2018 Q1 Form 10-K Financial Statement

#000127618718000011 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2016 Q4 2015 Q4
Revenue $11.88B $13.57B $11.45B
YoY Change 22.99% 18.53% -15.06%
Cost Of Revenue $9.245B $8.142B $7.631B
YoY Change 23.1% 6.7% -35.13%
Gross Profit $2.637B $2.423B $1.905B
YoY Change 22.59% 27.19% 0.26%
Gross Profit Margin 22.19% 17.85% 16.64%
Selling, General & Admin $148.0M $208.0M $222.0M
YoY Change -10.3% -6.31% 30.59%
% of Gross Profit 5.61% 8.58% 11.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $665.0M $620.0M $548.0M
YoY Change 5.89% 13.14% 15.13%
% of Gross Profit 25.22% 25.59% 28.77%
Operating Expenses $148.0M $1.557B $1.358B
YoY Change -10.3% 14.65% -0.51%
Operating Profit $1.100B $1.419B $289.0M
YoY Change 45.31% 391.0% 75.15%
Interest Expense $466.0M -$357.0M -$404.0M
YoY Change -1.48% -11.63% 132.18%
% of Operating Profit 42.36% -25.16% -139.79%
Other Income/Expense, Net $57.00M $26.00M -$35.00M
YoY Change 235.29% -174.29% -369.23%
Pretax Income $716.0M -$422.0M -$231.0M
YoY Change 94.57% 82.68% 12.14%
Income Tax -$10.00M -$107.0M -$93.00M
% Of Pretax Income -1.4%
Net Earnings $363.0M $852.0M $1.168B
YoY Change 51.88% -27.05% -497.28%
Net Earnings / Revenue 3.06% 6.28% 10.2%
Basic Earnings Per Share
Diluted Earnings Per Share $314.3K $211.6K $300.2K
COMMON SHARES
Basic Shares Outstanding 1.079B shares 1.047B shares 1.045B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $547.0M $467.0M $606.0M
YoY Change 47.84% -22.94% -28.45%
Cash & Equivalents $547.0M $467.0M $585.0M
Short-Term Investments
Other Short-Term Assets $303.0M $447.0M $593.0M
YoY Change -40.94% -24.62% 106.62%
Inventory $1.861B $2.055B $1.453B
Prepaid Expenses
Receivables $3.590B $3.557B $2.400B
Other Receivables $166.0M $128.0M $357.0M
Total Short-Term Assets $6.593B $6.899B $5.410B
YoY Change 1.21% 27.52% -11.87%
LONG-TERM ASSETS
Property, Plant & Equipment $61.09B $53.58B $46.78B
YoY Change 7.23% 14.52% 16.11%
Goodwill $4.768B $5.670B $6.056B
YoY Change -29.36% -6.37% 3.15%
Intangibles $6.016B $5.512B $4.896B
YoY Change -12.01% 12.58% -12.29%
Long-Term Investments $2.701B $3.040B $3.462B
YoY Change -12.96% -12.19% -5.38%
Other Assets $925.0M $815.0M $711.0M
YoY Change 11.99% 14.63% -2.87%
Total Long-Term Assets $76.32B $72.03B $65.73B
YoY Change 2.46% 9.57% 13.06%
TOTAL ASSETS
Total Short-Term Assets $6.593B $6.899B $5.410B
Total Long-Term Assets $76.32B $72.03B $65.73B
Total Assets $82.91B $78.93B $71.14B
YoY Change 2.36% 10.94% 10.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.704B $3.502B $2.274B
YoY Change 10.14% 54.0% -32.1%
Accrued Expenses $2.944B $2.367B $1.556B
YoY Change 27.78% 52.12% -1.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $409.0M $1.194B $131.0M
YoY Change 4.34% 811.45% -87.0%
Total Short-Term Liabilities $7.261B $7.277B $4.910B
YoY Change 16.77% 48.21% -26.53%
LONG-TERM LIABILITIES
Long-Term Debt $41.78B $42.61B $36.84B
YoY Change -1.89% 15.67% 24.97%
Other Long-Term Liabilities $1.218B $1.075B $1.002B
YoY Change -1.54% 7.29% -16.01%
Total Long-Term Liabilities $43.00B $43.68B $37.84B
YoY Change -1.88% 15.44% 23.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.261B $7.277B $4.910B
Total Long-Term Liabilities $43.00B $43.68B $37.84B
Total Liabilities $50.26B $50.96B $42.75B
YoY Change 0.44% 19.21% 14.45%
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 -$1.180B -$1.694B -$932.0M
YoY Change
Total Liabilities & Shareholders Equity $82.91B $78.93B $71.19B
YoY Change 2.36% 10.87% 10.75%

