2015 Q4 Form 8-K Financial Statement

#000127618717000076 Filed on October 02, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014
Revenue $11.45B $13.48B $52.64B
YoY Change -15.06% 6.93% 8.9%
Cost Of Revenue $7.631B $11.76B $45.86B
YoY Change -35.13% 5.3% 7.71%
Gross Profit $1.905B $1.900B $7.302B
YoY Change 0.26% 27.6% 26.31%
Gross Profit Margin 16.64% 14.09% 13.87%
Selling, General & Admin $222.0M $170.0M $556.0M
YoY Change 30.59% 95.4% 4.32%
% of Gross Profit 11.65% 8.95% 7.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $548.0M $476.0M $1.409B
YoY Change 15.13% 35.61% 24.91%
% of Gross Profit 28.77% 25.05% 19.3%
Operating Expenses $1.358B $1.365B $556.0M
YoY Change -0.51% 43.23% 4.32%
Operating Profit $289.0M $165.0M $2.372B
YoY Change 75.15% -207.84% 52.93%
Interest Expense -$404.0M -$174.0M $1.368B
YoY Change 132.18% 1.16% 12.04%
% of Operating Profit -139.79% -105.45% 57.67%
Other Income/Expense, Net -$35.00M $13.00M -$12.00M
YoY Change -369.23% -106.53% 1100.0%
Pretax Income -$231.0M -$206.0M $1.319B
YoY Change 12.14% -71.9% 251.73%
Income Tax -$93.00M $86.00M $325.0M
% Of Pretax Income 24.64%
Net Earnings $1.168B -$294.0M $633.0M
YoY Change -497.28% -58.06% 222.96%
Net Earnings / Revenue 10.2% -2.18% 1.2%
Basic Earnings Per Share
Diluted Earnings Per Share $300.2K $104.8K $580.2K
COMMON SHARES
Basic Shares Outstanding 1.045B shares 538.8M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $606.0M $847.0M $847.0M
YoY Change -28.45% 43.56% 43.56%
Cash & Equivalents $585.0M $839.0M $847.0M
Short-Term Investments
Other Short-Term Assets $593.0M $287.0M $351.0M
YoY Change 106.62% -8.01% 0.0%
Inventory $1.453B $1.467B $1.467B
Prepaid Expenses
Receivables $2.400B $3.378B $3.413B
Other Receivables $357.0M $61.00M $61.00M
Total Short-Term Assets $5.410B $6.139B $6.139B
YoY Change -11.87% -6.07% -6.07%
LONG-TERM ASSETS
Property, Plant & Equipment $46.78B $40.29B $40.29B
YoY Change 16.11% 31.32% 31.32%
Goodwill $6.056B $5.871B
YoY Change 3.15% -0.39%
Intangibles $4.896B $5.582B
YoY Change -12.29% 146.55%
Long-Term Investments $3.462B $3.659B $3.659B
YoY Change -5.38% -8.84% -8.84%
Other Assets $711.0M $732.0M $742.0M
YoY Change -2.87% -20.61% -21.06%
Total Long-Term Assets $65.73B $58.14B $58.14B
YoY Change 13.06% 32.76% 32.76%
TOTAL ASSETS
Total Short-Term Assets $5.410B $6.139B $6.139B
Total Long-Term Assets $65.73B $58.14B $58.14B
Total Assets $71.14B $64.28B $64.28B
YoY Change 10.68% 27.72% 27.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.274B $3.349B $3.368B
YoY Change -32.1% -12.65% -12.47%
Accrued Expenses $1.556B $1.582B $1.582B
YoY Change -1.64% 58.04% 58.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $131.0M $1.008B $1.008B
YoY Change -87.0% 58.24% 58.24%
Total Short-Term Liabilities $4.910B $6.683B $6.683B
YoY Change -26.53% 2.82% 2.82%
LONG-TERM LIABILITIES
Long-Term Debt $36.84B $29.48B $29.48B
YoY Change 24.97% 30.65% 30.65%
Other Long-Term Liabilities $1.002B $1.193B $1.380B
YoY Change -16.01% 17.08% 22.78%
Total Long-Term Liabilities $37.84B $30.67B $30.86B
YoY Change 23.37% 30.06% 30.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.910B $6.683B $6.683B
Total Long-Term Liabilities $37.84B $30.67B $30.86B
Total Liabilities $42.75B $37.35B $63.62B
YoY Change 14.45% 24.17% 29.16%
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 -$932.0M $664.0M $664.0M
YoY Change
Total Liabilities & Shareholders Equity $71.19B $64.28B $64.28B
YoY Change 10.75% 27.72% 27.72%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014
OPERATING ACTIVITIES
Net Income $1.168B -$294.0M $633.0M
YoY Change -497.28% -58.06% 222.96%
Depreciation, Depletion And Amortization $548.0M $476.0M $1.409B
YoY Change 15.13% 35.61% 24.91%
Cash From Operating Activities $922.0M $668.0M $2.885B
YoY Change 38.02% 16.78% 19.26%
INVESTING ACTIVITIES
Capital Expenditures -$2.698B -$1.667B -$5.381B
YoY Change 61.85% 66.53% 53.52%
Acquisitions $2.367B
YoY Change 484.44%
Other Investing Activities -$236.0M -$554.0M $19.00M
YoY Change -57.4% 7.99%
Cash From Investing Activities -$2.934B -$2.221B -$6.868B
YoY Change 32.1% 46.7% 192.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000B
YoY Change
Debt Paid & Issued, Net $13.89B
YoY Change 16.19%
Cash From Financing Activities 1.599B 1.292B $3.877B
YoY Change 23.76% 263.94% 2555.48%
NET CHANGE
Cash From Operating Activities 922.0M 668.0M $2.885B
Cash From Investing Activities -2.934B -2.221B -$6.868B
Cash From Financing Activities 1.599B 1.292B $3.877B
Net Change In Cash -413.0M -261.0M -$106.0M
YoY Change 58.24% -55.54% -148.62%
FREE CASH FLOW
Cash From Operating Activities $922.0M $668.0M $2.885B
Capital Expenditures -$2.698B -$1.667B -$5.381B
Free Cash Flow $3.620B $2.335B $8.266B
YoY Change 55.03% 48.44% 39.53%

