2017 Q4 Form 10-K Financial Statement

#000160314518000007 Filed on February 21, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016 Q3
Revenue $197.0M $191.0M $199.0M
YoY Change 3.14% 30.82% 73.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $70.00M $78.00M $57.00M
YoY Change -10.26% 77.27% 96.55%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.00M $74.00M $54.00M
YoY Change -22.97% 42.31% 5.88%
% of Gross Profit
Operating Expenses $127.0M $152.0M $111.0M
YoY Change -16.45% 58.33% 65.67%
Operating Profit $66.00M $59.00M $81.00M
YoY Change 11.86% -4.84% 68.75%
Interest Expense -$44.00M $88.00M $41.00M
YoY Change -150.0% 2833.33% 32.26%
% of Operating Profit -66.67% 149.15% 50.62%
Other Income/Expense, Net $36.00M $24.00M $85.00M
YoY Change 50.0% 2300.0% -383.33%
Pretax Income $62.00M $247.0M $165.0M
YoY Change -74.9% 304.92% 816.67%
Income Tax $15.00M $34.00M $30.00M
% Of Pretax Income 24.19% 13.77% 18.18%
Net Earnings -$91.00M $42.00M $27.00M
YoY Change -316.67% 740.0% 2600.0%
Net Earnings / Revenue -46.19% 21.99% 13.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.605M $773.5K $609.5K
COMMON SHARES
Basic Shares Outstanding 54.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.0M $150.0M $133.0M
YoY Change 2.67% -8.54% -80.89%
Cash & Equivalents $154.0M $150.0M $134.0M
Short-Term Investments
Other Short-Term Assets $46.00M $30.00M $22.00M
YoY Change 53.33% 25.0% 69.23%
Inventory
Prepaid Expenses
Receivables $85.00M $87.00M $91.00M
Other Receivables $88.00M $67.00M $349.0M
Total Short-Term Assets $398.0M $367.0M $628.0M
YoY Change 8.45% 3.67% -22.56%
LONG-TERM ASSETS
Property, Plant & Equipment $6.197B $6.298B $5.098B
YoY Change -1.6% 22.96% 62.1%
Goodwill $628.0M $628.0M $628.0M
YoY Change 0.0% 0.96%
Intangibles
YoY Change
Long-Term Investments $218.0M $298.0M $10.00M
YoY Change -26.85% 104.11% -44.44%
Other Assets $124.0M $94.00M $61.00M
YoY Change 31.91% 54.1% -32.22%
Total Long-Term Assets $8.027B $8.294B $6.741B
YoY Change -3.22% 20.68% 97.92%
TOTAL ASSETS
Total Short-Term Assets $398.0M $367.0M $628.0M
Total Long-Term Assets $8.027B $8.294B $6.741B
Total Assets $8.425B $8.661B $7.369B
YoY Change -2.72% 19.84% 74.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.00M $331.0M $15.00M
YoY Change -92.15% 9.24% -11.76%
Accrued Expenses $39.00M $25.00M $20.00M
YoY Change 56.0% -10.71% 53.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $99.00M $78.00M $78.00M
YoY Change 26.92% -22.77% -9.3%
Total Short-Term Liabilities $276.0M $818.0M $459.0M
YoY Change -66.26% 59.77% 171.6%
LONG-TERM LIABILITIES
Long-Term Debt $4.218B $3.508B $3.586B
YoY Change 20.24% 5.22% 96.6%
Other Long-Term Liabilities $100.0M $69.00M $151.0M
YoY Change 44.93% -15.85% 504.0%
Total Long-Term Liabilities $5.925B $5.277B $4.741B
YoY Change 12.28% 9.41% 100.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.0M $818.0M $459.0M
Total Long-Term Liabilities $5.925B $5.277B $4.741B
Total Liabilities $6.201B $6.095B $5.200B
YoY Change 1.74% 14.25% 105.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.188B $1.743B $1.702B
YoY Change
Total Liabilities & Shareholders Equity $8.425B $8.661B $7.369B
YoY Change -2.72% 19.84% 74.75%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$91.00M $42.00M $27.00M
YoY Change -316.67% 740.0% 2600.0%
Depreciation, Depletion And Amortization $57.00M $74.00M $54.00M
YoY Change -22.97% 42.31% 5.88%
Cash From Operating Activities $120.0M $155.0M $98.00M
YoY Change -22.58% 44.86% -2.0%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$326.0M -$9.000M
YoY Change -97.85% 526.92% -88.0%
Acquisitions
YoY Change
Other Investing Activities -$553.0M $89.00M -$590.0M
YoY Change -721.35% -107.25% -5016.67%
Cash From Investing Activities -$560.0M -$237.0M -$599.0M
YoY Change 136.29% -81.47% 850.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 457.0M 116.0M 390.0M
YoY Change 293.97% -79.29% -32.41%
NET CHANGE
Cash From Operating Activities 120.0M 155.0M 98.00M
Cash From Investing Activities -560.0M -237.0M -599.0M
Cash From Financing Activities 457.0M 116.0M 390.0M
Net Change In Cash 17.00M 34.00M -111.0M
YoY Change -50.0% -105.56% -118.08%
FREE CASH FLOW
Cash From Operating Activities $120.0M $155.0M $98.00M
Capital Expenditures -$7.000M -$326.0M -$9.000M
Free Cash Flow $127.0M $481.0M $107.0M
YoY Change -73.6% 202.52% -38.86%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2016 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017Q4 us-gaap Commitments And Contingencies
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58000000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2017 us-gaap Current Federal Tax Expense Benefit
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CY2016 us-gaap Current Foreign Tax Expense Benefit
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CY2017 us-gaap Current Foreign Tax Expense Benefit
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CY2016 us-gaap Current State And Local Tax Expense Benefit
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CY2017 us-gaap Current State And Local Tax Expense Benefit
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CY2016Q4 us-gaap Debt Instrument Unamortized Discount
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CY2017Q4 us-gaap Deferred Finance Costs Gross
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CY2017Q4 us-gaap Deferred Finance Costs Net
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CY2016 us-gaap Deferred Income Tax Expense Benefit
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CY2017 us-gaap Deferred Income Tax Expense Benefit
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CY2017Q4 us-gaap Deferred Tax Assets Net
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CY2016Q4 us-gaap Distribution Made To Limited Partner Unit Distribution Dilution Per Unit
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CY2017Q1 us-gaap Distribution Made To Limited Partner Unit Distribution Dilution Per Unit
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CY2016Q4 us-gaap Due From Related Parties Current
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CY2016 us-gaap Earnings Per Share Basic And Diluted
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0.01
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CY2017 us-gaap Earnings Per Share Basic And Diluted
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CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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4000000 USD
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0.24
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2016Q4 us-gaap Equity Method Investments
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218000000 USD
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CY2016Q4 us-gaap Finite Lived Customer Relationships Gross
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678000000 USD
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661000000 USD
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17000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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17000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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17000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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17000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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17000000 USD
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21000000 USD
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16000000 USD
CY2016Q4 us-gaap Goodwill
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628000000 USD
CY2016 us-gaap Impairment Of Intangible Assets Finitelived
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0 USD
CY2017 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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140000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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437000000 USD