Cashflow Statement

Concept 2018 Q1 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $363.0M $852.0M $1.168B
YoY Change 51.88% -27.05% -497.28%
Depreciation, Depletion And Amortization $665.0M $620.0M $548.0M
YoY Change 5.89% 13.14% 15.13%
Cash From Operating Activities $2.139B $1.019B $922.0M
YoY Change 177.43% 10.52% 38.02%
INVESTING ACTIVITIES
Capital Expenditures -$1.737B -$1.894B -$2.698B
YoY Change 23.37% -29.8% 61.85%
Acquisitions $5.000M
YoY Change -98.48%
Other Investing Activities -$3.000M -$1.128B -$236.0M
YoY Change -200.0% 377.97% -57.4%
Cash From Investing Activities -$1.701B -$3.022B -$2.934B
YoY Change -797.13% 3.0% 32.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.00M
YoY Change
Debt Paid & Issued, Net $8.541B
YoY Change -12.93%
Cash From Financing Activities -$2.967B 2.008B 1.599B
YoY Change 145.41% 25.58% 23.76%
NET CHANGE
Cash From Operating Activities $2.139B 1.019B 922.0M
Cash From Investing Activities -$1.701B -3.022B -2.934B
Cash From Financing Activities -$2.967B 2.008B 1.599B
Net Change In Cash -$2.529B 5.000M -413.0M
YoY Change 1203.61% -101.21% 58.24%
FREE CASH FLOW
Cash From Operating Activities $2.139B $1.019B $922.0M
Capital Expenditures -$1.737B -$1.894B -$2.698B
Free Cash Flow $3.876B $2.913B $3.620B
YoY Change 77.88% -19.53% 55.03%

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206000000 USD
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800000000 USD
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714000000 USD
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407000000 USD
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CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
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1342000000 USD
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341000000 USD
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287000000 USD
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319000000 USD
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336000000 USD
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338000000 USD
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4200000000 USD
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4172000000 USD
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4435000000 USD
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12000000 USD
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CY2016 us-gaap Goodwill Subsequent Recognition Of Deferred Tax Asset
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460000000 USD
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CY2016 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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1583000000 USD
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900000000 USD
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204000000 USD
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710000000 USD
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1023000000 USD
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462000000 USD
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1.11
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0.93
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0.84
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1.11
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0.95
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270000000 USD
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144000000 USD
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243000000 USD
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0 USD
CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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15000000 USD
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14000000 USD
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316000000 USD
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71000000 USD
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248000000 USD
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278000000 USD
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207000000 USD
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15000000 USD
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124000000 USD
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355000000 USD
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128000000 USD
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1170000000 USD
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712000000 USD
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400000000 USD
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177000000 USD
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480000000 USD
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179000000 USD
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192000000 USD
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89000000 USD
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225000000 USD
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20000000 USD
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148000000 USD
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106000000 USD
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106000000 USD
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1600000 shares
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33100000 shares
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72600000 shares
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201000000 USD
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286000000 USD
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1800000000 USD
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1914000000 USD
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552000000 USD
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551000000 USD
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67000000 USD
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3462000000 USD
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3040000000 USD
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2705000000 USD
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281000000 USD
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187000000 USD
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196000000 USD
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P40Y0M0D
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86246000000 USD
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7897000000 USD
CY2017Q4 us-gaap Liabilities Fair Value Disclosure Recurring
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560000000 USD
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48000000 USD
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75000000 USD
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0 USD
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75000000 USD
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48000000 USD
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0 USD
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0.9438
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1079145561 shares
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1046947157 shares
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1079145561 shares
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1077500000 shares
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1044800000 shares
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1046947157 shares
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1079145561 shares
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25000000 USD
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1000000 USD
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CY2015 us-gaap Profit Loss
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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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