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Note 22 - Supplemental Guarantor Information
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Supplemental Guarantor Information [Text Block]
22.     
S
upplemental Guarantor Information
 
Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 15 "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.
 
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
Three Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 648,800     $ 676,049     $ 253,513     $ ―     $ 1,578,362  
Cost of sales
     (516,882
)
     (535,832
)
     (184,291
)
     ―       (1,237,005
)
Gross margin
     131,918       140,217       69,222       ―       341,357  
Selling, general and administrative expenses
     (71,235
)
     (76,915
)
     (17,544
)
     ―       (165,694
)
Income (loss) from unconsolidated joint ventures
     57       256       (90
)
     ―       223  
Equity income of subsidiaries
     79,867       ―       ―       (79,867
)
     ―  
Interest income (expense), net
     1,273       (934
)
     (339
)
     ―       ―  
Other income (expense)
     (3,668
)
     (668
)
     (79
)
     ―       (4,415
)
Homebuilding pretax income
     138,212       61,956       51,170       (79,867
)
     171,471  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       8,146       ―       8,146  
Income before taxes
     138,212       61,956       59,316       (79,867
)
     179,617  
Provision for income taxes
     (25,452
)
     (26,074
)
     (15,331
)
     ―       (66,857
)
Net income
   $ 112,760     $ 35,882     $ 43,985     $ (79,867
)
   $ 112,760  
 
 
 
 
 
Three Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 191,188     $ 324,365     $ 184,079     $ ―     $ 699,632  
Cost of sales
     (144,796
)
     (248,896
)
     (133,999
)
     ―       (527,691
)
Gross margin
     46,392       75,469       50,080       ―       171,941  
Selling, general and administrative expenses
     (24,393
)
     (40,524
)
     (14,993
)
     ―       (79,910
)
Income (loss) from unconsolidated joint ventures
     (4
)
     ―       (47
)
     ―       (51
)
Equity income of subsidiaries
     50,169       ―       ―       (50,169
)
     ―  
Interest income (expense), net
     3,175       (2,465
)
     (710
)
     ―       ―  
Other income (expense)
     (6,440
)
     (75
)
     1,239       ―       (5,276
)
Homebuilding pretax income
     68,899       32,405       35,569       (50,169
)
     86,704  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       2,818       ―       2,818  
Income before taxes
     68,899       32,405       38,387       (50,169
)
     89,522  
Provision for income taxes
     (11,701
)
     (13,247
)
     (7,376
)
     ―       (32,324
)
Net income
   $ 57,198     $ 19,158     $ 31,011     $ (50,169
)
   $ 57,198  
 
 
22.     
S
upplemental Guarantor Information (continued)
 
 
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
Six Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 1,110,538     $ 1,210,503     $ 443,004     $ ―     $ 2,764,045  
Cost of sales
     (889,723
)
     (965,834
)
     (319,943
)
     ―       (2,175,500
)
Gross margin
     220,815       244,669       123,061       ―       588,545  
Selling, general and administrative expenses
     (126,286
)
     (144,761
)
     (31,348
)
     ―       (302,395
)
Income (loss) from unconsolidated joint ventures
     746       400       266       ―       1,412  
Equity income of subsidiaries
     134,034       ―       ―       (134,034
)
     ―  
Interest income (expense), net
     2,610       (1,899
)
     (711
)
     ―       ―  
Other income (expense)
     (7,283
)
     (479
)
     (61
)
     ―       (7,823
)
Homebuilding pretax income
     224,636       97,930       91,207       (134,034
)
     279,739  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       15,082       ―       15,082  
Income before taxes
     224,636       97,930       106,289       (134,034
)
     294,821  
Provision for income taxes
     (39,215
)
     (43,548
)
     (26,637
)
     ―       (109,400
)
Net income
   $ 185,421     $ 54,382     $ 79,652     $ (134,034
)
   $ 185,421  
 
