Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2014 |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information | ' |
Note 14 Condensed Consolidating Financial Information |
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Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware. The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. |
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The following condensed consolidating financial information presents condensed consolidating balance sheets as of March 31, 2014 and December 31, 2013 and statements of income (loss), statements of other comprehensive income (loss) and statements of cash flows for the three months ended March 31, 2014 and 2013 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis. |
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Condensed Consolidating Balance Sheets |
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| | March 31, 2014 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
| | ASSETS | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 892 | | $ | 4 | | $ | 325,985 | | $ | — | | $ | 326,881 | | |
Short-term investments | | — | | — | | 97,886 | | — | | 97,886 | | |
Assets held for sale | | — | | — | | 231,880 | | — | | 231,880 | | |
Accounts receivable, net | | — | | — | | 1,454,368 | | — | | 1,454,368 | | |
Inventory | | — | | — | | 194,371 | | — | | 194,371 | | |
Deferred income taxes | | — | | — | | 133,667 | | — | | 133,667 | | |
Other current assets | | 50 | | 30,214 | | 221,951 | | — | | 252,215 | | |
Total current assets | | 942 | | 30,218 | | 2,660,108 | | — | | 2,691,268 | | |
Long-term investments | | — | | — | | 2,915 | | — | | 2,915 | | |
Property, plant and equipment, net | | — | | 32,944 | | 8,657,815 | | — | | 8,690,759 | | |
Goodwill | | — | | — | | 512,391 | | — | | 512,391 | | |
Intercompany receivables | | 153,352 | | — | | 1,787,393 | | (1,940,745 | ) | — | | |
Investment in consolidated affiliates | | 5,806,653 | | 6,088,501 | | 1,749,780 | | (13,644,934 | ) | — | | |
Investment in unconsolidated affiliates | | — | | — | | 63,069 | | — | | 63,069 | | |
Other long-term assets | | — | | 32,630 | | 194,041 | | — | | 226,671 | | |
Total assets | | $ | 5,960,947 | | $ | 6,184,293 | | $ | 15,627,512 | | $ | (15,585,679 | ) | $ | 12,187,073 | | |
| | LIABILITIES AND EQUITY | | |
Current liabilities: | | | | | | | | | | | | |
Current portion of debt | | $ | — | | $ | — | | $ | 5,296 | | $ | — | | $ | 5,296 | | |
Trade accounts payable | | 150 | | 2 | | 630,863 | | — | | 631,015 | | |
Accrued liabilities | | 328 | | 18,094 | | 566,326 | | — | | 584,748 | | |
Income taxes payable | | — | | — | | 17,083 | | — | | 17,083 | | |
Total current liabilities | | 478 | | 18,096 | | 1,219,568 | | — | | 1,238,142 | | |
Long-term debt | | — | | 3,804,956 | | 7,520 | | — | | 3,812,476 | | |
Other long-term liabilities | | — | | 30,142 | | 539,851 | | — | | 569,993 | | |
Deferred income taxes | | — | | (237,076 | ) | 763,081 | | — | | 526,005 | | |
Intercompany payable | | — | | 1,940,745 | | — | | (1,940,745 | ) | — | | |
Total liabilities | | 478 | | 5,556,863 | | 2,530,020 | | (1,940,745 | ) | 6,146,616 | | |
Subsidiary preferred stock | | — | | — | | 69,188 | | — | | 69,188 | | |
Shareholders’ equity | | 5,960,469 | | 627,430 | | 13,017,504 | | (13,644,934 | ) | 5,960,469 | | |