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276000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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67000000 USD
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140000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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437000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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276000000 USD
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36000000 USD
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40000000 USD
CY2017 us-gaap Income Loss From Equity Method Investments
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40000000 USD
CY2015 us-gaap Income Tax Expense Benefit
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CY2016 us-gaap Income Tax Expense Benefit
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CY2017 us-gaap Income Tax Expense Benefit
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9000000 USD
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CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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101000000 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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49000000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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153000000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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97000000 USD
CY2015 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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13000000 USD
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74000000 USD
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32000000 USD
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CY2016 us-gaap Income Tax Reconciliation Other Adjustments
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1000000 USD
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CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1000000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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7000000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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6000000 USD
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2000000 USD
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4000000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
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7000000 USD
CY2015 us-gaap Income Tax Reconciliation Tax Credits
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7000000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Credits
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9000000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Credits
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1000000 USD
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3000000 USD
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6000000 USD
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7000000 USD
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14000000 USD
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3000000 USD
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1000000 USD
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5000000 USD
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4000000 USD
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28000000 USD
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2000000 USD
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5000000 USD
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3000000 USD
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7000000 USD
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3000000 USD
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7000000 USD
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7000000 USD
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152000000 USD
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InterestExpense
199000000 USD
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110000000 USD
CY2016 us-gaap Interest Paid Net
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170000000 USD
CY2017 us-gaap Interest Paid Net
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163000000 USD
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25000000 USD
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39000000 USD
CY2016Q4 us-gaap Liabilities
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6187000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
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8661000000 USD
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8395000000 USD
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818000000 USD
CY2017Q4 us-gaap Liabilities Current
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276000000 USD
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55000000 USD
CY2015 us-gaap Limited Partners Capital Account Distribution Amount
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20000000 USD
CY2016Q4 us-gaap Liabilities Noncurrent
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5277000000 USD
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5911000000 USD
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1746000000 USD
CY2017Q4 us-gaap Limited Partners Capital Account
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1639000000 USD
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84000000 USD
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UtilitiesOperatingExpenseTaxes
16000000 USD
CY2016 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
20000000 USD
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43800000 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54200000 shares
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#231f20;font-style:italic;">Concentration of Credit Risk </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">- Financial instruments which potentially subject NEP to concentrations of credit risk consist primarily of accounts receivable and derivative instruments. Accounts receivable are comprised primarily of amounts due from various non-affiliated parties who are counterparties to the PPAs or natural gas transportation agreements. NEP has a limited number of counterparties, the majority of which are in the energy industry, and this concentration may impact the overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, industry or other conditions. If any of these customers&#8217; receivable balances should be deemed uncollectible, it could have a material adverse effect on NEP&#8217;s consolidated results of operations and financial condition. However, management does not believe significant credit risk exists at </font><font style="font-family:Arial;font-size:9pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:9pt;color:#231f20;">, because of the creditworthiness of the counterparties. Substantially all amounts due from such counterparties at </font><font style="font-family:Arial;font-size:9pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:9pt;color:#231f20;"> have been collected.</font></div><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div></div>
CY2017 us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#231f20;font-style:italic;">Derivative Instruments and Hedging Activities </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">- Derivative instruments, when required to be marked to market, are recorded on NEP&#8217;s consolidated balance sheets as either an asset or a liability measured at fair value. </font><font style="font-family:Arial;font-size:9pt;">In January 2016, NEP discontinued hedge accounting for its cash flow hedges related to interest rate contracts. </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">Prior to 2016, NEP generally assessed the effectiveness of its designated cash flow hedging instruments by using non-statistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. See Note 6.</font></div></div>

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