2015 Form 10-K Financial Statement

#000103500216000069 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $87.80B $27.86B $34.41B
YoY Change -32.89% -19.08% -4.78%
Cost Of Revenue $80.69B $24.75B $31.45B
YoY Change -32.23% -21.69% -8.46%
Gross Profit $7.539B $3.113B $2.957B
YoY Change -36.02% 10.04% 66.31%
Gross Profit Margin 8.59% 11.17% 8.59%
Selling, General & Admin $710.0M $214.0M $180.0M
YoY Change -1.93% 19.55% 5.88%
% of Gross Profit 9.42% 6.87% 6.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.842B $425.0M $430.0M
YoY Change 8.99% -2.75% -4.02%
% of Gross Profit 24.43% 13.65% 14.54%
Operating Expenses $710.0M $1.317B $180.0M
YoY Change -1.93% 5.11% 5.88%
Operating Profit $6.358B $1.796B $1.670B
YoY Change 7.73% 14.98% 213.91%
Interest Expense $433.0M -$101.0M $98.00M
YoY Change 9.07% -12.93% -3.92%
% of Operating Profit 6.81% -5.62% 5.87%
Other Income/Expense, Net $46.00M $9.000M $11.00M
YoY Change -2.13% -47.06% -35.29%
Pretax Income $5.971B $1.704B $1.583B
YoY Change 7.55% -5.44% 254.14%
Income Tax $1.870B $484.0M $521.0M
% Of Pretax Income 31.32% 28.4% 32.91%
Net Earnings $3.990B $1.155B $1.059B
YoY Change 9.92% -10.33% 239.42%
Net Earnings / Revenue 4.54% 4.15% 3.08%
Basic Earnings Per Share $8.00 $2.22 $2.01
Diluted Earnings Per Share $7.99 $2.22 $2.00
COMMON SHARES
Basic Shares Outstanding 497.0M shares 521.2M shares 526.0M shares
Diluted Shares Outstanding 500.0M shares 530.0M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.114B $3.689B $4.191B
YoY Change 11.52% -14.05% 119.65%
Cash & Equivalents $4.114B $3.689B $4.191B
Short-Term Investments
Other Short-Term Assets $204.0M $326.0M $1.744B
YoY Change -57.23% -19.31% 349.48%
Inventory $5.898B $6.623B $6.860B
Prepaid Expenses
Receivables $4.464B $5.879B $6.792B
Other Receivables $218.0M $97.00M $79.00M
Total Short-Term Assets $14.90B $16.61B $19.67B
YoY Change -10.33% -13.81% 5.77%
LONG-TERM ASSETS
Property, Plant & Equipment $26.70B $26.74B $26.45B
YoY Change -0.12% 4.0% 3.15%
Goodwill
YoY Change
Intangibles $154.0M
YoY Change -1.28%
Long-Term Investments $78.00M
YoY Change
Other Assets $2.626B $2.201B $2.340B
YoY Change 19.31% -3.3% 23.29%
Total Long-Term Assets $29.33B $28.94B $28.79B
YoY Change 1.36% 3.41% 3.93%
TOTAL ASSETS
Total Short-Term Assets $14.90B $16.61B $19.67B
Total Long-Term Assets $29.33B $28.94B $28.79B
Total Assets $44.23B $45.55B $48.46B
YoY Change -2.9% -3.62% 4.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.907B $6.760B $9.939B
YoY Change -27.41% -31.93% -9.63%
Accrued Expenses $1.623B $596.0M $630.0M
YoY Change -10.08% 14.18% 5.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $127.0M $606.0M $600.0M
YoY Change -79.04% 100.0% 98.02%
Total Short-Term Liabilities $6.994B $9.980B $13.46B
YoY Change -29.92% -23.95% -1.52%
LONG-TERM LIABILITIES
Long-Term Debt $7.208B $5.780B $5.783B
YoY Change 24.71% -7.68% -7.63%
Other Long-Term Liabilities $1.611B $1.939B $1.549B
YoY Change -16.92% 45.9% -6.97%
Total Long-Term Liabilities $8.819B $1.939B $1.549B
YoY Change 14.25% 45.9% -6.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.994B $9.980B $13.46B
Total Long-Term Liabilities $8.819B $1.939B $1.549B
Total Liabilities $23.70B $11.92B $15.01B
YoY Change -4.72% -17.53% -2.11%
SHAREHOLDERS EQUITY
Retained Earnings $22.05B $21.03B
YoY Change 16.22% 18.14%
Common Stock $7.123B $7.144B
YoY Change -0.99% -1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.125B $7.773B
YoY Change 15.18% 13.38%
Treasury Stock Shares 159.2M shares 150.4M shares
Shareholders Equity $20.53B $20.68B $20.55B
YoY Change
Total Liabilities & Shareholders Equity $44.23B $45.55B $48.46B
YoY Change -2.9% -3.62% 4.67%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $3.990B $1.155B $1.059B
YoY Change 9.92% -10.33% 239.42%
Depreciation, Depletion And Amortization $1.842B $425.0M $430.0M
YoY Change 8.99% -2.75% -4.02%
Cash From Operating Activities $5.611B $997.0M $1.866B
YoY Change 32.3% -60.58% 744.34%
INVESTING ACTIVITIES
Capital Expenditures $1.618B -$700.0M -$499.0M
YoY Change -24.85% 62.41% 4.18%
Acquisitions
YoY Change
Other Investing Activities $55.00M -$158.0M -$121.0M
YoY Change 96.43% 46.3% 9.01%
Cash From Investing Activities -$2.487B -$858.0M -$620.0M
YoY Change -12.55% 59.18% 5.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.838B
YoY Change 118.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.545B -614.0M -489.0M
YoY Change 31.87% -255.44% 237.24%
NET CHANGE
Cash From Operating Activities $5.611B 997.0M 1.866B
Cash From Investing Activities -$2.487B -858.0M -620.0M
Cash From Financing Activities -$2.545B -614.0M -489.0M
Net Change In Cash $579.0M -475.0M 757.0M
YoY Change -208.63% -119.92% -247.28%
FREE CASH FLOW
Cash From Operating Activities $5.611B $997.0M $1.866B
Capital Expenditures $1.618B -$700.0M -$499.0M
Free Cash Flow $3.993B $1.697B $2.365B
YoY Change 91.24% -42.67% 237.86%

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CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2015Q4 us-gaap Deferred Tax Liabilities
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7060000000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2015 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Accumulated Postretirement Benefit Obligation1
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2000000 USD
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CY2015Q4 us-gaap Deferred Tax Liabilities Current
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CY2015Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Inventory Costs
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287000000 USD
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CY2015Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
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CY2014Q4 us-gaap Deferred Tax Liabilities Investments
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CY2015Q4 us-gaap Deferred Tax Liabilities Investments
