Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Financial Information

NOTE 13 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

As of September 30, 2019, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, MGM Grand Detroit, MGM National Harbor, MGM Springfield, and each of their respective subsidiaries. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018 are presented below. Within the Condensed Consolidating Statements of Cash Flows, the Company has presented net changes in intercompany accounts as investing activities if the applicable entities have a net asset in intercompany accounts and as a financing activity if the applicable entities have a net intercompany liability balance.

Certain of the Company’s subsidiaries collectively own Operating Partnership units and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. Prior to the adoption of ASC 842 on January 1, 2019, for these subsidiaries, such investment constituted continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease did not qualify for sale-leaseback accounting. The real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the master lease and recognized the related interest expense component of such payments. These real estate assets were also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore included the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases.  As such, the real estate assets, finance liabilities, and related interest expense component of rent payments are no longer reflected in the results of the applicable MGM subsidiaries.  Instead, the real estate assets are now only reflected on the balance sheet of the MGP subsidiary that received such assets and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets with the related rental payment reflected within “general and administrative” expense within the condensed consolidating financial information.

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At September 30, 2019
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	774,542	$	1,123,697	$	166,402	$	827,858	$	(11,753	)	$	2,880,746
Property and equipment, net		—		5,197,751		10,894,121		4,524,078		(11,972	)		20,603,978
Investments in subsidiaries		23,371,673		3,776,537		—		—		(27,148,210	)		—
Investments in the MGP Operating Partnership		—		3,657,793		—		771,393		(4,429,186	)		—
Investments in and advances to unconsolidated affiliates		—		712,292		—		21,700		25,000			758,992
Intercompany accounts		—		8,270,168		—		—		(8,270,168	)		—
Other non-current assets		69,752		10,300,179		869,040		7,088,325		(11,402,141	)		6,925,155
	$	24,215,967	$	33,038,417	$	11,929,563	$	13,233,354	$	(51,248,430	)	$	31,168,871
Current liabilities	$	879,192	$	1,614,524	$	181,890	$	907,330	$	(289,692	)	$	3,293,244
Intercompany accounts		8,189,657		—		298		80,213		(8,270,168	)		—
Deferred income taxes, net		1,161,765		125,149		29,721		249,512		(29,721	)		1,536,426
Long-term debt, net		7,841,161		569		4,847,408		2,254,736		—			14,943,874
Other non-current liabilities		83,640		9,314,211		485,942		2,320,021		(11,435,081	)		768,733
Total liabilities		18,155,415		11,054,453		5,545,259		5,811,812		(20,024,662	)		20,542,277
Redeemable noncontrolling interests		—		—		—		105,976		—			105,976
MGM Resorts International stockholders' equity		6,060,552		21,982,631		4,309,794		4,931,343		(31,223,768	)		6,060,552
Noncontrolling interests		—		1,333		2,074,510		2,384,223		—			4,460,066
Total stockholders' equity		6,060,552		21,983,964		6,384,304		7,315,566		(31,223,768	)		10,520,618
	$	24,215,967	$	33,038,417	$	11,929,563	$	13,233,354	$	(51,248,430	)	$	31,168,871

