CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | ||||
In Thousands, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 27, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 27, 2008 |
Operating revenues | $1,308,801 | $1,701,022 | $2,573,324 | $3,496,746 |
Cost of operating revenues | 1,088,842 | 1,454,806 | 2,190,613 | 3,033,559 |
Contract profit | 219,959 | 246,216 | 382,711 | 463,187 |
Selling, general and administrative expenses | 69,024 | 79,044 | 138,272 | 143,940 |
Other income, net | (11,490) | (17,643) | (19,693) | (31,671) |
Other deductions, net | 6,898 | 5,207 | 12,985 | 11,592 |
Interest income | (2,426) | (12,167) | (5,098) | (22,698) |
Interest expense | 1,302 | 4,860 | 5,469 | 11,011 |
Net asbestos-related provision/(gain) | 1,756 | (18,275) | 3,506 | (32,463) |
Income before income taxes | 154,895 | 205,190 | 247,270 | 383,476 |
Provision for income taxes | 27,561 | 43,883 | 45,564 | 83,633 |
Net income | 127,334 | 161,307 | 201,706 | 299,843 |
Less: Net income attributable to noncontrolling interests | 5,130 | 552 | 6,639 | 1,025 |
Net income attributable Foster Wheeler AG | $122,204 | $160,755 | $195,067 | $298,818 |
Earnings per share (see Note 1): | ||||
Basic | 0.97 | 1.12 | 1.54 | 2.08 |
Diluted | 0.96 | 1.11 | 1.54 | 2.06 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET (USD $) | ||
In Thousands | Jun. 30, 2009
| Dec. 26, 2008
|
Current Assets: | ||
Cash and cash equivalents | $848,985 | $773,163 |
Short-term investments | 3,777 | 2,448 |
Accounts and notes receivable, net: | ||
Trade | 543,548 | 608,994 |
Other | 88,793 | 95,633 |
Contracts in process | 261,668 | 241,135 |
Prepaid, deferred and refundable income taxes | 30,573 | 31,667 |
Other current assets | 43,496 | 37,146 |
Total current assets | 1,820,840 | 1,790,186 |
Land, buildings and equipment, net | 396,165 | 383,209 |
Restricted cash | 25,500 | 22,737 |
Notes and accounts receivable - long-term | 1,537 | 1,788 |
Investments in and advances to unconsolidated affiliates | 211,819 | 210,776 |
Goodwill | 69,840 | 62,165 |
Other intangible assets, net | 59,968 | 59,874 |
Asbestos-related insurance recovery receivable | 276,060 | 281,540 |
Other assets | 79,323 | 82,223 |
Deferred income taxes | 113,625 | 116,756 |
TOTAL ASSETS | 3,054,677 | 3,011,254 |
Current Liabilities: | ||
Current installments on long-term debt | 23,020 | 24,375 |
Accounts payable | 298,641 | 365,347 |
Accrued expenses | 261,424 | 303,813 |
Billings in excess of cost and estimated earnings on uncompleted contracts | 660,998 | 750,233 |
Income taxes payable | 63,611 | 44,846 |
Total current liabilities | 1,307,694 | 1,488,614 |
Long-term debt | 191,528 | 192,989 |
Deferred income taxes | 59,970 | 66,114 |
Pension, postretirement and other employee benefits | 331,149 | 320,959 |
Asbestos-related liability | 336,556 | 355,779 |
Other long-term liabilities | 159,152 | 157,933 |
Commitments and contingencies | 0 | 0 |
TOTAL LIABILITIES | 2,386,049 | 2,582,388 |
Temporary Equity: | ||
Non-vested share-based compensation awards subject to redemption | 8,590 | 7,586 |
Equity: | ||
Preferred shares | 0 | 0 |
Common shares | 0 | 1,262 |
Registered shares | 326,489 | 0 |
Paid-in capital | 598,767 | 914,063 |
Retained earnings/(accumulated deficit) | 167,092 | (27,975) |
Accumulated other comprehensive loss | (468,033) | (494,788) |
TOTAL FOSTER WHEELER AG SHAREHOLDERS' EQUITY | 624,315 | 392,562 |
Noncontrolling interests | 35,723 | 28,718 |
TOTAL EQUITY | 660,038 | 421,280 |
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY | $3,054,677 | $3,011,254 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | |||||||||||||||||||
Jun. 30, 2009
| Dec. 26, 2008
| ||||||||||||||||||
Preferred shares: | |||||||||||||||||||
Preferred share par value | $0 | 0.01 | |||||||||||||||||
Preferred shares authorized | 0 | 901,135 | |||||||||||||||||
Preferred shares issued | 0 | 1,079 | |||||||||||||||||
Preferred shares outstanding | 0 | 1,079 | |||||||||||||||||
Common shares: | |||||||||||||||||||
Common share par value | $0 | 0.01 | |||||||||||||||||
Common shares authorized | 0 | 296,007,818 | |||||||||||||||||
Common shares issued | 0 | 126,177,611 | |||||||||||||||||
Common shares outstanding | 0 | 126,177,611 | |||||||||||||||||
Registered shares: | |||||||||||||||||||
Registered share par value | 3 | [1] | 0 | ||||||||||||||||
Registered shares authorized | 189,623,871 | 0 | |||||||||||||||||
Registered shares conditionally authorized | 63,207,957 | 0 | |||||||||||||||||
Registered shares issued | 126,437,389 | 0 | |||||||||||||||||
Registered shares outstanding | 126,437,389 | 0 | |||||||||||||||||
[1]CHF 3.00 Par Value (Swiss Francs) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | |||||||||||||||||||
In Thousands | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 27, 2008 | |||||||||||||||||
Total Equity, Beginning Balance | $421,280 | $602,814 | |||||||||||||||||
Net income | 201,706 | 299,843 | |||||||||||||||||
Foreign currency translation adjustments | 18,907 | 21,812 | |||||||||||||||||
Net (loss)/gain on derivative instruments designated as cash flow hedges, net of tax | (1,376) | 3,262 | |||||||||||||||||
Pension and other postretirement benefits, net of tax | 9,611 | 7,539 | |||||||||||||||||
Comprehensive Income | 228,848 | [2] | 332,456 | [1] | |||||||||||||||
Issuance of common shares/registered shares upon exercise of share purchase warrants | 108 | 352 | |||||||||||||||||
Issuance of common shares upon exercise of stock options | 2,435 | ||||||||||||||||||
Repurchase and retirement of shares | (28) | ||||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | (1) | ||||||||||||||||||
Distributions to noncontrolling interests | (21) | (6,684) | |||||||||||||||||
Share-based compensation expense - stock options and restricted awards | 9,851 | 4,756 | |||||||||||||||||
Excess tax benefit related to equity-based incentive program | 156 | ||||||||||||||||||
Total Equity, Ending Balance | 660,038 | 936,284 | |||||||||||||||||
Foster Wheeler AG Shareholders' Equity [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 392,562 | 571,041 | |||||||||||||||||
Net income | 195,067 | 298,818 | |||||||||||||||||
Foreign currency translation adjustments | 18,516 | 20,259 | |||||||||||||||||
Net (loss)/gain on derivative instruments designated as cash flow hedges, net of tax | (1,376) | 3,262 | |||||||||||||||||
Pension and other postretirement benefits, net of tax | 9,615 | 7,539 | |||||||||||||||||
