JetBlue Airlines 2015 Annual Report Download

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SAFETY • CARING • INTEGRITY • PASSION • FUN

Table of contents

  • Page 1

  • Page 2
    ... from 2.5x at year-end 2014 to 1.1x at year-end 2015 âœ" Growth in return on invested capital, ROIC, of more than seven percentage points from 6.3% in 2014 to 13.7% in 2015 We expanded operating and pre-tax margins more than any other major US airline in 2015. Our stock price increased nearly 43...

  • Page 3
    ... same time. Customers will benefit from new seats, larger TV screens with more than 100 channels of DirecTV, free gate-to-gate Fly-Fi, and we will continue to offer the most legroom in core or coach. New cabin interiors will allow us to increase the seat count from 150 to 162 on our A320 aircraft...

  • Page 4
    ... maturities scheduled for the fall 2016, we will assess capital allocation thereafter and expect to provide more color on our plans toward the end of the year. • Targeted Growth: JetBlue remains a growth company focused on margin and return accretive expansion. Over the last few years our business...

  • Page 5
    ... Island City, New York 11101 11101 (Address, including zip code, of registrant's principal executive offices) (Zip Code) (718) 286-7900 (Registrant's telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: Title of each class Common Stock, $0.01 par value...

  • Page 6
    ...PART I. ITEM 1. 6 Business 6 Overview 6 2015 Operational Highlights 6 JetBlue Experience 7 Operations and Cost Structure 9 Culture 11 Regulation 13 Where You Can Find Other Information 14 ITEM 1A. Risk Factors 14 Risks Related to JetBlue 14 Risks Associated with the Airline Industry 18...

  • Page 7
    ... and Management and Related Stockholder Matters 65 Certain Relationships and Related Transactions, and Director Independence 65 Principal Accounting Fees and Services 65 PART IV. ITEM 15. 66 Exhibits and Financial Statement Schedules 66 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 03

  • Page 8
    This page intentionally left blank. 04 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report

  • Page 9
    ... forward-looking statements speak only as of the date of this Report. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 05

  • Page 10
    ... and fees. Airline returns are sensitive to slight changes in fuel prices, average fare levels and passenger demand. The principal industry competitive factors include fares, brand and customer service, route networks, ï¬,ight schedules, aircraft types, safety records, code-sharing and interline...

  • Page 11
    ... to select and change seat assignments after check in, purchase Even More™ Space seats or other ancillary services, and use their phone's camera feature to input credit card and passport information. • Fleet - In 2015, we converted six of the 10 Airbus A321 deliveries scheduled for 2016 to...

  • Page 12
    ... six focus cities: New York, Boston, Fort Lauderdale-Hollywood, Orlando, Long Beach and San Juan, Puerto Rico. During 2015, over 86% of our customers ï¬,ew on non-stop itineraries. Leisure traveler focused airlines are often faced with high seasonality. As a result, we continually work to manage our...

  • Page 13
    ... our total revenue passenger miles. We currently have co-branded loyalty credit cards available to eligible U.S. residents, as well as co-brand agreements in Puerto Rico and the Dominican Republic to allow cardholders to earn TrueBlue® points. Beginning in the first quarter of 2016, we anticipate...

  • Page 14
    ... be offered on ï¬,ights from Boston to LAX in fall 2016. Fleet Structure We currently operate Airbus A321, Airbus A320 and Embraer E190 aircraft types. In 2015, our ï¬,eet had an average age of 8.3 years and operated an average of 11.9 hours per day. By scheduling and operating our aircraft more...

  • Page 15
    ... captain leadership training program unique in the industry, a leadership program for current company managers, an emerging managers program, regular training focused on the safety value and front line training for our customer service teams. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 11

  • Page 16
    ... proudly supporting the men, women and families of the military, in September 2014 we opened a USO Center in T5 at JFK. The Center is open seven days a week, 365 days per year for military members and their families traveling on any airline at JFK, not just JetBlue. This center is fully stocked with...

  • Page 17
    ...$225 per international aircraft arriving in the U.S. State and Local - We are subject to state and local laws and regulations in a number of states in which we operate and the regulations of various local authorities operating the airports we serve. Airport Access - JFK, LaGuardia, Newark and Reagan...

  • Page 18
    ... Risk Factors We use our JetBlue Sustainability program on www.jetblue.com/green/ to educate our customers and Crewmembers about environmental issues and to inform the public about our environmental protection initiatives. Our most recent corporate sustainability report for 2015 is available on...

