$VLO
VALERO ENERGY CORP/TX

2016 Q4 Form 10-Q Financial Statement

#000103500216000123 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $20.71B $19.65B $22.58B
YoY Change 10.31% -12.98% -34.38%
Cost Of Revenue $19.80B $18.55B $18.99B
YoY Change 11.96% -2.32% -39.61%
Gross Profit $841.0M $1.096B $3.586B
YoY Change -22.99% -69.44% 21.27%
Gross Profit Margin 4.06% 5.58% 15.88%
Selling, General & Admin $208.0M $192.0M $179.0M
YoY Change 0.97% 7.26% -0.56%
% of Gross Profit 24.73% 17.52% 4.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $468.0M $470.0M $482.0M
YoY Change -5.26% -2.49% 12.09%
% of Gross Profit 55.65% 42.88% 13.44%
Operating Expenses $208.0M $192.0M $1.281B
YoY Change 0.97% -85.01% 611.67%
Operating Profit $620.0M $892.0M $2.139B
YoY Change -4.02% -58.3% 28.08%
Interest Expense -$196.0M $115.0M $112.0M
YoY Change -43.52% 2.68% 14.29%
% of Operating Profit -31.61% 12.89% 5.24%
Other Income/Expense, Net $21.00M $12.00M $3.000M
YoY Change 90.91% 300.0% -72.73%
Pretax Income $529.0M $789.0M $2.030B
YoY Change -3.82% -61.13% 28.24%
Income Tax $113.0M -$42.00M $657.0M
% Of Pretax Income 21.36% -5.32% 32.36%
Net Earnings $367.0M $613.0M $1.377B
YoY Change 23.15% -55.48% 30.03%
Net Earnings / Revenue 1.77% 3.12% 6.1%
Basic Earnings Per Share $0.81 $1.33 $2.79
Diluted Earnings Per Share $0.81 $1.33 $2.79
COMMON SHARES
Basic Shares Outstanding 452.7M shares 458.0M shares 491.0M shares
Diluted Shares Outstanding 460.0M shares 494.0M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.816B $5.949B $5.301B
YoY Change 17.06% 12.22% 26.49%
Cash & Equivalents $4.816B $5.949B $5.301B
Short-Term Investments
Other Short-Term Assets $316.0M $228.0M $271.0M
YoY Change 54.9% -15.87% -84.46%
Inventory $5.709B $5.979B $6.557B
Prepaid Expenses
Receivables $5.901B $4.672B $4.691B
Other Receivables $58.00M $50.00M $7.000M
Total Short-Term Assets $16.80B $16.88B $16.83B
YoY Change 12.77% 0.3% -14.44%
LONG-TERM ASSETS
Property, Plant & Equipment $26.47B $26.52B $26.69B
YoY Change -0.87% -0.64% 0.9%
Goodwill
YoY Change
Intangibles $148.0M
YoY Change -5.13%
Long-Term Investments $201.0M
YoY Change 0.0%
Other Assets $2.901B $2.869B $2.310B
YoY Change 10.47% 24.2% -1.28%
Total Long-Term Assets $29.37B $29.39B $29.00B
YoY Change 0.15% 1.34% 0.73%
TOTAL ASSETS
Total Short-Term Assets $16.80B $16.88B $16.83B
Total Long-Term Assets $29.37B $29.39B $29.00B
Total Assets $46.17B $46.27B $45.83B
YoY Change 4.4% 0.96% -5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.357B $5.368B $5.679B
YoY Change 29.55% -5.48% -42.86%
Accrued Expenses $694.0M $628.0M $595.0M
YoY Change 25.27% 5.55% -5.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $115.0M $1.064B $129.0M
YoY Change -9.45% 724.81% -78.5%
Total Short-Term Liabilities $8.328B $8.224B $8.289B
YoY Change 19.07% -0.78% -38.42%
LONG-TERM LIABILITIES
Long-Term Debt $7.886B $7.888B $7.252B
YoY Change 9.41% 8.77% 25.4%
Other Long-Term Liabilities $1.744B $1.654B $1.760B
YoY Change 8.26% -6.02% 13.62%
Total Long-Term Liabilities $1.744B $1.654B $1.760B
YoY Change 8.26% -6.02% 13.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.328B $8.224B $8.289B
Total Long-Term Liabilities $1.744B $1.654B $1.760B
Total Liabilities $10.07B $9.878B $10.05B
YoY Change 17.05% -1.7% -33.05%
SHAREHOLDERS EQUITY
Retained Earnings $26.37B $26.27B $25.13B
YoY Change 4.68% 4.54% 19.47%
Common Stock $7.095B $7.115B $7.081B
YoY Change 0.34% 0.48% -0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.03B $11.93B $10.10B
YoY Change 11.37% 18.14% 29.87%
Treasury Stock Shares 222.0M shares 220.4M shares 190.5M shares
Shareholders Equity $20.02B $20.34B $21.32B
YoY Change
Total Liabilities & Shareholders Equity $46.17B $46.27B $45.83B
YoY Change 4.4% 0.96% -5.43%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $367.0M $613.0M $1.377B
YoY Change 23.15% -55.48% 30.03%
Depreciation, Depletion And Amortization $468.0M $470.0M $482.0M
YoY Change -5.26% -2.49% 12.09%
Cash From Operating Activities $998.0M $863.0M $1.362B
YoY Change 104.93% -36.64% -27.01%
INVESTING ACTIVITIES
Capital Expenditures -$366.0M -$302.0M -$358.0M
YoY Change -15.28% -15.64% -28.26%
Acquisitions
YoY Change
Other Investing Activities -$256.0M -$151.0M -$107.0M
YoY Change -31.91% 41.12% -11.57%
Cash From Investing Activities -$622.0M -$453.0M -$465.0M
YoY Change -23.02% -2.58% -25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.433B 658.0M -1.295B
YoY Change 75.18% -150.81% 164.83%
NET CHANGE
Cash From Operating Activities 998.0M 863.0M 1.362B
Cash From Investing Activities -622.0M -453.0M -465.0M
Cash From Financing Activities -1.433B 658.0M -1.295B
Net Change In Cash -1.057B 1.068B -398.0M
YoY Change -7.2% -368.34% -152.58%
FREE CASH FLOW
Cash From Operating Activities $998.0M $863.0M $1.362B
Capital Expenditures -$366.0M -$302.0M -$358.0M
Free Cash Flow $1.364B $1.165B $1.720B
YoY Change 48.42% -32.27% -27.27%