Comprehensive Income | 221,822 | [2] | 329,878 | [1] | |||||||||||||||
Issuance of common shares/registered shares upon exercise of share purchase warrants | 108 | 352 | |||||||||||||||||
Issuance of common shares upon exercise of stock options | 2,435 | ||||||||||||||||||
Repurchase and retirement of shares | (28) | ||||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | (1) | ||||||||||||||||||
Share-based compensation expense - stock options and restricted awards | 9,851 | 4,756 | |||||||||||||||||
Excess tax benefit related to equity-based incentive program | 156 | ||||||||||||||||||
Total Equity, Ending Balance | 624,315 | 908,617 | |||||||||||||||||
Preferred Shares [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 0 | 0 | |||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | 0 | 0 | |||||||||||||||||
Total Equity, Ending Balance | 0 | 0 | |||||||||||||||||
Common Shares [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 1,262 | 1,439 | |||||||||||||||||
Issuance of common shares/registered shares upon exercise of share purchase warrants | 1 | ||||||||||||||||||
Issuance of common shares upon exercise of stock options | 1 | ||||||||||||||||||
Issuance of common shares/registered shares upon vesting of restricted awards | 1 | 1 | |||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | (1,263) | ||||||||||||||||||
Total Equity, Ending Balance | 0 | 1,442 | |||||||||||||||||
Registered Shares [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 0 | 0 | |||||||||||||||||
Issuance of common shares/registered shares upon exercise of share purchase warrants | 57 | ||||||||||||||||||
Issuance of common shares/registered shares upon vesting of restricted awards | 1 | ||||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | 326,431 | 0 | |||||||||||||||||
Total Equity, Ending Balance | 326,489 | 0 | |||||||||||||||||
Paid-in Capital [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 914,063 | 1,385,311 | |||||||||||||||||
Issuance of common shares/registered shares upon exercise of share purchase warrants | 51 | 351 | |||||||||||||||||
Issuance of common shares upon exercise of stock options | 2,434 | ||||||||||||||||||
Issuance of common shares/registered shares upon vesting of restricted awards | (2) | (1) | |||||||||||||||||
Repurchase and retirement of shares | (28) | ||||||||||||||||||
Issuance of common shares/registered shares upon conversion of preferred shares and cancellation of common shares | (325,168) | (1) | |||||||||||||||||
Share-based compensation expense - stock options and restricted awards | 9,851 | 4,756 | |||||||||||||||||
Excess tax benefit related to equity-based incentive program | 156 | ||||||||||||||||||
Total Equity, Ending Balance | 598,767 | 1,393,006 | |||||||||||||||||
Retained Earnings/(Accumulated Deficit) [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | (27,975) | (554,595) | |||||||||||||||||
Net income | 195,067 | 298,818 | |||||||||||||||||
Total Equity, Ending Balance | 167,092 | (255,777) | |||||||||||||||||
Accumulated Other Comprehensive Loss [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | (494,788) | (261,114) | |||||||||||||||||
Foreign currency translation adjustments | 18,516 | 20,259 | |||||||||||||||||
Net (loss)/gain on derivative instruments designated as cash flow hedges, net of tax | (1,376) | 3,262 | |||||||||||||||||
Pension and other postretirement benefits, net of tax | 9,615 | 7,539 | |||||||||||||||||
Total Equity, Ending Balance | (468,033) | (230,054) | |||||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||||
Total Equity, Beginning Balance | 28,718 | 31,773 | |||||||||||||||||
Net income attributable to noncontrolling interests | 6,639 | 1,025 | |||||||||||||||||
Foreign currency translation adjustments | 391 | 1,553 | |||||||||||||||||
Pension and other postretirement benefits, net of tax | (4) | ||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | 7,026 | [2] | 2,578 | [1] | |||||||||||||||
Distributions to noncontrolling interests | (21) | (6,684) | |||||||||||||||||
Total Equity, Ending Balance | $35,723 | $27,667 | |||||||||||||||||
[1]Comprehensive income for the fiscal quarter ended June 27, 2008 for Foster Wheeler AG, noncontrolling interests and total equity were $169,407, $1,099, and $170,506, respectively. | |||||||||||||||||||
[2]Comprehensive income for the fiscal quarter ended June 30, 2009 for Foster Wheeler AG, noncontrolling interests and total equity were $158,830, $5,688, and $164,518, respectively. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | ||
In Thousands | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 27, 2008 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $201,706 | $299,843 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 21,446 | 22,286 |
Net asbestos-related provision/(gain) | 3,506 | (2,213) |
Share-based compensation expense - stock options and restricted awards | 10,855 | 6,642 |
Excess tax benefit related to equity-based incentive program, operating activities | 0 | (156) |
Deferred tax | 3,459 | 4,861 |
Loss on sale of assets | 522 | 22 |
Equity in the net earnings of partially-owned affiliates, net of dividends | 3,280 | (3,008) |
Other noncash items | (45) | 1,043 |
Changes in assets and liabilities: | ||
Decrease/(increase) in receivables | 87,406 | (13,701) |
Net change in contracts in process and billings in excess of costs and estimated earnings on uncompleted contracts | (108,869) | 13,343 |
Decrease in accounts payable and accrued expenses | (121,889) | (61,423) |
Increase in income taxes payable | 17,871 | 16,489 |
Net change in other assets and liabilities | (25,294) | (39,189) |
Net cash provided by operating activities | 93,954 | 244,839 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of businesses, net of cash acquired | (8,883) | (7,829) |
Change in restricted cash | (2,817) | (24,613) |
Capital expenditures | (26,708) | (42,220) |
Proceeds from sale of assets | 454 | 613 |
Investments in and advances to unconsolidated affiliates | 0 | (3,600) |
Return of investment from unconsolidated affiliates | 0 | 2,330 |
Increase in short-term investments | (1,261) | 0 |
Net cash used in investing activities | (39,215) | (75,319) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchase and retirement of fractional shares | (28) | 0 |
Distributions to noncontrolling interests | (21) | (6,684) |
Proceeds from share purchase warrant exercises | 108 | 352 |
