UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
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þ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2016
or
|
o |
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)
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Delaware |
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73-1567067 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer identification No.) |
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333 West Sheridan Avenue, Oklahoma City, Oklahoma |
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73102-5015 |
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(Address of principal executive offices) |
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(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 þ No o
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 þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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þ |
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Accelerated filer |
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o |
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Non-accelerated filer |
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o |
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Smaller reporting company |
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o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ
On July 20, 2016, 523.6 million shares of common stock were outstanding.
FORM 10-Q
TABLE OF CONTENTS
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Part I. Financial Information |
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Item 1. |
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6 |
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6 |
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7 |
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8 |
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9 |
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10 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
30 |
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Item 3. |
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45 |
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Item 4. |
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45 |
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Part II. Other Information |
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Item 1. |
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46 |
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Item 1A. |
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46 |
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Item 2. |
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46 |
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Item 3. |
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46 |
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Item 4. |
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46 |
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Item 5. |
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46 |
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Item 6. |
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47 |
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48 |
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2
Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon” and the “Company” refer to Devon Energy Corporation and its consolidated subsidiaries. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:
“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.
“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, L.P., 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.
“Inside FERC” refers to the publication Inside F.E.R.C.’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.
“MMBoe” means million Boe.
“MMBtu” means million Btu.
“MMcf” means million cubic feet.
3
“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.
“TSR” means total shareholder return.
“U.S.” means United States of America.
“VEX” means Victoria Express Pipeline and related truck terminal and storage assets.
“WTI” means West Texas Intermediate.
“/d” means per day.
“/gal” means per gallon.
4
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, 2015 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:
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· |
the volatility of oil, gas and NGL prices, including the currently depressed commodity price environment; |
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· |
uncertainties inherent in estimating oil, gas and NGL reserves; |
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· |
the extent to which we are successful in acquiring and discovering additional reserves; |
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· |
the uncertainties, costs and risks involved in exploration and development activities; |
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· |
risks related to our hedging activities; |
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· |
counterparty credit risks; |
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|
· |
regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; |
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· |
risks relating to our indebtedness; |
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· |
our ability to successfully complete mergers, acquisitions and divestitures; |
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· |
the extent to which insurance covers any losses we may experience; |
