Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
National Oilwell Varco Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | National Oilwell Varco Inc. debt to equity ratio improved from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | National Oilwell Varco Inc. debt to capital ratio improved from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | National Oilwell Varco Inc. debt to assets ratio improved from Q4 2015 to Q1 2016 but then slightly deteriorated from Q1 2016 to Q2 2016. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | National Oilwell Varco Inc. financial leverage ratio decreased from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | National Oilwell Varco Inc. interest coverage ratio deteriorated from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
Debt to Equity
National Oilwell Varco Inc., debt to equity calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current portion of long-term debt and short-term borrowings | 12) | 7) | 2) | 2) | 151) | 151) | 152) | 151) | —) | —) | 1) | —) | —) | —) | 1) | 354) | 1,289) | 351) | 351) | 2) | 2) | 203) | |||||||
| Long-term debt, excluding current portion | 3,268) | 3,372) | 3,928) | 3,981) | 4,154) | 4,094) | 3,014) | 2,995) | 3,148) | 3,149) | 3,149) | 3,749) | 4,120) | 4,349) | 3,148) | 1,175) | 159) | 159) | 159) | 510) | 511) | 512) | |||||||
| Total debt | 3,280) | 3,379) | 3,930) | 3,983) | 4,305) | 4,245) | 3,166) | 3,146) | 3,148) | 3,149) | 3,150) | 3,749) | 4,120) | 4,349) | 3,149) | 1,529) | 1,448) | 510) | 510) | 512) | 513) | 715) | |||||||
| Total Company stockholders’ equity | 16,118) | 16,355) | 16,383) | 18,126) | 18,927) | 19,037) | 20,692) | 21,523) | 21,332) | 22,697) | 22,230) | 21,627) | 20,859) | 20,549) | 20,239) | 19,574) | 18,820) | 18,416) | 17,619) | 17,134) | 16,790) | 16,289) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 0.20 | 0.21 | 0.24 | 0.22 | 0.23 | 0.22 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | 0.17 | 0.20 | 0.21 | 0.16 | 0.08 | 0.08 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Schlumberger Ltd. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q2 2016 Calculation
Debt to equity = Total debt ÷ Total Company stockholders’ equity
= 3,280 ÷ 16,118 = 0.20
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | National Oilwell Varco Inc. debt to equity ratio improved from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
Debt to Capital
National Oilwell Varco Inc., debt to capital calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current portion of long-term debt and short-term borrowings | 12) | 7) | 2) | 2) | 151) | 151) | 152) | 151) | —) | —) | 1) | —) | —) | —) | 1) | 354) | 1,289) | 351) | 351) | 2) | 2) | 203) | |||||||
| Long-term debt, excluding current portion | 3,268) | 3,372) | 3,928) | 3,981) | 4,154) | 4,094) | 3,014) | 2,995) | 3,148) | 3,149) | 3,149) | 3,749) | 4,120) | 4,349) | 3,148) | 1,175) | 159) | 159) | 159) | 510) | 511) | 512) | |||||||
| Total debt | 3,280) | 3,379) | 3,930) | 3,983) | 4,305) | 4,245) | 3,166) | 3,146) | 3,148) | 3,149) | 3,150) | 3,749) | 4,120) | 4,349) | 3,149) | 1,529) | 1,448) | 510) | 510) | 512) | 513) | 715) | |||||||
| Total Company stockholders’ equity | 16,118) | 16,355) | 16,383) | 18,126) | 18,927) | 19,037) | 20,692) | 21,523) | 21,332) | 22,697) | 22,230) | 21,627) | 20,859) | 20,549) | 20,239) | 19,574) | 18,820) | 18,416) | 17,619) | 17,134) | 16,790) | 16,289) | |||||||
| Total capital | 19,398) | 19,734) | 20,313) | 22,109) | 23,232) | 23,282) | 23,858) | 24,669) | 24,480) | 25,846) | 25,380) | 25,376) | 24,979) | 24,898) | 23,388) | 21,103) | 20,268) | 18,926) | 18,129) | 17,646) | 17,303) | 17,004) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.17 | 0.17 | 0.19 | 0.18 | 0.19 | 0.18 | 0.13 | 0.13 | 0.13 | 0.12 | 0.12 | 0.15 | 0.16 | 0.17 | 0.13 | 0.07 | 0.07 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Schlumberger Ltd. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q2 2016 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,280 ÷ 19,398 = 0.17
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | National Oilwell Varco Inc. debt to capital ratio improved from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
Debt to Assets
National Oilwell Varco Inc., debt to assets calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current portion of long-term debt and short-term borrowings | 12) | 7) | 2) | 2) | 151) | 151) | 152) | 151) | —) | —) | 1) | —) | —) | —) | 1) | 354) | 1,289) | 351) | 351) | 2) | 2) | 203) | |||||||
