Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2018

Disclosure Text Block Supplement [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Select’s 6.375% senior notes are fully and unconditionally and jointly and severally guaranteed, except for customary limitations, on a senior basis by all of Select’s wholly owned subsidiaries (the “Subsidiary Guarantors”). The Subsidiary Guarantors are defined as subsidiaries where Select, or a subsidiary of Select, holds all of the outstanding ownership interests. Certain of Select’s subsidiaries did not guarantee the 6.375% senior notes (the “Non-Guarantor Subsidiaries” and Concentra Group Holdings Parent and its subsidiaries, the “Non-Guarantor Concentra”).

Select conducts a significant portion of its business through its subsidiaries. Presented below is condensed consolidating financial information for Select, the Subsidiary Guarantors, the Non-Guarantor Subsidiaries, and Non-Guarantor Concentra.

The equity method has been used by Select with respect to investments in subsidiaries. The equity method has been used by Subsidiary Guarantors with respect to investments in Non-Guarantor Subsidiaries. Separate financial statements for Subsidiary Guarantors are not presented.

Certain reclassifications have been made to prior reported amounts in order to conform to the current year guarantor structure.

Select Medical Corporation

Condensed Consolidating Balance Sheet

September 30, 2018

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Non-Guarantor Concentra		Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Assets
Current Assets:
Cash and cash equivalents	$	77		$	5,627	$	3,045		$	151,664	$	—			$	160,413
Accounts receivable	—			412,454		123,622			210,740		—				746,816
Intercompany receivables	—			1,722,475		75,391			—		(1,797,866		)	(a)	—
Prepaid income taxes	16,325			—		—			3,527		—				19,852
Other current assets	15,441			32,281		14,839			33,653		—				96,214
Total Current Assets	31,843			2,172,837		216,897			399,584		(1,797,866		)		1,023,295
Property and equipment, net	36,947			615,299		90,821			222,323		—				965,390
Investment in affiliates	4,448,449			123,809		—			—		(4,572,258		)	(b)(c)	—
Goodwill	—			2,102,444		—			1,209,015		—				3,311,459
Identifiable intangible assets, net	3			102,423		4,972			337,449		—				444,847
Other assets	38,861			137,897		33,902			33,498		(8,968		)	(e)	235,190
Total Assets	$	4,556,103		$	5,254,709	$	346,592		$	2,201,869	$	(6,379,092	)		$	5,980,181
Liabilities and Equity
Current Liabilities:
Overdrafts	$	23,291		$	—	$	—		$	—	$	—			$	23,291
Current portion of long-term debt and notes payable	15,508			268		3,631			4,768		—				24,175
Accounts payable	12,183			76,776		19,948			28,633		—				137,540
Intercompany payables	1,722,475			75,391		—			—		(1,797,866		)	(a)	—
Accrued payroll	12,061			95,717		4,935			63,508		—				176,221
Accrued vacation	4,394			58,590		13,584			29,458		—				106,026
Accrued interest	17,775			16		27			5,830		—				23,648
Accrued other	60,190			62,049		16,637			49,203		—				188,079
Income taxes payable	2,764			—		—			3,365		—				6,129
Total Current Liabilities	1,870,641			368,807		58,762			184,765		(1,797,866		)		685,109
Long-term debt, net of current portion	1,871,407			72		38,787			1,395,267		—				3,305,533
Non-current deferred tax liability	—			91,487		882			64,826		(8,968		)	(e)	148,227
Other non-current liabilities	39,463			62,354		8,730			63,623		—				174,170
Total Liabilities	3,781,511			522,720		107,161			1,708,481		(1,806,834		)		4,313,039
Redeemable non-controlling interests	—			—		—			19,402		760,172			(d)	779,574
Stockholders’ Equity:
Common stock	0			—		—			—		—				0
Capital in excess of par	964,683			—		—			—		—				964,683
Retained earnings (accumulated deficit)	(190,091		)	1,506,874		(33,181		)	11,504		(1,485,197		)	(c)(d)	(190,091		)
Subsidiary investment	—			3,225,115		272,612			456,854		(3,954,581		)	(b)(d)	—
Total Select Medical Corporation Stockholders’ Equity	774,592			4,731,989		239,431			468,358		(5,439,778		)		774,592
Non-controlling interests	—			—		—			5,628		107,348			(d)	112,976
Total Equity	774,592			4,731,989		239,431			473,986		(5,332,430		)		887,568
Total Liabilities and Equity	$	4,556,103		$	5,254,709	$	346,592		$	2,201,869	$	(6,379,092	)		$	5,980,181

