$EMN
EASTMAN CHEMICAL CO

2016 Q3 Form 10-Q Financial Statement

#000091538916000158 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3 2015 Q2
Revenue $2.287B $2.447B $2.533B
YoY Change -6.54% 1.41% 2.97%
Cost Of Revenue $1.666B $1.752B $1.813B
YoY Change -4.91% -1.41% 0.55%
Gross Profit $621.0M $695.0M $720.0M
YoY Change -10.65% 9.28% 9.59%
Gross Profit Margin 27.15% 28.4% 28.42%
Selling, General & Admin $181.0M $183.0M $194.0M
YoY Change -1.09% 7.02% 12.79%
% of Gross Profit 29.15% 26.33% 26.94%
Research & Development $54.00M $59.00M $57.00M
YoY Change -8.47% 5.36% 1.79%
% of Gross Profit 8.7% 8.49% 7.92%
Depreciation & Amortization $145.0M $142.0M $142.0M
YoY Change 2.11% 27.93% 29.09%
% of Gross Profit 23.35% 20.43% 19.72%
Operating Expenses $235.0M $242.0M $251.0M
YoY Change -2.89% 6.61% 10.09%
Operating Profit $356.0M $432.0M $469.0M
YoY Change -17.59% 27.81% 7.57%
Interest Expense -$65.00M -$54.00M -$59.00M
YoY Change 20.37% 45.95% 37.21%
% of Operating Profit -18.26% -12.5% -12.58%
Other Income/Expense, Net -$3.000M -$13.00M $0.00
YoY Change -76.92% -360.0% -100.0%
Pretax Income $289.0M $353.0M $403.0M
YoY Change -18.13% 18.46% 1.0%
Income Tax $56.00M $95.00M $104.0M
% Of Pretax Income 19.38% 26.91% 25.81%
Net Earnings $232.0M $256.0M $297.0M
YoY Change -9.38% 21.9% 1.71%
Net Earnings / Revenue 10.14% 10.46% 11.73%
Basic Earnings Per Share $1.57 $1.73 $2.00
Diluted Earnings Per Share $1.56 $1.71 $1.98
COMMON SHARES
Basic Shares Outstanding 147.2M shares 148.6M shares 148.6M shares
Diluted Shares Outstanding 148.2M shares 149.8M shares 149.8M shares

Balance Sheet

Concept 2016 Q3 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.0M $309.0M $268.0M
YoY Change -33.01% 45.75% 53.14%
Cash & Equivalents $207.0M $309.0M $268.0M
Short-Term Investments
Other Short-Term Assets $59.00M $269.0M $272.0M
YoY Change -78.07% 38.66% 17.75%
Inventory $1.471B $1.484B $1.439B
Prepaid Expenses
Receivables $905.0M $968.0M $1.021B
Other Receivables $258.0M $152.0M $167.0M
Total Short-Term Assets $2.900B $3.182B $3.167B
YoY Change -8.86% 10.1% 6.06%
LONG-TERM ASSETS
Property, Plant & Equipment $5.197B $5.045B $5.011B
YoY Change 3.01% 15.92% 15.38%
Goodwill $4.474B $4.482B $4.474B
YoY Change -0.18% 65.02% 65.64%
Intangibles $2.543B $2.718B $2.777B
YoY Change -6.44% 50.33% 47.63%
Long-Term Investments
YoY Change
Other Assets $375.0M $453.0M $457.0M
YoY Change -17.22% 22.76% 39.76%
Total Long-Term Assets $12.59B $12.70B $12.72B
YoY Change -0.86% 37.35% 37.47%
TOTAL ASSETS
Total Short-Term Assets $2.900B $3.182B $3.167B
Total Long-Term Assets $12.59B $12.70B $12.72B
Total Assets $15.49B $15.88B $15.89B
YoY Change -2.46% 30.86% 29.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $629.0M $685.0M $712.0M
YoY Change -8.18% -6.8% 1.14%
Accrued Expenses $197.0M $180.0M $142.0M
YoY Change 9.44% -9.55% -17.44%
Deferred Revenue
YoY Change
Short-Term Debt $675.0M $251.0M $251.0M
YoY Change 168.92%
Long-Term Debt Due $675.0M $251.0M $251.0M
YoY Change 168.92%
Total Short-Term Liabilities $2.206B $1.800B $1.821B
YoY Change 22.56% 28.76% 42.94%
LONG-TERM LIABILITIES
Long-Term Debt $5.933B $7.029B $7.072B
YoY Change -15.59% 54.04% 48.17%
Other Long-Term Liabilities $573.0M $711.0M $696.0M
YoY Change -19.41% 87.11% 79.38%
Total Long-Term Liabilities $6.506B $7.740B $7.768B
YoY Change -15.94% 56.59% 50.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.206B $1.800B $1.821B
Total Long-Term Liabilities $6.506B $7.740B $7.768B
Total Liabilities $10.97B $11.92B $12.04B
YoY Change -7.98% 46.2% 45.44%
SHAREHOLDERS EQUITY
Retained Earnings $5.680B $5.090B $4.893B
YoY Change 11.59% 10.94% 10.43%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.800B $2.625B $2.608B
YoY Change 6.67% 1.86% 3.21%
Treasury Stock Shares 70.90M shares 68.32M shares 68.10M shares
Shareholders Equity $4.441B $3.877B $3.764B
YoY Change
Total Liabilities & Shareholders Equity $15.49B $15.88B $15.89B
YoY Change -2.46% 30.86% 29.81%