| Long-term debt, excluding current portion | 3,268) | 3,372) | 3,928) | 3,981) | 4,154) | 4,094) | 3,014) | 2,995) | 3,148) | 3,149) | 3,149) | 3,749) | 4,120) | 4,349) | 3,148) | 1,175) | 159) | 159) | 159) | 510) | 511) | 512) | |||||||
| Total debt | 3,280) | 3,379) | 3,930) | 3,983) | 4,305) | 4,245) | 3,166) | 3,146) | 3,148) | 3,149) | 3,150) | 3,749) | 4,120) | 4,349) | 3,149) | 1,529) | 1,448) | 510) | 510) | 512) | 513) | 715) | |||||||
| Total assets | 23,784) | 24,754) | 26,725) | 29,628) | 31,225) | 32,424) | 33,562) | 34,270) | 33,827) | 35,480) | 34,812) | 34,673) | 33,593) | 33,556) | 31,484) | 28,662) | 27,833) | 26,287) | 25,515) | 24,544) | 23,756) | 23,156) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.14 | 0.14 | 0.15 | 0.13 | 0.14 | 0.13 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.11 | 0.12 | 0.13 | 0.10 | 0.05 | 0.05 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Schlumberger Ltd. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q2 2016 Calculation
Debt to assets = Total debt ÷ Total assets
= 3,280 ÷ 23,784 = 0.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | National Oilwell Varco Inc. debt to assets ratio improved from Q4 2015 to Q1 2016 but then slightly deteriorated from Q1 2016 to Q2 2016. |
Financial Leverage
National Oilwell Varco Inc., financial leverage calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 23,784) | 24,754) | 26,725) | 29,628) | 31,225) | 32,424) | 33,562) | 34,270) | 33,827) | 35,480) | 34,812) | 34,673) | 33,593) | 33,556) | 31,484) | 28,662) | 27,833) | 26,287) | 25,515) | 24,544) | 23,756) | 23,156) | |||||||
| Total Company stockholders’ equity | 16,118) | 16,355) | 16,383) | 18,126) | 18,927) | 19,037) | 20,692) | 21,523) | 21,332) | 22,697) | 22,230) | 21,627) | 20,859) | 20,549) | 20,239) | 19,574) | 18,820) | 18,416) | 17,619) | 17,134) | 16,790) | 16,289) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 1.48 | 1.51 | 1.63 | 1.63 | 1.65 | 1.70 | 1.62 | 1.59 | 1.59 | 1.56 | 1.57 | 1.60 | 1.61 | 1.63 | 1.56 | 1.46 | 1.48 | 1.43 | 1.45 | 1.43 | 1.41 | 1.42 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Schlumberger Ltd. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q2 2016 Calculation
Financial leverage = Total assets ÷ Total Company stockholders’ equity
= 23,784 ÷ 16,118 = 1.48
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | National Oilwell Varco Inc. financial leverage ratio decreased from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |
Interest Coverage
National Oilwell Varco Inc., interest coverage calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Company | (217) | (119) | (1,523) | 155) | 289) | 310) | 595) | 699) | 619) | 589) | 658) | 636) | 531) | 502) | 668) | 612) | 605) | 606) | 574) | 532) | 481) | 407) | |||||||
| Add: Net income attributable to noncontrolling interest | —) | 1) | 1) | 1) | (3) | 3) | 2) | 2) | 1) | —) | 3) | —) | —) | (2) | —) | (3) | (3) | (2) | (1) | (4) | (1) | (3) | |||||||
| Less: Income from discontinued operations | —) | —) | —) | —) | —) | —) | —) | —) | 11) | 41) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Add: Income tax expense | (121) | (118) | (152) | 36) | 105) | 189) | 233) | 283) | 284) | 239) | 272) | 283) | 239) | 224) | 203) | 265) | 285) | 269) | 270) | 252) | 226) | 189) | |||||||
| Add: Interest and financial costs | 30) | 25) | 27) | 24) | 26) | 26) | 26) | 26) | 27) | 26) | 27) | 26) | 30) | 28) | 21) | 11) | 9) | 8) | 9) | 8) | 9) | 14) | |||||||
| Earnings before interest and tax (EBIT) | (308) | (211) | (1,647) | 216) | 417) | 528) | 856) | 1,010) | 920) | 813) | 960) | 945) | 800) | 752) | 892) | 885) | 896) | 881) | 852) | 788) | 715) | 607) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | -18.40 | -12.01 | -4.72 | 19.77 | 27.03 | 31.56 | 34.28 | 34.93 | 34.32 | 32.28 | 31.14 | 32.28 | 36.99 | 49.64 | 72.53 | 94.97 | 100.50 | 95.18 | 74.05 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||
| Schlumberger Ltd. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q2 2016 Calculation
Interest coverage
= (EBITQ2 2016
+ EBITQ1 2016
+ EBITQ4 2015
+ EBITQ3 2015)
÷ (Interest expenseQ2 2016
+ Interest expenseQ1 2016
+ Interest expenseQ4 2015
+ Interest expenseQ3 2015)
= (-308 + -211 + -1,647 + 216)
÷ (30 + 25 + 27 + 24)
= -18.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | National Oilwell Varco Inc. interest coverage ratio deteriorated from Q4 2015 to Q1 2016 and from Q1 2016 to Q2 2016. |