10-Q 1 dvn-10q_20180630.htm Q2 2018 - 10-Q dvn-10q_20180630.htm

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32318

 

DEVON ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

73-1567067

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

identification No.)

 

 

333 West Sheridan Avenue, Oklahoma City, Oklahoma

 

73102-5015

(Address of principal executive offices)

 

(Zip code)

Registrant’s telephone number, including area code: (405) 235-3611

Former name, address and former fiscal year, if changed from last report: Not applicable

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

On July 18, 2018, 508.8 million shares of common stock were outstanding.

 

 


Table of Contents

DEVON ENERGY CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

Part I. Financial Information

 

Item 1.

 

Financial Statements

6

 

 

Consolidated Comprehensive Statements of Earnings

6

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Balance Sheets

8

 

 

Consolidated Statements of Equity

9

 

 

Notes to Consolidated Financial Statements

10

 

 

Note 1 – Summary of Significant Accounting Policies

10

 

 

Note 2 – Revenue Recognition

11

 

 

Note 3 – Divestitures

14

 

 

Note 4 – Derivative Financial Instruments

14

 

 

Note 5 – Share-Based Compensation

17

 

 

Note 6 – Asset Impairments

18

 

 

Note 7 – Restructuring and Transaction Costs and Other Expenses

18

 

 

Note 8 – Income Taxes

19

 

 

Note 9 – Net Earnings (Loss) Per Share From Continuing Operations

20

 

 

Note 10 – Other Comprehensive Earnings

20

 

 

Note 11 – Supplemental Information to Statements of Cash Flows

21

 

 

Note 12 – Accounts Receivable

21

 

 

Note 13 – Property, Plant and Equipment

21

 

 

Note 14 – Other Current Liabilities

22

 

 

Note 15 – Debt and Related Expenses

22

 

 

Note 16 – Asset Retirement Obligations

23

 

 

Note 17 – Retirement Plans

23

 

 

Note 18 – Stockholders’ Equity

24

 

 

Note 19 – Discontinued Operations

24

 

 

Note 20 – Commitments and Contingencies

25

 

 

Note 21 – Fair Value Measurements

26

 

 

Note 22 – Segment Information

27

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

 

Controls and Procedures

44

 

 

 

 

Part II. Other Information

 

Item 1.

 

Legal Proceedings

45

Item 1A.

 

Risk Factors

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

 

Defaults Upon Senior Securities

45

Item 4.

 

Mine Safety Disclosures

45

Item 5.

 

Other Information

45

Item 6.

 

Exhibits

46

 

 

 

 

Signatures

 

 

47

 

 

 

2

 


Table of Contents

DEFINITIONS

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon” and the “Company” refer to Devon Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“ASC” means Accounting Standards Codification.

“ASU” means Accounting Standards Update.

“Bbl” or “Bbls” means barrel or barrels.

“Boe” means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. Bitumen and NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.

“Btu” means British thermal units, a measure of heating value.

“Canada” means the division of Devon encompassing oil and gas properties located in Canada. All dollar amounts associated with Canada are in U.S. dollars, unless stated otherwise.

“Canadian Plan” means Devon Canada Corporation Incentive Savings Plan.

“DD&A” means depreciation, depletion and amortization expenses.

“Devon Plan” means Devon Energy Corporation Incentive Savings Plan.

“E&P” means exploration and production activities.

“EnLink” means EnLink Midstream Partners, LP, a master limited partnership.

“FASB” means Financial Accounting Standards Board.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“General Partner” means EnLink Midstream, LLC, the indirect general partner of EnLink, and, unless the context otherwise indicates, EnLink Midstream Manager, LLC, the managing member of EnLink Midstream, LLC.

“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.

“LIBOR” means London Interbank Offered Rate.

“LOE” means lease operating expenses.

“MBbls” means thousand barrels.

“MBoe” means thousand Boe.

“Mcf” means thousand cubic feet.

“MMBtu” means million Btu.

3

 


Table of Contents

“MMcf” means million cubic feet.

“M&M operations” means marketing revenues minus marketing expenses.

“N/M” means not meaningful.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“OPIS” means Oil Price Information Service.

“SEC” means United States Securities and Exchange Commission.

“Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit.

“Tax Reform Legislation” means Tax Cuts and Jobs Act.

“TSR” means total shareholder return.

“Upstream operations” means upstream revenues minus production expenses.

“U.S.” means United States of America.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/d” means per day.

“/MMBtu” means per MMBtu.

