Guarantor Subsidiaries - Supplemental condensed consolidating financial information (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Consolidated Balance Sheets

Condensed consolidating financial information for the Company and the Guarantors are as follows (in thousands):

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2013

	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	0		$	16,870		$	97,743		$	0		$	114,613
Restricted cash		0			0			0			0			0
Short-term investments		0			0			275,183			0			275,183
Accounts receivable, net		0			80,984			69,958			0			150,942
Unbilled revenues		0			43,008			46,231			0			89,239
Prepaid expenses and other current assets		6,740			5,458			23,814			0			36,012
Prepaid income taxes		0			7,205			1,146			0			8,351
Deferred tax assets		0			5,251			11,563			0			16,814
Foreign exchange derivative contracts		0			0			5,599			0			5,599
Receivable from group companies		8,570			0			44,639			(53,209	)		0
Total current assets		15,310			158,776			575,876			(53,209	)		696,753
Investment in subsidiaries		460,955			1,055,204			0			(1,516,159	)		0
Inter-corporate loan		770,000			2,465			0			(772,465	)		0
Deposits and other assets		14,165			1,035			6,836			0			22,036
Prepaid income taxes		0			793			27,055			0			27,848
Property and equipment, net		0			1,989			158,054			0			160,043
Leasehold land		0			0			79,944			0			79,944
Deferred tax assets		0			14,966			0			0			14,966
Goodwill		0			1,026			455,694			0			456,720
Intangible assets, net		0			165			128,605			0			128,770
Total assets	$	1,260,430		$	1,236,419		$	1,432,064		$	(2,341,833	)	$	1,587,080
LIABILITIES, REDEEMABLE NON CONTROLLING INTEREST, PREFERRED STOCK AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	0		$	1,441		$	5,987		$	0		$	7,428
Line of credit		0			25,000			52,000			0			77,000
Term loans		0			70,000			0			0			70,000
Accrued payroll and related costs		0			15,019			32,877			0			47,896
Other accrued liabilities		11,550			25,525			49,044			0			86,119
Accrued income taxes		0			1,938			2,153			0			4,091
Foreign exchange derivative contracts		0			0			5,349			0			5,349
Deferred revenue		0			4,073			9,552			0			13,625
Payable to group companies		0			53,209			0			(53,209	)		0
Total current liabilities		11,550			196,205			156,962			(53,209	)		311,508
Other long-term liabilities		0			1,515			870			0			2,385
Senior notes		770,000			0			0			0			770,000
Term loans		0			0			0			0			0
Accrued income taxes		0			650			18,389			0			19,039
Intercompany loan		0			770,000			2,465			(772,465	)		0
Deferred tax liabilities		0			0			42,721			0			42,721
Total liabilities		781,550			968,370			221,407			(825,674	)		1,145,653
Redeemable non controlling interest		0			0			0			0			0
Series B Preferred stock		393,961			0			0			0			393,961
iGATE Corporation shareholders’ equity:
Common shares		589			330,000			53,430			(383,430	)		589
Common shares held in treasury, at cost		(14,714	)		0			0			0			(14,714	)
Additional paid-in capital		203,350			6,258			1,114,736			(1,132,729	)		191,615
Retained earnings		(104,306	)		(68,306	)		392,733			0			220,121
Accumulated other comprehensive loss		0			97			(356,802	)		0			(356,705	)
Total iGATE Corporation shareholder’s equity		84,919			268,049			1,204,097			(1,516,159	)		40,906
Non controlling interest		0			0			6,560			0			6,560
Total equity		84,919			268,049			1,210,657			(1,516,159	)		47,466
Total liabilities, redeemable non controlling interest, preferred stock and shareholders’ equity	$	1,260,430		$	1,236,419		$	1,432,064		$	(2,341,833	)	$	1,587,080

