Guarantor/Non-Guarantor

9 Months Ended

May. 31, 2015

Guarantor/Non-Guarantor

Note 15 – Guarantor/Non-Guarantor

The convertible senior notes due 2026 (the “Notes”) issued on May 22, 2006 are fully and unconditionally and jointly and severally guaranteed by substantially all of Greenbrier’s material 100% owned U.S. subsidiaries: Autostack Company LLC; Greenbrier-Concarril, LLC; Greenbrier Leasing Company LLC; Greenbrier Leasing Limited Partner, LLC; Greenbrier Management Services, LLC; Greenbrier Leasing, L.P.; Greenbrier Railcar LLC; Gunderson LLC; Gunderson Marine LLC; Gunderson Rail Services LLC; Meridian Rail Holding Corp.; Meridian Rail Acquisition Corp.; Meridian Rail Mexico City Corp.; Brandon Railroad LLC; Gunderson Specialty Products, LLC; Greenbrier Railcar Leasing, Inc. and Greenbrier Rail Services Holdings, LLC. No other subsidiaries guarantee the Notes including Greenbrier Union Holdings I LLC; Greenbrier MUL Holdings I LLC; Greenbrier Leasing Limited; Greenbrier Europe B.V.; Greenbrier Europe Holdings B.V.; Greenbrier Germany GmbH; WagonySwidnica S.A.; Zaklad Naprawczy Taboru Kolejowego Olawa sp. z o.o.; Zaklad Transportu Kolejowego SIARKOPOL sp. z o.o.; Gunderson-Concarril, S.A. de C.V.; Mexico Meridianrail Services, S.A. de C.V.; Greenbrier Railcar Services – Tierra Blanca S.A. de C.V.; YSD Doors, S.A. de C.V.; Greenbrier do Brasil Participações Ltda; Greenbrier Tank Components, LLC; Gunderson-Gimsa S.A. de C.V., Greenbrier; S.A. de C.V.; Greenbrier Industries, S.A. de C.V. and Greenbrier-Gimsa, LLC.

The following represents the supplemental consolidating condensed financial information of Greenbrier and its guarantor and non-guarantor subsidiaries, as of May 31, 2015 and August 31, 2014, for the three and nine months ended May 31, 2015 and 2014. The information is presented on the basis of Greenbrier accounting for its ownership of its wholly owned subsidiaries using the equity method of accounting. The equity method investment for each subsidiary is recorded by the parent in intangibles and other assets. Intercompany transactions of goods and services between the guarantor and non-guarantor subsidiaries are presented as if the sales or transfers were at fair value to third parties and eliminated in consolidation.

The Greenbrier Companies, Inc.

Condensed Consolidating Balance Sheet

May 31, 2015

(In thousands, unaudited)

	Parent		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	55,896	$	487	$	66,400	$	—		$	122,783
Restricted cash		—		2,009		6,903		—			8,912
Accounts receivable, net		576		474,518		15,268		(275,472	)		214,890
Inventories		—		152,396		275,883		(1,624	)		426,655
Leased railcars for syndication		—		234,560		—		(21,363	)		213,197
Equipment on operating leases, net		—		257,653		2,973		(2,664	)		257,962
Property, plant and equipment, net		7,116		104,124		174,330		—			285,570
Investment in unconsolidated affiliates		1,116,076		166,455		23,099		(1,214,413	)		91,217
Goodwill		—		43,265		—		—			43,265
Intangibles and other assets, net		17,035		41,625		12,186		(8,182	)		62,664
	$	1,196,699	$	1,477,092	$	577,042	$	(1,523,718	)	$	1,727,115
Liabilities and Equity
Revolving notes	$	73,000	$	—	$	19,507	$	—		$	92,507
Accounts payable and accrued liabilities		287,539		247,506		192,335		(321,836	)		405,544
Deferred income taxes		11,971		72,489		—		(8,888	)		75,572
Deferred revenue		—		24,028		137		44			24,209
Notes payable		151,792		193,175		1,312		—			346,279
Total equity – Greenbrier		672,397		939,894		253,236		(1,193,131	)		672,396
Noncontrolling interest		—		—		110,515		93			110,608
Total equity		672,397		939,894		363,751		(1,193,038	)		783,004
	$	1,196,699	$	1,477,092	$	577,042	$	(1,523,718	)	$	1,727,115

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Income

For the three months ended May 31, 2015

(In thousands, unaudited)

