2017 Form 10-K Financial Statement

#000035254118000019 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $3.382B $797.0M $924.6M
YoY Change 1.87% 7.69% 2.86%
Cost Of Revenue $480.9M $62.00M $12.50M
YoY Change 147.5% 17.42% -8.09%
Gross Profit $2.901B $735.0M $912.1M
YoY Change -7.18% 6.94% 3.03%
Gross Profit Margin 85.78% 92.22% 98.65%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $461.8M $102.9M $104.1M
YoY Change 12.2% 1.48% 4.83%
% of Gross Profit 15.92% 14.0% 11.41%
Operating Expenses $2.500B $618.0M $663.1M
YoY Change 0.58% 1.63% 2.11%
Operating Profit $671.2M $99.90M $162.6M
YoY Change 21.13% 26.14% -31.07%
Interest Expense $215.6M -$22.40M $48.80M
YoY Change 9.89% -26.8% 5.17%
% of Operating Profit 32.12% -22.42% 30.01%
Other Income/Expense, Net -$138.4M -$16.90M -$23.70M
YoY Change 25.02% -7.06%
Pretax Income $532.8M $77.70M $138.9M
YoY Change 20.16% 59.88% -33.98%
Income Tax $66.70M $12.20M $7.500M
% Of Pretax Income 12.52% 15.7% 5.4%
Net Earnings $467.5M $65.20M $131.0M
YoY Change 22.48% 78.14% -28.22%
Net Earnings / Revenue 13.82% 8.18% 14.17%
Basic Earnings Per Share $1.99
Diluted Earnings Per Share $1.99 $0.28 $0.57
COMMON SHARES
Basic Shares Outstanding 229.7M shares 227.5M shares
Diluted Shares Outstanding 229.7M shares

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.00M $8.000M $85.00M
YoY Change 250.0% 33.33% -38.85%
Cash & Equivalents $28.00M $8.200M $84.70M
Short-Term Investments
Other Short-Term Assets $257.0M $95.50M $98.90M
YoY Change 5.33% 19.82% -54.51%
Inventory $222.0M $222.0M $220.0M
Prepaid Expenses
Receivables $91.00M $493.3M $491.5M
Other Receivables $307.0M $0.00 $0.00
Total Short-Term Assets $905.0M $877.1M $958.1M
YoY Change 3.19% 6.08% -11.92%
LONG-TERM ASSETS
Property, Plant & Equipment $11.24B $10.28B $9.920B
YoY Change 9.29% 7.98% 5.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $396.0M $326.0M $330.0M
YoY Change 17.16% 7.63% -6.52%
Other Assets $1.652B $22.60M $9.400M
YoY Change -12.13% 54.79% -73.67%
Total Long-Term Assets $13.28B $1.880B $1.821B
YoY Change 6.29% 4.27% -84.12%
TOTAL ASSETS
Total Short-Term Assets $905.0M $877.1M $958.1M
Total Long-Term Assets $13.28B $1.880B $1.821B
Total Assets $14.19B $13.37B $13.03B
YoY Change 6.09% 7.03% 3.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $477.0M $445.3M $365.1M
YoY Change 7.19% 10.66% -16.7%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $415.0M $244.0M $238.0M
YoY Change 70.08% 52.5% 118.35%
Long-Term Debt Due $856.0M $4.600M $314.0M
YoY Change 17020.0% -98.53% 10366.67%
Total Short-Term Liabilities $2.149B $1.162B $1.370B
YoY Change 84.94% -14.51% 38.24%
LONG-TERM LIABILITIES
Long-Term Debt $4.011B $4.316B $3.817B
YoY Change -7.07% 22.53% -1.01%
Other Long-Term Liabilities $2.168B $279.3M $300.2M
YoY Change 71.52% -8.73% -9.85%
Total Long-Term Liabilities $6.179B $4.595B $4.117B
YoY Change 10.73% 20.03% -1.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.149B $1.162B $1.370B
Total Long-Term Liabilities $6.179B $4.595B $4.117B
Total Liabilities $9.806B $5.757B $5.487B
YoY Change 5.3% 10.98% 5.93%
SHAREHOLDERS EQUITY
Retained Earnings $2.177B $2.181B
YoY Change 5.22% 4.01%
Common Stock $1.695B $1.688B
YoY Change 1.88% 1.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.382B $4.062B $3.859B
YoY Change
Total Liabilities & Shareholders Equity $14.19B $13.37B $13.03B
YoY Change 6.09% 7.03% 3.75%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $467.5M $65.20M $131.0M
YoY Change 22.48% 78.14% -28.22%
Depreciation, Depletion And Amortization $461.8M $102.9M $104.1M
YoY Change 12.2% 1.48% 4.83%
Cash From Operating Activities $521.6M -$261.2M $144.0M
YoY Change 32.79% -248.49% -19.1%
INVESTING ACTIVITIES
Capital Expenditures $1.467B -$387.6M -$252.6M
YoY Change 22.57% 36.14% 4.08%
Acquisitions
YoY Change
Other Investing Activities $28.30M $439.2M -$18.40M
YoY Change -388.78% -2142.79% -118.4%
Cash From Investing Activities -$1.033B $51.60M -$271.0M
YoY Change 43.49% -116.85% 89.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $149.6M
YoY Change 462.41%
Debt Paid & Issued, Net $4.600M
YoY Change -98.53%
Cash From Financing Activities $532.6M 132.6M 205.2M
YoY Change 61.74% -4377.42% 317.92%
NET CHANGE
Cash From Operating Activities $521.6M -261.2M 144.0M
Cash From Investing Activities -$1.033B 51.60M -271.0M
Cash From Financing Activities $532.6M 132.6M 205.2M
Net Change In Cash $20.80M -77.00M 78.20M
YoY Change 994.74% -42.28% -7.35%
FREE CASH FLOW
Cash From Operating Activities $521.6M -$261.2M $144.0M
Capital Expenditures $1.467B -$387.6M -$252.6M
Free Cash Flow -$945.3M $126.4M $396.6M
YoY Change 17.57% -72.56% -5.73%

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90200000 USD
CY2017Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs Expected To Be Collected Within One Year
CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
85100000 USD
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CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1800000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3200000 USD
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
17200000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
8500000 USD
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4357100000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4902500000 USD
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DebtInstrumentUnamortizedDiscountPremiumNet
13500000 USD
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
10800000 USD
CY2016Q4 us-gaap Deferred Credits And Other Liabilities
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3834200000 USD
CY2017Q4 us-gaap Deferred Credits And Other Liabilities
DeferredCreditsAndOtherLiabilities
3646000000 USD
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120800000 USD
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
112800000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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159500000 USD
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23400000 USD
CY2017Q4 us-gaap Deferred Finance Costs Net
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25400000 USD
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CY2017Q4 us-gaap Deferred Income Tax Liabilities
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2015000000 USD
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84600000 USD
CY2017 us-gaap Deferred Income Taxes And Tax Credits
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139600000 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
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27900000 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
4900000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
12300000 USD
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597200000 USD
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597000000 USD
CY2017Q4 us-gaap Deferred Tax Assets Net
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536600000 USD
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173300000 USD
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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174400000 USD
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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32900000 USD
