2015 Q2 Form 10-Q Financial Statement

#000162828015006240 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.788B $2.911B
YoY Change -4.23% 3.3%
Cost Of Revenue $749.0M $934.0M
YoY Change -19.81% 5.42%
Gross Profit $2.039B $1.977B
YoY Change 3.14% 2.33%
Gross Profit Margin 73.13% 67.91%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $276.0M $265.0M
YoY Change 4.15% 3.92%
% of Gross Profit 13.54% 13.4%
Operating Expenses $2.316B $2.501B
YoY Change -7.4% 2.84%
Operating Profit $472.0M $455.0M
YoY Change 3.74% 17.88%
Interest Expense -$141.0M -$132.0M
YoY Change 6.82% -4.35%
% of Operating Profit -29.87% -29.01%
Other Income/Expense, Net $10.00M $9.000M
YoY Change 11.11% 350.0%
Pretax Income $320.0M $314.0M
YoY Change 1.91% 32.49%
Income Tax $101.0M $102.0M
% Of Pretax Income 31.56% 32.48%
Net Earnings $219.0M $212.0M
YoY Change 3.3% 23.26%
Net Earnings / Revenue 7.86% 7.28%
Basic Earnings Per Share $0.75 $0.73
Diluted Earnings Per Share $0.74 $0.72
COMMON SHARES
Basic Shares Outstanding 292.9M shares 292.9M shares
Diluted Shares Outstanding 294.0M shares 294.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $713.0M $782.0M
YoY Change -8.82% -32.12%
Cash & Equivalents $709.0M $774.0M
Short-Term Investments $4.000M $8.000M
Other Short-Term Assets $223.0M $224.0M
YoY Change -0.45% 36.59%
Inventory $321.0M $322.0M
Prepaid Expenses $307.0M $146.0M
Receivables $1.084B $1.221B
Other Receivables $255.0M $239.0M
Total Short-Term Assets $3.679B $3.457B
YoY Change 6.42% -15.74%
LONG-TERM ASSETS
Property, Plant & Equipment $30.92B $28.75B
YoY Change 7.54% 4.4%
Goodwill $429.0M $429.0M
YoY Change 0.0% 0.0%
Intangibles $3.000M $3.000M
YoY Change 0.0% -25.0%
Long-Term Investments $848.0M $693.0M
YoY Change 22.37% 121.41%
Other Assets $9.301B $193.0M
YoY Change 4719.17% -14.98%
Total Long-Term Assets $41.07B $36.85B
YoY Change 11.45% -2.55%
TOTAL ASSETS
Total Short-Term Assets $3.679B $3.457B
Total Long-Term Assets $41.07B $36.85B
Total Assets $44.75B $40.31B
YoY Change 11.01% -3.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $845.0M $967.0M
YoY Change -12.62% -3.01%
Accrued Expenses $231.0M $292.0M
YoY Change -20.89% -21.08%
Deferred Revenue
YoY Change
Short-Term Debt $1.245B $1.531B
YoY Change -18.68% 9.36%
Long-Term Debt Due $460.0M $45.00M
YoY Change 922.22% -90.68%
Total Short-Term Liabilities $3.935B $3.839B
YoY Change 2.5% -14.76%
LONG-TERM LIABILITIES
Long-Term Debt $11.93B $11.08B
YoY Change 7.59% 5.62%
Other Long-Term Liabilities $6.686B $4.427B
YoY Change 51.03% 3683.76%
Total Long-Term Liabilities $16.09B $12.93B
YoY Change 24.44% 143.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.935B $3.839B
Total Long-Term Liabilities $16.09B $12.93B
Total Liabilities $20.03B $16.77B
YoY Change 19.42% 70.81%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.79B $12.46B
YoY Change
Total Liabilities & Shareholders Equity $44.75B $40.31B
YoY Change 11.01% -3.84%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $219.0M $212.0M
YoY Change 3.3% 23.26%
Depreciation, Depletion And Amortization $276.0M $265.0M
YoY Change 4.15% 3.92%
Cash From Operating Activities $927.0M $1.033B
YoY Change -10.26% 8.85%
INVESTING ACTIVITIES
Capital Expenditures -$977.0M -$654.0M
YoY Change 49.39% 6.17%
Acquisitions
YoY Change
Other Investing Activities -$81.00M $55.00M
YoY Change -247.27% -17.91%
Cash From Investing Activities -$1.058B -$599.0M
YoY Change 76.63% 9.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 723.0M 238.0M
YoY Change 203.78% 10.7%
NET CHANGE
Cash From Operating Activities 927.0M 1.033B
Cash From Investing Activities -1.058B -599.0M
Cash From Financing Activities 723.0M 238.0M
Net Change In Cash 592.0M 672.0M
YoY Change -11.9% 9.27%
FREE CASH FLOW
Cash From Operating Activities $927.0M $1.033B
Capital Expenditures -$977.0M -$654.0M
Free Cash Flow $1.904B $1.687B
YoY Change 12.86% 7.8%