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2012

	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	0		$	14,365		$	80,790		$	0		$	95,155
Restricted cash		0			0			3,072			0			3,072
Short-term investments		0			0			510,816			0			510,816
Accounts receivable, net		0			75,253			95,936			(8,854	)		162,335
Unbilled revenues		0			32,221			42,374			(1,694	)		72,901
Prepaid expenses and other current assets		6,418			3,958			21,334			0			31,710
Prepaid income taxes		0			7,228			1,313			0			8,541
Deferred tax assets		0			7,240			7,415			0			14,655
Foreign exchange derivative contracts		0			0			782			0			782
Receivable from group companies		26,802			2,303			0			(29,105	)		0
Total current assets		33,220			142,568			763,832			(39,653	)		899,967
Investment in subsidiaries		438,669			1,071,565			0			(1,510,234	)		0
Inter-corporate loan		770,000			0			0			(770,000	)		0
Deposits and other assets		17,594			1,064			6,714			0			25,372
Prepaid income taxes		0			794			27,557			0			28,351
Property and equipment, net		0			1,945			165,307			0			167,252
Leasehold land		0			0			86,933			0			86,933
Deferred tax assets		0			14,175			16,460			0			30,635
Goodwill		0			1,026			492,115			0			493,141
Intangible assets, net		0			225			144,203			0			144,428
Total assets	$	1,259,483		$	1,233,362		$	1,703,121		$	(2,319,887	)	$	1,876,079
LIABILITIES, REDEEMABLE NON CONTROLLING INTEREST, PREFERRED STOCK AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	0		$	24,404		$	2,552		$	(19,157	)	$	7,799
Line of credit		0			25,000			52,000			0			77,000
Term loans		0			35,000			0			0			35,000
Accrued payroll and related costs		0			16,937			37,865			0			54,802
Other accrued liabilities		11,550			25,239			42,219			0			79,008
Accrued income taxes		0			5,509			3,625			0			9,134
Foreign exchange derivative contracts		0			0			7,516			0			7,516
Deferred revenue		0			5,809			12,081			0			17,890
Payable to group companies		0			18,193			0			(18,193	)		0
Total current liabilities		11,550			156,091			157,858			(37,350	)		288,149
Other long-term liabilities		0			0			5,568			(2,303	)		3,265
Senior notes		770,000			0			0			0			770,000
Term loans		0			35,000			228,500			0			263,500
Accrued income taxes		0			650			16,622			0			17,272
Intercompany loan		0			770,000			0			(770,000	)		0
Deferred tax liabilities		0			0			55,494			0			55,494
Total liabilities		781,550			961,741			464,042			(809,653	)		1,397,680
Redeemable non controlling interest		0			0			32,422			0			32,422
Series B Preferred stock		378,474			0			0			0			378,474
iGATE Corporation shareholders’ equity:
Common shares		585			330,000			52,989			(382,989	)		585
Common shares held in treasury, at cost		(14,714	)		0			0			0			(14,714	)
Additional paid-in capital		199,302			794			1,112,489			(1,127,245	)		185,340
Retained earnings		(85,714	)		(59,270	)		315,859			0			170,875
Accumulated other comprehensive loss		0			97			(274,680	)		0			(274,583	)
Total iGATE Corporation shareholder’s equity		99,459			271,621			1,206,657			(1,510,234	)		67,503
Non controlling interest		0			0			0			0			0
Total equity		99,459			271,621			1,206,657			(1,510,234	)		67,503
Total liabilities, redeemable non controlling interest, preferred stock and shareholders’ equity	$	1,259,483		$	1,233,362		$	1,703,121		$	(2,319,887	)	$	1,876,079

Schedule of Consolidated Statements of Income

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THREE MONTHS ENDED JUNE 30, 2013

