2014 Q4 Form 10-K Financial Statement

#000082705215000035 Filed on February 24, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $3.114B $13.41B $2.943B
YoY Change 5.81% 6.61% -3.82%
Cost Of Revenue $1.249B $5.593B $1.322B
YoY Change -5.52% 14.35% 21.28%
Gross Profit $1.866B $7.820B $1.621B
YoY Change 15.11% 1.69% -17.72%
Gross Profit Margin 59.92% 58.3% 55.08%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $567.0M $1.330B $472.0M
YoY Change 20.13% 1.53% 19.19%
% of Gross Profit 30.39% 17.01% 29.12%
Operating Expenses $1.244B $5.191B $1.122B
YoY Change 10.87% -3.94% -3.94%
Operating Profit $693.0M $2.472B $505.0M
YoY Change 37.23% 44.14% -33.99%
Interest Expense -$138.0M $560.0M -$142.0M
YoY Change -2.82% 2.94% 8.4%
% of Operating Profit -19.91% 22.65% -28.12%
Other Income/Expense, Net $10.00M $67.00M -$3.000M
YoY Change -433.33% 34.0% -113.04%
Pretax Income $565.0M $1.979B $358.0M
YoY Change 57.82% 62.08% -45.51%
Income Tax $159.0M $443.0M $69.00M
% Of Pretax Income 28.14% 22.39% 19.27%
Net Earnings $420.0M $1.612B $301.0M
YoY Change 39.53% 76.17% -155.84%
Net Earnings / Revenue 13.49% 12.02% 10.23%
Basic Earnings Per Share $1.29 $4.95 $0.92
Diluted Earnings Per Share $1.27 $4.89 $0.92
COMMON SHARES
Basic Shares Outstanding 325.8M shares 326.0M shares 325.8M shares
Diluted Shares Outstanding 329.0M shares

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.0M $132.0M $146.0M
YoY Change -9.59% -9.59% -14.12%
Cash & Equivalents $132.0M $132.0M $146.0M
Short-Term Investments
Other Short-Term Assets $376.0M $2.364B $395.0M
YoY Change -4.81% 14.09% 165.1%
Inventory $281.0M $281.0M $256.0M
Prepaid Expenses
Receivables $790.0M $790.0M $838.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.567B $3.567B $3.312B
YoY Change 7.7% 7.7% 23.95%
LONG-TERM ASSETS
Property, Plant & Equipment $32.98B $32.98B $30.46B
YoY Change 8.29% 8.29% 0.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.006B $5.006B $4.701B
YoY Change 6.49% 6.49% 11.03%
Other Assets $349.0M $8.180B $686.0M
YoY Change -49.13% 0.02% -3.11%
Total Long-Term Assets $46.17B $46.17B $43.33B
YoY Change 6.54% 6.54% 3.86%
TOTAL ASSETS
Total Short-Term Assets $3.567B $3.567B $3.312B
Total Long-Term Assets $46.17B $46.17B $43.33B
Total Assets $49.73B $49.73B $46.65B
YoY Change 6.62% 6.62% 5.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.580B $1.580B $1.407B
YoY Change 12.3% 12.3% -1.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.291B $1.291B $209.0M
YoY Change 517.7% 517.7% 19.43%
Long-Term Debt Due $504.0M $504.0M $601.0M
YoY Change -16.14% -16.14%
Total Short-Term Liabilities $5.479B $5.479B $4.881B
YoY Change 12.25% 12.25% 30.37%
LONG-TERM LIABILITIES
Long-Term Debt $10.23B $10.23B $9.825B
YoY Change 4.16% 4.16% 6.43%
Other Long-Term Liabilities $2.255B $14.17B $2.070B
YoY Change 8.94% 9.83% -15.44%
Total Long-Term Liabilities $12.49B $24.41B $11.90B
YoY Change 4.99% 7.38% 1.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.479B $5.479B $4.881B
Total Long-Term Liabilities $12.49B $24.41B $11.90B
Total Liabilities $36.75B $36.75B $34.96B
YoY Change 5.12% 5.14% 5.28%
SHAREHOLDERS EQUITY
Retained Earnings $8.573B $7.548B
YoY Change 13.58% 5.63%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.98B $12.98B $11.69B
YoY Change
Total Liabilities & Shareholders Equity $49.73B $49.73B $46.65B
YoY Change 6.62% 6.62% 5.07%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income $420.0M $1.612B $301.0M
YoY Change 39.53% 76.17% -155.84%
Depreciation, Depletion And Amortization $567.0M $1.330B $472.0M
YoY Change 20.13% 1.53% 19.19%
Cash From Operating Activities $1.221B $3.248B $897.0M
YoY Change 36.12% 9.47% -23.72%
INVESTING ACTIVITIES
Capital Expenditures -$1.050B $3.906B -$838.0M
YoY Change 25.3% 8.53% -19.73%
Acquisitions
YoY Change
Other Investing Activities $79.00M -$43.00M $171.0M
YoY Change -53.8% -176.79% -123.65%
Cash From Investing Activities -$971.0M -$3.907B -$667.0M
YoY Change 45.58% 9.38% -62.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $607.0M
YoY Change -40.31%
Cash From Financing Activities -260.0M $645.0M -694.0M
YoY Change -62.54% 11.02% 85.56%
NET CHANGE
Cash From Operating Activities 1.221B $3.248B 897.0M
Cash From Investing Activities -971.0M -$3.907B -667.0M
Cash From Financing Activities -260.0M $645.0M -694.0M
Net Change In Cash -10.00M -$14.00M -464.0M
YoY Change -97.84% -41.67% -51.92%
FREE CASH FLOW
Cash From Operating Activities $1.221B $3.248B $897.0M
Capital Expenditures -$1.050B $3.906B -$838.0M
Free Cash Flow $2.271B -$658.0M $1.735B
YoY Change 30.89% 4.11% -21.85%

