Cash Flow Information

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Cash Flow Information

	Millions of Dollars
	2016			2015	2014
Cash Payments (Receipts)
Interest	$	311		275	238
Income taxes*	(375		)	1,560	2,185

*2016 reflects a net cash refund position; cash payments for income taxes were $385 million.

PSPI Noncash Stock Exchange

As discussed more fully in Note 6—Assets Held for Sale or Sold, in 2014, we completed the exchange of our flow improvers business for shares of Phillips 66 common stock owned by the other party to the transaction. The noncash portion of the net assets surrendered by us in the exchange was $204 million, and we received approximately 17.4 million shares of our common stock, with a fair value at the time of the exchange of $1.35 billion.