	At December 31, 2018
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,244,864	$	12,054	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,585,370		10,506,129		6,392,014		(9,753,625	)		20,729,888
Investments in subsidiaries		22,419,282		3,401,031		—		—		(25,820,313	)		—
Investments in the MGP Operating Partnership		—		3,434,602		—		831,494		(4,266,096	)		—
Investments in and advances to unconsolidated affiliates		—		678,748		—		29,119		25,000			732,867
Intercompany accounts		—		7,135,183		—		—		(7,135,183	)		—
Other non-current assets		67,214		1,186,666		77,436		4,932,872		(43,015	)		6,221,173
Assets held for sale		—		—		355,688		—		(355,688	)		—
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706
Current liabilities	$	154,484	$	1,646,481	$	160,441	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		227		202,631		(7,135,183	)		—
Deferred income taxes, net		1,097,654		—		33,634		240,970		(29,720	)		1,342,538
Long-term debt, net		8,055,472		570		4,666,949		2,365,014		—			15,088,005
Other non-current liabilities		39,019		7,210,948		215,613		2,247,584		(9,453,924	)		259,240
Liabilities related to assets held for sale		—		—		28,937		—		(28,937	)		—
Total liabilities		16,278,954		8,857,999		5,105,801		6,280,951		(16,885,040	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,808,465		4,279,535		4,383,581		(30,471,581	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,808,465		5,845,506		6,775,118		(30,471,581	)		10,469,791
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended September 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	2,142,108		$	226,011		$	1,172,280		$	(226,017	)	$	3,314,382
Equity in subsidiaries' earnings		120,836			30,349			—			—			(151,185	)		—
Expenses
Casino and hotel operations		1,525			1,200,554			—			734,577			(6	)		1,936,650
General and administrative		2,749			542,664			5,922			187,109			(244,216	)		494,228
Corporate expense		42,231			56,782			4,566			4,966			—			108,545
Preopening and start-up expenses		—			926			—			(1	)		—			925
Property transactions, net		7,530			232,289			9,921			118			—			249,858
Depreciation and amortization		—			108,126			71,957			141,926			—			322,009
		54,035			2,141,341			92,366			1,068,695			(244,222	)		3,112,215
Income (loss) from unconsolidated affiliates		—			41,143			—			(4,929	)		—			36,214
Operating income		66,801			72,259			133,645			98,656			(132,980	)		238,381
Interest expense, net of amounts capitalized		(118,819	)		(221	)		(63,048	)		(33,415	)		—			(215,503	)
Other non-operating, net		18,135			33,793			(65	)		(16,457	)		(59,456	)		(24,050	)
Income (loss) before income taxes		(33,883	)		105,831			70,532			48,784			(192,436	)		(1,172	)
Benefit (provision) for income taxes		(3,250	)		—			(1,979	)		12,505			—			7,276
Net income (loss)		(37,133	)		105,831			68,553			61,289			(192,436	)		6,104
Less: Net income attributable to noncontrolling interests		—			(1,333	)		(22,515	)		(19,389	)		—			(43,237	)
Net income (loss) attributable to MGM Resorts International	$	(37,133	)	$	104,498		$	46,038		$	41,900		$	(192,436	)	$	(37,133	)
Net income (loss)	$	(37,133	)	$	105,831		$	68,553		$	61,289		$	(192,436	)	$	6,104
Other comprehensive loss, net of tax:
Foreign currency translation adjustment		(10,509	)		(10,509	)		—			(18,602	)		21,018			(18,602	)
Unrealized loss on cash flow hedges		(10,271	)		—			(19,270	)		—			13,037			(16,504	)
Other comprehensive loss		(20,780	)		(10,509	)		(19,270	)		(18,602	)		34,055			(35,106	)
Comprehensive income (loss)		(57,913	)		95,322			49,283			42,687			(158,381	)		(29,002	)
Less: Comprehensive income attributable to noncontrolling interests		—			—			(16,282	)		(12,629	)		—			(28,911	)
Comprehensive income (loss) attributable to MGM Resorts International	$	(57,913	)	$	95,322		$	33,001		$	30,058		$	(158,381	)	$	(57,913	)

