Company Quick10K Filing
National Fuel Gas
Price47.87 EPS4
Shares87 P/E14
MCap4,154 P/FCF7
Net Debt2,106 EBIT390
TEV6,260 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-01
10-Q 2019-12-31 Filed 2020-01-31
10-K 2019-09-30 Filed 2019-11-15
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-Q 2018-12-31 Filed 2019-02-01
10-K 2018-09-30 Filed 2018-11-16
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-Q 2017-12-31 Filed 2018-02-02
10-K 2017-09-30 Filed 2017-11-17
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-02-03
10-K 2016-09-30 Filed 2016-11-18
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-Q 2015-12-31 Filed 2016-02-05
10-K 2015-09-30 Filed 2015-11-20
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-01
10-Q 2014-12-31 Filed 2015-01-30
10-K 2014-09-30 Filed 2014-11-21
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-07
10-K 2013-09-30 Filed 2013-11-22
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-12-31 Filed 2013-02-08
10-K 2012-09-30 Filed 2012-11-21
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-12-31 Filed 2012-02-03
10-K 2011-09-30 Filed 2011-11-23
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-04
10-K 2010-09-30 Filed 2010-11-24
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-05-04 Regulation FD, Exhibits
8-K 2020-05-04 Enter Agreement, Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits
8-K 2020-04-30 Regulation FD, Exhibits
8-K 2020-04-30 Earnings, Exhibits
8-K 2020-03-11 Shareholder Vote
8-K 2020-01-30 Regulation FD, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2020-01-17 Officers
8-K 2019-12-09 Officers
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-31 Regulation FD, Exhibits
8-K 2019-08-01 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-06-12 Officers, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-02 Regulation FD, Exhibits
8-K 2019-04-02 Officers, Regulation FD, Exhibits
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-03-07 Officers, Shareholder Vote, Exhibits
8-K 2019-01-31 Regulation FD, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-12-19 Officers
8-K 2018-12-18 Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-31 Officers, Regulation FD, Exhibits
8-K 2018-10-25 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-08 Other Events, Exhibits
8-K 2018-08-06 Other Events
8-K 2018-08-02 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-12 Officers, Regulation FD, Exhibits
8-K 2018-05-18 Regulation FD, Exhibits
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-05-03
8-K 2018-03-26 Regulation FD, Exhibits
8-K 2018-03-08 Shareholder Vote
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-01-12
8-K 2018-01-11 Enter Agreement, Shareholder Rights, Regulation FD, Exhibits
8-K 2018-01-10 Officers

NFG 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Revenue From Contracts with Customers
Note 3 - Leases
Note 4 - Fair Value Measurements
Note 5 - Financial Instruments
Note 6 - Income Taxes
Note 7 - Capitalization
Note 8 - Commitments and Contingencies
Note 9 - Business Segment Information
Note 10 - Retirement Plan and Other Post - Retirement Benefits
Note 11 - Regulatory Matters
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-10.1 nfg-3312020xexhibit101.htm
EX-31.1 nfg-3312020xexhibit311.htm
EX-31.2 nfg-3312020xexhibit312.htm
EX-32 nfg-3312020xexhibit32.htm
EX-99 nfg-3312020xexhibit99.htm

National Fuel Gas Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 1-3880
NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)
New Jersey
13-1086010
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
 
6363 Main Street
 
Williamsville,
New York
14221
(Address of principal executive offices)
(Zip Code)

(716) 857-7000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1.00 per share
NFG
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, 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: Common stock, par value $1.00 per share, outstanding at April 30, 2020: 86,573,652 shares.

1



GLOSSARY OF TERMS
 
Frequently used abbreviations, acronyms, or terms used in this report:
 
National Fuel Gas Companies
 
Company
The Registrant, the Registrant and its subsidiaries or the Registrant’s subsidiaries as appropriate in the context of the disclosure
Distribution Corporation
National Fuel Gas Distribution Corporation
Empire
Empire Pipeline, Inc.
Midstream Company
National Fuel Gas Midstream Company, LLC
National Fuel
National Fuel Gas Company
NFR
National Fuel Resources, Inc.
Registrant
National Fuel Gas Company
Seneca
Seneca Resources Company, LLC
Supply Corporation
National Fuel Gas Supply Corporation
 
 
 
Regulatory Agencies
 
CFTC
Commodity Futures Trading Commission
EPA
United States Environmental Protection Agency
FASB
Financial Accounting Standards Board
FERC
Federal Energy Regulatory Commission
NYDEC
New York State Department of Environmental Conservation
NYPSC
State of New York Public Service Commission
PaDEP
Pennsylvania Department of Environmental Protection
PaPUC
Pennsylvania Public Utility Commission
PHMSA
Pipeline and Hazardous Materials Safety Administration
SEC
Securities and Exchange Commission
Other
 
