2017 Q2 Form 10-Q Financial Statement

#000151029517000085 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $18.18B $16.81B
YoY Change 8.14% -18.14%
Cost Of Revenue $16.10B $14.84B
YoY Change 8.48% -18.97%
Gross Profit $2.079B $1.948B
YoY Change 6.72% -14.0%
Gross Profit Margin 11.44% 11.59%
Selling, General & Admin $485.0M $401.0M
YoY Change 20.95% 2.04%
% of Gross Profit 23.33% 20.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $521.0M $500.0M
YoY Change 4.2% 38.12%
% of Gross Profit 25.06% 25.67%
Operating Expenses $485.0M $401.0M
YoY Change 20.95% 2.04%
Operating Profit $982.0M $1.315B
YoY Change -25.32% -1.5%
Interest Expense -$158.0M -$137.0M
YoY Change 15.33% 6.2%
% of Operating Profit -16.09% -10.42%
Other Income/Expense, Net -$7.000M -$5.000M
YoY Change 40.0% 0.0%
Pretax Income $824.0M $1.178B
YoY Change -30.05% -7.32%
Income Tax $250.0M $395.0M
% Of Pretax Income 30.34% 33.53%
Net Earnings $483.0M $801.0M
YoY Change -39.7% -3.03%
Net Earnings / Revenue 2.66% 4.76%
Basic Earnings Per Share $0.94 $1.51
Diluted Earnings Per Share $0.93 $1.51
COMMON SHARES
Basic Shares Outstanding 513.0M shares 528.0M shares
Diluted Shares Outstanding 517.0M shares 531.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.450B $1.754B
YoY Change -17.33% -6.75%
Cash & Equivalents $1.450B $1.754B
Short-Term Investments
Other Short-Term Assets $186.0M $142.0M
YoY Change 30.99% 5.97%
Inventory $5.548B $5.209B
Prepaid Expenses
Receivables $3.259B $3.199B
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.44B $10.30B
YoY Change 1.35% -9.86%
LONG-TERM ASSETS
Property, Plant & Equipment $25.79B $25.51B
YoY Change 1.07% 56.68%
Goodwill $3.586B $3.648B
YoY Change -1.7% 132.95%
Intangibles
YoY Change
Long-Term Investments $4.823B $3.793B
YoY Change 27.16% 281.59%
Other Assets $809.0M $876.0M
YoY Change -7.65% 131.13%
Total Long-Term Assets $35.00B $33.83B
YoY Change 3.47% 75.99%
TOTAL ASSETS
Total Short-Term Assets $10.44B $10.30B
Total Long-Term Assets $35.00B $33.83B
Total Assets $45.45B $44.13B
YoY Change 2.98% 43.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.307B $5.214B
YoY Change 1.78% -16.24%
Accrued Expenses $869.0M $846.0M
YoY Change 2.72% 0.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $29.00M $27.00M
YoY Change 7.41% -96.54%
Total Short-Term Liabilities $6.758B $6.782B
YoY Change -0.35% -22.27%
LONG-TERM LIABILITIES
Long-Term Debt $12.58B $11.03B
YoY Change 14.0% 86.41%
Other Long-Term Liabilities $1.625B $1.871B
YoY Change -13.15% 9.48%
Total Long-Term Liabilities $14.20B $12.90B
YoY Change 10.07% 69.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.758B $6.782B
Total Long-Term Liabilities $14.20B $12.90B
Total Liabilities $24.88B $23.21B
YoY Change 7.23% 26.37%
SHAREHOLDERS EQUITY
Retained Earnings $10.34B $10.22B
YoY Change 1.26% 14.02%
Common Stock $11.19B $11.00B
YoY Change 1.72% 10.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.664B $7.407B
YoY Change 16.97% 6.94%
Treasury Stock Shares 226.0M shares 202.0M shares
Shareholders Equity $12.64B $13.49B
YoY Change
Total Liabilities & Shareholders Equity $45.45B $44.13B
YoY Change 2.98% 43.98%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $483.0M $801.0M
YoY Change -39.7% -3.03%
Depreciation, Depletion And Amortization $521.0M $500.0M
YoY Change 4.2% 38.12%
Cash From Operating Activities $854.0M $2.263B
YoY Change -62.26% 127.67%
INVESTING ACTIVITIES
Capital Expenditures -$655.0M -$686.0M
YoY Change -4.52% 82.93%
Acquisitions
YoY Change
Other Investing Activities -$4.000M -$83.00M
YoY Change -95.18% -10.75%
Cash From Investing Activities -$659.0M -$769.0M
YoY Change -14.3% 64.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $750.0M $51.00M
YoY Change 1370.59% -87.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -910.0M -48.00M
YoY Change 1795.83% -93.36%
NET CHANGE
Cash From Operating Activities 854.0M 2.263B
Cash From Investing Activities -659.0M -769.0M
Cash From Financing Activities -910.0M -48.00M
Net Change In Cash -715.0M 1.446B
YoY Change -149.45% -834.01%
FREE CASH FLOW
Cash From Operating Activities $854.0M $2.263B
Capital Expenditures -$655.0M -$686.0M
Free Cash Flow $1.509B $2.949B
YoY Change -48.83% 115.41%

Facts In Submission

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EarningsPerShareBasic
1.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.52
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.99
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.51
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.98
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0 USD
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.33
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.37
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.30
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.30
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
530000000 USD
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
395000000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
121000000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
137000000 USD
CY2016Q4 us-gaap Equity Method Investments
EquityMethodInvestments
3827000000 USD
CY2017Q2 us-gaap Equity Method Investments
EquityMethodInvestments
4823000000 USD
CY2016Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1893000000 USD
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3719000000 USD
CY2017Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1926000000 USD
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3739000000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
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CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
2000000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
14000000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
200000000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
200000000 USD
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
131000000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
131000000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
342000000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
358000000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
171000000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
190000000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
175000000 USD
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
41000000 USD
CY2016Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-2000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
2000000 USD
CY2017Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-1000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-4000000 USD
CY2016Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
25000000 USD
CY2017Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
7000000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
12000000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
3587000000 USD
CY2017Q2 us-gaap Goodwill
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3586000000 USD
CY2016Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1000000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
130000000 USD
CY2017Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1178000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1111000000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
824000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
966000000 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-50000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-28000000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
83000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
140000000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
395000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
406000000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
250000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
291000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-69000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
198000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
632000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-208000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
276000000 USD
us-gaap Increase Decrease In Accounts Receivable
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-344000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-386000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-107000000 USD
CY2016Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
137000000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
279000000 USD
CY2017Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
158000000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
308000000 USD
CY2016Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
16000000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
32000000 USD
CY2017Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
18000000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
33000000 USD
CY2016Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
