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CONSOLIDATING FINANCIAL STATEMENTS
9 Months Ended
Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATING FINANCIAL STATEMENTS
CONSOLIDATING FINANCIAL STATEMENTS
The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries.
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.
The subsidiary guarantors, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the parent company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.
 
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 AND COMPREHENSIVE INCOME
 
For the Three Months Ended September 30, 2018
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
SALES
—

 
—

 

$200,890

 
—

 

$200,890

Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
—

 
(143,261
)
 
—

 
(143,261
)
Selling and general expenses
—

 
(5,094
)
 
(5,706
)
 
—

 
(10,800
)
Other operating loss, net
—

 
(50
)
 
(401
)
 
—

 
(451
)
 
—

 
(5,144
)
 
(149,368
)
 
—

 
(154,512
)
OPERATING (LOSS) INCOME
—

 
(5,144
)
 
51,522

 
—

 
46,378

Interest expense
(3,138
)
 
(4,676
)
 
(24
)
 
—

 
(7,838
)
Interest and miscellaneous income (expense), net
1,743

 
1,755

 
(3,003
)
 
—

 
495

Equity in income from subsidiaries
24,827

 
33,539

 
—

 
(58,366
)
 
—

INCOME BEFORE INCOME TAXES
23,432

 
25,474

 
48,495

 
(58,366
)
 
39,035

Income tax expense
—

 
(647
)
 
(7,749
)
 
—

 
(8,396
)
NET INCOME
23,432

 
24,827

 
40,746

 
(58,366
)
 
30,639

Less: Net income attributable to noncontrolling interest
—

 
—

 
(7,207
)
 
—

 
(7,207
)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
23,432

 
24,827

 
33,539

 
(58,366
)
 
23,432

OTHER COMPREHENSIVE (LOSS) INCOME
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of income tax
(8,090
)
 
—

 
(10,527
)
 
8,090

 
(10,527
)
Cash flow hedges, net of income tax
4,379

 
5,174

 
(1,032
)
 
(4,379
)
 
4,142

Amortization of pension and postretirement plans, net of income tax
(542
)
 
(542
)
 
—

 
542

 
(542
)
Total other comprehensive (loss) income
(4,253
)
 
4,632

 
(11,559
)
 
4,253

 
(6,927
)
COMPREHENSIVE INCOME
19,179

 
29,459

 
29,187

 
(54,113
)
 
23,712

Less: Comprehensive loss attributable to noncontrolling interest
—

 
—

 
(4,533
)
 
—

 
(4,533
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.

$19,179

 

$29,459

 

$24,654

 

($54,113
)
 

$19,179

 
 
 
 
 
 
 
 
 
 

 
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 AND COMPREHENSIVE INCOME
 
For the Three Months Ended September 30, 2017
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
SALES
—

 
—

 

$184,419

 
—

 

$184,419

Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
—

 
(136,983
)
 
—

 
(136,983
)
Selling and general expenses
—

 
(4,096
)
 
(5,840
)
 
—

 
(9,936
)
Other operating (loss) income, net
—

 
(81
)
 
1,852

 
—

 
1,771

 
—

 
(4,177
)
 
(140,971
)
 
—

 
(145,148
)
OPERATING (LOSS) INCOME
—

 
(4,177
)
 
43,448

 
—

 
39,271

Interest expense
(3,139
)
 
(4,982
)
 
(432
)
 
—

 
(8,553
)
Interest and miscellaneous income (expense), net
2,486

 
704

 
(2,062
)
 
—

 
1,128

Equity in income from subsidiaries
25,341

 
33,929

 
—

 
(59,270
)
 
—

INCOME BEFORE INCOME TAXES
24,688

 
25,474

 
40,954

 
(59,270
)
 
31,846

Income tax expense
—

 
(133
)
 
(2,910
)
 
—

 
(3,043
)
NET INCOME
24,688

 
25,341

 
38,044

 
(59,270
)
 
28,803

Less: Net income attributable to noncontrolling interest
—

 
—

 
(4,115
)
 
