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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Statements |
19. | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Our 5.375% Notes issued by P. H. Glatfelter Company (the “Parent”) are fully and unconditionally guaranteed, on a joint and several basis, by certain of our 100%-owned domestic subsidiaries, PHG Tea Leaves, Inc., Mollanvick, Inc., and Glatfelter Holdings, LLC. The guarantees are subject to certain customary release provisions including i) the designation of such subsidiary as an unrestricted or excluded subsidiary; (ii) in connection with any sale or disposition of the capital stock of the subsidiary guarantor; and (iii) upon our exercise of our legal defeasance option or our covenant defeasance option, all of which are more fully described in the Indenture dated as of October 3, 2012 among us, the Guarantors and US Bank National Association, as Trustee, relating to the 5.375% Notes. The following presents our condensed consolidating statements of income, including comprehensive income for the three months and nine months ended September 30, 2014 and 2013, our condensed consolidating balance sheets as of September 30, 2014 and December 31, 2013 and condensed consolidating cash flows for the nine months ended September 30, 2014 and 2013. These financial statements reflect the parent, the guarantor subsidiaries (on a combined basis), the non-guarantor subsidiaries (on a combined basis) and elimination entries necessary to combine such entities on a consolidated basis. Effective December 31, 2013, Glatfelter Pulpwood Company, previously a guarantor, was merged with and into the parent. Accordingly, all condensed consolidating financial statements have been restated to give effect to this merger as of the earliest period presented. In addition, the amounts of intercompany investing and financing activities and the related interest expense and interest income previously presented net for the nine months ended September 30, 2013 have been presented on a gross basis to conform to the current year’s presentation. Condensed Consolidating Statements of Income and Comprehensive Income for the three months ended September 30, 2014
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net sales |  | $ | 236,182 |  |  | $ | 7 |  |  | $ | 228,910 |  |  | $ | (7 | ) |  | $ | 465,092 |
Energy and related sales, net |  |  | 860 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 860 |
Total revenues |  |  | 237,042 |  |  |  | 7 |  |  |  | 228,910 |  |  |  | (7 | ) |  |  | 465,952 |
Costs of products sold |  |  | 196,888 |  |  |  | 7 |  |  |  | 188,551 |  |  |  | (7 | ) |  |  | 385,439 |
Gross profit |  |  | 40,154 |  |  |  | — |  |  |  | 40,359 |  |  |  | — |  |  |  | 80,513 |
Selling, general and administrative expenses |  |  | 19,352 |  |  |  | 306 |  |  |  | 18,228 |  |  |  | — |  |  |  | 37,886 |
Gains on dispositions of plant, equipment and timberlands, net |  |  | (1,590 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,590 | )
Operating income (loss) |  |  | 22,392 |  |  |  | (306 | ) |  |  | 22,131 |  |  |  | — |  |  |  | 44,217 |
Other non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (4,790 | ) |  |  | — |  |  |  | (90,098 | ) |  |  | 90,217 |  |  |  | (4,671 | )
Interest income |  |  | 152 |  |  |  | 89,951 |  |  |  | 145 |  |  |  | (90,218 | ) |  |  | 30 |
Other, net |  |  | 14,491 |  |  |  | 90,952 |  |  |  | 202 |  |  |  | (105,812 | ) |  |  | (167 | )
Total other non-operating income (expense) |  |  | 9,853 |  |  |  | 180,903 |  |  |  | (89,751 | ) |  |  | (105,813 | ) |  |  | (4,808 | )
Income (loss) before income taxes |  |  | 32,245 |  |  |  | 180,597 |  |  |  | (67,620 | ) |  |  | (105,813 | ) |  |  | 39,409 |
