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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, 2021

 

OR

 

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

 

For the transition period from ______ to ______

 

Commission file number 001-34580

 

 

 

FIRST AMERICAN FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

26-1911571

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1 First American Way, Santa Ana, California

 

92707-5913

(Address of principal executive offices)

 

(Zip Code)

(714) 250-3000

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.00001 par value

 

FAF

 

New York Stock Exchange

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 every Interactive Data File required to be submitted 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 such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

On July 19, 2021 there were 109,919,919 shares of common stock outstanding.

 

 

 

 

 


 

 

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

INFORMATION INCLUDED IN REPORT

 

PART I: FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

  

 

 

 

 

 

 

 

 

 

 

 

 

A. Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

  

 

5

 

 

 

 

 

 

 

 

 

 

B. Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020

 

 

6

 

 

 

 

 

 

 

 

 

 

C. Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020

 

 

7

 

 

 

 

 

 

 

 

 

 

D. Condensed Consolidated Statements of Stockholders’ Equity for each of the quarters within the six months ended June 30, 2021 and 2020

 

 

8

 

 

 

 

 

 

 

 

 

 

E. Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

  

 

10

 

 

 

 

 

 

 

 

 

 

F. Notes to Condensed Consolidated Financial Statements

 

 

11

 

 

 

 

 

 

 

 

Item 2.

 

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

  

 

33

 

 

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

 

45

 

 

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

  

 

45

 

 

 

 

 

 

 

 

PART II: OTHER INFORMATION

  

 

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

  

 

46

 

 

 

 

 

 

 

 

Item 1A.

 

Risk Factors

  

 

48

 

 

 

 

 

 

 

 

Item 6.

 

Exhibits

  

 

58

 

Items 2 through 5 of Part II have been omitted because they are not applicable with respect to the current reporting period.

 

 


2


 

 

THIS QUARTERLY REPORT ON FORM 10-Q CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.  THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE STRICTLY TO HISTORICAL OR CURRENT FACTS AND MAY CONTAIN THE WORDS “BELIEVE,” “ANTICIPATE,” “EXPECT,” “INTEND,” “PLAN,” “PREDICT,” “ESTIMATE,” “PROJECT,” “WILL BE,” “WILL CONTINUE,” “WILL LIKELY RESULT,” OR OTHER SIMILAR WORDS AND PHRASES OR FUTURE OR CONDITIONAL VERBS SUCH AS “WILL,” “MAY,” “MIGHT,” “SHOULD,” “WOULD,” OR “COULD.” THESE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE OPERATIONS, PERFORMANCE, FINANCIAL CONDITION, PROSPECTS, PLANS AND STRATEGIES.  THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ASSUMPTIONS THAT MAY PROVE TO BE INCORRECT.

 

RISKS AND UNCERTAINTIES EXIST THAT MAY CAUSE RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN THESE FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE THE ANTICIPATED RESULTS TO DIFFER FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION:

 

 

INTEREST RATE FLUCTUATIONS;

 

CHANGES IN THE PERFORMANCE OF THE REAL ESTATE MARKETS;

 

VOLATILITY IN THE CAPITAL MARKETS;

 

UNFAVORABLE ECONOMIC CONDITIONS;

 

THE CORONAVIRUS PANDEMIC AND RESPONSES THERETO;

 

IMPAIRMENTS IN THE COMPANY’S GOODWILL OR OTHER INTANGIBLE ASSETS;

 

UNCERTAINTY FROM THE EXPECTED DISCONTINUANCE OF LIBOR AND TRANSITION TO ANY OTHER INTEREST RATE BENCHMARK;

 

FAILURES AT FINANCIAL INSTITUTIONS WHERE THE COMPANY DEPOSITS FUNDS;

 

REGULATORY OVERSIGHT AND CHANGES IN APPLICABLE LAWS AND GOVERNMENT REGULATIONS, INCLUDING PRIVACY AND DATA PROTECTION LAWS;