_______________________________________________________________________________

(a)  Elimination of intercompany balances.

(b)  Elimination of investments in consolidated subsidiaries.

(c)  Elimination of investments in consolidated subsidiaries’ earnings.

(d)  Reclassification of equity attributable to non-controlling interests.

(e)  Reclassification of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

Select Medical Corporation

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2018

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Net operating revenues	$	—		$	675,059		$	187,861		$	404,481		$	—			$	1,267,401
Costs and expenses:
Cost of services	815			585,110			164,643			336,494			—				1,087,062
General and administrative	29,791			184			—			—			—				29,975
Depreciation and amortization	2,215			19,726			4,098			24,488			—				50,527
Total costs and expenses	32,821			605,020			168,741			360,982			—				1,167,564
Income (loss) from operations	(32,821		)	70,039			19,120			43,499			—				99,837
Other income and expense:
Intercompany interest and royalty fees	6,357			(2,578		)	(3,445		)	(334		)	—				—
Intercompany management fees	50,601			(39,262		)	(11,339		)	—			—				—
Equity in earnings of unconsolidated subsidiaries	—			5,424			8			—			—				5,432
Non-operating gain	—			2,139			—			—			—				2,139
Interest income (expense)	(28,933		)	99			(207		)	(21,628		)	—				(50,669		)
Income (loss) before income taxes	(4,796		)	35,861			4,137			21,537			—				56,739
Income tax expense (benefit)	(1,428		)	9,923			112			5,453			—				14,060
Equity in earnings of consolidated subsidiaries	36,285			2,861			—			—			(39,146		)	(a)	—
Net income	32,917			28,799			4,025			16,084			(39,146		)		42,679
Less: Net income attributable to non-controlling interests	—			—			1,164			8,598			—				9,762
Net income attributable to Select Medical Corporation	$	32,917		$	28,799		$	2,861		$	7,486		$	(39,146	)		$	32,917

_______________________________________________________________________________

(a)  Elimination of equity in earnings of consolidated subsidiaries.

Select Medical Corporation

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2018

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Net operating revenues	$	—		$	2,072,237		$	570,918		$	1,173,420		$	—			$	3,816,575
Costs and expenses:
Cost of services	2,340			1,782,843			486,006			976,417			—				3,247,606
General and administrative	87,806			250			—			2,895			—				90,951
Depreciation and amortization	6,777			59,708			12,205			70,332			—				149,022
Total costs and expenses	96,923			1,842,801			498,211			1,049,644			—				3,487,579
Income (loss) from operations	(96,923		)	229,436			72,707			123,776			—				328,996
Other income and expense:
Intercompany interest and royalty fees	22,029			(10,502		)	(10,685		)	(842		)	—				—
Intercompany management fees	166,749			(132,733		)	(34,016		)	—			—				—
Loss on early retirement of debt	(2,229		)	—			—			(8,026		)	—				(10,255		)
Equity in earnings of unconsolidated subsidiaries	—			14,884			30			—			—				14,914
Non-operating gain	1,654			7,362			—			—			—				9,016
Interest income (expense)	(89,416		)	220			(544		)	(58,251		)	—				(147,991		)
Income before income taxes	1,864			108,667			27,492			56,657			—				194,680
Income tax expense (benefit)	(83		)	36,112			350			11,081			—				47,460
Equity in earnings of consolidated subsidiaries	111,220			17,984			—			—			(129,204		)	(a)	—
Net income	113,167			90,539			27,142			45,576			(129,204		)		147,220
Less: Net income attributable to non-controlling interests	—			97			9,158			24,798			—				34,053
Net income attributable to Select Medical Corporation	$	113,167		$	90,442		$	17,984		$	20,778		$	(129,204	)		$	113,167