2019 Form 10-K
The Company’s Annual Report on Form 10-K for the year ended September 30, 2019
2017 Tax Reform Act
Tax legislation referred to as the "Tax Cuts and Jobs Act," enacted December 22, 2017.
Bbl
Barrel (of oil)
Bcf
Billion cubic feet (of natural gas)
Bcfe (or Mcfe) –  represents Bcf (or Mcf) Equivalent
The total heat value (Btu) of natural gas and oil expressed as a volume of  natural gas. The Company uses a conversion formula of 1 barrel of oil = 6 Mcf of natural gas.
Btu
British thermal unit; the amount of heat needed to raise the temperature of one pound of water one degree Fahrenheit
Capital expenditure
Represents additions to property, plant, and equipment, or the amount of money a company spends to buy capital assets or upgrade its existing capital assets.
Cashout revenues
A cash resolution of a gas imbalance whereby a customer (e.g. a marketer) pays for gas the customer receives in excess of amounts delivered into pipeline/storage or distribution systems by the customer’s shipper.
CLCPA
Legislation referred to as the "Climate Leadership & Community Protection Act," enacted by the State of New York on July 18, 2019.
Degree day
A measure of the coldness of the weather experienced, based on the extent to which the daily average temperature falls below a reference temperature, usually 65 degrees Fahrenheit.

2



Derivative
A financial instrument or other contract, the terms of which include an underlying variable (a price, interest rate, index rate, exchange rate, or other variable) and a notional amount (number of units, barrels, cubic feet, etc.).  The terms also permit for the instrument or contract to be settled net and no initial net investment is required to enter into the financial instrument or contract.  Examples include futures contracts, forward contracts, options, no cost collars and swaps.
Development costs
Costs incurred to obtain access to proved oil and gas reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act.
Dth
Decatherm; one Dth of natural gas has a heating value of 1,000,000 British thermal units, approximately equal to the heating value of 1 Mcf of natural gas.
Exchange Act
Securities Exchange Act of 1934, as amended
Expenditures for long-lived assets
Includes capital expenditures, stock acquisitions and/or investments in partnerships.
Exploration costs
Costs incurred in identifying areas that may warrant examination, as well as costs incurred in examining specific areas, including drilling exploratory wells.
Exploratory well
A well drilled in unproven or semi-proven territory for the purpose of ascertaining the presence underground of a commercial hydrocarbon deposit.
FERC 7(c) application
An application to the FERC under Section 7(c) of the federal Natural Gas Act for authority to construct, operate (and provide services through) facilities to transport or store natural gas in interstate commerce.
Firm transportation and/or storage
The transportation and/or storage service that a supplier of such service is obligated by contract to provide and for which the customer is obligated to pay whether or not the service is utilized.
GAAP
Accounting principles generally accepted in the United States of America
Goodwill
An intangible asset representing the difference between the fair value of a company and the price at which a company is purchased.
Hedging
A method of minimizing the impact of price, interest rate, and/or foreign currency exchange rate changes, often times through the use of derivative financial instruments.
Hub
Location where pipelines intersect enabling the trading, transportation, storage, exchange, lending and borrowing of natural gas.
ICE
Intercontinental Exchange. An exchange which maintains a futures market for crude oil and natural gas.
Interruptible transportation and/or storage
The transportation and/or storage service that, in accordance with contractual arrangements, can be interrupted by the supplier of such service, and for which the customer does not pay unless utilized.
LDC
Local distribution company
LIBOR
London Interbank Offered Rate
LIFO
Last-in, first-out
Marcellus Shale
A Middle Devonian-age geological shale formation that is present nearly a mile or more below the surface in the Appalachian region of the United States, including much of Pennsylvania and southern New York.
Mbbl
Thousand barrels (of oil)
Mcf
Thousand cubic feet (of natural gas)
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDth
Thousand decatherms (of natural gas)
MMBtu
Million British thermal units (heating value of one decatherm of natural gas)
MMcf
Million cubic feet (of natural gas)

