2014 Q2 Form 10-Q Financial Statement

#000110465914036951 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $11.20B $11.68B $10.62B
YoY Change 8.74% 10.02% 15.21%
Cost Of Revenue $10.64B $11.01B $9.777B
YoY Change 9.34% 12.57% 11.72%
Gross Profit $488.0M $609.0M $748.0M
YoY Change 0.62% -18.58% 96.84%
Gross Profit Margin 4.36% 5.21% 7.04%
Selling, General & Admin $90.00M $89.00M $106.0M
YoY Change -1.1% -16.04% 12.77%
% of Gross Profit 18.44% 14.61% 14.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0M $96.00M $82.00M
YoY Change 9.89% 17.07% 36.67%
% of Gross Profit 20.49% 15.76% 10.96%
Operating Expenses $190.0M $185.0M $188.0M
YoY Change 4.97% -1.6% 22.08%
Operating Profit $365.0M $493.0M $655.0M
YoY Change -4.7% -24.73% 109.27%
Interest Expense $82.00M $78.00M $77.00M
YoY Change 9.33% 1.3% 18.46%
% of Operating Profit 22.47% 15.82% 11.76%
Other Income/Expense, Net $4.000M -$2.000M $0.00
YoY Change -500.0% -100.0%
Pretax Income $310.0M $433.0M $589.0M
YoY Change -2.52% -26.49% 129.18%
Income Tax $22.00M $48.00M $53.00M
% Of Pretax Income 7.1% 11.09% 9.0%
Net Earnings $287.0M $384.0M $528.0M
YoY Change -1.71% -27.27% 129.57%
Net Earnings / Revenue 2.56% 3.29% 4.97%
Basic Earnings Per Share
Diluted Earnings Per Share $757.3K $1.058M $1.558M
COMMON SHARES
Basic Shares Outstanding 363.9M shares 359.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.00M $30.00M $24.00M
YoY Change -50.91% 25.0% 71.43%
Cash & Equivalents $27.00M $30.00M $24.00M
Short-Term Investments
Other Short-Term Assets $315.0M $285.0M $384.0M
YoY Change -26.74% -25.78% 124.56%
Inventory $1.096B $914.0M $1.031B
Prepaid Expenses
Receivables $3.730B $3.703B $3.701B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.168B $4.932B $5.140B
YoY Change 6.75% -4.05% 23.38%
LONG-TERM ASSETS
Property, Plant & Equipment $11.61B $11.15B $9.883B
YoY Change 14.07% 12.84% 15.56%
Goodwill $2.502B $2.485B $2.520B
YoY Change -0.04% -1.39%
Intangibles
YoY Change
Long-Term Investments $545.0M $506.0M $392.0M
YoY Change 23.3% 29.08% 104.17%
Other Assets $485.0M $499.0M $557.0M
YoY Change -10.68% -10.41% -68.67%
Total Long-Term Assets $16.33B $15.77B $14.30B
YoY Change 11.96% 10.28% 10.72%
TOTAL ASSETS
Total Short-Term Assets $5.168B $4.932B $5.140B
Total Long-Term Assets $16.33B $15.77B $14.30B
Total Assets $21.50B $20.70B $19.44B
YoY Change 10.66% 6.49% 13.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.301B $4.334B $4.073B
YoY Change 15.18% 6.41% 16.74%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $763.0M $879.0M $689.0M
YoY Change -15.41% 27.58% -8.98%
Total Short-Term Liabilities $5.423B $5.554B $5.022B
YoY Change 10.13% 10.59% 13.06%
LONG-TERM LIABILITIES
Long-Term Debt $7.414B $6.818B $6.331B
YoY Change 17.44% 7.69% 9.27%
Other Long-Term Liabilities $546.0M $547.0M $598.0M
YoY Change -2.15% -8.53% 80.12%
Total Long-Term Liabilities $7.960B $7.365B $6.929B
YoY Change 15.85% 6.29% 13.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.423B $5.554B $5.022B
Total Long-Term Liabilities $7.960B $7.365B $6.929B
Total Liabilities $13.38B $12.92B $11.95B
YoY Change 13.46% 8.1% 7.82%
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 $8.053B $7.724B $6.985B
YoY Change
Total Liabilities & Shareholders Equity $21.50B $20.70B $19.44B
YoY Change 10.66% 6.49% 13.81%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $287.0M $384.0M $528.0M
YoY Change -1.71% -27.27% 129.57%
Depreciation, Depletion And Amortization $100.0M $96.00M $82.00M
YoY Change 9.89% 17.07% 36.67%
Cash From Operating Activities $141.0M $822.0M $979.0M
YoY Change -60.61% -16.04% 208.83%
INVESTING ACTIVITIES
Capital Expenditures -$546.0M $468.0M $363.0M
YoY Change 26.1% 28.93% -229.64%
Acquisitions $31.00M
YoY Change 47.62%
Other Investing Activities -$31.00M -$1.000M -$68.00M
YoY Change -43.64% -98.53% -95.78%
Cash From Investing Activities -$577.0M -$524.0M -$444.0M
YoY Change 18.24% 18.02% -76.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 431.0M -307.0M -535.0M
YoY Change 244.8% -42.62% -134.29%
NET CHANGE
Cash From Operating Activities 141.0M 822.0M 979.0M
Cash From Investing Activities -577.0M -524.0M -444.0M
Cash From Financing Activities 431.0M -307.0M -535.0M
Net Change In Cash -5.000M -9.000M 0.000
YoY Change 0.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $141.0M $822.0M $979.0M
Capital Expenditures -$546.0M $468.0M $363.0M
Free Cash Flow $687.0M $354.0M $616.0M
YoY Change -13.15% -42.53% 3.18%

