2017 Q4 Form 10-Q Financial Statement

#000151029517000098 Filed on October 30, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $21.06B $19.21B $16.62B
YoY Change 22.73% 15.6% -11.21%
Cost Of Revenue $19.01B $16.62B $14.97B
YoY Change 21.57% 11.02% -8.48%
Gross Profit $2.229B $2.593B $1.492B
YoY Change 35.75% 73.79% -37.89%
Gross Profit Margin 10.59% 13.5% 8.98%
Selling, General & Admin $523.0M $411.0M $420.0M
YoY Change 4.39% -2.14% 7.14%
% of Gross Profit 23.46% 15.85% 28.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $540.0M $517.0M $507.0M
YoY Change 7.14% 1.97% 39.29%
% of Gross Profit 24.23% 19.94% 33.98%
Operating Expenses $1.063B $411.0M $420.0M
YoY Change 5.77% -2.14% 7.14%
Operating Profit $1.168B $1.577B $435.0M
YoY Change 111.21% 262.53% -71.92%
Interest Expense -$149.0M -$150.0M -$154.0M
YoY Change -29.38% -2.6% -302.63%
% of Operating Profit -12.76% -9.51% -35.4%
Other Income/Expense, Net -$56.00M -$6.000M -$6.000M
YoY Change 273.33% 0.0% 0.0%
Pretax Income $959.0M $1.419B $294.0M
YoY Change 129.98% 382.65% -80.12%
Income Tax $334.0M $415.0M $75.00M
% Of Pretax Income 34.83% 29.25% 25.51%
Net Earnings $2.016B $903.0M $145.0M
YoY Change 788.11% 522.76% -84.7%
Net Earnings / Revenue 9.57% 4.7% 0.87%
Basic Earnings Per Share $4.13 $1.79 $0.28
Diluted Earnings Per Share $4.09 $1.77 $0.27
COMMON SHARES
Basic Shares Outstanding 488.4M shares 504.0M shares 527.0M shares
Diluted Shares Outstanding 508.0M shares 530.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.011B $2.088B $709.0M
YoY Change 239.46% 194.5% -65.31%
Cash & Equivalents $3.011B $2.088B $709.0M
Short-Term Investments
Other Short-Term Assets $145.0M $150.0M $176.0M
YoY Change -39.83% -14.77% 28.47%
Inventory $5.550B $5.493B $5.524B
Prepaid Expenses
Receivables $4.695B $3.900B $3.136B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.40B $11.63B $9.545B
YoY Change 28.84% 21.85% -12.12%
LONG-TERM ASSETS
Property, Plant & Equipment $26.44B $26.04B $25.70B
YoY Change 2.63% 1.32% 57.71%
Goodwill $3.586B $3.586B $3.648B
YoY Change -0.03% -1.7% 133.1%
Intangibles $631.0M
YoY Change -12.97%
Long-Term Investments $4.787B $4.769B $3.554B
YoY Change 25.08% 34.19% 231.22%
Other Assets $830.0M $784.0M $849.0M
YoY Change -0.36% -7.66% 130.71%
Total Long-Term Assets $35.65B $35.18B $33.75B
YoY Change 4.8% 4.23% 74.86%
TOTAL ASSETS
Total Short-Term Assets $13.40B $11.63B $9.545B
Total Long-Term Assets $35.65B $35.18B $33.75B
Total Assets $49.05B $46.81B $43.29B
YoY Change 10.43% 8.11% 43.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.297B $6.159B $5.055B
YoY Change 48.35% 21.84% 1.24%
Accrued Expenses $1.092B $830.0M $768.0M
YoY Change 9.86% 8.07% 1.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $624.0M $29.00M $28.00M
YoY Change 2128.57% 3.57% -96.41%
Total Short-Term Liabilities $10.48B $7.647B $6.340B
YoY Change 46.63% 20.62% -17.51%
LONG-TERM LIABILITIES
Long-Term Debt $12.32B $12.75B $10.54B
YoY Change 16.86% 21.02% 78.25%
Other Long-Term Liabilities $1.765B $1.669B $1.776B
YoY Change 6.39% -6.02% 4.72%
Total Long-Term Liabilities $14.09B $14.42B $12.31B
YoY Change 15.44% 17.12% 61.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.48B $7.647B $6.340B
Total Long-Term Liabilities $14.09B $14.42B $12.31B
Total Liabilities $27.22B $26.00B $22.34B
YoY Change 17.27% 16.42% 29.59%
SHAREHOLDERS EQUITY
Retained Earnings $12.86B $11.04B $10.17B
YoY Change 26.04% 8.6% 4.45%
Common Stock $11.27B $11.24B $11.01B
YoY Change 1.83% 2.1% 10.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.869B $9.118B $7.459B
YoY Change 31.9% 22.24% 5.31%
Treasury Stock Shares 248.0M shares 235.0M shares 203.0M shares
Shareholders Equity $14.03B $12.93B $13.40B
YoY Change
Total Liabilities & Shareholders Equity $49.05B $46.81B $43.29B
YoY Change 10.43% 8.11% 43.54%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $2.016B $903.0M $145.0M
YoY Change 788.11% 522.76% -84.7%
Depreciation, Depletion And Amortization $540.0M $517.0M $507.0M
YoY Change 7.14% 1.97% 39.29%
Cash From Operating Activities $2.745B $1.905B $412.0M
YoY Change 170.44% 362.38% -61.46%
INVESTING ACTIVITIES
Capital Expenditures -$804.0M -$663.0M -$716.0M
YoY Change 7.92% -7.4% 39.57%
Acquisitions
YoY Change
Other Investing Activities $23.00M $58.00M -$5.000M
YoY Change -560.0% -1260.0% -91.53%
Cash From Investing Activities -$781.0M -$605.0M -$721.0M
YoY Change 4.13% -16.09% 26.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $452.0M $51.00M
YoY Change 786.27% -67.31%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.044B -660.0M -736.0M
YoY Change 1047.25% -10.33% 120.36%
NET CHANGE
Cash From Operating Activities 2.745B 1.905B 412.0M
Cash From Investing Activities -781.0M -605.0M -721.0M
Cash From Financing Activities -1.044B -660.0M -736.0M
Net Change In Cash 920.0M 640.0M -1.045B
YoY Change 428.74% -161.24% -741.1%
FREE CASH FLOW
Cash From Operating Activities $2.745B $1.905B $412.0M
Capital Expenditures -$804.0M -$663.0M -$716.0M
Free Cash Flow $3.549B $2.568B $1.128B
YoY Change 101.65% 127.66% -28.7%

Facts In Submission

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CY2017Q3 us-gaap Deferred Income Tax Liabilities Net
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CY2016Q3 us-gaap Depreciation Depletion And Amortization
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507000000 USD
us-gaap Depreciation Depletion And Amortization
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517000000 USD
us-gaap Depreciation Depletion And Amortization
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1574000000 USD
CY2016Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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24000000 USD
CY2017Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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39000000 USD
us-gaap Dividends Common Stock Cash
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530000000 USD
us-gaap Dividends Common Stock Cash
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578000000 USD
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45000000 USD
CY2017Q3 us-gaap Due From Related Parties Current
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40000000 USD
CY2016Q4 us-gaap Due From Related Parties Noncurrent
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1000000 USD
CY2017Q3 us-gaap Due From Related Parties Noncurrent
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CY2016Q4 us-gaap Due To Related Parties Current
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53000000 USD
CY2017Q3 us-gaap Due To Related Parties Current
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64000000 USD
CY2016Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2017Q3 us-gaap Earnings Per Share Basic
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1.79