 _______________________________________________________________________________

(a)  Elimination of equity in earnings of consolidated subsidiaries.

Select Medical Corporation

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Operating activities
Net income	$	113,167		$	90,539		$	27,142		$	45,576		$	(129,204	)	(a)	$	147,220
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	—			10,700			34			—			—				10,734
Depreciation and amortization	6,777			59,708			12,205			70,332			—				149,022
Provision for bad debts	—			(451		)	—			78			—				(373		)
Equity in earnings of unconsolidated subsidiaries	—			(14,884		)	(30		)	—			—				(14,914		)
Equity in earnings of consolidated subsidiaries	(111,220		)	(17,984		)	—			—			129,204			(a)	—
Loss on extinguishment of debt	115			—			—			369			—				484
Loss (gain) on sale of assets and businesses	(1,641		)	(7,493		)	5			—			—				(9,129		)
Stock compensation expense	15,059			—			—			2,116			—				17,175
Amortization of debt discount, premium and issuance costs	4,435			—			—			5,410			—				9,845
Deferred income taxes	1,804			2,527			103			(6,526		)	—				(2,092		)
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	—			37,490			(894		)	(13,101		)	—				23,495
Other current assets	(2,420		)	(2,100		)	(1,807		)	(3,947		)	—				(10,274		)
Other assets	(4,381		)	(8,576		)	1,604			16,181			—				4,828
Accounts payable	(42		)	(5,155		)	3,059			(1,369		)	—				(3,507		)
Accrued expenses	20,379			13,620			6,412			8,980			—				49,391
Income taxes	9,622			4,401			1			(4,952		)	—				9,072
Net cash provided by operating activities	51,654			162,342			47,834			119,147			—				380,977
Investing activities
Business combinations, net of cash acquired	—			(2,666		)	(22		)	(516,570		)	—				(519,258		)
Purchases of property and equipment	(6,412		)	(60,669		)	(24,677		)	(29,281		)	—				(121,039		)
Investment in businesses	—			(12,931		)	—			(5		)	—				(12,936		)
Proceeds from sale of assets and businesses	1,654			5,029			8			—			—				6,691
Net cash used in investing activities	(4,758		)	(71,237		)	(24,691		)	(545,856		)	—				(646,542		)
Financing activities
Borrowings on revolving facilities	420,000			—			—			—			—				420,000
Payments on revolving facilities	(585,000		)	—			—			—			—				(585,000		)
Proceeds from term loans (financing costs)	(11		)	—			—			779,915			—				779,904
Payments on term loans	(8,625		)	—			—			—			—				(8,625		)
Revolving facility debt issuance costs	(837		)	—			—			(496		)	—				(1,333		)
Borrowings of other debt	5,542			—			19,935			4,657			—				30,134
Principal payments on other debt	(8,455		)	(540		)	(4,504		)	(4,472		)	—				(17,971		)
Dividends paid to Holdings	(5,640		)	—			—			—			—				(5,640		)
Equity investment by Holdings	1,633			—			—			—			—				1,633
Intercompany	140,673			(88,344		)	(34,184		)	(18,145		)	—				—
Decrease in overdrafts	(6,172		)	—			—			—			—				(6,172		)
Proceeds from issuance of non-controlling interests	—			—			957			1,969			—				2,926
Distributions to non-controlling interests	—			(1,450		)	(6,863		)	(298,114		)	—				(306,427		)
Net cash provided by (used in) financing activities	(46,892		)	(90,334		)	(24,659		)	465,314			—				303,429
Net increase (decrease) in cash and cash equivalents	4			771			(1,516		)	38,605			—				37,864
Cash and cash equivalents at beginning of period	73			4,856			4,561			113,059			—				122,549
Cash and cash equivalents at end of period	$	77		$	5,627		$	3,045		$	151,664		$	—			$	160,413

_______________________________________________________________________________

(a)  Elimination of equity in earnings of consolidated subsidiaries.