3



NGA
The Natural Gas Act of 1938, as amended; the federal law regulating interstate natural gas pipeline and storage companies, among other things, codified beginning at 15 U.S.C. Section 717.
NYMEX
New York Mercantile Exchange.  An exchange which maintains a futures market for crude oil and natural gas.
Open Season
A bidding procedure used by pipelines to allocate firm transportation or storage capacity among prospective shippers, in which all bids submitted during a defined time period are evaluated as if they had been submitted simultaneously.
Precedent Agreement
An agreement between a pipeline company and a potential customer to sign a service agreement after specified events (called “conditions precedent”) happen, usually within a specified time.
Proved developed reserves
Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.
Proved undeveloped (PUD) reserves
Reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required to make these reserves productive.
Reserves
The unproduced but recoverable oil and/or gas in place in a formation which has been proven by production.
Revenue decoupling mechanism
A rate mechanism which adjusts customer rates to render a utility financially indifferent to throughput decreases resulting from conservation.
S&P
Standard & Poor’s Rating Service
SAR
Stock appreciation right
Service agreement
The binding agreement by which the pipeline company agrees to provide service and the shipper agrees to pay for the service.
Stock acquisitions
Investments in corporations
Utica Shale
A Middle Ordovician-age geological formation lying several thousand feet below the Marcellus Shale in the Appalachian region of the United States, including much of Ohio, Pennsylvania, West Virginia and southern New York.
VEBA
Voluntary Employees’ Beneficiary Association
WNC
Weather normalization clause; a clause in utility rates which adjusts customer rates to allow a utility to recover its normal operating costs calculated at normal temperatures.  If temperatures during the measured period are warmer than normal, customer rates are adjusted upward in order to recover projected operating costs.  If temperatures during the measured period are colder than normal, customer rates are adjusted downward so that only the projected operating costs will be recovered.




4



INDEX
 
Page
 
 
 
 
 
 
 
 
 
6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 3.  Defaults Upon Senior Securities 
 
Item 4.  Mine Safety Disclosures 
 
Item 5.  Other Information 
 
 
 
 
The Company has nothing to report under this item.
 
All references to a certain year in this report are to the Company’s fiscal year ended September 30 of that year, unless otherwise noted.


5



Part I.  Financial Information
 
Item 1.  Financial Statements
National Fuel Gas Company
Consolidated Statements of Income and Earnings
Reinvested in the Business
(Unaudited)
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
(Thousands of U.S. Dollars, Except Per Common Share Amounts)
2020
 
2019
 
2020
 
2019
INCOME
 
 
 
 
 

 
 

Operating Revenues:
 
 
 
 
 
 
 
Utility and Energy Marketing Revenues
$
282,634

 
$
357,654

 
$
510,660

 
$
629,747

Exploration and Production and Other Revenues
156,542

 
146,467

 
323,735

 
310,403

Pipeline and Storage and Gathering Revenues
51,919

 
48,423

 
100,888

 
102,641

 
491,095

 
552,544

 
935,283

 
1,042,791

 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 

 
 

Purchased Gas
118,270

 
195,037

 
210,542

 
333,697

Operation and Maintenance:
 
 
 
 
 
 
 
Utility and Energy Marketing
51,725

 
48,559

 
94,981

 
92,475

Exploration and Production and Other
39,959

 
40,141

 
76,652

 
72,936

Pipeline and Storage and Gathering
27,305

 
27,249

 
53,190

 
52,182

Property, Franchise and Other Taxes
22,743

 
22,535

 
45,887

 
46,540

Depreciation, Depletion and Amortization
77,912

 
65,664

 
152,830

 
129,918

Impairment of Oil and Gas Producing Properties
177,761

 

 
177,761

 

 
515,675

 
399,185

 
811,843

 
727,748

Operating Income (Loss)
(24,580
)
 
153,359

 
123,440

 
315,043

Other Income (Expense):
 
 
 
 
 

 
 

Other Income (Deductions)
(17,480
)
 
(5,919
)
 
(20,520
)
 
(15,521
)
Interest Expense on Long-Term Debt
(25,270
)
 
(25,273
)
 
(50,713
)
 
(50,713
)
Other Interest Expense
(1,892
)
 
(1,787
)
 
(3,443
)
 
(2,860
)
Income (Loss) Before Income Taxes
(69,222
)
 
120,380

 
48,764

 
245,949

Income Tax Expense
36,846

 
29,785

 
68,241

 
52,693

 
 
 
 
 
 
 
 
Net Income (Loss) Available for Common Stock
(106,068
)
 
90,595

 
(19,477
)
 
193,256

 
 
 
 
 
 
 
 
EARNINGS REINVESTED IN THE BUSINESS
 
 
 
 
 

 
 

Balance at Beginning of Period
1,320,592

 
1,172,334

 
1,272,601

 
1,098,900

 
1,214,524

 
1,262,929

 
1,253,124

 
1,292,156

 
 
 
 
 
 
 
 
Dividends on Common Stock
(37,654
)
 
(36,678
)
 
(75,304
)
 
(73,342
)
Cumulative Effect of Adoption of Authoritative Guidance for Hedging

 