 

HEIGHTENED SCRUTINY BY LEGISLATORS AND REGULATORS OF THE COMPANY’S TITLE INSURANCE AND SERVICES SEGMENT AND CERTAIN OTHER OF THE COMPANY’S BUSINESSES;

 

REGULATION OF TITLE INSURANCE RATES;

 

LIMITATIONS ON ACCESS TO PUBLIC RECORDS AND OTHER DATA;

 

CLIMATE CHANGE, HEALTH CRISES, SEVERE WEATHER CONDITIONS AND OTHER CATASTROPHE EVENTS;

 

CHANGES IN RELATIONSHIPS WITH LARGE MORTGAGE LENDERS AND GOVERNMENT-SPONSORED ENTERPRISES;

 

CHANGES IN MEASURES OF THE STRENGTH OF THE COMPANY’S TITLE INSURANCE UNDERWRITERS, INCLUDING RATINGS AND STATUTORY CAPITAL AND SURPLUS;

 

LOSSES IN THE COMPANY’S INVESTMENT PORTFOLIO OR VENTURE CAPITAL PORTFOLIO;

 

MATERIAL VARIANCE BETWEEN ACTUAL AND EXPECTED CLAIMS EXPERIENCE;

 

DEFALCATIONS, INCREASED CLAIMS OR OTHER COSTS AND EXPENSES ATTRIBUTABLE TO THE COMPANY’S USE OF TITLE AGENTS;

 

ANY INADEQUACY IN THE COMPANY’S RISK MANAGEMENT FRAMEWORK;

 

SYSTEMS DAMAGE, FAILURES, INTERRUPTIONS, CYBERATTACKS AND INTRUSIONS, OR UNAUTHORIZED DATA DISCLOSURES;

3


 

 

INNOVATION EFFORTS OF THE COMPANY AND OTHER INDUSTRY PARTICIPANTS AND ANY RELATED MARKET DISRUPTION;

 

ERRORS AND FRAUD INVOLVING THE TRANSFER OF FUNDS;

 

THE COMPANY’S USE OF A GLOBAL WORKFORCE;

 

INABILITY OF THE COMPANY’S SUBSIDIARIES TO PAY DIVIDENDS OR REPAY FUNDS; AND

 

OTHER FACTORS DESCRIBED IN THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN ITEM 1A OF PART II.

 

THE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE.  THE COMPANY DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT CIRCUMSTANCES OR EVENTS THAT OCCUR AFTER THE DATE THE FORWARD-LOOKING STATEMENTS ARE MADE.

 

 

4


 

 

PART I: FINANCIAL INFORMATION

Item 1.Financial Statements.

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

Condensed Consolidated Balance Sheets

(in thousands, except par values)

(unaudited)

 

 

June 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,222,675

 

 

$

1,275,466

 

Accounts and accrued income receivable, less allowance for credit losses of $12,439 and $13,994

 

419,279

 

 

 

385,086

 

Income taxes receivable

 

7,406

 

 

 

951

 

Investments:

 

 

 

 

 

 

 

Deposits with banks

 

49,037

 

 

 

45,856

 

Debt securities, includes pledged securities of $94,658 and $93,586 (amortized cost
$7,727,800 and $6,121,004; allowance for credit losses of $105 and $132)

 

7,879,744

 

 

 

6,354,822

 

Equity securities

 

886,133

 

 

 

750,011

 

 

 

8,814,914

 

 

 

7,150,689

 

Secured financings receivable

 

712,530

 

 

 

748,312

 

Property and equipment, net

 

453,919

 

 

 

445,132

 

Operating lease assets

 

251,334

 

 

 

265,963

 

Title plants and other indexes

 

585,312

 

 

 

584,785

 

Deferred income taxes

 

14,484

 

 

 

14,484

 

Goodwill

 

1,378,067

 

 

 

1,378,628

 

Other intangible assets, net

 