Select Medical Corporation

Condensed Consolidating Balance Sheet

December 31, 2017

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Non-Guarantor Concentra		Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Assets
Current Assets:
Cash and cash equivalents	$	73		$	4,856	$	4,561		$	113,059	$	—			$	122,549
Accounts receivable	—			449,493		122,728			119,511		—				691,732
Intercompany receivables	—			1,598,212		60,707			—		(1,658,919		)	(a)	—
Prepaid income taxes	22,704			5,703		31			2,949		—				31,387
Other current assets	13,021			30,209		13,031			18,897		—				75,158
Total Current Assets	35,798			2,088,473		201,058			254,416		(1,658,919		)		920,826
Property and equipment, net	39,836			623,085		79,013			170,657		—				912,591
Investment in affiliates	4,524,385			124,104		—			—		(4,648,489		)	(b)(c)	—
Goodwill	—			2,108,270		—			674,542		—				2,782,812
Identifiable intangible assets, net	—			104,067		5,046			217,406		—				326,519
Other assets	36,494			98,575		35,440			23,898		(9,989		)	(e)	184,418
Total Assets	$	4,636,513		$	5,146,574	$	320,557		$	1,340,919	$	(6,317,397	)		$	5,127,166
Liabilities and Equity
Current Liabilities:
Overdrafts	$	29,463		$	—	$	—		$	—	$	—			$	29,463
Current portion of long-term debt and notes payable	16,635			740		2,212			2,600		—				22,187
Accounts payable	12,504			85,489		17,475			12,726		—				128,194
Intercompany payables	1,598,212			60,707		—			—		(1,658,919		)	(a)	—
Accrued payroll	16,736			98,887		4,819			40,120		—				160,562
Accrued vacation	4,083			58,355		12,295			18,142		—				92,875
Accrued interest	17,479			7		6			2,393		—				19,885
Accrued other	39,219			57,378		12,599			33,970		—				143,166
Income taxes payable	—			1,302		30			7,739		—				9,071
Total Current Liabilities	1,734,331			362,865		49,436			117,690		(1,658,919		)		605,403
Long-term debt, net of current portion	2,042,555			127		24,730			610,303		—				2,677,715
Non-current deferred tax liability	—			88,376		780			45,750		(9,989		)	(e)	124,917
Other non-current liabilities	36,259			56,721		8,138			44,591		—				145,709
Total Liabilities	3,813,145			508,089		83,084			818,334		(1,668,908		)		3,553,744
Redeemable non-controlling interests	—			—		—			16,270		624,548			(d)	640,818
Stockholders’ Equity:
Common stock	0			—		—			—		—				0
Capital in excess of par	947,370			—		—			—		—				947,370
Retained earnings (accumulated deficit)	(124,002		)	1,416,857		(35,942		)	64,626		(1,445,541		)	(c)(d)	(124,002		)
Subsidiary investment	—			3,221,628		273,415			437,779		(3,932,822		)	(b)(d)	—
Total Select Medical Corporation Stockholders’ Equity	823,368			4,638,485		237,473			502,405		(5,378,363		)		823,368
Non-controlling interests	—			—		—			3,910		105,326			(d)	109,236
Total Equity	823,368			4,638,485		237,473			506,315		(5,273,037		)		932,604
Total Liabilities and Equity	$	4,636,513		$	5,146,574	$	320,557		$	1,340,919	$	(6,317,397	)		$	5,127,166

_______________________________________________________________________________

(a)  Elimination of intercompany balances.

