2020 Q2 Form 10-Q Financial Statement

#000150630720000067 Filed on July 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $2.560B $3.214B
YoY Change -20.35% -6.24%
Cost Of Revenue $441.0M $777.0M
YoY Change -43.24% -27.25%
Gross Profit $2.119B $2.437B
YoY Change -13.05% 3.26%
Gross Profit Margin 82.77% 75.82%
Selling, General & Admin $258.0M $251.0M
YoY Change 2.79% 0.8%
% of Gross Profit 12.18% 10.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $532.0M $579.0M
YoY Change -8.12% 1.4%
% of Gross Profit 25.11% 23.76%
Operating Expenses $790.0M $828.0M
YoY Change -4.59% 1.22%
Operating Profit -$282.0M $973.0M
YoY Change -128.98% 257.72%
Interest Expense -$395.0M -$452.0M
YoY Change -12.61% 140.43%
% of Operating Profit -46.45%
Other Income/Expense, Net -$238.0M -$297.0M
YoY Change -19.87% -33.71%
Pretax Income -$520.0M $676.0M
YoY Change -176.92% -484.09%
Income Tax $104.0M $148.0M
% Of Pretax Income 21.89%
Net Earnings -$637.0M $518.0M
YoY Change -222.97% -467.38%
Net Earnings / Revenue -24.88% 16.12%
Basic Earnings Per Share -$0.28 $0.23
Diluted Earnings Per Share -$0.28 $229.0K
COMMON SHARES
Basic Shares Outstanding 2.261B shares 2.262B shares
Diluted Shares Outstanding 2.261B shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $526.0M $213.0M
YoY Change 146.95% -21.4%
Cash & Equivalents $526.0M $213.0M
Short-Term Investments $0.00
Other Short-Term Assets $240.0M $264.0M
YoY Change -9.09% 3.94%
Inventory $336.0M $450.0M
Prepaid Expenses
Receivables $1.073B $1.227B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.490B $2.300B
YoY Change 8.26% -12.68%
LONG-TERM ASSETS
Property, Plant & Equipment $36.03B $37.84B
YoY Change -4.79% -5.17%
Goodwill $19.85B $21.96B
YoY Change -9.62% -0.85%
Intangibles $2.567B $2.782B
YoY Change -7.73% -6.93%
Long-Term Investments $7.892B $8.124B
YoY Change -2.86% 11.39%
Other Assets $2.167B $2.198B
YoY Change -1.41% 58.36%
Total Long-Term Assets $69.29B $74.40B
YoY Change -6.86% -1.7%
TOTAL ASSETS
Total Short-Term Assets $2.490B $2.300B
Total Long-Term Assets $69.29B $74.40B
Total Assets $71.78B $76.70B
YoY Change -6.4% -2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $698.0M $900.0M
YoY Change -22.44% -29.08%
Accrued Expenses $501.0M $0.00
YoY Change -100.0%
Deferred Revenue $84.00M
YoY Change 9.09%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.006B $3.054B
YoY Change -1.57% 43.25%
Total Short-Term Liabilities $5.202B $5.659B
YoY Change -8.08% 5.21%
LONG-TERM LIABILITIES
Long-Term Debt $31.44B $33.01B
YoY Change -4.74% -6.68%
Other Long-Term Liabilities $2.249B $2.772B
YoY Change -18.87% 11.1%
Total Long-Term Liabilities $33.69B $35.78B
YoY Change -5.83% -5.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.202B $5.659B
Total Long-Term Liabilities $33.69B $35.78B
Total Liabilities $38.89B $41.44B
YoY Change -6.14% -4.17%
SHAREHOLDERS EQUITY
Retained Earnings -$9.802B -$7.671B
YoY Change 27.78% -4.03%
Common Stock $23.00M $23.00M
YoY Change 0.0% 4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.75B $33.64B
YoY Change
Total Liabilities & Shareholders Equity $71.78B $76.70B
YoY Change -6.4% -2.07%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$637.0M $518.0M
YoY Change -222.97% -467.38%
Depreciation, Depletion And Amortization $532.0M $579.0M
YoY Change -8.12% 1.4%
Cash From Operating Activities $1.339B $1.463B
YoY Change -8.48% -2.07%
INVESTING ACTIVITIES
Capital Expenditures -$523.0M -$624.0M
YoY Change -16.19% -18.54%
Acquisitions
YoY Change
Other Investing Activities -$53.00M -$357.0M
YoY Change -85.15% -705.08%
Cash From Investing Activities -$576.0M -$981.0M
YoY Change -41.28% 38.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.162B -505.0M
YoY Change 130.1% -36.95%
NET CHANGE
Cash From Operating Activities 1.339B 1.463B
Cash From Investing Activities -576.0M -981.0M
Cash From Financing Activities -1.162B -505.0M
Net Change In Cash -399.0M -23.00M
YoY Change 1634.78% 64.29%
FREE CASH FLOW
Cash From Operating Activities $1.339B $1.463B
Capital Expenditures -$523.0M -$624.0M
Free Cash Flow $1.862B $2.087B
YoY Change -10.78% -7.65%