Proceeds from stock option exercises | 0 | 2,435 |
Excess tax benefit related to equity-based incentive program, financing activities | 0 | 156 |
Repayment of short-term debt | (731) | 0 |
Proceeds from issuance of long-term debt | 1,865 | 21,969 |
Repayment of long-term debt and capital lease obligations | (5,026) | (4,941) |
Net cash (used in)/provided by financing activities | (3,833) | 13,287 |
Effect of exchange rate changes on cash and cash equivalents | 24,916 | 38,843 |
Increase in cash and cash equivalents | 75,822 | 221,650 |
Cash and cash equivalents at beginning of year | 773,163 | 1,048,544 |
Cash and cash equivalents at end of period | $848,985 | $1,270,194 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation At a special court-ordered meeting of common shareholders held on January27, 2009, the common shareholders of Foster Wheeler Ltd. approved a scheme of arrangement under Bermuda law. On February 9, 2009, after receipt of the approval of the scheme of arrangement by the Supreme Court of Bermuda and the satisfaction of certain other conditions, the transactions contemplated by the scheme of arrangement were effected. Pursuant to the scheme of arrangement, among other things, all previously outstanding whole common shares of Foster Wheeler Ltd. were cancelled and the common shareholders of Foster Wheeler Ltd. became common shareholders of Foster Wheeler AG, a Swiss corporation, and Foster Wheeler Ltd. became a wholly-owned subsidiary of Foster Wheeler AG, a holding company that owns the stock of its various subsidiary companies. The steps of the scheme of arrangement together with certain related transactions, which are collectively referred to throughout the Notes to the consolidated financial statements as the Redomestication, effectively changed our place of incorporation from Bermuda to the Canton of Zug, Switzerland. Please see Note 13 for further information related to the Redomestication. The fiscal year of Foster Wheeler AG ends on December 31 of each calendar year. Foster Wheeler AGs fiscal quarters end on the last day of March, June and September. The fiscal year of Foster Wheeler Ltd., the parent company prior to the Redomestication, was the 52- or 53-week annual accounting period ending the last Friday in December for our U.S. operations and December 31 for non-U.S. operations and ended on December 26, 2008 for fiscal year 2008. The fiscal second quarter and six months ended of Foster Wheeler Ltd. for the fiscal year ended December 26, 2008, which for reporting purposes is also the fiscal second quarter and six months ended of Foster Wheeler AG for such fiscal year, ended on June 27, 2008. Foster Wheeler AG consolidated financial results for the second fiscal quarter represent the period from April 1, 2009 through June 30, 2009 and March 29, 2008 through June 27, 2008, in fiscal years 2009 and 2008, respectively. Foster Wheeler AG consolidated financial results for the first fiscal six months represent the period from December 27, 2008 through June 30, 2009 and December 29, 2007 through June 27, 2008, in fiscal years 2009 and 2008, respectively. The consolidated financial results include our U.S. operations, which have a fiscal year that is the 52- or 53-week annual accounting period ending the last Friday in December, and our non-U.S. operations, which have a fiscal year ending on December 31. Although the fiscal year for our parent company is now December 31, the fiscal year and fiscal quarter ending dates for both our U.S. and non-U.S. operations were not impacted by the Redomestication. On May28, 2009, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 165, Subsequent Events, to establish general standards of accounting and disclosure of events that occur after the balance sheet dat |
Business Combinations
Business Combinations | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Business Combinations In April 2009, we acquired substantially all of the assets of the offshore engineering division of OPE Holdings Ltd., a Canadian company that is listed on the TSX Venture Exchange and which we refer to as OPE, for a purchase price of approximately $8,900. The purchase price may be increased by $500 if the acquired company meets certain performance targets during the first year after the closing date. The acquired company is active in upstream oil and gas engineering services. The purchase price allocation and pro forma information for this acquisition were not material to our consolidated financial statements. This companys financial results are included within our Global EC Group business segment. In July 2008, we acquired the majority of the assets and work force of an engineering design company for $6,500, plus up to $1,500 to be paid if certain performance milestones are met over the following two years. This company, which has an engineering center in Kolkata, India, provides engineering services to the petrochemical, refining, upstream oil and gas, and power industries. The purchase price allocation and pro forma information for this acquisition were not material to our consolidated financial statements. This companys financial results are included within our Global EC Group business segment. In February 2008, we acquired all of the outstanding capital stock of a biopharmaceutical engineering company, based in Philadelphia, Pennsylvania, for $8,545 plus up to $3,638 to be paid over the following three years if certain conditions are met, plus up to an additional $8,700 to be paid if certain performance milestones are met over the following three years. This company provides design, engineering, manufacture, installation, validation and startup/commissioning services to the life sciences industry. The purchase price allocation and pro forma information for this acquisition were not material to our consolidated financial statements. This companys financial results are included within our Global EC Group business segment. |
Equity Interest
Equity Interest | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Equity Interest [Abstract] | |
