2018 Q2 Form 10-Q Financial Statement

#000127618718000025 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $14.12B $11.88B $9.661B
YoY Change 49.76% 22.99% -18.69%
Cost Of Revenue $11.34B $9.245B $7.510B
YoY Change 58.27% 23.1% 33.56%
Gross Profit $2.775B $2.637B $2.151B
YoY Change 22.79% 22.59% -65.63%
Gross Profit Margin 19.66% 22.19% 22.26%
Selling, General & Admin $183.0M $148.0M $165.0M
YoY Change 5.78% -10.3% -1.79%
% of Gross Profit 6.59% 5.61% 7.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $694.0M $665.0M $628.0M
YoY Change 14.33% 5.89% 11.74%
% of Gross Profit 25.01% 25.22% 29.2%
Operating Expenses $183.0M $148.0M $165.0M
YoY Change 5.78% -10.3% -1.79%
Operating Profit $1.126B $1.100B $757.0M
YoY Change 51.55% 45.31% -31.18%
Interest Expense $510.0M $466.0M $473.0M
YoY Change 6.92% -1.48% 10.77%
% of Operating Profit 45.29% 42.36% 62.48%
Other Income/Expense, Net -$1.000M $57.00M $17.00M
YoY Change -101.75% 235.29% 6.25%
Pretax Income $727.0M $716.0M $368.0M
YoY Change 109.51% 94.57% 30.96%
Income Tax $68.00M -$10.00M $38.00M
% Of Pretax Income 9.35% -1.4% 10.33%
Net Earnings $355.0M $363.0M $239.0M
YoY Change 67.45% 51.88% -23.4%
Net Earnings / Revenue 2.51% 3.06% 2.47%
Basic Earnings Per Share
Diluted Earnings Per Share $302.5K $314.3K $209.8K
COMMON SHARES
Basic Shares Outstanding 1.079B shares 1.079B shares 1.079B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $519.0M $547.0M $370.0M
YoY Change 38.4% 47.84% -54.15%
Cash & Equivalents $519.0M $547.0M $353.0M
Short-Term Investments
Other Short-Term Assets $616.0M $303.0M $513.0M
YoY Change 53.62% -40.94% -30.96%
Inventory $1.802B $1.861B $2.065B
Prepaid Expenses
Receivables $4.309B $3.590B $3.485B
Other Receivables $172.0M $166.0M $0.00
Total Short-Term Assets $7.593B $6.593B $6.514B
YoY Change -26.47% 1.21% 16.65%
LONG-TERM ASSETS
Property, Plant & Equipment $64.88B $61.09B $56.97B
YoY Change 14.21% 7.23% 13.65%
Goodwill $5.173B $4.768B $6.750B
YoY Change -0.02% -29.36% -9.65%
Intangibles $6.088B $6.016B $6.837B
YoY Change -2.86% -12.01% 26.7%
Long-Term Investments $2.687B $2.701B $3.103B
YoY Change -15.56% -12.96% -9.85%
Other Assets $996.0M $925.0M $826.0M
YoY Change 16.9% 11.99% 13.0%
Total Long-Term Assets $79.82B $76.32B $74.48B
YoY Change 10.43% 2.46% 10.87%
TOTAL ASSETS
Total Short-Term Assets $7.593B $6.593B $6.514B
Total Long-Term Assets $79.82B $76.32B $74.48B
Total Assets $87.42B $82.91B $81.00B
YoY Change 5.82% 2.36% 11.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.955B $3.704B $3.363B
YoY Change 17.43% 10.14% 40.18%
Accrued Expenses $2.832B $2.944B $2.304B
YoY Change -3.11% 27.78% 1.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $160.0M $409.0M $392.0M
YoY Change -88.32% 4.34% -57.85%
Total Short-Term Liabilities $7.636B $7.261B $6.218B
YoY Change -1.66% 16.77% 9.26%
LONG-TERM LIABILITIES
Long-Term Debt $44.47B $41.78B $42.58B
YoY Change 3.22% -1.89% 13.86%
Other Long-Term Liabilities $1.227B $1.218B $1.237B
YoY Change 4.16% -1.54% 10.74%
Total Long-Term Liabilities $45.70B $43.00B $43.82B
YoY Change 3.25% -1.88% 13.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.636B $7.261B $6.218B
Total Long-Term Liabilities $45.70B $43.00B $43.82B
Total Liabilities $53.34B $50.26B $50.04B
YoY Change 2.52% 0.44% 13.19%
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 -$1.110B -$1.180B -$1.147B
YoY Change
Total Liabilities & Shareholders Equity $87.42B $82.91B $81.00B
YoY Change 5.82% 2.36% 11.31%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $355.0M $363.0M $239.0M
YoY Change 67.45% 51.88% -23.4%
Depreciation, Depletion And Amortization $694.0M $665.0M $628.0M
YoY Change 14.33% 5.89% 11.74%
Cash From Operating Activities $1.030B $2.139B $771.0M
YoY Change 46.93% 177.43% -21.73%
INVESTING ACTIVITIES
Capital Expenditures -$1.802B -$1.737B -$1.408B
YoY Change 22.5% 23.37% -27.72%
Acquisitions $5.000M $330.0M
YoY Change -98.48% 16400.0%
Other Investing Activities $359.0M -$3.000M $3.000M
YoY Change -208.13% -200.0% 200.0%
Cash From Investing Activities -$1.443B -$1.701B $244.0M
YoY Change -19.97% -797.13% -112.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.00M $0.00
YoY Change
Debt Paid & Issued, Net $8.541B $9.809B
YoY Change -12.93% 121.82%
Cash From Financing Activities 385.0M -$2.967B -$1.209B
YoY Change -65.87% 145.41% -204.4%
NET CHANGE
Cash From Operating Activities 1.030B $2.139B $771.0M
Cash From Investing Activities -1.443B -$1.701B $244.0M
Cash From Financing Activities 385.0M -$2.967B -$1.209B
Net Change In Cash -28.00M -$2.529B -$194.0M
YoY Change -207.69% 1203.61% -196.52%
FREE CASH FLOW
Cash From Operating Activities $1.030B $2.139B $771.0M
Capital Expenditures -$1.802B -$1.737B -$1.408B
Free Cash Flow $2.832B $3.876B $2.179B
YoY Change 30.39% 77.88% -25.71%

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ProceedsFromContributionInAidOfConstruction
20000000 USD
CY2017Q1 us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
106000000 USD
CY2018Q1 us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
229000000 USD
CY2017Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
90000000 USD
CY2018Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
26000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
568000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
9000000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
6627000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
2200000000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
4000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
319000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
489000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
71177000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
72646000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61088000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61975000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61088000000 USD
CY2017Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
445000000 USD
CY2018Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
393000000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
21000000 USD
CY2018Q1 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
21000000 USD
CY2017Q1 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
3015000000 USD
CY2018Q1 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
3810000000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9809000000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8541000000 USD
CY2017Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
268000000 USD
CY2018Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
50000000 USD
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
102000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3574000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4788000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4244000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
24707000000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
37313000000 USD
CY2017Q1 us-gaap Revenues
Revenues
9661000000 USD
CY2018Q1 us-gaap Revenues
Revenues
11882000000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
165000000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
148000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
27000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
23000000 USD
CY2018Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
936000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29980000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29481000000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
69000000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-87000000 USD
CY2017Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1075200000 shares
CY2018Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
1079100000 shares
CY2017Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1139000000 shares
CY2018Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1154700000 shares
CY2018Q1 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 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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