Cashflow Statement

Concept 2016 Q3 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $232.0M $256.0M $297.0M
YoY Change -9.38% 21.9% 1.71%
Depreciation, Depletion And Amortization $145.0M $142.0M $142.0M
YoY Change 2.11% 27.93% 29.09%
Cash From Operating Activities $450.0M $368.0M $591.0M
YoY Change 22.28% -34.29% 41.05%
INVESTING ACTIVITIES
Capital Expenditures -$141.0M -$161.0M -$141.0M
YoY Change -12.42% 5.23% 6.82%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$41.00M -$2.000M
YoY Change -85.37% 0.0% -99.27%
Cash From Investing Activities -$147.0M -$202.0M -$143.0M
YoY Change -27.23% 4.12% -64.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -336.0M -122.0M -376.0M
YoY Change 175.41% -62.11% 1292.59%
NET CHANGE
Cash From Operating Activities 450.0M 368.0M 591.0M
Cash From Investing Activities -147.0M -202.0M -143.0M
Cash From Financing Activities -336.0M -122.0M -376.0M
Net Change In Cash -33.00M 44.00M 72.00M
YoY Change -175.0% 0.0% -653.85%
FREE CASH FLOW
Cash From Operating Activities $450.0M $368.0M $591.0M
Capital Expenditures -$141.0M -$161.0M -$141.0M
Free Cash Flow $591.0M $529.0M $732.0M
YoY Change 11.72% -25.81% 32.85%