177,926

 

 

 

194,474

 

Other assets

 

389,039

 

 

 

352,018

 

 

$

15,426,885

 

 

$

12,795,988

 

Liabilities and Equity

 

 

 

 

 

 

 

Deposits

$

5,357,337

 

 

$

3,276,949

 

Accounts payable and accrued liabilities

 

1,070,783

 

 

 

979,733

 

Deferred revenue

 

250,243

 

 

 

271,977

 

Reserve for known and incurred but not reported claims

 

1,242,510

 

 

 

1,178,004

 

Income taxes payable

 

42,768

 

 

 

53,784

 

Deferred income taxes

 

291,220

 

 

 

291,220

 

Operating lease liabilities

 

277,977

 

 

 

295,762

 

Secured financings payable

 

610,954

 

 

 

516,155

 

Notes and contracts payable

 

1,008,241

 

 

 

1,010,756

 

 

 

10,152,033

 

 

 

7,874,340

 

Commitments and contingencies (Note 17)

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value; Authorized—500 shares;
Outstanding—none

 

 

 

 

 

Common stock, $0.00001 par value; Authorized—300,000 shares;
Outstanding—109,919 shares and 110,353 shares

 

1

 

 

 

1

 

Additional paid-in capital

 

2,186,926

 

 

 

2,214,935

 

Retained earnings

 

3,088,627

 

 

 

2,655,495

 

Accumulated other comprehensive (loss) income

 

(11,810

)

 

 

39,541

 

Total stockholders’ equity

 

5,263,744

 

 

 

4,909,972

 

Noncontrolling interests

 

11,108

 

 

 

11,676

 

Total equity

 

5,274,852

 

 

 

4,921,648

 

 

$

15,426,885

 

 

$

12,795,988

 

 

See notes to condensed consolidated financial statements.

 

5


 

 

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

917,451

 

 

$

651,984

 

 

$

1,703,126

 

 

$

1,272,621

 

Agent premiums

 

 

904,897

 

 

 

597,895

 

 

 

1,750,189

 

 

 

1,197,577

 

Information and other

 

 

301,439

 

 

 

231,169

 

 

 

580,331

 

 

 

442,681

 

Net investment income

 

 

56,074

 

 

 

58,420

 

 

 

105,127

 

 

 

104,294

 

Net realized investment gains

 

 

86,514

 

 

 

69,261

 

 

 

153,347

 

 

 

4,499

 

 

 

 

2,266,375

 

 

 

1,608,729

 

 

 

4,292,120

 

 

 

3,021,672

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

588,266

 

 

 

451,487

 

 

 

1,123,448

 

 

 

881,147

 

Premiums retained by agents

 

 

718,424

 

 

 

472,398

 

 

 

1,389,725

 

 

 

947,779

 

Other operating expenses

 

 

330,719

 

 

 

250,088

 

 

 

626,122

 

 

 

507,328

 

Provision for policy losses and other claims

 

 

149,930

 

 

 

138,688

 

 

 

290,377

 

 

 

256,165

 

Depreciation and amortization

 

 

40,939

 

 

 

40,976

 

 

 

79,237

 

 

 

72,425

 

Premium taxes

 

 

22,467

 

 

 

16,354

 

 

 

45,053

 

 

 

33,669

 

Interest

 

 

16,214

 

 

 

13,443

 

 

 

32,720

 

 

 

25,540

 

 

 

 

1,866,959

 

 

 

1,383,434

 

 

 

3,586,682

 

 

 

2,724,053

 

Income before income taxes

 

 

399,416

 

 

 

225,295

 

 

 

705,438

 

 

 

297,619

 

Income taxes

 

 

96,008

 

 

 

53,601

 

 

 

167,572

 

 

 

62,079

 

Net income

 

 

303,408

 

 

 

171,694

 

 

 

537,866

 

 

 

235,540

 

Less: Net income attributable to noncontrolling interests

 

