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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

For the quarterly period ended September 30, 2015

 

or

 

 

For the transition period from              to             

 

 

Commission file number: 001-10898

 

 

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

 

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Minnesota		41-0518860
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

485 Lexington Avenue

New York, NY 10017

(Address of principal executive offices) (Zip Code)

 

(917) 778-6000

(Registrant’s telephone number, including area code)

 

 

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 x   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 x   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:

 

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o   No x

 

The number of shares of the Registrant’s Common Stock, without par value, outstanding at October 16, 2015 was 304,218,796.

 

 

Table of Contents

 

The Travelers Companies, Inc.

 

Quarterly Report on Form 10-Q

 

For Quarterly Period Ended September 30, 2015

 

 

TABLE OF CONTENTS

 

		Page
Part I — Financial Information
Item 1.	Financial Statements:
	Consolidated Statement of Income (Unaudited) — Three Months and Nine Months Ended September 30, 2015 and 2014	3
	Consolidated Statement of Comprehensive Income (Unaudited) — Three Months and Nine Months Ended September 30, 2015 and 2014	4
	Consolidated Balance Sheet — September 30, 2015 (Unaudited) and December 31, 2014	5
	Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Nine Months Ended September 30, 2015 and 2014	6
	Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2015 and 2014	7
	Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	73
Part II — Other Information
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74
Item 5.	Other Information	74
Item 6.	Exhibits	75
	SIGNATURES	75
	EXHIBIT INDEX	76

 

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PART 1 — FINANCIAL INFORMATION

 

Item 1.  FINANCIAL STATEMENTS

 

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(in millions, except per share amounts)

 

		Three Months Ended September 30,						Nine Months Ended September 30,
		2015			2014			2015			2014
Revenues
Premiums		$	6,032		$	5,983		$	17,851		$	17,734
Net investment income		614			719			1,838			2,150
Fee income		112			110			334			329
Net realized investment gains (1)		15			40			35			57
Other revenues		21			34			68			109
Total revenues		6,794			6,886			20,126			20,379
Claims and expenses
Claims and claim adjustment expenses		3,382			3,520			10,360			10,661
Amortization of deferred acquisition costs		987			984			2,913			2,899
General and administrative expenses		1,024			1,031			3,044			2,913
Interest expense		94			93			278			277
Total claims and expenses		5,487			5,628			16,595			16,750
Income before income taxes		1,307			1,258			3,531			3,629
Income tax expense		379			339			958			975
Net income		$	928		$	919		$	2,573		$	2,654
Net income per share
Basic		$	3.00		$	2.72		$	8.13		$	7.68
Diluted		$	2.97		$	2.69		$	8.04		$	7.60
Weighted average number of common shares outstanding
Basic		307.6			335.1			314.3			342.9
Diluted		311.0			338.9			317.7			346.5
Cash dividends declared per common share		$	0.61		$	0.55		$	1.77		$	1.60

 

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(1)          Total other-than-temporary impairment (OTTI) losses were $(14) million and $(8) million for the three months ended September 30, 2015 and 2014, respectively, and $(26) million and $(16) million for the nine months ended September 30, 2015 and 2014, respectively.  Of total OTTI, credit losses of $(14) million and $(10) million for the three months ended September 30, 2015 and 2014, respectively, and $(23) million and $(20) million for the nine months ended September 30, 2015 and 2014, respectively, were recognized in net realized investment gains.  In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $2 million for the three months ended September 30, 2015 and 2014, respectively, and $(3) million and $4 million for the nine months ended September 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

(in millions)

 

		Three Months Ended September 30,						Nine Months Ended September 30,
		2015			2014			2015			2014
Net income		$	928		$	919		$	2,573		$	2,654
Other comprehensive income (loss):
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income		67			(154		)	(829		)	901
Having credit losses recognized in the consolidated statement of income		(3		)	1			(13		)	4
Net changes in benefit plan assets and obligations		24			15			71			45
Net changes in unrealized foreign currency translation		(227		)	(203		)	(407		)	(149		)
Other comprehensive income (loss) before income taxes		(139		)	(341		)	(1,178		)	801
Income tax expense (benefit)		(2		)	(79		)	(330		)	311
Other comprehensive income (loss), net of taxes		(137		)	(262		)	(848		)	490
Comprehensive income		$	791		$	657		$	1,725		$	3,144

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions)

 