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CY2015 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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CY2016 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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CY2016Q4 us-gaap Commitments And Contingencies
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CY2014 us-gaap Current Federal Tax Expense Benefit
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CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2015 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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0 USD
CY2016 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2015 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
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DefinedBenefitPlanYearThatRateReachesUltimateTrendRate
2018
CY2016Q4 us-gaap Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate
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2021
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0 USD
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1090000000 USD
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1302000000 USD
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1181000000 USD
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13320000000 USD
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CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
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CY2016 us-gaap Fair Value Measured On Recurring Basis Gain Loss Included In Earnings
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4000000 USD
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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0 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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746000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1023000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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279000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
251000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
268000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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273000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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277000000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
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6512000000 USD
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0 USD
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6000000 USD
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CY2014 us-gaap Gains Losses On Extinguishment Of Debt
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CY2016 us-gaap Gains Losses On Extinguishment Of Debt
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ShareBasedCompensation
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ShareBasedCompensation
70000000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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3000000 shares
CY2016Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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1000000 USD
CY2016 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Other Information
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleOtherInformation
0.6
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2015 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2016 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2100000 shares
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2000000000 USD
CY2016Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
936000000 USD
CY2014 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1000000000 USD
CY2015 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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16279000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22314000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23598000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22517000000 USD
CY2015 us-gaap Tangible Asset Impairment Charges
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110000000 USD
CY2016 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
133000000 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
33000000 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
33000000 USD
CY2014 us-gaap Unrealized Gain Loss On Derivatives
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116000000 USD
CY2015 us-gaap Unrealized Gain Loss On Derivatives
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CY2016 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
429000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
440000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
20000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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5000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
20000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
178000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
8000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
18000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
1000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
8000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2015 us-gaap Weighted Average Limited Partnership Units Outstanding
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1062800000 shares
CY2016 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1045500000 shares
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
596000000 USD
CY2014 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1088600000 shares
CY2014 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1090800000 shares
CY2015 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1064400000 shares
CY2016 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1078600000 shares
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the accrual for and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</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 natural gas industry conducts its business by processing actual transactions at the end of the month following the month of delivery. Consequently, the most current month&#8217;s financial results for the midstream, NGL and intrastate transportation and storage operations are estimated using volume estimates and market prices. Any differences between estimated results and actual results are recognized in the following month&#8217;s financial statements. Management believes that the estimated operating results represent the actual results in all material respects.</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;">Some of the other significant estimates made by management include, but are not limited to, the timing of certain forecasted transactions that are hedged, the fair value of derivative instruments, useful lives for depreciation, amortization, purchase accounting allocations and subsequent realizability of intangible assets, fair value measurements used in the goodwill impairment test, market value of inventory, assets and liabilities resulting from the regulated ratemaking process, contingency reserves and environmental reserves. Actual results could differ from those estimates.</font></div></div>

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