(b)  Elimination of investments in consolidated subsidiaries.

(c)  Elimination of investments in consolidated subsidiaries’ earnings.

(d)  Reclassification of equity attributable to non-controlling interests.

(e)  Reclassification of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

Select Medical Corporation

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2017

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Net operating revenues	$	56		$	654,964		$	166,113		$	255,881		$	—			$	1,077,014
Costs and expenses:
Cost of services	667			574,250			148,072			216,090			—				939,079
General and administrative	27,028			37			—			—			—				27,065
Depreciation and amortization	2,355			18,015			3,388			15,014			—				38,772
Total costs and expenses	30,050			592,302			151,460			231,104			—				1,004,916
Income (loss) from operations	(29,994		)	62,662			14,653			24,777			—				72,098
Other income and expense:
Intercompany interest and royalty fees	7,865			(4,328		)	(3,537		)	—			—				—
Intercompany management fees	51,241			(41,031		)	(10,210		)	—			—				—
Equity in earnings of unconsolidated subsidiaries	—			4,416			15			—			—				4,431
Interest income (expense)	(30,240		)	271			(20		)	(7,699		)	—				(37,688		)
Income before income taxes	(1,128		)	21,990			901			17,078			—				38,841
Income tax expense (benefit)	(1,032		)	8,562			145			6,342			—				14,017
Equity in earnings of consolidated subsidiaries	18,558			397			—			—			(18,955		)	(a)	—
Net income	18,462			13,825			756			10,736			(18,955		)		24,824
Less: Net income attributable to non-controlling interests	—			24			359			5,979			—				6,362
Net income attributable to Select Medical Corporation	$	18,462		$	13,801		$	397		$	4,757		$	(18,955	)		$	18,462

_______________________________________________________________________________

(a)  Elimination of equity in earnings of consolidated subsidiaries.

Select Medical Corporation

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2017

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Net operating revenues	$	687		$	2,019,581		$	487,371		$	763,357		$	—			$	3,270,996
Costs and expenses:
Cost of services	1,843			1,725,060			423,025			638,483			—				2,788,411
General and administrative	83,291			124			—			—			—				83,415
Depreciation and amortization	5,503			57,568			10,007			46,566			—				119,644
Total costs and expenses	90,637			1,782,752			433,032			685,049			—				2,991,470
Income (loss) from operations	(89,950		)	236,829			54,339			78,308			—				279,526
Other income and expense:
Intercompany interest and royalty fees	24,760			(14,029		)	(10,731		)	—			—				—
Intercompany management fees	176,443			(147,042		)	(29,401		)	—			—				—
Loss on early retirement of debt	(19,719		)	—			—			—			—				(19,719		)
Equity in earnings of unconsolidated subsidiaries	—			15,555			63			—			—				15,618
Non-operating loss	—			(49		)	—			—			—				(49		)
Interest income (expense)	(93,725		)	270			(105		)	(22,636		)	—				(116,196		)
Income (loss) before income taxes	(2,191		)	91,534			14,165			55,672			—				159,180
Income tax expense (benefit)	(3,230		)	42,135			428			20,260			—				59,593
Equity in earnings of consolidated subsidiaries	75,348			10,131			—			—			(85,479		)	(a)	—
Net income	76,387			59,530			13,737			35,412			(85,479		)		99,587
Less: Net income attributable to non-controlling interests	—			21			3,606			19,573			—				23,200
Net income attributable to Select Medical Corporation	$	76,387		$	59,509		$	10,131		$	15,839		$	(85,479	)		$	76,387

_______________________________________________________________________________

(a)  Elimination of equity in earnings of consolidated subsidiaries.