		September 30, 2015			December 31, 2014
		(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $59,688 and $60,801)		$	61,671		$	63,474
Equity securities, available for sale, at fair value (cost $553 and $579)		719			899
Real estate investments		1,011			938
Short-term securities		5,128			4,364
Other investments		3,530			3,586
Total investments		72,059			73,261
Cash		344			374
Investment income accrued		613			685
Premiums receivable		6,559			6,298
Reinsurance recoverables		8,949			9,260
Ceded unearned premiums		789			678
Deferred acquisition costs		1,904			1,835
Deferred taxes		241			33
Contractholder receivables		4,390			4,362
Goodwill		3,579			3,611
Other intangible assets		280			304
Other assets		2,403			2,377
Total assets		$	102,110		$	103,078
Liabilities
Claims and claim adjustment expense reserves		$	48,596		$	49,850
Unearned premium reserves		12,284			11,839
Contractholder payables		4,390			4,362
Payables for reinsurance premiums		439			336
Debt		6,743			6,349
Other liabilities		5,625			5,506
Total liabilities		78,077			78,242
Shareholders’ equity
Common stock (1,750.0 shares authorized; 304.2 and 322.2 shares issued and outstanding)		22,099			21,843
Retained earnings		29,263			27,251
Accumulated other comprehensive income		32			880
Treasury stock, at cost (458.8 and 437.3 shares)		(27,361		)	(25,138		)
Total shareholders’ equity		24,033			24,836
Total liabilities and shareholders’ equity		$	102,110		$	103,078

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in millions)

 

For the nine months ended September 30,		2015			2014
Common stock
Balance, beginning of year		$	21,843		$	21,500
Employee share-based compensation		105			120
Compensation amortization under share-based plans and other changes		151			144
Balance, end of period		22,099			21,764
Retained earnings
Balance, beginning of year		27,251			24,291
Net income		2,573			2,654
Dividends		(561		)	(553		)
Other		—			2
Balance, end of period		29,263			26,394
Accumulated other comprehensive income, net of tax
Balance, beginning of year		880			810
Other comprehensive income (loss)		(848		)	490
Balance, end of period		32			1,300
Treasury stock, at cost
Balance, beginning of year		(25,138		)	(21,805		)
Treasury stock acquired — share repurchase authorization		(2,150		)	(2,275		)
Net shares acquired related to employee share-based compensation plans		(73		)	(57		)
Balance, end of period		(27,361		)	(24,137		)
Total shareholders’ equity		$	24,033		$	25,321
Common shares outstanding
Balance, beginning of year		322.2			353.5
Treasury stock acquired — share repurchase authorization		(20.8		)	(25.4		)
Net shares issued under employee share-based compensation plans		2.8			3.3
Balance, end of period		304.2			331.4

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(in millions)

 

For the nine months ended September 30,		2015			2014
Cash flows from operating activities
Net income		$	2,573		$	2,654
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains		(35		)	(57		)
Depreciation and amortization		620			653
Deferred federal income tax expense		105			93
Amortization of deferred acquisition costs		2,913			2,899
Equity in income from other investments		(214		)	(412		)
Premiums receivable		(300		)	(334		)
Reinsurance recoverables		247			403
Deferred acquisition costs		(2,998		)	(2,993		)
Claims and claim adjustment expense reserves		(874		)	(298		)
Unearned premium reserves		542			379
Other		95			181
Net cash provided by operating activities		2,674			3,168
Cash flows from investing activities
Proceeds from maturities of fixed maturities		8,805			7,975
Proceeds from sales of investments:
Fixed maturities		1,555			927
Equity securities		38			128
Real estate investments		15			5
Other investments		505			612
Purchases of investments:
Fixed maturities		(9,972		)	(8,237		)
Equity securities		(31		)	(47		)
Real estate investments		(116		)	(41		)
Other investments		(389		)	(406		)
Net purchases of short-term securities		(782		)	(1,163		)
Securities transactions in course of settlement		103			119
Acquisition, net of cash acquired		—			(12		)
Other		(222		)	(262		)
Net cash used in investing activities		(491		)	(402		)
Cash flows from financing activities
Issuance of debt		392			—
Treasury stock acquired — share repurchase authorization		(2,150		)	(2,275		)
Treasury stock acquired — net employee share-based compensation		(73		)	(56		)
Dividends paid to shareholders		(557		)	(549		)
Issuance of common stock — employee share options		142			154
Excess tax benefits from share-based payment arrangements		42			38
Net cash used in financing activities		(2,204		)	(2,688		)
Effect of exchange rate changes on cash		(9		)	(5		)
Net increase (decrease) in cash		(30		)	73
Cash at beginning of year		374			294
Cash at end of period		$	344		$	367
Supplemental disclosure of cash flow information
Income taxes paid		$	882		$	785
Interest paid		$	217		$	217

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

1.                        BASIS OF PRESENTATION AND ACCOUNTING POLICIES

 

Basis of Presentation

 

The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the Company’s 2014 Annual Report).