us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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1.78
CY2017Q3 us-gaap Earnings Per Share Diluted
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1.77
us-gaap Earnings Per Share Diluted
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2.73
us-gaap Effect Of Lifo Inventory Liquidation On Income
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CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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0.30
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2016Q4 us-gaap Employee Related Liabilities Current
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CY2017Q3 us-gaap Employee Related Liabilities Current
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459000000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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199000000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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252000000 USD
CY2016Q4 us-gaap Equity Method Investments
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CY2017Q3 us-gaap Equity Method Investments
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CY2016Q3 us-gaap Excise And Sales Taxes
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1914000000 USD
us-gaap Excise And Sales Taxes
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5633000000 USD
CY2017Q3 us-gaap Excise And Sales Taxes
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2012000000 USD
us-gaap Excise And Sales Taxes
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5751000000 USD
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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171000000 USD
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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176000000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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190000000 USD
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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57000000 USD
CY2016Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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1000000 USD
CY2017Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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CY2016Q3 us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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26000000 USD
CY2017Q3 us-gaap Gain Loss On Disposition Of Assets
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0 USD
us-gaap Gain Loss On Disposition Of Assets
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12000000 USD
CY2016Q4 us-gaap Goodwill
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CY2017Q3 us-gaap Goodwill
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CY2016Q3 us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Goodwill Impairment Loss
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130000000 USD
CY2017Q3 us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Goodwill Impairment Loss
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0 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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294000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1405000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1419000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2385000000 USD
CY2016Q3 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Loss From Equity Method Investments
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84000000 USD
us-gaap Income Loss From Equity Method Investments
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224000000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2017Q3 us-gaap Income Tax Expense Benefit
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415000000 USD
us-gaap Income Tax Expense Benefit
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706000000 USD
us-gaap Income Taxes Paid Net
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28000000 USD
us-gaap Income Taxes Paid Net
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383000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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237000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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654000000 USD
us-gaap Increase Decrease In Accounts Receivable
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209000000 USD
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296000000 USD
us-gaap Increase Decrease In Inventories
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CY2016Q3 us-gaap Interest And Debt Expense
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141000000 USD
us-gaap Interest And Debt Expense
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420000000 USD
CY2017Q3 us-gaap Interest And Debt Expense
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157000000 USD
us-gaap Interest And Debt Expense
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465000000 USD
CY2016Q3 us-gaap Interest Costs Capitalized Adjustment
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us-gaap Interest Costs Capitalized Adjustment
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47000000 USD
CY2017Q3 us-gaap Interest Costs Capitalized Adjustment
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14000000 USD
us-gaap Interest Costs Capitalized Adjustment
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47000000 USD
CY2016Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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455000000 USD
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172000000 USD
us-gaap Interest Expense Debt
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508000000 USD
us-gaap Interest Paid Net
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400000000 USD
us-gaap Interest Paid Net
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446000000 USD
CY2016Q3 us-gaap Inventory Lifo Reserve Period Charge
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0 USD
us-gaap Inventory Lifo Reserve Period Charge
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CY2017Q3 us-gaap Inventory Lifo Reserve Period Charge
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0 USD
us-gaap Inventory Lifo Reserve Period Charge
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0 USD
CY2016Q4 us-gaap Inventory Net
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CY2017Q3 us-gaap Inventory Net
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5493000000 USD
CY2016Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2017Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2016Q4 us-gaap Liabilities