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CY2015 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Service And Interest Cost Components1
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0 USD
CY2015 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
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3000000 USD
CY2015 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
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CY2014Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2015Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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0.0736
CY2015 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year
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0.0729
CY2014 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
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CY2015 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
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0.0500
CY2014Q4 us-gaap Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate
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2020
CY2015Q4 us-gaap Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate
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2026
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62000000 USD
CY2014 us-gaap Defined Contribution Plan Cost Recognized
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61000000 USD
CY2015 us-gaap Defined Contribution Plan Cost Recognized
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65000000 USD
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1200000000 USD
CY2014 us-gaap Depreciation
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1200000000 USD
CY2015 us-gaap Depreciation
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1720000000 USD
CY2014 us-gaap Depreciation Amortization And Accretion Net
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1690000000 USD
CY2015 us-gaap Depreciation Amortization And Accretion Net
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1720000000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
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1690000000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
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CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2014 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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0.00
CY2013 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2014 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2015 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2013 us-gaap Dividends
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CY2014 us-gaap Dividends
Dividends
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CY2015 us-gaap Dividends
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CY2014 us-gaap Earnings Per Share Basic
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2.67
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2.79
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0.62
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8.00
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4.97
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1.54
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.10
CY2014Q3 us-gaap Earnings Per Share Diluted
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2.00
CY2014Q4 us-gaap Earnings Per Share Diluted
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2.22
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.85
CY2015Q1 us-gaap Earnings Per Share Diluted
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1.87
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EarningsPerShareDiluted
2.66
CY2015Q3 us-gaap Earnings Per Share Diluted
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2.79
CY2015Q4 us-gaap Earnings Per Share Diluted
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0.62
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.99
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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22000000 USD
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21000000 USD
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CY2014Q4 us-gaap Equity Method Investments
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CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2013 us-gaap Excise And Sales Taxes
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CY2015 us-gaap Excise And Sales Taxes
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5980000000 USD
CY2013 us-gaap Gain Or Loss On Sale Of Previously Unissued Stock By Equity Investee
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325000000 USD
CY2014 us-gaap Gain Or Loss On Sale Of Previously Unissued Stock By Equity Investee
GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee
0 USD
CY2015 us-gaap Gain Or Loss On Sale Of Previously Unissued Stock By Equity Investee
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CY2013 us-gaap Income Loss From Continuing Operations
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3976000000 USD
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5552000000 USD
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5971000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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445000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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875000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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644000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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2722000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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3775000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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4101000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