 
(950
)
 

Cumulative Effect of Adoption of Authoritative Guidance for
Financial Assets and Liabilities

 

 

 
7,437

Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects

 
10,406

 

 
10,406

Balance at March 31
$
1,176,870

 
$
1,236,657

 
$
1,176,870

 
$
1,236,657

 
 
 
 
 
 
 
 
Earnings (Loss) Per Common Share:
 
 
 
 
 

 
 

Basic:
 
 
 
 
 

 
 

Net Income (Loss) Available for Common Stock
$
(1.23
)
 
$
1.05

 
$
(0.23
)
 
$
2.24

Diluted:
 
 
 
 
 

 
 

Net Income (Loss) Available for Common Stock
$
(1.23
)
 
$
1.04

 
$
(0.23
)
 
$
2.23

Weighted Average Common Shares Outstanding:
 
 
 
 
 

 
 

Used in Basic Calculation
86,561,066

 
86,290,047

 
86,469,258

 
86,159,932

Used in Diluted Calculation
86,561,066

 
86,767,673

 
86,469,258

 
86,738,809

Dividends Per Common Share:
 
 
 
 
 
 
 
Dividends Declared
$
0.435

 
$
0.425

 
$
0.870

 
$
0.850

See Notes to Condensed Consolidated Financial Statements

6



National Fuel Gas Company
Consolidated Statements of Comprehensive Income
(Unaudited)

                                                      
Three Months Ended
March 31,
 
Six Months Ended
March 31,
(Thousands of U.S. Dollars)                                  
2020
 
2019
 
2020
 
2019
Net Income (Loss) Available for Common Stock
$
(106,068
)
 
$
90,595

 
$
(19,477
)
 
$
193,256

Other Comprehensive Income (Loss), Before Tax:


 


 
 

 
 

Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period
76,304

 
(26,000
)
 
76,799

 
19,390

Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income
(25,034
)
 
4,739

 
(32,386
)
 
24,384

Cumulative Effect of Adoption of Authoritative Guidance for Hedging

 

 
1,313

 

Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities to Earnings Reinvested in the Business

 

 

 
(11,738
)
Other Comprehensive Income (Loss), Before Tax
51,270

 
(21,261
)
 
45,726

 
32,036

Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period
20,854

 
(7,399
)
 
20,974

 
5,593

Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income
(6,817
)
 
1,328

 
(8,849
)
 
6,874

Income Tax Benefit (Expense) on Cumulative Effect of Adoption of Authoritative Guidance for Hedging

 

 
363

 

Reclassification Adjustment for Income Tax Benefit (Expense) on the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities to Earnings Reinvested in the Business

 

 

 
(4,301
)
Reclassification Adjustment for Stranded Tax Effects Related to the 2017 Tax Reform Act to Earnings Reinvested in the Business

 
10,406

 

 
10,406

Income Taxes – Net
14,037

 
4,335

 
12,488

 
18,572

Other Comprehensive Income (Loss)
37,233

 
(25,596
)
 
33,238

 
13,464

Comprehensive Income (Loss)
$
(68,835
)
 
$
64,999

 
$
13,761

 
$
206,720

 


















See Notes to Condensed Consolidated Financial Statements

7



National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
 
 
March 31,
2020
 
September 30, 2019
(Thousands of U.S. Dollars)
 
 
 
ASSETS
 
 
 
Property, Plant and Equipment
$
11,559,528

 
$
11,204,838

Less - Accumulated Depreciation, Depletion and Amortization
6,003,658

 
5,695,328

 
5,555,870

 
5,509,510

Current Assets
 

 
 

Cash and Temporary Cash Investments
111,655

 
20,428

Hedging Collateral Deposits
10,728

 
6,832

Receivables – Net of Allowance for Uncollectible Accounts of $29,627 and $25,788, Respectively
172,011

 
139,956

Unbilled Revenue
44,715

 
18,758

Gas Stored Underground
8,860

 
36,632

Materials and Supplies - at average cost
48,113

 
40,717

Unrecovered Purchased Gas Costs

 
2,246

Other Current Assets
100,188

 
97,054

           
496,270

 
362,623

 
 
 
 
Other Assets
 

 
 

Recoverable Future Taxes
115,934

 
115,197

Unamortized Debt Expense
13,151

 
14,005

Other Regulatory Assets
161,800

 
167,320

Deferred Charges
56,855

 
33,843

Other Investments
137,044

 
144,917

Goodwill
5,476

 
5,476

Prepaid Post-Retirement Benefit Costs
71,381

 
60,517

Fair Value of Derivative Financial Instruments
94,797

 
48,669

Other
81

 
80