Income tax provision |  |  | 1,873 |  |  |  | 470 |  |  |  | 6,694 |  |  |  | — |  |  |  | 9,037 |
Net income (loss) |  |  | 30,372 |  |  |  | 180,127 |  |  |  | (74,314 | ) |  |  | (105,813 | ) |  |  | 30,372 |
Other comprehensive income (loss) |  |  | (29,577 | ) |  |  | (25,844 | ) |  |  | 16,924 |  |  |  | 8,920 |  |  |  | (29,577 | )
Comprehensive income (loss) |  | $ | 795 |  |  | $ | 154,283 |  |  | $ | (57,390 | ) |  |  | 96,893 |  |  | $ | 795 |
Condensed Consolidating Statements of Income and Comprehensive Income for the three months ended September 30, 2013
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net sales |  | $ | 225,690 |  |  | $ | 3 |  |  | $ | 230,958 |  |  | $ | (3 | ) |  | $ | 456,648 |
Energy and related sales, net |  |  | 1,196 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,196 |
Total revenues |  |  | 226,886 |  |  |  | 3 |  |  |  | 230,958 |  |  |  | (3 | ) |  |  | 457,844 |
Costs of products sold |  |  | 199,596 |  |  |  | 3 |  |  |  | 192,209 |  |  |  | (3 | ) |  |  | 391,805 |
Gross profit |  |  | 27,290 |  |  |  | — |  |  |  | 38,749 |  |  |  | — |  |  |  | 66,039 |
Selling, general and administrative expenses |  |  | 16,203 |  |  |  | 190 |  |  |  | 18,087 |  |  |  | — |  |  |  | 34,480 |
(Gains) loss on dispositions of plant, equipment and timberlands, net |  |  | (285 | ) |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | (282 | )
Operating income (loss) |  |  | 11,372 |  |  |  | (190 | ) |  |  | 20,659 |  |  |  | — |  |  |  | 31,841 |
Other non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (4,721 | ) |  |  | — |  |  |  | (2,537 | ) |  |  | 2,470 |  |  |  | (4,788 | )
Interest income |  |  | 183 |  |  |  | 2,376 |  |  |  | 3 |  |  |  | (2,470 | ) |  |  | 92 |
Other, net |  |  | 18,341 |  |  |  | 103 |  |  |  | (587 | ) |  |  | (17,891 | ) |  |  | (34 | )
Total other non-operating income (expense) |  |  | 13,803 |  |  |  | 2,479 |  |  |  | (3,121 | ) |  |  | (17,891 | ) |  |  | (4,730 | )
Income before income taxes |  |  | 25,175 |  |  |  | 2,289 |  |  |  | 17,538 |  |  |  | (17,891 | ) |  |  | 27,111 |
Income tax provision (benefit) |  |  | (8,944 | ) |  |  | (891 | ) |  |  | 2,827 |  |  |  | — |  |  |  | (7,008 | )
Net income |  |  | 34,119 |  |  |  | 3,180 |  |  |  | 14,711 |  |  |  | (17,891 | ) |  |  | 34,119 |
Other comprehensive income (loss) |  |  | 17,903 |  |  |  | 6,400 |  |  |  | (219 | ) |  |  | (6,181 | ) |  |  | 17,903 |
Comprehensive income |  | $ | 52,022 |  |  | $ | 9,580 |  |  | $ | 14,492 |  |  | $ | (24,072 | ) |  | $ | 52,022 |
Condensed Consolidating Statements of Income and Comprehensive Income for the nine months ended September 30, 2014
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net sales |  | $ | 679,877 |  |  | $ | 28 |  |  | $ | 686,277 |  |  | $ | (28 | ) |  | $ | 1,366,154 |
Energy and related sales – net |  |  | 6,912 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,912 |
Total revenues |  |  | 686,789 |  |  |  | 28 |  |  |  | 686,277 |  |  |  | (28 | ) |  |  | 1,373,066 |
Costs of products sold |  |  | 629,360 |  |  |  | 28 |  |  |  | 566,716 |  |  |  | (28 | ) |  |  | 1,196,076 |
Gross profit |  |  | 57,429 |  |  |  | — |  |  |  | 119,561 |  |  |  | — |  |  |  | 176,990 |
Selling, general and administrative expenses |  |  | 53,699 |  |  |  | 462 |  |  |  | 49,590 |  |  |  | — |  |  |  | 103,751 |
Gains on dispositions of plant, equipment and timberlands, net |  |  | (2,565 | ) |  |  | (1,316 | ) |  |  | — |  |  |  | — |  |  |  | (3,881 | )
Operating income |  |  | 6,295 |  |  |  | 854 |  |  |  | 69,971 |  |  |  | — |  |  |  | 77,120 |
Other non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (14,284 | ) |  |  | — |  |  |  | (95,643 | ) |  |  | 95,682 |  |  |  | (14,245 | )
