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American Water Works - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

American Water Works (ISIN: US0304201033, WKN: A0NJ38) Kursdatum: 21.07.2017 Kurs: 81,920 USD
Beschreibung Daten
Symbol AWK
Marktkapitalisierung 14.663.680.000,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Versorger
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 21.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
-418,96 11,49 1,83% 2,54 28,23 31,27 4,44 2,81

Firmenbeschreibung

 

 

Note 20: Unaudited Quarterly Data

The following table summarizes certain supplemental unaudited consolidated quarterly financial data for each of the four quarters in the years ended December 31, 2015 and 2014, respectively. The operating results for any quarter are not indicative of results that may be expected for a full year or any future periods.

 

 

 

 

  2015

 

First Quarter

 

 

 

 

 

Second Quarter

 

 

 

 

 

Third Quarter

 

 

 

 

 

Fourth Quarter

 

 

 

 

 

 

 

(In millions, except per share data)

 

 

 

 

 

Operating revenues

 

$

 

698

 

 

 

 

 

$

 

782

 

 

 

 

 

$

 

896

 

 

 

 

 

$

 

783

 

 

 

 

 

Operating income

 

 

 

204

 

 

 

 

 

 

 

278

 

 

 

 

 

 

 

361

 

 

 

 

 

 

 

232

 

 

 

 

 

Net income attributable to common stockholders

 

 

 

80

 

 

 

 

 

 

 

123

 

 

 

 

 

 

 

174

 

 

 

 

 

 

 

99

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

 

 

0.45

 

 

 

 

 

 

 

0.69

 

 

 

 

 

 

 

0.97

 

 

 

 

 

 

 

0.55

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

 

 

0.44

 

 

 

 

 

 

 

0.68

 

 

 

 

 

 

 

0.96

 

 

 

 

 

 

 

0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

First Quarter

 

 

 

 

 

Second Quarter

 

 

 

 

 

Third Quarter

 

 

 

 

 

Fourth Quarter

 

 

 

 

 

 

 

(In millions, except per share data)

 

 

 

 

 

Operating revenues

 

$

 

679

 

 

 

 

 

$

 

755

 

 

 

 

Firmenstrategie

 

 

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of American Water and all of its subsidiaries in which a controlling interest is maintained after the elimination of intercompany accounts and transactions. Intercompany balances and transactions between subsidiaries have been eliminated. The Company uses the equity method to report its investments in joint ventures in which the Company holds up to a 50% voting interest and cannot exercise control over the operations and policies of the investments. Under the equity method, the Company records its interests as an investment and its percentage share of the investee’s earnings as earnings or losses.

In July 2015, the Company acquired a ninety-five percent interest in Water Solutions Holdings, LLC, including its wholly-owned subsidiary, Keystone Clearwater Solutions, LLC (collectively referred to as “Keystone”). The outside stockholders’ interest, which is redeemable at the option of the minority owners, is recognized as redeemable noncontrolling interest. The redeemable noncontrolling interest amounted to $7 as of December 31, 2015 and is included in other long-term liabilities in the accompanying Consolidated Balance Sheets. The net loss attributable to the noncontrolling interest was not significant. The Company has entered into an agreement, whereby it has the option to acquire from the minority owners, and the minority owners have the option to sell to the Company, the remaining five percent interest at fair value upon the occurrence of certain triggering events or at defined dates of December 31, 2016 and December 31, 2018.

RevenueRecognitionPolicyTextBlock

 

 

Recognition of Revenues

Revenues of the regulated utility subsidiaries are recognized as water and wastewater services are provided, and include amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the date of the meter reading associated with the latest customer bill to the end of the accounting period.

The Company has agreements with the U.S. Department of Defense to operate and maintain water and wastewater systems at various military bases pursuant to 50-year contracts (“military agreements”). These contracts also include construction components that are accounted for separately from the O&M components. Nine of the military agreements are subject to periodic price redetermination adjustments and modifications for changes in circumstance. The remaining three agreements are subject to annual price adjustments under a mechanism similar to price redeterminations. Additionally, the Company has agreements ranging in length from two to 40 years with municipalities and businesses in various industries to operate and maintain water and wastewater systems (“O&M agreements”). Revenues from operations and management services are recognized as services are provided. See Note 15—Commitments and Contingencies.

Revenues from construction projects are recognized over the contract term based on the costs incurred to date during the period compared to the total estimated costs over the entire contract. Losses on contracts are recognized during the period in which the loss first becomes probable and estimable. Revenues recognized during the period in excess of billings on construction contracts are recorded as unbilled revenue. Billings in excess of revenues recognized on construction contracts are recorded as other current liabilities until the recognition criteria are met. Changes in contract performance and related estimated contract profitability may result in revisions to costs and revenues and are recognized in the period in which revisions are determined.