Noncontrolling interest | | — | | — | | 10,800 | | — | | 10,800 | | |
Total equity | | 5,960,469 | | 627,430 | | 13,028,304 | | (13,644,934 | ) | 5,971,269 | | |
Total liabilities and equity | | $ | 5,960,947 | | $ | 6,184,293 | | $ | 15,627,512 | | $ | (15,585,679 | ) | $ | 12,187,073 | | |
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Condensed Consolidating Balance Sheets |
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| | December 31, 2013 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
| | ASSETS | | |
Current assets: | | | | | | | | | | | | |
Cash | | $ | 730 | | $ | 7,029 | | $ | 382,156 | | $ | — | | $ | 389,915 | | |
Short-term investments | | — | | — | | 117,218 | | — | | 117,218 | | |
Assets held for sale | | — | | — | | 243,264 | | — | | 243,264 | | |
Accounts receivable, net | | 27 | | — | | 1,399,516 | | — | | 1,399,543 | | |
Inventory | | — | | — | | 209,793 | | — | | 209,793 | | |
Deferred income taxes | | — | | — | | 121,316 | | — | | 121,316 | | |
Other current assets | | 50 | | 26,378 | | 246,353 | | — | | 272,781 | | |
Total current assets | | 807 | | 33,407 | | 2,719,616 | | — | | 2,753,830 | | |
Long-term investments | | — | | — | | 3,236 | | — | | 3,236 | | |
Property, plant and equipment, net | | — | | 33,815 | | 8,563,998 | | — | | 8,597,813 | | |
Goodwill | | — | | — | | 512,964 | | — | | 512,964 | | |
Intercompany receivables | | 160,136 | | 3,891 | | 1,583,539 | | (1,747,566 | ) | — | | |
Investment in consolidated affiliates | | 5,808,607 | | 6,097,337 | | 1,789,851 | | (13,695,795 | ) | — | | |
Investment in unconsolidated affiliates | | — | | — | | 64,260 | | — | | 64,260 | | |
Other long-term assets | | — | | 34,487 | | 193,221 | | — | | 227,708 | | |
Total assets | | $ | 5,969,550 | | $ | 6,202,937 | | $ | 15,430,685 | | $ | (15,443,361 | ) | $ | 12,159,811 | | |
| | LIABILITIES AND EQUITY | | |
Current liabilities: | | | | | | | | | | | | |
Current debt | | $ | — | | $ | — | | $ | 10,185 | | $ | — | | $ | 10,185 | | |
Trade accounts payable | | 86 | | 25 | | 545,401 | | — | | 545,512 | | |
Accrued liabilities | | 378 | | 65,947 | | 630,768 | | — | | 697,093 | | |
Income taxes payable | | — | | — | | 58,634 | | — | | 58,634 | | |
Total current liabilities | | 464 | | 65,972 | | 1,244,988 | | — | | 1,311,424 | | |
Long-term debt | | — | | 3,904,059 | | 58 | | — | | 3,904,117 | | |
Other long-term liabilities | | — | | 31,071 | | 346,673 | | — | | 377,744 | | |
Deferred income taxes | | — | | (213,233 | ) | 729,394 | | — | | 516,161 | | |
Intercompany payable | | — | | 1,747,566 | | — | | (1,747,566 | ) | — | | |
Total liabilities | | 464 | | 5,535,435 | | 2,321,113 | | (1,747,566 | ) | 6,109,446 | | |
Subsidiary preferred stock | | — | | — | | 69,188 | | — | | 69,188 | | |
Shareholders’ equity | | 5,969,086 | | 667,502 | | 13,028,293 | | (13,695,795 | ) | 5,969,086 | | |
Noncontrolling interest | | — | | — | | 12,091 | | — | | 12,091 | | |
Total equity | | 5,969,086 | | 667,502 | | 13,040,384 | | (13,695,795 | ) | 5,981,177 | | |
Total liabilities and equity | | $ | 5,969,550 | | $ | 6,202,937 | | $ | 15,430,685 | | $ | (15,443,361 | ) | $ | 12,159,811 | | |
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Condensed Consolidating Statements of Income (Loss) |
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| | Three Months Ended March 31, 2014 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
