Halliburton Company’s Financial Accounting of 2015

Executive summary

Halliburton is one of the global leaders in the provision of oilfield services. Its core activities involve management of geological information, drilling, and structural assessment, shaft development and conclusion, and production optimization. The purpose of this study is to carry out an in-depth analysis of Halliburton’s 2015 annual report. The study involves exploration of the report’s content and analysis of financial statements and giving out recommendations with regard to its business and financial challenges.

Introduction

Company’s Overview

Halliburton Company (Halliburton) is one of the top global oilfield administrations provider and supplier. The company operates in the upstream energy sector. It is headquartered in Houston Texas (Halliburton 2). Its core activities involve management of geological information, drilling, and structural assessment, shaft development and conclusion, and production optimization (Halliburton 4). Halliburton operates in an environment where companies do everything from availing data on oil fields to the actual drilling and provision of specialty services and equipment. While the industry has a tendency to depend more on supply and cost management than technical advancements for prosperity, it is not devoid of novelty. New equipment and systems are constantly being developed to optimize the production process and to safeguard the environment (Halliburton 12).

Report purpose

The purpose of this study is to carry out an in-depth analysis of Halliburton’s 2015 annual report. The study involves exploration of the report’s content and analysis of financial statements and giving out recommendations.

Content of the annual report

Halliburton 2015 annual report provides general description of the company’s business strategy, highlights of 2015, leadership and governance, industry overview, financial review and risk mitigation strategies and sustainability efforts. Halliburton’s strategy for 2015 was the delivery of a sustainable business, keeping a balanced portfolio and striving for operational excellence. Sustainable business was to be achieved through a self-funding business plan. The balanced portfolio was to be attained by growing reserves and resources in Africa and Scandinavia. Last but not least, operational excellence was to be achieved by minimizing oil spills and maintaining a strong balance sheet (KPMG 10).

Halliburton has maintained an excellent technical team and commercial team. The company emphasizes on first-rate competencies and teams that can deliver value by combining technical convictions with an unmistakable methodology and plan of action (KPMG 12). In addressing the hierarchical structure, the company intends to retain its core staff and a robust management team. Staff restructuring process is to be finalized by December 2016, with staff and contractors expected to be reduced by roughly 40 percent (KPMG 13).

Halliburton main goal for 2015 was to generate, enhance and realize value for shareholders, yet not to the detriment of the well-being and prosperity of individuals and the environment. Before making a procurement or investment and soliciting for an exploration permit, the company undertakes a thorough screening process, which involves studying the socioeconomic, political and environmental impact of the project. The findings from these studies are used in deciding whether to go on with the project or abandon it altogether (KMPG 21).

Management of risks and prospects is crucial to the company’s success. Halliburton is striving to pursue investment prospects that offer a suitable balance of political, occupational and technological risks and aims to keep these risks at a satisfactory level in line with company’s policy. The company’s framework for identification and management of risks is engraved in its hierarchical structure and is consistent with the global standard for risk management (KPMG 28).

Even though the universal economic recovery carried on all the way through 2015, the downside risk also left an imprint in the general financial environment. The most affected geographical zones were Europe and Asia, which grew at less than 1 percent. In addition, the falling oil prices squeezed the company’s margins and put a lot of pressure on its cash flow. As a result, Halliburton was forced to focus on the core set of projects and low-risk strategies.

With no revenue recorded in the income statement, Halliburton made a loss of $666 million during the financial year ended December 2015 (FY2015), a decrease of 119% compared with the financial year 2014. The shareholders equity also decreased by nearly 5 percent. The decline in profit was mainly attributed to a dip in oil prices and loss on sale of oil and gas assets. The basic income (loss) attributable to stockholders income was (671m) down from $3.5 billion. The share prices dipped after the company’s plan to reduce its workforce by 40 percent. The shares are down by 26 percent and its S&P index is down by 8 percent (Market Watch par.1.).