149000000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
302000000 USD
CY2017Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
173000000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
336000000 USD
us-gaap Interest Paid Net
InterestPaidNet
242000000 USD
us-gaap Interest Paid Net
InterestPaidNet
231000000 USD
CY2016Q2 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-385000000 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-370000000 USD
CY2017Q2 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
0 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
0 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
5656000000 USD
CY2017Q2 us-gaap Inventory Net
InventoryNet
5548000000 USD
CY2016Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
2000000 USD
CY2017Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
9000000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
23210000000 USD
CY2017Q2 us-gaap Liabilities
Liabilities
24883000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
44413000000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
45447000000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
7146000000 USD
CY2017Q2 us-gaap Liabilities Current
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6758000000 USD
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
86000000 USD
CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
10544000000 USD
CY2017Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
12577000000 USD
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
595000000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
6646000000 USD
CY2017Q2 us-gaap Minority Interest
MinorityInterest
6928000000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
249000000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
291000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-474000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
613000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1496000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2012000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2597000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1962000000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
801000000 USD
us-gaap Net Income Loss
NetIncomeLoss
802000000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
483000000 USD
us-gaap Net Income Loss
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513000000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-27000000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-106000000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
74000000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
129000000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
9000000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
9000000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
17000000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
33000000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
800000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
801000000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
483000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
513000000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
800000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
801000000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
483000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
513000000 USD
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
696000000 USD
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
642000000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
2000000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
128000000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1315000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1390000000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
982000000 USD
us-gaap Operating Income Loss
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1274000000 USD
CY2016Q4 us-gaap Other Assets Current
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241000000 USD
CY2017Q2 us-gaap Other Assets Current
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186000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
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833000000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
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809000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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-24000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-21000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-19000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-17000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
-1000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
-1000000 USD
CY2016Q2 us-gaap Other Financial Services Costs
OtherFinancialServicesCosts
5000000 USD
us-gaap Other Financial Services Costs
OtherFinancialServicesCosts
11000000 USD
CY2017Q2 us-gaap Other Financial Services Costs
OtherFinancialServicesCosts
7000000 USD
us-gaap Other Financial Services Costs
OtherFinancialServicesCosts
14000000 USD
CY2016Q4 us-gaap Other Inventory Supplies
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485000000 USD
CY2017Q2 us-gaap Other Inventory Supplies
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439000000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
378000000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
376000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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CY2016Q2 us-gaap Other Operating Income
OtherOperatingIncome
29000000 USD
us-gaap Other Operating Income
OtherOperatingIncome
57000000 USD
CY2017Q2 us-gaap Other Operating Income
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84000000 USD
us-gaap Other Operating Income
OtherOperatingIncome
127000000 USD
us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
984000000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
164000000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
89000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-26000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-90000000 USD
CY2016Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
51000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
126000000 USD
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
750000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1170000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
21000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
339000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
376000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
220000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1431000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1265000000 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
171000000 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
677000000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
249000000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
324000000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1055000000 USD
CY2017Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
998000000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
1000000 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
23000000 USD
us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
763000000 USD
us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
300000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
315000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
434000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
714000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
2241000000 USD
us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
984000000 USD
us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
0 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
128000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-6000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-17000000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
79000000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
37000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
783000000 USD
us-gaap Profit Loss
ProfitLoss
705000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
574000000 USD
us-gaap Profit Loss
ProfitLoss
