2014 Q1 Form 10-K Financial Statement

#000110465914018845 Filed on March 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $11.68B $10.63B $42.25B
YoY Change 10.02% 12.63% 11.78%
Cost Of Revenue $10.67B $9.732B $38.47B
YoY Change 13.07% 14.33% 11.92%
Gross Profit $609.0M $899.0M $2.167B
YoY Change -18.58% -3.02% 11.41%
Gross Profit Margin 5.21% 8.46% 5.13%
Selling, General & Admin $91.00M $84.00M $1.674B
YoY Change -14.15% 7.69% 389.47%
% of Gross Profit 14.94% 9.34% 77.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.00M $102.0M $262.0M
YoY Change 17.07% -19.05% 17.49%
% of Gross Profit 15.76% 11.35% 12.09%
Operating Expenses $523.0M $499.0M $2.042B
YoY Change -0.95% -4.77% 1.85%
Operating Profit $492.0M $391.0M $1.724B
YoY Change -24.89% -2.49% 21.07%
Interest Expense $81.00M -$39.00M $309.0M
YoY Change 3.85% -37.1% 4.75%
% of Operating Profit 16.46% -9.97% 17.92%
Other Income/Expense, Net -$2.000M -$31.00M $1.000M
YoY Change -83.33%
Pretax Income $429.0M $330.0M $1.480B
YoY Change -27.04% -3.23% 26.17%
Income Tax $57.00M $26.00M $106.0M
% Of Pretax Income 13.29% 7.88% 7.16%
Net Earnings $14.00M $12.00M $15.00M
YoY Change 1300.0% 1100.0% 400.0%
Net Earnings / Revenue 0.12% 0.11% 0.04%
Basic Earnings Per Share $0.10
Diluted Earnings Per Share $274.5K $244.9K $0.10
COMMON SHARES
Basic Shares Outstanding 135.8M shares 132.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.00M $43.00M $43.00M
YoY Change 23.08% 72.0% 72.0%
Cash & Equivalents $32.00M $43.00M $43.00M
Short-Term Investments
Other Short-Term Assets $285.0M $220.0M $220.0M
YoY Change -25.78% -37.32% -37.32%
Inventory $914.0M $1.065B $1.065B
Prepaid Expenses
Receivables $3.703B $3.637B $3.637B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.934B $4.965B $4.965B
YoY Change -4.08% -3.57% -3.57%
LONG-TERM ASSETS
Property, Plant & Equipment $11.17B $10.84B $11.64B
YoY Change 5.33% 12.18% 12.23%
Goodwill $2.485B $2.503B
YoY Change -1.26%
Intangibles
YoY Change
Long-Term Investments $506.0M $485.0M $485.0M
YoY Change 29.08% 41.4% 41.4%
Other Assets $1.582B $1.610B $1.458B
YoY Change 97.26% 174.28% 275.77%
Total Long-Term Assets $16.87B $16.49B $16.49B
YoY Change 17.82% 16.85% 16.85%
TOTAL ASSETS
Total Short-Term Assets $4.934B $4.965B $4.965B
Total Long-Term Assets $16.87B $16.49B $16.49B
Total Assets $21.81B $21.45B $21.45B
YoY Change 12.03% 11.39% 11.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.334B $3.985B $3.985B
YoY Change 6.38% 4.21% 4.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $879.0M $1.113B $1.113B
YoY Change 27.21% 2.49% 2.49%
Total Short-Term Liabilities $5.556B $5.413B $5.413B
YoY Change 10.55% 4.4% 4.4%
LONG-TERM LIABILITIES
Long-Term Debt $7.338B $7.230B $7.230B
YoY Change 12.36% 10.89% 10.89%
Other Long-Term Liabilities $547.0M $531.0M $531.0M
YoY Change -8.53% -9.39% -9.39%
Total Long-Term Liabilities $7.885B $7.761B $7.761B
YoY Change 10.6% 9.22% 9.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.556B $5.413B $5.413B
Total Long-Term Liabilities $7.885B $7.761B $7.761B
Total Liabilities $13.44B $13.17B $20.42B
YoY Change -30.95% 7.18% 6.02%
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 $1.051B $1.035B $1.035B
YoY Change
Total Liabilities & Shareholders Equity $21.81B $21.45B $21.45B
YoY Change 12.03% 11.39% 11.39%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $14.00M $12.00M $15.00M
YoY Change 1300.0% 1100.0% 400.0%
Depreciation, Depletion And Amortization $96.00M $102.0M $262.0M
YoY Change 17.07% -19.05% 17.49%
Cash From Operating Activities $817.0M $359.0M $1.948B
YoY Change -16.46% 0.28% 58.12%
INVESTING ACTIVITIES
Capital Expenditures $468.0M -$457.0M $1.613B
YoY Change 28.93% 77.13% 33.97%
Acquisitions $28.00M
YoY Change -98.7%
Other Investing Activities -$1.000M $144.0M -$3.000M
YoY Change -98.53% -119.0% -57.14%
Cash From Investing Activities -$524.0M -$313.0M -$1.653B
YoY Change 18.02% -69.19% -51.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -302.0M -37.00M -274.0M
YoY Change -43.34% -105.68% -112.69%
NET CHANGE
Cash From Operating Activities 817.0M 359.0M 1.948B
Cash From Investing Activities -524.0M -313.0M -1.653B
Cash From Financing Activities -302.0M -37.00M -274.0M
Net Change In Cash -9.000M 9.000M 21.00M
YoY Change -1000.0% -228.57% -2200.0%
FREE CASH FLOW
Cash From Operating Activities $817.0M $359.0M $1.948B
Capital Expenditures $468.0M -$457.0M $1.613B
Free Cash Flow $349.0M $816.0M $335.0M
YoY Change -43.25% 32.47% 1096.43%

Facts In Submission

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DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid
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CY2013 us-gaap Payments Of Dividends Minority Interest
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1494000000 USD
CY2013 us-gaap Operating Income Loss
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CY2013Q1 us-gaap Revenues
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CY2013Q1 us-gaap Operating Income Loss
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CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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56000000 USD
CY2013Q1 us-gaap Profit Loss
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CY2013Q1 us-gaap Net Income Loss
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CY2013Q2 us-gaap Revenues
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CY2013 us-gaap Payments For Proceeds From Other Investing Activities
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CY2013 pagp Net Proceeds From Repayments Of Short Term Letter Of Credit And Hedged Inventory Facility
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CY2013 pagp Net Proceeds From Repayments Of Senior Unsecured Revolving Credit Facilities
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CY2013 pagp Net Proceeds From Repayments Of Subsidiary Credit Agreement
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CY2013 pagp Net Proceeds From Repayments Of Revolving Credit Facilities
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CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2013Q2 us-gaap Profit Loss
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CY2013Q2 us-gaap Net Income Loss
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CY2013Q3 us-gaap Revenues
Revenues
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CY2012Q1 us-gaap Revenues
Revenues