	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenue
Manufacturing	$	—		$	280,928		$	492,302		$	(179,854	)	$	593,376
Wheels & Parts		—			98,746			—			(1,339	)		97,407
Leasing & Services		(90	)		23,762			—			151			23,823
		(90	)		403,436			492,302			(181,042	)		714,606
Cost of revenue
Manufacturing		—			230,143			418,273			(182,758	)		465,658
Wheels & Parts		—			91,131			—			(1,486	)		89,645
Leasing & Services		—			10,041			—			(24	)		10,017
		—			331,315			418,273			(184,268	)		565,320
Margin		(90	)		72,121			74,029			3,226			149,286
Selling and administrative expense		24,851			10,688			9,912			144			45,595
Net (gain) loss on disposition of equipment		—			(724	)		7			(3	)		(720	)
Earnings (loss) from operations		(24,941	)		62,157			64,110			3,085			104,411
Other costs
Interest and foreign exchange		3,240			1,649			(604	)		—			4,285
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates		(28,181	)		60,508			64,714			3,085			100,126
Income tax (expense) benefit		4,215			(26,025	)		(7,888	)		(1,085	)		(30,783	)
Earnings (loss) before earnings (loss) from unconsolidated affiliates		(23,966	)		34,483			56,826			2,000			69,343
Earnings (loss) from unconsolidated affiliates		66,777			5,142			47			(70,984	)		982
Net earnings (loss)		42,811			39,625			56,873			(68,984	)		70,325
Net earnings attributable to noncontrolling interest		—			—			(26,415	)		(1,099	)		(27,514	)
Net earnings (loss) attributable to Greenbrier	$	42,811		$	39,625		$	30,458		$	(70,083	)	$	42,811

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Income

For the nine months ended May 31, 2015

(In thousands, unaudited)

	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenue
Manufacturing	$	—		$	877,405		$	1,285,603		$	(684,442	)	$	1,478,566
Wheels & Parts		—			290,917			—			(4,246	)		286,671
Leasing & Services		83			74,064			1			428			74,576
		83			1,242,386			1,285,604			(688,260	)		1,839,813
Cost of revenue
Manufacturing		—			735,414			1,091,498			(641,990	)		1,184,922
Wheels & Parts		—			263,755			—			(4,470	)		259,285
Leasing & Services		—			33,014			—			(72	)		32,942
		—			1,032,183			1,091,498			(646,532	)		1,477,149
Margin		83			210,203			194,106			(41,728	)		362,664
Selling and administrative expense		55,116			26,905			30,169			33			112,223
Net (gain) loss on disposition of equipment		—			(927	)		7			(4	)		(924	)
Earnings (loss) from operations		(55,033	)		184,225			163,930			(41,757	)		251,365
Other costs
Interest and foreign exchange		9,345			4,998			(4,988	)		—			9,355
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates		(64,378	)		179,227			168,918			(41,757	)		242,010
Income tax (expense) benefit		(4,476	)		(62,438	)		(22,559	)		13,264			(76,209	)
Earnings (loss) before earnings (loss) from unconsolidated affiliates		(68,854	)		116,789			146,359			(28,493	)		165,801
Earnings (loss) from unconsolidated affiliates		194,802			21,377			142			(214,769	)		1,552
Net earnings (loss)		125,948			138,166			146,501			(243,262	)		167,353
Net (earnings) loss attributable to noncontrolling interest		—			—			(61,992	)		20,587			(41,405	)
Net earnings (loss) attributable to Greenbrier	$	125,948		$	138,166		$	84,509		$	(222,675	)	$	125,948

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the three months ended May 31, 2015

(In thousands, unaudited)

(In thousands)	Parent		Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)	$	42,811	$	39,625		$	56,873		$	(68,984	)	$	70,325
Other comprehensive income (loss)
Translation adjustment		—		(18	)		(1,281	)		—			(1,299	)
Reclassification of derivative financial instruments recognized in net earnings (loss)		—		275			(529	)		—			(254	)
Unrealized gain (loss) on derivative financial instruments		—		(443	)		550			—			107
Other (net of tax effect)		—		—			93			—			93
		—		(186	)		(1,167	)		—			(1,353	)
Comprehensive income (loss)		42,811		39,439			55,706			(68,984	)		68,972
Comprehensive income attributable to noncontrolling interest		—		—			(26,398	)		(1,099	)		(27,497	)
Comprehensive income (loss) attributable to Greenbrier	$	42,811	$	39,439		$	29,308		$	(70,083	)	$	41,475

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the nine months ended May 31, 2015

(In thousands, unaudited)