	Nine Months Ended September 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	6,221,722		$	655,193		$	3,492,820		$	(655,199	)	$	9,714,536
Equity in subsidiaries' earnings		630,307			96,737			—			—			(727,044	)		—
Expenses
Casino and hotel operations		6,042			3,538,069			—			2,170,763			(11,029	)		5,703,845
General and administrative		23,595			1,634,652			17,401			564,569			(696,453	)		1,543,764
Corporate expense		145,920			163,826			21,555			14,741			—			346,042
Preopening and start-up expenses		—			3,083			—			2,008			—			5,091
Property transactions, net		7,530			244,451			11,344			1,099			—			264,424
Depreciation and amortization		—			319,902			223,062			430,247			—			973,211
		183,087			5,903,983			273,362			3,183,427			(707,482	)		8,836,377
Income (loss) from unconsolidated affiliates		—			109,555			—			(7,588	)		—			101,967
Operating income		447,220			524,031			381,831			301,805			(674,761	)		980,126
Interest expense, net of amounts capitalized		(363,882	)		(638	)		(190,973	)		(91,959	)		—			(647,452	)
Other non-operating, net		14,276			143,363			1,383			(27,026	)		(240,271	)		(108,275	)
Income from continuing operations before income taxes		97,614			666,756			192,241			182,820			(915,032	)		224,399
Provision for income taxes		(60,045	)		(8	)		(5,771	)		(10,145	)		—			(75,969	)
Income from continuing operations, net of tax		37,569			666,748			186,470			172,675			(915,032	)		148,430
Income from discontinued operations, net of tax		—			—			16,216			—			(16,216	)		—
Net income		37,569			666,748			202,686			172,675			(931,248	)		148,430
Less: Net income attributable to noncontrolling interests		—			(4,192	)		(64,328	)		(42,341	)		—			(110,861	)
Net income attributable to MGM Resorts International	$	37,569		$	662,556		$	138,358		$	130,334		$	(931,248	)	$	37,569
Net income	$	37,569		$	666,748		$	202,686		$	172,675		$	(931,248	)	$	148,430
Other comprehensive loss, net of tax:
Foreign currency translation adjustment		(2,661	)		(2,661	)		—			(4,627	)		5,322			(4,627	)
Unrealized loss on cash flow hedges		(35,528	)		—			(65,657	)		—			45,060			(56,125	)
Other comprehensive loss		(38,189	)		(2,661	)		(65,657	)		(4,627	)		50,382			(60,752	)
Comprehensive income (loss)		(620	)		664,087			137,029			168,048			(880,866	)		87,678
Less: Comprehensive income attributable to noncontrolling interests		—			—			(43,731	)		(44,567	)		—			(88,298	)
Comprehensive income (loss) attributable to MGM Resorts International	$	(620	)	$	664,087		$	93,298		$	123,481		$	(880,866	)	$	(620	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Nine Months Ended September 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(344,621	)	$	1,306,819		$	(84,517	)	$	494,018		$	(15,591	)	$	1,356,108
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(334,870	)		—			(147,928	)		12			(482,786	)
Dispositions of property and equipment		—			1,870			—			66			—			1,936
Acquisition of Empire City Casino, net of cash acquired		—			(535,681	)		—			—			—			(535,681	)
Investments in unconsolidated affiliates		—			(81,271	)		—			—			—			(81,271	)
Distributions from unconsolidated affiliates		—			99,661			—			—			—			99,661
Intercompany accounts		—			(1,134,905	)		—			—			1,134,905			—
Northfield OpCo transaction		—			(3,779	)		3,779			—			—			—
Other		—			(4,500	)		—			(26,612	)		—			(31,112	)
Net cash provided by (used in) investing activities		—			(1,993,475	)		3,779			(174,474	)		1,134,917			(1,029,253	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less		510,000			245,950			(812,763	)		(1,654,194	)		—			(1,711,007	)
Issuance of long-term debt		1,000,000			—			750,000			1,500,000			—			3,250,000
Retirement of senior notes and senior debentures		(1,721,698	)		(38,280	)		—			—			—			(1,759,978	)
Debt issuance costs		(14,080	)		—			(9,983	)		(39,328	)		—			(63,391	)
Issuance of MGM Growth Properties Class A shares, net		—			—			699,362			—			—			699,362
Dividends paid to common shareholders		(205,163	)		—			—			—			—			(205,163	)
MGP dividends paid to consolidated subsidiaries		—			—			(277,899	)		—			277,899			—
Distributions to noncontrolling interest owners		—			(3,574	)		(117,106	)		(51,559	)		—			(172,239	)
Purchases of common stock		(638,815	)		—			—			—			—			(638,815	)
Intercompany accounts		1,176,224			464,988			—			(228,408	)		(1,412,804	)		—
Other		(8,789	)		(43,291	)		(1,342	)		(3,133	)		37,900			(18,655	)
Net cash provided by (used in) financing activities		97,679			625,793			230,269			(476,622	)		(1,097,005	)		(619,886	)
Effect of exchange rate on cash		—			—			—			(162	)		—			(162	)
Cash flows from (used in) discontinued operations
Cash flows from operating activities		—			—			15,591			—			(15,591	)		—
Cash flows used in investing activities		—			—			(12	)		—			12			—
Cash flows used in financing activities		—			—			(37,900	)		—			37,900			—
Net cash flows used in discontinued operations		—			—			(22,321	)		—			22,321			—
Change in cash and cash equivalents classified as assets held for sale		—			—			(22,321	)		—			22,321			—
Cash and cash equivalents
Net increase (decrease) for the period		(246,942	)		(60,863	)		149,531			(157,240	)		22,321			(293,193	)
Balance, beginning of period		259,738			445,423			3,995			817,606			—			1,526,762
Balance, end of period	$	12,796		$	384,560		$	153,526		$	660,366		$	22,321		$	1,233,569