Facts In Submission

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On March 12, 2014, two multi-use five-story buildings located on Park Avenue between 116th and 117th Street in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 48 people were injured. Additional buildings were also damaged.
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CY2015Q2 us-gaap Environmental Remediation Expense
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us-gaap Environmental Remediation Expense
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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us-gaap Gain On Sale Of Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Inventories
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144000000 USD
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us-gaap Increase Decrease In Property And Other Taxes Payable
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Insurance Recoveries
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us-gaap Insurance Recoveries
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us-gaap Interest And Debt Expense
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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us-gaap Payments For Construction In Process
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Projects
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us-gaap Payments To Acquire Projects
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Pension And Other Postretirement Benefit Contributions
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CY2015Q2 us-gaap Prepaid Expense Current
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307000000 USD
us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries
108000000 USD
us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
6000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
850000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
238000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
80000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
445000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29827000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30923000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
3000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
2000000 USD
CY2014Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
1000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
3000000 USD
CY2015Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
1000000 USD
CY2014Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
-1000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
-2000000 USD
CY2015Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
-1000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
-1000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
7614000000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
7826000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Common
PublicUtilitiesPropertyPlantAndEquipmentCommon
2465000000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Common
PublicUtilitiesPropertyPlantAndEquipmentCommon
2517000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
1031000000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
996000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
29326000000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
30045000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
35909000000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
36875000000 USD
CY2014Q4 us-gaap Regulatory Assets
RegulatoryAssets
9304000000 USD
CY2015Q2 us-gaap Regulatory Assets
RegulatoryAssets
8721000000 USD
CY2014Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
148000000 USD
CY2015Q2 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
75000000 USD
CY2014Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
9156000000 USD
CY2015Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
8646000000 USD
CY2014Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
2180000000 USD
CY2015Q2 us-gaap Regulatory Liabilities
RegulatoryLiabilities
2089000000 USD
CY2014Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
187000000 USD
CY2015Q2 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
142000000 USD
CY2014Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1993000000 USD
CY2015Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1947000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
478000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
45000000 USD
CY2014Q2 us-gaap Revenue Steam Products And Services
RevenueSteamProductsAndServices
98000000 USD
us-gaap Revenue Steam Products And Services
RevenueSteamProductsAndServices
439000000 USD
CY2015Q2 us-gaap Revenue Steam Products And Services
RevenueSteamProductsAndServices
96000000 USD
us-gaap Revenue Steam Products And Services
RevenueSteamProductsAndServices
471000000 USD
CY2014Q2 us-gaap Revenues
Revenues
2911000000 USD
us-gaap Revenues
Revenues
6700000000 USD
CY2015Q2 us-gaap Revenues
Revenues
2788000000 USD
us-gaap Revenues
Revenues
6404000000 USD
CY2015Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
25000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
12576000000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
12788000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12245000000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12426000000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12455000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12585000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12770000000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12797000000 USD
CY2014Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
467000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
966000000 USD
CY2015Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
458000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
955000000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
72000000 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
52000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
34000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
34000000 USD
CY2014Q2 us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
801000000 USD
us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
1627000000 USD
CY2015Q2 us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
802000000 USD
us-gaap Utilities Operating Expense Other
UtilitiesOperatingExpenseOther
1616000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
294000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
294000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
294000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
293900000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
292900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
292900000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
292900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
292900000 shares

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