2016 Q2 Form 10-Q Financial Statement

#000127618716000165 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $14.12B $11.88B $9.661B
YoY Change 49.76% 22.99% -26.14%
Cost Of Revenue $5.479B $5.623B $8.487B
YoY Change -41.33% -33.75% -25.83%
Gross Profit $8.639B $6.259B $1.174B
YoY Change 9606.74% 433.13% -28.33%
Gross Profit Margin 61.19% 52.68% 12.15%
Selling, General & Admin $150.0M $168.0M $155.0M
YoY Change -18.03% 8.39% 18.32%
% of Gross Profit 1.74% 2.68% 13.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $486.0M $562.0M $493.0M
YoY Change -5.45% 14.0% 32.17%
% of Gross Profit 5.63% 8.98% 41.99%
Operating Expenses $150.0M $168.0M $155.0M
YoY Change -18.03% 8.39% 18.32%
Operating Profit $1.126B $1.100B $758.0M
YoY Change 51.55% 45.12% 6.76%
Interest Expense $443.0M $427.0M $371.0M
YoY Change 8.58% 15.09% 17.78%
% of Operating Profit 39.34% 38.82% 48.94%
Other Income/Expense, Net $26.00M $16.00M $7.000M
YoY Change 52.94% 128.57% 250.0%
Pretax Income $402.0M $281.0M $233.0M
YoY Change -43.85% 20.6% -59.05%
Income Tax -$7.000M -$55.00M $12.00M
% Of Pretax Income -1.74% -19.57% 5.15%
Net Earnings $241.0M $312.0M $284.0M
YoY Change -19.13% 9.86% 69.05%
Net Earnings / Revenue 1.71% 2.63% 2.94%
Basic Earnings Per Share
Diluted Earnings Per Share $226.5K $294.9K $263.2K
COMMON SHARES
Basic Shares Outstanding 1.045B shares 1.045B shares 1.078B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $475.0M $807.0M $1.863B
YoY Change -70.73% -56.68% 84.46%
Cash & Equivalents $460.0M $807.0M $1.863B
Short-Term Investments
Other Short-Term Assets $644.0M $743.0M $411.0M
YoY Change 68.59% 80.78% 47.31%
Inventory $1.929B $1.499B $1.461B
Prepaid Expenses
Receivables $2.944B $2.412B $2.863B
Other Receivables $0.00 $0.00 $155.0M
Total Short-Term Assets $6.090B $5.584B $6.789B
YoY Change -15.85% -17.75% -9.67%
LONG-TERM ASSETS
Property, Plant & Equipment $51.39B $50.13B $42.34B
YoY Change 16.66% 18.38% 24.12%
Goodwill $7.515B $7.471B $7.702B
YoY Change -1.93% -3.0% 23.91%
Intangibles $5.356B $5.396B $5.553B
YoY Change -4.0% -2.83% 8.2%
Long-Term Investments $3.453B $3.442B $3.656B
YoY Change -5.47% -5.85% -4.24%
Other Assets $742.0M $731.0M $953.0M
YoY Change -23.11% -23.29% -1.85%
Total Long-Term Assets $68.47B $67.18B $60.22B
YoY Change 10.6% 11.57% 19.82%
TOTAL ASSETS
Total Short-Term Assets $6.090B $5.584B $6.789B
Total Long-Term Assets $68.47B $67.18B $60.22B
Total Assets $74.56B $72.77B $67.00B
YoY Change 7.83% 8.6% 15.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.931B $2.399B $2.865B
YoY Change -2.59% -16.27% -32.94%
Accrued Expenses $2.195B $2.273B $1.501B
YoY Change 43.09% 51.43% 51.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.013B $930.0M $269.0M
YoY Change 6653.33% 245.72% -80.62%
Total Short-Term Liabilities $6.188B $5.691B $5.327B
YoY Change 18.14% 6.83% -34.16%
LONG-TERM LIABILITIES
Long-Term Debt $38.50B $37.40B $33.16B
YoY Change 10.65% 12.8% 33.14%
Other Long-Term Liabilities $1.137B $1.117B $1.313B
YoY Change -7.26% -14.93% 28.22%
Total Long-Term Liabilities $39.64B $38.52B $34.47B
YoY Change 10.04% 11.74% 32.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.188B $5.691B $5.327B
Total Long-Term Liabilities $39.64B $38.52B $34.47B
Total Liabilities $45.83B $44.21B $39.80B
YoY Change 11.07% 11.08% 16.98%
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 -$1.681B -$1.686B $707.0M
YoY Change
Total Liabilities & Shareholders Equity $74.56B $72.77B $67.00B
YoY Change 7.83% 8.6% 15.99%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $241.0M $312.0M $284.0M
YoY Change -19.13% 9.86% 69.05%
Depreciation, Depletion And Amortization $486.0M $562.0M $493.0M
YoY Change -5.45% 14.0% 32.17%
Cash From Operating Activities $543.0M $985.0M $575.0M
YoY Change 0.93% 71.3% -30.64%
INVESTING ACTIVITIES
Capital Expenditures -$1.775B -$1.948B -$2.158B
YoY Change -12.26% -9.73% 129.09%
Acquisitions $2.000M $370.0M
YoY Change -99.46% 72.9%
Other Investing Activities -$58.00M $1.000M $4.000M
YoY Change -10.77% -75.0% -80.95%
Cash From Investing Activities -$1.833B -$1.942B -$2.585B
YoY Change -12.21% -24.87% 222.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $4.422B $5.938B
YoY Change -25.53% 200.35%
Cash From Financing Activities 968.0M $1.158B $3.026B
YoY Change -26.11% -61.73% 671.94%
NET CHANGE
Cash From Operating Activities 543.0M $985.0M $575.0M
Cash From Investing Activities -1.833B -$1.942B -$2.585B
Cash From Financing Activities 968.0M $1.158B $3.026B
Net Change In Cash -322.0M $201.0M $1.016B
YoY Change 34.17% -80.22% 141.9%
FREE CASH FLOW
Cash From Operating Activities $543.0M $985.0M $575.0M
Capital Expenditures -$1.775B -$1.948B -$2.158B
Free Cash Flow $2.318B $2.933B $2.733B
YoY Change -9.49% 7.32% 54.32%

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CY2016Q1 us-gaap Payments Of Debt Issuance Costs
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CY2015Q1 us-gaap Payments Of Dividends Minority Interest
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CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2015Q1 us-gaap Refining And Marketing Revenue
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CY2016Q1 us-gaap Revenues
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2016Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2016Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2015Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
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CY2016Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
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CY2015Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
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CY2016Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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CY2016Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management&#8217;s available knowledge of current and expected future events, actual results could be different from those estimates.</font></div></div>

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