THG 2018 Annual Report

To Our Shareholders III
The Partner Group X
Board of Directors X
Form 10-K 1
Table of Contents 2
Part I 3
Item 1. Business 3
Item 1A. Risk Factors 17
Item 1B. Unresolved Staff Comments 33
Item 2. Properties 33
Item 3. Legal Proceedings 33
Item 4. Mine Safety Disclosures 33
Part II 34
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34
Item 6. Selected Financial Data 36
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 74
Item 8. Financial Statements and Supplementary Data 75
Report of Independent Registered Public Accounting Firm 75
Consolidated Statements of Income 76
Consolidated Statements of Comprehensive Income 77
Consolidated Balance Sheets 78
Consolidated Statements of Shareholders' Equity 79
Consolidated Statements of Cash Flows 80
Notes to Consolidated Financial Statements 81
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 134
Item 9A. Controls and Procedures 134
Item 9B. Other Information 134
Part III 135
Item 10. Directors, Executive Officers and Corporate Governance 135
Item 11. Executive Compensation 137
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138
Item 13. Certain Relationships and Related Transactions, and Director Independence 138
Item 14. Principal Accounting Fees and Services 138
Part IV 139
Item 15. Exhibits, Financial Statement Schedules 139
Exhibits Index 140
Item 16. Form 10-K Summary 144
Signatures 145

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