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
41300000 USD
CY2016Q4 us-gaap Deferred Tax Assets Other
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87900000 USD
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
61800000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
268400000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
260700000 USD
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
200000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9000000 USD
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2570200000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1478400000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Noncurrent
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2570200000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
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1478400000 USD
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95100000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
75900000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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2919000000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1852700000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
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478300000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
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90400000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
110100000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
94600000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
94100000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
92300000 USD
CY2015 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
24900000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
23600000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
24800000 USD
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
401300000 USD
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
411600000 USD
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
461800000 USD
CY2015 us-gaap Dividends Common Stock
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247300000 USD
CY2016 us-gaap Dividends Common Stock
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266500000 USD
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
288300000 USD
CY2015 us-gaap Dividends Preferred Stock
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10200000 USD
CY2016 us-gaap Dividends Preferred Stock
DividendsPreferredStock
10200000 USD
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
10200000 USD
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1.68
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.64
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1.99
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0.43
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0.37
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0.57
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0.28
CY2017Q1 us-gaap Earnings Per Share Diluted
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0.44
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EarningsPerShareDiluted
0.41
CY2017Q3 us-gaap Earnings Per Share Diluted
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0.73
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0.41
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
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0.153
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0.134
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0.125
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
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0.350
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
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0.072
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.072
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0.061
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-0.003
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-0.013
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-0.024
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0.000
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0.000
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.034
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0.052
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.054
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.055
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2770500000 USD
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2875500000 USD
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2894700000 USD
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837700000 USD
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854000000 USD
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818100000 USD
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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5600000 USD
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4400000 USD
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7400000 USD
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6200000 USD
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37600000 USD
CY2017Q4 us-gaap Energy Related Inventory Gas Stored Underground
EnergyRelatedInventoryGasStoredUnderground
44500000 USD
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98100000 USD
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72300000 USD
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30600000 USD
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28300000 USD
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EquityMethodInvestmentDividendsOrDistributions
38100000 USD
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82000000 USD
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104000000 USD
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498000000 USD
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770000000 USD
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299000000 USD
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331000000 USD
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374000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Minority Interest
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0 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Minority Interest
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255000000 USD
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186000000 USD
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232000000 USD
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267000000 USD
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4340000000 USD
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5041000000 USD
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2144000000 USD
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2038000000 USD
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624000000 USD
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658000000 USD
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741000000 USD
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302900000 USD
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326000000 USD
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381400000 USD
