Quarterly Report (10-q)
November 04 2020 - 12:40PM
Edgar (US Regulatory)
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2019-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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|
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended September 30, 2020
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
Commission File Number: 0-13468
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
|
Washington
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91-1069248
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer
Identification Number)
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1015 Third Avenue, Seattle, Washington
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98104
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(Address of principal executive offices)
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(Zip Code)
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(Registrant’s telephone number, including area code): (206) 674-3400
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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EXPD
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NASDAQ Global Select Market
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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,
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.
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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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 ☒
At November 2, 2020, the number of shares outstanding of the
issuer’s common stock was 169,265,692.
PART I. FINANCIAL
INFORMATION
Item 1. Financial
Statements
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
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September 30,
2020
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December 31,
2019
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Assets:
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Current Assets:
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Cash and cash equivalents
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$
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1,465,510
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$
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1,230,491
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Accounts receivable, less allowance for credit loss of
$5,171 at September 30, 2020 and $11,143 at December
31, 2019
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1,582,424
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1,315,091
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Deferred contract costs
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232,351
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131,783
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Other
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129,617
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|
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92,558
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Total current assets
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3,409,902
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2,769,923
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Property and equipment, less accumulated depreciation and
amortization of $510,103 at September 30, 2020 and
$478,906 at
December 31, 2019
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499,189
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|
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499,344
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Operating lease right-of-use assets
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422,002
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390,035
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Goodwill
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7,927
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7,927
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|
|
Deferred federal and state income taxes, net
|
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3,130
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|
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8,034
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Other assets, net
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16,404
|
|
|
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16,621
|
|
|
Total assets
|
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$
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4,358,554
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$
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3,691,884
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|
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Liabilities:
|
|
|
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|
|
|
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Current Liabilities:
|
|
|
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|
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Accounts payable
|
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$
|
888,761
|
|
|
$
|
735,695
|
|
|
Accrued expenses, primarily salaries and related costs
|
|
|
236,826
|
|
|
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189,446
|
|
|
Contract liabilities
|
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267,266
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|
|
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154,183
|
|
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Current portion of operating lease liabilities
|
|
|
70,755
|
|
|
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65,367
|
|
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Federal, state and foreign income taxes
|
|
|
33,100
|
|
|
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23,627
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|
|
Total current liabilities
|
|
|
1,496,708
|
|
|
|
1,168,318
|
|
|
Noncurrent portion of operating lease liabilities
|
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357,373
|
|
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326,347
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Commitments and contingencies
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Shareholders’ Equity:
|
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Preferred stock, none issued
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|
|
—
|
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—
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Common stock, par value $0.01 per share. Issued and
outstanding: 169,231 shares at September 30, 2020 and
169,622
shares at December 31, 2019
|
|
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1,692
|
|
|
|
1,696
|
|
|
Additional paid-in capital
|
|
|
145,924
|
|
|
|
3,203
|
|
|
Retained earnings
|
|
|
2,489,694
|
|
|
|
2,321,316
|
|
|
Accumulated other comprehensive loss
|
|
|
(135,281
|
)
|
|
|
(131,187
|
)
|
|
Total shareholders’ equity
|
|
|
2,502,029
|
|
|
|
2,195,028
|
|
|
Noncontrolling interest
|
|
|
2,444
|
|
|
|
2,191
|
|
|
Total equity
|
|
|
2,504,473
|
|
|
|
2,197,219
|
|
|
Total liabilities and equity
|
|
$
|
4,358,554
|
|
|
$
|
3,691,884
|
|
See accompanying notes to condensed consolidated financial
statements.