Equity Interest [Text Block] | 3. Equity Interests We own a noncontrolling equity interest in two electric power generation projects, one waste-to-energy project and one wind farm project in Italy and in a refinery/electric power generation project in Chile. We also own a 50% noncontrolling equity interest in an Italian project which generates earnings from royalty payments linked to the price of natural gas. The two electric power generation projects in Italy are each 42% owned by us, the waste-to-energy project is 39% owned by us and the wind farm project is 50% owned by us. The project in Chile is 85% owned by us; however, we do not have a controlling interest in the Chilean project as a result of participating rights held by the minority shareholder. We account for these investments in Italy and Chile under the equity method. The following is summarized financial information for these entities (each as a whole) in which we have an equity interest: June 30, 2009 December 26, 2008 Italian Projects Chilean Project Italian Projects Chilean Project Balance Sheet Data: Current assets $ 313,166 $ 47,764 $ 288,387 $ 66,991 Other assets (primarily buildings and equipment) 651,022 132,200 618,083 137,007 Current liabilities 105,601 17,318 63,227 26,319 Other liabilities (primarily long-term debt) 524,270 68,824 535,954 70,950 Net assets 334,317 93,822 307,289 106,729 Fiscal Quarters Ended June 30, 2009 June 27, 2008 Italian Projects Chilean Project Italian Projects Chilean Project Income Statement Data: Total revenues $ 95,084 $ 15,534 $ 108,450 $ 25,489 Gross earnings 26,095 9,486 35,182 14,216 Income before income taxes 22,616 8,053 28,336 12,351 Net earnings 15,833 6,684 19,456 10,251 Fiscal Six Months Ended June 30, 2009 June 27, 2008 Italian Projects Chilean Project Italian Projects Chilean Project Income Statement Data: Total revenues $ 199,158 $ 33,346 $ 216,913 $ 52,074 Gross earnings 39,249 19,900 57,919 30,377 Income before income taxes 32,599 16,369 44,479 28,227 Net earnings 21,054 13,586 29,795 23,428 Our equity in the net earnings of these partially-owned affiliates, which is recorded within other income, net on the consolidated statement of operations, totaled $10,639 and $16,891 for the fiscal quarter and six months ended June 30, 2009, respectively, and $13,317 and $24,880 for the fiscal quarter and six months ended June 27, 2008, respectively. Our investment in these equity affiliates, which is recorded within investments in and advances to unconsolidated affiliates on the consolidated balance shee |
Long-term Debt
Long-term Debt | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Long-term Debt Disclosure [Abstract] | |
Long-term Debt Disclosure [Text Block] | 4. Long-term Debt The following table shows the components of our long-term debt: June 30, 2009 December 26, 2008 Current Long-term Total Current Long-term Total Capital Lease Obligations $ 1,189 $ 64,585 $ 65,774 $ 1,147 $ 64,641 $ 65,788 Special-Purpose Limited Recourse Project Debt: Camden County Energy Recovery Associates 9,914 21,865 31,779 9,914 21,865 31,779 FW Power S.r.l. 5,382 90,556 95,938 4,562 88,750 93,312 Energia Holdings, LLC 3,187 13,239 16,426 4,675 16,426 21,101 Subordinated Robbins Facility Exit Funding Obligations: 1999C Bonds at 7.25% interest, due October 15, 2009 19 - 19 19 - 19 1999C Bonds at 7.25% interest, due October 15, 2024 - 1,283 1,283 - 1,283 1,283 1999D Accretion Bonds at 7% interest, due October 15, 2009 318 - 318 307 - 307 Term Loan in China at 4.86% interest, due July 6, 2009 2,928 - 2,928 - - - Term Loan in China at 6.57% interest, due December 29, 2008 - - - 3,654 - 3,654 Other 83 - 83 97 24 121 Total $ 23,020 $ 191,528 $ 214,548 $ 24,375 $ 192,989 $ 217,364 Domestic Senior Credit Agreement In October 2006, we executed a five-year domestic senior credit agreement to be used for our U.S. and non-U.S. operations. The senior credit agreement, as amended in May 2007, provides for a facility of $450,000, and includes a provision which permits future incremental increases of up to $100,000 in total availability under the facility. We can issue up to $450,000 under the letter of credit facility. A portion of the letters of credit issued under the domestic senior credit agreement have performance pricing that is decreased (or increased) as a result of improvements (or reductions) in the credit rating of the domestic senior credit agreement as reported by Moodys Investors Service and/or Standard Poors (SP). We also have the option to use up to $100,000 of the $450,000 for revolving borrowings at a rate equal to adjusted LIBOR plus 1.50%, subject also to the performance pricing noted above. As a result of the improvement in our SP credit rating in March 2007, we achieved, and continue to maintain, the lowest possible pricing under the performance pricing provisions of our domestic senior credit agreement. On December 18, 2008, Foster Wheeler AG, Foster Wheeler Ltd., certain of Foster Wheeler Ltd.s subsidiaries and BNP Paribas, as Administrative Agent, entered into an additional amendment of our domestic senior credit agreement. The amendment includes a consent of the lenders under the credit agreement to the Redomestication. In addition, the amendment reflects the addition of Foster Wheeler AG as a |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Pensions and Other Postretirement Benefits Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 5. Pensions and Other Postretirement Benefits We have defined benefit pension plans in the United States, the United Kingdom, France, Canada and Finland, and we have other postretirement benefit plans for health care and life insurance benefits in the United States and Canada. Defined Benefit Pension Plans Our defined benefit pension plans cover certain full-time employees. Under the plans, retirement benefits are primarily a function of both years of service and level of compensation. The components of benefit cost/(income) for our pension plans were as follows: Fiscal Quarter Ended June 30, 2009 Fiscal Quarter Ended June 27, 2008 United States United Kingdom Other Total United States United Kingdom Other Total Net periodic benefit cost/(income): Service cost $ - $ 1,350 $ 158 $ 1,508 $ - $ 2,702 $ 183 $ 2,885 Interest cost 4,972 10,199 445 15,616 5,009 12,634 499 18,142 Expected return on plan assets (4,291) (8,299) (291) (12,881) (5,926) (12,395) (431) (18,752) Amortization of transition (asset)/obligation - (12) 21 9 - (14) 24 10 Amortization of prior service cost - 1,924 4 1,928 - 1,278 5 1,283 Amortization of net actuarial loss 2,041 3,346 124 5,511 716 4,252 114 5,082 SFAS No. 87 net periodic benefit cost/(income) 2,722 8,508 461 11,691 (201) 8,457 394 8,650 SFAS No. 88 cost* - - 191 191 - - 644 644 Total net periodic benefit cost/(income) $ 2,722 $ 8,508 $ 652 $ 11,882 $ (201) $ 8,457 $ 1,038 $ 9,294 Changes recognized in other comprehensive income: Amortization of transition asset/(obligation) $ - $ 12 $ (21) $ (9) $ - $ 14 $ (24) $ (10) Amortization of prior service cost - (1,924) (4) (1,928) - (1,278) (5) (1,283) Amortization of net actuarial loss (2,041) (3,346) (124) (5,511) (716) (4,252) (114) (5,082) Total loss recognized in other comprehensive income $(2,041) $ (5,258) $ (149) $ (7,448) $ (716) $ (5,516) $ (143) $ (6,375) Fiscal Six Months Ended June 30, 2009 Fiscal Six Months Ended June 27, 2008 United States United Kingdom Other Total United States United Kingdom Other Total Net periodic benefit cost/(income): Service cost $ - $ 2,608 $ 310 $ 2,918 $ - $ 5,417 $ 359 $ 5,776 Interest cost 9,898 19,7 |