	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	0		$	170,922		$	180,529		$	(68,183	)	$	283,268
Cost of revenues (exclusive of depreciation and amortization)		0			130,013			113,941			(68,183	)		175,771
Gross margin		0			40,909			66,588			0			107,497
Selling, general and administrative expense		0			16,857			32,493			0			49,350
Depreciation and amortization		0			307			8,288			0			8,595
Income from operations		0			23,745			25,807			0			49,552
Interest expense		(18,909	)		(620	)		(4,583	)		0			(24,112	)
Foreign exchange gain (loss), net		0			(61	)		2,044			0			1,983
Other income (expense), net		17,325			(14,296	)		14,388			0			17,417
Income before income taxes		(1,584	)		8,768			37,656			0			44,840
Income tax expense (benefit)		0			(43	)		14,910			0			14,867
Net income (loss)		(1,584	)		8,811			22,746			0			29,973
Non controlling interest		0			0			0			0			0
Net income (loss) attributable to iGATE Corporation		(1,584	)		8,811			22,746			0			29,973
Accretion to preferred stock		120			0			0			0			120
Preferred dividend		7,752			0			0			0			7,752
Net income (loss) attributable to iGATE common shareholders	$	(9,456	)	$	8,811		$	22,746		$	0		$	22,101

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THREE MONTHS ENDED JUNE 30, 2012

	Issuer		Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	0	$	59,610		$	248,596		$	(40,213	)	$	267,993
Cost of revenues (exclusive of depreciation and amortization)		0		41,799			166,096			(40,213	)		167,682
Gross margin		0		17,811			82,500			0			100,311
Selling, general and administrative expense		0		(1,501	)		42,364			0			40,863
Depreciation and amortization		0		43			11,402			0			11,445
Income from operations		0		19,269			28,734			0			48,003
Interest expense		0		(42	)		(20,990	)		0			(21,032	)
Foreign exchange loss, net		0		(13	)		(17,258	)		0			(17,271	)
Other income (expense), net		17,325		(17,325	)		7,596			0			7,596
Income before income taxes		17,325		1,889			(1,918	)		0			17,296
Income tax expense (benefit)		0		750			3,899			0			4,649
Net income (loss)		17,325		1,139			(5,817	)		0			12,647
Non controlling interest		0		0			0			0			0
Net income (loss) attributable to iGATE Corporation		17,325		1,139			(5,817	)		0			12,647
Accretion to preferred stock		98		0			0			0			98
Preferred dividend		7,172		0			0			0			7,172
Net income (loss) attributable to iGATE common shareholders	$	10,055	$	1,139		$	(5,817	)	$	0		$	5,377

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR SIX MONTHS ENDED JUNE 30, 2013

	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	0		$	328,099		$	359,616		$	(129,529	)	$	558,186
Cost of revenues (exclusive of depreciation and amortization)		0			245,097			230,442			(129,529	)		346,010
Gross margin		0			83,002			129,174			0			212,176
Selling, general and administrative expense		0			32,140			60,002			0			92,142
Depreciation and amortization		0			634			17,232			0			17,866
Income from operations		0			50,228			51,940			0			102,168
Interest expense		(37,755	)		(1,692	)		(7,322	)		0			(46,769	)
Foreign exchange gain (loss), net		0			(189	)		4,653			0			4,464
Other income (expense), net		34,650			(31,745	)		31,792			0			34,697
Income before income taxes		(3,105	)		16,602			81,063			0			94,560
Income tax expense (benefit)		0			3,613			26,214			0			29,827
Net income (loss)		(3,105	)		12,989			54,849			0			64,733
Non controlling interest		0			0			0			0			0
Net income (loss) attributable to iGATE Corporation		(3,105	)		12,989			54,849			0			64,733
Accretion to preferred stock		235			0			0			0			235
Preferred dividend		15,252			0			0			0			15,252
Net income (loss) attributable to iGATE common shareholders	$	(18,592	)	$	12,989		$	54,849		$	0		$	49,246

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR SIX MONTHS ENDED JUNE 30, 2012