 
Six Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 328,080     $ 544,093     $ 297,737     $ ―     $ 1,169,910  
Cost of sales
     (248,154
)
     (419,853
)
     (215,857
)
     ―       (883,864
)
Gross margin
     79,926       124,240       81,880       ―       286,046  
Selling, general and administrative expenses
     (47,539
)
     (73,274
)
     (25,167
)
     ―       (145,980
)
Income (loss) from unconsolidated joint ventures
     22       ―       (524
)
     ―       (502
)
Equity income of subsidiaries
     73,536       ―       ―       (73,536
)
     ―  
Interest income (expense), net
     6,398       (5,209
)
     (1,189
)
     ―       ―  
Other income (expense
     (7,441
)
     (223
)
     2,092       ―       (5,572
)
Homebuilding pretax income
     104,902       45,534       57,092       (73,536
)
     133,992  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       4,026       ―       4,026  
Income before taxes
     104,902       45,534       61,118       (73,536
)
     138,018  
Provision for income taxes
     (16,099
)
     (20,571
)
     (12,545
)
     ―       (49,215
)
Net income
   $ 88,803     $ 24,963     $ 48,573     $ (73,536
)
   $ 88,803  
 
 
22.     
S
upplemental Guarantor Information (continued)
 
CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
   $ 128,263     $ 58,593     $ 69,151     $ ―     $ 256,007  
Restricted cash
     ―       ―       30,833       ―       30,833  
Intercompany receivables
     2,036,340       ―       105,400       (2,141,740
)
     ―  
Inventories:
                                        
Owned
     2,818,803       2,259,414       1,343,520       ―       6,421,737  
Not owned
     41,761       35,584       4,258       ―       81,603  
Investments in unconsolidated joint ventures
     5,023       4,744       137,864       ―       147,631  
Investments in subsidiaries
     1,770,187       ―       ―       (1,770,187
)
     ―  
Deferred income taxes, net
     352,193       ―       ―       (14,655
)
     337,538  
Goodwill and other intangibles, net
     969,048       ―       ―       ―       969,048  
Other assets
     69,771       45,104       2,609       ―       117,484  
Total Homebuilding Assets
     8,191,389       2,403,439       1,693,635       (3,926,582
)
     8,361,881  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
     ―       ―       31,863       ―       31,863  
Restricted cash
     ―       ―       22,008       ―       22,008  
Mortgage loans held for sale, net
     ―       ―       188,977       ―       188,977  
Mortgage loans held for investment, net
     ―       ―       25,394       ―       25,394  
Other assets
     ―       ―       21,497       (1,643
)
     19,854  
Total Financial Services Assets
     ―       ―       289,739       (1,643
)
     288,096  
Total Assets
   $ 8,191,389     $ 2,403,439     $ 1,983,374     $ (3,928,225
)
   $ 8,649,977  
                                         
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
   $ 93,378     $ 84,565     $ 37,818     $ ―     $ 215,761  
Accrued liabilities and intercompany payables
     240,824       1,377,055       912,709       (2,052,638
)
     477,950  
Secured project debt and other notes payable
     142,673       ―       3,866       (105,400
)
     41,139  
Senior notes payable
     3,674,559       ―       ―       ―       3,674,559  
Total Homebuilding Liabilities
     4,151,434       1,461,620       954,393       (2,158,038
)
     4,409,409  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
     ―       ―       26,099       ―       26,099  
Mortgage credit facilities
     ―       ―       174,514       ―       174,514  
Total Financial Services Liabilities
     ―       ―       200,613       ―       200,613  
Total Liabilities
     4,151,434       1,461,620       1,155,006       (2,158,038
)
     4,610,022  
                                         
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity
     4,039,955       941,819       828,368       (1,770,187
)
     4,039,955  
Total Liabilities and Equity
   $ 8,191,389     $ 2,403,439     $ 1,983,374     $ (3,928,225
)
   $ 8,649,977  
 
 
22.      
S
upplemental Guarantor Information (continued)
 
CONDENSED CONSOLIDATING BALANCE SHEET
 
 
  
December 31, 2015
 
 
  
CalAtlantic
Group, Inc.
    
Guarantor
Subsidiaries
    
Non-Guarantor
Subsidiaries
    
Consolidating
Adjustments
    
Consolidated
CalAtlantic
Group, Inc.
  
 
  
(Dollars in thousands)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
 
$
6,387
 
 
$
112,852
 
 
$
31,837
 
 
$
―
 
 
$
151,076
 
Restricted cash
 
 
―
 
 
 
―
 
 
 
35,990
 
 
 
―
 
 
 
35,990
 
Intercompany receivables
 
 
2,380,899
 
 
 
―
 
 
 
152,505
 
 
 
(2,533,404
)
 
 
―
 
Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned
 
 
2,524,927
 
 
 
2,304,305
 
 
 
1,240,727
 
 
 
―
 
 
 
6,069,959
 
Not owned
 
 
32,393
 
 
 
38,925
 
 
 
11,928
 
 
 
―
 
 
 
