2018 Q2 Form 10-Q Financial Statement

#000035254118000078 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $816.1M $765.3M
YoY Change 6.64% 1.42%
Cost Of Revenue $119.7M $28.30M
YoY Change 322.97% 15.04%
Gross Profit $696.4M $737.0M
YoY Change -5.51% 0.96%
Gross Profit Margin 85.33% 96.3%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.0M $115.0M
YoY Change 10.43% 12.63%
% of Gross Profit 18.24% 15.6%
Operating Expenses $637.4M $583.3M
YoY Change 9.27% -3.01%
Operating Profit $151.2M $153.7M
YoY Change -1.63% 19.52%
Interest Expense $61.30M $52.80M
YoY Change 16.1% 10.0%
% of Operating Profit 40.54% 34.35%
Other Income/Expense, Net -$34.70M -$35.70M
YoY Change -2.8% 51.27%
Pretax Income $116.5M $118.0M
YoY Change -1.27% 12.38%
Income Tax $13.60M $21.20M
% Of Pretax Income 11.67% 17.97%
Net Earnings $102.9M $96.80M
YoY Change 6.3% 12.04%
Net Earnings / Revenue 12.61% 12.65%
Basic Earnings Per Share
Diluted Earnings Per Share $0.43 $0.41
COMMON SHARES
Basic Shares Outstanding 232.0M shares 231.1M shares
Diluted Shares Outstanding 232.0M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $7.000M
YoY Change -28.57% 0.0%
Cash & Equivalents $5.000M $7.300M
Short-Term Investments
Other Short-Term Assets $113.9M $112.4M
YoY Change 1.33% 13.77%
Inventory $200.0M $202.0M
Prepaid Expenses
Receivables $415.0M $424.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $805.9M $814.7M
YoY Change -1.08% 16.0%
LONG-TERM ASSETS
Property, Plant & Equipment $11.70B $10.61B
YoY Change 10.25% 7.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $421.0M $355.0M
YoY Change 18.59% 9.23%
Other Assets $86.40M $18.60M
YoY Change 364.52% 70.64%
Total Long-Term Assets $1.693B $1.966B
YoY Change -13.9% -83.59%
TOTAL ASSETS
Total Short-Term Assets $805.9M $814.7M
Total Long-Term Assets $1.693B $1.966B
Total Assets $14.62B $13.74B
YoY Change 6.34% 8.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $431.1M $381.1M
YoY Change 13.12% 7.96%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $83.00M $369.0M
YoY Change -77.51% 66.97%
Long-Term Debt Due $356.1M $5.200M
YoY Change 6748.08% -98.34%
Total Short-Term Liabilities $1.257B $1.208B
YoY Change 4.07% -12.02%
LONG-TERM LIABILITIES
Long-Term Debt $5.128B $4.354B
YoY Change 17.76% 21.34%
Other Long-Term Liabilities $310.4M $288.3M
YoY Change 7.67% -3.03%
Total Long-Term Liabilities $5.438B $4.643B
YoY Change 17.13% 19.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.257B $1.208B
Total Long-Term Liabilities $5.438B $4.643B
Total Liabilities $6.695B $5.851B
YoY Change 14.43% 11.26%
SHAREHOLDERS EQUITY
Retained Earnings $2.413B $2.229B
YoY Change 8.25% 5.32%
Common Stock $1.950B $1.833B
YoY Change 6.37% 8.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.351B $4.050B
YoY Change
Total Liabilities & Shareholders Equity $14.62B $13.74B
YoY Change 6.34% 8.34%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $102.9M $96.80M
YoY Change 6.3% 12.04%
Depreciation, Depletion And Amortization $127.0M $115.0M
YoY Change 10.43% 12.63%
Cash From Operating Activities $118.1M $8.500M
YoY Change 1289.41% -96.98%
INVESTING ACTIVITIES
Capital Expenditures -$364.4M -$296.7M
YoY Change 22.82% 9.65%
Acquisitions
YoY Change
Other Investing Activities -$1.300M $132.0M
YoY Change -100.98% -1394.12%
Cash From Investing Activities -$365.7M -$164.7M
YoY Change 122.04% -41.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $93.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 231.4M 153.4M
YoY Change 50.85% 19075.0%
NET CHANGE
Cash From Operating Activities 118.1M 8.500M
Cash From Investing Activities -365.7M -164.7M
Cash From Financing Activities 231.4M 153.4M
Net Change In Cash -16.20M -2.800M
YoY Change 478.57% -264.71%
FREE CASH FLOW
Cash From Operating Activities $118.1M $8.500M
Capital Expenditures -$364.4M -$296.7M
Free Cash Flow $482.5M $305.2M
YoY Change 58.09% -44.74%

