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Supplemental Guarantor Information | 6 Months Ended
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Jun. 30, 2013
Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Information | Supplemental Guarantor information All of our senior notes are guaranteed jointly and severally on a senior basis by each of the Company's wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2013 ($000’s omitted)
| Unconsolidated |  | Eliminating Entries |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
ASSETS |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 191,387 |  |  | $ | 935,954 |  |  | $ | 85,327 |  |  | $ | — |  |  | $ | 1,212,668 |
Restricted cash | 50,324 |  |  | 4,737 |  |  | 11,382 |  |  | — |  |  | 66,443 |
House and land inventory | — |  |  | 4,179,223 |  |  | 3,846 |  |  | — |  |  | 4,183,069 |
Land held for sale | — |  |  | 89,765 |  |  | — |  |  | — |  |  | 89,765 |
Land, not owned, under option agreements | — |  |  | 33,751 |  |  | — |  |  | — |  |  | 33,751 |
Residential mortgage loans available- for-sale | — |  |  | — |  |  | 237,595 |  |  | — |  |  | 237,595 |
Investments in unconsolidated entities | 68 |  |  | 40,571 |  |  | 3,739 |  |  | — |  |  | 44,378 |
Other assets | 21,860 |  |  | 349,099 |  |  | 70,945 |  |  | — |  |  | 441,904 |
Intangible assets | — |  |  | 142,698 |  |  | — |  |  | — |  |  | 142,698 |
Investments in subsidiaries and intercompany accounts, net | 4,393,741 |  |  | 4,109,137 |  |  | 4,938,979 |  |  | (13,441,857 | ) |  | — |
| $ | 4,657,380 |  |  | $ | 9,884,935 |  |  | $ | 5,351,813 |  |  | $ | (13,441,857 | ) |  | $ | 6,452,271 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable, customer deposits, accrued and other liabilities | $ | 46,457 |  |  | $ | 1,458,845 |  |  | $ | 276,180 |  |  | $ | — |  |  | $ | 1,781,482 |
Income tax liabilities | 200,646 |  |  | — |  |  | — |  |  | — |  |  | 200,646 |
Financial Services debt | — |  |  | — |  |  | 59,866 |  |  | — |  |  | 59,866 |
Senior notes | 2,082,062 |  |  | — |  |  | — |  |  | — |  |  | 2,082,062 |
Total liabilities | 2,329,165 |  |  | 1,458,845 |  |  | 336,046 |  |  | — |  |  | 4,124,056 |
Total shareholders’ equity | 2,328,215 |  |  | 8,426,090 |  |  | 5,015,767 |  |  | (13,441,857 | ) |  | 2,328,215 |
| $ | 4,657,380 |  |  | $ | 9,884,935 |  |  | $ | 5,351,813 |  |  | $ | (13,441,857 | ) |  | $ | 6,452,271 |
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2012 ($000’s omitted)
| Unconsolidated |  | Eliminating Entries |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
ASSETS |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 146,168 |  |  | $ | 1,063,943 |  |  | $ | 194,649 |  |  | $ | — |  |  | $ | 1,404,760 |
Restricted cash | 54,546 |  |  | 3,365 |  |  | 14,039 |  |  | — |  |  | 71,950 |
House and land inventory | — |  |  | 4,210,201 |  |  | 3,845 |  |  | — |  |  | 4,214,046 |
Land held for sale | — |  |  | 91,104 |  |  | — |  |  | — |  |  | 91,104 |
Land, not owned, under option agreements | — |  |  | 31,066 |  |  | — |  |  | — |  |  | 31,066 |
Residential mortgage loans available- for-sale | — |  |  | — |  |  | 318,931 |  |  | — |  |  | 318,931 |
Investments in unconsolidated entities | 1,528 |  |  | 40,973 |  |  | 3,128 |  |  | — |  |  | 45,629 |