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4.98
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
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7.00
CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
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8.00
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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6.97
CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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117000000 USD
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12000000 USD
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IncomeTaxExaminationPenaltiesAndInterestExpense
2000000 USD
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5000000 USD
CY2013 us-gaap Income Tax Expense Benefit
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1254000000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1870000000 USD
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32000000 USD
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CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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36000000 USD
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74000000 USD
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102000000 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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1956000000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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1320000000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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1782000000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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133000000 USD
CY2013 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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3000000 USD
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IncomeTaxReconciliationMinorityInterestIncomeExpense
28000000 USD
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39000000 USD
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9000000 USD
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24000000 USD
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86000000 USD
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118000000 USD
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114000000 USD
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387000000 USD
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1624000000 USD
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2093000000 USD
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97000000 USD
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218000000 USD
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182000000 USD
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266000000 USD
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977000000 USD
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309000000 USD
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53000000 USD
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38000000 USD
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222000000 USD
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1810000000 USD
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32000000 USD
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45000000 USD
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337000000 USD
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753000000 USD
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365000000 USD
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397000000 USD
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361000000 USD
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392000000 USD
CY2015 us-gaap Interest Paid Net
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416000000 USD
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88000000 USD
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96000000 USD
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3774000000 USD
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233000000 USD
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244000000 USD
CY2014Q4 us-gaap Inventory Valuation Reserves
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0 USD
CY2015Q4 us-gaap Inventory Valuation Reserves
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766000000 USD
CY2013 us-gaap Inventory Write Down
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0 USD
CY2014 us-gaap Inventory Write Down
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0 USD
CY2015 us-gaap Inventory Write Down
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790000000 USD
CY2013 us-gaap Lease And Rental Expense
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635000000 USD
CY2014 us-gaap Lease And Rental Expense
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661000000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
837000000 USD
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45550000000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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44343000000 USD
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9980000000 USD
CY2015Q4 us-gaap Liabilities Current
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7360000000 USD
CY2014Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
46000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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59000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
64000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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35000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
36000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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576000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