	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	0		$	102,712		$	493,309		$	(64,763	)	$	531,258
Cost of revenues (exclusive of depreciation and amortization)		0			68,247			321,627			(64,763	)		325,111
Gross margin		0			34,465			171,682			0			206,147
Selling, general and administrative expense		0			(1,529	)		84,813			0			83,284
Depreciation and amortization		0			87			26,643			0			26,730
Income from operations		0			35,907			60,226			0			96,133
Interest expense		(37,440	)		(83	)		(2,632	)		0			(40,155	)
Foreign exchange loss, net		0			(16	)		(14,419	)		0			(14,435	)
Other income (expense), net		34,650			(34,650	)		15,160			0			15,160
Income before income taxes		(2,790	)		1,158			58,335			0			56,703
Income tax expense (benefit)		0			(722	)		16,234			0			15,512
Net income (loss)		(2,790	)		1,880			42,101			0			41,191
Non controlling interest		0			0			4,476			0			4,476
Net income (loss) attributable to iGATE Corporation		(2,790	)		1,880			37,625			0			36,715
Accretion to preferred stock		192			0			0			0			192
Preferred dividend		14,171			0			0			0			14,171
Net income (loss) attributable to iGATE common shareholders	$	(17,153	)	$	1,880		$	37,625		$	0		$	22,352

Schedule of Consolidated Statements of Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THREE MONTHS ENDED JUNE 30, 2013

	Issuer			Guarantors		Non- Guarantors			Eliminations		Consolidated
Net Income (loss) attributable to iGATE common shareholders	$	(9,456	)	$	8,811	$	22,746		$	0	$	22,101
Add: Non controlling interest		0			0		0			0		0
Other comprehensive income:
Change in fair value on marketable securities		0			0		(4,040	)		0		(4,040	)
Unrecognized actuarial gain (loss) on pension liability		0			0		257			0		257
Change in fair value of cash flow hedges		0			0		(6,974	)		0		(6,974	)
Loss on foreign currency translation		0			0		(89,390	)		0		(89,390	)
Total comprehensive income (loss)		(9,456	)		8,811		(77,401	)		0		(78,046	)
Less: Total comprehensive income attributable to non controlling interest		0			0		0			0		0
Total comprehensive income (loss) attributable to iGATE common shareholders	$	(9,456	)	$	8,811	$	(77,401	)	$	0	$	(78,046	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THREE MONTHS ENDED JUNE 30, 2012

	Issuer		Guarantors		Non- Guarantors			Eliminations		Consolidated
Net Income (loss) attributable to iGATE common shareholders	$	10,055	$	1,139	$	(5,817	)	$	0	$	5,377
Add: Non controlling interest		0		0		0			0		0
Other comprehensive income:
Change in fair value on marketable securities		0		0		1,529			0		1,529
Unrecognized actuarial gain (loss) on pension liability		0		0		(313	)		0		(313	)
Change in fair value of cash flow hedges		0		0		(3,100	)		0		(3,100	)
Loss on foreign currency translation		0		0		(119,153	)		0		(119,153	)
Total comprehensive income (loss)		10,055		1,139		(126,854	)		0		(115,660	)
Less: Total comprehensive income attributable to non controlling interest		0		0		0			0		0
Total comprehensive income (loss) attributable to iGATE common shareholders	$	10,055	$	1,139	$	(126,854	)	$	0	$	(115,660	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR SIX MONTHS ENDED JUNE 30, 2013

	Issuer			Guarantors		Non- Guarantors			Eliminations		Consolidated
Net Income (loss) attributable to iGATE common shareholders	$	(18,592	)	$	12,989	$	54,849		$	0	$	49,246
Add: Non controlling interest		0			0		0			0		0
Other comprehensive income:
Change in fair value on marketable securities		0			0		(6,750	)		0		(6,750	)
Unrecognized actuarial gain (loss) on pension liability		0			0		570			0		570
Change in fair value of cash flow hedges		0			0		(3,935	)		0		(3,935	)
Loss on foreign currency translation		0			0		(72,007	)		0		(72,007	)
Total comprehensive income (loss)		(18,592	)		12,989		(27,273	)		0		(32,876	)
Less: Total comprehensive income attributable to non controlling interest		0			0		0			0		0
Total comprehensive income (loss) attributable to iGATE common shareholders	$	(18,592	)	$	12,989	$	(27,273	)	$	0	$	(32,876	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR SIX MONTHS ENDED JUNE 30, 2012