 

1,109

 

 

 

1,039

 

 

 

1,951

 

 

 

1,681

 

Net income attributable to the Company

 

$

302,299

 

 

$

170,655

 

 

$

535,915

 

 

$

233,859

 

Net income per share attributable to the Company's

stockholders (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.73

 

 

$

1.52

 

 

$

4.83

 

 

$

2.07

 

Diluted

 

$

2.72

 

 

$

1.52

 

 

$

4.81

 

 

$

2.06

 

Cash dividends declared per share

 

$

0.46

 

 

$

0.44

 

 

$

0.92

 

 

$

0.88

 

Weighted-average common shares outstanding (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

110,866

 

 

 

112,309

 

 

 

111,001

 

 

 

112,939

 

Diluted

 

 

111,177

 

 

 

112,555

 

 

 

111,303

 

 

 

113,270

 

 

See notes to condensed consolidated financial statements.

 

 

6


 

 

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

303,408

 

 

$

171,694

 

 

$

537,866

 

 

$

235,540

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on debt securities

 

 

37,590

 

 

 

58,467

 

 

 

(61,863

)

 

 

71,086

 

Unrealized gains (losses) on debt securities for which credit-related portion was recognized in earnings

 

 

16

 

 

 

62

 

 

 

(277

)

 

 

147

 

Foreign currency translation adjustment

 

 

5,410

 

 

 

14,373

 

 

 

8,784

 

 

 

(19,183

)

Pension benefit adjustment

 

 

1,002

 

 

 

399

 

 

 

2,004

 

 

 

798

 

Total other comprehensive income (loss), net of tax

 

 

44,018

 

 

 

73,301

 

 

 

(51,352

)

 

 

52,848

 

Comprehensive income

 

 

347,426

 

 

 

244,995

 

 

 

486,514

 

 

 

288,388

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

1,109

 

 

 

1,039

 

 

 

1,950

 

 

 

1,681

 

Comprehensive income attributable to the Company

 

$

346,317

 

 

$

243,956

 

 

$

484,564

 

 

$

286,707

 

 

See notes to condensed consolidated financial statements.

 

 

7


 

 

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

 

First American Financial Corporation Stockholders

 

 

 

 

 

 

 

 

 

Shares

 

 

Common
stock

 

 

Additional
paid-in
capital

 

 

Retained
earnings

 

 

Accumulated
other
comprehensive
income (loss)

 

 

Total
stockholders’
equity

 

 

Noncontrolling
interests

 

 

Total

 

Balance at December 31, 2020

 

 

110,353

 

 

$

1

 

 

$

2,214,935

 

 

$

2,655,495

 

 

$

39,541

 

 

$

4,909,972

 

 

$

11,676

 

 

$

4,921,648

  

Net income for three months ended March 31, 2021

 

 

 

  

 

 

  

 

 

  

 

233,616

  

 

 

 

 

 

233,616

  

 

 

842

 

 

 

234,458

  

Dividends on common shares

 

 

 

  

 

 

  

 

 

  

 

(50,985

 

 

 

 

 

(50,985

)

 

 

 

 

 

(50,985

)

Purchase of Company shares

 

 

(1,226

)

 

 

 

 

 

(64,786

)

 

 

 

 

 

 

 

 

(64,786

)

 

 

 

 

 

(64,786

)

Shares issued in connection with share-based compensation

 

 

614

  

  

 

 

  

 

(7,493

)

  

 

(885

 

 

 

 

 

(8,378

)

 

 

 

 

 

(8,378

)

Share-based compensation

 

 

 

  

 

 

  

 

31,203

  

  

 

 

 

 

 

 

 

31,203

 

 

 

 

 

 

31,203

 

Net activity related to noncontrolling interests

 

 

 

  

 

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

(2,115

)

 

 

(2,115

)

Other comprehensive loss

 

 

 

  

 

 

  

 

 

  

 

 

 