2
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
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|
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2020
|
|
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2019
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|
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2020
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|
|
2019
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|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services
|
|
$
|
1,093,550
|
|
|
$
|
715,450
|
|
|
$
|
3,237,179
|
|
|
$
|
2,171,928
|
|
|
Ocean freight and ocean services
|
|
|
612,858
|
|
|
|
585,374
|
|
|
|
1,597,997
|
|
|
|
1,697,824
|
|
|
Customs brokerage and other services
|
|
|
758,389
|
|
|
|
774,031
|
|
|
|
2,112,117
|
|
|
|
2,260,733
|
|
|
Total revenues
|
|
|
2,464,797
|
|
|
|
2,074,855
|
|
|
|
6,947,293
|
|
|
|
6,130,485
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services
|
|
|
833,689
|
|
|
|
522,868
|
|
|
|
2,450,931
|
|
|
|
1,574,717
|
|
|
Ocean freight and ocean services
|
|
|
455,072
|
|
|
|
424,215
|
|
|
|
1,185,154
|
|
|
|
1,234,845
|
|
|
Customs brokerage and other services
|
|
|
441,657
|
|
|
|
453,416
|
|
|
|
1,212,102
|
|
|
|
1,330,758
|
|
|
Salaries and related
|
|
|
373,613
|
|
|
|
356,331
|
|
|
|
1,110,760
|
|
|
|
1,069,592
|
|
|
Rent and occupancy
|
|
|
42,484
|
|
|
|
41,987
|
|
|
|
126,383
|
|
|
|
124,407
|
|
|
Depreciation and amortization
|
|
|
15,851
|
|
|
|
12,386
|
|
|
|
42,620
|
|
|
|
38,456
|
|
|
Selling and promotion
|
|
|
2,945
|
|
|
|
10,133
|
|
|
|
14,301
|
|
|
|
32,852
|
|
|
Other
|
|
|
47,541
|
|
|
|
46,969
|
|
|
|
146,416
|
|
|
|
138,506
|
|
|
Total operating expenses
|
|
|
2,212,852
|
|
|
|
1,868,305
|
|
|
|
6,288,667
|
|
|
|
5,544,133
|
|
|
Operating income
|
|
|
251,945
|
|
|
|
206,550
|
|
|
|
658,626
|
|
|
|
586,352
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
1,504
|
|
|
|
5,501
|
|
|
|
8,870
|
|
|
|
18,123
|
|
|
Other, net
|
|
|
980
|
|
|
|
1,895
|
|
|
|
5,161
|
|
|
|
5,822
|
|
|
Other income, net
|
|
|
2,484
|
|
|
|
7,396
|
|
|
|
14,031
|
|
|
|
23,945
|
|
|
Earnings before income taxes
|
|
|
254,429
|
|
|
|
213,946
|
|
|
|
672,657
|
|
|
|
610,297
|
|
|
Income tax expense
|
|
|
62,710
|
|
|
|
53,319
|
|
|
|
173,968
|
|
|
|
156,029
|
|
|
Net earnings
|
|
|
191,719
|
|
|
|
160,627
|
|
|
|
498,689
|
|
|
|
454,268
|
|
|
Less net earnings attributable to the noncontrolling
interest
|
|
|
412
|
|
|
|
406
|
|
|
|
1,169
|
|
|
|
1,199
|
|
|
Net earnings attributable to shareholders
|
|
$
|
191,307
|
|
|
$
|
160,221
|
|
|
$
|
497,520
|
|
|
$
|
453,069
|
|
|
Diluted earnings attributable to shareholders per share
|
|
$
|
1.12
|
|
|
$
|
0.92
|
|
|
$
|
2.92
|
|
|
$
|
2.60
|
|
|
Basic earnings attributable to shareholders per share
|
|
$
|
1.14
|
|
|
$
|
0.94
|
|
|
$
|
2.96
|
|
|
$
|
2.65
|
|
|
Weighted average diluted shares outstanding
|
|
|
170,735
|
|
|
|
173,483
|
|
|
|
170,539
|
|
|
|
174,463
|
|
|
Weighted average basic shares outstanding
|
|
|
168,310
|
|
|
|
170,415
|
|
|
|
167,942
|
|
|
|
171,084
|
|
See accompanying notes to condensed consolidated financial
statements.
3
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net earnings
|
|
$
|
191,719
|
|
|
$
|
160,627
|
|
|
$
|
498,689
|
|
|
$
|
454,268
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax
expense (benefit) of $4,200 and $(5,803) for the
three months ended September 30, 2020 and
2019 and $226 and $(5,364) for the nine months
ended September 30, 2020 and 2019
|
|
|
17,429
|
|
|
|
(14,603
|
)
|
|
|
(5,010
|
)
|
|
|
(14,007
|
)
|
|
Reclassification adjustments for foreign currency
realized losses, net of tax of $145 for the nine
months ended September 30, 2019
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
535
|
|
|
Other comprehensive income (loss)
|
|
|
17,429
|
|
|
|
(14,603
|
)
|
|
|
(5,010
|
)
|
|
|
(13,472
|
)
|
|
Comprehensive income
|
|
|
209,148
|
|
|
|
146,024
|
|
|
|
493,679
|
|
|
|
440,796
|
|
|
Less comprehensive (loss) income attributable to the
noncontrolling interest
|
|
|
(36
|
)
|
|
|
481
|
|
|
|
253
|
|
|
|
1,020
|
|
|
Comprehensive income attributable to shareholders
|
|
$
|
209,184
|
|
|
$
|
145,543
|
|
|
$
|
493,426
|
|
|
$
|
439,776
|
|
See accompanying notes to condensed consolidated financial
statements.