Revenues and other income: | | | | | | | | | | | | |
Operating revenues | | $ | — | | $ | — | | $ | 1,589,618 | | $ | — | | $ | 1,589,618 | | |
Earnings from unconsolidated affiliates | | — | | — | | (2,445 | ) | — | | (2,445 | ) | |
Earnings (losses) from consolidated affiliates | | 52,583 | | (8,760 | ) | (40,089 | ) | (3,734 | ) | — | | |
Investment income (loss) | | — | | — | | 2,116 | | (1,136 | ) | 980 | | |
Total revenues and other income | | 52,583 | | (8,760 | ) | 1,549,200 | | (4,870 | ) | 1,588,153 | | |
Costs and other deductions: | | | | | | | | | | | | |
Direct costs | | — | | — | | 1,061,739 | | — | | 1,061,739 | | |
General and administrative expenses | | 2,453 | | (319 | ) | 132,281 | | (149 | ) | 134,266 | | |
Depreciation and amortization | | — | | 902 | | 281,225 | | — | | 282,127 | | |
Interest expense | | — | | 49,369 | | (4,559 | ) | — | | 44,810 | | |
Intercompany interest expense | | 62 | | — | | (62 | ) | — | | — | | |
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net | | 149 | | (223 | ) | 1,401 | | 149 | | 1,476 | | |
Total costs and other deductions | | 2,664 | | 49,729 | | 1,472,025 | | — | | 1,524,418 | | |
Income from continuing operations before income tax | | 49,919 | | (58,489 | ) | 77,175 | | (4,870 | ) | 63,735 | | |
Income tax expense (benefit) | | — | | (18,400 | ) | 32,408 | | — | | 14,008 | | |
Subsidiary preferred stock dividend | | — | | — | | 750 | | — | | 750 | | |
Income (loss) from continuting operations, net of tax | | 49,919 | | (40,089 | ) | 44,017 | | (4,870 | ) | 48,977 | | |
Income (loss) from discontinued operations, net of tax | | — | | — | | 1,515 | | — | | 1,515 | | |
Net income (loss) | | 49,919 | | (40,089 | ) | 45,532 | | (4,870 | ) | 50,492 | | |
Less: Net (income) loss attributable to noncontrolling interest | | — | | — | | (573 | ) | — | | (573 | ) | |
Net income (loss) attributable to Nabors | | $ | 49,919 | | $ | (40,089 | ) | $ | 44,959 | | $ | (4,870 | ) | $ | 49,919 | | |
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Condensed Consolidating Statements of Income (Loss) |
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| | Three Months Ended March 31, 2013 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
Revenues and other income: | | | | | | | | | | | | |
Operating revenues | | $ | — | | $ | — | | $ | 1,535,478 | | $ | — | | $ | 1,535,478 | | |
Earnings from unconsolidated affiliates | | — | | — | | 2,895 | | — | | 2,895 | | |
Earnings (losses) from consolidated affiliates | | 107,873 | | 42,320 | | 2,023 | | (152,216 | ) | — | | |
Investment income (loss) | | — | | 16 | | 79,405 | | — | | 79,421 | | |
Intercompany interest income | | — | | 29 | | — | | (29 | ) | — | | |
Total revenues and other income | | 107,873 | | 42,365 | | 1,619,801 | | (152,245 | ) | 1,617,794 | | |
Costs and other deductions: | | | | | | | | | | | | |
Direct costs | | — | | — | | 994,992 | | — | | 994,992 | | |
General and administrative expenses | | 1,834 | | 37 | | 129,151 | | (144 | ) | 130,878 | | |
Depreciation and amortization | | — | | 902 | | 268,463 | | — | | 269,365 | | |
Interest expense | | — | | 63,049 | | (3,038 | ) | — | | 60,011 | | |
Intercompany interest expense | | — | | — | | 29 | | (29 | ) | — | | |