4

 


Table of Contents

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This report includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. Such forward-looking statements are based on our examination of historical operating trends, the information used to prepare our December 31, 2017 reserve reports and other data in our possession or available from third parties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to:

 

the volatility of oil, gas and NGL prices;

 

uncertainties inherent in estimating oil, gas and NGL reserves;

 

the extent to which we are successful in acquiring and discovering additional reserves;

 

the uncertainties, costs and risks involved in oil and gas operations;

 

regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters;

 

risks related to our hedging activities;

 

counterparty credit risks;

 

risks relating to our indebtedness;

 

cyberattack risks;

 

our limited control over third parties who operate some of our oil and gas properties;

 

midstream capacity constraints and potential interruptions in production;

 

the extent to which insurance covers any losses we may experience;

 

competition for leases, materials, people and capital;

 

our ability to successfully complete mergers, acquisitions and divestitures; and

 

any of the other risks and uncertainties discussed in this report, our 2017 Annual Report on Form 10-K and our other filings with the SEC.

All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise our forward-looking statements based on new information, future events or otherwise.

 

 

5

 


Table of Contents

Part I.  Financial Information

Item 1.  Financial Statements

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED COMPREHENSIVE STATEMENTS OF EARNINGS

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

Upstream revenues

 

$

1,069

 

 

$

1,332

 

 

$

2,388

 

 

$

2,873

 

Marketing revenues

 

 

1,180

 

 

 

833

 

 

 

2,059

 

 

 

1,692

 

Total revenues

 

 

2,249

 

 

 

2,165

 

 

 

4,447

 

 

 

4,565

 

Production expenses

 

 

572

 

 

 

455

 

 

 

1,115

 

 

 

912

 

Exploration expenses

 

 

68

 

 

 

57

 

 

 

101

 

 

 

152

 

Marketing expenses

 

 

1,160

 

 

 

849

 

 

 

2,033

 

 

 

1,728

 

Depreciation, depletion and amortization

 

 

420

 

 

 

369

 

 

 

819

 

 

 

769

 

Asset impairments

 

 

154

 

 

 

 

 

 

154

 

 

 

 

Asset dispositions

 

 

23

 

 

 

(22

)

 

 

11

 

 

 

(30

)

General and administrative expenses

 

 

153

 

 

 

181

 

 

 

352

 

 

 

376

 

Financing costs, net

 

 

62

 

 

 

77

 

 

 

449

 

 

 

160

 

Restructuring and transaction costs

 

 

94

 

 

 

 

 

 

94

 

 

 

 

Other expenses

 

 

24

 

 

 

(8

)

 

 

45

 

 

 

(22

)

Total expenses

 

 

2,730

 

 

 

1,958

 

 

 

5,173

 

 

 

4,045

 

Earnings (loss) from continuing operations before income taxes

 

 

(481

)

 

 

207

 

 

 

(726

)

 

 

520

 

Income tax benefit

 

 

(7

)

 

 

(5

)

 

 

(41

)

 

 

 

Net earnings (loss) from continuing operations

 

 

(474

)

 

 

212

 

 

 

(685

)

 

 

520

 

Net earnings from discontinued operations, net of income tax expense

 

 

139

 

 

 

33

 

 

 

197

 

 

 

42

 

Net earnings (loss)

 

 

(335

)

 

 

245

 

 

 

(488

)

 

 

562

 

Net earnings attributable to noncontrolling interests

 

 

90

 

 

 

26

 

 

 

134

 

 

 

40

 

Net earnings (loss) attributable to Devon

 

$

(425

)

 

$

219

 

 

$

(622

)

 

$

522

 

Basic net earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) from continuing operations per share

 

$

(0.92

)

 

$

0.40

 

 

$

(1.33

)

 

$

0.99

 

Basic earnings from discontinued operations per share

 

 

0.09

 

 

 

0.01

 

 

 

0.13

 

 

 

 

Basic net earnings (loss) per share

 

$

(0.83

)

 

$

0.41

 

 

$

(1.20

)

 

$

0.99

 

Diluted net earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) from continuing operations per share

 

$

(0.92

)

 

$

0.40

 

 

$

(1.33

)

 

$

0.99

 

Diluted earnings from discontinued operations per share

 

 

0.09

 

 

 

0.01

 

 

 

0.13

 

 

 

 

Diluted net earnings (loss) per share

 

$

(0.83

)

 

$

0.41

 

 

$

(1.20

)

 

$

0.99

 

Comprehensive earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

(335

)

 

$

245

 

 

$

(488

)

 

$

562

 

Other comprehensive earnings (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(34

)