Select Medical Corporation

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2017

(unaudited)

	Select  (Parent Company  Only)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Non-Guarantor Concentra			Consolidating and Eliminating Adjustments				Consolidated Select Medical Corporation
	(in thousands)
Operating activities
Net income	$	76,387		$	59,530		$	13,737		$	35,412		$	(85,479	)	(a)	$	99,587
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	—			14,493			49			—			—				14,542
Depreciation and amortization	5,503			57,568			10,007			46,566			—				119,644
Provision for bad debts	—			864			—			50			—				914
Equity in earnings of unconsolidated subsidiaries	—			(15,555		)	(63		)	—			—				(15,618		)
Equity in earnings of consolidated subsidiaries	(75,348		)	(10,131		)	—			—			85,479			(a)	—
Loss on extinguishment of debt	6,527			—			—			—			—				6,527
Loss (gain) on sale of assets and businesses	(8		)	(4,824		)	(4,687		)	20			—				(9,499		)
Stock compensation expense	13,445			—			—			782			—				14,227
Amortization of debt discount, premium and issuance costs	6,113			—			—			2,433			—				8,546
Deferred income taxes	5,014			—			—			(11,140		)	—				(6,126		)
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	—			(105,536		)	(22,820		)	(14,952		)	—				(143,308		)
Other current assets	1,016			3,857			(6,772		)	(778		)	—				(2,677		)
Other assets	1,633			(3,709		)	3,044			439			—				1,407
Accounts payable	2,375			(823		)	1,580			781			—				3,913
Accrued expenses	164			(1,175		)	10,281			9,482			—				18,752
Income taxes	3,776			—			—			15,365			—				19,141
Net cash provided by (used in) operating activities	46,597			(5,441		)	4,356			84,460			—				129,972
Investing activities
Business combinations, net of cash acquired	—			(3,356		)	(295		)	(15,720		)	—				(19,371		)
Purchases of property and equipment	(26,350		)	(102,342		)	(23,452		)	(21,656		)	—				(173,800		)
Investment in businesses	—			(11,374		)	—			—			—				(11,374		)
Proceeds from sale of assets and businesses	8			15,007			19,537			3			—				34,555
Net cash used in investing activities	(26,342		)	(102,065		)	(4,210		)	(37,373		)	—				(169,990		)
Financing activities
Borrowings on revolving facilities	805,000			—			—			—			—				805,000
Payments on revolving facilities	(705,000		)	—			—			—			—				(705,000		)
Proceeds from term loans	1,139,487			—			—			—			—				1,139,487
Payments on term loans	(1,153,502		)	—			—			(23,065		)	—				(1,176,567		)
Revolving facility debt issuance costs	(4,392		)	—			—			—			—				(4,392		)
Borrowings of other debt	21,572			—			3,232			2,767			—				27,571
Principal payments on other debt	(10,122		)	(306		)	(2,150		)	(2,534		)	—				(15,112		)
Dividends paid to Holdings	(3,603		)	—			—			—			—				(3,603		)
Equity investment by Holdings	1,634			—			—			—			—				1,634
Intercompany	(101,888		)	107,834			(5,946		)	—			—				—
Decrease in overdrafts	(20,439		)	—			—			—			—				(20,439		)
Proceeds from issuance of non-controlling interests	—			—			8,986			—			—				8,986
Distributions to non-controlling interests	—			(130		)	(4,776		)	(4,370		)	—				(9,276		)
Net cash provided by (used in) financing activities	(31,253		)	107,398			(654		)	(27,202		)	—				48,289
Net increase (decrease) in cash and cash equivalents	(10,998		)	(108		)	(508		)	19,885			—				8,271
Cash and cash equivalents at beginning of period	11,071			6,467			5,056			76,435			—				99,029
Cash and cash equivalents at end of period	$	73		$	6,359		$	4,548		$	96,320		$	—			$	107,300

_______________________________________________________________________________

(a) 

Elimination of equity in earnings of consolidated subsidiaries.