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381200000 USD
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355400000 USD
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400900000 USD
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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86400000 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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380700000 USD
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97600000 USD
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128800000 USD
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63000000 USD
CY2016 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
373800000 USD
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99000000 USD
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168800000 USD
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93800000 USD
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455900000 USD
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461300000 USD
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443400000 USD
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532800000 USD
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390900000 USD
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384000000 USD
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466100000 USD
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1.69
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1.65
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1.99
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0.37
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0.57
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0.28
CY2017Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.43
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0.41
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0.73
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0.41
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-2500000 USD
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1400000 USD
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-2500000 USD
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-500000 USD
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-400000 USD
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1400000 USD
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0 USD
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0 USD
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0 USD
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1400000 USD
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-0.01
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0.00
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0.00
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0.00
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0.00
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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0.01
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0.00
CY2017Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2015 us-gaap Income Loss From Equity Method Investments
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33800000 USD
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IncomeLossFromEquityMethodInvestments
39600000 USD
CY2017 us-gaap Income Loss From Equity Method Investments
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44800000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
70400000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59400000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66700000 USD
CY2015 us-gaap Income Taxes Paid Net
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0 USD
CY2016 us-gaap Income Taxes Paid Net
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9800000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11300000 USD
CY2015 us-gaap Increase Decrease In Accounts Receivable
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-36800000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
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121400000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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CY2015 us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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24400000 USD
CY2016 us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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42300000 USD
CY2017 us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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33600000 USD
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
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-94600000 USD
CY2016 us-gaap Increase Decrease In Deferred Income Taxes
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-102400000 USD
CY2017 us-gaap Increase Decrease In Deferred Income Taxes
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-81700000 USD
CY2015 us-gaap Increase Decrease In Other Operating Capital Net
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-24700000 USD
CY2016 us-gaap Increase Decrease In Other Operating Capital Net
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CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2015 us-gaap Proceeds From Issuance Of Common Stock
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151200000 USD
CY2016 us-gaap Proceeds From Issuance Of Common Stock
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CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
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18400000 USD
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108300000 USD
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93000000 USD
CY2016Q4 us-gaap Regulatory Assets
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251800000 USD
CY2017 us-gaap Shortterm Debt Maximum Amount Outstanding During Period
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424400000 USD
CY2015 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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112756 shares
CY2016 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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22408 shares
CY2017 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity
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CY2016 us-gaap Unregulated Operating Revenue
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CY2017 us-gaap Unregulated Operating Revenue
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CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
227100000 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
229700000 shares
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes, including reclassifications resulting from modifications to segment reporting as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#s79FF8E22A14E55108A409FD24677DEE0"><font style="font-family:inherit;font-size:10pt;">Note 17</font></a><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements requires management to make estimates and assumptions that affect: (a) the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements; and (b) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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