Facts In Submission

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us-gaap Effective Income Tax Rate Continuing Operations
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CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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197000000 USD
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8000000 USD
CY2016Q3 us-gaap Environmental Exit Costs Costs Accrued To Date
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8000000 USD
us-gaap Gain Loss On Sale Of Equity Investments
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us-gaap Gain Loss On Sale Of Equity Investments
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17000000 USD
CY2015Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2015Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2016Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
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0 USD
CY2016Q3 us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2015Q4 us-gaap Goodwill
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CY2016Q3 us-gaap Goodwill
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CY2015Q3 us-gaap Goodwill And Intangible Asset Impairment
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18000000 USD
us-gaap Goodwill And Intangible Asset Impairment
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22000000 USD
CY2016Q3 us-gaap Goodwill And Intangible Asset Impairment
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0 USD
us-gaap Goodwill And Intangible Asset Impairment
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0 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
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us-gaap Goodwill Transfers
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CY2015Q3 us-gaap Gross Profit
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us-gaap Gross Profit
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2071000000 USD
CY2016Q3 us-gaap Gross Profit
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us-gaap Gross Profit
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1860000000 USD
CY2016Q3 us-gaap Guarantee Obligations Current Carrying Value
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125000000 USD
CY2016Q3 us-gaap Guarantee Obligations Maximum Exposure
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CY2016Q3 us-gaap Guarantee Obligations Term
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30 years
CY2015Q4 us-gaap Hedging Liabilities Current
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CY2016Q3 us-gaap Hedging Liabilities Current
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185000000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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CY2016Q3 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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738000000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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353000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1012000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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289000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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936000000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2015Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2016Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.56
us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2015Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2016Q3 us-gaap Income Tax Expense Benefit
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56000000 USD
us-gaap Income Tax Expense Benefit
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195000000 USD
us-gaap Income Tax Reconciliation Deductions Other
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16000000 USD
us-gaap Income Tax Reconciliation Prior Year Income Taxes
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9000000 USD
us-gaap Income Tax Reconciliation Tax Settlements Foreign
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6000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Receivable
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54000000 USD
us-gaap Increase Decrease In Accounts Receivable
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105000000 USD
us-gaap Increase Decrease In Inventories
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23000000 USD
us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Current Assets
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25000000 USD
us-gaap Increase Decrease In Other Current Liabilities
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92000000 USD
us-gaap Increase Decrease In Other Current Liabilities
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50000000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
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2650000000 USD
CY2016Q3 us-gaap Intangible Assets Net Excluding Goodwill
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CY2015Q3 us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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CY2016Q3 us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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CY2015Q4 us-gaap Inventory Finished Goods
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CY2016Q3 us-gaap Inventory Finished Goods
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CY2016Q3 us-gaap Inventory Gross
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1730000000 USD
CY2015Q4 us-gaap Inventory Lifo Reserve
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296000000 USD
CY2016Q3 us-gaap Inventory Lifo Reserve
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259000000 USD
CY2015Q4 us-gaap Inventory Net
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1479000000 USD
CY2016Q3 us-gaap Inventory Net
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1471000000 USD
CY2015Q4 us-gaap Inventory Raw Materials And Supplies
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500000000 USD
CY2016Q3 us-gaap Inventory Raw Materials And Supplies
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476000000 USD
CY2015Q4 us-gaap Inventory Work In Process
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212000000 USD
CY2016Q3 us-gaap Inventory Work In Process
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197000000 USD
CY2016Q3 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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P40Y
CY2015Q4 us-gaap Liabilities
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CY2016Q3 us-gaap Liabilities
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10973000000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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15580000000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
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CY2015Q4 us-gaap Liabilities Current
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2056000000 USD
CY2016Q3 us-gaap Liabilities Current
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2206000000 USD
CY2016Q3 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
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177000000 USD
CY2016Q3 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
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158000000 EUR
CY2015Q4 us-gaap Long Term Debt Noncurrent
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CY2016Q3 us-gaap Long Term Debt Noncurrent
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CY2016Q3 us-gaap Longterm Purchase Commitment Period
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CY2015Q3 us-gaap Loss On Cash Flow Hedge Ineffectiveness
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1000000 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
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0 USD
CY2016Q3 us-gaap Loss On Cash Flow Hedge Ineffectiveness
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1000000 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
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3000000 USD
CY2015Q4 us-gaap Minority Interest
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80000000 USD
CY2016Q3 us-gaap Minority Interest
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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8000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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1050000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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991000000 USD
CY2015Q3 us-gaap Net Income Loss
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256000000 USD
us-gaap Net Income Loss
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CY2016Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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2000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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1000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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31000000 USD
CY2016Q3 us-gaap Number Of Operating Segments
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4 Segment
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432000000 USD
us-gaap Operating Income Loss
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CY2016Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2016Q3 us-gaap Other Assets Current
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375000000 USD
CY2015 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2015 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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68000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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71000000 USD