(In thousands)	Parent		Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)	$	125,948	$	138,166		$	146,501		$	(243,262	)	$	167,353
Other comprehensive income (loss)
Translation adjustment		—		(137	)		(10,853	)		—			(10,990	)
Reclassification of derivative financial instruments recognized in net earnings (loss)		—		837			(420	)		—			417
Unrealized gain (loss) on derivative financial instruments		—		(1,640	)		1,633			—			(7	)
Other (net of tax effect)		—		—			99			—			99
		—		(940	)		(9,541	)		—			(10,481	)
Comprehensive income (loss)		125,948		137,226			136,960			(243,262	)		156,872
Comprehensive (income) loss attributable to noncontrolling interest		—		—			(61,840	)		20,587			(41,253	)
Comprehensive income (loss) attributable to Greenbrier	$	125,948	$	137,226		$	75,120		$	(222,675	)	$	115,619

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Cash Flows

For the nine months ended May 31, 2015

(In thousands, unaudited)

(In thousands)	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net earnings (loss)	$	125,948		$	138,166		$	146,501		$	(243,262	)	$	167,353
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes		(138	)		(8,000	)		2,893			—			(5,245	)
Depreciation and amortization		1,484			19,909			11,936			(71	)		33,258
Net (gain)loss on disposition of equipment		—			(927	)		7			(4	)		(924	)
Stock based compensation expense		13,176			—			—			—			13,176
Noncontrolling interest adjustments		—			—			—			20,371			20,371
Other		43			105			860			—			1,008
Decrease (increase) in assets:
Accounts receivable, net		50			(10,046	)		37,034			(35,807	)		(8,769	)
Inventories		—			(39,279	)		(87,156	)		1,529			(124,906	)
Leased railcars for syndication		—			(109,324	)		—			18,410			(90,914	)
Other		20,641			763			(33,634	)		10,564			(1,666	)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		(3,824	)		25,612			9,112			(7,765	)		23,135
Deferred revenue		(122	)		4,078			(276	)		—			3,680
Net cash provided by (used in) operating activities		157,258			21,057			87,277			(236,035	)		29,557
Cash flows from investing activities:
Proceeds from sales of assets		—			4,623			5			—			4,628
Capital expenditures		(2,424	)		(18,807	)		(55,059	)		398			(75,892	)
Decrease (increase) in restricted cash		—			229			(1	)		—			228
Investment in and net advances to unconsolidated affiliates		(245,594	)		(19,966	)		—			235,637			(29,923	)
Other		715			—			—			—			715
Net cash provided by (used in) investing activities		(247,303	)		(33,921	)		(55,055	)		236,035			(100,244	)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less		73,000			—			—			—			73,000
Proceeds from revolving notes with maturities longer than 90 days		—			—			42,563			—			42,563
Repayments of revolving notes with maturities longer than 90 days		—			—			(36,137	)		—			(36,137	)
Repayments of notes payable		(5	)		(5,280	)		(219	)		—			(5,504	)
Intercompany advances		(18,997	)		9,788			9,209			—			—
Repurchase of stock		(48,451	)		—			—			—			(48,451	)
Dividends		(12,069	)		—			—			—			(12,069	)
Decrease in restricted cash		—			11,000			—			—			11,000
Cash distributions to joint venture partner		—			—			(12,489	)		—			(12,489	)
Excess tax benefit from restricted stock awards		2,964			—			—			—			2,964
Other		(248	)		—			—			—			(248	)
Net cash provided by (used in) financing activities		(3,806	)		15,508			2,927			—			14,629
Effect of exchange rate changes		—			(2,269	)		(3,806	)		—			(6,075	)
Increase (decrease) in cash and cash equivalents		(93,851	)		375			31,343			—			(62,133	)
Cash and cash equivalents
Beginning of period		149,747			112			35,057			—			184,916
End of period	$	55,896		$	487		$	66,400		$	—		$	122,783

The Greenbrier Companies, Inc.

Condensed Consolidating Balance Sheet

August 31, 2014

(In thousands)

	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	149,747	$	112	$	35,057	$	—		$	184,916
Restricted cash		—		13,238		6,902		—			20,140
Accounts receivable, net		626		474,409		62,421		(337,777	)		199,679
Inventories		—		113,117		192,634		(95	)		305,656
Leased railcars for syndication		—		128,965		—		(3,115	)		125,850
Equipment on operating leases, net		—		257,415		3,613		(2,180	)		258,848
Property, plant and equipment, net		6,220		102,972		134,506		—			243,698
Investment in unconsolidated affiliates		910,732		143,768		3,961		(989,102	)		69,359
Goodwill		—		43,265		—		—			43,265
Intangibles and other assets, net		17,031		45,013		14,221		(10,508	)		65,757
	$	1,084,356	$	1,322,274	$	453,315	$	(1,342,777	)	$	1,517,168
Liabilities and Equity
Revolving notes	$	—	$	—	$	13,081	$	—		$	13,081
Accounts payable and accrued liabilities		315,879		221,863		185,335		(339,788	)		383,289
Deferred income taxes		12,109		80,489		—		(11,215	)		81,383
Deferred revenue		122		19,950		487		44			20,603
Notes payable		244,856		198,705		1,530		—			445,091
Total equity Greenbrier		511,390		801,267		190,861		(992,128	)		511,390
Noncontrolling interest		—		—		62,021		310			62,331
Total equity		511,390		801,267		252,882		(991,818	)		573,721
	$	1,084,356	$	1,322,274	$	453,315	$	(1,342,777	)	$	1,517,168

