2014 Form 10-K Financial Statement

#000113031015000008 Filed on February 26, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013 Q3
Revenue $9.226B $2.184B $1.640B
YoY Change 13.82% 2.15% -3.81%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.013B $213.0M $248.0M
YoY Change 6.18% -14.8% -17.61%
% of Gross Profit
Operating Expenses $8.302B $2.027B $1.396B
YoY Change 17.0% 10.89% -13.67%
Operating Profit $935.0M $211.0M $244.0M
YoY Change -7.43% -31.94% 177.27%
Interest Expense -$75.00M -$106.0M $14.00M
YoY Change -82.8% -3.64% -112.96%
% of Operating Profit -8.02% -50.24% 5.74%
Other Income/Expense, Net -$50.00M $124.0M -$15.00M
YoY Change -78.17% 1140.0% -137.5%
Pretax Income $885.0M $175.0M $229.0M
YoY Change 13.32% -16.67% 78.91%
Income Tax $274.0M $62.00M $78.00M
% Of Pretax Income 30.96% 35.43% 34.06%
Net Earnings $611.0M $113.0M $151.0M
YoY Change 96.46% -15.67% 1410.0%
Net Earnings / Revenue 6.62% 5.17% 9.21%
Basic Earnings Per Share $1.42 $0.26 $0.35
Diluted Earnings Per Share $1.42 $0.26 $0.35
COMMON SHARES
Basic Shares Outstanding 429.6M shares 428.6M shares 428.6M shares
Diluted Shares Outstanding 431.7M shares 430.9M shares

Balance Sheet

Concept 2014 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.228B $975.0M $908.0M
YoY Change 25.95% -17.79% -27.01%
Cash & Equivalents $298.0M $208.0M $219.0M
Short-Term Investments $930.0M $767.0M $689.0M
Other Short-Term Assets $634.0M $547.0M $308.0M
YoY Change 15.9% 153.24% -32.01%
Inventory $379.0M $285.0M $374.0M
Prepaid Expenses
Receivables $837.0M $851.0M $617.0M
Other Receivables $190.0M $0.00 $89.00M
Total Short-Term Assets $3.268B $2.658B $2.319B
YoY Change 22.95% -7.52% -15.73%
LONG-TERM ASSETS
Property, Plant & Equipment $10.50B $9.593B $9.386B
YoY Change 9.48% -29.45% -29.62%
Goodwill $840.0M $840.0M
YoY Change -42.78% -42.78%
Intangibles
YoY Change
Long-Term Investments $4.521B $4.518B $4.525B
YoY Change 0.07% 1015.56% 1009.07%
Other Assets $3.706B $162.0M $140.0M
YoY Change -4.93% -17.77% -23.5%
Total Long-Term Assets $19.93B $9.619B $9.870B
YoY Change 3.75% 50.3% 54.51%
TOTAL ASSETS
Total Short-Term Assets $3.268B $2.658B $2.319B
Total Long-Term Assets $19.93B $9.619B $9.870B
Total Assets $23.20B $21.87B $21.58B
YoY Change 6.08% -4.38% -4.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $716.0M $689.0M $364.0M
YoY Change 3.92% 22.82% -1.89%
Accrued Expenses $124.0M $124.0M $100.0M
YoY Change 0.0% -17.33% -23.08%
Deferred Revenue
YoY Change
Short-Term Debt $53.00M $43.00M $70.00M
YoY Change 23.26% 13.16% 32.08%
Long-Term Debt Due $795.0M $497.0M $553.0M
YoY Change 59.96% -64.5% -60.56%
Total Short-Term Liabilities $3.475B $3.019B $2.595B
YoY Change 15.1% -15.55% -22.86%
LONG-TERM LIABILITIES
Long-Term Debt $8.009B $7.817B $7.758B
YoY Change 2.46% -6.46% -7.81%
Other Long-Term Liabilities $2.411B $205.0M $251.0M
YoY Change 11.47% -17.0% -9.06%
Total Long-Term Liabilities $10.42B $6.705B $6.961B
YoY Change 4.41% 1.01% 8.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.475B $3.019B $2.595B
Total Long-Term Liabilities $10.42B $6.705B $6.961B
Total Liabilities $18.65B $9.724B $9.556B
YoY Change 6.33% -4.79% -2.54%
SHAREHOLDERS EQUITY
Retained Earnings $258.0M $233.0M
YoY Change -14.57% -8.63%
Common Stock $4.000M $4.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 166.0 shares 166.0 shares
Shareholders Equity $4.548B $4.329B $4.261B
YoY Change
Total Liabilities & Shareholders Equity $23.20B $21.87B $21.58B
YoY Change 6.08% -4.38% -4.01%