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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29000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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35000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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12000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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69000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
42000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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21000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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13000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
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CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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us-gaap Other Nonoperating Income Expense
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CY2016Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Operating Activities Cash Flow Statement
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99000000 USD
us-gaap Other Operating Activities Cash Flow Statement
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CY2015Q4 us-gaap Other Receivables
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246000000 USD
CY2016Q3 us-gaap Other Receivables
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258000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
48000000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
120000000 USD
CY2015 us-gaap Payments For Restructuring
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42000000 USD
us-gaap Payments For Restructuring
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34000000 USD
us-gaap Payments Of Dividends
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179000000 USD
us-gaap Payments Of Dividends
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204000000 USD
us-gaap Payments Of Dividends Minority Interest
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6000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
8000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
45000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
26000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
426000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
375000000 USD
CY2015Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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120000000 USD
CY2016Q3 us-gaap Percentage Of Lifo Inventory
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CY2016Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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116000000 USD
CY2015Q4 us-gaap Percentage Of Lifo Inventory
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0.60
CY2015Q4 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
1297000000 USD
CY2016Q3 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
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CY2016Q3 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
61000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
807000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
20000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
20000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
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157000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
4000000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
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41000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
258000000 USD
us-gaap Profit Loss
ProfitLoss
729000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
233000000 USD
us-gaap Profit Loss
ProfitLoss
741000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11234000000 USD
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENTLY ISSUED ACCOUNTING STANDARDS</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that will supersede virtually all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued new guidance to delay the effective date of the new revenue standard by one year. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted under the original effective date of fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. In April 2016, the FASB issued clarifying guidance to the 2014 revenue standard in regards to the identification of performance obligations and licensing. In May 2016, the FASB issued narrow-scope improvements and practical expedients to the new revenue standard that includes clarification of the collectability criterion, specification for the measurement of noncash considerations, clarifies a completed contract for transition purposes and clarification in regards to the retrospective application, as well as, policy elections, and practical expedients. The effective date for both amendments is the same as that of the revenue standard stated above. Management is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued targeted improvements in regards to the recognition and measurement of financial assets and financial liabilities. The changes are as follows: requires equity investments (except equity method and consolidated investments) to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and early adoption is permitted but limited. The new guidance is to be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and for equity securities without readily determinable fair values, applied prospectively to equity investments that exist as of the date of adoption. Management has concluded that changes in its accounting required by this new guidance will not materially impact the Company's financial position or results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued guidance on lease accounting. The new guidance establishes two types of leases for lessees: finance or operating. The guidance for lessors is largely unchanged. Under the guidance, a lessee is to recognize a right-of-use asset and lease liability that arises from a lease. A lessee can make a policy election, by asset class, to not recognize lease assets or liabilities for leases with a term of 12 months or less. Both finance and operating leases will have associated right-of-use assets and liabilities initially measured at the present value of the lease payments. Current and noncurrent balance sheet classification will apply. Finance leases will have another reported element for interest associated with the principal lease liability. The component concept from the 2014 revenue recognition standard has been included in the new lease standard which will guide identification of individual assets and non-lease components. As with current GAAP, the guidance does not apply to the following leases: intangible assets to explore for or use minerals, oil, natural gas, and similar nonregenerative resources, biological assets (includes timber), inventory, or assets under construction. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and early adoption is permitted. The new guidance is to be applied under a modified retrospective approach wherein practical expedients have been allowed that will not require reassessment of current leases at the effective date. Management is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued guidance for derivatives and hedging given lack of specific guidance and diversity in practice. The guidance clarifies that a change in the counterparty to a derivative instrument does not, in and of itself, require dedesignation of that hedge accounting relationship provided all other hedge accounting criteria continue to be met (specifically points to counterparty credit worthiness). This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance is to be applied under the prospective method or modified retrospective approach. Management has concluded that changes in its accounting required by this new guidance will not materially impact the Company's financial position or results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued guidance for stock compensation as a part of the simplification initiative that covers related tax accounting, cash flow presentation, and forfeitures. The two tax accounting related amendments are as follows: all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized within income tax expense or benefit in the income statement, the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur, an entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period; and the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. The cash flow presentation items sets forth that excess tax benefits should be classified along with other income tax cash flows as an operating activity and cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. For forfeitures, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance application is mixed among the various elements that include retrospective, prospective, and modified retrospective transition methods. Management is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued guidance relating to credit losses. The amendments require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected through the use of allowances for credit losses valuation account. The income statement will reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period, beginning after December 15, 2018. The new guidance application is mixed among the various elements that include modified retrospective and prospective transition methods. Management is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued guidance to reduce existing diversity in practice in regards to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance specifically addresses the following items: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies; distributions received from equity method investees; beneficial interest in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance is to be applied retrospectively to each period presented at the date of adoption. Management is currently evaluating the impact on the Company's related disclosures.</font></div></div>

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