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· |
our limited control over third parties who operate some of our oil and gas properties; |
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· |
midstream capacity constraints and potential interruptions in production; |
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· |
competition for leases, materials, people and capital; |
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· |
cyberattacks targeting our systems and infrastructure; and |
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· |
any of the other risks and uncertainties discussed in this report, our 2015 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
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPREHENSIVE STATEMENTS OF EARNINGS
|
|
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Three Months |
|
|
Six Months |
|
||||||||||
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|
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Ended June 30, |
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Ended June 30, |
|
||||||||||
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2016 |
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2015 |
|
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2016 |
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2015 |
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||||
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|
|
(Unaudited) |
|
|||||||||||||
|
|
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(Millions, except per share amounts) |
|
|||||||||||||
|
Oil, gas and NGL sales |
|
$ |
1,085 |
|
|
$ |
1,587 |
|
|
$ |
1,910 |
|
|
$ |
2,926 |
|
|
Oil, gas and NGL derivatives |
|
|
(142 |
) |
|
|
(282 |
) |
|
|
(109 |
) |
|
|
12 |
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|
Marketing and midstream revenues |
|
|
1,545 |
|
|
|
2,088 |
|
|
|
2,813 |
|
|
|
3,720 |
|
|
Total operating revenues |
|
|
2,488 |
|
|
|
3,393 |
|
|
|
4,614 |
|
|
|
6,658 |
|
|
Lease operating expenses |
|
|
416 |
|
|
|
562 |
|
|
|
860 |
|
|
|
1,115 |
|
|
Marketing and midstream operating expenses |
|
|
1,338 |
|
|
|
1,863 |
|
|
|
2,404 |
|
|
|
3,302 |
|
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General and administrative expenses |
|
|
147 |
|
|
|
212 |
|
|
|
341 |
|
|
|
463 |
|
|
Production and property taxes |
|
|
75 |
|
|
|
116 |
|
|
|
153 |
|
|
|
224 |
|
|
Depreciation, depletion and amortization |
|
|
484 |
|
|
|
814 |
|
|
|
1,026 |
|
|
|
1,744 |
|
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Asset impairments |
|
|
1,497 |
|
|
|
4,168 |
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|
|
4,532 |
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9,628 |
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Restructuring and transaction costs |
|
|
24 |
|
|
|
— |
|
|
|
271 |
|
|
|
— |
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Other operating items |
|
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4 |
|
|
|
21 |
|
|
|
24 |
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|
40 |
|
|
Total operating expenses |
|
|
3,985 |
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|
|
7,756 |
|
|
|
9,611 |
|
|
|
16,516 |
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Operating loss |
|
|
(1,497 |
) |
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|
(4,363 |
) |
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|
(4,997 |
) |
|
|
(9,858 |
) |
|
Net financing costs |
|
|
163 |
|
|
|
125 |
|
|
|
327 |
|
|
|
242 |
|
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Other nonoperating items |
|
|
85 |
|
|
|
(9 |
) |
|
|
106 |
|
|
|
3 |
|
|
Loss before income taxes |
|
|
(1,745 |
) |
|
|
(4,479 |
) |
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|
(5,430 |
) |
|
|
(10,103 |
) |
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Income tax benefit |
|
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(182 |
) |
|
|
(1,686 |
) |
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|
(399 |
) |
|
|
(3,721 |
) |
|
Net loss |
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|
(1,563 |
) |
|
|
(2,793 |
) |
|
|
(5,031 |
) |
|
|
(6,382 |
) |
|
Net earnings (loss) attributable to noncontrolling interests |
|
|
7 |
|
|
|
23 |
|
|
|
(405 |
) |
|
|
33 |
|
|
Net loss attributable to Devon |
|
$ |
(1,570 |
) |
|
$ |
(2,816 |
) |
|
$ |
(4,626 |
) |
|
$ |
(6,415 |
) |
|
Net loss per share attributable to Devon: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic |
|
$ |
(3.04 |
) |
|
$ |
(6.94 |
) |
|
$ |
(9.33 |
) |
|
$ |
(15.81 |
) |
|
Diluted |
|
$ |
(3.04 |
) |
|
$ |
(6.94 |
) |
|
$ |
(9.33 |
) |
|
$ |
(15.81 |
) |
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Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(1,563 |
) |
|
$ |
(2,793 |
) |
|
$ |
(5,031 |
) |
|
$ |
(6,382 |
) |
|
Other comprehensive earnings (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Foreign currency translation |
|
|
3 |
|
|
|
44 |
|
|
|
26 |
|
|
|
(258 |
) |
|
Pension and postretirement plans |
|
|
5 |
|
|
|
3 |
|
|
|
9 |
|
|
|
7 |
|
|
Other comprehensive earnings (loss), net of tax |
|
|
8 |
|
|
|
47 |
|
|
|
35 |
|
|
|
(251 |
) |
|
Comprehensive loss |
|
|
(1,555 |
) |
|
|
(2,746 |
) |
|
|
(4,996 |
) |
|
|
(6,633 |
) |
|
Comprehensive earnings (loss) attributable to noncontrolling interests |
|
|
7 |
|
|
|
23 |
|
|
|
(405 |
) |
|
|
33 |
|
|
Comprehensive loss attributable to Devon |
|
$ |
(1,562 |
) |
|
$ |
(2,769 |
) |
|
$ |
(4,591 |
) |
|
$ |
(6,666 |
) |
See accompanying notes to consolidated financial statements.
