2017 Q4 Form 10-Q Financial Statement

#000081376217000045 Filed on November 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $2.482B $3.406B $4.899B
YoY Change -37.51% -30.48% 52.52%
Cost Of Revenue $2.084B $2.054B $3.378B
YoY Change -166.97% -39.19% 4.78%
Gross Profit $135.0M $328.0M $526.0M
YoY Change -73.11% -37.64% 6.05%
Gross Profit Margin 5.44% 9.63% 10.74%
Selling, General & Admin $324.0M $323.0M $603.0M
YoY Change -144.08% -46.43% 44.26%
% of Gross Profit 240.0% 98.48% 114.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.00M $130.0M $258.0M
YoY Change -130.63% -49.61% 18.89%
% of Gross Profit 50.37% 39.63% 49.05%
Operating Expenses $373.0M $323.0M $603.0M
YoY Change -137.08% -46.43% 44.26%
Operating Profit -$238.0M $5.000M -$77.00M
YoY Change -115.78% -106.49% -198.72%
Interest Expense -$93.00M $164.0M $222.0M
YoY Change -487.5% -26.13% -25.0%
% of Operating Profit 3280.0%
Other Income/Expense, Net -$3.000M $19.00M $14.00M
YoY Change -88.0% 35.71% -62.16%
Pretax Income -$448.0M $818.0M $253.0M
YoY Change -43.86% 223.32% -127.56%
Income Tax -$150.0M $18.00M $15.00M
% Of Pretax Income 2.2% 5.93%
Net Earnings $298.0M $597.0M -$16.00M
YoY Change -244.66% -3831.25% -96.36%
Net Earnings / Revenue 12.01% 17.53% -0.33%
Basic Earnings Per Share
Diluted Earnings Per Share $1.718M $3.530M -$113.6K
COMMON SHARES
Basic Shares Outstanding 169.1M shares 164.8M shares 138.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.030B $3.037B $2.694B
YoY Change -23.02% 12.73% -22.63%
Cash & Equivalents $1.164B $2.038B $2.002B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.730B $3.256B $2.957B
Prepaid Expenses
Receivables $612.0M $1.853B $1.725B
Other Receivables $506.0M $1.006B $0.00
Total Short-Term Assets $4.953B $9.152B $7.376B
YoY Change -43.14% 24.08% -3.91%
LONG-TERM ASSETS
Property, Plant & Equipment $5.186B $9.631B $11.45B
YoY Change -48.77% -15.86% 16.43%
Goodwill $327.0M $1.199B $1.141B
YoY Change -71.21% 5.08% -45.01%
Intangibles $544.0M $1.072B $1.107B
YoY Change -51.25% -3.16% -2.21%
Long-Term Investments $10.04B $9.748B $9.987B
YoY Change 1.59% -2.39% -26.89%
Other Assets $8.790B $410.0M
YoY Change 543.48%
Total Long-Term Assets $26.85B $23.67B $25.71B
YoY Change 8.87% -7.95% -10.66%
TOTAL ASSETS
Total Short-Term Assets $4.953B $9.152B $7.376B
Total Long-Term Assets $26.85B $23.67B $25.71B
Total Assets $31.80B $32.82B $33.09B
YoY Change -4.7% -0.81% -9.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.058B $2.696B $4.747B
YoY Change -62.51% -43.21% -21.41%
Accrued Expenses $1.033B $3.566B $2.475B
YoY Change -45.49% 44.08% 20.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.091B $6.262B $7.222B
YoY Change -58.14% -13.29% -10.81%
LONG-TERM LIABILITIES
Long-Term Debt $7.918B $11.20B $12.97B
YoY Change -28.79% -13.67% 6.48%
Other Long-Term Liabilities $8.500B $2.481B $2.414B
YoY Change 62.31% 2.78% -5.3%
Total Long-Term Liabilities $16.42B $13.68B $15.39B
YoY Change 0.38% -11.09% 4.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.091B $6.262B $7.222B
Total Long-Term Liabilities $16.42B $13.68B $15.39B
Total Liabilities $20.43B $21.62B $24.29B
YoY Change -19.41% -10.99% 0.5%
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 $5.106B $4.784B $2.488B
YoY Change
Total Liabilities & Shareholders Equity $31.80B $32.82B $33.09B
YoY Change -4.7% -0.81% -9.24%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $298.0M $597.0M -$16.00M
YoY Change -244.66% -3831.25% -96.36%
Depreciation, Depletion And Amortization $68.00M $130.0M $258.0M
YoY Change -130.63% -49.61% 18.89%
Cash From Operating Activities -$425.0M $195.0M $330.0M
YoY Change 51.25% -40.91% -7.56%
INVESTING ACTIVITIES
Capital Expenditures $17.00M $102.0M $194.0M
YoY Change -95.38% -47.42% -42.6%
Acquisitions
YoY Change
Other Investing Activities $62.00M -$80.00M $9.000M
YoY Change -111.36% -988.89% -132.14%
Cash From Investing Activities $79.00M -$181.0M -$185.0M
YoY Change -144.38% -2.16% -49.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -140.0M -215.0M -59.00M
YoY Change -36.65% 264.41% -33.71%
NET CHANGE
Cash From Operating Activities -425.0M 195.0M 330.0M
Cash From Investing Activities 79.00M -181.0M -185.0M
Cash From Financing Activities -140.0M -215.0M -59.00M
Net Change In Cash -486.0M -201.0M 86.00M
YoY Change -28.53% -333.72% -187.76%
FREE CASH FLOW
Cash From Operating Activities -$425.0M $195.0M $330.0M
Capital Expenditures $17.00M $102.0M $194.0M
Free Cash Flow -$442.0M $93.00M $136.0M
YoY Change -31.9% -31.62% 615.79%