Halliburton’s Capital Structure

There is one category of debt capital available to Halliburton, which is the placement of bonds using debentures that are not convertible. Halliburton’s non-convertible debt for the financially year ending December 2015 stood at $14.69billion (Market Watch par. 2.). Halliburton’s equity finance for the financially year ending December 2015 stood at $15.46 billion. Therefore, the company’s capital structure is $ 0.77 billion (the difference between borrowings and equity). The company’s credit rating stands at A, which means it is more susceptible to adverse effects (Market Watch par. 2.).

Financial Analysis

Even though financial analysis is somehow complex, a great deal of the company’s financial position can be determined using ratio analysis. The financial ratios are classified into five main categories, namely: profitability tests, Liquidity tests, Activities tests, and Leverage ratios (Poznanski, Sadownik and Gannitsos 1). However, given the nature of the company’s business, we will only focus on profitability tests, Liquidity tests, and Leverage ratios.

Profitability Ratios

These ratios show whether the company is making progress or going down (Gorsky 68). Profitability ratios include Net Profit Margin, Return on Total Assets (ROA) and Return on Stakeholders Equity (ROE) (Poznanski, Sadownik and Gannitsos 2).

Net Profit Margin (NPM)

Net profit margin shows the company’s level of profitability (Poznanski, Sadownik and Giannitsos 2; Lundberg 9). Halliburton’s net profit margin has been on a downward trend since 2011, apart from 2014. The lowest margin was recorded in 2015. The decline is attributed to the falling oil price and excess capacity and pricing pressure for its services, which has led to reduced drilling and inflow of stimulus equipment. The company should focus on improving the revenue per rig, especially in Africa and North American region to reverse the current profitability trend. Revenue generated from Africa and North American has slumped by 6 percent. In addition, the company should intensify operations in each segment.

Table1: Net profit margin.

Year 2015 2014 2013 2012 2011
Profit Margin Percentage for Halliburton -2.84 10.65 7.23 9.24 11.43

Return on Total Assets

Return on Assets ratio of any establishment like Halliburton shows how proficient assets are used to generate returns. ROA for Halliburton Company was also on a downward trend since 2011, except in 2014. It was worse in 2015. Decrease in ROA is a result of a decrease in account receivable and increase in bad debts. The ratio can be improved by enhancing completion equipment sales in South America and efficiency in debt collection. The bad debts have increased by nearly 60 percent in the last four years.

Table 2: Return on Assets.

Year 2015 2014 2013 2012 2011
ROA for Halliburton -0.018 0.106 0.0722 0.091 0.128

Return on Equity

The ratio computes the earning from every unit of equity. It is more reliable than earnings per share when comparing the performance of different companies (Poznanski, Sadownik and Gannitsos 2). ROE is a ratio that determines a company’s success by disclosing the volume of returns it generates out of the money invested by the shareholders. The performance of Halliburton Company was outstanding in 2014 when Net Profit Margin was highest at 10.65% and worst in 2015 when Net Profit Margin was negative. The company should increase the net income and average stockholder’s equity. Besides profit margin, more focus should be on the distribution of idle cash, enhancement of asset turnover and decreasing tax burden.

Table 3: Return on Equity.

Year 2015 2014 2013 2012 2011
ROE for Halliburton -0.043 0.211 0.155 0.163 0.228

Earnings per Share (EPS)

This is the monetary value of returns for every share of an organization’s common stock. In other words, EPS shows the efficiency of earnings from each share. The company’s EPS has been negative for the last five years, except in 2014. It may be because of changes in the global market environment and some economic factors, rather than the poor performance of the company. The earning per share depends on the investors’ confidence in the company and, therefore, the company should strive to improve its already deteriorating image following the dismissal of more than 40 percent of the workforce. Earnings per share can also be enhanced by increasing revenues, reducing expenses and decreasing the number of shares. The number of shares can be reduced by simply buying them back from the shareholders.