—

 
(4,115
)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
24,688

 
25,341

 
33,929

 
(59,270
)
 
24,688

OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of income tax
(5,866
)
 
—

 
(7,317
)
 
5,866

 
(7,317
)
Cash flow hedges, net of income tax
(1,787
)
 
(533
)
 
(1,629
)
 
1,787

 
(2,162
)
Amortization of pension and postretirement plans, net of income tax
116

 
116

 
—

 
(116
)
 
116

Total other comprehensive income (loss)
(7,537
)
 
(417
)
 
(8,946
)
 
7,537

 
(9,363
)
COMPREHENSIVE INCOME
17,151

 
24,924

 
29,098

 
(51,733
)
 
19,440

Less: Comprehensive income attributable to noncontrolling interest
—

 
—

 
(2,289
)
 
—

 
(2,289
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.

$17,151

 

$24,924

 

$26,809

 

($51,733
)
 

$17,151

 
 
 
 
 
 
 
 
 
 


 
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 AND COMPREHENSIVE INCOME
 
For the Nine Months Ended September 30, 2018
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
SALES
—

 
—

 

$649,991

 
—

 

$649,991

Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
—

 
(466,167
)
 
—

 
(466,167
)
Selling and general expenses
—

 
(14,953
)
 
(16,351
)
 
—

 
(31,304
)
Other operating (loss) income, net
(12
)
 
545

 
2,044

 
—

 
2,577

 
(12
)
 
(14,408
)
 
(480,474
)
 
—

 
(494,894
)
OPERATING (LOSS) INCOME
(12
)
 
(14,408
)
 
169,517

 
—

 
155,097

Interest expense
(9,417
)
 
(14,229
)
 
(346
)
 
—

 
(23,992
)
Interest and miscellaneous income (expense), net
7,105

 
3,265

 
(6,350
)
 
—

 
4,020

Equity in income from subsidiaries
102,553

 
128,786

 
—

 
(231,339
)
 
—

INCOME BEFORE INCOME TAXES
100,229

 
103,414

 
162,821

 
(231,339
)
 
135,125

Income tax expense
—

 
(861
)
 
(21,582
)
 
—

 
(22,443
)
NET INCOME
100,229

 
102,553

 
141,239

 
(231,339
)
 
112,682

Less: Net income attributable to noncontrolling interest
—

 
—

 
(12,453
)
 
—

 
(12,453
)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
100,229

 
102,553

 
128,786

 
(231,339
)
 
100,229

OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of income tax
(23,341
)
 
452

 
(31,051
)
 
23,341

 
(30,599
)
Cash flow hedges, net of income tax
22,476

 
26,460

 
(5,175
)
 
(22,476
)
 
21,285

Amortization of pension and postretirement plans, net of income tax
(204
)
 
(204
)
 
—

 
204

 
(204
)
Total other comprehensive income (loss)
(1,069
)
 
26,708

 
(36,226
)
 
1,069

 
(9,518
)
COMPREHENSIVE INCOME
99,160

 
129,261

 
105,013

 
(230,270
)
 
103,164

Less: Comprehensive loss attributable to noncontrolling interest
—

 
—

 
(4,004
)
 
—

 
(4,004
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.

$99,160

 

$129,261

 

$101,009

 

($230,270
)
 

$99,160

 
 
 
 
 
 
 
 
 
 




 
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 AND COMPREHENSIVE INCOME
 
For the Nine Months Ended September 30, 2017
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
SALES
—

 
—

 

$579,874

 
—

 

$579,874

Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
—

 
(418,421
)
 
—

 
(418,421
)
Selling and general expenses
—

 
(11,880
)
 
(17,891
)
 
—

 
(29,771
)
Other operating (loss) income, net
—

 
(212
)
 
3,956

 
—

 
3,744

 
—

 
(12,092
)
 
(432,356
)
 
—

 
(444,448
)
OPERATING (LOSS) INCOME
—

 
(12,092
)
 
147,518

 
—

 
135,426

Interest expense
(9,417
)
 
(14,723
)
 
(1,460
)
 
