2015 Q4 Form 10-K Financial Statement

#000006675617000035 Filed on February 15, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014
Revenue $380.6M $290.7M $1.137B
YoY Change 30.93% 8.47% 11.63%
Cost Of Revenue $69.00M $77.90M
YoY Change 9.41%
Gross Profit $311.6M $1.059B
YoY Change 11.79%
Gross Profit Margin 81.87% 93.15%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.80M $36.10M $135.7M
YoY Change 26.87% 18.36% 16.38%
% of Gross Profit 14.7% 12.82%
Operating Expenses $245.7M $239.2M $287.1M
YoY Change 2.72% 8.19% 7.25%
Operating Profit $29.60M $51.50M $188.8M
YoY Change -42.52% 9.81% 22.52%
Interest Expense -$13.20M -$10.60M $54.80M
YoY Change 24.53% 58.21% 8.95%
% of Operating Profit -44.59% -20.58% 29.03%
Other Income/Expense, Net $700.0K $1.900M -$26.60M
YoY Change -63.16% 58.33% 28.5%
Pretax Income $17.10M $42.80M $162.2M
YoY Change -60.05% 3.38% 21.59%
Income Tax -$1.700M $9.600M $36.70M
% Of Pretax Income -9.94% 22.43% 22.63%
Net Earnings $18.30M $32.90M $124.8M
YoY Change -44.38% -0.3% 19.2%
Net Earnings / Revenue 4.81% 11.32% 10.98%
Basic Earnings Per Share $0.37 $0.73 $2.91
Diluted Earnings Per Share $0.37 $0.73 $2.90
COMMON SHARES
Basic Shares Outstanding 42.90M shares
Diluted Shares Outstanding 43.10M shares

Balance Sheet

Concept 2015 Q4 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.00M $145.8M $145.8M
YoY Change -33.47% 49.85% 49.85%
Cash & Equivalents $97.00M $145.8M $145.8M
Short-Term Investments
Other Short-Term Assets $35.70M $82.00M $89.50M
YoY Change -56.46% 133.62% 65.43%
Inventory $117.1M $80.50M $80.50M
Prepaid Expenses
Receivables $121.2M $103.0M $103.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $371.0M $418.8M $418.8M
YoY Change -11.41% 36.42% 36.42%
LONG-TERM ASSETS
Property, Plant & Equipment $3.669B $3.285B $3.372B
YoY Change 11.7% 27.49% 26.52%
Goodwill $130.6M $2.900M
YoY Change 4403.45%
Intangibles $84.60M $1.900M
YoY Change 4352.63%
Long-Term Investments $124.5M $121.1M $147.3M
YoY Change 2.81% 5.67% -13.86%
Other Assets $68.10M $59.60M $416.9M
YoY Change 14.26% -13.12% 25.42%
Total Long-Term Assets $4.524B $3.942B $3.942B
YoY Change 14.75% 24.36% 24.36%
TOTAL ASSETS
Total Short-Term Assets $371.0M $418.8M $418.8M
Total Long-Term Assets $4.524B $3.942B $3.942B
Total Assets $4.895B $4.361B $4.361B
YoY Change 12.24% 25.43% 25.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.80M $134.1M $134.1M
YoY Change -33.78% 34.23% 34.23%
Accrued Expenses $18.60M $18.00M $18.00M
YoY Change 3.33% 14.65% 14.65%
Deferred Revenue
YoY Change
Short-Term Debt $1.600M $3.700M $3.700M
YoY Change -56.76%
Long-Term Debt Due $35.70M $100.7M $100.7M
YoY Change -64.55% 270.22% 270.22%
Total Short-Term Liabilities $274.8M $416.0M $416.0M
YoY Change -33.94% 80.71% 80.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.557B $1.273B $1.273B
YoY Change 22.31% 17.53% 17.53%
Other Long-Term Liabilities $349.0M $265.0M $550.1M
YoY Change 31.7% 108.33% 61.04%
Total Long-Term Liabilities $1.906B $1.538B $1.823B
YoY Change 23.92% 27.07% 27.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $274.8M $416.0M $416.0M
Total Long-Term Liabilities $1.906B $1.538B $1.823B
Total Liabilities $3.072B $2.750B $2.751B
YoY Change 11.73% 28.85% 28.94%
SHAREHOLDERS EQUITY
Retained Earnings $573.3M $530.1M
YoY Change 8.15% 8.38%
Common Stock $1.271B $1.108B
YoY Change 14.79% 25.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.820B $1.609B $1.609B
YoY Change
Total Liabilities & Shareholders Equity $4.895B $4.361B $4.361B
YoY Change 12.24% 25.43% 25.43%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014
OPERATING ACTIVITIES
Net Income $18.30M $32.90M $124.8M
YoY Change -44.38% -0.3% 19.2%
Depreciation, Depletion And Amortization $45.80M $36.10M $135.7M
YoY Change 26.87% 18.36% 16.38%
Cash From Operating Activities $85.50M $57.70M $269.8M
YoY Change 48.18% 14.26% 12.7%
INVESTING ACTIVITIES
Capital Expenditures -$78.60M -$105.0M $572.8M
YoY Change -25.14% -21.17% 74.37%
Acquisitions $60.30M
YoY Change
Other Investing Activities -$5.900M -$62.20M -$33.00M
YoY Change -90.51% 640.48% -368.29%
Cash From Investing Activities -$84.50M -$167.2M -$625.7M
YoY Change -49.46% 18.08% 85.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.6M
YoY Change 104.28%
Debt Paid & Issued, Net $134.5M
YoY Change 73.1%
Cash From Financing Activities -7.000M 104.8M $404.4M
YoY Change -106.68% 338.49% 255.67%
NET CHANGE
Cash From Operating Activities 85.50M 57.70M $269.8M
Cash From Investing Activities -84.50M -167.2M -$625.7M
Cash From Financing Activities -7.000M 104.8M $404.4M
Net Change In Cash -6.000M -4.700M $48.50M
YoY Change 27.66% -93.01% 193.94%
FREE CASH FLOW
Cash From Operating Activities $85.50M $57.70M $269.8M
Capital Expenditures -$78.60M -$105.0M $572.8M
Free Cash Flow $164.1M $162.7M -$303.0M
YoY Change 0.86% -11.43% 240.07%

