Company Quick10K Filing
First American Financial
Price57.94 EPS5
Shares114 P/E11
MCap6,590 P/FCF11
Net Debt-1,711 EBIT746
TEV4,879 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-28
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-05-15
8-K 2020-05-08
8-K 2020-05-05
8-K 2020-04-23
8-K 2020-02-13
8-K 2019-10-24
8-K 2019-07-25
8-K 2019-05-28
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-02-14
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-02-08

FAF 10Q Quarterly Report

Part I: Financial Information
Item 1.Financial Statements.
Note 1 - Basis of Condensed Consolidated Financial Statements
Note 2 - Escrow Deposits, Like - Kind Exchange Deposits and Trust Assets
Note 3 - Debt and Equity Securities
Note 4 - Credit Losses - Financial Assets and Off - Balance Sheet Credit Exposures
Note 5 - Goodwill
Note 6 - Other Intangible Assets
Note 7 - Reserve for Known and Incurred But Not Reported Claims
Note 8 - Notes and Contracts Payable
Note 9 - Income Taxes
Note 10 - Earnings per Share
Note 11 - Employee Benefit Plans
Note 12 - Fair Value Measurements
Note 13 - Share - Based Compensation
Note 14 - Stockholders' Equity
Note 15 - Accumulated Other Comprehensive Income (Loss) ("Aoci")
Note 16 - Litigation and Regulatory Contingencies
Note 17 - Business Combinations
Note 18 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii: Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.A faf-ex31a_69.htm
EX-31.B faf-ex31b_70.htm
EX-32.A faf-ex32a_71.htm
EX-32.B faf-ex32b_72.htm

First American Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.71.41.00.70.30.02012201420172020
Rev, G Profit, Net Income
1.20.90.50.2-0.2-0.52012201420172020
Ops, Inv, Fin

faf-10q_20200630.htm
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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, 2020

 

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 20, 2020 there were 111,519,078 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, 2020 and December 31, 2019

  

 

5

 

 

 

 

 

 

 

 

 

 

B. Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019

 

 

6

 

 

 

 

 

 

 

 

 

 

C. Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

 

 

7

 

 

 

 

 

 

 

 

 

 

D. Condensed Consolidated Statements of Stockholders’ Equity for each of the quarters within the six months ended June 30, 2020 and 2019

 

 

8

 

 

 

 

 

 

 

 

 

 

E. Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

  

 

10

 

 

 

 

 

 

 

 

 

 

F. Notes to Condensed Consolidated Financial Statements

 

 

11

 

 

 

 

 

 

 

 

Item 2.

 

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

  

 

36

 

 

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

 

48

 

 

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

  

 

48

 

 

 

 

 

 

 

 

PART II: OTHER INFORMATION

  

 

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

  

 

49

 

 

 

 

 

 

 

 

Item 1A.

 

Risk Factors

  

 

50

 

 

 

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

 

60

 

 

 

 

 

 

 

 

Item 6.

 

Exhibits

  

 

61

 

Items 3 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;

 

USE OF SOCIAL MEDIA BY THE COMPANY AND OTHER PARTIES;

 

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;

 

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,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,523,344

 

 

$

1,485,959

 

Accounts and accrued income receivable, less allowances of $12,172 and $12,676

 

354,674

 

 

 

324,385

 

Income taxes receivable

 

6,773

 

 

 

10,967

 

Investments:

 

 

 

 

 

 

 

Deposits with banks

 

39,311

 

 

 

44,422

 

Debt securities, includes pledged securities of $93,904 and $91,636 (amortized cost of $5,714,833 and $5,796,755; allowance for credit losses of $1,380 at June 30, 2020)

 

5,925,068

 

 

 

5,913,636

 

Equity securities

 

386,356

 

 

 

392,318

 

Other investments

 

301,448

 

 

 

239,067

 

 

 

6,652,183

 

 

 

6,589,443

 

Secured financings receivable

 

579,596

 

 

 

287,459

 

Property and equipment, net

 

459,563

 

 

 

442,014

 

Operating lease assets

 

281,444

 

 

 

291,385

 

Title plants and other indexes

 

580,014

 

 

 

579,674

 

Deferred income taxes

 

18,283

 

 

 

18,283

 

Goodwill

 

1,388,586

 

 

 

1,150,908

 

Other intangible assets, net

 

203,329

 

 

 

91,833

 

Other assets

 

240,230

 

 

 

246,857

 

 

$

12,288,019

 

 

$

11,519,167

 

Liabilities and Equity

 

 

 

 

 

 

 

Deposits

$

3,417,777

 

 

$

3,337,431

 

Accounts payable and accrued liabilities

 

781,477

 

 

 

820,356

 

Deferred revenue

 

250,421

 

 

 

252,331

 

Reserve for known and incurred but not reported claims

 

1,095,494

 

 

 

1,063,044

 

Income taxes payable

 

102,128

 

 

 

25,475

 

Deferred income taxes

 

266,108

 

 

 

266,108

 

Operating lease liabilities

 

309,782

 

 

 

322,776

 

Secured financings payable

 

478,598

 

 

 

278,412

 

Notes and contracts payable

 

1,010,623

 

 

 

728,232

 

 

 

7,712,408

 

 

 

7,094,165

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

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

 

 

