|
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Guarantor and Nonguarantor Financial Statements [Abstract] |
|
| Schedule of condensed balance sheet |
Balance sheet at June 30, 2013: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Cash and cash equivalents | $ | 413,467 |
| | $ | — |
| | $ | 265,258 |
| | $ | — |
| | $ | 678,725 |
| Marketable securities | 7,775 |
| | — |
| | — |
| | — |
| | 7,775 |
| Accounts receivable, net | 11 |
| | 151,153 |
| | 84,786 |
| | — |
| | 235,950 |
| Other current assets | 26,226 |
| | 66,061 |
| | 52,875 |
| | 3,123 |
| | 148,285 |
| Intercompany receivables | — |
| | 415,915 |
| | 1,768,667 |
| | (2,184,582 | ) | | — |
| Property and equipment, net | 4,378 |
| | 214,744 |
| | 70,371 |
| | — |
| | 289,493 |
| Goodwill | — |
| | 1,179,578 |
| | 484,737 |
| | — |
| | 1,664,315 |
| Intangible assets, net | — |
| | 319,251 |
| | 146,910 |
| | — |
| | 466,161 |
| Investment in subsidiaries | 4,377,565 |
| | 676,168 |
| | — |
| | (5,053,733 | ) | | — |
| Other non-current assets | 181,304 |
| | 18,071 |
| | 122,358 |
| | 54 |
| | 321,787 |
| Total assets | $ | 5,010,726 |
| | $ | 3,040,941 |
| | $ | 2,995,962 |
| | $ | (7,235,138 | ) | | $ | 3,812,491 |
| | | | | | | | | | | Accounts payable, trade | $ | 1,543 |
| | $ | 45,858 |
| | $ | 35,893 |
| | $ | — |
| | $ | 83,294 |
| Other current liabilities | 38,823 |
| | 263,956 |
| | 239,449 |
| | (14,866 | ) | | 527,362 |
| Long-term debt, net of current maturities | 500,000 |
| | 80,000 |
| | — |
| | — |
| | 580,000 |
| Income taxes payable | 440,261 |
| | 25,422 |
| | 12,270 |
| | 18,215 |
| | 496,168 |
| Intercompany liabilities | 2,184,582 |
| | — |
| | — |
| | (2,184,582 | ) | | — |
| Other long-term liabilities | 214,212 |
| | 81,475 |
| | 83,471 |
| | (172 | ) | | 378,986 |
| Redeemable noncontrolling interests | — |
| | — |
| | 64,147 |
| | — |
| | 64,147 |
| IAC shareholders' equity | 1,631,305 |
| | 2,544,230 |
| | 2,509,503 |
| | (5,053,733 | ) | | 1,631,305 |
| Noncontrolling interests | — |
| | — |
| | 51,229 |
| | — |
| | 51,229 |
| Total liabilities and shareholders' equity | $ | 5,010,726 |
| | $ | 3,040,941 |
| | $ | 2,995,962 |
| | $ | (7,235,138 | ) | | $ | 3,812,491 |
|
Balance sheet at December 31, 2012: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Cash and cash equivalents | $ | 501,075 |
| | $ | — |
| | $ | 248,902 |
| | $ | — |
| | $ | 749,977 |
| Marketable securities | 20,604 |
| | — |
| | — |
| | — |
| | 20,604 |
| Accounts receivable, net | 43 |
| | 142,627 |
| | 87,160 |
| | — |
| | 229,830 |
| Other current assets | 58,452 |
| | 53,720 |
| | 45,204 |
| | (1,037 | ) | | 156,339 |
| Intercompany receivables | — |
| | 482,926 |
| | 10,276,178 |
| | (10,759,104 | ) | | — |
| Property and equipment, net | 4,116 |
| | 194,515 |
| | 71,881 |
| | — |
| | 270,512 |
| Goodwill | — |
| | 1,190,199 |
| | 425,955 |
| | — |
| | 1,616,154 |
| Intangible assets, net | — |
| | 340,631 |
| | 142,273 |
| | — |
| | 482,904 |
| Investment in subsidiaries | 12,913,694 |
| | 611,851 |
| | — |