83,246
 
Investments in unconsolidated joint ventures
 
 
5,353
 
 
 
4,330
 
 
 
123,080
 
 
 
―
 
 
 
132,763
 
Investments in subsidiaries
 
 
1,644,453
 
 
 
―
 
 
 
―
 
 
 
(1,644,453
)
 
 
―
 
Deferred income taxes, net
 
 
405,945
 
 
 
―
 
 
 
―
 
 
 
(9,751
)
 
 
396,194
 
Goodwill
 
 
933,360
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
933,360
 
Other assets
 
 
67,578
 
 
 
48,027
 
 
 
3,163
 
 
 
―
 
 
 
118,768
 
Total Homebuilding Assets
 
 
8,001,295
 
 
 
2,508,439
 
 
 
1,599,230
 
 
 
(4,187,608
)
 
 
7,921,356
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
 
 
―
 
 
 
―
 
 
 
35,518
 
 
 
―
 
 
 
35,518
 
Restricted cash
 
 
―
 
 
 
―
 
 
 
22,914
 
 
 
―
 
 
 
22,914
 
Mortgage loans held for sale, net
 
 
―
 
 
 
―
 
 
 
325,770
 
 
 
―
 
 
 
325,770
 
Mortgage loans held for investment, net
 
 
―
 
 
 
―
 
 
 
22,704
 
 
 
―
 
 
 
22,704
 
Other assets
 
 
―
 
 
 
―
 
 
 
18,886
 
 
 
(1,643
)
 
 
17,243
 
Total Financial Services Assets
 
 
―
 
 
 
―
 
 
 
425,792
 
 
 
(1,643
)
 
 
424,149
 
Total Assets
 
$
8,001,295
 
 
$
2,508,439
 
 
$
2,025,022
 
 
$
(4,189,251
)
 
$
8,345,505
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
91,873
 
 
$
82,906
 
 
$
16,902
 
 
$
―
 
 
$
191,681
 
Accrued liabilities and intercompany payables
 
 
415,803
 
 
 
1,538,096
 
 
 
903,761
 
 
 
(2,378,867
)
 
 
478,793
 
Secured project debt and other notes payable
 
 
170,167
 
 
 
―
 
 
 
4,061
 
 
 
(148,545
)
 
 
25,683
 
Senior notes payable
 
 
3,462,016
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
3,462,016
 
Total Homebuilding Liabilities
 
 
4,139,859
 
 
 
1,621,002
 
 
 
924,724
 
 
 
(2,527,412
)
 
 
4,158,173
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
 
―
 
 
 
―
 
 
 
39,860
 
 
 
(17,386
)
 
 
22,474
 
Mortgage credit facilities
 
 
―
 
 
 
―
 
 
 
303,422
 
 
 
―
 
 
 
303,422
 
Total Financial Services Liabilities
 
 
―
 
 
 
―
 
 
 
343,282
 
 
 
(17,386
)
 
 
325,896
 
Total Liabilities
 
 
4,139,859
 
 
 
1,621,002
 
 
 
1,268,006
 
 
 
(2,544,798
)
 
 
4,484,069
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity
 
 
3,861,436
 
 
 
887,437
 
 
 
757,016
 
 
 
(1,644,453
)
 
 
3,861,436
 
Total Liabilities and Equity
 
$
8,001,295
 
 
$
2,508,439
 
 
$
2,025,022
 
 
$
(4,189,251
)
 
$
8,345,505
 
 
 
22.     
S
upplemental Guarantor Information (continued)
[TO BE UPDATED]
 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
 
 
Six Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Cash Flows From Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
(148,603
)
 
$
77,589
 
 
$
134,628
 
 
$
―
 
 
$
63,614
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in unconsolidated homebuilding joint ventures
 
 
(178
)
 
 
(78
)
 
 
(22,336
)
 
 
―
 
 
 
(22,592
)
Distributions of capital from unconsolidated homebuilding joint ventures
 
 
1,107
 
 
 
110
 
 
 
6,898
 
 
 
―
 
 
 
8,115
 
Loan to parent and subsidiaries
 
 
―
 
 
 
―
 
 
 
41,000
 
 
 
(41,000
)
 
 
―
 
Other investing activities
 
 
279
 
 
 
(976
)
 
 
(3,469
)
 
 
―
 
 
 
(4,166
)
Net cash provided by (used in) investing activities
 
 
1,208
 
 
 
(944
)
 
 
22,093
 
 
 
(41,000
)
 