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us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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CY2017Q3 us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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CY2017Q3 us-gaap Goodwill Gross
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CY2016Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2017Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
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537000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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253000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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897000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2504000000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2017Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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110000000 USD
us-gaap Income Taxes Paid Net
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66000000 USD
us-gaap Income Taxes Paid Net
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120000000 USD
us-gaap Increase Decrease In Broker Dealer Related Receivables Payables Net
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5087000000 USD
us-gaap Increase Decrease In Broker Dealer Related Receivables Payables Net
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2702000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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0 USD
us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Restricted Cash For Operating Activities
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us-gaap Increase Decrease In Restricted Cash For Operating Activities
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CY2016Q3 us-gaap Interest And Dividend Income Operating
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us-gaap Interest And Dividend Income Operating
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us-gaap Interest Expense
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648000000 USD
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538000000 USD
us-gaap Interest Paid Net
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540000000 USD
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2390000000 USD
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299000000 USD
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589000000 USD
us-gaap Investment Sold Not Yet Purchased Sale Proceeds
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss Allocated To Limited Partners
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2090000000 USD
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us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
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us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
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us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
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us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Profit Loss
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us-gaap Repayments Of Unsecured Debt
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us-gaap Profit Loss
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us-gaap Revenues
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us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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us-gaap Weighted Average Limited Partnership Units Outstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No.&#160;2014-09, creating a new topic, FASB ASC Topic 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, superseding revenue recognition requirements in FASB ASC Topic 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 and 2017 to FASB ASC Topic 606 that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. We have developed an implementation plan to adopt this new ASU. We will adopt these new standards on January 1, 2018 using the modified retrospective application method which will require a cumulative effect adjustment recognized in equity at such date. No adjustment to revenue for periods prior to adoption will be required. To date, we have not identified any material differences in our existing revenue recognition methods that would require modification under the new standards. Additionally, although we anticipate our internal controls to be modified as necessary, we do not anticipate our internal control framework to materially change as a result of the adoption of these new standards. The assessment of the impact of this new standard on our business processes, business and accounting systems, and consolidated financial statements and related disclosures will continue as we proceed with the design and implementation phases of the plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 825, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">, which supersedes FASB ASC Topic 840, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We anticipate our assessment and implementation plan to be ongoing during the remainder of 2017 and into 2018 and are currently unable to reasonably estimate the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 326, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses. </font><font style="font-family:inherit;font-size:10pt;">This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Classification of Certain Cash Receipts and Cash Payment</font><font style="font-family:inherit;font-size:10pt;">s, which amends FASB ASC Topic 230, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows. </font><font style="font-family:inherit;font-size:10pt;">This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statements of cash flows.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 230, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU No. 2017-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 715, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Retirement Benefits</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item or items in the financial statements as other compensation costs arising from services rendered by the pertinent employees during the period. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU No. 2017-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Scope of Modification Accounting</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 718, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">. This ASU provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Targeting Improvements to Accounting for Hedging Activities</font><font style="font-family:inherit;font-size:10pt;">, which amends FASB ASC Topic 815, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging</font><font style="font-family:inherit;font-size:10pt;">. This ASU includes amendments to existing guidance to better align an entity&#8217;s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.</font></div></div>
iep Equityearningsfromnonconsolidatedaffiliates
Equityearningsfromnonconsolidatedaffiliates
48000000 USD

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