| | (13,525,545 | ) | | — |
| Other non-current assets | 153,155 |
| | 16,509 |
| | 109,912 |
| | (68 | ) | | 279,508 |
| Total assets | $ | 13,651,139 |
| | $ | 3,032,978 |
| | $ | 11,407,465 |
| | $ | (24,285,754 | ) | | $ | 3,805,828 |
| | | | | | | | | | | Accounts payable, trade | $ | 4,366 |
| | $ | 64,888 |
| | $ | 29,060 |
| | $ | — |
| | $ | 98,314 |
| Other current liabilities | 74,214 |
| | 216,010 |
| | 238,003 |
| | (1,652 | ) | | 526,575 |
| Long-term debt, net of current maturities | 500,000 |
| | 80,000 |
| | — |
| | — |
| | 580,000 |
| Income taxes payable | 440,110 |
| | 26,389 |
| | 13,446 |
| | — |
| | 479,945 |
| Intercompany liabilities | 10,759,104 |
| | — |
| | — |
| | (10,759,104 | ) | | — |
| Other long-term liabilities | 217,617 |
| | 91,119 |
| | 45,950 |
| | 547 |
| | 355,233 |
| Redeemable noncontrolling interests | — |
| | 1,388 |
| | 56,738 |
| | — |
| | 58,126 |
| IAC shareholders' equity | 1,655,728 |
| | 2,553,184 |
| | 10,972,361 |
| | (13,525,545 | ) | | 1,655,728 |
| Noncontrolling interests | — |
| | — |
| | 51,907 |
| | — |
| | 51,907 |
| Total liabilities and shareholders' equity | $ | 13,651,139 |
| | $ | 3,032,978 |
| | $ | 11,407,465 |
| | $ | (24,285,754 | ) | | $ | 3,805,828 |
|
|
| Schedule of condensed income statement |
Statement of operations for the three months ended June 30, 2013: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 553,406 |
| | $ | 247,164 |
| | $ | (1,159 | ) | | $ | 799,411 |
| Costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 549 |
| | 156,703 |
| | 116,570 |
| | (1,000 | ) | | 272,822 |
| Selling and marketing expense | 710 |
| | 187,543 |
| | 59,052 |
| | (152 | ) | | 247,153 |
| General and administrative expense | 23,582 |
| | 44,015 |
| | 35,925 |
| | (7 | ) | | 103,515 |
| Product development expense | 867 |
| | 23,284 |
| | 9,901 |
| | — |
| | 34,052 |
| Depreciation | 344 |
| | 11,380 |
| | 5,312 |
| | — |
| | 17,036 |
| Amortization of intangibles | — |
| | 12,157 |
| | 5,980 |
| | — |
| | 18,137 |
| Total costs and expenses | 26,052 |
| | 435,082 |
| | 232,740 |
| | (1,159 | ) | | 692,715 |
| Operating (loss) income | (26,052 | ) | | 118,324 |
| | 14,424 |
| | — |
| | 106,696 |
| Equity in earnings (losses) of unconsolidated affiliates | 75,927 |
| | 8,540 |
| | (132 | ) | | (85,413 | ) | | (1,078 | ) | Interest expense | (6,515 | ) | | (1,078 | ) | | (65 | ) | | — |
| | (7,658 | ) | Other income (expense), net | 3,109 |
| | (9,627 | ) | | 6,514 |
| | — |
| | (4 | ) | Earnings from continuing operations before income taxes | 46,469 |
| | 116,159 |
| | 20,741 |
| | (85,413 | ) | | 97,956 |
| Income tax benefit (provision) | 12,889 |
| | (41,871 | ) | | (10,434 | ) | | — |
| | (39,416 | ) | Earnings from continuing operations | 59,358 |
| | 74,288 |
| | 10,307 |
| | (85,413 | ) | | 58,540 |
| (Loss) earnings from discontinued operations, net of tax | (1,068 | ) | | — |
| | 4 |
| | (4 | ) | | (1,068 | ) | Net earnings | 58,290 |
| | 74,288 |
| | 10,311 |
| | (85,417 | ) | | 57,472 |