Other assets | 28,951 |  |  | 324,109 |  |  | 54,615 |  |  | — |  |  | 407,675 |
Intangible assets | — |  |  | 149,248 |  |  | — |  |  | — |  |  | 149,248 |
Investments in subsidiaries and intercompany accounts, net | 4,723,466 |  |  | 7,198,710 |  |  | 6,296,915 |  |  | (18,219,091 | ) |  | — |
| $ | 4,954,659 |  |  | $ | 13,112,719 |  |  | $ | 6,886,122 |  |  | $ | (18,219,091 | ) |  | $ | 6,734,409 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable, customer deposits, accrued and other liabilities | $ | 56,565 |  |  | $ | 1,343,653 |  |  | $ | 297,302 |  |  | $ | — |  |  | $ | 1,697,520 |
Income tax liabilities | 198,865 |  |  | — |  |  | — |  |  | — |  |  | 198,865 |
Financial Services debt | — |  |  | — |  |  | 138,795 |  |  | — |  |  | 138,795 |
Senior notes | 2,509,613 |  |  | — |  |  | — |  |  | — |  |  | 2,509,613 |
Total liabilities | 2,765,043 |  |  | 1,343,653 |  |  | 436,097 |  |  | — |  |  | 4,544,793 |
Total shareholders’ equity | 2,189,616 |  |  | 11,769,066 |  |  | 6,450,025 |  |  | (18,219,091 | ) |  | 2,189,616 |
| $ | 4,954,659 |  |  | $ | 13,112,719 |  |  | $ | 6,886,122 |  |  | $ | (18,219,091 | ) |  | $ | 6,734,409 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 30, 2013 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 1,219,675 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,219,675 |
Land sale revenues | — |  |  | 20,385 |  |  | — |  |  | — |  |  | 20,385 |
| — |  |  | 1,240,060 |  |  | — |  |  | — |  |  | 1,240,060 |
Financial Services | — |  |  | 492 |  |  | 38,870 |  |  | — |  |  | 39,362 |
| — |  |  | 1,240,552 |  |  | 38,870 |  |  | — |  |  | 1,279,422 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 990,818 |  |  | — |  |  | — |  |  | 990,818 |
Land sale cost of revenues | — |  |  | 20,710 |  |  | — |  |  | — |  |  | 20,710 |
| — |  |  | 1,011,528 |  |  | — |  |  | — |  |  | 1,011,528 |
Financial Services expenses | 208 |  |  | 80 |  |  | 22,747 |  |  | — |  |  | 23,035 |
Selling, general and administrative expenses | — |  |  | 149,975 |  |  | 556 |  |  | — |  |  | 150,531 |
Other expense (income), net | 23,057 |  |  | 33,118 |  |  | 1,164 |  |  | — |  |  | 57,339 |
Interest income | (88 | ) |  | (1,003 | ) |  | (21 | ) |  | — |  |  | (1,112 | )
Interest expense | 166 |  |  | — |  |  | — |  |  | — |  |  | 166 |
Intercompany interest | 415 |  |  | 1 |  |  | (416 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | — |  |  | (319 | ) |  | (76 | ) |  | — |  |  | (395 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (23,758 | ) |  | 47,172 |  |  | 14,916 |  |  | — |  |  | 38,330 |
Income tax expense (benefit) | (24 | ) |  | (3,572 | ) |  | 5,509 |  |  | — |  |  | 1,913 |
Income (loss) before equity in income (loss) of subsidiaries | (23,734 | ) |  | 50,744 |  |  | 9,407 |  |  | — |  |  | 36,417 |
Equity in income (loss) of subsidiaries | 60,151 |  |  | 10,555 |  |  | 26,502 |  |  | (97,208 | ) |  | — |
Net income (loss) | 36,417 |  |  | 61,299 |  |  | 35,909 |  |  | (97,208 | ) |  | 36,417 |
Other comprehensive income | 148 |  |  | — |  |  | — |  |  | — |  |  | 148 |
Comprehensive income | $ | 36,565 |  |  | $ | 61,299 |  |  | $ | 35,909 |  |  | $ | (97,208 | ) |  | $ | 36,565 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 30, 2012 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 1,024,405 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,024,405 |