—

 
(25,600
)
Interest and miscellaneous income (expense), net
7,033

 
2,087

 
(7,470
)
 
—

 
1,650

Equity in income from subsidiaries
87,075

 
112,253

 
—

 
(199,328
)
 
—

INCOME BEFORE INCOME TAXES
84,691

 
87,525

 
138,588

 
(199,328
)
 
111,476

Income tax expense
—

 
(450
)
 
(16,367
)
 
—

 
(16,817
)
NET INCOME
84,691

 
87,075

 
122,221

 
(199,328
)
 
94,659

Less: Net income attributable to noncontrolling interest
—

 
—

 
(9,968
)
 
—

 
(9,968
)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
84,691

 
87,075

 
112,253

 
(199,328
)
 
84,691

OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of income tax
13,335

 
—

 
16,599

 
(13,335
)
 
16,599

Cash flow hedges, net of income tax
(1,902
)
 
(2,921
)
 
1,324

 
1,902

 
(1,597
)
Amortization of pension and postretirement plans, net of income tax
349

 
349

 
—

 
(349
)
 
349

Total other comprehensive income (loss)
11,782

 
(2,572
)
 
17,923

 
(11,782
)
 
15,351

COMPREHENSIVE INCOME
96,473

 
84,503

 
140,144

 
(211,110
)
 
110,010

Less: Comprehensive income attributable to noncontrolling interest
—

 
—

 
(13,537
)
 
—

 
(13,537
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.

$96,473

 

$84,503

 

$126,607

 

($211,110
)
 

$96,473

 
 
 
 
 
 
 
 
 
 

 
CONDENSED CONSOLIDATING BALANCE SHEETS
 
As of September 30, 2018
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

$6,245

 

$92,747

 

$47,267

 
—

 

$146,259

Accounts receivable, less allowance for doubtful accounts
1,994

 
2,738

 
38,357

 
—

 
43,089

Inventory
—

 
—

 
26,950

 
—

 
26,950

Prepaid expenses
—

 
1,534

 
14,315

 
—

 
15,849

Other current assets
—

 
106

 
2,337

 
—

 
2,443

Total current assets
8,239

 
97,125

 
129,226

 
—

 
234,590

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION
—

 
—

 
2,386,949

 
—

 
2,386,949

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS
—

 
—

 
79,747

 
—

 
79,747

NET PROPERTY, PLANT AND EQUIPMENT
—

 
17,198

 
5,604

 
—

 
22,802

RESTRICTED CASH
—

 
—

 
45,418

 
—

 
45,418

INVESTMENT IN SUBSIDIARIES
1,875,187

 
3,031,631

 
—

 
(4,906,818
)
 
—

INTERCOMPANY RECEIVABLE
48,671

 
(629,661
)
 
580,990

 
—

 
—

OTHER ASSETS
2

 
37,532

 
35,175

 
—

 
72,709

TOTAL ASSETS

$1,932,099

 

$2,553,825

 

$3,263,109

 

($4,906,818
)
 

$2,842,215

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 

 
 
CURRENT LIABILITIES
 
 
 
 
 
 

 
 
Accounts payable
—

 

$4,210

 

$18,196

 
—

 

$22,406

Accrued taxes
—

 
180

 
7,638

 
—

 
7,818

Accrued payroll and benefits
—

 
4,891

 
3,429

 
—

 
8,320

Accrued interest
6,094

 
1,869

 
—

 
—

 
7,963

Deferred revenue
—

 
—

 
13,867

 
—

 
13,867

Other current liabilities
1,994

 
1,029

 
18,226

 
—

 
21,249

Total current liabilities
8,088

 
12,179

 
61,356

 
—

 
81,623

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS
323,711

 
648,715

 
—

 
—

 
972,426

PENSION AND OTHER POSTRETIREMENT BENEFITS
—

 
29,609

 
(684
)
 
—

 
28,925

OTHER NON-CURRENT LIABILITIES
—

 
7,096

 
51,046

 
—

 
58,142

INTERCOMPANY PAYABLE
—

 
(18,961
)
 
