Guarantor Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2013 |
Guarantor Condensed Consolidated Financial Statements | ' |
23. Guarantor Condensed Consolidated Financial Statements |
Our obligations under the Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by each current and future U.S. restricted subsidiary, other than excluded subsidiaries that guarantee any indebtedness of Tronox Limited or our restricted subsidiaries. Our subsidiaries that do not guarantee the Notes are referred to as the “Non-Guarantor Subsidiaries.” The Guarantor Condensed Consolidated Financial Data presented below presents the statements of operations, statements of comprehensive income, balance sheets and statements of cash flow data for: (i) Tronox Limited (the “Parent Company”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis (which is derived from Tronox historical reported financial information); (ii) the Parent Company, alone (accounting for our Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on an equity basis under which the investments are recorded by each entity owning a portion of another entity at cost, adjusted for the applicable share of the subsidiary’s cumulative results of operations, capital contributions and distributions, and other equity changes); (iii) the Guarantor Subsidiaries alone; and (iv) the Non-Guarantor Subsidiaries alone. |
The guarantor condensed consolidated financial statements are presented on a legal entity basis, not on a business segment basis. |
|
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three months ended September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Sales | $ | | 491 | | | $ | | (61 | ) | | $ | | — | | | $ | | 326 | | | $ | | 226 | |
Cost of goods sold | | 437 | | | | (84 | ) | | | — | | | | 326 | | | | 195 | |
Gross Margin | | 54 | | | | 23 | | | | — | | | | — | | | | 31 | |
Selling, general and administrative expenses | | 45 | | | | (1 | ) | | | 2 | | | | 32 | | | | 12 | |
Income from Operations | | 9 | | | | 24 | | | | (2 | ) | | | (32 | ) | | | 19 | |
Interest and debt expense | | (32 | ) | | | — | | | | 137 | | | | (159 | ) | | | (10 | ) |
Other income (expense) | | (10 | ) | | | (44 | ) | | | — | | | | (3 | ) | | | 37 | |
Equity in earnings of subsidiary | | — | | | | 135 | | | | (135 | ) | | | — | | | | — | |
Income (Loss) before Income Taxes | | (33 | ) | | | 115 | | | | — | | | | (194 | ) | | | 46 | |
Income tax benefit (provision) | | (8 | ) | | | — | | | | (50 | ) | | | 52 | | | | (10 | ) |
Net Income (Loss) | | (41 | ) | | | 115 | | | | (50 | ) | | | (142 | ) | | | 36 | |
Income attributable to noncontrolling interest | | 8 | | | | — | | | | — | | | | 8 | | | | — | |
Net Income (Loss) attributable to Tronox Limited | $ | | (49 | ) | | $ | | 115 | | | $ | | (50 | ) | | $ | | (150 | ) | | $ | | 36 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Nine Months ended September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Sales | $ | | 1,486 | | | $ | | (256 | ) | | $ | | — | | | $ | | 994 | | | $ | | 748 | |
Cost of goods sold | | 1,350 | | | | (256 | ) | | | — | | | | 968 | | | | 638 | |
Gross Margin | | 136 | | | | — | | | | — | | | | 26 | | | | 110 | |
Selling, general and administrative expenses | | 137 | | | | (3 | ) | | | 11 | | | | 98 | | | | 31 | |
Income from Operations | | (1 | ) | | | 3 | | | | (11 | ) | | | (72 | ) | | | 79 | |
Interest and debt expense | | (94 | ) | | | — | | | | 410 | | | | (483 | ) | | | (21 | ) |
Other income (expense) | | 18 | | | | (44 | ) | | | 1 | | | | 5 | | | | 56 | |
Equity in earnings of subsidiary | | — | | | | 391 | | | | (391 | ) | | | — | | | | — | |
