Does phasing out remove auras and equipment attached to the phased-out permanent?

When a permanent phases out, all Auras, Equipment, and Fortifications attached to it phase out simultaneously with it. This is a special rule called 'phasing out together' — the attached permanents do not phase out independently; they go with their host. (CR 702.26d)

While phased out, the permanent and everything that phased out with it are treated as though they don't exist. They are not on the battlefield, but their attachments are preserved exactly as they were. (CR 702.26b)

When the permanent phases back in (typically at the beginning of its controller's untap step), it returns with all those Auras and Equipment still attached, in the same configuration. The controller of each phased-out permanent causes the phase-in. (CR 702.26e)

Concrete example: You control a Grizzly Bears equipped with a Sword of Fire and Ice. An opponent uses Teferi's Protection to phase it out. Both Grizzly Bears and the Sword phase out at the same time. On your next untap step, Grizzly Bears phases back in with the Sword still equipped — nothing was lost or detached.

Note: This applies only to Auras/Equipment attached to the phasing permanent. If the Aura or Equipment itself is the target of the phasing effect, it phases out alone and its host is unaffected. (CR 702.26d)