 

The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates.   Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation.

 

Adoption of Accounting Standards Updates

 

Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

 

In April 2014, the Financial Accounting Standards Board (FASB) issued revised guidance to reduce diversity in practice for reporting discontinued operations. Under the previous guidance, any component of an entity that was a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group was eligible for discontinued operations presentation. The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The updated guidance was effective for the quarter ending March 31, 2015.  The adoption of this guidance did not have any effect on the Company’s results of operations, financial position or liquidity.

 

Accounting Standards Not Yet Adopted

 

Amendments to the Consolidation Analysis

 

In February 2015, the FASB issued updated guidance that makes targeted amendments to the current consolidation accounting guidance. The update is in response to accounting complexity concerns, particularly from the asset management industry. The guidance simplifies consolidation accounting by reducing the number of approaches to consolidation, provides a scope exception to registered money market funds and similar unregistered money market funds and ends the indefinite deferral granted to investment companies from applying the variable interest entity guidance.

 

The updated guidance is effective for annual and interim periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity.

 

Simplifying the Presentation of Debt Issuance Costs

 

In April 2015, the FASB issued updated guidance to clarify the required presentation of debt issuance costs.  The amended guidance requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the recognized debt liability, consistent with the treatment of debt discounts.  Amortization of debt issuance costs is to be

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

 

1.                        BASIS OF PRESENTATION AND ACCOUNTING POLICIES, Continued

 

reported as interest expense.  The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance.  The updated guidance is effective for reporting periods beginning after December 15, 2015.  Early adoption is permitted.  The updated guidance is consistent with the Company’s accounting policy and its adoption will not have any effect on the Company’s results of operations, financial position or liquidity.

 

Simplifying the Accounting for Measurement-Period Adjustments

 

In September 2015, the FASB issued updated guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively.  The acquirer is also required to recognize, in the same period’s financial statements, th e effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date.  The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015.  In connection with business combinations which have already been completed, the adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity.

 

Additional Accounting Standards Not Yet Adopted

 

Revenue from Contracts with Customers

 

In July 2015, the FASB deferred the effective date of the updated guidance on revenue recognition by one year to the quarter ending March 31, 2018.  The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity.

 

For additional information regarding Revenue from Contracts with Customers and other accounting standards that the Company has not yet adopted, see the “Accounting Standards Not Yet Adopted ” section of note 1 of notes to the consolidated financial statements in the Company’s 2014 Annual Report.

 

Nature of Operations

 

The Company is organized into three reportable business segments: Business and International Insurance; Bond & Specialty Insurance; and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on type of customer, how the business is marketed and the manner in which risks are underwritten.  For more information regarding the Company’s nature of operations, see the “ Nature of Operations” section of note 1 of notes to the consolidated financial statements in the Company’s 2014 Annual Report.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

 

2.                                       SEGMENT INFORMATION

 

The following tables summarize the components of the Company’s revenues, operating income and total assets by reportable business segments:

 

(for the three months ended September 30, in millions)		Business and International Insurance			Bond & Specialty Insurance			Personal Insurance			Total Reportable Segments
2015
Premiums		$	3,653		$	539		$	1,840		$	6,032
Net investment income		471			56			87			614
Fee income		112			—			—			112
Other revenues		5			4			9			18
Total operating revenues (1)		$	4,241		$	599		$	1,936		$	6,776
Operating income (1)		$	546		$	196		$	241		$	983
2014
Premiums		$	3,660		$	527		$	1,796		$	5,983
Net investment income		557			64			98			719
Fee income		110			—			—			110
Other revenues		10			5			19			34
Total operating revenues (1)		$	4,337		$	596		$	1,913		$	6,846
Operating income (1)		$	552		$	165		$	239		$	956

 

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(1)                   Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses).

 

(for the nine months ended September 30, in millions)		Business and International Insurance			Bond & Specialty Insurance			Personal Insurance			Total Reportable Segments
2015
Premiums		$	10,882		$	1,567		$	5,402		$	17,851
Net investment income		1,412			169			257			1,838
Fee income		334			—			—			334
Other revenues		18			14			33			65
Total operating revenues (1)		$	12,646		$	1,750		$	5,692		$	20,088
Operating income (1)		$	1,604		$	471		$	667		$	2,742
2014
Premiums		$	10,849		$	1,554		$	5,331		$	17,734
Net investment income		1,666			192			292			2,150
Fee income		329			—			—			329
Other revenues		32			15			62			109
Total operating revenues (1)		$	12,876		$	1,761		$	5,685		$	20,322
Operating income (1)		$	1,717		$	511		$	582		$	2,810

 

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(1)                   Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses).