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us-gaap Net Cash Provided By Used In Financing Activities
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NetCashProvidedByUsedInOperatingActivities
127500000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q2 us-gaap Net Income Loss
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96800000 USD
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199800000 USD
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102900000 USD
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226400000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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94300000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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194700000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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100400000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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221300000 USD
CY2017Q2 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Operating Results
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4400000 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Operating Results
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us-gaap Nonoperating Income Expense
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-60100000 USD
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153700000 USD
us-gaap Operating Income Loss
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300900000 USD
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151200000 USD
us-gaap Operating Income Loss
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316900000 USD
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87700000 USD
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113900000 USD
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69700000 USD
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86400000 USD
CY2017Q2 us-gaap Other Cost And Expense Operating
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140700000 USD
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289300000 USD
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158000000 USD
us-gaap Other Cost And Expense Operating
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320400000 USD
CY2017Q4 us-gaap Other Liabilities Current
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260800000 USD
CY2018Q2 us-gaap Other Liabilities Current
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247900000 USD
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306400000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
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310400000 USD
CY2017Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
121900000 USD
CY2018Q2 us-gaap Other Long Term Investments
OtherLongTermInvestments
137500000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-12300000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-9000000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4300000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8500000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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816100000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1732400000 USD
CY2017Q2 us-gaap Revenues
Revenues
765300000 USD
us-gaap Revenues
Revenues
1619200000 USD
CY2018Q2 us-gaap Revenues
Revenues
816100000 USD
us-gaap Revenues
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1732400000 USD
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0.022
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1619200000 USD
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23900000 USD
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17100000 USD
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143100000 USD
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488700000 USD
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374500000 USD
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571900000 USD
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0 USD
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1000000000 USD
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-13000000 USD
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164500000 USD
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ProceedsFromRepaymentsOfShortTermDebt
-207700000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2017Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
10100000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
27100000 USD
CY2018Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
18100000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
33000000 USD
CY2017Q4 us-gaap Regulatory Assets
RegulatoryAssets
1666700000 USD
CY2018Q2 us-gaap Regulatory Assets
RegulatoryAssets
1678400000 USD
CY2017Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
84300000 USD
CY2018Q2 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
71900000 USD
CY2017Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1582400000 USD
CY2018Q2 us-gaap Regulatory Assets Noncurrent
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1606500000 USD
CY2017Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
1497200000 USD
CY2018Q2 us-gaap Regulatory Liabilities
RegulatoryLiabilities
1512900000 USD
CY2017Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
140000000 USD
CY2018Q2 us-gaap Regulatory Liability Current
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139800000 USD
CY2017Q4 us-gaap Regulatory Liability Noncurrent
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1357200000 USD
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RegulatoryLiabilityNoncurrent
1373100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2400000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
503000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2346000000 USD
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RetainedEarningsAccumulatedDeficit
2412500000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
765300000 USD
CY2017Q2 us-gaap Shortterm Debt Average Outstanding Amount
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307800000 USD
us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
292300000 USD
CY2018Q2 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
234500000 USD
us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
272100000 USD
CY2017Q2 us-gaap Shortterm Debt Maximum Amount Outstanding During Period
ShorttermDebtMaximumAmountOutstandingDuringPeriod
397600000 USD
us-gaap Shortterm Debt Maximum Amount Outstanding During Period
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397600000 USD
CY2018Q2 us-gaap Shortterm Debt Maximum Amount Outstanding During Period
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446500000 USD
us-gaap Shortterm Debt Maximum Amount Outstanding During Period
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446500000 USD
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Stockholders Equity
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4350700000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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4382200000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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4550700000 USD
CY2017Q2 us-gaap Taxes Excluding Income And Excise Taxes
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25700000 USD
us-gaap Taxes Excluding Income And Excise Taxes
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52100000 USD
CY2018Q2 us-gaap Taxes Excluding Income And Excise Taxes
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24200000 USD
us-gaap Taxes Excluding Income And Excise Taxes
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51200000 USD
CY2017Q2 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
10300000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
20600000 USD
CY2018Q2 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
10500000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
19300000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
229000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
228300000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
232000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
231700000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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 modifications to the presentation of the components of net periodic benefit costs for defined benefit pension and other postretirement plans in the income statements as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#s80A7C61848515E84BA834502F4816DF9"><font style="font-family:inherit;font-size:10pt;">Note 1(d)</font></a><font style="font-family:inherit;font-size:10pt;">, restricted cash and cash receipts on sold receivables in the cash flows statements as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#s80A7C61848515E84BA834502F4816DF9"><font style="font-family:inherit;font-size:10pt;">Note 1(d)</font></a><font style="font-family:inherit;font-size:10pt;">, and segment reporting as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#s4B14754C48A157FBB664BE5B715AFB5E"><font style="font-family:inherit;font-size:10pt;">Note 14</font></a><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. A change in management&#8217;s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred.</font></div></div>

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