4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
191,719
|
|
|
$
|
160,627
|
|
|
$
|
498,689
|
|
|
$
|
454,268
|
|
|
Adjustments to reconcile net earnings to net cash from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for losses on accounts receivable
|
|
|
398
|
|
|
|
757
|
|
|
|
4,607
|
|
|
|
453
|
|
|
Deferred income tax (benefit) expense
|
|
|
(1,276
|
)
|
|
|
(5,822
|
)
|
|
|
2,872
|
|
|
|
(17
|
)
|
|
Stock compensation expense
|
|
|
12,297
|
|
|
|
12,155
|
|
|
|
45,091
|
|
|
|
49,361
|
|
|
Depreciation and amortization
|
|
|
15,851
|
|
|
|
12,386
|
|
|
|
42,620
|
|
|
|
38,456
|
|
|
Other, net
|
|
|
2,919
|
|
|
|
652
|
|
|
|
3,470
|
|
|
|
812
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
(106,065
|
)
|
|
|
43,885
|
|
|
|
(274,440
|
)
|
|
|
246,175
|
|
|
Increase (decrease) in accounts payable and accrued
expenses
|
|
|
94,263
|
|
|
|
(58,816
|
)
|
|
|
201,940
|
|
|
|
(141,199
|
)
|
|
(Increase) decrease in deferred contract costs
|
|
|
(81,486
|
)
|
|
|
10,301
|
|
|
|
(99,887
|
)
|
|
|
28,550
|
|
|
Increase (decrease) in contract liabilities
|
|
|
91,638
|
|
|
|
(13,211
|
)
|
|
|
112,244
|
|
|
|
(36,933
|
)
|
|
(Decrease) in income taxes payable, net
|
|
|
(41,286
|
)
|
|
|
(671
|
)
|
|
|
(10,644
|
)
|
|
|
(33,284
|
)
|
|
(Increase) decrease in other, net
|
|
|
(17,373
|
)
|
|
|
(744
|
)
|
|
|
(13,242
|
)
|
|
|
47
|
|
|
Net cash from operating activities
|
|
|
161,599
|
|
|
|
161,499
|
|
|
|
513,320
|
|
|
|
606,689
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(9,178
|
)
|
|
|
(15,521
|
)
|
|
|
(37,419
|
)
|
|
|
(37,943
|
)
|
|
Other, net
|
|
|
1,174
|
|
|
|
232
|
|
|
|
963
|
|
|
|
1,525
|
|
|
Net cash from investing activities
|
|
|
(8,004
|
)
|
|
|
(15,289
|
)
|
|
|
(36,456
|
)
|
|
|
(36,418
|
)
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
121,430
|
|
|
|
60,713
|
|
|
|
174,016
|
|
|
|
120,190
|
|
|
Repurchases of common stock
|
|
|
—
|
|
|
|
(61,999
|
)
|
|
|
(314,225
|
)
|
|
|
(296,922
|
)
|
|
Dividends paid
|
|
|
—
|
|
|
|
—
|
|
|
|
(86,815
|
)
|
|
|
(85,184
|
)
|
|
Payments for taxes related to net share settlement of equity
awards
|
|
|
—
|
|
|
|
—
|
|
|
|
(10,566
|
)
|
|
|
(6,674
|
)
|
|
Net cash from financing activities
|
|
|
121,430
|
|
|
|
(1,286
|
)
|
|
|
(237,590
|
)
|
|
|
(268,590
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
10,030
|
|
|
|
(11,604
|
)
|
|
|
(4,255
|
)
|
|
|
(9,446
|
)
|
|
Change in cash and cash equivalents
|
|
|
285,055
|
|
|
|
133,320
|
|
|
|
235,019
|
|
|
|
292,235
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
1,180,455
|
|
|
|
1,082,650
|
|
|
|
1,230,491
|
|
|
|
923,735
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,465,510
|
|
|
$
|
1,215,970
|
|
|
$
|
1,465,510
|
|
|
$
|
1,215,970
|
|
|
Taxes Paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
$
|
106,434
|
|
|
$
|
61,201
|
|
|
$
|
180,242
|
|
|
$
|
196,169
|
|
See accompanying notes to condensed consolidated financial
statements.