Income (Loss) before Income Taxes | | (77 | ) | | | 350 | | | | 9 | | | | (550 | ) | | | 114 | |
Income tax benefit (provision) | | (10 | ) | | | — | | | | (128 | ) | | | 143 | | | | (25 | ) |
Net Income (Loss) | | (87 | ) | | | 350 | | | | (119 | ) | | | (407 | ) | | | 89 | |
Income attributable to noncontrolling interest | | 32 | | | | — | | | | — | | | | 32 | | | | — | |
Net Income (Loss) attributable to Tronox Limited | $ | | (119 | ) | | $ | | 350 | | | $ | | (119 | ) | | $ | | (439 | ) | | $ | | 89 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Three months ended September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Income (Loss): | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | | (41 | ) | | $ | | 115 | | | $ | | (50 | ) | | $ | | (142 | ) | | $ | | 36 | |
Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | (5 | ) | | | — | | | | — | | | | — | | | | (5 | ) |
Amortization of actuarial losses, net of taxes | | 1 | | | | — | | | | — | | | | 2 | | | | (1 | ) |
Other comprehensive income (loss) | | (4 | ) | | | — | | | | — | | | | 2 | | | | (6 | ) |
Total comprehensive income (loss) | | (45 | ) | | | 115 | | | | (50 | ) | | | (140 | ) | | | 30 | |
Comprehensive income (loss) attributable to noncontrolling interest: | | | | | | | | | | | | | | | | | | | |
Net income | | 8 | | | | — | | | | — | | | | 8 | | | | — | |
Foreign currency translation adjustments | | (6 | ) | | | — | | | | — | | | | (6 | ) | | | — | |
Comprehensive income (loss) attributable to noncontrolling interest | | 2 | | | | — | | | | — | | | | 2 | | | | — | |
Comprehensive income (loss) attributable to Tronox Limited | $ | | (47 | ) | | $ | | 115 | | | $ | | (50 | ) | | $ | | (142 | ) | | $ | | 30 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months ended September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Income (Loss): | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | | (87 | ) | | $ | | 350 | | | $ | | (119 | ) | | $ | | (407 | ) | | $ | | 89 | |
Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | (206 | ) | | | — | | | | — | | | | — | | | | (206 | ) |
Amortization of actuarial losses, net of taxes | | 1 | | | | — | | | | — | | | | 2 | | | | (1 | ) |
Other comprehensive income (loss) | | (205 | ) | | | — | | | | — | | | | 2 | | | | (207 | ) |
Total comprehensive income (loss) | | (292 | ) | | | 350 | | | | (119 | ) | | | (405 | ) | | | (118 | ) |
Comprehensive income (loss) attributable to noncontrolling interest: | | | | | | | | | | | | | | | | | | | |
Net income | | 32 | | | | — | | | | — | | | | 32 | | | | — | |
Foreign currency translation adjustments | | (57 | ) | | | — | | | | — | | | | (57 | ) | | | — | |
Comprehensive income (loss) attributable to noncontrolling interest | | (25 | ) | | | — | | | | — | | | | (25 | ) | | | — | |
Comprehensive income (loss) attributable to Tronox Limited | $ | | (267 | ) | | $ | | 350 | | | $ | | (119 | ) | | $ | | (380 | ) | | $ | | (118 | ) |
GUARANTOR CONDENSED CONSOLIDATED BALANCE SHEETS |
As of September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | | 1,457 | | | $ | | — | | | $ | | 339 | | | $ | | 934 | | | $ | | 184 | |
Investment in subsidiaries | | — | | | | (998 | ) | | | (1,012 | ) | | | 1,553 | | | | 457 | |
Property, plant and equipment, net | | 1,276 | | | | — | | | | — | | | | 716 | | | | 560 | |
Mineral leaseholds, net | | 1,269 | | | | — | | | | — | | | | 730 | | | | 539 | |
Other assets | | 1,783 | | | | (9,275 | ) | | | 6,422 | | | | 2,397 | | | | 2,239 | |
Total Assets | $ | | 5,785 | | | $ | | (10,273 | ) | | $ | | 5,749 | | | $ | | 6,330 | | | $ | | 3,979 | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | |
Long-term debt | $ | | 2,386 | | | $ | | — | | | $ | | — | | | $ | | 901 | | | $ | | 1,485 | |
Other liabilities | | 878 | | | | (9,224 | ) | | | 1,426 | | | | 8,085 | | | | 591 | |
Total Liabilities | | 3,264 | | | | (9,224 | ) | | | 1,426 | | | | 8,986 | | | | 2,076 | |
Total Equity | | 2,521 | | | | (1,049 | ) | | | 4,323 | | | | (2,656 | ) | | | 1,903 | |
Total Liabilities and Equity | $ | | 5,785 | | | $ | | (10,273 | ) | | $ | | 5,749 | | | $ | | 6,330 | | | $ | | 3,979 | |
GUARANTOR CONDENSED CONSOLIDATED BALANCE SHEETS |
As of December 31, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | | 716 | | | $ | | — | | | $ | | 533 | | | $ | | 82 | | | $ | | 101 | |
Investment in subsidiaries | | — | | | | (1,595 | ) | | | (622 | ) | | | 1,760 | | | | 457 | |
Property, plant and equipment, net | | 1,423 | | | | — | | | | — | | | | 747 | | | | 676 | |
Mineral leaseholds, net | | 1,439 | | | | — | | | | — | | | | 796 | | | | 643 | |
Other assets | | 1,933 | | | | (8,300 | ) | | | 6,044 | | | | 2,582 | | | | 1,607 | |
Total Assets | $ | | 5,511 | | | $ | | (9,895 | ) | | $ | | 5,955 | | | $ | | 5,967 | | | $ | | 3,484 | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | |
Long-term debt | $ | | 1,605 | | | $ | | — | | | $ | | — | | | $ | | 902 | | | $ | | 703 | |
Other liabilities | | 1,024 | | | | (8,248 | ) | | | 1,442 | | | | 7,111 | | | | 719 | |
Total Liabilities | | 2,629 | | | | (8,248 | ) | | | 1,442 | | | | 8,013 | | | | 1,422 | |
Total Equity | | 2,882 | | | | (1,647 | ) | | | 4,513 | | | | (2,046 | ) | | | 2,062 | |
Total Liabilities and Equity | $ | | 5,511 | | | $ | | (9,895 | ) | | $ | | 5,955 | | | $ | | 5,967 | | | $ | | 3,484 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Nine Months ended September 30, 2013 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net income (loss) | $ | | (87 | ) | | $ | | 350 | | | $ | | (119 | ) | | $ | | (407 | ) | | $ | | 89 | |
Other | | 297 | | | | (350 | ) | | | 10 | | | | 1,302 | | | | (665 | ) |
Cash provided by (used in) operating activities | | 210 | | | | — | | | | (109 | ) | | | 895 | | | | (576 | ) |
Cash Flows from Investing Activities: | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | (104 | ) | | | — | | | | — | | | | (43 | ) | | | (61 | ) |
Cash used in investing activities | | (104 | ) | | | — | | | | — | | | | (43 | ) | | | (61 | ) |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Repayments of debt | | (185 | ) | | | — | | | | — | | | | — | | | | (185 | ) |
Proceeds from borrowings | | 945 | | | | — | | | | — | | | | — | | | | 945 | |
Debt issuance costs | | (29 | ) | | | — | | | | — | | | | — | | | | (29 | ) |
Dividends paid | | (86 | ) | | | — | | | | (86 | ) | | | — | | | | — | |
Proceeds from the conversion of warrants | | 1 | | | | — | | | | 1 | | | | — | | | | — | |
Cash provided by (used in) financing activities | | 646 | | | | — | | | | (85 | ) | | | — | | | | 731 | |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | | (11 | ) | | | — | | | | — | | | | — | | | | (11 | ) |
Net Increase (Decrease) in Cash and Cash Equivalents | | 741 | | | | — | | | | (194 | ) | | | 852 | | | | 83 | |
Cash and Cash Equivalents at Beginning of Period | | 716 | | | | — | | | | 533 | | | | 82 | | | | 101 | |
Cash and Cash Equivalents at End of Period | $ | | 1,457 | | | $ | | — | | | $ | | 339 | | | $ | | 934 | | | $ | | 184 | |
|
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three months ended September 30, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Sales | $ | | 487 | | | $ | | (46 | ) | | $ | | — | | | $ | | 321 | | | $ | | 212 | |