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ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
387000000 USD
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ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
269000000 USD
CY2012 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2013 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2014 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
9000000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
-68000000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
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ProceedsFromPaymentsForOtherFinancingActivities
-25000000 USD
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ProceedsFromRepaymentsOfShortTermDebt
-264000000 USD
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ProceedsFromRepaymentsOfShortTermDebt
32000000 USD
CY2014 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
1079000000 USD
CY2012 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
114000000 USD
CY2013 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
181000000 USD
CY2014 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
6000000 USD
CY2012 us-gaap Profit Loss
ProfitLoss
-92000000 USD
CY2013 us-gaap Profit Loss
ProfitLoss
1015000000 USD
CY2014 us-gaap Profit Loss
ProfitLoss
1721000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30455000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32981000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
76000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
122000000 USD
CY2012 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
96000000 USD
CY2013 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
72000000 USD
CY2014 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
65000000 USD
CY2013Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
7493000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
8132000000 USD
CY2013Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
30379000000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
32859000000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
838000000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
790000000 USD
CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
0 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
6000000 USD
CY2013Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
538000000 USD
CY2014Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
1254000000 USD
CY2013Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
7241000000 USD
CY2014Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
7612000000 USD
CY2013Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
767000000 USD
CY2014Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
401000000 USD
CY2013Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
4995000000 USD
CY2014Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
5889000000 USD
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6000000 USD
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1017000000 USD
CY2014 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
607000000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7548000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8573000000 USD
CY2012 us-gaap Revenues
Revenues
11862000000 USD
CY2013Q1 us-gaap Revenues
Revenues
2632000000 USD
CY2013Q2 us-gaap Revenues
Revenues
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Revenues
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Revenues
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CY2013 us-gaap Revenues
Revenues
12581000000 USD
CY2014Q1 us-gaap Revenues
Revenues
2926000000 USD
CY2014Q2 us-gaap Revenues
Revenues
3016000000 USD
CY2014Q3 us-gaap Revenues
Revenues
4356000000 USD
CY2014Q4 us-gaap Revenues
Revenues
3114000000 USD
CY2014 us-gaap Revenues
Revenues
13413000000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
49500000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
20000000 shares
CY2013Q1 us-gaap Share Price
SharePrice
50.32
CY2013Q2 us-gaap Share Price
SharePrice
48.16
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
109000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
143000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2013Q3 us-gaap Share Price
SharePrice
46.06
CY2013Q4 us-gaap Share Price
SharePrice
46.30
CY2014Q1 us-gaap Share Price
SharePrice
56.61
CY2014Q2 us-gaap Share Price
SharePrice
58.11
CY2014Q3 us-gaap Share Price
SharePrice
55.92
CY2014Q4 us-gaap Share Price
SharePrice
65.48
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
209000000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1291000000 USD
CY2013Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0055
CY2014Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0045
CY2014Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-96000000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11086000000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11191000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11691000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12982000000 USD
CY2014Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
441000000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
358000000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
81000000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
631000000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
812000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
815000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
576000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
11000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
162000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
33000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
19000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
65000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
177000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
43000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
653000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
503000000 USD
CY2011Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
79600000 USD
CY2012Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
126100000 USD
CY2013Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
70000000 USD
CY2014Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
72200000 USD
CY2012 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
93200000 USD
CY2013 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
55300000 USD
CY2014 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
43800000 USD
CY2012 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2013 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2014 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
41600000 USD
CY2014 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2012 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
46700000 USD
CY2013 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
111400000 USD
CY2012 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4000000 shares
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
330000000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
329000000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
329000000 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
326000000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
326000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
326000000 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.</font></div></div>

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