MINNEAPOLIS--(BUSINESS WIRE)--SUPERVALU INC. (NYSE: SVU) today reported fourth quarter fiscal 2012 net sales of $8.2 billion and a net loss of $424 million, or $2.00 per diluted share, including non-cash goodwill and intangible asset impairment charges of $492 million after-tax, or $2.32 per diluted share, and employee-related costs of $13 million after-tax, or $0.06 per diluted share, related to a previously announced reduction in workforce. The Company finalized its calculation of goodwill and intangible asset impairment charges from the prior quarter and recorded an additional charge in the fourth quarter based upon the further decline in its equity valuation. When adjusted for the non-cash goodwill and intangible asset impairment charges and employee-related costs, fourth quarter fiscal 2012 net earnings were $81 million or $0.38 per diluted share. In the fourth quarter of fiscal 2011, net sales were $8.7 billion and net earnings were $95 million, or $0.44 per diluted share, which included charges related to previously announced store closures and employee-related costs ($47 million after-tax, or $0.22 per diluted share) and a non-cash intangible asset impairment charge ($18 million after-tax, or $0.09 per diluted share), which were fully offset by a gain on the sale of Total Logistic Control ($65 million after-tax, or $0.31 per diluted share).
Craig Herkert, SUPERVALU’s chief executive officer and president, said, “I am pleased with the launch of our business transformation this year and the initial results from that strategy which helped us deliver our adjusted earnings results of $1.25 for fiscal 2012. Our disciplined approach to pre-funding price investments is allowing us to invest across markets, categories and items. We remain focused on delivering improved value for our customers and meeting the specific needs of each community we serve.”
Fourth Quarter Results
Fourth quarter retail food net sales were $6.4 billion compared to $6.7 billion last year. The change in net sales primarily reflects identical store sales of negative 1.9 percent, previously announced store closures and the sale of fuel centers. Total retail square footage was 63.7 million, a 0.4 percent decrease from the fourth quarter of fiscal 2011. Excluding the impact of store closures, total retail square footage increased 0.8 percent compared to the fourth quarter of fiscal 2011.
Fourth quarter independent business net sales were $1.9 billion compared to $2.0 billion last year, a decrease of 5.5 percent, primarily attributed to Target’s transition to self-distribution and the divestiture of Total Logistic Control.
Gross profit margin for the fourth quarter was $1.9 billion, or 22.8 percent of net sales, compared to $2.0 billion or 23.3 percent of net sales last year. The decrease in gross margin as a percent of net sales reflects retail price investments, additional advertising expense, and changes in business segment mix which were partially offset by the positive impact of lower fuel sales.
Selling and administrative expenses in the fourth quarter were $1.66 billion, or 20.2 percent of net sales, and included $20 million in pre-tax employee-related costs for a previously-announced reduction in workforce. Selling and administrative expenses in the fourth quarter of fiscal 2011 were $1.77 billion, or 20.4 percent of net sales, and included $53 million in pre-tax costs related to store closures and $22 million in pre-tax employee-related costs, partially offset by a $62 million pre-tax gain from the sale of Total Logistic Control. When adjusting for these items, selling and administrative expenses in the fourth quarter were $1.64 billion, or 19.9 percent of net sales compared to $1.75 billion, or 20.2 percent of net sales last year. The decrease in selling and administrative expenses as a percent of net sales reflects the benefit of the company’s cost reduction initiatives and a decrease in surplus property charges partially offset by the impact of sales deleveraging and lower fuel sales.
Retail food operating loss in the fourth quarter was $335 million and included $525 million in pre-tax goodwill and intangible asset impairment charges and $15 million in pre-tax employee-related costs related to a previously announced reduction in workforce. Last year’s retail food operating earnings were $131 million, or 2.0 percent of net sales, and included $75 million in pre-tax store closure and employee-related costs as well as a $30 million pre-tax trade name impairment charge. When adjusting for these items, retail food operating earnings in the fourth quarter of 2012 were $205 million, or 3.2 percent of net sales compared to $236 million, or 3.5 percent of net sales last year. The decline in retail food operating earnings as a percent of net sales was attributable to price investments, additional advertising expense, and the impact of sales deleveraging, all of which were partially offset by the company’s cost reduction initiatives.