	Issuer			Guarantors		Non- Guarantors			Eliminations		Consolidated
Net Income (loss) attributable to iGATE common shareholders	$	(17,153	)	$	1,880	$	37,625		$	0	$	22,352
Add: Non controlling interest		0			0		4,476			0		4,476
Other comprehensive income:
Change in fair value on marketable securities		0			0		1,466			0		1,466
Unrecognized actuarial gain (loss) on pension liability		0			0		(266	)		0		(266	)
Change in fair value of cash flow hedges		0			0		9,354			0		9,354
Loss on foreign currency translation		0			0		(61,467	)		0		(61,467	)
Total comprehensive income (loss)		(17,153	)		1,880		(8,812	)		0		(24,085	)
Less: Total comprehensive income attributable to non controlling interest		0			0		4,476			0		4,476
Total comprehensive income (loss) attributable to iGATE common shareholders	$	(17,153	)	$	1,880	$	(13,288	)	$	0	$	(28,561	)

Schedule of Consolidated Statement of Cash Flows

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR SIX MONTHS ENDED JUNE 30, 2013

	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Cash Flows From Operating Activities:
Net income (loss)	$	(3,105	)	$	12,989		$	54,849		$	0	$	64,733
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		0			634			17,232			0		17,866
Stock based compensation		0			(878	)		4,238			0		3,360
Realized gain on investments		0			0			(25,969	)		0		(25,969	)
Loss on sale of investment in affiliate		0			0			0			0		0
Deferred gain (loss) on settled derivatives		0			0			(816	)		0		(816	)
Provision (recovery) for doubtful debts		0			(8	)		(147	)		0		(155	)
Deferred income taxes		0			0			(168	)		0		(168	)
Amortization of debt issuance costs		3,105			317			4,020			0		7,442
Loss (gain) on sale of property and equipment		0			0			(2,240	)		0		(2,240	)
Deferred rent		0			0			23			0		23
Excess tax benefits related to stock option exercises.		0			(387	)		0			0		(387	)
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenues		0			1,771			(13,491	)		0		(11,720	)
Inter-corporate current account		(4,052	)		(3,388	)		7,440			0		0
Prepaid expenses and other assets		0			(1,817	)		(7,320	)		0		(9,137	)
Accounts payable		0			(2,583	)		2,599			0		16
Accrued and other liabilities		0			(2,404	)		5,922			0		3,518
Deferred revenue		0			(1,735	)		(1,867	)		0		(3,602	)
Net cash flows (used in) provided by operating activities		(4,052	)		2,511			44,305			0		42,764
Cash Flows From Investing Activities:
Purchase of property and equipment		0			(635	)		(16,528	)		0		(17,163	)
Proceeds from sale of property and equipment		0			0			2,536			0		2,536
Purchase of available-for-sale investments		0			0			(1,014,947	)		0		(1,014,947	)
Proceeds from maturities and sale of available-for-sale investments		0			0			1,254,207			0		1,254,207
Restricted cash		0			0			3,072			0		3,072
Receipts from (payments for) lease deposits		0			0			0			0		0
Investment in subsidiaries		0			(250	)		250			0		0
Purchase of non controlling interests		0			0			(23,651	)		0		(23,651	)
Net cash flows (used in) provided by investing activities		0			(885	)		204,939			0		204,054
Cash Flows From Financing Activities:
Payments on capital lease obligations		0			0			(364	)		0		(364	)
Proceeds from line of credit and term loans		0			30,000			11,000			0		41,000
Payments of line of credit and term loans		0			(30,000	)		(239,500	)		0		(269,500	)
Payment of debt related costs		0			0			(2,394	)		0		(2,394	)
Proceeds from exercise of stock options		3,665			879			(3,840	)		0		704
Excess tax benefits related to stock option exercises		387			0			0			0		387
Net cash flows provided by ( used in) financing activities		4,052			879			(235,098	)		0		(230,167	)
Effect of exchange rate changes		0			0			2,807			0		2,807
Net change in cash and cash equivalents		0			2,505			16,953			0		19,458
Cash and cash equivalents, beginning of period		0			14,365			80,790			0		95,155
Cash and cash equivalents, end of period	$	0		$	16,870		$	97,743		$	0	$	114,613