Interest income |  |  | 468 |  |  |  | 95,165 |  |  |  | 193 |  |  |  | (95,683 | ) |  |  | 143 |
Other, net |  |  | 54,789 |  |  |  | 90,973 |  |  |  | 1,673 |  |  |  | (147,330 | ) |  |  | 105 |
Total other non-operating income (expense) |  |  | 40,973 |  |  |  | 186,138 |  |  |  | (93,777 | ) |  |  | (147,331 | ) |  |  | (13,997 | )
Income (loss) before income taxes |  |  | 47,268 |  |  |  | 186,992 |  |  |  | (23,806 | ) |  |  | (147,331 | ) |  |  | 63,123 |
Income tax provision (benefit) |  |  | (2,421 | ) |  |  | 2,098 |  |  |  | 13,757 |  |  |  | — |  |  |  | 13,434 |
Net income (loss) |  |  | 49,689 |  |  |  | 184,894 |  |  |  | (37,563 | ) |  |  | (147,331 | ) |  |  | 49,689 |
Other comprehensive income (loss) |  |  | (23,586 | ) |  |  | (26,392 | ) |  |  | 18,907 |  |  |  | 7,485 |  |  |  | (23,586 | )
Comprehensive income (loss) |  | $ | 26,103 |  |  | $ | 158,502 |  |  | $ | (18,656 | ) |  | $ | (139,846 | ) |  | $ | 26,103 |
Condensed Consolidating Statements of Income and Comprehensive Income for the nine months ended September 30, 2013
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net sales |  | $ | 669,792 |  |  | $ | 15 |  |  | $ | 618,012 |  |  | $ | (15 | ) |  | $ | 1,287,804 |
Energy and related sales, net |  |  | 2,721 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,721 |
Total revenues |  |  | 672,513 |  |  |  | 15 |  |  |  | 618,012 |  |  |  | (15 | ) |  |  | 1,290,525 |
Costs of products sold |  |  | 609,524 |  |  |  | 15 |  |  |  | 516,747 |  |  |  | (15 | ) |  |  | 1,126,271 |
Gross profit |  |  | 62,989 |  |  |  | — |  |  |  | 101,265 |  |  |  | — |  |  |  | 164,254 |
Selling, general and administrative expenses |  |  | 54,256 |  |  |  | 293 |  |  |  | 47,946 |  |  |  | — |  |  |  | 102,495 |
Gains on dispositions of plant, equipment and timberlands, net |  |  | (374 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (374 | )
Operating income (loss) |  |  | 9,107 |  |  |  | (293 | ) |  |  | 53,319 |  |  |  | — |  |  |  | 62,133 |
Other non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (14,141 | ) |  |  | — |  |  |  | (5,008 | ) |  |  | 6,006 |  |  |  | (13,143 | )
Interest income |  |  | 443 |  |  |  | 5,791 |  |  |  | 12 |  |  |  | (6,006 | ) |  |  | 240 |
Other, net |  |  | 42,437 |  |  |  | 94 |  |  |  | 868 |  |  |  | (43,011 | ) |  |  | 388 |
Total other non-operating income (expense) |  |  | 28,739 |  |  |  | 5,885 |  |  |  | (4,128 | ) |  |  | (43,011 | ) |  |  | (12,515 | )
Income before income taxes |  |  | 37,846 |  |  |  | 5,592 |  |  |  | 49,191 |  |  |  | (43,011 | ) |  |  | 49,618 |
Income tax provision (benefit) |  |  | (12,835 | ) |  |  | 419 |  |  |  | 11,353 |  |  |  | — |  |  |  | (1,063 | )
Net income |  |  | 50,681 |  |  |  | 5,173 |  |  |  | 37,838 |  |  |  | (43,011 | ) |  |  | 50,681 |
Other comprehensive income |  |  | 17,319 |  |  |  | 3,171 |  |  |  | (5,078 | ) |  |  | 1,907 |  |  |  | 17,319 |
Comprehensive income |  | $ | 68,000 |  |  | $ | 8,344 |  |  | $ | 32,760 |  |  | $ | (41,104 | ) |  | $ | 68,000 |
Condensed Consolidating Balance Sheet as of September 30, 2014
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20,308 |  |  | $ | 93 |  |  | $ | 33,254 |  |  | $ | — |  |  | $ | 53,655 |
Other current assets |  |  | 238,216 |  |  |  | 420,388 |  |  |  | 313,091 |  |  |  | (471,667 | ) |  |  | 500,028 |
Plant, equipment and timberlands, net |  |  | 250,066 |  |  |  | 998 |  |  |  | 440,576 |  |  |  | — |  |  |  | 691,640 |
Other assets |  |  | 1,007,426 |  |  |  | 304,088 |  |  |  | 191,166 |  |  |  | (1,151,259 | ) |  |  | 351,421 |