118000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
83000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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3000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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768000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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757000000 USD
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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42000000 USD
CY2013 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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13000000 USD
CY2014 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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7000000 USD
CY2015 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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7000000 USD
CY2014Q4 us-gaap Weighted Average Cost Inventory Amount
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906000000 USD
CY2015Q4 us-gaap Weighted Average Cost Inventory Amount
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668000000 USD
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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548000000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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530000000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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500000000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
542000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
526000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
497000000 shares
CY2015Q4 vlo Capital Lease Unamortized Fair Value Adjustment Net
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0 USD
CY2015Q4 vlo Combined Capacity Of Ethanol
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1400000000
CY2015Q4 vlo Combined Total Throughput Capacity Of Petroleum Refining
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3000000
CY2014Q4 vlo Deferred Turnaroundand Catalyst Costs Net
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1359000000 USD
CY2015Q4 vlo Deferred Turnaroundand Catalyst Costs Net
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1484000000 USD
CY2014Q4 vlo Ethanol Feedstocks And Products
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195000000 USD
CY2015Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
242000000 USD
CY2013 vlo Foreign Currency Translation Adjustment Increase Decreaseto Allowancefor Doubtful Accounts
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0 USD
CY2014 vlo Foreign Currency Translation Adjustment Increase Decreaseto Allowancefor Doubtful Accounts
ForeignCurrencyTranslationAdjustmentIncreaseDecreasetoAllowanceforDoubtfulAccounts
-1000000 USD
CY2015 vlo Foreign Currency Translation Adjustment Increase Decreaseto Allowancefor Doubtful Accounts
ForeignCurrencyTranslationAdjustmentIncreaseDecreasetoAllowanceforDoubtfulAccounts
0 USD
CY2014Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6623000000 USD
CY2015Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6664000000 USD
CY2014Q4 vlo Liabilityfor Uncertain Tax Positions Currentand Noncurrent
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484000000 USD
CY2015Q4 vlo Liabilityfor Uncertain Tax Positions Currentand Noncurrent
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391000000 USD
CY2015Q4 vlo Number Of Branded Wholesale Sites
NumberOfBrandedWholesaleSites
7500 branded_wholesale_sites
CY2015Q4 vlo Number Of Ethanol Plants Owned By Company
NumberOfEthanolPlantsOwnedByCompany
11 plants
CY2015Q4 vlo Number Of Refineries Owned By Company
NumberOfRefineriesOwnedByCompany
15 refineries
CY2015Q4 vlo Numberof Refineries Impactedby Vlp Operations
NumberofRefineriesImpactedbyVLPOperations
9 refineries
CY2014Q4 vlo Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
387000000 USD
CY2015Q4 vlo Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
349000000 USD
CY2014Q4 vlo Penalties Interestandthe U.S.Federal Income Tax Effectof State Unrecognized Tax Benefits
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49000000 USD
CY2015Q4 vlo Penalties Interestandthe U.S.Federal Income Tax Effectof State Unrecognized Tax Benefits
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25000000 USD
CY2015Q4 vlo Percentage Excess Of Unrecognized Loss Over Higher Of Projected Benefit Obligation Or Market Related Value Of Plan Assets Of Which Losses Are Amortized Percentage
PercentageExcessOfUnrecognizedLossOverHigherOfProjectedBenefitObligationOrMarketRelatedValueOfPlanAssetsOfWhichLossesAreAmortizedPercentage
0.10
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141000000 USD
CY2015Q4 vlo Re Imaging Costs Net
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154000000 USD
CY2014Q4 vlo Receivables Gross
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5916000000 USD
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4499000000 USD
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TreasuryStockPurchasedbutNotyetSettled
25000000 USD
CY2014Q4 vlo Unrecognized Tax Benefits Resultingfrom Deferred Tax Assets
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0 USD
CY2015Q4 vlo Unrecognized Tax Benefits Resultingfrom Deferred Tax Assets
UnrecognizedTaxBenefitsResultingfromDeferredTaxAssets
28000000 USD
CY2014Q4 vlo Unrecognized Tax Benefits Tax Refund Claims
UnrecognizedTaxBenefitsTaxRefundClaims
554000000 USD
CY2015Q4 vlo Unrecognized Tax Benefits Tax Refund Claims
UnrecognizedTaxBenefitsTaxRefundClaims
570000000 USD
