2016 Q1 Form 10-Q Financial Statement

#000092222416000150 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.011B $2.230B
YoY Change -9.82% 2.39%
Cost Of Revenue $233.0M $342.0M
YoY Change -31.87% -125.22%
Gross Profit $1.778B $1.888B
YoY Change -5.83% -25.96%
Gross Profit Margin 88.41% 84.66%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $229.0M $216.0M
YoY Change 6.02% -40.82%
% of Gross Profit 12.88% 11.44%
Operating Expenses $955.0M $998.0M
YoY Change -4.31% -45.37%
Operating Profit $823.0M $890.0M
YoY Change -7.53% 11.11%
Interest Expense $224.0M $209.0M
YoY Change 7.18% -20.23%
% of Operating Profit 27.22% 23.48%
Other Income/Expense, Net $61.00M $88.00M
YoY Change -30.68% -482.61%
Pretax Income $660.0M $769.0M
YoY Change -14.17% 75.57%
Income Tax $179.0M $217.0M
% Of Pretax Income 27.12% 28.22%
Net Earnings $481.0M $647.0M
YoY Change -25.66% 104.75%
Net Earnings / Revenue 23.92% 29.01%
Basic Earnings Per Share $0.71 $0.97
Diluted Earnings Per Share $0.71 $0.96
COMMON SHARES
Basic Shares Outstanding 675.4M shares 667.0M shares
Diluted Shares Outstanding 678.8M shares 668.7M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $814.0M $1.470B
YoY Change -44.63% 17.04%
Cash & Equivalents $814.0M $1.114B
Short-Term Investments $135.0M
Other Short-Term Assets $38.00M $35.00M
YoY Change 8.57% -22.22%
Inventory $332.0M $687.0M
Prepaid Expenses $150.0M $168.0M
Receivables $727.0M $1.104B
Other Receivables $50.00M $127.0M
Total Short-Term Assets $2.713B $5.699B
YoY Change -52.4% -6.48%
LONG-TERM ASSETS
Property, Plant & Equipment $29.83B $34.96B
YoY Change -14.67% 3.51%
Goodwill $3.336B $3.964B
YoY Change -15.84% -7.77%
Intangibles $667.0M $920.0M
YoY Change -27.5% -2.44%
Long-Term Investments $34.00M
YoY Change -12.82%
Other Assets $160.0M $333.0M
YoY Change -51.95% -6.72%
Total Long-Term Assets $6.164B $7.264B
YoY Change -15.14% 1.07%
TOTAL ASSETS
Total Short-Term Assets $2.713B $5.699B
Total Long-Term Assets $6.164B $7.264B
Total Assets $38.71B $48.92B
YoY Change -20.87% 1.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $707.0M $1.128B
YoY Change -37.32% -16.13%
Accrued Expenses $315.0M $345.0M
YoY Change -8.7% -3.63%
Deferred Revenue
YoY Change
Short-Term Debt $1.265B $1.595B
YoY Change -20.69% 1.01%
Long-Term Debt Due $485.0M $1.535B
YoY Change -68.4% 404.93%
Total Short-Term Liabilities $4.066B $7.217B
YoY Change -43.66% 13.19%
LONG-TERM LIABILITIES
Long-Term Debt $18.07B $18.77B
YoY Change -3.72% -8.49%
Other Long-Term Liabilities $478.0M $596.0M
YoY Change -19.8% -7.17%
Total Long-Term Liabilities $6.807B $8.896B
YoY Change -23.48% 6.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.066B $7.217B
Total Long-Term Liabilities $6.807B $8.896B
Total Liabilities $10.87B $16.11B
YoY Change -32.52% 9.3%
SHAREHOLDERS EQUITY
Retained Earnings $3.185B $6.860B
YoY Change -53.57% 18.52%
Common Stock $9.736B $9.487B
YoY Change 2.62% 13.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.762B $14.04B
YoY Change
Total Liabilities & Shareholders Equity $38.71B $48.92B
YoY Change -20.87% 1.98%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $481.0M $647.0M
YoY Change -25.66% 104.75%
Depreciation, Depletion And Amortization $229.0M $216.0M
YoY Change 6.02% -40.82%
Cash From Operating Activities $557.0M $673.0M
YoY Change -17.24% -27.71%
INVESTING ACTIVITIES
Capital Expenditures $656.0M $833.0M
YoY Change -21.25% -6.61%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $2.000M
YoY Change -150.0% -125.0%
Cash From Investing Activities -$661.0M -$990.0M
YoY Change -33.23% -16.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $42.00M $35.00M
YoY Change 20.0% 133.33%
Debt Paid & Issued, Net $224.0M $0.00
YoY Change -100.0%
Cash From Financing Activities $115.0M -$97.00M
YoY Change -218.56% -124.74%
NET CHANGE
Cash From Operating Activities $557.0M $673.0M
Cash From Investing Activities -$661.0M -$990.0M
Cash From Financing Activities $115.0M -$97.00M
Net Change In Cash $11.00M -$414.0M
YoY Change -102.66% -395.71%
FREE CASH FLOW
Cash From Operating Activities $557.0M $673.0M
Capital Expenditures $656.0M $833.0M
Free Cash Flow -$99.00M -$160.0M
YoY Change -38.13% -510.26%