Total assets |  | $ | 1,516,016 |  |  | $ | 725,567 |  |  | $ | 978,087 |  |  | $ | (1,622,926 | ) |  | $ | 1,596,744 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 400,103 |  |  | $ | 5,026 |  |  | $ | 323,128 |  |  | $ | (476,317 | ) |  | $ | 251,940 |
Long-term debt |  |  | 250,000 |  |  |  | — |  |  |  | 749,491 |  |  |  | (593,131 | ) |  |  | 406,360 |
Deferred income taxes |  |  | 73,961 |  |  |  | (628 | ) |  |  | 70,076 |  |  |  | (12,732 | ) |  |  | 130,677 |
Other long-term liabilities |  |  | 103,772 |  |  |  | — |  |  |  | 11,792 |  |  |  | 4,023 |  |  |  | 119,587 |
Total liabilities |  |  | 827,836 |  |  |  | 4,398 |  |  |  | 1,154,487 |  |  |  | (1,078,157 | ) |  |  | 908,564 |
Shareholders’ equity |  |  | 688,180 |  |  |  | 721,169 |  |  |  | (176,400 | ) |  |  | (544,769 | ) |  |  | 688,180 |
Total liabilities and shareholders’ equity |  | $ | 1,516,016 |  |  | $ | 725,567 |  |  | $ | 978,087 |  |  | $ | (1,622,926 | ) |  | $ | 1,596,744 |
Condensed Consolidating Balance Sheet as of December 31, 2013
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 56,216 |  |  | $ | 501 |  |  | $ | 66,165 |  |  | $ | — |  |  | $ | 122,882 |
Other current assets |  |  | 208,814 |  |  |  | 327,152 |  |  |  | 253,779 |  |  |  | (326,045 | ) |  |  | 463,700 |
Plant, equipment and timberlands, net |  |  | 247,243 |  |  |  | 1,054 |  |  |  | 475,043 |  |  |  | — |  |  |  | 723,340 |
Other assets |  |  | 973,748 |  |  |  | 236,411 |  |  |  | 214,301 |  |  |  | (1,055,972 | ) |  |  | 368,488 |
Total assets |  | $ | 1,486,021 |  |  | $ | 565,118 |  |  | $ | 1,009,288 |  |  | $ | (1,382,017 | ) |  | $ | 1,678,410 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 375,535 |  |  | $ | 2,855 |  |  | $ | 247,855 |  |  | $ | (337,878 | ) |  | $ | 288,367 |
Long-term debt |  |  | 250,000 |  |  |  | — |  |  |  | 513,120 |  |  |  | (320,795 | ) |  |  | 442,325 |
Deferred income taxes |  |  | 70,989 |  |  |  | (283 | ) |  |  | 78,633 |  |  |  | (8,319 | ) |  |  | 141,020 |
Other long-term liabilities |  |  | 105,021 |  |  |  | — |  |  |  | 13,792 |  |  |  | 3,409 |  |  |  | 122,222 |
Total liabilities |  |  | 801,545 |  |  |  | 2,572 |  |  |  | 853,400 |  |  |  | (663,583 | ) |  |  | 993,934 |
Shareholders’ equity |  |  | 684,476 |  |  |  | 562,546 |  |  |  | 155,888 |  |  |  | (718,434 | ) |  |  | 684,476 |
Total liabilities and shareholders’ equity |  | $ | 1,486,021 |  |  | $ | 565,118 |  |  | $ | 1,009,288 |  |  | $ | (1,382,017 | ) |  | $ | 1,678,410 |
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2014
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net cash provided (used) by |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | 712 |  |  | $ | 3,368 |  |  | $ | 17,300 |  |  | $ | — |  |  | $ | 21,380 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for purchases of plant, equipment and timberlands |  |  | (26,368 | ) |  |  | — |  |  |  | (20,668 | ) |  |  | — |  |  |  | (47,036 | )
Proceeds from disposal plant, equipment and timberlands, net |  |  | 2,687 |  |  |  | 1,355 |  |  |  | 9 |  |  |  | — |  |  |  | 4,051 |
Repayments from intercompany loans |  |  | — |  |  |  | 10,409 |  |  |  | — |  |  |  | (10,409 | ) |  |  | — |
Advances of intercompany loans |  |  | — |  |  |  | (15,540 | ) |  |  | — |  |  |  | 15,540 |  |  |  | — |
Other |  |  | (600 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (600 | )
Total investing activities |  |  | (24,281 | ) |  |  | (3,776 | ) |  |  | (20,659 | ) |  |  | 5,131 |  |  |  | (43,585 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net repayments of indebtedness |  |  | — |  |  |  | — |  |  |  | (18,128 | ) |  |  | — |  |  |  | (18,128 | )
Payment of dividends to shareholders |  |  | (13,935 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,935 | )