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended September 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	2,032,404		$	216,659		$	996,987		$	(216,748	)	$	3,029,302
Equity in subsidiaries' earnings		335,237			27,390			—			—			(362,627	)		—
Expenses
Casino and hotel operations		2,602			1,165,476			—			629,205			(9,857	)		1,787,426
General and administrative		2,417			325,809			20,925			127,980			(13,714	)		463,417
Corporate expense		33,767			51,545			13,703			4,933			(5,859	)		98,089
Preopening and start-up expenses		—			3,212			—			43,678			—			46,890
Property transactions, net		—			(42,345	)		339			(55	)		(339	)		(42,400	)
Depreciation and amortization		—			159,226			63,468			138,951			(61,173	)		300,472
		38,786			1,662,923			98,435			944,692			(90,942	)		2,653,894
Income (loss) from unconsolidated affiliates		—			35,925			—			(430	)		—			35,495
Operating income		296,451			432,796			118,224			51,865			(488,433	)		410,903
Interest expense, net of amounts capitalized		(125,234	)		(95	)		(58,743	)		(21,501	)		—			(205,573	)
Other non-operating, net		16,179			(104,534	)		(857	)		(44,919	)		119,257			(14,874	)
Income (loss) from continuing operations before income taxes		187,396			328,167			58,624			(14,555	)		(369,176	)		190,456
Benefit (provision) for income taxes		(44,518	)		—			(2,650	)		26,033			2,089			(19,046	)
Income from continuing operations, net of tax		142,878			328,167			55,974			11,478			(367,087	)		171,410
Income from discontinued operations, net of tax		—			—			13,949			—			(13,949	)		—
Net income		142,878			328,167			69,923			11,478			(381,036	)		171,410
Less: Net income attributable to noncontrolling interests		—			—			(19,484	)		(9,048	)		—			(28,532	)
Net income attributable to MGM Resorts International	$	142,878		$	328,167		$	50,439		$	2,430		$	(381,036	)	$	142,878
Net income	$	142,878		$	328,167		$	69,923		$	11,478		$	(381,036	)	$	171,410
Other comprehensive income, net of tax:
Foreign currency translation adjustment		6,706			6,706			—			12,210			(13,412	)		12,210
Unrealized gain on cash flow hedges		2,765			—			4,736			—			(3,473	)		4,028
Other comprehensive income		9,471			6,706			4,736			12,210			(16,885	)		16,238
Comprehensive income		152,349			334,873			74,659			23,688			(397,921	)		187,648
Less: Comprehensive income attributable to noncontrolling interests		—			—			(20,747	)		(14,552	)		—			(35,299	)
Comprehensive income attributable to MGM Resorts International	$	152,349		$	334,873		$	53,912		$	9,136		$	(397,921	)	$	152,349