6
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Three Months |
|
|
Six Months |
|
||||||||||
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
|
|
(Unaudited) |
|
|||||||||||||
|
|
|
(Millions) |
|
|||||||||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,563 |
) |
|
$ |
(2,793 |
) |
|
$ |
(5,031 |
) |
|
$ |
(6,382 |
) |
|
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
484 |
|
|
|
814 |
|
|
|
1,026 |
|
|
|
1,744 |
|
|
Asset impairments |
|
|
1,497 |
|
|
|
4,168 |
|
|
|
4,532 |
|
|
|
9,628 |
|
|
Deferred income tax benefit |
|
|
(179 |
) |
|
|
(1,593 |
) |
|
|
(386 |
) |
|
|
(3,640 |
) |
|
Derivatives and other financial instruments |
|
|
223 |
|
|
|
305 |
|
|
|
417 |
|
|
|
(125 |
) |
|
Cash settlements on derivatives and financial instruments |
|
|
(44 |
) |
|
|
464 |
|
|
|
(148 |
) |
|
|
1,183 |
|
|
Other noncash charges |
|
|
88 |
|
|
|
41 |
|
|
|
21 |
|
|
|
266 |
|
|
Net change in working capital |
|
|
(153 |
) |
|
|
(189 |
) |
|
|
45 |
|
|
|
26 |
|
|
Change in long-term other assets |
|
|
(40 |
) |
|
|
18 |
|
|
|
13 |
|
|
|
159 |
|
|
Change in long-term other liabilities |
|
|
22 |
|
|
|
(134 |
) |
|
|
(5 |
) |
|
|
(110 |
) |
|
Net cash from operating activities |
|
|
335 |
|
|
|
1,101 |
|
|
|
484 |
|
|
|
2,749 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(489 |
) |
|
|
(1,432 |
) |
|
|
(1,238 |
) |
|
|
(3,149 |
) |
|
Acquisitions of property, equipment and businesses |
|
|
(11 |
) |
|
|
(13 |
) |
|
|
(1,638 |
) |
|
|
(417 |
) |
|
Divestitures of property and equipment |
|
|
191 |
|
|
|
6 |
|
|
|
209 |
|
|
|
8 |
|
|
Other |
|
|
(26 |
) |
|
|
(8 |
) |
|
|
(27 |
) |
|
|
(5 |
) |
|
Net cash from investing activities |
|
|
(335 |
) |
|
|
(1,447 |
) |
|
|
(2,694 |
) |
|
|
(3,563 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of long-term debt, net of issuance costs |
|
|
450 |
|
|
|
2,094 |
|
|
|
846 |
|
|
|
3,051 |
|
|
Repayments of long-term debt |
|
|
(290 |
) |
|
|
(1,034 |
) |
|
|
(549 |
) |
|
|
(1,521 |
) |
|
Net short-term debt repayments |
|
|
— |
|
|
|
(778 |
) |
|
|
(626 |
) |
|
|
(763 |
) |
|
Issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
1,469 |
|
|
|
— |
|
|
Sale of subsidiary units |
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
654 |
|
|
Issuance of subsidiary units |
|
|
49 |
|
|
|
2 |
|
|
|
776 |
|
|
|
4 |
|
|
Dividends paid on common stock |
|
|
(33 |
) |
|
|
(98 |
) |
|
|
(158 |
) |
|
|
(197 |
) |
|
Distributions to noncontrolling interests |
|
|
(74 |
) |
|
|
(65 |
) |
|
|
(147 |
) |
|
|
(118 |
) |
|
Other |
|
|
(2 |
) |
|
|
4 |
|
|
|
(2 |
) |
|
|
(8 |
) |
|
Net cash from financing activities |
|
|
100 |
|
|
|
210 |
|
|
|
1,609 |
|
|
|
1,102 |
|
|
Effect of exchange rate changes on cash |
|
|
(12 |
) |
|
|
3 |
|
|
|
14 |
|
|
|
(43 |
) |
|
Net change in cash and cash equivalents |
|
|
88 |
|
|
|
(133 |
) |
|
|
(587 |
) |
|
|
245 |
|
|
Cash and cash equivalents at beginning of period |
|
|
1,635 |
|
|
|
1,858 |
|
|
|
2,310 |
|
|
|
1,480 |
|
|
Cash and cash equivalents at end of period |
|
$ |
1,723 |
|
|
$ |
1,725 |
|
|
$ |
1,723 |
|
|
$ |
1,725 |
|
See accompanying notes to consolidated financial statements.