Cost of goods sold | | 444 | | | | (28 | ) | | | — | | | | 271 | | | | 201 | |
Gross Margin | | 43 | | | | (18 | ) | | | — | | | | 50 | | | | 11 | |
Selling, general and administrative expenses | | 60 | | | | (1 | ) | | | 1 | | | | 49 | | | | 11 | |
Income from Operations | | (17 | ) | | | (17 | ) | | | (1 | ) | | | 1 | | | | — | |
Interest and debt expense | | (18 | ) | | | — | | | | 137 | | | | (158 | ) | | | 3 | |
Other income (expense) | | — | | | | — | | | | — | | | | (5 | ) | | | 5 | |
Equity in earnings of subsidiary | | — | | | | 102 | | | | (102 | ) | | | — | | | | — | |
Income (Loss) before Income Taxes | | (35 | ) | | | 85 | | | | 34 | | | | (162 | ) | | | 8 | |
Income tax benefit (provision) | | 34 | | | | — | | | | (36 | ) | | | 60 | | | | 10 | |
Net Income (Loss) | | (1 | ) | | | 85 | | | | (2 | ) | | | (102 | ) | | | 18 | |
Income attributable to noncontrolling interest | | 2 | | | | — | | | | — | | | | 2 | | | | — | |
Net Income (Loss) attributable to Tronox Limited | $ | | (3 | ) | | $ | | 85 | | | $ | | (2 | ) | | $ | | (104 | ) | | $ | | 18 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Nine months ended September 30, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Sales | $ | | 1,350 | | | $ | | (96 | ) | | $ | | — | | | $ | | 1,048 | | | $ | | 398 | |
Cost of goods sold | | 1,025 | | | | (82 | ) | | | — | | | | 770 | | | | 337 | |
Gross Margin | | 325 | | | | (14 | ) | | | — | | | | 278 | | | | 61 | |
Selling, general and administrative expenses | | 207 | | | | (3 | ) | | | 39 | | | | 148 | | | | 23 | |
Income from Operations | | 118 | | | | (11 | ) | | | (39 | ) | | | 130 | | | | 38 | |
Interest and debt expense | | (40 | ) | | | — | | | | — | | | | (18 | ) | | | (22 | ) |
Other income (expense) | | (4 | ) | | | 37 | | | | 160 | | | | (171 | ) | | | (30 | ) |
Gain on bargain purchase | | 1,055 | | | | — | | | | 1,055 | | | | — | | | | — | |
Equity in earnings of subsidiary | | — | | | | 1,092 | | | | (1,094 | ) | | | 2 | | | | — | |
Income (Loss) before Income Taxes | | 1,129 | | | | 1,118 | | | | 82 | | | | (57 | ) | | | (14 | ) |
Income tax benefit (provision) | | 100 | | | | — | | | | (32 | ) | | | 119 | | | | 13 | |
Net Income (Loss) | | 1,229 | | | | 1,118 | | | | 50 | | | | 62 | | | | (1 | ) |
Income attributable to noncontrolling interest | | 2 | | | | — | | | | — | | | | 2 | | | | — | |
Net Income (Loss) attributable to Tronox Limited | $ | | 1,227 | | | $ | | 1,118 | | | $ | | 50 | | | $ | | 60 | | | $ | | (1 | ) |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Three months ended September 30, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Income (Loss): | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | | (1 | ) | | $ | | 85 | | | $ | | (2 | ) | | $ | | (102 | ) | | $ | | 18 | |
Other Comprehensive Income: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | 14 | | | | — | | | | — | | | | — | | | | 14 | |
Other comprehensive income | | 14 | | | | — | | | | — | | | | — | | | | 14 | |
Total comprehensive income | | 13 | | | | 85 | | | | (2 | ) | | | (102 | ) | | | 32 | |
Comprehensive income attributable to noncontrolling interest: | | | | | | | | | | | | | | | | | | | |
Income attributable to noncontrolling interest | | 2 | | | | — | | | | — | | | | 2 | | | | — | |
Foreign currency translation adjustments | | 3 | | | | — | | | | — | | | | 3 | | | | — | |
Comprehensive income attributable to noncontrolling interest | | 5 | | | | — | | | | — | | | | 5 | | | | — | |