SegmentReportingDisclosureTextBlock

 

 

Note 19: Segment Information

The Company’s operating segments are comprised of the revenue-generating components of its businesses for which separate financial information is internally produced and regularly used by management to make operating decisions and assess performance. The Company operates its businesses primarily through one reportable segment, the Regulated Businesses segment. The Company also operates businesses that provide a broad range of related and complementary water and wastewater services in non-regulated markets, which includes four operating segments that individually do not meet the criteria of a reportable segment. These four non-reportable operating segments have been combined and are presented as Market-Based Businesses.

The Regulated Businesses segment is the largest component of the Company’s business and includes 18 subsidiaries that provide water and wastewater services to customers in 16 states.

The Market-Based Businesses’ four non-reportable operating segments are Military Services Group, Contract Operations Group, Homeowner Services Group and Keystone Operations. Military Services Group performs 50-year contracts with the U.S. Department of Defense for the operation and maintenance of the water and wastewater systems on certain military bases. Homeowner Services Group provides services to domestic homeowners and smaller commercial establishments to protect against the cost of repairing damaged or blocked pipes inside and outside their accommodations, as well as interior electric lines. Contract Operations Group performs contracts with municipalities, the food and beverage industry and other customers to operate and maintain water and wastewater facilities. Keystone Operations provides customized water sourcing, transfer services, pipeline construction, water and equipment hauling and water storage solutions, for natural gas exploration and production companies.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. See Note 2—Significant Accounting Policies. The Regulated Businesses segment and Market-Based Businesses include intercompany costs that are allocated by American Water Works Service Company, Inc. and intercompany interest that is charged by American Water Capital Corp., which are eliminated to reconcile to the consolidated results of operations. Inter-segment revenues, which are primarily recorded at cost plus a mark-up that approximates current market prices, includes leased office space, furniture and equipment provided by the Company’s market-based subsidiaries to its regulated subsidiaries. “Other” includes corporate costs that are not allocated to the Company’s operating segments, eliminations of inter-segment transactions, fair value adjustments and associated income and deductions related to the acquisitions that have not been allocated to the operating segments for evaluation of performance and allocation of resource purposes. The adjustments related to the acquisitions are reported in Other as they are excluded from segment performance measures evaluated by management.

The chief operating decision maker of the company, who is the President and Chief Executive Officer, uses income from continuing operations before income tax as the primary measure of profit and loss in assessing the results of each operating segment. The following tables include the Company’s summarized segment information as of and for the years ended December 31:

EarningsPerSharePolicyTextBlock

 

 

Note 16: Earnings per Common Share

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share (“EPS”) calculations for the years ended December 31:

 

 

 

 

2015

 

 

 

 

 

Regulated Businesses

 

 

 

 

 

Market-Based Businesses

 

 

 

 

 

Other

 

 

 

 

 

Consolidated

 

 

 

Operating revenues

 

$

 

2,743

 

 

 

 

 

$

 

434

 

 

 

 

 

$

 

(18

 

)

 

 

 

$

 

3,159

 

 

 

Depreciation and amortization

 

 

 

411

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

440

 

 

 

Total operating expenses, net

 

 

 

1,732

 

 

 

 

 

 

 

370

 

 

 

 

 

 

 

(18

 

)

 

 

 

 

 

2,084

 

 

 

Interest, net

 

 

 

248

 

 

 

 

 

 

 

(2

 

)

 

 

 

 

 

62

 

 

 

 

 

 

 

308

 

 

 

Income from continuing operations before

   income taxes

 

 

 

776

 

 

 

 

 

 

 

68

 

 

 

 

 

 

 

(62

 

)

 

 

 

 

 

782

 

 

 

Provision for income taxes

 

 

 

303

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

(23

 

)

 

 

 

 

 

306

 

 

 

Income from continuing operations

 

 

 

473

 

 

 

 

 

 

 

42

 

 

 

 

 

 

 

(39

 

)

 

 

 

 

 

476

 

 

 

Total assets

 

 

 

15,258

 

 

 

 

 

 

 

496

 

 

 

 

 

 

 

1,487

 

 

 

 

 

 

 

17,241

 

 

 

Capital expenditures

 

 

 

1,143

 

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

1,160

 

 

  
 

 

 

 

 

2015

 

 

 

 

 

2014

 

 

 

 

 

2013

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

 

 

$

 

476

 

 

 

 

 

$

 

430

 

 

 

 

 

$

 

371

 

 

 

Loss from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

(7

 

)

 

 

 

 

 

(2

 

)

 

Net income available to common stockholders

 

 

 

$

 

476

 

 

 

 

 

$

 

423

 

 

 

 

 

$

 

369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstandingBasic

 

 

 

 

 

179

 

 

 

 

 

 

 

179

 

 

 

 

 

 

 

178

 

 

 

Effect of dilutive common stock equivalents

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

 

 

Weighted average common shares outstanding—Diluted

 

 

 

 

 

180

 

 

 

 

 

 

 

180

 

 

 

 

 

 

 

179

 

 

The effect of dilutive common stock equivalents is related to the RSUs and stock options granted under the 2007 Plan, and shares purchased under the ESPP. Less than one million share-based awards were excluded from the computation of diluted EPS for the years ended December 31, 2015, 2014 and 2013 because their effect would have been anti-dilutive under the treasury stock method.