Independent business operating earnings in the fourth quarter were $44 million, or 2.3 percent of net sales, and included $5 million in pre-tax employee-related costs for a previously-announced reduction in workforce. Last year’s independent business operating earnings were $120 million, or 6.1 percent of net sales, and included a $62 million pre-tax gain from the sale of Total Logistic Control. When adjusting for these items, independent business operating earnings in the fourth quarter of 2012 were $49 million, or 2.6% of net sales compared to $58 million, or 2.9 percent of net sales, last year. The decline in independent business operating earnings as a percent of net sales was primarily attributable to Target’s transition to self-distribution, the impact of the divestiture of Total Logistic Control, and a slightly higher LIFO charge.
Net interest expense for the fourth quarter was $115 million compared to $120 million last year, primarily due to reduced borrowing levels. The company remains in compliance with all debt covenants.
SUPERVALU’s income tax expense was $2 million for the fourth quarter. Excluding the goodwill and intangible asset charges and employee-related costs, the tax rate for the fourth quarter was 33.3 percent of pre-tax income, which reflects tax planning activities. Last year’s fourth quarter tax expense was $4 million, or 4.0 percent of pre-tax income. Excluding the Total Logistic Control sale and other charges, the tax rate for the fourth quarter of fiscal 2011 was approximately 34.0 percent.
Diluted weighted-average shares outstanding for the fourth quarter were 212 million shares compared to 213 million shares last year. For the fourth quarter of fiscal 2012, diluted loss per share is computed using the basic weighted-average number of shares outstanding and excludes all outstanding stock options and restricted stock as their effect is anti-dilutive when applied to losses. As of February 24, 2012, SUPERVALU had 212 million shares outstanding.
Fiscal 2012 Results
The Company reported full-year net sales of $36.1 billion and a net loss of $1,040 million, or $4.91 per diluted share. When adjusted for non-cash goodwill and intangible asset impairment charges ($1,292 million after-tax, or $6.10 per diluted share) and employee-related costs ($13 million after-tax, or $0.06 per diluted share), full-year net earnings were $265 million, or $1.25 per diluted share.
In fiscal 2011, the Company reported net sales of $37.5 billion and a net loss of $1,510 million, or $7.13 per diluted share. When adjusted for non-cash goodwill and intangible asset impairment charges ($1,743 million after-tax, or $8.23 per diluted share), retail market exit and store closure costs ($77 million after-tax, or $0.37 per diluted share), severance, labor buyout and certain other costs ($51 million after-tax or $0.23 per diluted share), and a gain from the sale of Total Logistic Control ($65 million after-tax, or $0.31 per diluted share), full-year net earnings were $296 million, or $1.39 per diluted share.
For fiscal 2012 and fiscal 2011, diluted loss per share is computed using the basic weighted-average number of shares outstanding and excludes all outstanding stock options and restricted stock as their effect is anti-dilutive when applied to losses.
Year-to-date net cash flows from operating activities were $1.1 billion compared to $1.2 billion in the prior year. Year-to-date net cash flows used in investing activities were $484 million compared to $227 million last year, primarily reflecting lower proceeds from asset sales and higher capital expenditures in the current year. Year-to-date net cash flows used in financing activities were $587 million compared to $975 million last year, reflecting a higher level of debt reduction in the prior year.
Year-to-date capital expenditures were $711 million compared to $604 million for the same period last year.
Fiscal 2013 Guidance
In addressing guidance, Herkert commented, “We are committed to fair price plus promotions and will intensify our efforts as we enter the second year of our business transformation. As we move into fiscal 2013, we see another year of improving identical store sales and will continue to take appropriate steps to deliver greater value to our customers and move closer to becoming America’s Neighborhood Grocer."