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CY2013Q1 paa Cash Paid Related To Purchases Of Linefill And Base Gas
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CY2013Q1 paa Net Proceeds From Repayments Of Revolving Credit Facilities
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CY2013Q1 paa Net Proceeds From Repayments Of Subsidiary Credit Facilities
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CY2013Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
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DistributionMadeToLimitedPartnerCashDistributionsPaid
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2014Q1 us-gaap Proceeds From Repayments Of Commercial Paper
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CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-2000000 USD
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
PLAINS ALL AMERICAN PIPELINE LP
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001070423
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Amendment Flag
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false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
363873690 shares
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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979000000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24000000 USD
CY2014Q1 us-gaap Partners Capital Account Distributions
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329000000 USD
CY2014Q1 us-gaap Partners Capital Account Sale Of Units
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151000000 USD
CY2013Q1 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
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CY2012Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
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CY2014Q1 paa Distribution Equivalent Right Payments
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1000000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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468000000 USD
CY2013Q4 us-gaap Commitments And Contingencies
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CY2013Q4 us-gaap Long Term Notes Payable
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6710000000 USD
CY2014Q1 us-gaap Long Term Notes Payable
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CY2013Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
15000000 USD
CY2014Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
14000000 USD
CY2014Q1 us-gaap Other Assets Current
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285000000 USD
CY2014Q1 us-gaap Equity Method Investments
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CY2014Q1 us-gaap Other Assets Noncurrent
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499000000 USD
CY2014Q1 us-gaap Receivables Net Current
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CY2014Q1 us-gaap Property Plant And Equipment Gross
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CY2014Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1713000000 USD
CY2014Q1 us-gaap Assets
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CY2014Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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4334000000 USD
CY2014Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
341000000 USD
CY2014Q1 us-gaap Other Long Term Debt Noncurrent
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107000000 USD
CY2014Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
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547000000 USD
CY2014Q1 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
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CY2014Q1 us-gaap General Partners Capital Account
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305000000 USD
CY2014Q1 us-gaap Partners Capital
PartnersCapital
7724000000 USD
CY2014Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
59000000 USD
CY2014Q1 us-gaap Liabilities And Stockholders Equity
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20702000000 USD
CY2014Q1 paa Sales And Related Revenues
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11346000000 USD
CY2014Q1 paa Pipeline Tariff Activities Trucking And Related Revenues
PipelineTariffActivitiesTruckingAndRelatedRevenues
181000000 USD
CY2014Q1 paa Storage Terminalling Processing And Related Revenues
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157000000 USD
CY2014Q1 us-gaap Operating Costs And Expenses
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CY2014Q1 us-gaap General And Administrative Expense
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CY2014Q1 us-gaap Current Income Tax Expense Benefit
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36000000 USD
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
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12000000 USD
CY2014Q1 us-gaap Net Income Loss Allocated To Limited Partners
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268000000 USD
CY2014Q1 us-gaap Net Income Loss Allocated To General Partners
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116000000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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1000000 USD
CY2014Q1 paa Cash Received Related To Sales Of Linefill And Base Gas
CashReceivedRelatedToSalesOfLinefillAndBaseGas
11000000 USD
CY2014Q1 paa Cash Paid Related To Purchases Of Linefill And Base Gas
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44000000 USD
CY2014Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2014Q1 us-gaap Proceeds From Sale Of Productive Assets
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2000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
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151000000 USD
CY2014Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2014Q1 paa Payments For Distributions To General Partner
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CY2014Q1 us-gaap Payments Of Dividends Minority Interest
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CY2014Q1 us-gaap Income Taxes Paid Net
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CY2013Q1 us-gaap Partners Capital Account Distributions
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CY2013Q1 us-gaap Partners Capital Account Sale Of Units
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CY2013Q1 us-gaap Partners Capital Account Unit Based Compensation
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CY2013Q1 paa Distribution Equivalent Right Payments
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CY2013Q1 us-gaap Partners Capital Other
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CY2014Q1 us-gaap Inventory Write Down
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CY2014Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2014Q1 paa Variation Margin Posted Returned
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CY2013 paa Variation Margin Posted Returned
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76000000 USD

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