Table 4: Earnings per Share.

Year 2015 2014 2013 2012 2011
EPS for Halliburton in % -119.13 74.26 -16.84 -7.77

Return on Capital Employed

This is a ratio that gauges the company’s level of efficiency in term of capital utilization.

It is a good indicator since it considers debts and liabilities, unlike ROE which is only concerned with profits.

Year 2015 2014 2013 2012 2011
ROCE for Halliburton -1.35 16.16 11.16 14.66 18.69

Just like other profitability ratios, ROCE for the company has been on a downward trend for the last five years. It became worse in 2015, which is not good for the investors. The company can improve this ratio in a number of ways. The first way is chalking up unnecessary costs by improving operational efficiency. The second way is selling off non-profitable or pointless assets, for instance, machines that have outlasted their usefulness. Last but not least, the company should reduce financial obligations by paying off debts.

Liquidity Test

These ratios measure the ability of the company to meet its short-term obligations. Liquidity ratios include Current ratio and the Quick ratio (Shams 34).

Current Ratio

Current ratio=Current assets/Current liabilities and it should be more than one. However, high current ratio, particularly the current ratio larger than 2 may mean the company is using its resources unproductively. The current ratios for Halliburton Company are above 1.0 in the five-year period, which means the company is able to pay off the current debt. In other words, the company can meet short-term obligations without borrowing. The company can further improve its current ratio by taking the following into consideration: first, postponing the acquisitions that demand cash payments; second, re-amortizing long-term loans; third, minimizing personal draws; lastly, selling off non-profitable or worthless assets.

Table 5: Current Ratio.

Year 2015 2014 2013 2012 2011
Current Ratio for Halliburton 4.07 2.56 2.73 2.75 2.81

Quick Ratio (Acid Test)

Quick Ratio= Quick Asset/ Current Asset

Table 6: Acid Test.

Year 2015 2014 2013 2012 2011
Acid Test for Halliburton 1.68 1.48 1.62 1.73 1.47

The quick ratio confirms a solid level of Halliburton’s liquidity. It is a more reliable ratio than current ratio as it considers a quick asset and exclude inventory, which may not be converted to cash. The low ratio shows the company is not in a good position. Still, the ratio is increasing, which means the company is increasingly growing. The ratio can further be enhanced through the following: first, paying off current debts and increasing sales so as to boost existing cash or revenue; second, improving the inventory turnover ratio and; disposing of unproductive assets.

Days Sales Outstanding Ratio

The ratio gauges the number of days a company takes to accumulate proceeds after making a sale. It is usually determined on a monthly to yearly basis. A high value implies the company is making credit sales or taking long to collect revenue. On the other hand, low figure means the company is taking less time to collect debts. Days Sales Outstanding Ratio=Account Receivable/Total Credit Sales × Number of Days

Year 2015 2014 2013 2012 2011
Days Sales Outstanding Ratio 82.12 83.99 76.73 74.11 74.74

The figures show that the company’s rate of collecting debts has been deteriorating in the last five years. Therefore, the management of account receivables has not been impressive. As opposed to other ratios, 2014 was the worst year for this ratio. The company can improve this ratio by embracing the following: first, making sure the invoices reach the clients as early as possible; second, sanctioning mobile or online payments, which are more convenient and; lastly, restructuring the credit approval process and coming up with new payment plans that will enhance clarity and speed up transactions.

Leverage Ratios

These ratios show the amounts of debt or equity used to finance the business. Businesses are highly leveraged if they use more borrowings than equity. The balance between the two is normally referred to as the capital structure. The main leverage ratios include Debt to Asset ratio and Debt to Equity ratio.

Debt-to-Equity Ratio

Debt-to-Equity Ratio= Total Liabilities/ Stakeholders’ Equity

Table 7: Debt-to-Equity Ratio.