The company expects to generate fiscal 2013 earnings per diluted share on a GAAP basis within a range of $1.27 to $1.42.
|
Fiscal 2013 |
||||||
Fiscal 2012 |
Guidance |
||||||
Reconciliation of GAAP to Non-GAAP (1) |
52 Weeks |
52 Weeks |
|||||
GAAP diluted net earnings (loss) per share |
$(4.91 |
) | $1.27 to $1.42 | ||||
Non-GAAP adjustments | |||||||
Non-cash impairment charges |
$6.10 |
||||||
Employee-related costs | $0.06 | ||||||
Non-GAAP adjusted diluted net earnings per share (1) | $1.25 | $1.27 to $1.42 | |||||
(1) Comparison of GAAP to Non-GAAP Financial Measures
Non-GAAP
financial measurements in this release are provided to assist in
understanding the impact of certain costs. We believe that adjusting for
certain costs will assist investors in making an evaluation of our
performance. This information should not be construed as an alternative
to the reported results, which have been determined in accordance with
accounting principles generally accepted in the United States of America.
SUPERVALU’s fiscal 2013 guidance includes the following assumptions:
- Net sales for the 52-week fiscal year are estimated to be $35.0 billion to $35.5 billion, which includes the reduction of approximately $500 million in sales from the sale of the majority of the Company’s fuel centers;
- Identical store sales growth, excluding fuel, is projected to be negative 1.0 percent to negative 2.0 percent;
- Sales in the independent business segment are expected to be up modestly;
- Debt reduction is estimated to be approximately $400 to $450 million;
- Capital spending is projected to be approximately $675 million; the Company expects to complete approximately 100 store remodels and increase Save-A-Lot’s store count by approximately 50 stores, including licensed locations;
- The effective tax rate is estimated to be approximately 36 percent; and
- Weighted-average diluted shares are estimated to be approximately 213 million.
A conference call to review the fourth quarter results is scheduled for today at 9:00 a.m. (central time). This quarter, supplemental information will accompany prepared remarks and be available with the live webcast at http://www.supervaluinvestors.com. A replay of the webcast will be archived with the supplemental information on SUPERVALU's website. To access the website replay go to the “Investors” link and click on “Presentations and Webcasts.”
About SUPERVALU INC.
SUPERVALU INC. is one of the largest
companies in the U.S. grocery channel with annual sales of approximately
$35 billion. SUPERVALU serves customers across the United States through
a network of approximately 4,300 stores composed of 1,102 traditional
retail stores, including 797 in-store pharmacies; 1,332 hard-discount
stores, of which 935 are operated by licensee owners; and 1,900
independent stores serviced primarily by the company’s traditional food
distribution business. SUPERVALU has approximately 130,000 employees.
For more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations, guidance, or future operating results, and other statements identified by words such as "estimates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including competition, ability to execute initiatives, substantial indebtedness, impact of economic conditions, labor relations issues, escalating costs of providing employee benefits, regulatory matters, food and drug safety issues, self-insurance, legal and administrative proceedings, information technology, severe weather, natural disasters and adverse climate changes, the continuing review of goodwill and other intangible assets, accounting matters and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU's reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SUPERVALU INC. and Subsidiaries | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
|
Fourth Quarter Ended |
|
Fourth Quarter Ended |
|||||||||||||||
|
February 25, 2012 |
|
February 26, 2011 |
|||||||||||||||
(In millions, except per share data) | (12 weeks) | % of net sales | (12 weeks) | % of net sales | ||||||||||||||