Guarantees and Warranties
Guarantees and Warranties | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Guarantees and Warranties Disclosure [Abstract] | |
Guarantees and Warranties Disclosure [Text Block] | 6. Guarantees and Warranties We have agreed to indemnify certain third parties relating to businesses and/or assets that we previously owned and sold to such third parties. Such indemnifications relate primarily to potential environmental and tax exposures for activities conducted by us prior to the sale of such businesses and/or assets. It is not possible to predict the maximum potential amount of future payments under these or similar indemnifications due to the conditional nature of the obligations and the unique facts and circumstances involved in each particular indemnification. Maximum Carrying Amount of Liability Potential Payment June 30, 2009 December 26, 2008 Environmental indemnifications No limit $ 9,100 $ 8,900 Tax indemnifications No limit $ - $ - We also maintain contingencies for warranty expenses on certain of our long-term contracts. Generally, warranty contingencies are accrued over the life of the contract so that a sufficient balance is maintained to cover our aggregate exposure at the conclusion of the project. Fiscal Six Months Ended Warranty Liability: June 30, 2009 June 27, 2008 Balance at beginning of year $ 99,400 $ 87,800 Accruals 14,900 22,400 Settlements (1,300) (3,000) Adjustments to provisions (5,100) (5,700) Balance at end of period $ 107,900 $ 101,500 We are contingently liable under standby letters of credit, bank guarantees and surety bonds, totaling $939,900 and $914,500 as of June 30, 2009 and December 26, 2008, respectively, primarily for performance guarantees. These balances include the standby letters of credit issued under the domestic senior credit agreement discussed in Note4 and from other facilities worldwide. No material claims have been made against these guarantees, and based on our experience and current expectations, we do not anticipate any material claims. We have also guaranteed certain performance obligations in a Chilean refinery/electric power generation project in which we hold a noncontrolling equity interest. See Note 3 for further information. |
Derivative Financial Instrument
Derivative Financial Instruments | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Derivatives Financial Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments We are exposed to certain risks relating to our ongoing business operations. The risks managed by using derivative financial instruments relate primarily to foreign currency exchange rate risk and, to a significantly lesser extent, interest rate risk. Derivative financial instruments are recognized as assets or liabilities at fair value in our consolidated balance sheet, as required under SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. Fair Values of Derivative Financial Instruments Asset Derivatives Liability Derivatives Location within Consolidated Balance Sheet June 30, 2009 December 26, 2008 Location within Consolidated Balance Sheet June 30, 2009 December 26, 2008 Derivatives designated as hedging instruments under SFAS No. 133 Interest rate swap contracts Other assets - - Other long-term liabilities 6,369 5,658 Derivatives not designated as hedging instruments under SFAS No. 133 Foreign currency forward contracts Contracts in process or billings in excess of costs and estimated earnings on uncompleted contracts 3,777 3,883 Contracts in process or billings in excess of costs and estimated earnings on uncompleted contracts 11,994 21,711 Total derivatives $ 3,777 $ 3,883 $ 18,363 $ 27,369 Foreign Currency Exchange Rate Risk We operate on a worldwide basis with substantial operations in Europe that subject us to U.S. dollar translation risk mainly relative to the Euro and British pound. Under our risk management policies we do not hedge translation risk exposure. All activities of our non-U.S. affiliates are recorded in their functional currency, which is typically the local currency in the country of domicile of the affiliate. In the ordinary course of business, our affiliates do enter into transactions in currencies other than their respective functional currencies. We seek to minimize the resulting foreign currency transaction risk by contracting for the procurement of goods and services in the same currency as the sales value of the related long-term contract. We seek to further mitigate any remaining foreign currency transaction exposuressuch as anticipated purchases or revenuesthrough the use of foreign currency forward exchange contracts. We utilize foreign currency forward exchange contracts solely to hedge specific foreign currency exposures, whether or not those contracts qualify for hedge accounting under SFAS No. 133. Nearly all of our foreign currency forward contracts are used to hedge foreign currency exposures on our contracts on which we recognize revenues, costs and profits on the percentage-of-completion method. None of the foreign currency forward contracts met the requirements for hedge accounting under SFAS No. 133 during the first fiscal six months of 2009 and 2008. As of June 30, 2009, our primary foreign currency forward exchange contracts were as follows: Currency Hedged Foreig |
Share-Based Compensation Plans