5
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2020
and 2019
|
|
Shares
|
|
|
Par
value
|
|
|
Additional
paid-in
capital
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders’
equity
|
|
|
Noncontrolling
interest
|
|
|
Total
equity
|
|
|
Balance at June 30, 2020
|
|
|
166,816
|
|
|
$
|
1,668
|
|
|
$
|
12,221
|
|
|
$
|
2,298,387
|
|
|
$
|
(153,158
|
)
|
|
$
|
2,159,118
|
|
|
$
|
2,480
|
|
|
$
|
2,161,598
|
|
|
Shares issued under employee
stock plans
|
|
|
2,415
|
|
|
|
24
|
|
|
|
121,406
|
|
|
|
—
|
|
|
|
—
|
|
|
|
121,430
|
|
|
|
—
|
|
|
|
121,430
|
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
12,297
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,297
|
|
|
|
—
|
|
|
|
12,297
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
191,307
|
|
|
|
—
|
|
|
|
191,307
|
|
|
|
412
|
|
|
|
191,719
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,877
|
|
|
|
17,877
|
|
|
|
(448
|
)
|
|
|
17,429
|
|
|
Balance at September 30, 2020
|
|
|
169,231
|
|
|
$
|
1,692
|
|
|
$
|
145,924
|
|
|
$
|
2,489,694
|
|
|
$
|
(135,281
|
)
|
|
$
|
2,502,029
|
|
|
$
|
2,444
|
|
|
$
|
2,504,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019
|
|
|
170,040
|
|
|
$
|
1,701
|
|
|
$
|
12,433
|
|
|
$
|
2,140,935
|
|
|
$
|
(104,096
|
)
|
|
$
|
2,050,973
|
|
|
$
|
1,421
|
|
|
$
|
2,052,394
|
|
|
Shares issued under employee
stock plans
|
|
|
1,095
|
|
|
|
11
|
|
|
|
60,702
|
|
|
|
—
|
|
|
|
—
|
|
|
|
60,713
|
|
|
|
—
|
|
|
|
60,713
|
|
|
Shares repurchased under provisions of
stock repurchase plans
|
|
|
(892
|
)
|
|
|
(10
|
)
|
|
|
(61,989
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(61,999
|
)
|
|
|
—
|
|
|
|
(61,999
|
)
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
12,155
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,155
|
|
|
|
—
|
|
|
|
12,155
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
160,221
|
|
|
|
—
|
|
|
|
160,221
|
|
|
|
406
|
|
|
|
160,627
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(14,678
|
)
|
|
|
(14,678
|
)
|
|
|
75
|
|
|
|
(14,603
|
)
|
|
Balance at September 30, 2019
|
|
|
170,243
|
|
|
$
|
1,702
|
|
|
$
|
23,301
|
|
|
$
|
2,301,156
|
|
|
$
|
(118,774
|
)
|
|
$
|
2,207,385
|
|
|
$
|
1,902
|
|
|
$
|
2,209,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2020
and 2019
|
|
Shares
|
|
|
Par
value
|
|
|
Additional
paid-in
capital
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders’
equity
|
|
|
Noncontrolling
interest
|
|
|
Total
equity
|
|
|
Balance at December 31, 2019
|
|
|
169,622
|
|
|
$
|
1,696
|
|
|
$
|
3,203
|
|
|
$
|
2,321,316
|
|
|
$
|
(131,187
|
)
|
|
$
|
2,195,028
|
|
|
$
|
2,191
|
|
|
$
|
2,197,219
|
|
|
Cumulative effect of accounting
change
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,074
|
|
|
|
—
|
|
|
|
6,074
|
|
|
|
—
|
|
|
|
6,074
|
|
|
Shares issued under employee
stock plans
|
|
|
4,009
|
|
|
|
40
|
|
|
|
163,410
|
|
|
|
—
|
|
|
|
—
|
|
|
|
163,450
|
|
|
|
—
|
|
|
|
163,450
|
|
|
Shares repurchased under provisions
of stock repurchase plans
|
|
|
(4,400
|
)
|
|
|
(44
|
)
|
|
|
(66,780
|
)
|
|
|
(247,401
|
)
|
|
|
—
|
|
|
|
(314,225
|
)
|
|
|
—
|
|
|
|
(314,225
|
)
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
45,091
|
|
|
|
—
|
|
|
|
—
|
|
|
|
45,091
|
|
|
|
—
|
|
|
|
45,091
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
497,520
|
|
|
|
—
|
|
|
|
497,520
|
|
|
|
1,169
|
|
|
|
498,689
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,094
|
)
|
|
|
(4,094
|
)
|
|
|
(916
|
)
|
|
|
(5,010
|
)
|
|
Dividends paid ($0.52)
|
|
|
—
|
|
|
|
—
|
|
|
|
1,000
|
|
|
|
(87,815
|
)
|
|
|
—
|
|
|
|
(86,815
|