Net sales | $ | 8,231 | 100.0 | % | $ | 8,660 | 100.0 | % | ||||||||||
Cost of sales | 6,353 | 77.2 | % | 6,644 | 76.7 | % | ||||||||||||
Gross profit | 1,878 | 22.8 | % | 2,016 | 23.3 | % | ||||||||||||
Selling and administrative expenses | 1,660 | 20.2 | % | 1,767 | 20.4 | % | ||||||||||||
Goodwill and intangible asset impairment charges | 525 | 6.4 | % | 30 | 0.3 | % | ||||||||||||
Operating earnings (loss) | (307 | ) | (3.7 | )% | 219 | 2.5 | % | |||||||||||
Interest expense, net | 115 | 1.4 | % | 120 | 1.4 | % | ||||||||||||
Earnings (loss) before income taxes | (422 | ) | (5.1 | )% | 99 | 1.1 | % | |||||||||||
Income tax provision | 2 | 0.0 | % | 4 | 0.0 | % | ||||||||||||
Net income (loss) | $ | (424 | ) | (5.1 | )% | $ | 95 | 1.1 | % | |||||||||
Net income (loss) per share | ||||||||||||||||||
Basic | $ | (2.00 | ) | $ | 0.45 | |||||||||||||
Diluted | $ | (2.00 | ) | $ | 0.44 | |||||||||||||
Weighted average number of shares outstanding | ||||||||||||||||||
Basic | 212 | 212 | ||||||||||||||||
Diluted | 212 | 213 | ||||||||||||||||
SUPERVALU INC. and Subsidiaries | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||
Fiscal Year-to-Date Ended |
|
Fiscal Year-to-Date Ended |
|||||||||||||||||
|
February 25, 2012 |
|
February 26, 2011 |
||||||||||||||||
(In millions, except per share data) | (52 weeks) | % of net sales | (52 weeks) | % of net sales | |||||||||||||||
(Unaudited) | |||||||||||||||||||
Net sales | $ | 36,100 | 100.0 | % | $ | 37,534 | 100.0 | % | |||||||||||
Cost of sales | 28,081 | 77.8 | % | 29,124 | 77.6 | % | |||||||||||||
Gross profit | 8,019 | 22.2 | % | 8,410 | 22.4 | % | |||||||||||||
Selling and administrative expenses | 7,106 | 19.7 | % | 7,516 | 20.0 | % | |||||||||||||
Goodwill and intangible asset impairment charges | 1,432 | 4.0 | % | 1,870 | 5.0 | % | |||||||||||||
Operating loss | (519 | ) | (1.4 | )% | (976 | ) | (2.6 | )% | |||||||||||
Interest expense, net | 509 | 1.4 | % | 547 | 1.5 | % | |||||||||||||
Loss before income taxes | (1,028 | ) | (2.8 | )% | (1,523 | ) | (4.1 | )% | |||||||||||
Income tax provision (benefit) | 12 | 0.0 | % | (13 | ) | (0.0 | )% | ||||||||||||
Net loss | $ | (1,040 | ) | (2.9 | )% | $ | (1,510 | ) | (4.0 | )% | |||||||||
Net loss per share | |||||||||||||||||||
Basic | $ |
(4.91 |
) | $ | (7.13 | ) | |||||||||||||
Diluted | $ |
(4.91 |
) | $ | (7.13 | ) | |||||||||||||
Weighted average number of shares outstanding | |||||||||||||||||||
Basic | 212 | 212 | |||||||||||||||||
Diluted | 212 | 212 | |||||||||||||||||
SUPERVALU INC. and Subsidiaries | ||||||||||
CONDENSED CONSOLIDATED SEGMENT FINANCIAL INFORMATION | ||||||||||
(Unaudited) | ||||||||||
Fourth Quarter Ended | Fourth Quarter Ended | |||||||||
February 25, 2012 | February 26, 2011 | |||||||||
(In millions) | (12 weeks) | (12 weeks) | ||||||||
Net sales | ||||||||||
Retail food | $ | 6,373 | $ | 6,694 | ||||||
% of total | 77.4 | % | 77.3 | % | ||||||
Independent business (1) | 1,858 | 1,966 | ||||||||
% of total | 22.6 | % | 22.7 | % | ||||||
Total net sales | $ | 8,231 | $ | 8,660 | ||||||
100.0 | % | 100.0 | % | |||||||
Operating earnings (loss) | ||||||||||
Retail food (2) | $ | (335 | ) | $ | 131 | |||||
% of sales | (5.2 | )% | 2.0 | % | ||||||
Independent business (3) | 44 | 120 | ||||||||
% of sales | 2.3 | % | 6.1 | % | ||||||
Corporate | (16 | ) | (32 | ) | ||||||
Total operating earnings (loss) | (307 | ) | 219 | |||||||
% of sales | (3.7 | )% | 2.5 | % | ||||||
Interest expense, net | 115 | 120 | ||||||||
Earnings (loss) before income taxes | (422 | ) | 99 | |||||||
Income tax provision | 2 | 4 | ||||||||
Net income (loss) | $ | (424 | ) | $ | 95 | |||||
LIFO charge | ||||||||||
Retail food | $ | 2 | $ | - | ||||||
Independent business | 1 | - | ||||||||
Total | $ | 3 | $ | - | ||||||
Depreciation and amortization | ||||||||||
Retail food | $ | 188 | $ | 195 | ||||||
Independent business | 16 | 17 | ||||||||
Total | $ | 204 | $ | 212 | ||||||
(1) The Company's Independent business reportable segment was formerly known as Supply chain services.
