Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Consolidating Financial Information

Condensed Consolidating Balance Sheets

	December 31, 2014
	Nabors (Parent/ Guarantor)		Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	1,170	$	7		$	499,972		$	—		$	501,149
Short-term investments		—		—			35,020			—			35,020
Assets held for sale		—		—			146,467			—			146,467
Accounts receivable, net		—		—			1,517,503			—			1,517,503
Inventory		—		—			230,067			—			230,067
Deferred income taxes		—		—			118,230			—			118,230
Other current assets		50		5,242			188,146			—			193,438
Short-term intercompany note		—		880,820			—			(880,820	)		—
Total current assets		1,220		886,069			2,735,405			(880,820	)		2,741,874
Long-term investments		—		—			2,806			—			2,806
Property, plant and equipment, net		—		30,330			8,568,795			—			8,599,125
Goodwill		—		—			173,928			—			173,928
Intercompany receivables		136,360		—			1,286,522			(1,422,882	)		—
Investment in unconsolidated affiliates		4,771,413		5,014,743			1,506,939			(11,234,844	)		58,251
Other long-term assets		—		30,298			273,660			—			303,958
Total assets	$	4,908,993	$	5,961,440		$	14,548,055		$	(13,538,546	)	$	11,879,942
		LIABILITIES AND EQUITY
Current liabilities:
Current debt	$	—	$	—		$	6,190		$	—		$	6,190
Trade accounts payable		111		2			779,947			—			780,060
Accrued liabilities		263		64,390			663,351			—			728,004
Income taxes payable		—		—			53,221			—			53,221
Short-term intercompany note		—		—			880,820			(880,820	)		—
Total current liabilities		374		64,392			2,383,529			(880,820	)		1,567,475
Long-term debt		—		4,389,299			(40,440	)		—			4,348,859
Other long-term liabilities		—		35,480			566,336			—			601,816
Deferred income taxes		—		(294,655	)		737,658			—			443,003
Intercompany payable		—		1,422,882			—			(1,422,882	)		—
Total liabilities		374		5,617,398			3,647,083			(2,303,702	)		6,961,153
Subsidiary preferred stock		—		—			—			—			—
Shareholders' equity		4,908,619		344,042			10,890,802			(11,234,844	)		4,908,619
Noncontrolling interest		—		—			10,170			—			10,170
Total equity		4,908,619		344,042			10,900,972			(11,234,844	)		4,918,789
Total liabilities and equity	$	4,908,993	$	5,961,440		$	14,548,055		$	(13,538,546	)	$	11,879,942

	December 31, 2013
	Nabors (Parent/ Guarantor)		Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)		Consolidating Adjustments			Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	730	$	7,029		$	382,156	$	—		$	389,915
Short-term investments		—		—			117,218		—			117,218
Assets held for sale		—		—			243,264		—			243,264
Accounts receivable, net		27		—			1,399,516		—			1,399,543
Inventory		—		—			209,793		—			209,793
Deferred income taxes		—		—			121,316		—			121,316
Other current assets		50		26,378			246,353		—			272,781
Total current assets		807		33,407			2,719,616		—			2,753,830
Long-term investments		—		—			3,236		—			3,236
Property, plant and equipment, net		—		33,815			8,563,998		—			8,597,813
Goodwill		—		—			512,964		—			512,964
Intercompany receivables		160,136		3,891			1,583,539		(1,747,566	)		—
Investment in unconsolidated affiliates		5,808,606		6,097,337			1,854,111		(13,695,794	)		64,260
Other long-term assets		—		34,487			193,221		—			227,708
Total assets	$	5,969,549	$	6,202,937		$	15,430,685	$	(15,443,360	)	$	12,159,811
		LIABILITIES AND EQUITY
Current liabilities:
Current debt	$	—	$	—		$	10,185	$	—		$	10,185
Trade accounts payable		86		25			545,401		—			545,512
Accrued liabilities		378		65,947			630,768		—			697,093
Income taxes payable		—		—			58,634		—			58,634
Total current liabilities		464		65,972			1,244,988		—			1,311,424
Long-term debt		—		3,904,059			58		—			3,904,117
Other long-term liabilities		—		31,071			346,673		—			377,744
Deferred income taxes		—		(213,233	)		729,394		—			516,161
Intercompany payable		—		1,747,566			—		(1,747,566	)		—
Total liabilities		464		5,535,435			2,321,113		(1,747,566	)		6,109,446
Subsidiary preferred stock		—		—			69,188		—			69,188
Shareholders' equity		5,969,085		667,502			13,028,293		(13,695,794	)		5,969,086
Noncontrolling interest		—		—			12,091		—			12,091
Total equity		5,969,085		667,502			13,040,384		(13,695,794	)		5,981,177
Total liabilities and equity	$	5,969,549	$	6,202,937		$	15,430,685	$	(15,443,360	)	$	12,159,811