18,961

 
—

 
—

TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY
1,600,300

 
1,875,187

 
3,031,631

 
(4,906,818
)
 
1,600,300

Noncontrolling interest
—

 
—

 
100,799

 
—

 
100,799

TOTAL SHAREHOLDERS’ EQUITY
1,600,300

 
1,875,187

 
3,132,430

 
(4,906,818
)
 
1,701,099

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$1,932,099

 

$2,553,825

 

$3,263,109

 

($4,906,818
)
 

$2,842,215


 
CONDENSED CONSOLIDATING BALANCE SHEETS
 
As of December 31, 2017
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

$48,564

 

$25,042

 

$39,047

 
—

 

$112,653

Accounts receivable, less allowance for doubtful accounts
—

 
3,726

 
23,967

 
—

 
27,693

Inventory
—

 
—

 
24,141

 
—

 
24,141

Prepaid expenses
—

 
759

 
15,234

 
—

 
15,993

Other current assets
—

 
14

 
3,033

 
—

 
3,047

Total current assets
48,564

 
29,541

 
105,422

 
—

 
183,527

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION
—

 
—

 
2,462,066

 
—

 
2,462,066

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS
—

 
—

 
80,797

 
—

 
80,797

NET PROPERTY, PLANT AND EQUIPMENT
—

 
21

 
23,357

 
—

 
23,378

RESTRICTED CASH
—

 
—

 
59,703

 
—

 
59,703

INVESTMENT IN SUBSIDIARIES
1,531,156

 
2,814,408

 
—

 
(4,345,564
)
 
—

INTERCOMPANY RECEIVABLE
40,067

 
(628,167
)
 
588,100

 
—

 
—

OTHER ASSETS
2

 
12,680

 
36,328

 
—

 
49,010

TOTAL ASSETS

$1,619,789

 

$2,228,483

 

$3,355,773

 

($4,345,564
)
 

$2,858,481

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
Accounts payable
—

 

$2,838

 

$22,310

 
—

 

$25,148

Current maturities of long-term debt
—

 
—

 
3,375

 
—

 
3,375

Accrued taxes
—

 
48

 
3,733

 
—

 
3,781

Accrued payroll and benefits
—

 
5,298

 
4,364

 
—

 
9,662

Accrued interest
3,047

 
1,995

 
12

 
—

 
5,054

Deferred revenue
—

 
—

 
9,721

 
—

 
9,721

Other current liabilities
—

 
564

 
11,243

 
—

 
11,807

Total current liabilities
3,047

 
10,743

 
54,758

 
—

 
68,548

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS
323,434

 
663,570

 
35,000

 
—

 
1,022,004

PENSION AND OTHER POSTRETIREMENT BENEFITS
—

 
32,589

 
(684
)
 
—

 
31,905

OTHER NON-CURRENT LIABILITIES
—

 
9,386

 
33,698

 
—

 
43,084

INTERCOMPANY PAYABLE
(299,715
)
 
(18,961
)
 
318,676

 
—

 
—

TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY
1,593,023

 
1,531,156

 
2,814,408

 
(4,345,564
)
 
1,593,023

Noncontrolling interest
—

 
—

 
99,917

 
—

 
99,917

TOTAL SHAREHOLDERS’ EQUITY
1,593,023

 
1,531,156

 
2,914,325

 
(4,345,564
)
 
1,692,940

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$1,619,789

 

$2,228,483

 

$3,355,773

 

($4,345,564
)
 

$2,858,481



 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
For the Nine Months Ended September 30, 2018
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES

($16,590
)
 

$165,283

 

$112,358

 
—

 

$261,051

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(58
)
 
(44,079
)
 
—

 
(44,137
)
Real estate development investments
—

 
—

 
(6,889
)
 
—

 
(6,889
)
Purchase of timberlands
—

 
—

 
(38,978
)
 
—

 
(38,978
)
Investment in subsidiaries
—

 
40,554

 
—

 
(40,554
)
 
—

Other
—

 
—

 
2,132

 
—

 
2,132

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
—

 
40,496

 
(87,814
)
 