Land sale revenues | — |  |  | 8,749 |  |  | — |  |  | — |  |  | 8,749 |
| — |  |  | 1,033,154 |  |  | — |  |  | — |  |  | 1,033,154 |
Financial Services | — |  |  | 457 |  |  | 35,794 |  |  | — |  |  | 36,251 |
| — |  |  | 1,033,611 |  |  | 35,794 |  |  | — |  |  | 1,069,405 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 869,379 |  |  | — |  |  | — |  |  | 869,379 |
Land sale cost of revenues | — |  |  | 7,611 |  |  | — |  |  | — |  |  | 7,611 |
| — |  |  | 876,990 |  |  | — |  |  | — |  |  | 876,990 |
Financial Services expenses | 104 |  |  | 160 |  |  | 20,063 |  |  | — |  |  | 20,327 |
Selling, general and administrative expenses | — |  |  | 123,259 |  |  | 927 |  |  | — |  |  | 124,186 |
Other expense (income), net | — |  |  | 8,167 |  |  | 2,331 |  |  | — |  |  | 10,498 |
Interest income | (61 | ) |  | (1,081 | ) |  | (22 | ) |  | — |  |  | (1,164 | )
Interest expense | 198 |  |  | — |  |  | — |  |  | — |  |  | 198 |
Intercompany interest | 153,332 |  |  | (149,938 | ) |  | (3,394 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | — |  |  | (1,246 | ) |  | (310 | ) |  | — |  |  | (1,556 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (153,573 | ) |  | 177,300 |  |  | 16,199 |  |  | — |  |  | 39,926 |
Income tax expense (benefit) | (9,935 | ) |  | 1,550 |  |  | 5,875 |  |  | — |  |  | (2,510 | )
Income (loss) before equity in income (loss) of subsidiaries | (143,638 | ) |  | 175,750 |  |  | 10,324 |  |  | — |  |  | 42,436 |
Equity in income (loss) of subsidiaries | 186,074 |  |  | 10,254 |  |  | 95,463 |  |  | (291,791 | ) |  | — |
Net income (loss) | 42,436 |  |  | 186,004 |  |  | 105,787 |  |  | (291,791 | ) |  | 42,436 |
Other comprehensive income | 58 |  |  | — |  |  | — |  |  | — |  |  | 58 |
Comprehensive income (loss) | $ | 42,494 |  |  | $ | 186,004 |  |  | $ | 105,787 |  |  | $ | (291,791 | ) |  | $ | 42,494 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 30, 2013 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 2,319,427 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,319,427 |
Land sale revenues | — |  |  | 46,516 |  |  | — |  |  | — |  |  | 46,516 |
| — |  |  | 2,365,943 |  |  | — |  |  | — |  |  | 2,365,943 |
Financial Services | — |  |  | 1,111 |  |  | 75,124 |  |  | — |  |  | 76,235 |
| — |  |  | 2,367,054 |  |  | 75,124 |  |  | — |  |  | 2,442,178 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 1,892,288 |  |  | — |  |  | — |  |  | 1,892,288 |
Land sale cost of revenues | — |  |  | 42,728 |  |  | — |  |  | — |  |  | 42,728 |
| — |  |  | 1,935,016 |  |  | — |  |  | — |  |  | 1,935,016 |
Financial Services expenses | 416 |  |  | 224 |  |  | 44,983 |  |  | — |  |  | 45,623 |
Selling, general and administrative expenses | — |  |  | 278,866 |  |  | 1,291 |  |  | — |  |  | 280,157 |
Other expense (income), net | 23,041 |  |  | 37,521 |  |  | 1,549 |  |  | — |  |  | 62,111 |
Interest income | (165 | ) |  | (2,058 | ) |  | (62 | ) |  | — |  |  | (2,285 | )
Interest expense | 373 |  |  | — |  |  | — |  |  | — |  |  | 373 |
Intercompany interest | 175,280 |  |  | (172,398 | ) |  | (2,882 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | 1,460 |  |  | (346 | ) |  | (611 | ) |  | — |  |  | 503 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (200,405 | ) |  | 290,229 |  |  | 30,856 |  |  | — |  |  | 120,680 |