| Net loss attributable to noncontrolling interests | — |
| | 404 |
| | 414 |
| | — |
| | 818 |
| Net earnings attributable to IAC shareholders | $ | 58,290 |
| | $ | 74,692 |
| | $ | 10,725 |
| | $ | (85,417 | ) | | $ | 58,290 |
| Comprehensive income attributable to IAC shareholders | $ | 70,199 |
| | $ | 74,628 |
| | $ | 5,227 |
| | $ | (79,855 | ) | | $ | 70,199 |
|
Statement of operations for the three months ended June 30, 2012: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 473,580 |
| | $ | 208,759 |
| | $ | (1,727 | ) | | $ | 680,612 |
| Costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 1,299 |
| | 136,869 |
| | 100,489 |
| | (1,353 | ) | | 237,304 |
| Selling and marketing expense | 869 |
| | 160,409 |
| | 50,353 |
| | (379 | ) | | 211,252 |
| General and administrative expense | 28,721 |
| | 35,333 |
| | 25,580 |
| | 5 |
| | 89,639 |
| Product development expense | 1,447 |
| | 18,514 |
| | 6,950 |
| | — |
| | 26,911 |
| Depreciation | 145 |
| | 8,673 |
| | 3,407 |
| | — |
| | 12,225 |
| Amortization of intangibles | — |
| | 596 |
| | 5,209 |
| | — |
| | 5,805 |
| Total costs and expenses | 32,481 |
| | 360,394 |
| | 191,988 |
| | (1,727 | ) | | 583,136 |
| Operating (loss) income | (32,481 | ) | | 113,186 |
| | 16,771 |
| | — |
| | 97,476 |
| Equity in earnings (losses) of unconsolidated affiliates | 108,333 |
| | 14,025 |
| | (18,659 | ) | | (122,708 | ) | | (19,009 | ) | Interest expense | (277 | ) | | (1,065 | ) | | (22 | ) | | — |
| | (1,364 | ) | Other (expense) income, net | (104,077 | ) | | (3,072 | ) | | 106,781 |
| | — |
| | (368 | ) | (Loss) earnings from continuing operations before income taxes | (28,502 | ) | | 123,074 |
| | 104,871 |
| | (122,708 | ) | | 76,735 |
| Income tax benefit (provision) | 76,475 |
| | (38,459 | ) | | (66,650 | ) | | — |
| | (28,634 | ) | Earnings from continuing operations | 47,973 |
| | 84,615 |
| | 38,221 |
| | (122,708 | ) | | 48,101 |
| (Loss) earnings from discontinued operations, net of tax | (4,641 | ) | | — |
| | 718 |
| | (718 | ) | | (4,641 | ) | Net earnings | 43,332 |
| | 84,615 |
| | 38,939 |
| | (123,426 | ) | | 43,460 |
| Net loss (earnings) attributable to noncontrolling interests | — |
| | 21 |
| | (149 | ) | | — |
| | (128 | ) | Net earnings attributable to IAC shareholders | $ | 43,332 |
| | $ | 84,636 |
| | $ | 38,790 |
| | $ | (123,426 | ) | | $ | 43,332 |
| Comprehensive income attributable to IAC shareholders | $ | 9,319 |
| | $ | 84,400 |
| | $ | 16,287 |
| | $ | (100,687 | ) | | $ | 9,319 |
|
Statement of operations for the six months ended June 30, 2013: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 1,069,190 |
| | $ | 474,666 |
| | $ | (2,196 | ) | | $ | 1,541,660 |
| Costs and expenses: |
| |
| |
| |
| |
| Cost of revenue (exclusive of depreciation shown separately below) | 1,226 |
| | 310,375 |
| | 218,849 |
| | (1,779 | ) | | 528,671 |
| Selling and marketing expense | 1,141 |
| | 358,210 |
| | 131,125 |
| | (409 | ) | | 490,067 |
| General and administrative expense | 45,827 |
| | 84,167 |
| | 69,253 |