Share-Based Compensation Plans | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans [Text Block] | 8. Share-Based Compensation Plans Our share-based compensation plans include both restricted awards and stock option awards. Compensation cost for our share-based plans of $5,501 and $10,855 was charged against income for the fiscal quarter and six months ended June 30, 2009, respectively. The related income tax benefit recognized in the consolidated statement of operations was $110 and $220 for the fiscal quarter and six months ended June 30, 2009, respectively. Compensation cost for our share-based plans of $4,150 and $6,642 was charged against income for the fiscal quarter and six months ended June 27, 2008, respectively. The related income tax benefit recognized in the consolidated statement of operations was $83 and $158 for the fiscal quarter and six months ended June 27, 2008, respectively. There were no option exercises under our share-based compensation plans in the fiscal six months ended June 30, 2009 and we received $2,435 in cash from option exercises for the fiscal six months ended June 27, 2008. As of June 30, 2009, we had $16,132 and $16,745 of total unrecognized compensation cost related to stock options and restricted awards, respectively. Those costs are expected to be recognized as expense over a weighted-average period of approximately 25 months. Our share-based compensation plans include a change in control provision, which provides for cash redemption of equity awards issued thereunder in certain limited circumstances. In accordance with Securities and Exchange Commission Accounting Series Release No. 268, Presentation in Financial Statements of Redeemable Preferred Stocks, we present the redemption amount of these equity awards as temporary equity on the consolidated balance sheet as the equity award is amortized during the vesting period. The redemption amount represents the intrinsic value, if any, of the equity award on the grant date. In accordance with FASB Emerging Issues Task Force Topic D-98, Classification and Measurement of Redeemable Securities, we do not adjust the redemption amount each reporting period unless and until it becomes probable that the equity awards will become redeemable (upon a change in control event). Upon vesting of the equity awards, we reclassify the intrinsic value of the equity awards, as determined on the grant date, to permanent equity. A reconciliation of temporary equity for the six months ended June 30, 2009 is as follows: Temporary equity as of December 26, 2008 $ 7,586 Compensation cost during the period for those equity awards with intrinsic value on the grant date 5,576 Intrinsic value of equity awards vested during the period for those equity awards with intrinsic value on the grant date (4,572) Temporary equity as of June 30, 2009 $ 8,590 |
Share Purchase Warrants
Share Purchase Warrants | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Share Purchase Warrants Disclosure [Abstract] | |
Share Purchase Warrants Disclosure [Text Block] | 9. Share Purchase Warrants In connection with the equity-for-debt exchange consummated in 2004, Foster Wheeler Ltd. issued 4,152,914 Class A common share purchase warrants and 40,771,560 Class B common share purchase warrants. In connection with the Redomestication, Foster Wheeler AG assumed Foster Wheeler Ltd.s obligations under the related warrant agreement and has agreed to issue registered shares of Foster Wheeler AG upon exercise of outstanding warrants in accordance with their stated terms. See Note 13 for further information related to the Redomestication. Each Class A warrant entitles its owner to purchase 3.3682 registered shares at an exercise price of $4.689 per registered share thereunder, subject to the terms of the warrant agreement between the warrant agent and us. In connection with the Redomestication and in accordance with the terms of the warrant agreement, we extended the expiration date of our Class A warrants from September 24, 2009 to October 2, 2009 as a result of the periods from January 27, 2009 until January 30, 2009 and February 3, 2009 until February 6, 2009 when the warrants were not exercisable. Each Class B warrant entitled its owner to purchase 0.1446 common shares of Foster Wheeler Ltd. at an exercise price of $4.689 per common share thereunder, subject to the terms and conditions of the warrant agreement between the warrant agent and Foster Wheeler Ltd. The Class B warrants were exercisable on or before September 24, 2007. Cumulatively through June 30, 2009, 3,978,821 Class A warrants and 38,730,407 Class B warrants have been exercised for a combined total of 19,751,467 common and registered shares. The number of registered shares issuable upon the exercise of the remaining outstanding Class A warrants is approximately 586,380 as of June 30, 2009. The holders of the Class A warrants are not entitled to vote, to receive dividends or to exercise any of the rights of registered shareholders for any purpose until such warrants have been duly exercised. We currently maintain and intend to continue to maintain at all times during which the warrants are exercisable, a shelf registration statement relating to the issuance of registered shares underlying the warrants for the benefit of the warrant holders, subject to the terms of the registration rights agreement. An initial registration statement became effective on December 28, 2005 and a replacement registration statement was filed and became effective on December 5, 2008. Also in connection with the equity-for-debt exchange consummated in 2004, we entered into a registration rights agreement with certain selling security holders in which we agreed to file a registration statement to cover resales of our securities held by them immediately following the exchange offer. We filed a registration statement in accordance with this agreement on October 29, 2004. This registration statement initially became effective on December 23, 2004. Subject to the selling security holders providing us with necessary information in accordance with the registration rights agreement, we are required to keep effective a registration statement covering resales by such s |
Income Taxes
