2011 Q1 Form 10-Q Financial Statement

#000000490411000074 Filed on May 03, 2011

View on sec.gov

Income Statement

Concept 2011 Q1 2010 Q4 2010 Q1
Revenue $3.730B $3.434B $3.569B
YoY Change 4.51% 4.63% 3.21%
Cost Of Revenue $275.0M $288.0M $238.0M
YoY Change 15.55% 13.83% -19.32%
Gross Profit $3.455B $3.146B $3.331B
YoY Change 3.72% 3.86% 5.31%
Gross Profit Margin 92.63% 91.61% 93.33%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $403.0M $404.0M $408.0M
YoY Change -1.23% 1.76% 6.81%
% of Gross Profit 11.66% 12.84% 12.25%
Operating Expenses $2.898B $2.660B $2.811B
YoY Change 3.09% 4.4% 16.06%
Operating Profit $832.0M $486.0M $758.0M
YoY Change 9.76% 1.04% 1.07%
Interest Expense $242.0M -$218.0M $250.0M
YoY Change -3.2% 0.0% -215.21%
% of Operating Profit 29.09% -44.86% 32.98%
Other Income/Expense, Net $15.00M $19.00M $14.00M
YoY Change 7.14% 35.71% 55.56%
Pretax Income $627.0M $287.0M $549.0M
YoY Change 14.21% 3.61% 1.29%
Income Tax $278.0M $113.0M $207.0M
% Of Pretax Income 44.34% 39.37% 37.7%
Net Earnings $354.0M $178.0M $345.0M
YoY Change 2.61% -25.52% -4.96%
Net Earnings / Revenue 9.49% 5.18% 9.67%
Basic Earnings Per Share $0.73 $0.37 $0.72
Diluted Earnings Per Share $0.73 $0.37 $0.72
COMMON SHARES
Basic Shares Outstanding 481.1M shares 480.8M shares 478.4M shares
Diluted Shares Outstanding 481.4M shares 478.8M shares

Balance Sheet

Concept 2011 Q1 2010 Q4 2010 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $921.0M $710.0M $1.056B
YoY Change -12.78% -16.76% 14.16%
Cash & Equivalents $625.0M $294.0M $818.0M
Short-Term Investments $296.0M $416.0M $238.0M
Other Short-Term Assets $157.0M $145.0M $894.0M
YoY Change -82.44% -31.28% -32.22%
Inventory $1.328B $1.448B $1.566B
Prepaid Expenses
Receivables $1.749B $1.923B $1.442B
Other Receivables $407.0M $526.0M $558.0M
Total Short-Term Assets $4.789B $5.016B $5.516B
YoY Change -13.18% 5.47% 33.95%
LONG-TERM ASSETS
Property, Plant & Equipment $35.77B $35.67B $34.53B
YoY Change 3.59% 3.87% 3.83%
Goodwill $76.00M $76.00M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $160.0M
YoY Change
Other Assets $1.347B $1.079B $9.507B
YoY Change -85.83% 14.06% 12.91%
Total Long-Term Assets $10.01B $9.765B $44.11B
YoY Change -77.32% 5.59% 5.66%
TOTAL ASSETS
Total Short-Term Assets $4.789B $5.016B $5.516B
Total Long-Term Assets $10.01B $9.765B $44.11B
Total Assets $50.56B $50.46B $49.63B
YoY Change 1.88% 4.36% 8.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $884.0M $1.061B $954.0M
YoY Change -7.34% -8.38% -15.28%
Accrued Expenses $248.0M $281.0M $254.0M
YoY Change -2.36% -2.09% 12.39%
Deferred Revenue
YoY Change
Short-Term Debt $1.433B $1.346B $1.063B
YoY Change 34.81% 968.25% -46.2%
Long-Term Debt Due $1.421B $1.309B $1.253B
YoY Change 13.41% -24.81% 33.44%
Total Short-Term Liabilities $5.989B $6.518B $5.515B
YoY Change 8.59% 22.36% -13.98%
LONG-TERM LIABILITIES
Long-Term Debt $15.63B $15.50B $16.28B
YoY Change -3.99% -1.62% 2.37%
Other Long-Term Liabilities $993.0M $795.0M $4.852B
YoY Change -79.53% -31.64% 4.93%
Total Long-Term Liabilities $30.73B $30.26B $21.13B
YoY Change 45.42% 1.46% 2.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.989B $6.518B $5.515B
Total Long-Term Liabilities $30.73B $30.26B $21.13B
Total Liabilities $36.72B $36.77B $36.24B
YoY Change 1.33% 4.63% 3.95%
SHAREHOLDERS EQUITY
Retained Earnings $4.973B $4.842B
YoY Change 8.78%
Common Stock $3.263B $3.257B
YoY Change 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 20.31M shares 20.31M shares
Shareholders Equity $13.78B $13.62B $13.39B
YoY Change
Total Liabilities & Shareholders Equity $50.56B $50.46B $49.63B
YoY Change 1.88% 4.36% 8.2%