 

 

28

 

 

 

(82

)

 

 

36

 

Pension and postretirement plans

 

 

3

 

 

 

4

 

 

 

7

 

 

 

9

 

Other comprehensive earnings (loss), net of tax

 

 

(31

)

 

 

32

 

 

 

(75

)

 

 

45

 

Comprehensive earnings (loss)

 

 

(366

)

 

 

277

 

 

 

(563

)

 

 

607

 

Comprehensive earnings attributable to

   noncontrolling interests

 

 

90

 

 

 

26

 

 

 

134

 

 

 

40

 

Comprehensive earnings (loss) attributable to Devon

 

$

(456

)

 

$

251

 

 

$

(697

)

 

$

567

 

 

See accompanying notes to consolidated financial statements

 

6

 


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

(335

)

 

$

245

 

 

$

(488

)

 

$

562

 

Adjustments to reconcile net earnings to net cash

   from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from discontinued operations, net of tax

 

 

(139

)

 

 

(33

)

 

 

(197

)

 

 

(42

)

Depreciation, depletion and amortization

 

 

420

 

 

 

369

 

 

 

819

 

 

 

769

 

Asset impairments

 

 

154

 

 

 

 

 

 

154

 

 

 

 

Leasehold impairments

 

 

53

 

 

 

22

 

 

 

61

 

 

 

64

 

Accretion on discounted liabilities

 

 

15

 

 

 

15

 

 

 

31

 

 

 

32

 

Total (gains) losses on commodity derivatives

 

 

497

 

 

 

(126

)

 

 

538

 

 

 

(358

)

Cash settlements on commodity derivatives

 

 

(131

)

 

 

11

 

 

 

(120

)

 

 

19

 

(Gains) losses on asset dispositions

 

 

23

 

 

 

(22

)

 

 

11

 

 

 

(30

)

Deferred income tax expense (benefit)

 

 

20

 

 

 

(17

)

 

 

(18

)

 

 

(32

)

Share-based compensation

 

 

58

 

 

 

45

 

 

 

96

 

 

 

81

 

Early retirement of debt

 

 

 

 

 

 

 

 

312

 

 

 

 

Total (gains) losses on foreign exchange

 

 

31

 

 

 

(49

)

 

 

81

 

 

 

(64

)

Settlements of intercompany foreign denominated assets/liabilities

 

 

(244

)

 

 

1

 

 

 

(243

)

 

 

10

 

Other

 

 

(20

)

 

 

23

 

 

 

(50

)

 

 

11

 

Changes in assets and liabilities, net

 

 

(133

)

 

 

102

 

 

 

(108

)

 

 

133

 

Net cash from operating activities - continuing operations

 

 

269

 

 

 

586

 

 

 

879

 

 

 

1,155

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(602

)

 

 

(434

)

 

 

(1,253

)

 

 

(831

)

Acquisitions of property and equipment

 

 

(10

)

 

 

(13

)

 

 

(16

)

 

 

(33

)

Divestitures of property and equipment

 

 

560

 

 

 

75

 

 

 

607

 

 

 

107

 

Net cash from investing activities - continuing operations

 

 

(52

)

 

 

(372

)

 

 

(662

)

 

 

(757

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of long-term debt principal

 

 

 

 

 

 

 

 

(807

)

 

 

 

Early retirement of debt

 

 

 

 

 

 

 

 

(304

)

 

 

 

Repurchases of common stock

 

 

(428

)

 

 

 

 

 

(499

)

 

 

 

Dividends paid on common stock

 

 

(42

)

 

 

(33

)

 

 

(74

)

 

 

(65

)

Shares exchanged for tax withholdings

 

 

(6

)

 

 

(3

)

 

 

(44

)

 

 

(56

)

Net cash from financing activities - continuing operations

 

 

(476

)

 

 

(36

)

 

 

(1,728

)

 

 

(121

)

Effect of exchange rate changes on cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Settlements of intercompany foreign denominated assets/liabilities

 

 

244

 

 

 

(1

)

 

 

243

 

 

 

(10

)

Other

 

 

(17

)

 

 

9

 

 

 

(31

)

 

 

10

 

Total effect of exchange rate changes on cash - continuing operations

 

 

227

 

 

 

8

 

 

 

212

 

 

 

 

Net change in cash, cash equivalents and restricted cash of

   continuing operations

 

 

(32

)

 

 

186

 

 

 

(1,299

)

 

 

277

 

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

236

 

 

 

151

 

 

 

430

 

 

 

328

 

Investing activities

 

 

(222

)

 