Income Taxes | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Income Taxes Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The tax provision for each year-to-date period is calculated by multiplying pretax income by the estimated annual effective tax rate for such period. Our effective tax rate can fluctuate significantly from period to period and may differ significantly from the U.S. federal statutory rate as a result of income taxed in various non-U.S. jurisdictions with rates different from the U.S. statutory rate, as a result of our inability to recognize a tax benefit for losses generated by certain unprofitable operations and as a result of the varying mix of income earned in the jurisdictions in which we operate. In addition, SFAS No. 109, Accounting for Income Taxes, requires us to reduce our deferred tax benefits by a valuation allowance when, based upon available evidence, it is more likely than not that the tax benefit of losses (or other deferred tax assets) will not be realized in the future. In periods when operating units subject to a valuation allowance generate pretax earnings, the corresponding reduction in the valuation allowance favorably impacts our effective tax rate. Conversely, in periods when operating units subject to a valuation allowance generate pretax losses, the corresponding increase in the valuation allowance has an unfavorable impact on our effective tax rate. First Fiscal Six Months of 2009 Our effective tax rate for the first fiscal six months of 2009 was lower than the U.S. statutory rate of 35% due principally to the impact of the following: Income earned in tax jurisdictions with tax rates lower than the U.S. statutory rate, which is expected to contribute to an approximate 18-percentage point reduction in the effective tax rate for the full year 2009; and A valuation allowance increase because we are unable to recognize a tax benefit for losses subject to valuation allowance in certain jurisdictions (primarily the United States), which is expected to contribute to an approximate three-percentage point increase in the effective tax rate for the full year 2009, and other permanent differences. First Fiscal Six Months of 2008 Our effective tax rate for the first fiscal six months of 2008 was lower than the U.S. statutory rate of 35% due principally to the impact of the following: Income earned in tax jurisdictions with tax rates lower than the U.S. statutory rate, which contributed to an approximate ten-percentage point reduction in the effective tax rate; and A valuation allowance decrease because we recognized earnings in jurisdictions where we had a full valuation allowance, which contributed to an approximate five-percentage point reduction in the effective tax rate. These variances were partially offset by losses in certain other jurisdictions for which no benefit is recognized (a valuation allowance is established) and other permanent differences. We evaluate, on a quarterly basis, the need for the valuation allowances against deferred tax assets in those jurisdictions in which we currently maintain a valuation allowance. Such evaluation includes a review of all available evidence, both positive and negative, in determining whether a valuation al |
Business Segments
Business Segments | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Business Segment Disclosure [Abstract] | |
Business Segment Disclosure [Text Block] | 11. Business Segments We operate through two business groups: our Global EC Group and our Global Power Group. Global Engineering and Construction Group Our Global EC Group, which operates worldwide, designs, engineers and constructs onshore and offshore upstream oil and gas processing facilities, natural gas liquefaction facilities and receiving terminals, gas-to-liquids facilities, oil refining, chemical and petrochemical, pharmaceutical and biotechnology facilities and related infrastructure, including power generation and distribution facilities, and gasification facilities. Our Global EC Group is also involved in the design of facilities in new or developing market sectors, including carbon capture and storage, solid fuel-fired integrated gasification combined-cycle power plants, coal-to-liquids, coal-to-chemicals and biofuels. Our Global EC Group generates revenues from engineering, procurement and construction and project management activities pursuant to contracts spanning up to approximately four years in duration and from returns on its equity investments in various power production facilities. Our Global EC Group provides the following services: Design, engineering, project management, construction and construction management services, including the procurement of equipment, materials and services from third-party suppliers and contractors. Environmental remediation services, together with related technical, engineering, design and regulatory services. Development, engineering, procurement, construction, ownership and operation of power generation facilities, from conventional and renewable sources, and waste-to-energy facilities in Europe. Global Power Group Our Global Power Group designs, manufactures and erects steam generating and auxiliary equipment for electric power generating stations and industrial facilities worldwide and owns and/or operates several cogeneration, independent power production and waste-to-energy facilities, as well as power generation facilities for the process and petrochemical industries. Our Global Power Group generates revenues from engineering activities, equipment supply, construction contracts, operating and maintenance agreements, royalties from licensing its technology, and from returns on its investments in several power production facilities. Our Global Power Groups steam generating equipment includes a full range of technologies, offering independent power producers, utilities and industrial clients high-value technology solutions for converting a wide range of fuels, such as coal, lignite, petroleum coke, oil, gas, solar, biomass and municipal solid waste, into steam, which can be used for power generation, district heating or for industrial processes. Our Global Power Group offers several other products and services related to steam generators: Designs, manufactures and installs auxiliary and replacement equipment for utility power and industrial facilities, including surface condensers, feed water heaters, coal pulverizers, steam generator coils and panels, biomass gasifiers, and replacement parts for steam generators. Nitrogen-o |
Litigation and Uncertainties
Litigation and Uncertainties | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Litigation and Uncertainties [Abstract] | |