  • Page 19
    ... modification time. These fleet modifications may require significant investment over several years, including taking aircraft out of service for several weeks at a time. Our salaries, wages and benefits costs will increase as our workforce ages. As our employees' tenure with JetBlue matures...

  • Page 20
    ... reputation, and our results of operations and cash ï¬,ow. In addition, to the extent we continue to grow our business both domestically and internationally, opening new markets requires us to commit a substantial amount of resources even before the new services commence. Expansion is also dependent...

  • Page 21
    ... new markets we could be subject to additional seasonal variations along with any competitive responses to our entry by other airlines. Price changes in aircraft fuel as well as the timing and amount of maintenance and advertising expenditures also impact our operations. As a result of these factors...

  • Page 22
    ...by the public which would result in customer avoidance or in actions by the FAA resulting in an inability to operate our aircraft. Carriers operating a more diversified ï¬,eet are better positioned than we are to manage such events. Our Fly-Fiâ„¢ service uses technology and satellite access through...

  • Page 23
    ... as summarized below: Seating Capacity 150(1) 190 / 159(2) 100 Capital Leased 4 2 - 6 Operating Leased 24 - 30 54 Average Age in Years 10.3 1.1 7.2 8.3 Aircraft Airbus A320 Airbus A321 Embraer E190 Owned 102 23 30 155 Total 130 25 60 215 (1) During the fourth quarter 2015, we completed our...

  • Page 24
    ..., nine cabin trainers, a training pool, classrooms and support areas. In 2015, we opened the Lodge at OSC which is adjacent to JetBlue University and is used for lodging our Crewmembers when they attend training. Our primary corporate offices are located in Long Island City, New York with our lease...

  • Page 25
    ...; Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Stockholder Matters Our common stock is traded on the NASDAQ Global Select Market under the symbol JBLU. The table below shows the high and low sales prices for our common stock. High 2015 Quarter Ended...

  • Page 26
    ... Airways Corporation S&P 500 Stock Index JetBlue Airways Corporation S&P 500 Stock Index NYSE Arca Airline Index 12/31/2011 $ 100 100 100 12/31/2012 $ 110 113 136 12/31/2013 $ 164 147 215 12/31/2014 $ 305 164 321 12/31/2015 $ 436 163 268 22 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report

  • Page 27
    ...31 0.28 7.1% 3.2% 1.52x 614 (502) 96 Statements of Operations Data Operating revenues Operating expenses: Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance materials and repairs Other...

  • Page 28
    ...of JetBlue. Glossary of Airline terminology Airline terminology used in this section and elsewhere in this Report: • Aircraft utilization - The average number of block hours operated per day per aircraft for the total fleet of aircraft. • Available seat miles - The number of seats available for...

  • Page 29
    ... addition of 10 Airbus A321 aircraft to our operating fleet. We are expecting our cost per available seat mile, excluding fuel, profit sharing and related taxes, for 2016 to increase by between approximately 0.0% to 2.0% over the level in 2015. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 25

  • Page 30
    ...including Puerto Rico, accounted for 30% of our passenger revenues in 2015. Revenue is recognized either when transportation is provided or after the ticket or customer credit expires. We measure capacity in terms of available seat miles, which represents the number of seats available for passengers...

  • Page 31
    ... operational factors. We have hired additional pilots to address the requirements of the new rule. Maintenance, Materials and Repairs Maintenance, materials and repairs are generally expensed when incurred unless covered by a long-term flight hour services contract. The average age of our aircraft...

  • Page 32
    ...(thousands) Revenue passenger miles (millions) Available seat miles (ASMs) (millions) Load factor Passenger revenue accounted for over 92% of our total operating revenues in 2014 and was our primary source of revenue. Revenues generated from international routes, including Puerto Rico, accounted for...

  • Page 33
    ... of Financial Condition and Results of Operations Aircraft Fuel and Related Taxes In 2014, Aircraft fuel and related taxes remained our largest expense category, representing 36% of our total operating expenses in 2014 compared to 38% in 2013. Even though the average fuel price decreased 5% in 2014...

  • Page 34
    ...) Available seat miles ASM (millions) Load factor Aircraft utilization (hours per day) Average fare Yield per passenger mile (cents) Passenger revenue per ASM (cents) Operating revenue per ASM (cents) Operating expense per ASM (cents) Operating expense per ASM, excluding fuel and related taxes...

  • Page 35
    ... increase in capacity, a 0.8% increase in average fares and a 35.7% decrease in the price of fuel which all helped to improve operating cash flows. The $154 million increase in cash flows from operations in 2014 compared to 2013 was primarily a JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 31

  • Page 36
    ... stock price continued to increase in 2014. In the future we may issue, in one or more offerings, debt securities, pass-through certificates, common stock, preferred stock and/or other securities. Financing activities during 2013 consisted of scheduled maturities of $392 million of debt and capital...