 

 

 

Common stock, $0.00001 par value; Authorized—300,000 shares;
Outstanding—111,519 shares and 112,476 shares

 

1

 

 

 

1

 

Additional paid-in capital

 

2,259,491

 

 

 

2,300,926

 

Retained earnings

 

2,294,552

 

 

 

2,161,049

 

Accumulated other comprehensive income (loss)

 

11,356

 

 

 

(41,492

)

Total stockholders’ equity

 

4,565,400

 

 

 

4,420,484

 

Noncontrolling interests

 

10,211

 

 

 

4,518

 

Total equity

 

4,575,611

 

 

 

4,425,002

 

 

$

12,288,019

 

 

$

11,519,167

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

651,984

 

 

$

668,018

 

 

$

1,272,621

 

 

$

1,182,220

 

Agent premiums

 

 

597,895

 

 

 

543,847

 

 

 

1,197,577

 

 

 

1,045,384

 

Information and other

 

 

231,169

 

 

 

200,669

 

 

 

442,681

 

 

 

373,561

 

Net investment income

 

 

58,420

 

 

 

77,711

 

 

 

104,294

 

 

 

159,979

 

Net realized investment gains

 

 

69,261

 

 

 

8,375

 

 

 

4,499

 

 

 

41,057

 

 

 

 

1,608,729

 

 

 

1,498,620

 

 

 

3,021,672

 

 

 

2,802,201

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

451,487

 

 

 

447,027

 

 

 

881,147

 

 

 

858,639

 

Premiums retained by agents

 

 

472,398

 

 

 

429,086

 

 

 

947,779

 

 

 

825,693

 

Other operating expenses

 

 

250,088

 

 

 

222,348

 

 

 

507,328

 

 

 

418,795

 

Provision for policy losses and other claims

 

 

138,688

 

 

 

109,130

 

 

 

256,165

 

 

 

206,842

 

Depreciation and amortization

 

 

40,976

 

 

 

32,884

 

 

 

72,425

 

 

 

65,818

 

Premium taxes

 

 

16,354

 

 

 

16,740

 

 

 

33,669

 

 

 

31,403

 

Interest

 

 

13,443

 

 

 

11,908

 

 

 

25,540

 

 

 

23,844

 

 

 

 

1,383,434

 

 

 

1,269,123

 

 

 

2,724,053

 

 

 

2,431,034

 

Income before income taxes

 

 

225,295

 

 

 

229,497

 

 

 

297,619

 

 

 

371,167

 

Income taxes

 

 

53,601

 

 

 

42,226

 

 

 

62,079

 

 

 

74,092

 

Net income

 

 

171,694

 

 

 

187,271

 

 

 

235,540

 

 

 

297,075

 

Less: Net income attributable to noncontrolling interests

 

 

1,039

 

 

 

616

 

 

 

1,681

 

 

 

845

 

Net income attributable to the Company

 

$

170,655

 

 

$

186,655

 

 

$

233,859

 

 

$

296,230

 

Net income per share attributable to the Company's

stockholders (Note 10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.52

 

 

$

1.65

 

 

$

2.07

 

 

$

2.62

 

Diluted

 

$

1.52

 

 

$

1.64

 

 

$

2.06

 

 

$

2.61

 

Cash dividends declared per share

 

$

0.44

 

 

$

0.42

 

 

$

0.88

 

 

$

0.84

 

Weighted-average common shares outstanding (Note 10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

112,309

 

 

 

113,050

 

 

 

112,939

 

 

 

112,881

 

Diluted

 

 

112,555

 

 

 

113,498

 

 

 

113,270

 

 

 

113,366

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

171,694

 

 

$

187,271

 

 

$

235,540

 

 

$

297,075

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains on debt securities

 

 

58,467

 

 

 

53,174

 

 

 

71,086

 

 

 

112,679

 

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

 

 

62

 

 

 

 

 

 

147

 

 

 

 

Foreign currency translation adjustment

 

 

14,373

 

 

 

3,444

 

 

 

(19,183

)

 

 

10,332

 

Pension benefit adjustment

 

 

399

 

 

 

(75

)

 

 

798

 

 

 

(151

)

Total other comprehensive income, net of tax

 

 

73,301

 

 

 

56,543

 

 

 

52,848

 

 

 

122,860

 

Comprehensive income

 

 

244,995

 

 

 

243,814

 

 

 

288,388

 

 

 

419,935

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

1,039

 

 

 

616

 

 

 

1,681

 

 

 

844

 

Comprehensive income attributable to the Company

 

$

243,956

 

 

$

243,198

 

 

$

286,707

 

 

$

419,091

 

 

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, 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

  

  

 

1

  

  

 

2,247,569

  

  

 

2,173,720

  

 

 

(61,945

 

 

4,359,345

 

 

 

9,577

 

 

 

4,368,922

  

Net income for three months ended June 30, 2020

 

 

 

  

 

 

  

 

 

  

 

170,655

  

 

 

 

 

 

170,655

  

 

 

1,039

 

 

 

171,694

  

Dividends on common shares

 

 

 

  

 

 

  

 

 

  

 

(48,996

 

 

 

 

 

(48,996

)

 

 

 

 

 

(48,996

)

Purchase of Company shares

 

 

(71

)