Year 2015 2014 2013 2012 2011
Debt-to-Equity Ratio 0.99 0.48 0.58 0.31 0.37

Based on the Debt-to-Equity ratio, for each dollar of stockholders’ equity, the company has a greater worth of liabilities. A lower Debt-to-Equity ratio, say 0.1, implies that the company is not satisfactorily using low-cost sources of finance, while high Debt-to-Equity ratio shows that the company is confronting a high fiscal threat. A low ratio suggests that Halliburton does not depend heavily on borrowings to finance its projects, which is financially acceptable. However, the ratio was relatively high in 2015, which implies that the company was facing a high monetary risk. As a result, there is a need for the company to inject more equity. The company should stop borrowing when the ratio falls under the unacceptable range, that is, more than 0.9.

Debt-to-Asset Ratio

Debt to Asset Ratio= Total Debt/Total Assets

Table 8: Debt-to-Asset Ratio.

Year 2015 2014 2013 2012 2011
Debt-to-Asset Ratio 0.64 0.29 0.28 0.15 0.13

The table above shows an increasing trend of leverage, which is not good for the business. The company had the highest leverage in 2015. It may be due to long and short-term borrowing to finance deep-water explorations, restructuring, and new acquisitions. The leverage level can be reduced by either maintaining a self-funding business plan or borrowing bit by bit. However, the best option is selling common stock to increase cash reserve that can be used to repay the loans and minimize debt burden.

Interest Coverage Ratio

This ratio is used to establish a company’s capability to pay interest on the unsettled balance. In other words, it gauges the company’s safety margin as regards to interest payment within a given time. When a company has a low the interest coverage ratio, then it has a high debt burden. Therefore, a company with interest coverage ratio of less than 1.5 has a high leverage.

Interest coverage ratio= EBIT/Interest expense

Year 2015 2014 2013 2012 2011
Interest coverage ratio -1.09 12.9 9.15 13.83 17.6

From 2011 to 2014, the company was doing relatively well until 2015. The figures show that in 2015, the company was highly leveraged. This may be as usually due to long and short-term borrowing to finance deep-water explorations, restructuring, and new acquisitions. Just like debt-to-asset ratio, the company can improve its interest coverage ratio by selling some assets or inject more equity to reduce the debt burden.

Halliburton’s Corporate Social and Environmental Responsibility

The company’s approach to sustainable development is guided by its development strategy and goals, which include welcoming corporate neighbors, avoiding any damage to the environment, providing socioeconomic benefits, and authenticating its advancement through a transparent process. The company is also guided by its Code of Business Conduct and Corporate Governance Guideline, which requires that any form of interaction between the company and key stakeholders should be based on fair dealing, mutual respect and strict adherence to moral and legal values.

General training on the code of conduct is available to all the company’s staff and violation of Code of Business Conduct attracts stiff penalty. This ensures that all company employees’ area treated fairly and equally. Major changes in the organization normally involve extensive consultation among key stakeholders. In addition, employee safety and general welfare are given a high priority. The same applies to environmental protection and support to local communities.

Conclusion and Recommendation

The analysis shows that even though the company is stable, its profit margins and EPS are decreasing at an alarming rate. ROA and ROE are also on a downward trend since 2011, except in 2014. They are worse in 2015. In addition, there is an increasing trend of leverage as evident in the company’s leverage ratios, which is not good for the business. This may be due to long and short-term borrowing to finance deep-water explorations, restructuring and new acquisitions. In order to reverse the trend, the company should strive to keep a balanced portfolio and maintain operational excellence as suggested on its strategy for 2015. This will involve exploring new ways of increasing revenue, going slow on legacy payments, injecting more equity and focusing on productive segments that can sustain long-term growth.

Works Cited

Gorsky, Alex. Company Analysis, Cincinnati, Ohio Print: J & J Inc., 2014. Print.

Halliburton. Halliburton’s Company Business Overview, Oregon: University of Oregon Investment Group, 2010. Print.