| | (8 | ) | | 199,239 |
| Product development expense | 1,766 |
| | 46,098 |
| | 21,305 |
| | — |
| | 69,169 |
| Depreciation | 711 |
| | 20,381 |
| | 9,960 |
| | — |
| | 31,052 |
| Amortization of intangibles | — |
| | 21,067 |
| | 11,148 |
| | — |
| | 32,215 |
| Total costs and expenses | 50,671 |
| | 840,298 |
| | 461,640 |
| | (2,196 | ) | | 1,350,413 |
| Operating (loss) income | (50,671 | ) | | 228,892 |
| | 13,026 |
| | — |
| | 191,247 |
| Equity in earnings (losses) of unconsolidated affiliates | 190,477 |
| | 11,311 |
| | (223 | ) | | (202,734 | ) | | (1,169 | ) | Interest expense | (13,072 | ) | | (2,143 | ) | | (106 | ) | | — |
| | (15,321 | ) | Other (expense) income, net | (52,339 | ) | | (28,357 | ) | | 82,350 |
| | — |
| | 1,654 |
| Earnings from continuing operations before income taxes | 74,395 |
| | 209,703 |
| | 95,047 |
| | (202,734 | ) | | 176,411 |
| Income tax benefit (provision) | 39,544 |
| | (75,454 | ) | | (29,252 | ) | | — |
| | (65,162 | ) | Earnings from continuing operations | 113,939 |
| | 134,249 |
| | 65,795 |
| | (202,734 | ) | | 111,249 |
| (Loss) earnings from discontinued operations, net of tax | (2,012 | ) | | — |
| | 11 |
| | (11 | ) | | (2,012 | ) | Net earnings | 111,927 |
| | 134,249 |
| | 65,806 |
| | (202,745 | ) | | 109,237 |
| Net loss attributable to noncontrolling interests | — |
| | 412 |
| | 2,278 |
| | — |
| | 2,690 |
| Net earnings attributable to IAC shareholders | $ | 111,927 |
| | $ | 134,661 |
| | $ | 68,084 |
| | $ | (202,745 | ) | | $ | 111,927 |
| Comprehensive income attributable to IAC shareholders | $ | 111,909 |
| | $ | 134,523 |
| | $ | 46,494 |
| | $ | (181,017 | ) | | $ | 111,909 |
|
Statement of operations for the six months ended June 30, 2012: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 933,251 |
| | $ | 391,011 |
| | $ | (3,050 | ) | | $ | 1,321,212 |
| Costs and expenses: |
| |
| |
| |
| |
| Cost of revenue (exclusive of depreciation shown separately below) | 2,693 |
| | 278,845 |
| | 181,389 |
| | (2,323 | ) | | 460,604 |
| Selling and marketing expense | 1,772 |
| | 319,751 |
| | 109,258 |
| | (743 | ) | | 430,038 |
| General and administrative expense | 58,060 |
| | 71,117 |
| | 48,918 |
| | 16 |
| | 178,111 |
| Product development expense | 2,823 |
| | 38,965 |
| | 13,244 |
| | — |
| | 55,032 |
| Depreciation | 292 |
| | 17,643 |
| | 6,405 |
| | — |
| | 24,340 |
| Amortization of intangibles | — |
| | 1,226 |
| | 11,620 |
| | — |
| | 12,846 |
| Total costs and expenses | 65,640 |
| | 727,547 |
| | 370,834 |
| | (3,050 | ) | | 1,160,971 |
| Operating (loss) income | (65,640 | ) | | 205,704 |
| | 20,177 |
| | — |
| | 160,241 |
| Equity in earnings (losses) of unconsolidated affiliates | 206,198 |
| | 18,185 |
| | (22,712 | ) | | (226,581 | ) | | (24,910 | ) | Interest expense | (555 | ) | | (2,130 | ) | | (26 | ) | | — |
| | (2,711 | ) | Other (expense) income, net | (208,564 | ) | | (1,791 | ) | | 212,743 |
| | — |
| | 2,388 |
| (Loss) earnings from continuing operations before income taxes | (68,561 | ) | | 219,968 |