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net | | 6,918 | | 21 | | 52,654 | | 144 | | 59,737 | | |
Total costs and other deductions | | 8,752 | | 64,009 | | 1,442,251 | | (29 | ) | 1,514,983 | | |
Income from continuing operations before income tax | | 99,121 | | (21,644 | ) | 177,550 | | (152,216 | ) | 102,811 | | |
Income tax expense (benefit) | | — | | (23,667 | ) | 33,521 | | — | | 9,854 | | |
Subsidiary preferred stock dividend | | — | | — | | 750 | | — | | 750 | | |
Income (loss) from continuting operations, net of tax | | 99,121 | | 2,023 | | 143,279 | | (152,216 | ) | 92,207 | | |
Income (loss) from discontinued operations, net of tax | | — | | — | | 7,011 | | — | | 7,011 | | |
Net income (loss) | | 99,121 | | 2,023 | | 150,290 | | (152,216 | ) | 99,218 | | |
Less: Net (income) loss attributable to noncontrolling interest | | — | | — | | (97 | ) | — | | (97 | ) | |
Net income (loss) attributable to Nabors | | $ | 99,121 | | $ | 2,023 | | $ | 150,193 | | $ | (152,216 | ) | $ | 99,121 | | |
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Condensed Consolidating Statements of Other Comprehensive Income (Loss) |
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| | Three Months Ended March 31, 2014 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
Net income (loss) attributable to Nabors | | $ | 49,919 | | $ | (40,089 | ) | $ | 44,959 | | $ | (4,870 | ) | $ | 49,919 | | |
Other comprehensive income (loss) before taxes: | | | | | | | | | | | | |
Translation adjustment attributable to Nabors | | (36,594 | ) | (216 | ) | (36,813 | ) | 37,029 | | (36,594 | ) | |
Unrealized gains/(losses) on marketable securities | | (19,208 | ) | — | | (19,208 | ) | 19,208 | | (19,208 | ) | |
Pension liability amortization and adjustment | | 123 | | 123 | | 246 | | (369 | ) | 123 | | |
Unrealized gains/(losses) and amortization of cash flow hedges | | 153 | | 153 | | 153 | | (306 | ) | 153 | | |
Other comprehensive income (loss) before tax | | (55,526 | ) | 60 | | (55,622 | ) | 55,562 | | (55,526 | ) | |
Income tax expense (benefit) related to items of other comprehensive income (loss) | | 148 | | 148 | | 236 | | (384 | ) | 148 | | |
Other comprehensive income (loss), net of tax | | (55,674 | ) | (88 | ) | (55,858 | ) | 55,946 | | (55,674 | ) | |
Comprehensive income (loss) attributable to Nabors | | (5,755 | ) | (40,177 | ) | (10,899 | ) | 51,076 | | (5,755 | ) | |
Net income (loss) attributable to noncontrolling interest | | — | | — | | 573 | | — | | 573 | | |
Translation adjustment to noncontrolling interest | | — | | — | | (481 | ) | — | | (481 | ) | |
Comprehensive income (loss) attributable to noncontrolling interest | | — | | — | | 92 | | — | | 92 | | |
Comprehensive income (loss) | | $ | (5,755 | ) | $ | (40,177 | ) | $ | (10,807 | ) | $ | 51,076 | | $ | (5,663 | ) | |
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Condensed Consolidating Statements of Other Comprehensive Income (Loss) |
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| | Three Months Ended March 31, 2013 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
Net income (loss) attributable to Nabors | | $ | 99,121 | | $ | 2,023 | | $ | 150,193 | | $ | (152,216 | ) | $ | 99,121 | | |
Other comprehensive income (loss) before taxes: | | | | | | | | | | | | |
Translation adjustment attributable to Nabors | | (23,265 | ) | (52 | ) | (23,317 | ) | 23,369 | | (23,265 | ) | |