Cashflow Statement

Concept 2011 Q1 2010 Q4 2010 Q1
OPERATING ACTIVITIES
Net Income $354.0M $178.0M $345.0M
YoY Change 2.61% -25.52% -4.96%
Depreciation, Depletion And Amortization $403.0M $404.0M $408.0M
YoY Change -1.23% 1.76% 6.81%
Cash From Operating Activities $830.0M $960.0M $2.000M
YoY Change 41400.0% 58.94% -99.37%
INVESTING ACTIVITIES
Capital Expenditures $2.000M -$738.0M -$647.0M
YoY Change -100.31% 7.74% -33.5%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$210.0M $32.00M
YoY Change -93.75% 56.72% -86.99%
Cash From Investing Activities -$613.0M -$948.0M -$430.0M
YoY Change 42.56% 15.75% -40.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.00M $26.00M
YoY Change 19.23%
Debt Paid & Issued, Net $777.0M $638.0M
YoY Change 21.79%
Cash From Financing Activities $114.0M -808.0M $756.0M
YoY Change -84.92% 369.77% 6.63%
NET CHANGE
Cash From Operating Activities $830.0M 960.0M $2.000M
Cash From Investing Activities -$613.0M -948.0M -$430.0M
Cash From Financing Activities $114.0M -808.0M $756.0M
Net Change In Cash $331.0M -796.0M $328.0M
YoY Change 0.91% 105.68% 9.7%
FREE CASH FLOW
Cash From Operating Activities $830.0M $960.0M $2.000M
Capital Expenditures $2.000M -$738.0M -$647.0M
Free Cash Flow $828.0M $1.698B $649.0M
YoY Change 27.58% 31.73% -49.69%

Facts In Submission

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<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 51px; text-align:left;border-color:#000000;min-width:51px;">&#160;</td><td style="width: 440px; text-align:left;border-color:#000000;min-width:440px;">&#160;</td><td colspan="3" style="width: 144px; text-align:center;border-color:#000000;min-width:144px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td></tr><tr style="height: 16px"><td style="width: 51px; text-align:left;border-color:#000000;min-width:51px;">&#160;</td><td style="width: 440px; text-align:left;border-color:#000000;min-width:440px;">&#160;</td><td colspan="3" style="width: 144px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:144px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: center;">March 31, 2011</font></td></tr><tr style="height: 16px"><td style="width: 51px; text-align:left;border-color:#000000;min-width:51px;">&#160;</td><td style="width: 440px; text-align:left;border-color:#000000;min-width:440px;">&#160;</td><td colspan="3" style="width: 144px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:144px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: center;">(in millions)</font></td></tr><tr style="height: 16px"><td style="width: 51px; text-align:left;border-color:#000000;min-width:51px;">&#160;</td><td style="width: 440px; text-align:left;border-color:#000000;min-width:440px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;">Income Statement:</font></td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 114px; text-align:left;border-color:#000000;min-width:114px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 51px; 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91000000 USD
CY2011Q1 aep Deferred Tax Benefit Gas Service Liability
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66000000 USD
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273000000 USD
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171000000 USD
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503000000 USD
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907000000 USD
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187000000 USD
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63000000 pure
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89000000 pure
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94000000 pure
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6000000 pure
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CY2011Q1 aep Cash Collateral Paid To Third Parties
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CY2011Q1 us-gaap Derivative Liabilities
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CY2011Q1 aep Gain On Fair Value Hedging Instrument
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text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 444px; text-align:center;border-color:#000000;min-width:444px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="5" style="width: 202px; text-align:center;border-color:#000000;min-width:202px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">(in millions)</font></td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 454px; text-align:left;border-color:#000000;min-width:454px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities for Derivative Contracts with Credit Downgrade Triggers</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 12px; 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CY2011Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
19000000 USD
CY2010Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
20000000 USD
CY2011Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
52000000 USD
CY2010Q4 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
45000000 USD
CY2011Q1 aep Amount Attributable To Rto And Iso Activities
AmountAttributableToRtoAndIsoActivities
50000000 USD
CY2010Q4 aep Amount Attributable To Rto And Iso Activities
AmountAttributableToRtoAndIsoActivities
44000000 USD
CY2011Q1 aep Fair Value Of Derivative Liabilities Subject To Cross Default Provisions
FairValueOfDerivativeLiabilitiesSubjectToCrossDefaultProvisions
364000000 USD
CY2010Q4 aep Fair Value Of Derivative Liabilities Subject To Cross Default Provisions
FairValueOfDerivativeLiabilitiesSubjectToCrossDefaultProvisions
401000000 USD
CY2011Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
29000000 USD
CY2010Q4 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
81000000 USD
CY2011Q1 us-gaap Assets Needed For Immediate Settlement Aggregate Fair Value
AssetsNeededForImmediateSettlementAggregateFairValue
206000000 USD
CY2010Q4 us-gaap Assets Needed For Immediate Settlement Aggregate Fair Value
AssetsNeededForImmediateSettlementAggregateFairValue
213000000 USD
CY2011Q1 aep Cross Default Provision
CrossDefaultProvision
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:left;border-color:#000000;min-width:454px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 92px; text-align:center;border-color:#000000;min-width:92px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">March 31,</font></td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2" style="width: 92px; text-align:center;border-color:#000000;min-width:92px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:left;border-color:#000000;min-width:454px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 92px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:92px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2" style="width: 92px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:92px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:center;border-color:#000000;min-width:454px;">&#160;</td><td style="width: 10px; 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text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:left;border-color:#000000;min-width:454px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> Netting Arrangements</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 364</font></td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 401</font></td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:left;border-color:#000000;min-width:454px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Amount of Cash Collateral Posted</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 29</font></td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;">&#160;</td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 81</font></td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 454px; text-align:left;border-color:#000000;min-width:454px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Additional Settlement Liability if Cross Default Provision is Triggered</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 206</font></td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;">&#160;</td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 213</font></td></tr></table></div>
CY2011Q1 aep Input For Fair Value Modeling
InputForFairValueModeling
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;">&#160;</td><td style="width: 175px; text-align:left;border-color:#000000;min-width:175px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td colspan="5" style="width: 382px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:382px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: center;">Type of Fixed Income Security</font></td></tr><tr style="height: 17px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;">&#160;</td><td style="width: 175px; text-align:left;border-color:#000000;min-width:175px;">&#160;</td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:110px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: center;">United States</font></td><td style="width: 15px; 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CY2011Q1 aep Delinquent Securitized Accounts Receivable
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