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CY2012Q1 us-gaap Operating Income Loss
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CY2012Q1 us-gaap Profit Loss
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CY2012Q2 us-gaap Revenues
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CY2012Q2 us-gaap Operating Income Loss
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CY2012Q2 us-gaap Profit Loss
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CY2012Q2 us-gaap Net Income Loss
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CY2012Q3 us-gaap Revenues
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CY2012Q3 us-gaap Operating Income Loss
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CY2012Q3 us-gaap Profit Loss
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171000000 USD
CY2012Q3 us-gaap Net Income Loss
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CY2012 pagp Income Taxes Attributable To Noncontrolling Interest
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CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2012Q4 us-gaap Revenues
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CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q4 us-gaap Profit Loss
ProfitLoss
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CY2012Q4 us-gaap Net Income Loss
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CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2011 us-gaap Business Acquisitions Pro Forma Revenue
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CY2011 us-gaap Partners Capital Account Unit Based Compensation
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28000000 USD
CY2012 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
28000000 USD
CY2013 us-gaap Proceeds From Sale Of Productive Assets
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200000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
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12514000000 USD
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223000000 USD
CY2011 us-gaap Depreciation
Depreciation
197000000 USD
CY2012 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
168000000 USD
CY2013 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
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20000000 USD
CY2013Q4 us-gaap Other Assets Miscellaneous Noncurrent
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37000000 USD
CY2011 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
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5000000 USD
CY2011 us-gaap Proceeds From Sale Of Productive Assets
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12000000 USD
CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
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6000000 USD
CY2011 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2013Q4 us-gaap Unamortized Debt Issuance Expense
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CY2013Q4 us-gaap Derivative Instruments And Hedges Noncurrent
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30000000 USD
CY2013 us-gaap Inventory Write Down
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7000000 USD
CY2012 us-gaap Inventory Write Down
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128000000 USD
CY2013 us-gaap Interest Costs Capitalized
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38000000 USD
CY2012 us-gaap Interest Costs Capitalized
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36000000 USD
CY2011 us-gaap Interest Costs Capitalized
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25000000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
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CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1519000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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CY2012Q4 us-gaap Property Plant And Equipment Net
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CY2013 us-gaap Depreciation
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CY2013Q4 us-gaap Contractual Obligation Due In Second Year
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CY2013Q4 us-gaap Contractual Obligation Due In Third Year
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CY2013Q4 us-gaap Contractual Obligation Due In Fourth Year
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128000000 USD
CY2012Q4 us-gaap Unamortized Debt Issuance Expense
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70000000 USD
CY2012Q4 us-gaap Derivative Instruments And Hedges Noncurrent
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10000000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2012Q4 pagp Other Assets Noncurrent Gross
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CY2012Q4 pagp Accumulated Amortization Of Other Assets Noncurrent
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189000000 USD
CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2013 us-gaap Write Off Of Deferred Debt Issuance Cost
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8000000 USD
CY2012 us-gaap Write Off Of Deferred Debt Issuance Cost
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CY2013 pagp Amortization Expense On Other Assets Noncurrent
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96000000 USD
CY2012 pagp Amortization Expense On Other Assets Noncurrent
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99000000 USD
CY2011 pagp Amortization Expense On Other Assets Noncurrent
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44000000 USD
CY2013 us-gaap Amortization Of Intangible Assets
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85000000 USD
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90000000 USD
CY2011 us-gaap Amortization Of Intangible Assets
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36000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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254000000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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169000000 USD