Unrealized gains/(losses) on marketable securities: | | | | | | | | | | | | |
Unrealized gains/(losses) on marketable securities | | 10,139 | | 185 | | 10,324 | | (10,509 | ) | 10,139 | | |
Less: reclassification adjustment for (gains)/losses on marketable securities | | (75,974 | ) | (1,186 | ) | (77,160 | ) | 78,346 | | (75,974 | ) | |
Unrealized gains/(losses) on marketable securities | | (65,835 | ) | (1,001 | ) | (66,836 | ) | 67,837 | | (65,835 | ) | |
Pension liability amortization and adjustment | | 281 | | 281 | | 562 | | (843 | ) | 281 | | |
Unrealized gains/(losses) and amortization of cash flow hedges | | 153 | | 153 | | 153 | | (306 | ) | 153 | | |
Other comprehensive income (loss) before tax | | (88,666 | ) | (619 | ) | (89,438 | ) | 90,057 | | (88,666 | ) | |
Income tax expense (benefit) related to items of other comprehensive income (loss) | | (214 | ) | (214 | ) | (487 | ) | 701 | | (214 | ) | |
Other comprehensive income (loss), net of tax | | (88,452 | ) | (405 | ) | (88,951 | ) | 89,356 | | (88,452 | ) | |
Comprehensive income (loss) attributable to Nabors | | 10,669 | | 1,618 | | 61,242 | | (62,860 | ) | 10,669 | | |
Net income (loss) attributable to noncontrolling interest | | — | | — | | 97 | | — | | 97 | | |
Translation adjustment to noncontrolling interest | | — | | — | | (1,414 | ) | — | | (1,414 | ) | |
Comprehensive income (loss) attributable to noncontrolling interest | | — | | — | | (1,317 | ) | — | | (1,317 | ) | |
Comprehensive income (loss) | | $ | 10,669 | | $ | 1,618 | | $ | 59,925 | | $ | (62,860 | ) | $ | 9,352 | | |
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Condensed Consolidating Statements of Cash Flows |
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| | Three Months Ended March 31, 2014 | |
| | | | | | Other | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | |
| | (In thousands) | |
Net cash provided by (used for) operating activities | | $ | | (1,579 | ) | $ | (83,877 | ) | $ | 514,731 | | $ | 15,288 | | $ | 444,563 | |
Cash flows from investing activities: | | | | | | | | | | | |
Purchase of investments | | — | | — | | (286 | ) | — | | (286 | ) |
Sales and maturities of investments | | — | | — | | 733 | | — | | 733 | |
Cash paid for acquisition of businesses, net | | — | | — | | (10,200 | ) | — | | (10,200 | ) |
Investment in unconsolidated affiliates | | — | | — | | (1,255 | ) | — | | (1,255 | ) |
Capital expenditures | | — | | — | | (396,465 | ) | — | | (396,465 | ) |
Proceeds from sales of assets and insurance claims | | — | | — | | 21,605 | | — | | 21,605 | |
Changes in intercompany balances | | — | | 176,446 | | (176,446 | ) | — | | — | |
Net cash provided by (used for) investing activities | | — | | 176,446 | | (562,314 | ) | — | | (385,868 | ) |
Cash flows from financing activities: | | | | | | | | | | | |
Increase (decrease) in cash overdrafts | | — | | — | | (1,822 | ) | — | | (1,822 | ) |
Proceeds from (payments for) issuance of common shares | | 4,931 | | — | | — | | — | | 4,931 | |
Dividends to shareholders | | (13,029 | ) | — | | — | | 1,136 | | (11,893 | ) |
Proceeds from (payments for) commercial paper, net | | — | | (39,594 | ) | — | | — | | (39,594 | ) |
Proceeds from revolving credit facilities | | — | | — | | 15,000 | | — | | 15,000 | |
Reduction in revolving credit facilities | | — | | (60,000 | ) | (7,500 | ) | — | | (67,500 | ) |