 
(18,643
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in restricted cash
 
 
―
 
 
 
―
 
 
 
6,063
 
 
 
―
 
 
 
6,063
 
Borrowings from revolving credit facility
 
 
693,700
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
693,700
 
Principal payments on revolving credit facility
 
 
(693,700
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(693,700
)
Principal payments on secured project debt and other notes payable
 
 
(9,974
)
 
 
―
 
 
 
(195
)
 
 
―
 
 
 
(10,169
)
Proceeds from the issuance of senior notes payable
 
 
300,000
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
300,000
 
Payment of debt issue costs
 
 
(2,195
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(2,195
)
Loan from subsidiary
 
 
(41,000
)
 
 
―
 
 
 
―
 
 
 
41,000
 
 
 
―
 
Net proceeds from (payments on) mortgage credit facilities
 
 
―
 
 
 
―
 
 
 
(128,908
)
 
 
―
 
 
 
(128,908
)
(Contributions to) distributions from Corporate and subsidiaries
 
 
8,300
 
 
 
―
 
 
 
(8,300
)
 
 
―
 
 
 
―
 
Repurchases of common stock
 
 
(99,829
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(99,829
)
Common stock dividend payments
 
 
(9,527
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(9,527
)
Issuance of common stock under employee stock plans, net of tax withholdings
 
 
1,069
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
1,069
 
Other financing activities
 
 
―
 
 
 
(199
)
 
 
―
 
 
 
―
 
 
 
(199
)
Intercompany advances, net
 
 
122,427
 
 
 
(130,705
)
 
 
8,278
 
 
 
―
 
 
 
―
 
Net cash provided by (used in) financing activities
 
 
269,271
 
 
 
(130,904
)
 
 
(123,062
)
 
 
41,000
 
 
 
56,305
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and equivalents
 
 
121,876
 
 
 
(54,259
)
 
 
33,659
 
 
 
―
 
 
 
101,276
 
Cash and equivalents at beginning of period
 
 
6,387
 
 
 
112,852
 
 
 
67,355
 
 
 
―
 
 
 
186,594
 
Cash and equivalents at end of period
 
$
128,263
 
 
$
58,593
 
 
$
101,014
 
 
$
―
 
 
$
287,870
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Cash Flows From Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
   $ (39,876
)
   $ (21,756
)
   $ (49,565
)
   $ ―     $ (111,197
)
                                         
Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in unconsolidated homebuilding joint ventures
     ―       ―       (20,778
)
     ―       (20,778
)
Distributions of capital from unconsolidated homebuilding joint ventures
     ―       ―       8,760       ―       8,760  
Loan to parent and subsidiaries
     ―       ―       5,000       (5,000
)
     ―  
Other investing activities
     (1,670
)
     (1,278
)
     (9,074
)
     ―       (12,022
)
Net cash provided by (used in) investing activities
     (1,670
)
     (1,278
)
     (16,092
)
     (5,000
)
     (24,040
)
                                         
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in restricted cash
     ―       ―       (1,242
)
     ―       (1,242
)
Borrowings from revolving credit facility
     158,900       ―       ―       ―       158,900  
Principal payments on revolving credit facility
     (128,900
)
     ―       ―       ―       (128,900
)
Principal payments on secured project debt and other notes payable
     ―       ―       (497
)
     ―       (497
)
Loan from subsidiary
     75,000       ―       ―       (75,000
)
     ―  
Net proceeds from (payments on) mortgage credit facilities
     ―       ―       (79,072
)
     80,000       928  
(Contributions to) distributions from Corporate and subsidiaries
     7,973       (12,144
)
     4,171       ―       ―  
Repurchases of common stock
     (22,073
)
     ―       ―       ―       (22,073
)
Issuance of common stock under employee stock plans, net of tax withholdings
     (2,322
)
     ―       ―       ―       (2,322
)
Excess tax benefits from share-based payment arrangements
     6,363       ―       ―       ―       6,363  
Intercompany advances, net
     (157,917
)
     54,743       103,174       ―       ―  
Net cash provided by (used in) financing activities
     (62,976
)
     42,599       26,534       5,000       11,157  
                                         
Net increase (decrease) in cash and equivalents
     (104,522
)
     19,565       (39,123
)
     ―       (124,080
)
Cash and equivalents at beginning of period
     133,304       1,061       78,028       ―       212,393  
Cash and equivalents at end of period
   $ 28,782     $ 20,626     $ 38,905     $ ―     $ 88,313