	Nine Months Ended September 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	5,859,591		$	652,888		$	2,851,316		$	(653,561	)	$	8,710,234
Equity in subsidiaries' earnings		972,838			94,444			—			—			(1,067,282	)		—
Expenses
Casino and hotel operations		7,879			3,310,367			—			1,784,245			(10,441	)		5,092,050
General and administrative		7,175			952,318			70,643			353,056			(63,432	)		1,319,760
Corporate expense		112,775			155,604			34,930			15,477			(17,750	)		301,036
Preopening and start-up expenses		—			11,891			—			120,993			—			132,884
Property transactions, net		—			(20,120	)		18,851			588			(18,851	)		(19,532	)
Depreciation and amortization		—			474,626			199,933			388,539			(197,596	)		865,502
		127,829			4,884,686			324,357			2,662,898			(308,070	)		7,691,700
Income (loss) from unconsolidated affiliates		—			115,851			—			(650	)		—			115,201
Operating income		845,009			1,185,200			328,531			187,768			(1,412,773	)		1,133,735
Interest expense, net of amounts capitalized		(350,323	)		(388	)		(157,249	)		(47,015	)		—			(554,975	)
Other non-operating, net		47,307			(330,852	)		(3,936	)		(140,894	)		385,126			(43,249	)
Income (loss) from continuing operations before income taxes		541,993			853,960			167,346			(141	)		(1,027,647	)		535,511
Benefit (provision) for income taxes		(51,894	)		—			(5,144	)		97,572			2,089			42,623
Income from continuing operations, net of tax		490,099			853,960			162,202			97,431			(1,025,558	)		578,134
Income from discontinued operations, net of tax		—			—			13,949			—			(13,949	)		—
Net income		490,099			853,960			176,151			97,431			(1,039,507	)		578,134
Less: Net income attributable to noncontrolling interests		—			—			(48,460	)		(39,575	)		—			(88,035	)
Net income attributable to MGM Resorts International	$	490,099		$	853,960		$	127,691		$	57,856		$	(1,039,507	)	$	490,099
Net income	$	490,099		$	853,960		$	176,151		$	97,431		$	(1,039,507	)	$	578,134
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(6,079	)		(6,079	)		—			(10,542	)		12,158			(10,542	)
Unrealized gain on cash flow hedges		15,923			—			27,372			—			(20,076	)		23,219
Other comprehensive income (loss)		9,844			(6,079	)		27,372			(10,542	)		(7,918	)		12,677
Comprehensive income		499,943			847,881			203,523			86,889			(1,047,425	)		590,811
Less: Comprehensive income attributable to noncontrolling interests		—			—			(55,756	)		(35,112	)		—			(90,868	)
Comprehensive income attributable to MGM Resorts International	$	499,943		$	847,881		$	147,767		$	51,777		$	(1,047,425	)	$	499,943

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Nine Months Ended September 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(338,197	)	$	961,795		$	424,837		$	355,281		$	(8,250	)	$	1,395,466
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(541,497	)		(191	)		(682,840	)		604			(1,223,924	)
Dispositions of property and equipment		—			477			—			98			—			575
Proceeds from sale of business units and investment in unconsolidated affiliate		—			163,616			—			—			—			163,616
Acquisition of Northfield Park, net of cash acquired		—			67,606			(1,068,337	)		—			(33,803	)		(1,034,534	)
Investments in unconsolidated affiliates		—			(2,503	)		—			—			—			(2,503	)
Distributions from unconsolidated affiliates		—			320,287			—			—			—			320,287
Intercompany accounts		—			(992,845	)		—			—			992,845			—
Other		—			(13,416	)		—			(8,793	)		—			(22,209	)
Net cash used in investing activities		—			(998,275	)		(1,068,528	)		(691,535	)		959,646			(1,798,692	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		(144,375	)		—			747,375			175,101			—			778,101
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior notes and senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(14,414	)		—			(17,490	)		(32,904	)		—			(64,808	)
Dividends paid to common shareholders		(197,295	)		—			—			—			—			(197,295	)
MGP dividends paid to consolidated subsidiaries		—			—			(247,820	)		—			247,820			—
Distributions to noncontrolling interest owners		—			—			(90,045	)		(59,481	)		—			(149,526	)
Purchases of common stock		(1,133,334	)		—			—			—			—			(1,133,334	)
Intercompany accounts		859,461			124,252			—			256,952			(1,240,665	)		—
Other		(11,594	)		(5,714	)		—			(6,168	)		—			(23,476	)
Net cash provided by financing activities		358,449			116,273			392,020			333,500			(992,845	)		207,397
Effect of exchange rate on cash		—			—			—			(1,489	)		—			(1,489	)
Cash flows from (used in) discontinued operations
Cash flows from operating activities		—			—			8,250			—			(8,250	)		—
Cash flows used in investing activities		—			—			33,199			—			(33,199	)		—
Cash flows used in financing activities		—			—			—			—			—			—
Net cash flows used in discontinued operations		—			—			41,449			—			(41,449	)		—
Change in cash and cash equivalents classified as assets held for sale		—			—			41,449			—			(41,449	)		—
Cash and cash equivalents
Net increase (decrease) for the period		20,252			79,793			(251,671	)		(4,243	)		(41,449	)		(197,318	)
Balance, beginning of period		26,870			311,043			259,722			902,360			—			1,499,995
Balance, end of period	$	47,122		$	390,836		$	8,051		$	898,117		$	(41,449	)	$	1,302,677