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CY2017Q3 us-gaap Liabilities
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
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CY2017Q3 us-gaap Liabilities And Stockholders Equity
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CY2016Q4 us-gaap Liabilities Current
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CY2017Q3 us-gaap Liabilities Current
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CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2017Q3 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Long Term Purchase Commitment Amount
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694000000 USD
CY2016Q4 us-gaap Minority Interest
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CY2017Q3 us-gaap Minority Interest
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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380000000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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456000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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3002000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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3863000000 USD
CY2016Q3 us-gaap Net Income Loss
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145000000 USD
us-gaap Net Income Loss
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947000000 USD
CY2017Q3 us-gaap Net Income Loss
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903000000 USD
us-gaap Net Income Loss
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CY2016Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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58000000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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CY2017Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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85000000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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CY2016Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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25000000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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16000000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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49000000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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145000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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946000000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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903000000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1415000000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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145000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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946000000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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903000000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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1415000000 USD
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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899000000 USD
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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1630000000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Number Of Reportable Segments
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CY2016Q3 us-gaap Operating Income Loss
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435000000 USD
us-gaap Operating Income Loss
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1825000000 USD
CY2017Q3 us-gaap Operating Income Loss
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1576000000 USD
us-gaap Operating Income Loss
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CY2017Q3 us-gaap Other Assets Current
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CY2016Q4 us-gaap Other Assets Noncurrent
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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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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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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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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
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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
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2016Q3 us-gaap Other Financial Services Costs
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us-gaap Other Financial Services Costs
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17000000 USD
CY2017Q3 us-gaap Other Financial Services Costs
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us-gaap Other Financial Services Costs
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CY2016Q4 us-gaap Other Inventory Supplies
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CY2017Q3 us-gaap Other Inventory Supplies
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CY2016Q4 us-gaap Other Liabilities Current
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CY2017Q3 us-gaap Other Liabilities Current
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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CY2016Q3 us-gaap Other Operating Income
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49000000 USD
us-gaap Other Operating Income
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CY2017Q3 us-gaap Other Operating Income
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92000000 USD
us-gaap Other Operating Income
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219000000 USD
us-gaap Partners Capital Account Private Placement Of Units
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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164000000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
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89000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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CY2016Q3 us-gaap Payments For Repurchase Of Common Stock
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51000000 USD
us-gaap Payments For Repurchase Of Common Stock
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177000000 USD
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
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452000000 USD
us-gaap Payments For Repurchase Of Common Stock