Condensed Consolidating Statements of Income (Loss)

	Year Ended December 31, 2014
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	6,804,197		$	—		$	6,804,197
Earnings from unconsolidated affiliates		—			—			(6,301	)		—			(6,301	)
Earnings (losses) from consolidated affiliates		(653,124	)		(120,996	)		(250,365	)		1,024,485			—
Investment income (loss)		—			1,869			16,265			(6,303	)		11,831
Intercompany interest income		—			2,415			336			(2,751	)		—
Total revenues and other income		(653,124	)		(116,712	)		6,564,132			1,015,431			6,809,727
Costs and other deductions:
Direct costs		—			—			4,505,064			—			4,505,064
General and administrative expenses		9,531			8,001			532,789			(587	)		549,734
Depreciation and amortization		—			3,608			1,141,492			—			1,145,100
Interest expense		—			198,246			(20,298	)		—			177,948
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net		7,668			(223	)		1,041			587			9,073
Impairments and other charges		—			—			1,027,423			—			1,027,423
Intercompany interest expense		336			—			2,415			(2,751	)		—
Total costs and other deductions		17,535			209,632			7,189,926			(2,751	)		7,414,342
Income from continuing operations before income taxes		(670,659	)		(326,344	)		(625,794	)		1,018,182			(604,615	)
Income tax expense (benefit)		—			(75,979	)		138,645			—			62,666
Subsidiary preferred stock dividend		—			—			1,984			—			1,984
Income (loss) from continuing operations, net of tax		(670,659	)		(250,365	)		(766,423	)		1,018,182			(669,265	)
Income (loss) from discontinued operations, net of tax		—			—			21			—			21
Net income (loss)		(670,659	)		(250,365	)		(766,402	)		1,018,182			(669,244	)
Less: Net (income) loss attributable to noncontrolling interest		—			—			(1,415	)		—			(1,415	)
Net income (loss) attributable to Nabors	$	(670,659	)	$	(250,365	)	$	(767,817	)	$	1,018,182		$	(670,659	)

	Year Ended December 31, 2013
	Nabors (Parent/ Guarantor)		Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—		$	6,152,015		$	—		$	6,152,015
Earnings from unconsolidated affiliates		—		—			39			—			39
Earnings (losses) from consolidated affiliates		158,445		191,821			(92,137	)		(258,129	)		—
Investment income (loss)		1		75			101,047			(4,546	)		96,577
Intercompany interest income		—		92			—			(92	)		—
Total revenues and other income		158,446		191,988			6,160,964			(262,767	)		6,248,631
Costs and other deductions:
Direct costs		—		—			3,981,828			—			3,981,828
General and administrative expenses		11,111		796			514,000			(577	)		525,330
Depreciation and amortization		—		3,610			1,083,067			—			1,086,677
Interest expense		—		234,512			(11,094	)		—			223,418
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net		7,353		211,976			(181,929	)		577			37,977
Impairments and other charges		—		—			287,241			—			287,241
Intercompany interest espense		—		—			92			(92	)		—
Total costs and other deductions		18,464		450,894			5,673,205			(92	)		6,142,471
Income from continuing operations before income taxes		139,982		(258,906	)		487,759			(262,675	)		106,160
Income tax expense (benefit)		—		(166,769	)		111,588			—			(55,181	)
Subsidiary preferred stock dividend		—		—			3,000			—			3,000
Income (loss) from continuing operations, net of tax		139,982		(92,137	)		373,171			(262,675	)		158,341
Income (loss) from discontinued operations, net of tax		—		—			(11,179	)		—			(11,179	)
Net income (loss)		139,982		(92,137	)		361,992			(262,675	)		147,162
Less: Net (income) loss attributable to noncontrolling interest		—		—			(7,180	)		—			(7,180	)
Net income (loss) attributable to Nabors	$	139,982	$	(92,137	)	$	354,812		$	(262,675	)	$	139,982

