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Guarantor and Non-Guarantor Financial Information | 6 Months Ended
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Mar. 31, 2016
Guarantor and Non-Guarantor Financial Information |
Guarantor and Non-Guarantor Financial Information | 16.Guarantor and Non-Guarantor Financial Information In March 2015, Helmerich & Payne International Drilling Co. (“the issuer”), a wholly-owned subsidiary of Helmerich & Payne, Inc. (“parent”, “the guarantor”), issued senior unsecured notes with an aggregate principal amount of $500.0 million. The notes are fully and unconditionally guaranteed by the parent. No subsidiaries of parent currently guarantee the notes, subject to certain provisions that if any subsidiary guarantees certain other debt of the issuer or parent, then such subsidiary will provide a guarantee of the obligations under the notes. In connection with the notes, we are providing the following condensed consolidating financial information for the issuer, Helmerich & Payne International Drilling Co. and parent/guarantor, Helmerich & Payne, Inc., in accordance with the Commission disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in thousands)
|  | Three Months Ended March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 382,747 |  | $ | 55,460 |  | $ | (16 | ) | $ | 438,191 |
Operating costs and other |  | 3,156 |  | 331,998 |  | 61,818 |  | (402 | ) | 396,570 |
Operating income (loss) from continuing operations |  | (3,156 | ) | 50,749 |  | (6,358 | ) | 386 |  | 41,621 |
Other income (loss), net |  | (271 | ) | 734 |  | 1,375 |  | (386 | ) | 1,452 |
Interest expense |  | (62 | ) | (5,272 | ) | (387 | ) | — |  | (5,721 | )
Equity in net income (loss) of subsidiaries |  | 23,065 |  | (7,818 | ) | — |  | (15,247 | ) | — |
Income (loss) from continuing operations before income taxes |  | 19,576 |  | 38,393 |  | (5,370 | ) | (15,247 | ) | 37,352 |
Income tax provision |  | (1,629 | ) | 15,657 |  | (1,850 | ) | — |  | 12,178 |
Income (loss) from continuing operations |  | 21,205 |  | 22,736 |  | (3,520 | ) | (15,247 | ) | 25,174 |
Loss from discontinued operations before income taxes |  | — |  | — |  | (56 | ) | — |  | (56 | )
Income tax provision |  | — |  | — |  | 3,913 |  | — |  | 3,913 |
Loss from discontinued operations |  | — |  | — |  | (3,969 | ) | — |  | (3,969 | )
Net income (loss) |  | $ | 21,205 |  | $ | 22,736 |  | $ | (7,489 | ) | $ | (15,247 | ) | $ | 21,205 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Three Months Ended March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income (loss) |  | $ | 21,205 |  | $ | 22,736 |  | $ | (7,489 | ) | $ | (15,247 | ) | $ | 21,205 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  | — |  | (1,453 | ) | — |  | — |  | (1,453 | )
Minimum pension liability adjustments, net |  | 106 |  | 207 |  | — |  | — |  | 313 |
Other comprehensive income (loss) |  | 106 |  | (1,246 | ) | — |  | — |  | (1,140 | )
Comprehensive income |  | $ | 21,311 |  | $ | 21,490 |  | $ | (7,489 | ) | $ | (15,247 | ) | $ | 20,065 |
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in thousands)
|  | Three Months Ended March 31, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 774,896 |  | $ | 110,798 |  | $ | (24 | ) | $ | 885,670 |
Operating costs and other |  | 3,059 |  | 548,083 |  | 104,236 |  | (1,034 | ) | 654,344 |
Operating income (loss) from continuing operations |  | (3,059 | ) | 226,813 |  | 6,562 |  | 1,010 |  | 231,326 |
Other income |  | 2 |  | 3,738 |  | (111 | ) | (1,010 | ) | 2,619 |
Interest expense |  | (12 | ) | (121 | ) | (2,467 | ) | — |  | (2,600 | )
Equity in net income of subsidiaries |  | 155,706 |  | 3,373 |  | — |  | (159,079 | ) | — |
Income from continuing operations before income taxes |  | 152,637 |  | 233,803 |  | 3,984 |  | (159,079 | ) | 231,345 |
Income tax provision |  | (906 | ) | 78,923 |  | (214 | ) | — |  | 77,803 |
Income from continuing operations |  | 153,543 |  | 154,880 |  | 4,198 |  | (159,079 | ) | 153,542 |
Loss from discontinued operations before income taxes |  | — |  | — |  | (76 | ) | — |  | (76 | )
Income tax provision |  | — |  | — |  | (77 | ) | — |  | (77 | )
Loss from discontinued operations |  | — |  | — |  | 1 |  | — |  | 1 |
Net income |  | $ | 153,543 |  | $ | 154,880 |  | $ | 4,199 |  | $ | (159,079 | ) | $ | 153,543 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Three Months Ended March 31, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income |  | $ | 153,543 |  | $ | 154,880 |  | $ | 4,199 |  | $ | (159,079 | ) | $ | 153,543 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  | — |  | (1,203 | ) | — |  | — |  | (1,203 | )