KPMG. “Delivering value from discovery and development”. Halliburton PLC Annual Report and accounts, 2015. Print.

Lundberg, Curt. “Toward Theory More Relevant for Practice.” Current Topics in Management 6.1 (2001): 15-24. Print.

Market Watch. Annual Financials for Halliburton Company. 2016. Web.

Poznanski, Julie, Bryn Sadownik and Irene Gannitsos. Financial Ratio Analysis. 2013. Web.

Shams, Ishtiaque. Financial Analysis of HSBC, Mohakhali, Dhaka: BRAC University, 2013. Print.

Appendices

Appendix 1: Halliburton’s Annual Balance Sheet

Assets
Fiscal year is January-December. All values USD millions. 2011 2012 2013 2014 2015
Cash & Short Term Investments 2.85B 2.75B 2.6B 2.35B 10.14B
Cash Only 2.7B 2.48B 2.36B 2.29B 10.08B
Short-Term Investments 150M 270M 239M 56M 63M
Total Accounts Receivable 5.08B 5.79B 6.18B 7.56B 5.32B
Accounts Receivables, Net 5.08B 5.79B 6.18B 7.56B 5.32B
Accounts Receivables, Gross 5.22B 5.88B 6.3B 7.7B 5.46B
Bad Debt/Doubtful Accounts (137M) (92M) (117M) (137M) (145M)
Other Receivables
Inventories 2.57B 3.19B 3.31B 3.57B 2.42B
Finished Goods 1.8B 2.26B 2.45B 2.61B 1.75B
Work in Progress 96M 129M 140M 211M 122M
Raw Materials 673M 793M 720M 754M 548M
Progress Payments & Other
Other Current Assets 1.08B 1.36B 1.62B 1.59B 3.74B
Miscellaneous Current Assets 1.08B 1.36B 886M 928M 2.68B
Total Current Assets 11.58B 13.09B 13.7B 15.07B 21.61B
2011 2012 2013 2014 2015
Net Property, Plant & Equipment 8.49B 10.26B 11.32B 12.48B 10.91B
Property, Plant & Equipment – Gross 15.59B 18.31B 20.8B 23.48B 20.7B
Buildings 1.61B 1.86B 2.69B 3.31B 3.36B
Land & Improvements 123M 145M 213M 217M 232M
Computer Software and Equipment
Other Property, Plant & Equipment
Accumulated Depreciation 7.1B 8.06B 9.48B 11.01B 9.79B
Total Investments and Advances 128M 134M 47M 33M
Other Long-Term Investments 128M 134M 47M 33M
Long-Term Note Receivable 183M 256M 175M
Intangible Assets 1.78B 2.14B 2.17B 2.33B 2.11B
Net Goodwill 1.78B 2.14B 2.17B 2.33B 2.11B
Net Other Intangibles
Other Assets 1.83B 1.8B 1.71B 2.06B 2.11B
Tangible Other Assets 1.83B 1.8B 1.71B 2.06B 2.11B
Total Assets 23.68B 27.41B 29.22B 32.24B 36.94B
Liabilities & Shareholders’ Equity
2011 2012 2013 2014 2015
ST Debt & Current Portion LT Debt 14M 659M
Short Term Debt
Current Portion of Long Term Debt 14M 659M
Accounts Payable 1.83B 2.04B 2.37B 2.81B 2.02B
Income Tax Payable
Other Current Liabilities 2.3B 2.71B 2.66B 3.06B 2.68B
Dividends Payable
Accrued Payroll 862M 930M 1.03B 1.03B 838M
Miscellaneous Current Liabilities 1.43B 1.78B 1.63B 2.02B 1.84B
Total Current Liabilities 4.12B 4.75B 5.03B 5.88B 5.36B
Long-Term Debt 4.82B 4.82B 7.82B 7.84B 14.69B
Long-Term Debt excl. Capitalized Leases 4.82B 4.82B 7.82B 7.84B 14.69B
Non-Convertible Debt 4.82B 4.82B 7.82B 7.84B 14.69B
Convertible Debt
Capitalized Lease Obligations
Provision for Risks & Charges 534M 607M 584M 691M 529M
Deferred Taxes
Deferred Taxes – Credit
Deferred Taxes – Debit
Other Liabilities 986M 1.44B 2.18B 1.53B 872M
Other Liabilities (excl. Deferred Income) 986M 1.44B 2.18B 1.53B 872M
Deferred Income
Total Liabilities 10.46B 11.62B 15.61B 15.94B 21.45B
Non-Equity Reserves
Preferred Stock (Carrying Value)
Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Common Equity (Total) 13.2B 15.77B 13.58B 16.27B 15.46B
Common Stock Par/Carry Value 2.68B 2.68B 2.68B 2.68B 2.68B
Retained Earnings 14.88B 17.18B 18.84B 21.81B 20.52B
ESOP Debt Guarantee
Cumulative Translation Adjustment/Unrealized For. Exch. Gain (66M) (69M) (69M) (70M) (78M)
Unrealized Gain/Loss Marketable Securities 1M
Revaluation Reserves
Treasury Stock (4.55B) (4.28B) (8.05B) (8.13B) (7.65B)
Total Shareholders’ Equity 13.2B 15.77B 13.58B 16.27B 15.46B
Accumulated Minority Interest 18M 25M 34M 31M 33M
Total Equity 13.22B 15.79B 13.62B 16.3B 15.5B
Liabilities & Shareholders’ Equity 23.68B 27.41B 29.22B 32.24B 36.94B