| | 210,182 |
| | (226,581 | ) | | 135,008 |
| Income tax benefit (provision) | 147,328 |
| | (75,075 | ) | | (128,007 | ) | | — |
| | (55,754 | ) | Earnings from continuing operations | 78,767 |
| | 144,893 |
| | 82,175 |
| | (226,581 | ) | | 79,254 |
| (Loss) earnings from discontinued operations, net of tax | (957 | ) | | — |
| | 258 |
| | (258 | ) | | (957 | ) | Net earnings | 77,810 |
| | 144,893 |
| | 82,433 |
| | (226,839 | ) | | 78,297 |
| Net loss (earnings) attributable to noncontrolling interests | — |
| | 37 |
| | (524 | ) | | — |
| | (487 | ) | Net earnings attributable to IAC shareholders | $ | 77,810 |
| | $ | 144,930 |
| | $ | 81,909 |
| | $ | (226,839 | ) | | $ | 77,810 |
| Comprehensive income attributable to IAC shareholders | $ | 74,693 |
| | $ | 144,720 |
| | $ | 65,560 |
| | $ | (210,280 | ) | | $ | 74,693 |
|
|
| Schedule of condensed cash flow statement |
Statement of cash flows for the six months ended June 30, 2013: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Net cash (used in) provided by operating activities attributable to continuing operations | $ | (32,997 | ) | | $ | 253,527 |
| | $ | 7,733 |
| | $ | — |
| | $ | 228,263 |
| Cash flows from investing activities attributable to continuing operations: | | | | | | | | | | Acquisitions, net of cash acquired | — |
| | (6,072 | ) | | (30,841 | ) | | — |
| | (36,913 | ) | Capital expenditures | (719 | ) | | (38,482 | ) | | (8,618 | ) | | — |
| | (47,819 | ) | Proceeds from maturities and sales of marketable debt securities | 12,502 |
| | — |
| | — |
| | — |
| | 12,502 |
| Proceeds from sales of long-term investments | — |
| | — |
| | 310 |
| | — |
| | 310 |
| Purchases of long-term investments | (17,362 | ) | | — |
| | (7,897 | ) | | — |
| | (25,259 | ) | Other, net | (55 | ) | | 38 |
| | (1,426 | ) | | — |
| | (1,443 | ) | Net cash used in investing activities attributable to continuing operations | (5,634 | ) | | (44,516 | ) | | (48,472 | ) | | — |
| | (98,622 | ) | Cash flows from financing activities attributable to continuing operations: | | | | | | | | | | Purchase of treasury stock | (162,660 | ) | | — |
| | — |
| | — |
| | (162,660 | ) | Net payments from stock-based award activities | (868 | ) | | — |
| | — |
| | — |
| | (868 | ) | Dividends | (38,880 | ) | | — |
| | — |
| | — |
| | (38,880 | ) | Excess tax benefits from stock-based awards | 23,547 |
| | — |
| | — |
| | — |
| | 23,547 |
| Principal payments on long-term debt | (15,844 | ) | | — |
| | — |
| | — |
| | (15,844 | ) | Intercompany | 144,320 |
| | (207,810 | ) | | 63,490 |
| | — |
| | — |
| Other, net | (927 | ) | | (1,224 | ) | | (1,483 | ) | | — |
| | (3,634 | ) | Net cash (used in) provided by financing activities attributable to continuing operations | (51,312 | ) | | (209,034 | ) | | 62,007 |
| | — |
| | (198,339 | ) | Total cash (used in) provided by continuing operations | (89,943 | ) | | (23 | ) | | 21,268 |
| | — |
| | (68,698 | ) | Total cash provided by discontinued operations | 2,335 |
| | — |
| | — |
| | — |