 

(215

)

 

 

(402

)

 

 

(284

)

Financing activities

 

 

73

 

 

 

128

 

 

 

112

 

 

 

89

 

Net change in cash, cash equivalents and restricted cash of

   discontinued operations

 

 

87

 

 

 

64

 

 

 

140

 

 

 

133

 

Net change in cash, cash equivalents and restricted cash

 

 

55

 

 

 

250

 

 

 

(1,159

)

 

 

410

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,470

 

 

 

2,119

 

 

 

2,684

 

 

 

1,959

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,525

 

 

$

2,369

 

 

$

1,525

 

 

$

2,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,460

 

 

$

2,358

 

 

$

1,460

 

 

$

2,358

 

Restricted cash included in other current assets

 

 

28

 

 

 

 

 

 

28

 

 

 

 

Cash and cash equivalents included in current assets held for sale

 

 

37

 

 

 

11

 

 

 

37

 

 

 

11

 

Total cash, cash equivalents and restricted cash

 

$

1,525

 

 

$

2,369

 

 

$

1,525

 

 

$

2,369

 

 

See accompanying notes to consolidated financial statements

7

 


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2018

 

 

December 31, 2017

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,460

 

 

$

2,642

 

Accounts receivable

 

 

1,141

 

 

 

989

 

Current assets held for sale

 

 

10,764

 

 

 

760

 

Other current assets

 

 

455

 

 

 

400

 

Total current assets

 

 

13,820

 

 

 

4,791

 

Oil and gas property and equipment, based on successful efforts

   accounting, net

 

 

12,957

 

 

 

13,318

 

Other property and equipment, net

 

 

1,164

 

 

 

1,266

 

Total property and equipment, net

 

 

14,121

 

 

 

14,584

 

Goodwill

 

 

841

 

 

 

841

 

Other long-term assets

 

 

377

 

 

 

296

 

Long-term assets held for sale

 

 

 

 

 

9,729

 

Total assets

 

$

29,159

 

 

$

30,241

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

771

 

 

$

633

 

Revenues and royalties payable

 

 

959

 

 

 

748

 

Short-term debt

 

 

277

 

 

 

115

 

Current liabilities held for sale

 

 

5,291

 

 

 

991

 

Other current liabilities

 

 

1,079

 

 

 

828

 

Total current liabilities

 

 

8,377

 

 

 

3,315

 

Long-term debt

 

 

5,790

 

 

 

6,749

 

Asset retirement obligations

 

 

1,088

 

 

 

1,099

 

Other long-term liabilities

 

 

624

 

 

 

549

 

Long-term liabilities held for sale

 

 

 

 

 

3,936

 

Deferred income taxes

 

 

432

 

 

 

489

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued

   515 million and 525 million shares in 2018 and 2017, respectively

 

 

51

 

 

 

53

 

Additional paid-in capital

 

 

6,888

 

 

 

7,333

 

Retained earnings

 

 

6

 

 

 

702

 

Accumulated other comprehensive earnings

 

 

1,091

 

 

 

1,166

 

Treasury stock, at cost, 0.5 million shares in 2018

 

 

(22

)

 

 

 

Total stockholders’ equity attributable to Devon

 

 

8,014

 

 

 

9,254

 

Noncontrolling interests

 

 

4,834

 

 

 

4,850

 

Total equity

 

 

12,848

 

 

 

14,104

 

Total liabilities and equity

 

$

29,159

 

 

$

30,241

 

 

See accompanying notes to consolidated financial statements

 

 

 

 


8

 


Table of Contents

 

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

(Accumulated

 

 

Comprehensive

 

 

Treasury

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

Earnings

 

 

Stock

 

 

Interests

 

 

Equity

 

 

 

(Unaudited)

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2017

 

 

525

 

 

$

53

 

 

$

7,333

 

 

$

702

 

 

$

1,166

 

 

$

 

 

$

4,850

 

 

$

14,104

 

Net earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

(622

)

 

 

 

 

 

 

 

 

134

 

 

 

(488

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

 

 

 

 

 

 

 

 

(75

)

Restricted stock grants, net of

   cancellations

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(555

)

 

 

 

 

 

(556

)

Common stock retired

 

 

(14

)

 

 

(1

)

 

 

(532

)

 

 

 

 

 

 

 

 

533

 

 

 

 

 

 

 

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

(74

)

 

 

 

 

 

 

 

 

 

 

 

(74

)

Share-based compensation

 

 

1

 

 

 

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

Subsidiary equity transactions

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

67

 

Distributions to noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(219