Repurchases of common stock |  |  | (12,180 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,180 | )
Repayments of intercompany loans |  |  | — |  |  |  | — |  |  |  | (10,409 | ) |  |  | 10,409 |  |  |  | — |
Borrowings of intercompany loans |  |  | 15,540 |  |  |  | — |  |  |  | — |  |  |  | (15,540 | ) |  |  | — |
Payments related to share-based comp- ensation awards and other |  |  | (1,764 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,764 | )
Total financing activities |  |  | (12,339 | ) |  |  | — |  |  |  | (28,537 | ) |  |  | (5,131 | ) |  |  | (46,007 | )
Effect of exchange rate on cash |  |  | — |  |  |  | — |  |  |  | (1,015 | ) |  |  | — |  |  |  | (1,015 | )
Net decrease in cash |  |  | (35,908 | ) |  |  | (408 | ) |  |  | (32,911 | ) |  |  | — |  |  |  | (69,227 | )
Cash at the beginning of period |  |  | 56,216 |  |  |  | 501 |  |  |  | 66,165 |  |  |  | — |  |  |  | 122,882 |
Cash at the end of period |  | $ | 20,308 |  |  | $ | 93 |  |  | $ | 33,254 |  |  | $ | — |  |  | $ | 53,655 |
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2013
In thousands |  | Parent Company |  |  | Guarantors |  |  | Non Guarantors |  |  | Adjustments/ Eliminations |  |  | Consolidated |
Net cash provided (used) by |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | 30,380 |  |  | $ | 10,857 |  |  | $ | 54,247 |  |  | $ | 209 |  |  | $ | 95,693 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for purchases of plant, equipment and timberlands |  |  | (32,075 | ) |  |  | — |  |  |  | (53,805 | ) |  |  | (209 | ) |  |  | (86,089 | )
Proceeds from disposal plant, equipment and timberlands, net |  |  | 379 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 379 |
Repayments from intercompany loans |  |  | — |  |  |  | 15,100 |  |  |  | — |  |  |  | (15,100 | ) |  |  | — |
Advances of intercompany loans |  |  | — |  |  |  | (30,066 | ) |  |  | — |  |  |  | 30,066 |  |  |  | — |
Intercompany capital contributed |  |  | — |  |  |  | (91 | ) |  |  | — |  |  |  | 91 |  |  |  | — |
Acquisitions, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (210,911 | ) |  |  | — |  |  |  | (210,911 | )
Other |  |  | (325 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (325 | )
Total investing activities |  |  | (32,021 | ) |  |  | (15,057 | ) |  |  | (264,716 | ) |  |  | 14,848 |  |  |  | (296,946 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from indebtedness |  |  | — |  |  |  | — |  |  |  | 182,230 |  |  |  | — |  |  |  | 182,230 |
Payments of note offering costs |  |  | (160 | ) |  |  | — |  |  |  | (259 | ) |  |  | — |  |  |  | (419 | )
Payment of dividends to shareholders |  |  | (12,603 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,603 | )
Repayments of intercompany loans |  |  | (1,100 | ) |  |  | — |  |  |  | (14,000 | ) |  |  | 15,100 |  |  |  | — |
Borrowings of intercompany loans |  |  | 8,570 |  |  |  | — |  |  |  | 21,496 |  |  |  | (30,066 | ) |  |  | — |
Intercompany capital received |  |  | — |  |  |  | — |  |  |  | 91 |  |  |  | (91 | ) |  |  | — |
Proceeds from stock options exercised and other |  |  | (2,332 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,332 | )
Total financing activities |  |  | (7,625 | ) |  |  | — |  |  |  | 189,558 |  |  |  | (15,057 | ) |  |  | 166,876 |
Effect of exchange rate on cash |  |  | — |  |  |  | — |  |  |  | 333 |  |  |  | — |  |  |  | 333 |
Net decrease in cash |  |  | (9,266 | ) |  |  | (4,200 | ) |  |  | (20,578 | ) |  |  | — |  |  |  | (34,044 | )
Cash at the beginning of period |  |  | 43,781 |  |  |  | 4,278 |  |  |  | 49,620 |  |  |  | — |  |  |  | 97,679 |
Cash at the end of period |  | $ | 34,515 |  |  | $ | 78 |  |  | $ | 29,042 |  |  | $ | — |  |  | $ | 63,635 |

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