7
DEVON ENERGY CORPORATION AND SUBSIDIARIES
|
|
|
June 30, 2016 |
|
|
December 31, 2015 |
|
||
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
(Millions, except share data) |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,723 |
|
|
$ |
2,310 |
|
|
Accounts receivable |
|
|
1,167 |
|
|
|
1,105 |
|
|
Assets held for sale |
|
|
728 |
|
|
|
— |
|
|
Other current assets |
|
|
364 |
|
|
|
606 |
|
|
Total current assets |
|
|
3,982 |
|
|
|
4,021 |
|
|
Property and equipment, at cost: |
|
|
|
|
|
|
|
|
|
Oil and gas, based on full cost accounting: |
|
|
|
|
|
|
|
|
|
Subject to amortization |
|
|
80,066 |
|
|
|
78,190 |
|
|
Not subject to amortization |
|
|
3,798 |
|
|
|
2,584 |
|
|
Total oil and gas |
|
|
83,864 |
|
|
|
80,774 |
|
|
Midstream and other |
|
|
10,243 |
|
|
|
10,380 |
|
|
Total property and equipment, at cost |
|
|
94,107 |
|
|
|
91,154 |
|
|
Less accumulated depreciation, depletion and amortization |
|
|
(77,292 |
) |
|
|
(72,086 |
) |
|
Property and equipment, net |
|
|
16,815 |
|
|
|
19,068 |
|
|
Goodwill |
|
|
4,159 |
|
|
|
5,032 |
|
|
Other long-term assets |
|
|
2,288 |
|
|
|
1,330 |
|
|
Total assets |
|
$ |
27,244 |
|
|
$ |
29,451 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
545 |
|
|
$ |
906 |
|
|
Revenues and royalties payable |
|
|
819 |
|
|
|
763 |
|
|
Short-term debt |
|
|
350 |
|
|
|
976 |
|
|
Liabilities held for sale |
|
|
205 |
|
|
|
— |
|
|
Other current liabilities |
|
|
1,010 |
|
|
|
650 |
|
|
Total current liabilities |
|
|
2,929 |
|
|
|
3,295 |
|
|
Long-term debt |
|
|
12,357 |
|
|
|
12,056 |
|
|
Asset retirement obligations |
|
|
1,473 |
|
|
|
1,370 |
|
|
Other long-term liabilities |
|
|
1,011 |
|
|
|
853 |
|
|
Deferred income taxes |
|
|
555 |
|
|
|
888 |
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 524 million and 418 million shares in 2016 and 2015, respectively |
|
|
52 |
|
|
|
42 |
|
|
Additional paid-in capital |
|
|
7,500 |
|
|
|
4,996 |
|
|
Retained earnings (accumulated deficit) |
|
|
(2,970 |
) |
|
|
1,781 |
|
|
Accumulated other comprehensive earnings |
|
|
265 |
|
|
|
230 |
|
|
Total stockholders’ equity attributable to Devon |
|
|
4,847 |
|
|
|
7,049 |
|
|
Noncontrolling interests |
|
|
4,072 |
|
|
|
3,940 |
|
|
Total stockholders’ equity |
|
|
8,919 |
|
|
|
10,989 |
|
|
Commitments and contingencies (Note 19) |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
27,244 |
|
|
$ |
29,451 |
|
See accompanying notes to consolidated financial statements.
8
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Retained |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
Total |
|
||||
|
|
|
Common Stock |
|
|
Paid-In |
|
|
Earnings |
|
|
Comprehensive |
|
|
Treasury |
|
|
Noncontrolling |
|
|
Stockholders’ |
|
|||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
(Accumulated Deficit) |
|
|
Earnings |
|
|
Stock |
|
|
Interests |
|
|
Equity |
|
||||||||
|
|
|
(Unaudited) |
|
|||||||||||||||||||||||||||||
|
|
|
(Millions) |
|
|||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2015 |
|
|
418 |
|
|
$ |
42 |
|
|
$ |
4,996 |
|
|
$ |
1,781 |
|
|
$ |
230 |
|
|
$ |
— |
|
|
$ |
3,940 |
|
|
$ |
10,989 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,626 |
) |
|
|
— |
|
|
|
— |
|
|
|
(405 |
) |
|
|
(5,031 |
) |
|
Other comprehensive earnings, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
Restricted stock grants, net of cancellations |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock repurchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(21 |
) |
|
Common stock retired |
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
Common stock dividends |
|
|
— |
|
|
|
— |
|
|
|
(33 |
) |
|
|
(125 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(158 |
) |
|
Common stock issued |
|
|
103 |
|
|
|
10 |
|
|
|
2,117 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,127 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
Subsidiary equity transactions |
|
|
— |
|
|
|
— |
|
|
|
318 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
684 |
|
|
|
1,002 |
|
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(147 |
) |
|
|
(147 |
) |
|
Balance as of June 30, 2016 |
|
|
524 |
|
|
$ |
52 |
|
|
$ |
7,500 |
|
|
$ |
(2,970 |
) |
|
$ |
265 |
|
|
$ |
— |
|
|
$ |
4,072 |
|
|
$ |
8,919 |
|
|
Six Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2014 |
|
|
409 |
|
|
$ |
41 |
|
|
$ |
4,088 |
|
|
$ |
16,631 |
|
|
$ |
779 |
|
|
$ |
— |
|
|
$ |
4,802 |
|
|
$ |
26,341 |
|
|
Net earnings (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,415 |
) |
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
|
(6,382 |
) |
|
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(251 |
) |
|
|
— |
|
|
|
— |
|
|
|
(251 |
) |
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
Restricted stock grants, net of cancellations |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock repurchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
|
— |
|
|
|
(23 |
) |
|
Common stock retired |
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
Common stock dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
89 |
|
|
|
— |
|
|
|
— |
|
|
|
||||||||||