Cashflow Statement

Concept 2014 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $611.0M $113.0M $151.0M
YoY Change 96.46% -15.67% 1410.0%
Depreciation, Depletion And Amortization $1.013B $213.0M $248.0M
YoY Change 6.18% -14.8% -17.61%
Cash From Operating Activities $1.397B $481.0M $342.0M
YoY Change -13.39% 0.0% -24.34%
INVESTING ACTIVITIES
Capital Expenditures -$1.372B -$374.0M -$326.0M
YoY Change 6.69% -5.08% -228.85%
Acquisitions $0.00
YoY Change
Other Investing Activities $4.000M $0.00 $25.00M
YoY Change 100.0% -109.69%
Cash From Investing Activities -$1.384B -$374.0M -$301.0M
YoY Change 6.46% -5.08% -45.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change -75.0%
Debt Paid & Issued, Net $537.0M
YoY Change -65.86%
Cash From Financing Activities 77.00M -118.0M -319.0M
YoY Change -110.25% -27.61% 5.98%
NET CHANGE
Cash From Operating Activities 1.397B 481.0M 342.0M
Cash From Investing Activities -1.384B -374.0M -301.0M
Cash From Financing Activities 77.00M -118.0M -319.0M
Net Change In Cash 90.00M -11.00M -278.0M
YoY Change -120.55% -85.53% -30.67%
FREE CASH FLOW
Cash From Operating Activities $1.397B $481.0M $342.0M
Capital Expenditures -$1.372B -$374.0M -$326.0M
Free Cash Flow $2.769B $855.0M $668.0M
YoY Change -4.48% -2.29% 235.68%

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CY2014 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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CY2013 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
18000000 USD
CY2014 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
6000000 USD
CY2012 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
-285000000 USD
CY2013 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
118000000 USD
CY2014 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
414000000 USD
CY2012 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-24000000 USD
CY2013 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
5000000 USD
CY2014 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
10000000 USD
CY2012 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9000000 USD
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14138000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15358000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9593000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10502000000 USD
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000000 USD
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
21000000 USD
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
22000000 USD
CY2013Q4 us-gaap Public Utilities Inventory
PublicUtilitiesInventory
285000000 USD
CY2014Q4 us-gaap Public Utilities Inventory
PublicUtilitiesInventory
379000000 USD
CY2013Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3726000000 USD
CY2014Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3527000000 USD
CY2013Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1152000000 USD
CY2014Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1206000000 USD
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1590000000 USD
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1573000000 USD
CY2014 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
537000000 USD
CY2012 us-gaap Revenues
Revenues
7452000000 USD
CY2013Q1 us-gaap Revenues
Revenues
2388000000 USD
CY2013Q2 us-gaap Revenues
Revenues
1894000000 USD
CY2013Q3 us-gaap Revenues
Revenues
1640000000 USD
CY2013Q4 us-gaap Revenues
Revenues
2184000000 USD
CY2013 us-gaap Revenues
Revenues
8106000000 USD
CY2014Q1 us-gaap Revenues
Revenues
3163000000 USD
CY2014Q2 us-gaap Revenues
Revenues
1884000000 USD
CY2014Q3 us-gaap Revenues
Revenues
1807000000 USD
CY2014Q4 us-gaap Revenues
Revenues
2372000000 USD
CY2014 us-gaap Revenues
Revenues
9226000000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
14000000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6000000 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4000000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
120000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.93
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.93
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
43000000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
53000000 USD
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
120000 shares
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
4301000000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
4329000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
4548000000 USD
CY2012 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
33000000 USD
CY2013 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-8000000 USD
CY2012 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
365000000 USD
CY2013 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
387000000 USD
CY2014 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
388000000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
184000000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
161000000 USD
CY2012 us-gaap Transfer Of Investments
TransferOfInvestments
0 USD
CY2013 us-gaap Transfer Of Investments
TransferOfInvestments
0 USD
CY2013Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
398000000 USD
CY2014Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
357000000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
51000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
75000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
24000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2012 us-gaap Utilities Operating Expense Maintenance Operations And Other Costs And Expenses
UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
1874000000 USD
CY2013 us-gaap Utilities Operating Expense Maintenance Operations And Other Costs And Expenses
UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
1847000000 USD
CY2014 us-gaap Utilities Operating Expense Maintenance Operations And Other Costs And Expenses
UtilitiesOperatingExpenseMaintenanceOperationsAndOtherCostsAndExpenses
1969000000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
429794000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
430930000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
431668000 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
427189000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
428466000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
429634000 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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