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

 

2.                        SEGMENT INFORMATION, Continued

 

Business Segment Reconciliations

 

		Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)		2015			2014			2015			2014
Revenue reconciliation
Earned premiums
Business and International Insurance:
Domestic:
Workers’ compensation		$	970		$	928		$	2,889		$	2,759
Commercial automobile		486			481			1,432			1,422
Commercial property		446			442			1,329			1,310
General liability		487			472			1,432			1,376
Commercial multi-peril		790			774			2,344			2,292
Other		10			10			30			31
Total Domestic		3,189			3,107			9,456			9,190
International		464			553			1,426			1,659
Total Business and International Insurance		3,653			3,660			10,882			10,849
Bond & Specialty Insurance:
Fidelity and surety		254			240			719			700
General liability		240			243			716			721
Other		45			44			132			133
Total Bond & Specialty Insurance		539			527			1,567			1,554
Personal Insurance:
Automobile		893			835			2,592			2,471
Homeowners and other		947			961			2,810			2,860
Total Personal Insurance		1,840			1,796			5,402			5,331
Total earned premiums		6,032			5,983			17,851			17,734
Net investment income		614			719			1,838			2,150
Fee income		112			110			334			329
Other revenues		18			34			65			109
Total operating revenues for reportable segments		6,776			6,846			20,088			20,322
Other revenues		3			—			3			—
Net realized investment gains		15			40			35			57
Total consolidated revenues		$	6,794		$	6,886		$	20,126		$	20,379
Income reconciliation, net of tax
Total operating income for reportable segments		$	983		$	956		$	2,742		$	2,810
Interest Expense and Other (1)		(65		)	(63		)	(191		)	(192		)
Total operating income		918			893			2,551			2,618
Net realized investment gains		10			26			22			36
Total consolidated net income		$	928		$	919		$	2,573		$	2,654

 

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(1) The primary component of Interest Expense and Other was after-tax interest expense of $61 million and $60 million in the three months ended September 30, 2015 and 2014, respectively, and $181 million and $180 million in the nine months ended September 30, 2015 and 2014, respectively.

 

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

 

2.                        SEGMENT INFORMATION, Continued

 

(in millions)		September 30, 2015			December 31, 2014
Asset reconciliation:
Business and International Insurance		$	80,905		$	82,309
Bond & Specialty Insurance		7,828			7,525
Personal Insurance		12,946			12,798
Total assets for reportable segments		101,679			102,632
Other assets (1)		431			446
Total consolidated assets		$	102,110		$	103,078

 

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(1)                   The primary components of other assets at September 30, 2015 and December 31, 2014 were other intangible assets and deferred taxes.

 

3.                        INVESTMENTS

 

Fixed Maturities

 

The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:

 

		Amortized			Gross Unrealized						Fair
(at September 30, 2015, in millions)		Cost			Gains			Losses			Value
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities		$	2,324		$	24		$	3		$	2,345
Obligations of states, municipalities and political subdivisions:
Pre-refunded		6,287			302			—			6,589
All other		24,075			1,009			46			25,038
Total obligations of states, municipalities and political subdivisions		30,362			1,311			46			31,627
Debt securities issued by foreign governments		1,939			50			—			1,989
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		1,874			142			3			2,013
All other corporate bonds		23,082			687			187			23,582
Redeemable preferred stock		107			8			—			115
Total		$	59,688		$	2,222		$	239		$	61,671

 

		Amortized			Gross Unrealized						Fair
(at December 31, 2014, in millions)		Cost			Gains			Losses			Value
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities		$	2,022		$	36		$	5		$	2,053
Obligations of states, municipalities and political subdivisions:
Pre-refunded		7,229			332			—			7,561
All other		24,666			1,356			10			26,012
Total obligations of states, municipalities and political subdivisions		31,895			1,688			10			33,573
Debt securities issued by foreign governments		2,320			48			—			2,368
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		2,052			165			4			2,213
All other corporate bonds		22,390			844			99			23,135
Redeemable preferred stock		122			10			—			132
Total		$	60,801		$	2,791		$	118		$	63,474

 

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