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1622000000 USD
us-gaap Payments Of Debt Issuance Costs
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11000000 USD
us-gaap Payments Of Debt Issuance Costs
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28000000 USD
us-gaap Payments Of Dividends Common Stock
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529000000 USD
us-gaap Payments Of Dividends Common Stock
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578000000 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
249000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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2147000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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1928000000 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
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240000000 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
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730000000 USD
us-gaap Payments To Minority Shareholders
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389000000 USD
us-gaap Payments To Minority Shareholders
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505000000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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1055000000 USD
CY2017Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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1029000000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
us-gaap Refining And Marketing Revenue
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53220000000 USD
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
20000000 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
64000000 USD
us-gaap Proceeds From Issuance Of Commercial Paper
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1063000000 USD
us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
300000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
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499000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
473000000 USD
us-gaap Proceeds From Issuance Of Common Stock
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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 August 2017, the FASB issued accounting standards update to amend the hedge accounting rules to simplify the application of hedge accounting guidance and better portray the economic results of risk management activities in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, as well as eases certain hedge effectiveness assessment requirements. The guidance is effective beginning in 2019 with early adoption permitted. We are currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements and the timing of adoption.</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 May 2017, the FASB issued an accounting standards 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;We will adopt this accounting standards update January 1, 2018. This update should be applied prospectively to an award modified on or after the adoption date. We do not expect the application of this accounting standards 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 March 2017, the FASB issued an accounting standards 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;We will adopt this accounting standards update January 1, 2018. Application is retrospective for the presentation of the components of these benefit costs and prospective for the capitalization of only service costs. We do not expect the application of this accounting standards 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 standards 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 standards update, which we will implement January 1, 2018. We plan to adopt the new standard using the modified retrospective method and do not expect the application of this accounting standards 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 January 2017, the FASB issued an accounting standards 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, which could be different from the amount calculated under the current method using the implied fair value of the goodwill; 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. </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 standards 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. </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 standards 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. Application of this accounting standards 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 standards 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 standards 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 standards 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 standards update related to the classification of certain cash flows. The accounting standards 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. Retrospective application is required. We do not expect application of this accounting standards 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 standards 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 standards 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 standards update requiring lessees to record virtually all leases on their balance sheets. The accounting standards 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. Based on results of our evaluation process to date, we also believe the impact on our existing processes, controls and information systems may be material. </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 standards 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 standards 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 standards 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 standards 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 standards 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 standards update for revenue recognition for contracts with customers. The guidance in the accounting standards 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 contracts in our Midstream segment to be presented on a gross revenue recognition basis as a result of implementation. In addition, we expect to elect to change our presentation of consumer excise taxes incurred concurrently with revenue producing transactions from gross to net upon the adoption of this accounting standards update. Based on the results of our evaluation process to date, we do not expect our existing revenue recognition processes, controls and information systems to materially change.</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 GAAP for complete financial statements.</font></div></div>

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