Facts In Submission

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CY2019Q4 us-gaap Marketable Securities Current
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2000000000 USD
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us-gaap Treasury Stock Acquired Average Cost Per Share
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17.71
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Common Stock Dividends Per Share Cash Paid
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CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
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1102000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
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460000000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
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79000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2020Q2 us-gaap Operating Lease Lease Income
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299000000 USD
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64000000 USD
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43000000 USD
CY2020Q2 us-gaap Revenue Not From Contract With Customer
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20000000 USD
CY2019Q2 us-gaap Revenue Not From Contract With Customer
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CY2019Q2 us-gaap Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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4840000000 USD
us-gaap Operating Lease Lease Income
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168000000 USD
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us-gaap Revenue Not From Contract With Customer
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us-gaap Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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30000000 USD
us-gaap Revenue Not From Contract With Customer Other
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us-gaap Revenue Not From Contract With Customer
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation
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CY2020Q2 us-gaap Revenues
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us-gaap Revenues
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5666000000 USD
us-gaap Revenues
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us-gaap Profit Loss
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CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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164000000 USD
us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Goodwill Impairment Loss
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0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q2 us-gaap Litigation Reserve
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221000000 USD
CY2019Q4 us-gaap Litigation Reserve
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203000000 USD
CY2019Q2 kmi Percentageof Response Costs
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0.35
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
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259000000 USD
CY2020Q2 us-gaap Accrual For Environmental Loss Contingencies
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259000000 USD
CY2020Q2 us-gaap Recorded Third Party Environmental Recoveries Receivable
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12000000 USD
CY2019Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
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15000000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">10. Recent Accounting Pronouncements </span></div><div><span><br/></span></div><div style="text-indent:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">ASU No. 2018-14</span></div><div style="text-indent:18pt;"><span><br/></span></div><div style="text-indent:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On August 28, 2018, the FASB issued ASU No. 2018-14, “</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">.” This ASU amends existing annual disclosure requirements applicable to all employers that sponsor defined benefit pension and other postretirement plans by adding, removing, and clarifying certain disclosures. ASU No. 2018-14 will be effective for us for the fiscal year ending December 31, 2020, and earlier adoption is permitted. We are currently reviewing the effect of this ASU to our financial statements.</span></div><div style="text-indent:18pt;"><span><br/></span></div><div style="text-indent:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">ASU No. 2020-04</span></div><div><span><br/></span></div><div style="text-indent:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On March 12, 2020, the FASB issued ASU No. 2020-04, “</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">”  This ASU provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate.  Entities can elect not to apply certain modification accounting requirements to contracts affected by this reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently reviewing the effect of this ASU to our financial statements.</span></div>

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