	Year Ended December 31, 2012
	Nabors (Parent/ Guarantor)		Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—		$	6,843,051		$	—		$	6,843,051
Earnings from unconsolidated affiliates		—		—			(288,718	)		—			(288,718	)
Earnings (losses) from consolidated affiliates		173,199		(99,048	)		(206,413	)		132,262			—
Investment income (loss)		—		43			63,094			—			63,137
Intercompany interest income		—		69,145			—			(69,145	)		—
Total revenues and other income		173,199		(29,860	)		6,411,014			63,117			6,617,470
Costs and other deductions:
Direct costs		—		—			4,367,106			—			4,367,106
General and administrative expenses		7,141		458			521,962			(1,608	)		527,953
Depreciation and amortization		—		3,610			1,036,313			—			1,039,923
Interest expense		—		268,904			(17,000	)		—			251,904
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net		1,231		(2,451	)		(137,024	)		1,608			(136,636	)
Impairments and other charges		—		—			290,260			—			290,260
Intercompany interest expense		—		—			69,145			(69,145	)		—
Total costs and other deductions		8,372		270,521			6,130,762			(69,145	)		6,340,510
Income from continuing operations before income taxes		164,827		(300,381	)		280,252			132,262			276,960
Income tax expense (benefit)		—		(74,493	)		115,479			—			40,986
Subsidiary preferred stock dividend		—		—			3,000			—			3,000
Income (loss) from continuing operations, net of tax		164,827		(225,888	)		161,773			132,262			232,974
Income (loss) from discontinued operations, net of tax		—		—			(67,526	)		—			(67,526	)
Net income (loss)		164,827		(225,888	)		94,247			132,262			165,448
Less: Net (income) loss attributable to noncontrolling interest		—		—			(621	)		—			(621	)
Net income (loss) attributable to Nabors	$	164,827	$	(225,888	)	$	93,626		$	132,262		$	164,827

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Year Ended December 31, 2014
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(670,659	)	$	(250,365	)	$	(767,817	)	$	1,018,182		$	(670,659	)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		(79,059	)		1,583			(79,174	)		77,591			(79,059	)
Unrealized gains/(losses) on marketable securities:
Unrealized gains/(losses) on marketable securities		(52,962	)		156			(52,804	)		52,650			(52,960	)
Less: reclassification adjustment for (gains)/losses on marketable securities		(4,635	)		(2,395	)		(7,030	)		9,425			(4,635	)
Unrealized gains/(losses) on marketable securities		(57,597	)		(2,239	)		(59,834	)		62,075			(57,595	)
Pension plan		(5,050	)		(5,050	)		(10,100	)		15,150			(5,050	)
Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges		612			612			612			(1,224	)		612
Other comprehensive income (loss) before tax		(141,094	)		(5,094	)		(148,496	)		153,592			(141,092	)
Income tax expense (benefit) related to items of other comprehensive income (loss)		(2,474	)		(2,474	)		(5,187	)		7,661			(2,474	)
Other comprehensive income (loss), net of tax		(138,620	)		(2,620	)		(143,309	)		145,931			(138,618	)
Comprehensive income (loss) attributable to Nabors		(809,279	)		(252,985	)		(911,126	)		1,164,113			(809,277	)
Net income (loss) attributable to noncontrolling interest		—			—			1,415			—			1,415
Translation adjustment to noncontrolling interest		—			—			(1,017	)		—			(1,017	)
Comprehensive income (loss) attributable to noncontrolling interest		—			—			398			—			398
Comprehensive income (loss)	$	(809,277	)	$	(252,985	)	$	(910,728	)	$	1,164,111		$	(808,879	)

	Year Ended December 31, 2013
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	139,982		$	(92,137	)	$	354,812		$	(262,675	)	$	139,982
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		(65,447	)		87			(65,357	)		65,270			(65,447	)
Unrealized gains/(losses) on marketable securities:
Unrealized gains/(losses) on marketable securities		23,007			98			23,105			(23,203	)		23,007
Less: reclassification adjustment for (gains)/losses on marketable securities		(88,158	)		(7,114	)		(95,272	)		102,386			(88,158	)
Unrealized gains/(losses) on marketable securities		(65,151	)		(7,016	)		(72,167	)		79,183			(65,151	)
Pension plan		5,916			5,916			11,832			(17,748	)		5,916
Unrealized gains/(losses) on cash flow hedges		613			613			613			(1,226	)		613
Other comprehensive income (loss) before tax		(124,069	)		(400	)		(125,079	)		125,479			(124,069	)
Income tax expense (benefit) related to items of other comprehensive income (loss)		(66	)		(66	)		(370	)		436			(66	)
Other comprehensive income (loss), net of tax		(124,003	)		(334	)		(124,709	)		125,043			(124,003	)
Comprehensive income (loss) attributable to Nabors		15,979			(92,471	)		230,103			(137,632	)		15,979
Net income (loss) attributable to noncontrolling interest		7,180			—			7,180			(7,180	)		7,180
Translation adjustment to noncontrolling interest		(932	)		—			(932	)		932			(932	)
Comprehensive income (loss) attributable to noncontrolling interest		6,248			—			6,248			(6,248	)		6,248
Comprehensive income (loss)	$	22,227		$	(92,471	)	$	236,351		$	(143,880	)	$	22,227