 

(95,369

)

 

 

(95,369

)

 

 

(1

)

 

 

(95,370

)

Balance at March 31, 2021

 

 

109,741

  

  

 

1

  

  

 

2,173,859

  

  

 

2,837,241

  

 

 

(55,828

 

 

4,955,273

 

 

 

10,402

 

 

 

4,965,675

  

Net income for three months ended June 30, 2021

 

 

 

  

 

 

  

 

 

  

 

302,299

  

 

 

 

 

 

302,299

  

 

 

1,109

 

 

 

303,408

  

Dividends on common shares

 

 

 

  

 

 

  

 

 

  

 

(50,058

 

 

 

 

 

(50,058

)

 

 

 

 

 

(50,058

)

Shares issued in connection with share-based compensation

 

 

178

  

  

 

 

  

 

4,966

 

  

 

(855

 

 

 

 

 

4,111

 

 

 

 

 

 

4,111

 

Share-based compensation

 

 

 

  

 

 

  

 

8,165

  

  

 

 

 

 

 

 

 

8,165

 

 

 

 

 

 

8,165

 

Net activity related to noncontrolling interests

 

 

 

  

 

 

  

 

(64

)

  

 

 

 

 

 

 

 

(64

)

 

 

(403

)

 

 

(467

)

Other comprehensive income

 

 

 

  

 

 

  

 

 

  

 

 

 

 

44,018

 

 

 

44,018

 

 

 

 

 

 

44,018

 

Balance at June 30, 2021

 

 

109,919

  

  

$

1

  

  

$

2,186,926

  

  

$

3,088,627

  

 

$

(11,810

)

 

$

5,263,744

 

 

$

11,108

 

 

$

5,274,852

  

 

See notes to condensed consolidated financial statements.


8


 

 

FIRST AMERICAN FINANCIAL CORPORATION

AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Stockholders’ Equity – (Continued)

(in thousands)

(unaudited)

 

 

 

First American Financial Corporation Stockholders

 

 

 

 

 

 

 

 

 

Shares

 

 

Common
stock

 

 

Additional
paid-in
capital

 

 

Retained
earnings

 

 

Accumulated
other
comprehensive
income (loss)

 

 

Total
stockholders’
equity

 

 

Noncontrolling
interests

 

 

Total

 

Balance at December 31, 2019

 

 

112,476

 

 

$

1

 

 

$

2,300,926

 

 

$

2,161,049

 

 

$

(41,492

)

 

$

4,420,484

 

 

$

4,518

 

 

$

4,425,002

  

Net income for three months ended March 31, 2020

 

 

 

  

 

 

  

 

 

  

 

63,204

  

 

 

 

 

 

63,204

  

 

 

642

 

 

 

63,846

  

Dividends on common shares

 

 

 

  

 

 

  

 

 

  

 

(49,702

 

 

 

 

 

(49,702

)

 

 

 

 

 

(49,702

)

Purchase of Company shares

 

 

(1,703

)

 

 

 

 

 

(65,785

)

 

 

 

 

 

 

 

 

(65,785

)

 

 

 

 

 

(65,785

)

Shares issued in connection with share-based compensation

 

 

644

  

  

 

 

  

 

(13,547

)

  

 

(831

 

 

 

 

 

(14,378

)

 

 

 

 

 

(14,378

)

Share-based compensation

 

 

 

  

 

 

  

 

25,903

  

  

 

 

 

 

 

 

 

25,903

 

 

 

 

 

 

25,903

 

Net activity related to noncontrolling interests

 

 

 

  

 

 

  

 

72

 

  

 

 

 

 

 

 

 

72

 

 

 

4,417

 

 

 

4,489

 

Other comprehensive loss

 

 

 

  

 

 

  

 

 

  

 

 

 

 

(20,453

)

 

 

(20,453

)

 

 

 

 

 

(20,453

)

Balance at March 31, 2020

 

 

111,417