Litigation and Uncertainties [Text Block] | 12. Litigation and Uncertainties Asbestos Some of our U.S. and U.K. subsidiaries are defendants in numerous asbestos-related lawsuits and out-of-court informal claims pending in the United States and the United Kingdom. Plaintiffs claim damages for personal injury alleged to have arisen from exposure to or use of asbestos in connection with work allegedly performed by our subsidiaries during the 1970s and earlier. United States A summary of our U.S. claim activity is as follows: Number of Claims Fiscal Quarters Ended Fiscal Six Months Ended June 30, 2009 June 27, 2008 June 30, 2009 June 27, 2008 Open claims at beginning of period 131,010 130,810 130,760 131,340 New claims 1,040 1,800 2,340 2,820 Claims resolved (1,550) (1,870) (2,600) (3,420) Open claims at end of period 130,500 130,740 130,500 130,740 We had the following U.S. asbestos-related assets and liabilities recorded on our consolidated balance sheet as of the dates set forth below. Total U.S. asbestos-related liabilities are estimated through the fiscal second quarter of 2024. Although it is likely that claims will continue to be filed after that date, the uncertainties inherent in any long-term forecast prevent us from making reliable estimates of the indemnity and defense costs that might be incurred after that date. June 30, 2009 December 26, 2008 Asbestos-related assets recorded within: Accounts and notes receivable-other $ 33,900 $ 38,200 Asbestos-related insurance recovery receivable 235,300 246,600 Total asbestos-related assets $ 269,200 $ 284,800 Asbestos-related liabilities recorded within: Accrued expenses $ 60,300 $ 64,500 Asbestos-related liability 295,800 320,800 Total asbestos-related liabilities $ 356,100 $ 385,300 Since fiscal year-end 2004, we have worked with Analysis, Research Planning Corporation (ARPC), nationally recognized consultants in projecting asbestos liabilities, to estimate the amount of asbestos-related indemnity and defense costs at year-end for the next 15 years. Based on its review of fiscal year 2008 activity, ARPC recommended that the assumptions used to estimate our future asbestos liability be updated as of fiscal year-end 2008. Accordingly, we developed a revised estimate of our aggregate indemnity and defense costs through fiscal year-end 2023 considering the advice of ARPC. In the fiscal fourth quarter of 2008, we increased our liability for asbestos indemnity and defense costs through fiscal year-end 2023 to $385,300, which brought our liability to a level consistent with ARPCs reasonable best estimate. Our estimated asbestos liability decreased during the fiscal six months ended June 30, 2009 as a result of payments amounting to approximately $34,000, partially offset by an increase of $4,800 related to the rolling 15-year asbestos-related liability estimate |
Redomestication
Redomestication | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Redomestication [Abstract] | |
Redomestication [Text Block] | 13. Redomestication Foster Wheeler AG was incorporated under the laws of Switzerland onNovember 18, 2008 and registered in the commercial register of the Canton of Zug, Switzerland on November 25, 2008 as a wholly-owned subsidiary of Foster Wheeler Ltd. At a special court-ordered meeting of common shareholders held on January27, 2009, the common shareholders of Foster Wheeler Ltd. approved a scheme of arrangement under Bermuda law. On February 9, 2009, after receipt of the approval of the scheme of arrangement by the Supreme Court of Bermuda and the satisfaction of certain other conditions, the transactions contemplated by the scheme of arrangement were effected. Pursuant to the scheme of arrangement, among other things, each holder of whole common shares of Foster Wheeler Ltd., par value $0.01 per share, outstanding immediately before the transaction was effected received registered shares of Foster Wheeler AG, par value CHF 3.00 per share (approximately $2.58 based on the exchange rate as of February 9, 2009, the date when the Redomestication had been completed), on a one-for-one basis in respect of such outstanding Foster Wheeler Ltd. common shares (or, in the case of fractional shares of Foster Wheeler Ltd., cash for such fractional shares in lieu of registered shares of Foster Wheeler AG) and additional paid-in capital decreased by the same amount. The scheme of arrangement effectively changed our place of incorporation from Bermuda to the Canton of Zug, Switzerland. The scheme of arrangement was approved by the common shareholders of Foster Wheeler Ltd. on January 27, 2009 and was sanctioned by the Supreme Court of Bermuda on January 30, 2009. On February 9, 2009, the following steps occurred pursuant to the scheme of arrangement: (1) all fractional common shares of Foster Wheeler Ltd., totaling approximately 1,336 shares, were cancelled and Foster Wheeler Ltd. paid to each holder of fractional shares that were cancelled an amount based on the average of the high and low trading prices of Foster Wheeler Ltd. common shares on the NASDAQ Global Select Market on February 5, 2009 ($20.63), the business day immediately preceding the effectiveness of the scheme of arrangement; (2) all previously outstanding whole common shares of Foster Wheeler Ltd., totaling 126,276,112 whole shares, were cancelled; (3) Foster Wheeler Ltd., acting on behalf of its shareholders, issued 1,000 common shares (which constituted all of Foster Wheeler Ltd.s common shares at such time) to Foster Wheeler AG; (4) Foster Wheeler AG increased its share capital and filed amended articles of association reflecting the share capital increase with the Swiss Commercial Register; and (5) Foster Wheeler AG issued an aggregate of 126,276,112 registered shares to the holders of whole Foster Wheeler Ltd. common shares that were cancelled. As a result of the scheme of arrangement, the common shareholders of Foster Wheeler Ltd. became common shareholders of Foster Wheeler AG and Foster Wheeler Ltd. became a wholly-owned subsidiary of Foster Wheeler AG, a holding company that owns the stock of its various subsidiary companies. I |
Document Information
Document Information | |
3 Months Ended
Jun. 30, 2009 USD / shares | |
Document Information [Line Items] | |
Document Title | Form 10-Q |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | Not applicable |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | |||
3 Months Ended
Jun. 30, 2009 | Jul. 24, 2009
| Jun. 27, 2008
| |
Entity Information [Line Items] | |||
Entity Registrant Name | Foster Wheeler AG | ||
Entity Central Index Key | 0001130385 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $9,450,000,000 | ||
Entity Common Stock, Shares Outstanding | 126,437,389 |