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Income

For the three months ended May 31, 2014

(In thousands, unaudited)

	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenue
Manufacturing	$	—		$	211,921		$	363,401		$	(149,739	)	$	425,583
Wheels, Repair & Parts		—			142,625			—			(1,962	)		140,663
Leasing & Services		108			26,771			—			160			27,039
		108			381,317			363,401			(151,541	)		593,285
Cost of revenue
Manufacturing		—			184,870			315,398			(148,439	)		351,829
Wheels, Repair & Parts		—			131,769			—			(1,944	)		129,825
Leasing & Services		—			14,876			—			(20	)		14,856
		—			331,515			315,398			(150,403	)		496,510
Margin		108			49,802			48,003			(1,138	)		96,775
Selling and administrative		13,987			10,645			10,016			152			34,800
Net gain on disposition of equipment		—			(5,411	)		(205	)		(3	)		(5,619	)
Restructuring charges		—			56			—			—			56
Earnings (loss) from operations		(13,879	)		44,512			38,192			(1,287	)		67,538
Other costs
Interest and foreign exchange		2,918			1,417			1,102			—			5,437
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates		(16,797	)		43,095			37,090			(1,287	)		62,101
Income tax (expense) benefit		3,337			(11,506	)		(8,388	)		254			(16,303	)
Earnings (loss) before earnings (loss) from unconsolidated affiliates		(13,460	)		31,589			28,702			(1,033	)		45,798
Earnings (loss) from unconsolidated affiliates		47,048			5,412			44			(52,206	)		298
Net earnings (loss)		33,588			37,001			28,746			(53,239	)		46,096
Net (earnings) loss attributable to noncontrolling interest		—			—			(12,830	)		322			(12,508	)
Net earnings (loss) attributable to Greenbrier	$	33,588		$	37,001		$	15,916		$	(52,917	)	$	33,588

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Income

For the nine months ended May 31, 2014

(In thousands, unaudited)

	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenue
Manufacturing	$	—		$	617,120		$	981,040		$	(465,349	)	$	1,132,811
Wheels, Repair & Parts		—			395,537			—			(4,933	)		390,604
Leasing & Services		865			61,101			1			474			62,441
		865			1,073,758			981,041			(469,808	)		1,585,856
Cost of revenue
Manufacturing		—			552,871			876,395			(459,425	)		969,841
Wheels, Repair & Parts		—			370,626			—			(4,886	)		365,740
Leasing & Services		—			34,152			—			(62	)		34,090
		—			957,649			876,395			(464,373	)		1,369,671
Margin		865			116,109			104,646			(5,435	)		216,185
Selling and administrative		31,698			29,802			27,083			451			89,034
Net gain on disposition of equipment		—			(13,556	)		(820	)		(310	)		(14,686	)
Restructuring charges		—			1,475			—			—			1,475
Earnings (loss) from operations		(30,833	)		98,388			78,383			(5,576	)		140,362
Other costs
Interest and foreign exchange		8,751			3,180			2,349			—			14,280
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates		(39,584	)		95,208			76,034			(5,576	)		126,082
Income tax (expense) benefit		10,772			(31,059	)		(18,044	)		1,623			(36,708	)
Earnings (loss) before earnings (loss) from unconsolidated affiliates		(28,812	)		64,149			57,990			(3,953	)		89,374
Earnings (loss) from unconsolidated affiliates		93,375			7,857			121			(101,081	)		272
Net earnings (loss)		64,563			72,006			58,111			(105,034	)		89,646
Net (earnings) loss attributable to noncontrolling interest		—			—			(27,362	)		2,279			(25,083	)
Net earnings (loss) attributable to Greenbrier	$	64,563		$	72,006		$	30,749		$	(102,755	)	$	64,563

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the three months ended May 31, 2014

(In thousands, unaudited)