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473000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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59000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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52000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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45000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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42000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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36000000 USD
CY2013Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
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15000000 USD
CY2012Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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41000000 USD
CY2013Q4 us-gaap Margin Deposit Assets
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CY2012Q4 us-gaap Margin Deposit Assets
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CY2013Q4 us-gaap Contractual Obligation Due In Fifth Year
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CY2012Q4 us-gaap Members Equity Attributable To Noncontrolling Interest
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120000000 USD
CY2011 us-gaap Derivative Gain Loss On Derivative Net
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CY2012Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2012Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2013 pagp Cash Flow Hedge Gain Loss To Be Reclassified Remaining Portion
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110000000 USD
CY2012 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
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43000000 USD
CY2011 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
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CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2013 pagp Variation Margin Paid Received
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CY2012 pagp Variation Margin Paid Received
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CY2013Q4 pagp Number Of Derivatives Held With Credit Risk Related Contingent Features
NumberOfDerivativesHeldWithCreditRiskRelatedContingentFeatures
0 contract
CY2012Q4 pagp Number Of Derivatives Held With Credit Risk Related Contingent Features
NumberOfDerivativesHeldWithCreditRiskRelatedContingentFeatures
0 contract
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124000000 USD
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132000000 USD
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103000000 USD
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78000000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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386000000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2013 us-gaap Operating Leases Rent Expense Minimum Rentals
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132000000 USD
CY2012 us-gaap Operating Leases Rent Expense Minimum Rentals
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102000000 USD
CY2011 us-gaap Operating Leases Rent Expense Minimum Rentals
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60000000 USD
CY2013Q4 us-gaap Other Commitment Due In Next Twelve Months
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32000000 USD
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42000000 USD
CY2013Q4 us-gaap Other Commitment
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CY2013Q4 us-gaap Contractual Obligation Due After Fifth Year
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428000000 USD
CY2013Q4 us-gaap Contractual Obligation
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CY2013Q1 pagp Gross Margin
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761000000 USD
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5000000 USD
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80000000 USD
CY2013 pagp Equity Based Compensation Fair Value Future Amortization Expense Year Two
EquityBasedCompensationFairValueFutureAmortizationExpenseYearTwo
55000000 USD
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36000000 USD
CY2013 us-gaap Derivative Credit Risk Related Contingent Features Existence And Nature
DerivativeCreditRiskRelatedContingentFeaturesExistenceAndNature
none of our outstanding derivatives contained credit-risk related contingent features that would result in a material adverse impact to us upon any change in our credit ratings
CY2013Q4 us-gaap Derivative Asset Fair Value Gross Liability
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148000000 USD
CY2012Q4 us-gaap Derivative Asset Fair Value Gross Liability
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148000000 USD
CY2013Q4 us-gaap Derivative Assets
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146000000 USD
CY2012Q4 us-gaap Derivative Assets
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148000000 USD
CY2012Q4 us-gaap Derivative Liability Fair Value Gross Asset
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148000000 USD
CY2013Q4 us-gaap Derivative Liabilities
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9000000 USD
CY2012Q4 us-gaap Derivative Liabilities
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41000000 USD
CY2013Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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193000000 USD
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110000000 USD
CY2013 pagp Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Settlement Fair Value
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48000000 USD
CY2012 pagp Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Settlement Fair Value
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62000000 USD
CY2013 pagp Share Based Compensation Arrangement By Share Based Payment Award Vested In Period Cash Settled
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61000000 USD
CY2012 pagp Share Based Compensation Arrangement By Share Based Payment Award Vested In Period Cash Settled
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66000000 USD
CY2013 pagp Distribution Equivalent Rights Cash Payments
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8000000 USD
CY2012 pagp Distribution Equivalent Rights Cash Payments
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7000000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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25000000 USD
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3564000000 USD
CY2012Q4 us-gaap Inventory Net
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CY2012Q4 us-gaap Other Assets Current