(2) Retail food operating loss for the fourth quarter ended February 25, 2012 includes $525 of goodwill and intangible asset impairment charges and $15 of other charges related to certain employee-related costs. Retail food operating earnings for the fourth quarter ended February 26, 2011 includes $30 of intangible asset impairment charges and $75 of other charges primarily related to the sale or closure of non-strategic stores and certain employee-related costs.
(3) Independent business operating earnings for the fourth quarter ended February 25, 2012 included $5 of charges related to certain employee-related costs. Independent business operating earnings for the fourth quarter ended February 26, 2011 includes $62 of gain from the sale of Total Logistic Control.
SUPERVALU INC. and Subsidiaries | ||||||||||
CONDENSED CONSOLIDATED SEGMENT FINANCIAL INFORMATION | ||||||||||
Fiscal Year-to-Date Ended | Fiscal Year-to-Date Ended | |||||||||
February 25, 2012 | February 26, 2011 | |||||||||
(In millions) | (52 weeks) | (52 weeks) | ||||||||
(Unaudited) | ||||||||||
Net sales | ||||||||||
Retail food | $ | 27,906 | $ | 28,911 | ||||||
% of total | 77.3 | % | 77.0 | % | ||||||
Independent business (1) | 8,194 | 8,623 | ||||||||
% of total | 22.7 | % | 23.0 | % | ||||||
Total net sales | $ | 36,100 | $ | 37,534 | ||||||
100.0 | % | 100.0 | % | |||||||
Operating earnings (loss) | ||||||||||
Retail food (2) | $ | (698 | ) | $ | (1,212 | ) | ||||
% of sales | (2.5 | )% | (4.2 | )% | ||||||
Independent business (3) | 243 | 337 | ||||||||
% of sales | 3.0 | % | 3.9 | % | ||||||
Corporate (4) | (64 | ) | (101 | ) | ||||||
Total operating loss | (519 | ) | (976 | ) | ||||||
% of sales | (1.4 | )% | (2.6 | )% | ||||||
Interest expense, net | 509 | 547 | ||||||||
Loss before income taxes | (1,028 | ) | (1,523 | ) | ||||||
Income tax provision (benefit) | 12 | (13 | ) | |||||||
Net loss | $ | (1,040 | ) | $ | (1,510 | ) | ||||
LIFO charge | ||||||||||
Retail food | $ | 51 | $ | 15 | ||||||
Independent business | 9 | 3 | ||||||||
Total | $ | 60 | $ | 18 | ||||||
Depreciation and amortization | ||||||||||
Retail food | $ | 817 | $ | 849 | ||||||
Independent business | 67 | 76 | ||||||||
Total | $ | 884 | $ | 925 | ||||||
(1) The Company's Independent business reportable segment was formerly known as Supply chain services.
(2) Retail food operating loss for the fiscal year-to-date ended February 25, 2012 includes $1,432 of goodwill and intangible asset impairment charges and $15 of other charges related to certain employee-related costs. Retail food operating loss for the fiscal year-to-date ended February 26, 2011 includes $1,870 of goodwill and intangible asset impairment charges and $172 of other charges primarily related to the sale or closure of non-strategic stores, the impact of the labor dispute at Shaw's and certain employee-related costs.
