executive Vice President | 3010 BRIARPARK DRIVE, 9TH FLOOR, HOUSTON TX 77042 |
Douglas T Terreson | director | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Denise R Singleton | director | 3100 SANDERS ROAD, SUITE 301, NORTHBROOK IL 60062 |
Mark E Lashier | officer: President and COO | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Charles M Holley | director |
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