(In thousands)	Parent		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)	$	33,588	$	37,001	$	28,746		$	(53,239	)	$	46,096
Other comprehensive income (loss)
Translation adjustment		—		73		7			—			80
Reclassification of derivative financial instruments recognized in net earnings (loss)		—		276		(272	)		—			4
Unrealized gain (loss) on derivative financial instruments		—		139		(798	)		—			(659	)
Other (net of tax effect)		—		—		(4	)		—			(4	)
		—		488		(1,067	)		—			(579	)
Comprehensive income (loss)		33,588		37,489		27,679			(53,239	)		45,517
Comprehensive (income) loss attributable to noncontrolling interest		—		—		(12,823	)		322			(12,501	)
Comprehensive income (loss) attributable to Greenbrier	$	33,588	$	37,489	$	14,856		$	(52,917	)	$	33,016

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the nine months ended May 31, 2014

(In thousands, unaudited)

(In thousands)	Parent		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)	$	64,563	$	72,006	$	58,111		$	(105,034	)	$	89,646
Other comprehensive income (loss)
Translation adjustment		—		86		3,316			—			3,402
Reclassification of derivative financial instruments recognized in net earnings (loss)		—		787		(466	)		—			321
Unrealized gain (loss) on derivative financial instruments		—		1,245		(791	)		—			454
Other (net of tax effect)		—		—		(3	)		—			(3	)
		—		2,118		2,056			—			4,174
Comprehensive income (loss)		64,563		74,124		60,167			(105,034	)		93,820
Comprehensive (income) loss attributable to noncontrolling interest		—		—		(27,416	)		2,279			(25,137	)
Comprehensive income (loss) attributable to Greenbrier	$	64,563	$	74,124	$	32,751		$	(102,755	)	$	68,683

The Greenbrier Companies, Inc.

Condensed Consolidating Statement of Cash Flows

For the nine months ended May 31, 2014

(In thousands, unaudited)

(In thousands)	Parent			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net earnings (loss)	$	64,563		$	72,006		$	58,111		$	(105,034	)	$	89,646
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes		(4,194	)		(1,789	)		(762	)		—			(6,745	)
Depreciation and amortization		1,427			20,713			8,746			(62	)		30,824
Net gain on disposition of equipment		—			(13,556	)		(820	)		(310	)		(14,686	)
Stock based compensation expense		6,454			—			—			—			6,454
Noncontrolling interest adjustments		—			—			—			2,953			2,953
Other		—			372			16			—			388
Decrease (increase) in assets:
Accounts receivable		36,573			(43,867	)		694			(19,626	)		(26,226	)
Inventories		—			20,456			(42,225	)		47			(21,722	)
Leased railcars for syndication		—			(28,371	)		—			2,951			(25,420	)
Other		(1,220	)		81			(2,788	)		1,436			(2,491	)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		(22,404	)		9,143			31,774			17,994			36,507
Deferred revenue		(116	)		10,798			1,574			2			12,258
Net cash provided by (used in) operating activities		81,083			45,986			54,320			(99,649	)		81,740
Cash flows from investing activities:
Proceeds from sales of assets		—			38,509			1,006			—			39,515
Capital expenditures		(3,543	)		(9,929	)		(21,050	)		—			(34,522	)
Decrease (increase) in restricted cash		—			(660	)		(1	)		—			(661	)
Investment in and net advances to unconsolidated affiliates		(91,939	)		(7,710	)		(1,253	)		99,649			(1,253	)
Net cash provided by (used in) investing Activities		(95,482	)		20,210			(21,298	)		99,649			3,079
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less		—			—			—			—			—
Proceeds from revolving notes with maturities longer than 90 days		—			—			34,674			—			34,674
Repayment of revolving notes with maturities longer than 90 days		—			—			(64,801	)		—			(64,801	)
Intercompany advances		137,633			(139,741	)		2,108			—			—
Proceeds from notes payable		—			200,000			—			—			200,000
Repayments of notes payable		—			(126,400	)		(421	)		—			(126,821	)
Debt issuance costs		—			(382	)		—			—			(382	)
Repurchase of stock		(26,293	)		—			—			—			(26,293	)
Cash distribution to joint venture partner		—			—			(3,109	)					(3,109	)
Investment by joint venture partner		—			—			419			—			419
Excess tax benefit from restricted stock Awards		109			—			—			—			109
Net cash provided by (used in) financing Activities		111,449			(66,523	)		(31,130	)		—			13,796
Effect of exchange rate changes		—			362			2,080			—			2,442
Increase in cash and cash equivalents		97,050			35			3,972			—			101,057
Cash and cash equivalents
Beginning of period		63,173			25			34,237			—			97,435
End of period	$	160,223		$	60		$	38,209		$	—		$	198,492