2016 Q1 Form 10-Q Financial Statement

#000010781516000306 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.195B $1.388B
YoY Change 58.14% -18.12%
Cost Of Revenue $838.9M $613.9M
YoY Change 36.65% 3.79%
Gross Profit $1.356B $774.0M
YoY Change 75.18% -29.86%
Gross Profit Margin 61.78% 55.77%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $187.9M $102.6M
YoY Change 83.14% 1.99%
% of Gross Profit 13.86% 13.26%
Operating Expenses $766.6M $415.2M
YoY Change 84.63% -42.47%
Operating Profit $589.3M $358.8M
YoY Change 64.24% -6.02%
Interest Expense $100.9M $59.40M
YoY Change 69.87% -4.65%
% of Operating Profit 17.12% 16.56%
Other Income/Expense, Net -$29.70M -$40.30M
YoY Change -26.3% -3763.64%
Pretax Income $559.6M $318.5M
YoY Change 75.7% -5.74%
Income Tax $213.1M $122.4M
% Of Pretax Income 38.08% 38.43%
Net Earnings $346.2M $195.8M
YoY Change 76.81% -5.68%
Net Earnings / Revenue 15.77% 14.11%
Basic Earnings Per Share $1.10 $0.87
Diluted Earnings Per Share $1.09 $0.86
COMMON SHARES
Basic Shares Outstanding 315.7M shares 225.5M shares
Diluted Shares Outstanding 317.1M shares 227.3M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $65.00M
YoY Change -46.15% 132.14%
Cash & Equivalents $34.70M $65.20M
Short-Term Investments
Other Short-Term Assets $59.50M $312.0M
YoY Change -80.93% -19.38%
Inventory $471.0M $290.0M
Prepaid Expenses $243.4M
Receivables $1.088B $437.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.896B $1.326B
YoY Change 42.97% -14.15%
LONG-TERM ASSETS
Property, Plant & Equipment $19.26B $11.32B
YoY Change 70.19% 3.42%
Goodwill $2.999B $441.9M
YoY Change 578.68% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.423B $464.0M
YoY Change 206.57% 4.27%
Other Assets $379.3M $317.2M
YoY Change 19.58% -3.53%
Total Long-Term Assets $27.21B $13.81B
YoY Change 97.03% 4.17%
TOTAL ASSETS
Total Short-Term Assets $1.896B $1.326B
Total Long-Term Assets $27.21B $13.81B
Total Assets $29.10B $15.14B
YoY Change 92.29% 2.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $584.4M $291.9M
YoY Change 100.21% -32.9%
Accrued Expenses $221.0M $59.00M
YoY Change 274.58% -19.18%
Deferred Revenue
YoY Change
Short-Term Debt $896.0M $563.0M
YoY Change 59.15% 33.41%
Long-Term Debt Due $152.4M $426.8M
YoY Change -64.29% 24.14%
Total Short-Term Liabilities $2.230B $1.560B
YoY Change 42.91% 9.53%
LONG-TERM LIABILITIES
Long-Term Debt $8.956B $4.169B
YoY Change 114.81% -4.13%
Other Long-Term Liabilities $1.067B $294.2M
YoY Change 262.75% 5.0%
Total Long-Term Liabilities $10.02B $4.463B
YoY Change 124.56% -3.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.230B $1.560B
Total Long-Term Liabilities $10.02B $4.463B
Total Liabilities $12.25B $6.024B
YoY Change 103.41% -0.49%
SHAREHOLDERS EQUITY
Retained Earnings $4.490B
YoY Change
Common Stock $3.200M $4.511B
YoY Change -99.93% 4.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.849B $4.541B
YoY Change
Total Liabilities & Shareholders Equity $29.10B $15.14B
YoY Change 92.29% 2.26%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $346.2M $195.8M
YoY Change 76.81% -5.68%
Depreciation, Depletion And Amortization $187.9M $102.6M
YoY Change 83.14% 1.99%
Cash From Operating Activities $695.9M $330.0M
YoY Change 110.88% -14.31%
INVESTING ACTIVITIES
Capital Expenditures $312.0M $153.2M
YoY Change 103.66% 18.58%
Acquisitions
YoY Change
Other Investing Activities -$5.100M $1.800M
YoY Change -383.33% -70.0%
Cash From Investing Activities -$188.4M -$156.3M
YoY Change 20.54% 12.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $59.60M $23.40M
YoY Change 154.7% -55.51%
Debt Paid & Issued, Net $139.4M $9.300M
YoY Change 1398.92% 4.49%
Cash From Financing Activities -$522.6M -$170.4M
YoY Change 206.69% -30.28%
NET CHANGE
Cash From Operating Activities $695.9M $330.0M
Cash From Investing Activities -$188.4M -$156.3M
Cash From Financing Activities -$522.6M -$170.4M
Net Change In Cash -$15.10M $3.300M
YoY Change -557.58% 106.25%
FREE CASH FLOW
Cash From Operating Activities $695.9M $330.0M
Capital Expenditures $312.0M $153.2M
Free Cash Flow $383.9M $176.8M
YoY Change 117.14% -30.91%

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Revenues
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Revenues
2194800000 USD
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31900000 USD
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47200000 USD
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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107300000 USD
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191900000 USD
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49000000 USD
CY2016Q1 wec Derivative Instruments And Hedges Liabilities Gross Current
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42300000 USD
CY2015Q2 wec Durationofthemeasurementperiod
Durationofthemeasurementperiod
P1Y
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139200000 USD
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117400000 USD
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9500000 USD
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1.00
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CY2016Q1 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%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">NEW ACCOUNTING PRONOUNCEMENTS</font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In May 2014, the FASB and the International Accounting Standards Board issued their joint revenue recognition standard, ASU&#160;2014-09, Revenue from Contracts with Customers. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and can either be applied retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the effects this guidance may have on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Classification and Measurement of Financial Instruments</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, Classification and Measurement of Financial Assets and Liabilities. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and will be recorded with a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. We are currently assessing the effects this guidance may have on our financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, Leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and will be applied using a modified retrospective approach. We are currently assessing the effects this guidance may have on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Stock-Based Compensation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. We are currently assessing the effects this guidance may have on our financial statements.</font></div></div>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">On the income statements for the quarter ended March 31, 2015, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$2.5 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> from treasury grant to depreciation and amortization. We also reclassified an insignificant amount from interest expense to preferred stock dividends of subsidiaries on the income statements for the quarter ended March 31, 2015. These reclassifications were made to be consistent with the current period presentation on the income statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">On the statements of cash flows for the quarter ended March 31, 2015, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$0.9 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> from depreciation and amortization to other operating activities. In addition, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$3.7 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> of non-qualified pension and OPEB contributions from other operating activities to contributions and payments related to pension and OPEB plans on the statements of cash flows for the quarter ended March 31, 2015. We also reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$3.7 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> from other investing activities to capital expenditures on the statements of cash flows for the quarter ended March 31, 2015. An insignificant amount of preferred stock dividends of subsidiaries was also reclassified from other financing activities to net income on the statements of cash flows for the quarter ended March 31, 2015. These reclassifications were made to be consistent with the current period presentation on the statements of cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">During the third quarter of 2015, following the acquisition of Integrys, we reorganized our business segments. All prior period amounts impacted by this change were reclassified to conform to the new presentation. </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">See Note&#160;14, Segment Information, for more information</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> on our business segments.</font></div></div>

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