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR SIX MONTHS ENDED JUNE 30, 2012

	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Cash Flows From Operating Activities:
Net income (loss)	$	(2,790	)	$	1,880		$	42,101		$	0	$	41,191
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		0			87			26,643			0		26,730
Stock based compensation		0			1,822			3,653			0		5,475
Realized gain on investments		0			0			(8,497	)		0		(8,497	)
Loss on sale of investment in affiliate		0			0			551			0		551
Deferred gain (loss) on settled derivatives		0			0			15,793			0		15,793
Provision (recovery) for doubtful debts		0			42			286			0		328
Deferred income taxes		0			0			(5,898	)		0		(5,898	)
Amortization of debt issuance costs		2,790			0			273			0		3,063
Loss (gain) on sale of property and equipment		0			0			45			0		45
Deferred rent		0			0			(44	)		0		(44	)
Excess tax benefits related to stock option exercises		0			(318	)		0			0		(318	)
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenues		0			(33,175	)		5,466			0		(27,709	)
Inter-corporate current account		(7,879	)		40,207			(32,328	)		0		0
Prepaid expenses and other assets		(3,069	)		108			(3,120	)		0		(6,081	)
Accounts payable		0			(566	)		8,331			0		7,765
Accrued and other liabilities		3,068			(7,087	)		(24,782	)		0		(28,801	)
Deferred revenue		0			(342	)		(4,439	)		0		(4,781	)
Net cash flows (used in) provided by operating activities		(7,880	)		2,658			24,034			0		18,812
Cash Flows From Investing Activities:
Purchase of property and equipment		0			0			(9,002	)		0		(9,002	)
Proceeds from sale of property and equipment		0			0			12			0		12
Purchase of available-for-sale investments		0			0			(956,874	)		0		(956,874	)
Proceeds from maturities and sale of available-for-sale investments		0			0			961,314			0		961,314
Restricted cash		0			0			(26,349	)		0		(26,349	)
Receipts from (payments for) lease deposits		0			0			2,430			0		2,430
Investment in subsidiaries		0			0			0			0		0
Purchase of non controlling interests		0			0			(207,852	)		0		(207,852	)
Net cash flows (used in) provided by investing activities		0			0			(236,321	)		0		(236,321	)
Cash Flows From Financing Activities:
Payments on capital lease obligations		0			(691	)		472			0		(219	)
Proceeds from line of credit and term loans		0			0			225,500			0		225,500
Payments of line of credit and term loans		0			0			0			0		0
Payment of debt related costs		0			0			(2,453	)		0		(2,453	)
Proceeds from exercise of stock options		7,562			0			(1,373	)		0		6,189
Excess tax benefits related to stock option exercises		318			0			0			0		318
Net cash flows provided by ( used in) financing activities		7,880			(691	)		222,146			0		229,335
Effect of exchange rates changes		0			0			(3,853	)		0		(3,853	)
Net change in cash and cash equivalents		0			1,967			6,006			0		7,973
Cash and cash equivalents, beginning of period		0			7,384			68,056			0		75,440
Cash and cash equivalents, end of period	$	0		$	9,351		$	74,062		$	0	$	83,413