  • Page 37
    ..., allow some flexibility in managing our cost of debt and capital requirements. In March 2014, we completed a private placement EETC offering of $226 million in pass-through certificates that was secured by 14 of our unencumbered Airbus A320 aircraft. This funding coincided with the final scheduled...

  • Page 38
    ... reviewed with our independent registered public accounting firm and with the Audit Committee of our Board of Directors. For a discussion of these and other accounting policies, see Note 1 to our consolidated financial statements. Passenger revenue Passenger ticket sales are initially deferred in...

  • Page 39
    ... and Analysis of Financial Condition and Results of Operations we expect to be redeemed. This liability was $24 million as of December 31, 2015 and 2014. The estimated cost includes incremental fuel, insurance, passenger food and supplies, in-flight entertainment and reservation costs. We adjust...

  • Page 40
    ... companies. Operating Expenses per Available Seat Mile, excluding fuel and profit sharing Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. Our CASM for 2015 through 2011 are summarized in the table below. We exclude aircraft fuel, profit sharing...

  • Page 41
    ...of Free Cash Flow (Non-GAAP) Year Ended December 31, 2015 2014 2013 $ 1,598 $ 912 $ 758 (837) (806) (615) (104) (127) (22) $ 657 $ (21) $ 121 (in millions) Net cash provided by operating activities Less: Capital expenditures(1) Less: Predelivery deposits for flight equipment Free Cash Flow $ 2012...

  • Page 42
    ...and cash equivalents and short term investment securities balances as of December 31, 2015 and 2014. Aircraft fuel Our results of operations are affected by changes in the price and availability of aircraft fuel. Market risk is estimated as a hypothetical 10% increase in the December 31, 2015 cost...

  • Page 43
    ... & Young LLP New York, New York February 17, 2016 Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of JetBlue Airways Corporation We have audited JetBlue Airways Corporation's internal control over financial reporting as of December 31, 2015, based on...

  • Page 44
    ... Data JetBlue Airways Corporation Consolidated Balance Sheets (in millions, except per share data) December 31, 2015 2014 ASSETS CURRENT ASSETS Cash and cash equivalents Investment securities Receivables, less allowance (2015-$6; 2014-$6) Inventories, less allowance (2015-$10; 2014-$8) Prepaid...

  • Page 45
    ... par value; 25 shares authorized, none issued Common stock, $0.01 par value; 900 shares authorized, 392 and 369 shares issued and 322 and 310 shares outstanding at 2015 and 2014, respectively Treasury stock, at cost; 70 and 59 shares at 2015 and 2014, respectively Additional paid-in capital Retained...

  • Page 46
    ... (1) - (149) 279 111 168 OPERATING REVENUES Passenger Other Total operating revenues OPERATING EXPENSES Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other...

  • Page 47
    ... and 2013, respectively) Total other comprehensive income (loss) COMPREHENSIVE INCOME $ Years Ended December 31, 2015 2014 677 $ 401 60 60 737 (63) (63) 338 $ 2013 168 8 8 176 $ $ $ See accompanying notes to consolidated financial statements. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report...

  • Page 48
    ...by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures Predelivery deposits for flight equipment Proceeds from sale of subsidiary Purchase of held-to-maturity investments Proceeds from the maturities of held-to-maturity investments Purchase of available-for-sale securities...

  • Page 49
    ... 31, 2014 369 $ 4 59 Net income - - - Changes in comprehensive income - - - Vesting of restricted stock units 2 - 1 Exercise of stock options 5 - - Stock compensation expense - - - Stock issued under Crewmember stock purchase plan 1 - - Shares repurchased under 2012 share repurchase plan - - 10...

  • Page 50
    ... in 2015, 2014 and 2013. Accordingly, segment information is not provided for LiveTV operations before the sale. Accounts and Other Receivables Accounts and other receivables are carried at cost. They primarily consist of amounts due from credit card companies associated with sales of tickets for...

  • Page 51
    ... II ITEM 8 Financial Statements and Supplementary Data The carrying values of investment securities consisted of the following at December 31, 2015 and 2014 (in millions): 2015 Available-for-sale securities Time deposits Commercial paper Treasury bills Total available-for-sale securities Held-to...

  • Page 52
    ... loyalty program, TrueBlue®, by recording a liability for the estimated incremental cost of outstanding points earned from JetBlue purchases that we expect to be redeemed. The estimated cost includes incremental fuel, insurance, passenger food and supplies, in-ï¬,ight entertainment and reservation...