Income tax expense (benefit) | 129 |  |  | (7,966 | ) |  | 10,338 |  |  | — |  |  | 2,501 |
Income (loss) before equity in income (loss) of subsidiaries | (200,534 | ) |  | 298,195 |  |  | 20,518 |  |  | — |  |  | 118,179 |
Equity in income (loss) of subsidiaries | 318,713 |  |  | 21,976 |  |  | 201,461 |  |  | (542,150 | ) |  | — |
Net income (loss) | 118,179 |  |  | 320,171 |  |  | 221,979 |  |  | (542,150 | ) |  | 118,179 |
Other comprehensive income | 196 |  |  | — |  |  | — |  |  | — |  |  | 196 |
Comprehensive income | $ | 118,375 |  |  | $ | 320,171 |  |  | $ | 221,979 |  |  | $ | (542,150 | ) |  | $ | 118,375 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 30, 2012 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 1,838,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,838,191 |
Land sale revenues | — |  |  | 47,147 |  |  | — |  |  | — |  |  | 47,147 |
| — |  |  | 1,885,338 |  |  | — |  |  | — |  |  | 1,885,338 |
Financial Services | — |  |  | 830 |  |  | 64,273 |  |  | — |  |  | 65,103 |
| — |  |  | 1,886,168 |  |  | 64,273 |  |  | — |  |  | 1,950,441 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 1,581,545 |  |  | — |  |  | — |  |  | 1,581,545 |
Land sale cost of revenues | — |  |  | 41,008 |  |  | — |  |  | — |  |  | 41,008 |
| — |  |  | 1,622,553 |  |  | — |  |  | — |  |  | 1,622,553 |
Financial Services expenses | 170 |  |  | 273 |  |  | 41,893 |  |  | — |  |  | 42,336 |
Selling, general and administrative expenses | — |  |  | 245,666 |  |  | 1,834 |  |  | — |  |  | 247,500 |
Other expense (income), net | (20 | ) |  | 14,459 |  |  | 2,678 |  |  | — |  |  | 17,117 |
Interest income | (123 | ) |  | (2,194 | ) |  | (46 | ) |  | — |  |  | (2,363 | )
Interest expense | 415 |  |  | — |  |  | — |  |  | — |  |  | 415 |
Intercompany interest | 262,466 |  |  | (255,830 | ) |  | (6,636 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | (2 | ) |  | (3,162 | ) |  | (388 | ) |  | — |  |  | (3,552 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (262,906 | ) |  | 264,403 |  |  | 24,938 |  |  | — |  |  | 26,435 |
Income tax expense (benefit) | 19,256 |  |  | (4,194 | ) |  | (19,397 | ) |  | — |  |  | (4,335 | )
Income (loss) before equity in income (loss) of subsidiaries | (282,162 | ) |  | 268,597 |  |  | 44,335 |  |  | — |  |  | 30,770 |
Equity in income (loss) of subsidiaries | 312,932 |  |  | 44,736 |  |  | 145,594 |  |  | (503,262 | ) |  | — |
Net income (loss) | 30,770 |  |  | 313,333 |  |  | 189,929 |  |  | (503,262 | ) |  | 30,770 |
Other comprehensive income | 115 |  |  | — |  |  | — |  |  | — |  |  | 115 |
Comprehensive income | $ | 30,885 |  |  | $ | 313,333 |  |  | $ | 189,929 |  |  | $ | (503,262 | ) |  | $ | 30,885 |
CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2013 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Net cash provided by (used in) operating activities | $ | (167,506 | ) |  | $ | 429,101 |  |  | $ | 73,470 |  |  | $ | — |  |  | $ | 335,065 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated entities | — |  |  | 200 |  |  | — |  |  | — |  |  | 200 |
Investments in unconsolidated entities | — |  |  | (807 | ) |  | — |  |  | — |  |  | (807 | )