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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0pt;' >18. New Accounting Guidance Pending Adoption</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >(All Registrants)</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Accounting for Revenue from Contracts with Customers</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In May 2014, the Financial Accounting Standards Board (FASB)</font><font style='font-family:Times New Roman;font-size:10pt;' > issued accounting guidance that establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or se</font><font style='font-family:Times New Roman;font-size:10pt;' >rvices to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >For public business entities, this guidance can be applied using either a full retrospective or modified r</font><font style='font-family:Times New Roman;font-size:10pt;' >etrospective transition method, beginning in annual reporting periods after December 15, 2017 and interim periods within those years. Public business entities may early adopt this guidance in annual reporting periods beginning after December 15, 2016. Th</font><font style='font-family:Times New Roman;font-size:10pt;' >e Registrants expect to adopt this guidance effective January 1, 2018. </font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Registrants are currently assessing the impact of adopting this guidance, as well as the transition method they will use.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Accounting for </font><font style='font-family:Arial;font-size:10pt;text-decoration:underline;' >Leases</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In February 2016, the FASB issue</font><font style='font-family:Times New Roman;font-size:10pt;' >d accounting guidance for leases. This new guidance requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). </font><font style='font-family:Times New Roman;font-size:10pt;' > For income statement purpose</font><font style='font-family:Times New Roman;font-size:10pt;' >s, the FASB retained a dual model for lessees, requiring leases to be classified as either operating or finance. </font><font style='font-family:Times New Roman;font-size:10pt;' > Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded </font><font style='font-family:Times New Roman;font-size:10pt;' >expense pattern (similar to current capital leases). </font><font style='font-family:Times New Roman;font-size:10pt;' >Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Lessor accounting under the new guidance is similar to </font><font style='font-family:Times New Roman;font-size:10pt;' >the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. </font><font style='font-family:Times New Roman;font-size:10pt;' >Similar to current practice</font><font style='font-family:Times New Roman;font-size:10pt;' >, lessors will classify leases as operating, direct financing, or sales-type.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The standard is effective for public c</font><font style='font-family:Times New Roman;font-size:10pt;' >ompanies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. </font><font style='font-family:Times New Roman;font-size:10pt;' >Early adoption is permitted. </font><font style='font-family:Times New Roman;font-size:10pt;' >The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedie</font><font style='font-family:Times New Roman;font-size:10pt;' >nts. </font><font style='font-family:Times New Roman;font-size:10pt;' >Transition will require application of the new guidance at the beginning of the earliest comparative period presented.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Registrants are currently assessing the impact of adopting this guidance. </font></p></div>
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CY2016Q1 us-gaap Derivative Instruments And Hedges
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CY2016Q1 us-gaap Increase Decrease In Other Current Liabilities
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CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2016Q1 ppl Cumulative Effect Initial Adoption Of New Accounting Principle
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CY2015Q4 us-gaap Regulatory Assets Noncurrent
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CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
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CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2015Q4 us-gaap Regulatory Liability Current
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2015Q1 us-gaap Other Noncash Income Expense
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CY2015Q4 us-gaap Liabilities Current
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CY2016Q1 ppl Maximum Duration Of Long Term Procurement Contracts
MaximumDurationOfLongTermProcurementContracts
P20Y
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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610000000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
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679000000 USD
CY2015Q1 ppl Equity Investees Other Comprehensive Income Loss Reclassified To Net Income
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1000000 USD
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2016Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
229000000 USD
CY2015Q1 ppl Income From Continuing Operations After Tax Available To Shareholders Diluted
IncomeFromContinuingOperationsAfterTaxAvailableToShareholdersDiluted
549000000 USD
CY2016Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
517000000 USD
CY2016Q1 ppl Act129 Maximum Recoverable Costs Under Phase Iii Plan
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313000000 USD
CY2016Q1 ppl Equity Investees Other Comprehensive Income Loss Reclassified To Net Income
EquityInvesteesOtherComprehensiveIncomeLossReclassifiedToNetIncome
0 USD
CY2016Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
476000000 USD
CY2016Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
70000000 USD
CY2015Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-6000000 USD
CY2015Q1 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
86000000 USD
CY2016Q1 ppl Net Change Unbilled Revenues
NetChangeUnbilledRevenues
-18000000 USD
CY2016Q1 ppl Proceeds From Contributions From Discontinued Operations
ProceedsFromContributionsFromDiscontinuedOperations
0 USD
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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-1000000 USD
CY2015Q1 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
15000000 USD
CY2016Q1 ppl Common Stock Dividends Per Share Declared As Per Annum Equivalent
CommonStockDividendsPerShareDeclaredAsPerAnnumEquivalent
1.52
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
35000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0 USD
CY2016Q1 ppl Votes Per Share Of Common Stock
VotesPerShareOfCommonStock
1
CY2016Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
676945176 shares
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
18563000000 USD
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Interest Expense
InterestExpense
209000000 USD
CY2016Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0 USD

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