  • Page 53
    ... program accounting. The new standard will no longer allow us to use the incremental cost method when recording the financial impact of TrueBlue® points earned on JetBlue purchases and will require us to re-value our liability with a relative fair value approach. In April 2015, the FASB issued...

  • Page 54
    ...a result, we issued 15.2 million shares of our common stock. In January 2016, Morgan Stanley terminated our share lending agreement and returned the outstanding 1.4 million shares to us. (7) As of December 31, 2015 and 2014, four capital leased Airbus A320 aircraft and two capital leased Airbus A321...

  • Page 55
    ..., issue preferred stock or pay dividends. As of December 31, 2015 and 2014, we did not have a balance outstanding under this line of credit. NOTE 3 Operating Leases credit. These letters of credit relate to a certain number of our leases and are included in restricted cash. As of December 31, 2015...

  • Page 56
    ... conditions. Our policy is to record these lease return conditions when they are probable and the costs can be estimated. In the fourth quarter of 2015, we bought out the operating leases on six Airbus A320 aircraft for approximately $110 million. Future minimum lease payments under noncancelable...

  • Page 57
    ... of JetBlue's common stock during the term of the ASR agreements. As discussed in Note 5, JetBlue repurchased 3 million shares pursuant to Rule 10b5-1 and 10b-18 under the Securities Exchange Act of 1934 as amended, during the fourth quarter of 2015. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report...

  • Page 58
    ... issued under the 2002 Plan expire ten years from the date of grant, with the last options vesting in 2012. Our policy is to grant options with an exercise price equal to the market price of the underlying common stock on the date of grant. 54 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report

  • Page 59
    ... the CSPP increasing the number of shares of Company common stock that remain available for issuance under the plan by 15 million. The CSPP has a series of six month offering periods, with a new offering period beginning on the first business day of May and November each year. Crewmembers can only...

  • Page 60
    ... months. As a result of NOLs and statute of limitations in our major tax jurisdictions, years 2003 through 2014 remain subject to examination by the relevant tax authorities. NOTE 9 Employee Retirement Plan Another component of the Plan is a Company discretionary contribution of 5% of eligible non...

  • Page 61
    ... 10 A321 aircraft scheduled to be delivered in 2016 to our Mint configuration. Other Commitments We utilize several credit card processors to process our ticket sales. Our agreements with these processors do not contain covenants, but do generally allow the processor to withhold cash reserves to...

  • Page 62
    ...ï¬,ow hedges for accounting purposes. Jet fuel swap agreements -% -% 10% 10% Jet fuel collar agreements Heating oil collar agreements -% -% -% -% First Quarter 2016 Second Quarter 2016 Third Quarter 2016 Fourth Quarter 2016 Total -% -% 10% 10% 58 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report

  • Page 63
    ... 31, 2015, 2014 and 2013, respectively. The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions). As of December 31, 2015 Fuel derivatives Asset fair value recorded in...

  • Page 64
    ... 1 Assets Cash equivalents Available-for-sale investment securities Aircraft fuel derivatives Liabilities Aircraft fuel derivatives Interest rate swap $ 153 - $ - $ 153 $ $ The carrying values of all other financial instruments approximated their fair values at December 31, 2015 and 2014. Refer to...

  • Page 65
    ... our management includes our three destinations in Puerto Rico and two destinations in the U.S. Virgin Islands in our Caribbean and Latin America allocation of revenues. Therefore, we have reï¬,ected these locations within the Caribbean and Latin America region in the table below. Operating revenues...

  • Page 66
    ...net book value of equipment installed for other airlines in our consolidated balance sheets as of December 31, 2015 or 2014. JetBlue expects to continue to be a significant customer of LiveTV. Concurrent with the LiveTV sale, the parties have entered into two agreements, each with seven year terms...

  • Page 67
    ...in the SEC's rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer, or CEO, and our Chief Financial Officer, or CFO, to allow timely decisions...

  • Page 68
    .... Mr. Hnat is a member of the bar of New York and Massachusetts. Marty St. George, age 52, is our Executive Vice President Commercial and Planning, a position he has held since February 2015 and is responsible for airline and network planning, marketing, sales and revenue. Prior to this appointment...

  • Page 69
    ... is incorporated herein by reference from our 2016 Proxy Statement. ITEM 14. Principal Accounting Fees and Services The information required by this Item will be included in and is incorporated herein by reference from our 2016 Proxy Statement. JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 65

  • Page 70
    ... For the years ended December 31, 2015, 2014 and 2013 Notes to Consolidated Financial Statements Financial Statement Schedules: Report of Independent Registered Public Accounting Firm on Financial Statement Schedule Schedule II - Valuation of Qualifying Accounts and Reserves Quarterly Financial Data...