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351000000 USD
CY2012Q4 us-gaap Assets Current
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5149000000 USD
CY2012Q4 pagp Linefill And Base Gas
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707000000 USD
CY2012Q4 us-gaap Inventory Noncurrent
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274000000 USD
CY2012Q4 us-gaap Equity Method Investments
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343000000 USD
CY2012Q4 us-gaap Liabilities Current
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5185000000 USD
CY2013Q4 us-gaap Liabilities Current
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5413000000 USD
CY2012Q4 us-gaap Other Long Term Debt Noncurrent
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510000000 USD
CY2012Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
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586000000 USD
CY2012Q4 us-gaap Liabilities Noncurrent
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7106000000 USD
CY2012Q4 us-gaap Liabilities And Stockholders Equity
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CY2012 pagp Sales And Related Revenues
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CY2011 pagp Sales And Related Revenues
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33065000000 USD
CY2012 pagp Pipeline Tariff Activities Trucking And Related Revenues
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623000000 USD
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572000000 USD
CY2012 pagp Storage Terminalling Processing And Related Revenues
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736000000 USD
CY2011 pagp Storage Terminalling Processing And Related Revenues
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638000000 USD
CY2012 pagp Purchases And Related Costs
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34368000000 USD
CY2011 pagp Purchases And Related Costs
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31564000000 USD
CY2012 us-gaap Operating Costs And Expenses
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1180000000 USD
CY2011 us-gaap Operating Costs And Expenses
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870000000 USD
CY2012 us-gaap General And Administrative Expense
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342000000 USD
CY2011 us-gaap General And Administrative Expense
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294000000 USD
CY2012 us-gaap Costs And Expenses
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36373000000 USD
CY2011 us-gaap Costs And Expenses
CostsAndExpenses
32978000000 USD
CY2011 us-gaap Operating Income Loss
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1297000000 USD
CY2013 us-gaap Costs And Expenses
CostsAndExpenses
40525000000 USD
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1198000000 USD
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1147000000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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926000000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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1144000000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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924000000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax
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15000000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax
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3000000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax
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2000000 USD
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111000000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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50000000 USD
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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79000000 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2011 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-135000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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58000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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66000000 USD
CY2011 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2012 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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43000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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110000000 USD
CY2011 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-42000000 USD
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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44000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-220000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2011 us-gaap Inventory Write Down
InventoryWriteDown
4000000 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
101000000 USD
CY2012 pagp Gain Loss On Sale Of Linefill And Base Gas
GainLossOnSaleOfLinefillAndBaseGas
19000000 USD
CY2012 pagp Net Cash Paid Received For Terminated Interest Rate And Foreign Currency Hedging Instruments
NetCashPaidReceivedForTerminatedInterestRateAndForeignCurrencyHedgingInstruments
-112000000 USD
CY2011 pagp Net Cash Paid Received For Terminated Interest Rate And Foreign Currency Hedging Instruments
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12000000 USD
CY2012 us-gaap Other Noncash Income Expense
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1000000 USD
CY2011 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-15000000 USD
CY2012 us-gaap Increase Decrease In Inventories
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180000000 USD
CY2011 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-518000000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-504000000 USD
CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
399000000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1948000000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1232000000 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2357000000 USD
CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2156000000 USD
CY2011 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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