CY2015 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">General</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As used in this report, the terms &#8220;Valero,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; may refer to Valero&#160;Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. We are an independent petroleum refining and marketing company and own </font><font style="font-family:inherit;font-size:11pt;">15 refineries</font><font style="font-family:inherit;font-size:11pt;"> with a combined throughput capacity of approximately </font><font style="font-family:inherit;font-size:11pt;">3.0&#160;million</font><font style="font-family:inherit;font-size:11pt;">&#160;barrels per day (BPD) as of </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;">. We market branded and unbranded refined products on a wholesale basis in the United&#160;States (U.S.), Canada, the Caribbean, the United&#160;Kingdom (U.K.), and Ireland through an extensive bulk and rack marketing network and through approximately </font><font style="font-family:inherit;font-size:11pt;">7,500</font><font style="font-family:inherit;font-size:11pt;">&#160;outlets that carry the Valero</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;">, Diamond Shamrock</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;">,</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font style="font-family:inherit;font-size:11pt;">Shamrock</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;">, Ultramar</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;">, Beacon</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;">, and Texaco</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:11pt;"> brand names. We also own </font><font style="font-family:inherit;font-size:11pt;">11</font><font style="font-family:inherit;font-size:11pt;">&#160;ethanol plants in the U.S. that primarily produce ethanol with a combined production capacity of approximately </font><font style="font-family:inherit;font-size:11pt;">1.4&#160;billion</font><font style="font-family:inherit;font-size:11pt;">&#160;gallons per year as of </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;">. Our operations are affected by:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">company-specific factors, primarily refinery utilization rates and refinery maintenance turnarounds;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">seasonal factors, such as the demand for refined products during the summer driving season and heating oil during the winter season; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">industry factors, such as movements in and the level of crude oil prices including the effect of quality differentials between grades of crude oil, the demand for and prices of refined products, industry supply capacity, and competitor refinery maintenance turnarounds.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div></div>
CY2015 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2014, the Accounting Standards Codification (ASC) was amended and a new accounting standard, ASC Topic&#160;606, &#8220;Revenue from Contracts with Customers,&#8221; was issued to clarify the principles for recognizing revenue. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires improved interim and annual disclosures that enable the users of financial statements to better understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. In July&#160;2015, the effective date of the new standard was deferred by one&#160;year. As a result, the standard is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within those reporting periods, and can be adopted either retrospectively to each prior reporting period presented using a practical expedient, as allowed by the standard, or retrospectively with a cumulative-effect adjustment to retained earnings as of the date of initial application. Early adoption is permitted, but not before the original effective date, which was for annual reporting periods beginning after December&#160;15, 2016, including interim reporting periods within those reporting periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February&#160;2015, the provisions of ASC Topic&#160;810, &#8220;Consolidation,&#8221; were amended to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in additional disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In April&#160;2015, the provisions of ASC Subtopic&#160;835-30, &#8220;Interest&#8211;Imputation of Interest,&#8221; were amended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a note be reported in the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. In August&#160;2015, these provisions were further amended with guidance from the Securities and Exchange Commission staff that they would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not materially affect our financial position or results of operations; however, our debt issuance costs associated with issued debt (other than borrowings on our line-of-credit arrangements) will be reported in the balance sheet as a direct deduction from &#8220;debt and capital lease obligations, less current portion&#8221; and excluded from &#8220;deferred charges and other assets, net.&#8221; As of </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;">, debt issuance costs associated with issued debt totaled </font><font style="font-family:inherit;font-size:11pt;">$42&#160;million</font><font style="font-family:inherit;font-size:11pt;">. Debt issuance costs associated with borrowings on our line-of-credit arrangements will continue to be reported in the balance sheet as &#8220;deferred charges and other assets, net,&#8221; and the related amortization will continue to be reported as interest expense.