	Year Ended December 31, 2012
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	164,827		$	(225,888	)	$	93,626		$	132,262		$	164,827
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		21,073			(88	)		20,987			(20,899	)		21,073
Unrealized gains/(losses) on marketable securities:
Unrealized gains/(losses) on marketable securities		98,138			133			98,271			(98,404	)		98,138
Less: reclassification adjustment for (gains)/losses on marketable securities		(13,405	)		(11,488	)		(24,893	)		36,381			(13,405	)
Unrealized gains/(losses) on marketable securities		84,733			(11,355	)		73,378			(62,023	)		84,733
Pension plan		(324	)		(324	)		(648	)		972			(324	)
Unrealized gains/(losses) on cash flow hedges		702			702			702			(1,404	)		702
Other comprehensive income (loss) before tax		106,184			(11,065	)		94,419			(83,354	)		106,184
Income tax expense (benefit) related to items of other comprehensive income (loss)		(4,147	)		(4,147	)		(8,533	)		12,680			(4,147	)
Other comprehensive income (loss), net of tax		110,331			(6,918	)		102,952			(96,034	)		110,331
Comprehensive income (loss) attributable to Nabors		275,158			(232,806	)		196,578			36,228			275,158
Net income (loss) attributable to noncontrolling interest		621			—			621			(621	)		621
Translation adjustment to noncontrolling interest		311			—			311			(311	)		311
Comprehensive income (loss) attributable to noncontrolling interest		932			—			932			(932	)		932
Comprehensive income (loss)	$	276,090		$	(232,806	)	$	197,510		$	35,296		$	276,090

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2014
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	26,943		$	(71,982	)	$	1,816,831		$	10,119		$	1,781,911
Cash flows from investing activities:
Purchases of investments		—			—			(319	)		—			(319	)
Sales and maturities of investments		—			—			23,992			—			23,992
Proceeds from sales of assets and insurance claims		—			—			156,761			—			156,761
Cash paid for acquisitions of businesses, net		—			—			(72,534	)		—			(72,534	)
Proceeds from sale of unconsolidated affiliates		—			—			750			—			750
Other Changes in Investing		—			—			(1,879	)		—			(1,879	)
Investments in unconsolidated affiliates		—			—			(2,365	)		—			(2,365	)
Change in intercompany balances		—			(418,315	)		418,315			—			—
Capital expenditures		—			—			(1,821,315	)		—			(1,821,315	)
Net cash provided by (used for) investing activities		—			(418,315	)		(1,298,594	)		—			(1,716,909	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			(6,151	)		—			(6,151	)
Proceeds from revolving credit facilities		—			450,000			15,000			—			465,000
Reduction in revolving credit facilities		—			(170,000	)		(60,932	)		—			(230,932	)
Proceeds (reductions) in commercial paper		—			203,275			—			—			203,275
Redemption of subsidiary Preferred Shares		—			—			(70,875	)		—			(70,875	)
Proceeds from (payments for) issuance of parent common shares to affiliates		16,424			—			—			(16,424	)		—
Treasury stock transactions, net		—			—			(250,037	)		—			(250,037	)
Proceeds from issuance of Parent common shares		30,263			—			—			—			30,263
Proceeds from Intercompany Debt		55,000			—			(55,000	)		—			—
Paydown of Intercompany Debt		(55,000	)		—			55,000			—			—
Cash dividends paid		(65,450	)		—			—			6,305			(59,145	)
Other Changes		(7,740	)		—			(3,810	)		—			(11,550	)
Net cash (used for) provided by financing activities		(26,503	)		483,275			(376,805	)		(10,119	)		69,848
Effect of exchange rate changes on cash and cash equivalents		—			—			(23,616	)		—			(23,616	)
Net increase (decrease) in cash and cash equivalents		440			(7,022	)		117,816			—			111,234
Cash and cash equivalents, beginning of period		730			7,029			382,156			—			389,915
Cash and cash equivalents, end of period	$	1,170		$	7		$	499,972		$	—		$	501,149