Proceeds from (payments for) issuance of parent common shares to affiliates | | 16,424 | | — | | — | | (16,424 | ) | — | |
Other | | (6,585 | ) | — | | (5,000 | ) | — | | (11,585 | ) |
Net cash (used for) provided by financing activities | | 1,741 | | (99,594 | ) | 678 | | (15,288 | ) | (112,463 | ) |
Effect of exchange rate changes on cash and cash equivalents | | — | | — | | (9,266 | ) | — | | (9,266 | ) |
Net increase (decrease) in cash and cash equivalents | | 162 | | (7,025 | ) | (56,171 | ) | — | | (63,034 | ) |
Cash and cash equivalents, beginning of period | | 730 | | 7,029 | | 382,156 | | — | | 389,915 | |
Cash and cash equivalents, end of period | | $ | | 892 | | $ | 4 | | $ | 325,985 | | $ | — | | $ | 326,881 | |
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Condensed Consolidating Statements of Cash Flows |
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| | Three Months Ended March 31, 2013 | | |
| | | | | | Other | | | | | | |
| | Nabors | | Nabors | | Subsidiaries | | | | | | |
| | (Parent/ | | Delaware | | (Non- | | Consolidating | | | | |
| | Guarantor) | | (Issuer) | | Guarantors) | | Adjustments | | Total | | |
| | (In thousands) | | |
Net cash provided by (used for) operating activities | | $ | 1,144 | | $ | (138,791 | ) | $ | 304,142 | | $ | 12,800 | | $ | 179,295 | | |
Cash flows from investing activities: | | | | | | | | | | | | |
Sales and maturities of investments | | — | | — | | 142,336 | | — | | 142,336 | | |
Cash paid for acquisition of businesses, net | | — | | — | | (37,516 | ) | — | | (37,516 | ) | |
Investment in unconsolidated affilaites | | — | | — | | (12 | ) | — | | (12 | ) | |
Capital expenditures | | — | | — | | (235,539 | ) | — | | (235,539 | ) | |
Proceeds from sales of assets and insurance claims | | — | | — | | 6,605 | | — | | 6,605 | | |
Cash paid for investments in consolidated affiliates | | — | | (100,000 | ) | (200,000 | ) | 300,000 | | — | | |
Changes in intercompany balances | | — | | 54,192 | | (54,192 | ) | — | | — | | |
Net cash provided by (used for) investing activities | | — | | (45,808 | ) | (378,318 | ) | 300,000 | | (124,126 | ) | |
Cash flows from financing activities: | | | | | | | | | | | | |
Increase (decrease) in cash overdrafts | | — | | — | | (1,975 | ) | — | | (1,975 | ) | |
Proceeds from (payments for) issuance of common shares | | 1,027 | | — | | — | | — | | 1,027 | | |
Dividends to shareholders | | (12,891 | ) | — | | — | | — | | (12,891 | ) | |
Proceeds from (payments for) issuance of parent common shares to affiliates | | 12,800 | | — | | — | | (12,800 | ) | — | | |
Proceeds from parent contributions | | — | | 100,000 | | 200,000 | | (300,000 | ) | — | | |
Other | | (2,773 | ) | (89 | ) | 4,257 | | — | | 1,395 | | |
Net cash (used for) provided by financing activities | | (1,837 | ) | 99,911 | | 202,282 | | (312,800 | ) | (12,444 | ) | |
Effect of exchange rate changes on cash and cash equivalents | | — | | — | | (2,759 | ) | — | | (2,759 | ) | |
Net increase (decrease) in cash and cash equivalents | | (693 | ) | (84,688 | ) | 125,347 | | — | | 39,966 | | |
Cash and cash equivalents, beginning of period | | 1,639 | | 106,778 | | 416,505 | | — | | 524,922 | | |
Cash and cash equivalents, end of period | | $ | 946 | | $ | 22,090 | | $ | 541,852 | | $ | — | | $ | 564,888 | | |