Comprehensive income (loss) attributable to Tronox Limited | $ | | 8 | | | $ | | 85 | | | $ | | (2 | ) | | $ | | (107 | ) | | $ | | 32 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Nine months ended September 30, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Net Income (Loss): | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | $ | | 1,229 | | | $ | | 1,118 | | | $ | | 50 | | | $ | | 62 | | | $ | | (1 | ) |
Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | 47 | | | | 19 | | | | — | | | | (2 | ) | | | 30 | |
Retirement and postretirement plans adjustments, net of tax | | — | | | | — | | | | — | | | | (17 | ) | | | 17 | |
Deferred Tax | | — | | | | — | | | | — | | | | (3 | ) | | | 3 | |
Other comprehensive income (loss) | | 47 | | | | 19 | | | | — | | | | (22 | ) | | | 50 | |
Total comprehensive income | | 1,276 | | | | 1,137 | | | | 50 | | | | 40 | | | | 49 | |
Comprehensive income attributable to noncontrolling interest: | | | | | | | | | | | | | | | | | | | |
Income attributable to noncontrolling interest | | 2 | | | | — | | | | — | | | | 2 | | | | — | |
Foreign currency translation adjustments | | 13 | | | | — | | | | — | | | | 13 | | | | — | |
Comprehensive income attributable to noncontrolling interest | | 15 | | | | — | | | | — | | | | 15 | | | | — | |
Comprehensive income attributable to Tronox Limited | $ | | 1,261 | | | $ | | 1,137 | | | $ | | 50 | | | $ | | 25 | | | $ | | 49 | |
GUARANTOR CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Nine Months ended September 30, 2012 |
(Unaudited) |
(Millions of U.S. dollars) |
|
| Consolidated | | | Eliminations | | | Parent | | | Guarantor | | | Non-Guarantor | |
Company | Subsidiaries | Subsidiaries |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net income (loss) | $ | | 1,229 | | | $ | | 1,118 | | | $ | | 50 | | | $ | | 62 | | | $ | | (1 | ) |
Gain on bargain purchase | | (1,055 | ) | | | — | | | | (1,055 | ) | | | — | | | | — | |
Other | | (99 | ) | | | (1,118 | ) | | | 1,441 | | | | 154 | | | | (576 | ) |
Cash provided by (used in) operating activities | | 75 | | | | — | | | | 436 | | | | 216 | | | | (577 | ) |
Cash Flows from Investing Activities: | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | (91 | ) | | | — | | | | — | | | | (61 | ) | | | (30 | ) |
Cash received in acquisition of mineral sands business, net of cash paid | | 114 | | | | — | | | | 114 | | | | — | | | | — | |
Cash provided by (used in) investing activities | | 23 | | | | — | | | | 114 | | | | (61 | ) | | | (30 | ) |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Reductions of debt | | (583 | ) | | | — | | | | — | | | | (481 | ) | | | (102 | ) |
Proceeds from borrowings | | 1,690 | | | | — | | | | — | | | | 943 | | | | 747 | |
Debt issuance costs | | (20 | ) | | | — | | | | — | | | | — | | | | (20 | ) |
Paid dividends | | (32 | ) | | | — | | | | (32 | ) | | | — | | | | — | |
Merger consideration | | (193 | ) | | | — | | | | (193 | ) | | | — | | | | — | |
Class A ordinary share repurchases | | (326 | ) | | | — | | | | (326 | ) | | | — | | | | — | |
Proceeds from conversion of warrants | | 1 | | | | — | | | | 1 | | | | — | | | | — | |
Shares purchased for the Employee Participation Program | | (15 | ) | | | — | | | | — | | | | — | | | | (15 | ) |
Cash provided by (used in) financing activities | | 522 | | | | — | | | | (550 | ) | | | 462 | | | | 610 | |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | | — | | | | — | | | | — | | | | — | | | | — | |
Net Increase (Decrease) in Cash and Cash Equivalents | | 620 | | | | — | | | | — | | | | 617 | | | | 3 | |
Cash and Cash Equivalents at Beginning of Period | | 154 | | | | — | | | | — | | | | 107 | | | | 47 | |
Cash and Cash Equivalents at End of Period | $ | | 774 | | | $ | | — | | | $ | | — | | | $ | | 724 | | | $ | | 50 | |
|