2024 Q4 Form 10-Q Financial Statement

#000127618724000108 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
Revenue $20.77B $20.73B
YoY Change 0.16% 13.15%
Cost Of Revenue $15.61B $15.61B
YoY Change -2.78% 10.76%
Gross Profit $5.160B $5.120B
YoY Change 10.26% 21.1%
Gross Profit Margin 24.84% 24.7%
Selling, General & Admin $297.0M $332.0M
YoY Change 26.92% 45.61%
% of Gross Profit 5.76% 6.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.324B $1.213B
YoY Change 19.6% 14.33%
% of Gross Profit 25.66% 23.69%
Operating Expenses $297.0M $332.0M
YoY Change 26.92% -86.07%
Operating Profit $2.181B $2.298B
YoY Change -2.33% 24.55%
Interest Expense $828.0M $762.0M
YoY Change 31.01% -249.12%
% of Operating Profit 37.96% 33.16%
Other Income/Expense, Net $74.00M $3.000M
YoY Change 469.23% -82.35%
Pretax Income $1.523B $2.219B
YoY Change 35.5% 65.47%
Income Tax $89.00M $227.0M
% Of Pretax Income 5.84% 10.23%
Net Earnings $1.183B $1.314B
YoY Change 102.57% 64.87%
Net Earnings / Revenue 5.7% 6.34%
Basic Earnings Per Share
Diluted Earnings Per Share $0.32 $0.35
COMMON SHARES
Basic Shares Outstanding 3.424B shares 3.422B shares 3.370B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $650.0M
YoY Change 96.97%
Cash & Equivalents $299.0M $650.0M
Short-Term Investments
Other Short-Term Assets $475.0M $424.0M
YoY Change -6.5% -20.3%
Inventory $2.502B $2.624B
Prepaid Expenses
Receivables $9.831B $9.540B
Other Receivables $33.00M
Total Short-Term Assets $13.34B $13.41B
YoY Change -0.65% 26.5%
LONG-TERM ASSETS
Property, Plant & Equipment $95.01B $91.89B
YoY Change 17.48% 12.09%
Goodwill $3.910B $3.910B
YoY Change 52.5% 52.5%
Intangibles $6.102B $6.202B
YoY Change 17.26% 17.0%
Long-Term Investments $3.268B $3.236B
YoY Change 9.19% 7.62%
Other Assets $1.965B $1.842B
YoY Change 16.27% 9.19%
Total Long-Term Assets $111.1B $107.9B
YoY Change 18.0% 14.17%
TOTAL ASSETS
Total Short-Term Assets $13.34B $13.41B
Total Long-Term Assets $111.1B $107.9B
Total Assets $124.4B $121.3B
YoY Change 15.67% 15.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.327B $7.467B
YoY Change -8.38% 20.84%
Accrued Expenses $12.37B $3.959B
YoY Change 230.69% 17.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $263.0M $257.0M
YoY Change -73.86% -92.57%
Total Short-Term Liabilities $12.37B $11.71B
YoY Change -3.01% -10.02%
LONG-TERM LIABILITIES
Long-Term Debt $59.00B $57.36B
YoY Change 25.32% 28.4%
Other Long-Term Liabilities $1.613B $1.631B
YoY Change -19.99% -24.17%
Total Long-Term Liabilities $60.61B $58.99B
YoY Change 23.46% 25.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.37B $11.71B
Total Long-Term Liabilities $60.61B $58.99B
Total Liabilities $72.98B $70.70B
YoY Change 18.0% -1.23%
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 $35.24B $34.31B
YoY Change
Total Liabilities & Shareholders Equity $124.4B $121.3B
YoY Change 15.67% 15.42%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.183B $1.314B
YoY Change 102.57% 64.87%
Depreciation, Depletion And Amortization $1.324B $1.213B
YoY Change 19.6% 14.33%
Cash From Operating Activities $2.874B $2.270B
YoY Change 21.11% -10.49%
INVESTING ACTIVITIES
Capital Expenditures $1.086B $811.0M
YoY Change 54.92% -7.42%
Acquisitions $637.0M
YoY Change
Other Investing Activities -$2.198B $856.0M
YoY Change -7190.32% -184.58%
Cash From Investing Activities -$3.284B $45.00M
YoY Change 390.15% -102.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.00M -3.611B
YoY Change -103.88% 457.25%
NET CHANGE
Cash From Operating Activities 2.874B 2.270B
Cash From Investing Activities -3.284B 45.00M
Cash From Financing Activities 59.00M -3.611B
Net Change In Cash -351.0M -1.296B
YoY Change -290.76%
FREE CASH FLOW
Cash From Operating Activities $2.874B $2.270B
Capital Expenditures $1.086B $811.0M
Free Cash Flow $1.788B $1.459B
YoY Change 6.94% -12.11%

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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.</span></div>
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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit Risk</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties </span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our natural gas transportation and midstream revenues are derived significantly from companies that engage in exploration and production activities. In addition to oil and gas producers, the Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments is deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets. </span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income.</span></div>
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us-gaap Interest Expense
InterestExpense
2318000000 usd
us-gaap Interest Expense
InterestExpense
1892000000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
89000000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
77000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
405000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
256000000 usd
CY2024Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1000000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
50000000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
12000000 usd
CY2024Q3 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-6000000 usd
CY2023Q3 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
32000000 usd
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
6000000 usd
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
47000000 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
37000000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
35000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
113000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
99000000 usd
CY2024Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-53000000 usd
CY2023Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
107000000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
50000000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
182000000 usd
CY2024Q3 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
197000000 usd
CY2023Q3 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-141000000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
99000000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-113000000 usd
CY2024Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2023Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-11000000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2024Q3 et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
181000000 usd
CY2023Q3 et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
182000000 usd
et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
522000000 usd
et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
514000000 usd
CY2024Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
102000000 usd
CY2023Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
103000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
285000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
286000000 usd
CY2024Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0 usd
CY2023Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-625000000 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-625000000 usd
CY2024Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
CY2023Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
598000000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
CY2024Q3 et Other Net
OtherNet
18000000 usd
CY2023Q3 et Other Net
OtherNet
4000000 usd
et Other Net
OtherNet
11000000 usd
et Other Net
OtherNet
8000000 usd
CY2024Q3 et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
3959000000 usd
CY2023Q3 et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
3541000000 usd
et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
11599000000 usd
et Segment Adjusted Ebitda
SegmentAdjustedEBITDA
10096000000 usd

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