	Year Ended December 31, 2013
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	16,746		$	(157,952	)	$	1,531,902		$	27,527		$	1,418,223
Cash flows from investing activities:
Purchases of investments		—			—			—			—			—
Sales and maturities of investments		—			—			164,510			—			164,510
Proceeds from sale of unconsolidated affiliates		—			—			12,640			—			12,640
Cash paid for acquisition of businesses, net		—			—			(116,971	)		—			(116,971	)
Investment in unconsolidated affiliates		—			—			(5,967	)		—			(5,967	)
Capital expenditures		—			—			(1,178,205	)		—			(1,178,205	)
Proceeds from sales of assets and insurance claims		—			—			308,538			—			308,538
Cash paid for investments in consolidated affiliates		(100	)		(772,000	)		(1,544,000	)		2,316,100			—
Other		—			—			(13	)		—			(13	)
Changes in intercompany balances		—			748,537			(748,537	)		—			—
Net cash provided by (used for) investing activities		(100	)		(23,463	)		(3,108,005	)		2,316,100			(815,468	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			(4,421	)		—			(4,421	)
Proceeds from issuance of long-term debt		—			698,434			319			—			698,753
Debt issuance costs		—			(4,500	)		—			—			(4,500	)
Proceeds from (payments for) issuance of common shares		37,455			—			—			(32,072	)		5,383
Reduction in long-term debt		—			(994,112	)		(69	)		—			(994,181	)
Dividends to shareholders		(51,713	)		—			—			4,545			(47,168	)
Proceeds (reductions) in commercial paper, net		—			329,844			—			—			329,844
Reduction in revolving credit facilities		—			(720,000	)		—			—			(720,000	)
Proceeds from parent contributions		—			772,000			1,544,100			(2,316,100	)		—
Other		(3,296	)		—			10,000			—			6,704
Net cash (used for) provided by financing activities		(17,554	)		81,666			1,549,929			(2,343,627	)		(729,586	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(8,176	)		—			(8,176	)
Net increase (decrease) in cash and cash equivalents		(908	)		(99,749	)		(34,350	)		—			(135,007	)
Cash and cash equivalents, beginning of period		1,639			106,778			416,505			—			524,922
Cash and cash equivalents, end of period	$	731		$	7,029		$	382,155		$	—		$	389,915

	Year Ended December 31, 2012
	Nabors (Parent/ Guarantor)			Nabors Delaware (Issuer/ Guarantor)			Other Subsidiaries (Non- Guarantors)			Consolidating Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	7,253		$	39,708		$	1,546,250		$	(30,506	)	$	1,562,705
Cash flows from investing activities:
Purchases of investments		—			—			(949	)		—			(949	)
Sales and maturities of investments		—			—			31,944			—			31,944
Proceeds from sale of unconsolidated affiliates		—			—			159,529			—			159,529
Cash paid for acquisition of businesses, net		(35	)		—			—			35			—
Investment in unconsolidated affiliates		—			—			(1,325	)		—			(1,325	)
Capital expenditures		—			—			(1,518,628	)		—			(1,518,628	)
Proceeds from sales of assets and insurance claims		—			—			149,801			—			149,801
Changes in intercompany balances		—			274,482			(274,482	)		—			—
Net cash provided by (used for) investing activities		(35	)		274,482			(1,454,110	)		35			(1,179,628	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			1,612			—			1,612
Debt issuance costs		—			(3,433	)		—			—			(3,433	)
Proceeds from revolving credit facilities		—			710,000			—			—			710,000
Proceeds from (payments for) issuance of common shares		(3,622	)		—			(3	)		—			(3,625	)
Reduction in long-term debt		—			(224,997	)		(51,261	)		—			(276,258	)
Reduction in revolving credit facilities		—			(680,000	)		—			—			(680,000	)
Other		(2,160	)		—			(263	)		—			(2,423	)
Proceeds from parent contributions		—			—			35			(35	)		—
Cash dividends paid		—			(9,003	)		(21,503	)		30,506			—
Net cash (used for) provided by financing activities		(5,782	)		(207,433	)		(71,383	)		30,471			(254,127	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(2,603	)		—			(2,603	)
Net increase (decrease) in cash and cash equivalents		1,436			106,757			18,154			—			126,347
Cash and cash equivalents, beginning of period		203			21			398,351			—			398,575
Cash and cash equivalents, end of period	$	1,639		$	106,778		$	416,505		$	—		$	524,922