Selected Financial Data
(In millions, except per share information) As of and for the full years ended December 31,
SUMMARY BALANCE SHEET | 2016 | 2015 |
---|---|---|
Total current assets |
$ 2,289 | $ 2,278 |
Property and equipment, net |
1,174 | 1,102 |
Other assets, net |
101 | 76 |
Other intangible assets, net |
187 | 205 |
Goodwill |
1,603 | 1,553 |
Total assets |
$ 5,354 | $ 5,214 |
Total current liabilities |
$ 1,205 | $ 1,204 |
Long-term debt and notes payable, net |
353 | 475 |
Deferred income taxes |
193 | 187 |
Insurance and other non-current liabilities |
260 | 260 |
Total equity |
3,343 | 3,088 |
Total liabilities and stockholders' equity |
$ 5,354 | $ 5,214 |
SUMMARY INCOME STATEMENT | ||
Revenues |
$ 7,651 | $ 7,572 |
Operating income |
321 | 238 |
Net income from continuing operations attributable to common stock |
199 | 120 |
Diluted earnings per share from continuing operations attributable to common stock |
$ 1.26 | $ 0.62 |
SUMMARY CASH FLOW | ||
Net cash provided by operating activities of continuing operations |
$ 381 | $ 618 |
Capital expenditures, net of proceeds from sales |
$ 190 | $ 184 |
Free cash flow (1) |
$ 191 | $ 434 |
(1) This is a non-GAAP measure provided to enable investors to evaluate performance excluding the effects of certain items management believes impact the comparability of operating results between reporting periods.
Reconciliation of Non-GAAP Financial Measures
(In millions, except per share information) For the Years Ended December 31,
2013 | 2014 | 2015 | 2016 | |
---|---|---|---|---|
Reconciliation of adjusted net income from continuing operations attributable to common stock: | ||||
Net income from continuing operations attributable to common stock (GAAP as reported) | $ 372 | $ 269 | $ 120 | $ 199 |
Adjustments: | ||||
Asset impairment charges | – | – | 58 | 8 |
Severance and restructuring charges | – | – | – | 6 |
Acquisition and integration charges | 8 | 15 | 8 | 3 |
Impact of income tax contingency releases | (10) | (8) | – | (20) |
Impact of tax benefit from realization of previously unrecognized deferred tax asset | – | – | (4) | – |
Impact of Alberta tax law change | – | – | 5 | – |
Provision for long-term contract receivable | – | 102 | – | – |
Arbitration expense | – | 39 | – | – |
Impact of sale of equity ownership in Howard Energy | (113) | – | – | – |
Income tax impact of adjustments | 40 | (56) | (16) | (4) |
Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments |
297 | 361 | 171 | 192 |
Non-cash stock based compensation | 35 | 38 | 37 | 41 |
Amortization of intangible assets | 26 | 34 | 35 | 31 |
Income tax impact of non-tax adjustments | (23) | (26) | (26) | (26) |
Adjusted net income from continuing operations attributable to common stock | $ 335 | $ 407 | $ 217 | $ 238 |
Weighted average shares: | ||||
Weighted average shares outstanding for diluted earnings per share | 215 | 220 | 195 | 157 |
Weighted average shares outstanding for adjusted diluted earnings per share | 215 | 220 | 195 | 157 |
Diluted earnings per share from continuing operations attributable to common stock and adjusted diluted earnings per share from continuing operations attributable to common stock |
||||
Diluted earnings per share from continuing operations attributable to common stock |
$ 1.73 | $ 1.22 | $ 0.62 | $ 1.26 |
Adjusted diluted earnings per share from continuing operations attributable to common stock |
$ 1.56 | $ 1.85 | $ 1.11 | $ 1.51 |
The non-GAAP measure of adjusted diluted earnings per share from continuing operations is provided to enable investors to evaluate performance excluding the effects of items that management believes impact the comparability of operating results between periods.