Net change in loans held for investment | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Change in restricted cash related to letters of credit | 4,222 |  |  | — |  |  | — |  |  | — |  |  | 4,222 |
Proceeds from the sale of property and equipment | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Capital expenditures | — |  |  | (10,029 | ) |  | (988 | ) |  | — |  |  | (11,017 | )
Net cash provided by (used in) investing activities | 4,222 |  |  | (10,627 | ) |  | (970 | ) |  | — |  |  | (7,375 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Financial Services borrowings (repayments) | — |  |  | — |  |  | (78,929 | ) |  | — |  |  | (78,929 | )
Other borrowings (repayments) | (454,335 | ) |  | 1,385 |  |  | — |  |  | — |  |  | (452,950 | )
Stock option exercises | 18,544 |  |  | — |  |  | — |  |  | — |  |  | 18,544 |
Stock repurchases | (6,447 | ) |  | — |  |  | — |  |  | — |  |  | (6,447 | )
Intercompany activities, net | 650,741 |  |  | (547,848 | ) |  | (102,893 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 208,503 |  |  | (546,463 | ) |  | (181,822 | ) |  | — |  |  | (519,782 | )
Net increase (decrease) in cash and equivalents | 45,219 |  |  | (127,989 | ) |  | (109,322 | ) |  | — |  |  | (192,092 | )
Cash and equivalents at beginning of period | 146,168 |  |  | 1,063,943 |  |  | 194,649 |  |  | — |  |  | 1,404,760 |
Cash and equivalents at end of period | $ | 191,387 |  |  | $ | 935,954 |  |  | $ | 85,327 |  |  | $ | — |  |  | $ | 1,212,668 |
CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2012 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Net cash provided by (used in) operating activities | $ | (272,489 | ) |  | $ | 420,574 |  |  | $ | 63,455 |  |  | $ | — |  |  | $ | 211,540 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated entities | — |  |  | 2,696 |  |  | — |  |  | — |  |  | 2,696 |
Investments in unconsolidated entities | — |  |  | (858 | ) |  | — |  |  | — |  |  | (858 | )
Net change in loans held for investment | — |  |  | — |  |  | 627 |  |  | — |  |  | 627 |
Change in restricted cash related to letters of credit | 16,280 |  |  | — |  |  | — |  |  | — |  |  | 16,280 |
Proceeds from the sale of property and equipment | — |  |  | 4,627 |  |  | — |  |  | — |  |  | 4,627 |
Capital expenditures | — |  |  | (5,451 | ) |  | (1,546 | ) |  | — |  |  | (6,997 | )
Net cash provided by (used in) investing activities | 16,280 |  |  | 1,014 |  |  | (919 | ) |  | — |  |  | 16,375 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Other borrowings (repayments) | — |  |  | 400 |  |  | — |  |  | — |  |  | 400 |
Stock repurchases | (908 | ) |  | — |  |  | — |  |  | — |  |  | (908 | )
Intercompany activities, net | 271,521 |  |  | (200,543 | ) |  | (70,978 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 270,613 |  |  | (200,143 | ) |  | (70,978 | ) |  | — |  |  | (508 | )
Net increase (decrease) in cash and equivalents | 14,404 |  |  | 221,445 |  |  | (8,442 | ) |  | — |  |  | 227,407 |
Cash and equivalents at beginning of period | 119,287 |  |  | 875,561 |  |  | 88,223 |  |  | — |  |  | 1,083,071 |
Cash and equivalents at end of period | $ | 133,691 |  |  | $ | 1,097,006 |  |  | $ | 79,781 |  |  | $ | — |  |  | $ | 1,310,478 |

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