(3) Independent business operating earnings for the year ended February 26, 2011 includes $62 of gain from the sale of Total Control Logistic Control.
(4) Corporate expense for the fiscal year-to-date ended February 26, 2011 includes $7 of employee-related and litigation costs.
SUPERVALU INC. and Subsidiaries | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In millions) | February 25, 2012 | February 26, 2011 | ||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 157 | $ | 172 | ||||
Receivables, net | 730 | 743 | ||||||
Inventories | 2,150 | 2,270 | ||||||
Other current assets | 188 | 235 | ||||||
Total current assets | 3,225 | 3,420 | ||||||
Property, plant and equipment, net | 6,362 | 6,604 | ||||||
Goodwill | 847 | 1,984 | ||||||
Intangible assets, net | 809 | 1,170 | ||||||
Other assets | 810 | 580 | ||||||
Total assets | $ | 12,053 | $ | 13,758 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 2,519 | $ | 2,661 | ||||
Current maturities of long-term debt and capital lease obligations | 388 | 403 | ||||||
Other current liabilities | 683 | 722 | ||||||
Total current liabilities | 3,590 | 3,786 | ||||||
Long-term debt and capital lease obligations | 5,868 | 6,348 | ||||||
Pension and other postretirement benefit obligations | 1,126 | 756 | ||||||
Other liabilities | 1,448 | 1,528 | ||||||
Commitments and contingencies | ||||||||
Total stockholders' equity | 21 | 1,340 | ||||||
Total liabilities and stockholders’ equity | $ | 12,053 | $ | 13,758 | ||||
SUPERVALU INC. and Subsidiaries | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
Fiscal Year-to-Date | Fiscal Year-to-Date | |||||||||
Ended | Ended | |||||||||
February 25, 2012 | February 26, 2011 | |||||||||
(In millions) | (52 weeks) | (52 weeks) | ||||||||
(Unaudited) | ||||||||||
Cash flows from operating activities | ||||||||||
Net loss | $ | (1,040 | ) | $ | (1,510 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Goodwill and intangible asset impairment charges | 1,432 | 1,870 | ||||||||
Asset impairment and other charges | 10 | 116 | ||||||||
Gain on sale of assets | (32 | ) | (52 | ) | ||||||
Depreciation and amortization | 884 | 925 | ||||||||
LIFO charge | 60 | 18 | ||||||||
Deferred income taxes | (112 | ) | (94 | ) | ||||||
Stock-based compensation | 13 | 15 | ||||||||
Net pension and other postretirement benefits expense | 120 | 102 | ||||||||
Contributions to pension and other postretirement benefit plans | (93 | ) | (169 | ) | ||||||
Other | 20 | 41 | ||||||||
Changes in operating assets and liabilities | (206 | ) | (99 | ) | ||||||
Net cash provided by operating activities | 1,056 | 1,163 | ||||||||
Cash flows from investing activities | ||||||||||
Proceeds from sale of assets | 171 | 360 | ||||||||
Purchases of property, plant and equipment | (661 | ) | (597 | ) | ||||||
Other | 6 | 10 | ||||||||
Net cash used in investing activities | (484 | ) | (227 | ) | ||||||
Cash flows from financing activities | ||||||||||
Proceeds from issuance of long-term debt | 291 | 180 | ||||||||
Payment of long-term debt and capital lease obligations | (794 | ) | (1,065 | ) | ||||||
Dividends paid | (74 | ) | (74 | ) | ||||||
Other | (10 | ) | (16 | ) | ||||||
Net cash used in financing activities | (587 | ) | (975 | ) | ||||||
Net decrease in cash and cash equivalents | (15 | ) | (39 | ) | ||||||
Cash and cash equivalents at beginning of year | 172 | 211 | ||||||||
Cash and cash equivalents at the end of period | $ | 157 | $ | 172 |