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Also in April&#160;2015, the provisions of ASC Topic&#160;715, &#8220;Compensation&#8211;Retirement Benefits&#8221; were amended to provide a practical expedient for the measurement date of an entity&#8217;s defined benefit pension or other postretirement plans. For an entity with a fiscal year-end that does not coincide with a month-end, the guidance provides a practical expedient that allows the entity to measure the defined benefit plan assets and obligations using the month-end that is closest to the entity&#8217;s fiscal year-end. For an entity that has a significant event in an interim period that calls for a remeasurement, the guidance allows an entity to remeasure the defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. These provisions are effective retrospectively for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2015, the provisions of ASC Topic&#160;820, &#8220;Fair Value Measurements,&#8221; were amended to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured using the net asset value per share practical expedient and limits those disclosures to investments for which the entity has elected to measure the fair value using that practical expedient. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in revised disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In July&#160;2015, the provisions of ASC Topic&#160;330, &#8220;Inventory&#8221; were amended to simplify the measurement of inventory. The guidance does not apply to inventory where the cost of such inventory is measured using the LIFO or the retail inventory methods. The guidance applies to inventory where the cost of such inventory is measured using the first-in, first-out or average cost methods, and it requires the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December&#160;15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2017 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In September&#160;2015, the provisions of ASC Topic&#160;805, &#8220;Business Combinations,&#8221; were amended to simplify the accounting and reporting of adjustments made to provisional amounts recognized in a business combination. The amendment requires that an acquirer (i)&#160;record, in the same period&#8217;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (ii)&#160;present separately on the statement of income or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. These provisions are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, and should be applied prospectively to adjustments made to provisional amounts that occur after the effective date. Earlier application is permitted for financial statements that have not yet been issued. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations; however, it may result in changes to the manner in which adjustments to provisional amounts recognized in a future business combination, if any, are presented in our financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In November&#160;2015, the provisions of ASC Topic&#160;740, &#8220;Income Taxes,&#8221; were amended to simplify the presentation of deferred income taxes. The amendments require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The amendments are effective for financial statements for annual periods beginning after December&#160;15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of any interim or annual period. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Entities applying the guidance retrospectively should disclose in the first interim and first annual period of adoption the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. Effective January&#160;1, 2016, the adoption of this guidance on a retrospective basis will not materially affect our financial position and will not impact our results of operations. Upon adoption, our current deferred income tax assets of </font><font style="font-family:inherit;font-size:11pt;">$74&#160;million</font><font style="font-family:inherit;font-size:11pt;"> and current deferred income tax liabilities of </font><font style="font-family:inherit;font-size:11pt;">$366&#160;million</font><font style="font-family:inherit;font-size:11pt;"> as of December&#160;31, 2015 will be reclassified to noncurrent deferred income tax liabilities. Adoption of this guidance simplifies the future presentation of our deferred income tax assets and liabilities.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In January&#160;2016, the provisions of ASC Subtopic&#160;825-10, &#8220;Financial Instruments&#8211;Overall,&#8221; were amended to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The amendment (i)&#160;requires equity investments (except those accounted for under the equity method or that are consolidated) to be measured at fair value with changes in fair value recognized in net income; (ii)&#160;simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii)&#160;eliminates the requirement for an entity to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost; (iv)&#160;requires an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and (v)&#160;requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim periods within those annual periods. The standard is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February&#160;2016, the ASC was amended and a new accounting standard, ASC Topic&#160;842, &#8220;Leases,&#8221; was issued to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. Accordingly, a lessee will recognize a right-of-use (ROU) asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the ROU asset and lease liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the ROU asset. Lessees can make an accounting policy election by class of underlying asset not to recognize a ROU asset and corresponding lease liability for leases with a term of 12&#160;months or less. Accounting by lessors will remain largely unchanged from current U.S.&#160;GAAP. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for public companies for fiscal years beginning after December&#160;15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div></div>
CY2015 us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain amounts reported as of and for the year ended </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified to conform to the 2015 presentation.</font></div></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</font></div></div>

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