(40,554
)
 
(87,872
)
FINANCING ACTIVITIES (a)
 
 
 
 
 
 

 
 
Issuance of debt
—

 
—

 
1,014

 
—

 
1,014

Repayment of debt
—

 
(50,000
)
 
(4,416
)
 
—

 
(54,416
)
Dividends paid
(101,839
)
 
—

 
—

 
—

 
(101,839
)
Proceeds from the issuance of common shares under incentive stock plan
8,216

 
—

 
—

 
—

 
8,216

Repurchase of common shares
(2,980
)
 
—

 
—

 
—

 
(2,980
)
Proceeds from shareholder distribution hedge
—

 
—

 
610

 
—

 
610

Distribution to minority shareholder
—

 
—

 
(3,122
)
 
—

 
(3,122
)
Issuance of intercompany notes
(9,000
)
 
—

 
9,000

 
—

 
—

Intercompany distributions
79,874

 
(88,074
)
 
(32,354
)
 
40,554

 
—

CASH USED FOR FINANCING ACTIVITIES
(25,729
)
 
(138,074
)
 
(29,268
)
 
40,554

 
(152,517
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
—

 
—

 
(1,341
)
 
—

 
(1,341
)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
 
 
 
 
 

 
 
Change in cash, cash equivalents and restricted cash
(42,319
)
 
67,705

 
(6,065
)
 
—

 
19,321

Balance, beginning of year
48,564

 
25,042

 
98,750

 
—

 
172,356

Balance, end of period

$6,245

 

$92,747

 

$92,685

 
—

 

$191,677

 
 
 
 
 
(a)
Non-cash financing activity: In August 2018, Rayonier Inc. waived $308.7 million and $67.2 million of intercompany loans and accrued interest, respectively, due from non-guarantors.

 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
For the Nine Months Ended September 30, 2017
 
Rayonier Inc.
(Parent
Issuer)
 
Subsidiary Guarantors
 
Non-
guarantors
 
Consolidating
Adjustments
 
Total
Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES

($40,090
)
 

$77,358

 

$149,605

 
—

 

$186,873

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(45,731
)
 
—

 
(45,731
)
Real estate development investments
—

 
—

 
(11,780
)
 
—

 
(11,780
)
Purchase of timberlands
—

 
—

 
(239,052
)
 
—

 
(239,052
)
Net proceeds from large disposition
—

 
—

 
42,029

 
—

 
42,029

Rayonier office building under construction
—

 
—

 
(5,979
)
 
—

 
(5,979
)
Investment in subsidiaries
—

 
12,307

 
—

 
(12,307
)
 
—

Other
—

 
—

 
383

 
—

 
383

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
—

 
12,307

 
(260,130
)
 
(12,307
)
 
(260,130
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Issuance of debt
—

 
25,000

 
38,389

 
—

 
63,389

Repayment of debt
—

 
(15,000
)
 
(80,216
)
 
—

 
(95,216
)
Dividends paid
(95,008
)
 
—

 
—

 
—

 
(95,008
)
Proceeds from the issuance of common shares under incentive stock plan
3,665

 
—

 
—

 
—

 
3,665

Proceeds from the issuance of common shares from equity offering, net of costs
152,390

 
—

 
—

 
—

 
152,390

Issuance of intercompany notes
(32,000
)
 
—

 
32,000

 
—

 
—

Intercompany distributions
52,809

 
(102,521
)
 
37,405

 
12,307

 
—

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
81,856

 
(92,521
)
 
27,578

 
12,307

 
29,220

EFFECT OF EXCHANGE RATE CHANGES ON CASH
—

 
—

 
1,113

 
—

 
1,113

CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
 
 
 
 
 
 
 
 
Change in cash, cash equivalents and restricted cash
41,766

 
(2,856
)
 
(81,834
)
 
—

 
(42,924
)
Balance, beginning of year
21,453

 
9,461

 
126,703

 
—

 
157,617

Balance, end of period

$63,219

 

$6,605

 

$44,869

 
—

 

$114,693