675000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38006000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Not Yet Adopted</font></div><div style="line-height:120%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued an update to provide guidance about when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless the fair value, vesting conditions and balance sheet classification of the modified award is the same as the original award immediately before the original award is modified.&#160;The update is effective for annual periods beginning after December 15, 2017, and interim periods within that annual period.&#160;Early adoption is permitted. This update should be applied prospectively to an award modified on or after the adoption date. We are in the process of determining the impact of the accounting standard update on the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued an update requiring that the service cost component of pension and postretirement benefit costs be presented in the same line item as other current employee compensation costs and other components of those benefit costs be presented separately from the service cost component and outside a subtotal of income from operations, if presented.&#160; The update also requires that only the service cost component of pension and postretirement benefit cost is eligible for capitalization.&#160;The update is effective for annual periods beginning after December 15, 2017, and interim periods within that annual period.&#160;Application is retrospective for the presentation of the components of these benefit costs and prospective for the capitalization of only service costs. Early adoption is permitted. We do not expect application of this accounting standard update to have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued an accounting standard update addressing the derecognition of nonfinancial assets.&#160;The guidance defines in substance nonfinancial assets, and states that the derecognition of business activities should be evaluated under the consolidation guidance, with limited exceptions related to conveyances of oil and gas mineral rights or contracts with customers.&#160;The standard eliminates the previous exclusion for businesses that are in-substance real estate, and eliminates some differences based on whether a transferred set is that of assets or a business and whether the transfer is to a joint venture.&#160;The standard must be implemented in conjunction with the implementation date of the revenue recognition accounting standard update, which we will implement January 1, 2018. We plan to adopt the new standard using the modified retrospective method and are in the process of determining the impact of the accounting standard update on the consolidated financial statements together with our evaluation of the new revenue recognition standard, as described further below.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued an accounting standard update which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, the recognition of an impairment charge is calculated based on the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance should be applied on a prospective basis, and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are in the process of determining the impact of the accounting standard update on the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued an accounting standard update to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is intended to narrow the definition of a business by specifying the minimum inputs and processes and by narrowing the definition of outputs. The change is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The guidance will be applied prospectively and early adoption is permitted for certain transactions. We are in the process of determining the impact of the accounting standard update on the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued an accounting standard update requiring that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The change is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. Retrospective application is required. The application of this accounting standard update will not have a material impact on our statements of cash flows.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued an accounting standard update that requires recognition of the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs. The change is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this accounting standard update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We do not expect application of this accounting standard update to have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued an accounting standard update related to the classification of certain cash flows. The accounting standard update provides specific guidance on eight cash flow classification issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees, to reduce diversity in practice. The change is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We do not expect application of this accounting standard update to have a material impact on our statements of cash flows.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued an accounting standard update related to the accounting for credit losses on certain financial instruments.&#160;The guidance requires that for most financial assets, losses be based on an expected loss approach which includes estimates of losses over the life of exposure that considers historical, current and forecasted information.&#160;Expanded disclosures related to the methods used to estimate the losses as well as a specific disaggregation of balances for financial assets are also required.&#160;The change is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We do not expect application of this accounting standard update to have a material impact on our consolidated financial statements. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued an accounting standard update requiring lessees to record virtually all leases on their balance sheets. The accounting standard update also requires expanded disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For lessors, this amended guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The change will be effective on a modified retrospective basis for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements and disclosures, internal controls and accounting policies. This evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the practical expedients in order to determine the best path of implementing changes to existing processes and controls along with necessary system implementations. We do not plan to early adopt the standard. We believe the impact will be material on the consolidated financial statements as all leases will be recognized as a right of use asset and lease obligation on our consolidated balance sheet. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued an accounting standard update requiring unconsolidated equity investments, not accounted for under the equity method, to be measured at fair value with changes in fair value recognized in net income. The accounting standard update also requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes and the separate presentation of financial assets and liabilities by measurement category and form on the balance sheet and accompanying notes. The accounting standard update eliminates the requirement to disclose the methods and assumptions used in estimating the fair value of financial instruments measured at amortized cost. Lastly, the accounting standard update requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when electing to measure the liability at fair value in accordance with the fair value option for financial instruments. The changes are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Early adoption is permitted only for the guidance regarding presentation of a liability&#8217;s credit risk. We do not expect application of this accounting standard update to have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued an accounting standard update for revenue recognition for contracts with customers. The guidance in the accounting standard update states that revenue is recognized when a customer obtains control of a good or service. Recognition of the revenue will involve a multiple step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and recognizing the revenue as the obligations are satisfied. Additional disclosures will be required to provide adequate information to understand the nature, amount, timing and uncertainty of reported revenues and revenues expected to be recognized. We will adopt the standard January 1, 2018, using the modified retrospective method, which will result in a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact of this standard on our financial statements and disclosures, internal controls and accounting policies. Based on the results to date, we have reached tentative conclusions for most contract types and do not believe revenue recognition patterns will change materially. We do expect certain amounts to be grossed up in revenue in our Midstream segment as a result of implementation. In addition, we expect to elect to change our presentation of consumer excise taxes from gross to net upon the adoption date in our Refining &amp; Marketing and Retail segments. We will provide updates as qualitative and quantitative conclusions are reached throughout 2017.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements.</font></div></div>

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