Facts In Submission

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MinorityInterestDecreaseFromRedemptions
0 USD
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
25000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1727000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-579000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1679000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1384000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5124000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3822000000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1377000000 USD
us-gaap Net Income Loss
NetIncomeLoss
3692000000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
613000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1922000000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
32000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
79000000 USD
CY2015Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1102000000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3229000000 USD
CY2016Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1062000000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3093000000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2139000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5712000000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
892000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2952000000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2626000000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2869000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-270000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-439000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-117000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-197000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-264000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-422000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-117000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-191000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-266000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-428000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-118000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-186000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-6000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-17000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-6000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
6000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-5000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1611000000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1654000000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
68000000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
68000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
509000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
474000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-16000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2071000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1167000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
25000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
32000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
608000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
840000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
14000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
22000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1186000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
912000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
204000000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
228000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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1446000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1653000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
4000000 USD
us-gaap Proceeds From Minority Shareholders
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
50000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-143000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
1373000000 USD
us-gaap Profit Loss
ProfitLoss
3706000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
645000000 USD
us-gaap Profit Loss
ProfitLoss
2001000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36907000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37555000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26703000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26518000000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4464000000 USD
CY2016Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
4672000000 USD
CY2015Q3 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
18677000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
58234000000 USD
CY2016Q3 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
17033000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
47660000000 USD
CY2015Q3 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
22579000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
69027000000 USD
CY2016Q3 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
19649000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
54947000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
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509000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
28000000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25188000000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
26270000000 USD
CY2015Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1069000000 USD
CY2016Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1036000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
29000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
4000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
20527000000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
20339000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21244000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21868000000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
503000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
458000000 shares
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21354000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21130000000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
200462208 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
220417088 shares
CY2015Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
506100 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
10799000000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
11926000000 USD
CY2015Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
668000000 USD
CY2016Q3 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
675000000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
494000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
506000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
460000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
467000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
491000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
465000000 shares
CY2015Q4 vlo Ethanol Feedstocks And Products
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242000000 USD
CY2016Q3 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
202000000 USD
CY2015Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6664000000 USD
CY2016Q3 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
5979000000 USD
CY2016Q3 vlo Numberof Refineries Impactedby Vlp Operations
NumberofRefineriesImpactedbyVLPOperations
10 refineries
vlo Treasury Stock Purchasedbut Notyet Settled
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30000000 USD
vlo Treasury Stock Purchasedbut Notyet Settled
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20000000 USD
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;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.</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;">These unaudited financial statements have been prepared in accordance with United&#160;States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form&#160;10-Q and Article&#160;10 of Regulation&#160;S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:11pt;"> included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:11pt;"> are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2016.</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;">The balance sheet as of </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;"> has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
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;">Accounting Pronouncements Not Yet Adopted</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 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 standard is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within those annual periods. We have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the standard&#8217;s revenue recognition model, is completing the review and documentation of our contracts, and is analyzing whether enhancements are needed to our business and accounting systems.</font></div><div style="line-height:120%;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 July&#160;2015, the provisions of ASC Topic&#160;330, &#8220;Inventory&#8221; were amended to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. 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%;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. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim periods within those annual 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%;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. The new standard is effective for annual reporting periods beginning after December&#160;15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the accounting and disclosure provisions of the standard and is in the process of analyzing the impacts to our business and accounting systems, including the development of new accounting systems to account for our leases and support the required 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:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In October&#160;2016, the provisions of ASC Topic 740, &#8220;Income Taxes,&#8221; were amended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The amendments require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a modified retrospective basis with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption for the recognition of income tax consequences of intra-entity transfers of assets other than inventory that occur before the adoption date. The adoption of this guidance effective January&#160;1, 2018 is not expected to materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In October&#160;2016, the provisions of ASC Topic 810, &#8220;Consolidation,&#8221; were amended to provide guidance on how a reporting entity that is a single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. These provisions are effective for annual reporting periods beginning after December&#160;15, 2016, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this guidance effective January&#160;1, 2017 will not affect our financial position or results of operations.</font></div></div>
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 </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified in order to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January&#160;1, 2016. The adoption of the amendments to ASC Subtopic&#160;835-30, &#8220;Interest&#8211;Imputation of Interest,&#8221; resulted in the reclassification of certain debt issuance costs from &#8220;deferred charges and other assets, net&#8221; to &#8220;debt and capital lease obligations, less current portion.&#8221; The adoption of the amendments to ASC Topic&#160;740, &#8220;Income Taxes&#8221; resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in&#160;millions):</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.88888888888889%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Previously</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reported</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Currently<br clear="none"/>Reported</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(74</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred charges and other assets, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Debt and capital lease obligations,</font></div><div style="text-align:justify;padding-left:12px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">less current portion</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,208</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,768</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;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;font-style:italic;font-weight:bold;"></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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. 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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