  • Page 71
    ... the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. JETBLUE AIRWAYS CORPORATION (Registrant) /S/ ALEXANDER CHATKEWITZ Vice President, Controller, and Chief Accounting Officer (Principal Accounting...

  • Page 72
    ... to Exhibit 4.3 to our Annual Report on Form 10-K for the year ended December 31, 2002 (File No. 000-49728). Amendment to the Stockholder Rights Agreement, dated as of January 17, 2008, by and between JetBlue Airways Corporation and Computershare Trust Company, N.A.-incorporated by reference to...

  • Page 73
    ...for the JetBlue Airways Corporation Pass Through Trust 2004-1G-1-O-incorporated by reference to Exhibit 4.14 to our Current Report on Form 8-K dated March 24, 2004 (File No. 000-49728) (2). Schedule to the ISDA Master Agreement, dated as of March 24, 2004, between Morgan Stanley Capital Services Inc...

  • Page 74
    ...Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities, Inc., as Underwriters, Wilmington Trust Company, as Pass Through Trustee for and on behalf of JetBlue Airways Corporation Pass Through Trust 2004-2G-2-O, as Pass Through Trustee, and Wilmington Trust Company, as Paying Agent...

  • Page 75
    ...-Month LIBOR plus 0.230% JetBlue Airways (Spare Parts) G-1 Pass Through Certificate-incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 14, 2006 (File No. 000-49728). Stock Purchase Agreement, dated as of December 13, 2007, between JetBlue Airways Corporation...

  • Page 76
    ... Annual Report on Form 10-K, as amended, for the year ended December 31, 2007 (File No. 000-49728). Side Letter No. 24 to V2500 General Terms of Sale between IAE International Aero Engines and New Air Corporation, dated April 2, 2008- incorporated by reference to Exhibit 10.2 to our Quarterly Report...

  • Page 77
    ...Exhibit 10.3(ad) to our Annual Report on Form 10-K for the year ended December 31, 2014. Amendment No. 2 to the V2500 General Terms of Sale between IAE International Aero Engines and New Air Corporation, dated December 4, 2015. Amendment and Restated Agreement between JetBlue Airways Corporation and...

  • Page 78
    ... 2002 Stock Incentive Plan, dated November 7, 2007, and form of award agreement-incorporated by reference to Exhibit 10.21 to the Annual Report for Form 10-K for the year ended December 31, 2008 (File No. 000-49728). JetBlue Airways Corporation Executive Change in Control Severance Plan, dated...

  • Page 79
    ... the year ended December 31, 2011. Amended and Restated JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan-incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. Credit and Guarantee Agreement dated as of April 23, 2013 among...

  • Page 80
    ..., Financial Statement Schedules 10.41* 12.1 21.1 23 31.1 31.2 32 99.2 Employment Agreement, dated February 12, 2015, between JetBlue Airways Corporation and Robin Hayes-incorporated by reference to Exhibit 10.41 to our Annual Report on Form 10-K for the year ended December 31, 2014. Computation...

  • Page 81
    ... Statement Schedules Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of JetBlue Airways Corporation We have audited the consolidated financial statements of JetBlue Airways Corporation as of December 31, 2015 and 2014, and for each of the three years...

  • Page 82
    ..., Financial Statement Schedules JetBlue Airways Corporation Schedule II-Valuation and Qualifying Accounts (in millions) Balance at beginning of period Year Ended December 31, 2015 Allowance for doubtful accounts Allowance for obsolete inventory parts TOTAL Year Ended December 31, 2014 Allowance...

  • Page 83
    ...Compensation Plan and the JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan of our reports dated February 17, 2016, with respect to the consolidated financial statements of JetBlue Airways Corporation, the effectiveness of internal control over financial reporting of JetBlue Airways...

  • Page 84
    ... and any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ ROBIN HAYES Chief Executive Officer Date: February 17, 2016 80 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report

  • Page 85
    ... any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ MARK D. POWERS Chief Financial Officer Date: February 17, 2016 JETBLUE AIRWAYS CORPORATION - 2015 Annual Report 81

  • Page 86
    ... 15 Exhibits, Financial Statement Schedules EXHIBIT 32 Section 1350 Certifications In connection with the Annual Report of JetBlue Airways Corporation on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on February 17, 2016 (the "Report"), the...

  • Page 87
    SAFETY • CARING • INTEGRITY • PASSION • FUN