Appendix 2: Halliburton’s Annual Income Statement

Fiscal year is January-December. All values USD millions. 2011 2012 2013 2014 2015
Sales/Revenue 24.83B 28.5B 29.4B 32.87B 23.63B
Cost of Goods Sold (COGS) incl. D&A 19.41B 23.31B 24.34B 26.91B 21.11B
COGS excluding D&A 18.05B 21.68B 22.44B 24.79B 19.28B
Depreciation & Amortization Expense 1.36B 1.63B 1.9B 2.13B 1.84B
Depreciation
Amortization of Intangibles
Gross Income 5.42B 5.19B 5.06B 5.96B 2.52B
2011 2012 2013 2014 2015
SG&A Expense 682M 735M 829M 910M 200M
Research & Development 401M 460M 588M 601M
Other SG&A 281M 275M 241M 309M 200M
Other Operating Expense 484M
Unusual Expense 300M 1.09B (49M) 2B
EBIT after Unusual Expense 4.16B 3.14B 5.1B (165M)
Non-Operating Income/Expense (25M) (39M) (43M) (2M) (324M)
Non-Operating Interest Income 5M 7M 8M 13M 16M
Equity in Affiliates (Pretax)
Interest Expense 268M 305M 339M 396M 463M
Gross Interest Expense 268M 305M 339M 396M 463M
Interest Capitalized
Pretax Income 4.45B 3.82B 2.76B 4.71B (936M)
Income Tax 1.44B 1.24B 648M 1.28B (274M)
Income Tax – Current Domestic 1.14B 742M 294M 995M (686M)
Income Tax – Current Foreign 334M 328M 485M 734M 636M
Income Tax – Deferred Domestic 27M 180M (6M) (97M) 38M
Income Tax – Deferred Foreign (57M) (15M) (125M) (357M) (262M)
Income Tax Credits
Equity in Affiliates
Other After Tax Income (Expense)
Consolidated Net Income 3.01B 2.59B 2.12B 3.44B (662M)
Minority Interest Expense 5M 10M 10M 1M 4M
Net Income 3.01B 2.58B 2.11B 3.44B (666M)
Extraordinaries & Discontinued Operations (166M) 58M 19M 64M (5M)
Extra Items & Gain/Loss Sale Of Assets
Cumulative Effect – Accounting Chg
Discontinued Operations (166M) 58M 19M 64M (5M)
Net Income After Extraordinaries 2.84B 2.64B 2.13B 3.5B (671M)
Preferred Dividends
Net Income Available to Common 2.84B 2.64B 2.13B 3.5B (671M)
EPS (Basic) 3.09 2.85 2.37 4.13 -0.79
Basic Shares Outstanding 918M 926M 898M 848M 853M
EPS (Diluted) 3.08 2.84 2.36 4.11 -0.79
Diluted Shares Outstanding 922M 928M 902M 852M 853M
EBITDA 6.1B 6.09B 6.13B 7.17B 3.67B