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646400000 USD
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185600000 USD
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21800000 USD
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46900000 USD
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126600000 USD
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117800000 USD
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164800000 USD
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227400000 USD
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105400000 USD
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104600000 USD
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31600000 USD
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579800000 USD
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584100000 USD
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579800000 USD
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584100000 USD
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10000000 USD
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11900000 USD
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1053000000 USD
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1094700000 USD
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89400000 USD
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91900000 USD
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135700000 USD
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165900000 USD
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190600000 USD
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135700000 USD
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170000000 USD
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195800000 USD
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We present three reportable segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. We measure performance of our operations through budgeting and monitoring of contributions to consolidated net income by each business segment.
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83800000 USD
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97900000 USD
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102700000 USD
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0.226
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0.113
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0 USD
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0 USD
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1000000 USD
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1100000 USD
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1100000 USD
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9100000 USD
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9000000 USD
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9200000 USD
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In 1990, the ESOP issued a $75.0 million note (term not to exceed 25 years at 10.25 percent) to use as consideration for 2.8 million shares (1.9 million shares adjusted for stock splits) of our common stock. The note was refinanced in 2006 at 6 percent and subsequently matured in December 2015.
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13200000 USD
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1900000 shares
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1800000 shares
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1600000 shares
CY2014Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
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300000 shares
CY2015Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
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0 shares
CY2016Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
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0 shares
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124500000 USD
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58100000 USD
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43900000 USD
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2200000 shares
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1800000 shares
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1600000 shares
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41300000 USD
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5500000 USD
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4400000 USD
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4500000 USD
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4800000 USD
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5100000 USD
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68000000 USD
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65600000 USD
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2800000 USD
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130600000 USD
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3900000 USD
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0 USD
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0 USD
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0 USD
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36300000 USD
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0 USD
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162200000 USD
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19600000 USD
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16300000 USD
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18500000 USD
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-2600000 USD
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36700000 USD
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25300000 USD
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19800000 USD
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56800000 USD
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58400000 USD
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61500000 USD
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100000 USD
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-1900000 USD
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7200000 USD
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4400000 USD
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5600000 USD
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23700000 USD
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37000000 USD
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41500000 USD
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5100000 USD
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400000 USD
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500000 USD
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1100000 USD
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10900000 USD
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6500000 USD
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7800000 USD
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3300000 USD
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2100000 USD
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22400000 USD
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12400000 USD
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3700000 USD
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13300000 USD
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5100000 USD
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54300000 USD
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0 USD
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0 USD
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600000 USD
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2600000 USD
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11100000 USD
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4800000 USD
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3700000 USD
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0 USD
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4000000 USD
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84600000 USD
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82200000 USD
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215200000 USD
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213400000 USD
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54800000 USD
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70300000 USD
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51300000 USD
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59000000 USD
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68200000 USD
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18600000 USD
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17600000 USD
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7500000 USD
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8600000 USD
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117100000 USD
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104200000 USD
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2700000 USD
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2900000 USD
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49100000 USD
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48700000 USD
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300000 USD
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900000 USD
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1000000 USD
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769300000 USD
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769300000 USD
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6900000 USD
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8100000 USD
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198400000 USD
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217100000 USD
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14800000 USD
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17300000 USD
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17100000 USD
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3072100000 USD
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3013400000 USD
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4894500000 USD
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4906400000 USD
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0 USD
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15000000 USD
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274800000 USD
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399500000 USD
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35700000 USD
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187700000 USD
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1064900000 USD
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188300000 USD
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96400000 USD
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100000 USD
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100000 USD
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2300000 USD
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54800000 USD
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5600000 USD
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8600000 USD
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2600000 USD
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2600000 USD
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0 USD
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35900000 USD
CY2016 us-gaap Stock Repurchased And Retired During Period Shares
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CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
8000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1820200000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1893000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1342900000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1611200000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1822400000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1893000000 USD
CY2014 us-gaap Taxes Other
TaxesOther
45600000 USD
CY2015 us-gaap Taxes Other
TaxesOther
51400000 USD
CY2016 us-gaap Taxes Other
TaxesOther
53800000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
44000000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
46500000 USD
CY2016 us-gaap Types Of Net Regulatory Assets Earning Returns
TypesOfNetRegulatoryAssetsEarningReturns
No regulatory assets or liabilities are currently earning a return.
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
16900000 USD
CY2016Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
19100000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1200000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
700000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
300000 USD
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
500000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
100000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
700000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
200000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
400000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
600000 USD
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43100000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48400000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49500000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48300000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49300000 shares
CY2016 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">The Company assesses the impairment of property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of property, plant, and equipment assets may not be recoverable.</font></div></div>

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