| | 2,335 |
| Effect of exchange rate changes on cash and cash equivalents | — |
| | 23 |
| | (4,912 | ) | | — |
| | (4,889 | ) | Net (decrease) increase in cash and cash equivalents | (87,608 | ) | | — |
| | 16,356 |
| | — |
| | (71,252 | ) | Cash and cash equivalents at beginning of period | 501,075 |
| | — |
| | 248,902 |
| | — |
| | 749,977 |
| Cash and cash equivalents at end of period | $ | 413,467 |
| | $ | — |
| | $ | 265,258 |
| | $ | — |
| | $ | 678,725 |
|
Statement of cash flows for the six months ended June 30, 2012: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Net cash (used in) provided by operating activities attributable to continuing operations | $ | (11,514 | ) | | $ | 204,438 |
| | $ | 12,603 |
| | $ | — |
| | $ | 205,527 |
| Cash flows from investing activities attributable to continuing operations: | | | | | | | | | | Acquisitions, net of cash acquired | — |
| | (19,126 | ) | | (1,285 | ) | | — |
| | (20,411 | ) | Capital expenditures | (31 | ) | | (13,010 | ) | | (7,312 | ) | | — |
| | (20,353 | ) | Proceeds from maturities and sales of marketable debt securities | 39,000 |
| | — |
| | — |
| | — |
| | 39,000 |
| Purchases of marketable debt securities | (24,254 | ) | | — |
| | — |
| | — |
| | (24,254 | ) | Proceeds from sales of long-term investments | 12,527 |
| | — |
| | — |
| | — |
| | 12,527 |
| Purchases of long-term investments | — |
| | (24 | ) | | (6,220 | ) | | — |
| | (6,244 | ) | Other, net | (350 | ) | | (220 | ) | | (12,033 | ) | | — |
| | (12,603 | ) | Net cash provided by (used in) investing activities attributable to continuing operations | 26,892 |
| | (32,380 | ) | | (26,850 | ) | | — |
| | (32,338 | ) | Cash flows from financing activities attributable to continuing operations: | | | | | | | | | | Purchase of treasury stock | (359,231 | ) | | — |
| | — |
| | — |
| | (359,231 | ) | Net proceeds from stock-based award activities | 301,677 |
| | — |
| | — |
| | — |
| | 301,677 |
| Dividends | (21,697 | ) | | — |
| | — |
| | — |
| | (21,697 | ) | Excess tax benefits from stock-based awards | 9,461 |
| | 4,892 |
| | — |
| | — |
| | 14,353 |
| Intercompany | 109,568 |
| | (176,951 | ) | | 67,383 |
| | — |
| | — |
| Other, net | — |
| | — |
| | (2,842 | ) | | — |
| | (2,842 | ) | Net cash provided by (used in) financing activities attributable to continuing operations | 39,778 |
| | (172,059 | ) | | 64,541 |
| | — |
| | (67,740 | ) | Total cash provided by (used in) continuing operations | 55,156 |
| | (1 | ) | | 50,294 |
| | — |
| | 105,449 |
| Total cash used in discontinued operations | (656 | ) | | — |
| | (73 | ) | | — |
| | (729 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | 1 |
| | (1,678 | ) | | — |
| | (1,677 | ) | Net increase in cash and cash equivalents | 54,500 |
| | — |
| | 48,543 |
| | — |
| | 103,043 |
| Cash and cash equivalents at beginning of period | 545,222 |
| | — |
| | 158,931 |
| | — |
| | 704,153 |
| Cash and cash equivalents at end of period | $ | 599,722 |
| | $ | — |
| | $ | 207,474 |
| | $ | — |
| | $ | 807,196 |
|
|