Appendix 3: Halliburton’s Annual Cash Flow

Operating Activities
Fiscal year is January-December. All values USD millions. 2011 2012 2013 2014 2015
Net Income before Extraordinaries 2.84B 2.63B 2.13B 3.5B (667M)
Depreciation, Depletion & Amortization 1.36B 1.63B 1.9B 2.13B 1.84B
Depreciation and Depletion
Amortization of Intangible Assets
Deferred Taxes & Investment Tax Credit (224M)
Deferred Taxes (224M)
Investment Tax Credit
Other Funds 130M 427M 859M (723M) 1.54B
Funds from Operations 4.33B 4.68B 4.88B 4.9B 2.48B
Extraordinaries
Changes in Working Capital (649M) (1.03B) (437M) (840M) 422M
Receivables (1.22B) (682M) (449M) (1.38B) 1.47B
Accounts Payable 649M 200M 327M 489M (603M)
Other Assets/Liabilities 484M 67M (208M) 293M (596M)
Net Operating Cash Flow 3.68B 3.65B 4.45B 4.06B 2.91B
Investing Activities
2011 2012 2013 2014 2015
Capital Expenditures (2.95B) (3.57B) (2.93B) (3.28B) (2.18B)
Capital Expenditures (Fixed Assets) (2.95B) (3.57B) (2.93B) (3.28B) (2.18B)
Capital Expenditures (Other Assets)
Net Assets from Acquisitions (880M) (214M) (94M) (231M) (39M)
Sale of Fixed Assets & Businesses 395M 241M 338M 168M
Purchase/Sale of Investments 500M (248M) 27M 261M (3M)
Purchase of Investments (501M) (506M) (329M) (183M) (109M)
Sale/Maturity of Investments 1B 258M 356M 444M 106M
Other Uses (55M) (110M) (223M) (134M)
Other Sources 143M
Net Investing Cash Flow (3.19B) (3.69B) (2.87B) (3.14B) (2.19B)
Financing Activities
2011 2012 2013 2014 2015
Cash Dividends Paid – Total (330M) (333M) (465M) (533M) (614M)
Common Dividends (330M) (333M) (465M) (533M) (614M)
Preferred Dividends
Change in Capital Stock 117M 74M (4.08B) (468M) 167M
Repurchase of Common & Preferred Stk. (43M) (33M) (4.36B) (800M)
Sale of Common & Preferred Stock 160M 107M 277M 332M 167M
Proceeds from Stock Options
Other Proceeds from Sale of Stock 160M 107M 277M 332M 167M
Issuance/Reduction of Debt, Net 978M 2.97B 7.44B
Change in Current Debt
Change in Long-Term Debt 978M 2.97B 7.44B
Issuance of Long-Term Debt 978M 2.97B 7.44B
Reduction in Long-Term Debt
Other Funds 68M 87M (178M) (29M) 88M
Other Uses (178M) (29M)
Other Sources 68M 87M 88M
Net Financing Cash Flow 833M (172M) (1.75B) (1.03B) 7.08B
Exchange Rate Effect (27M) (8M) 49M 41M (9M)
Miscellaneous Funds
Net Change in Cash 1.3B (214M) (128M) (65M) 7.79B
Free Cash Flow 731M 88M 1.51B 779M 722M

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