Minimum pension liability adjustments, net |  | 82 |  | 115 |  | — |  | — |  | 197 |
Other comprehensive income (loss) |  | 82 |  | (1,088 | ) | — |  | — |  | (1,006 | )
Comprehensive income |  | $ | 153,625 |  | $ | 153,792 |  | $ | 4,199 |  | $ | (159,079 | ) | $ | 152,537 |
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in thousands)
|  | Six Months Ended March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 788,284 |  | $ | 137,787 |  | $ | (33 | ) | $ | 926,038 |
Operating costs and other |  | 5,861 |  | 688,749 |  | 151,940 |  | (803 | ) | 845,747 |
Operating income (loss) from continuing operations |  | (5,861 | ) | 99,535 |  | (14,153 | ) | 770 |  | 80,291 |
Other income |  | (251 | ) | 1,390 |  | 1,555 |  | (770 | ) | 1,924 |
Interest expense |  | (124 | ) | (9,990 | ) | (131 | ) | — |  | (10,245 | )
Equity in net income (loss) of subsidiaries |  | 40,614 |  | (16,015 | ) | — |  | (24,599 | ) | — |
Income from continuing operations before income taxes |  | 34,378 |  | 74,920 |  | (12,729 | ) | (24,599 | ) | 71,970 |
Income tax provision |  | (2,829 | ) | 34,884 |  | (1,157 | ) | — |  | 30,898 |
Income (loss) from continuing operations |  | 37,207 |  | 40,036 |  | (11,572 | ) | (24,599 | ) | 41,072 |
Income from discontinued operations before income taxes |  | — |  | — |  | 48 |  | — |  | 48 |
Income tax provision |  | — |  | — |  | 3,913 |  | — |  | 3,913 |
Loss from discontinued operations |  | — |  | — |  | (3,865 | ) | — |  | (3,865 | )
Net income (loss) |  | $ | 37,207 |  | $ | 40,036 |  | $ | (15,437 | ) | $ | (24,599 | ) | $ | 37,207 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Six Months Ended March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income (loss) |  | $ | 37,207 |  | $ | 40,036 |  | $ | (15,437 | ) | $ | (24,599 | ) | $ | 37,207 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  | — |  | (12,463 | ) | — |  | — |  | (12,463 | )
Minimum pension liability adjustments, net |  | 213 |  | 413 |  | — |  | — |  | 626 |
Other comprehensive income (loss) |  | 213 |  | (12,050 | ) | — |  | — |  | (11,837 | )
Comprehensive income (loss) |  | $ | 37,420 |  | $ | 27,986 |  | $ | (15,437 | ) | $ | (24,599 | ) | $ | 25,370 |
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in thousands)
|  | Six Months Ended March 31, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 1,727,005 |  | $ | 219,492 |  | $ | (40 | ) | $ | 1,946,457 |
Operating costs and other |  | 6,080 |  | 1,177,121 |  | 203,625 |  | (2,066 | ) | 1,384,760 |
Operating income (loss) from continuing operations |  | (6,080 | ) | 549,884 |  | 15,867 |  | 2,026 |  | 561,697 |
Other income |  | 3 |  | 4,659 |  | 592 |  | (2,026 | ) | 3,228 |
Interest expense |  | (19 | ) | (103 | ) | (3,068 | ) | — |  | (3,190 | )
Equity in net income of subsidiaries |  | 361,065 |  | 10,091 |  | — |  | (371,156 | ) | — |
Income from continuing operations before income taxes |  | 354,969 |  | 564,531 |  | 13,391 |  | (371,156 | ) | 561,735 |
Income tax provision |  | (2,182 | ) | 205,045 |  | 1,707 |  | — |  | 204,570 |
Income from continuing operations |  | 357,151 |  | 359,486 |  | 11,684 |  | (371,156 | ) | 357,165 |
Loss from discontinued operations before income taxes |  | — |  | — |  | (91 | ) | — |  | (91 | )
Income tax provision |  | — |  | — |  | (77 | ) | — |  | (77 | )
Loss from discontinued operations |  | — |  | — |  | (14 | ) | — |  | (14 | )
Net income |  | $ | 357,151 |  | $ | 359,486 |  | $ | 11,670 |  | $ | (371,156 | ) | $ | 357,151 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Six Months Ended March 31, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income (loss) |  | $ | 357,151 |  | $ | 359,486 |  | $ | 11,670 |  | $ | (371,156 | ) | $ | 357,151 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  | — |  | (43,447 | ) | — |  | — |  | (43,447 | )
Minimum pension liability adjustments, net |  | 164 |  | 229 |  | — |  | — |  | 393 |
Other comprehensive income (loss) |  | 164 |  | (43,218 | ) | — |  | — |  | (43,054 | )
Comprehensive income |  | $ | 357,315 |  | $ | 316,268 |  | $ | 11,670 |  | $ | (371,156 | ) | $ | 314,097 |
CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands)
|  | March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (1,900 | ) | $ | 885,570 |  | $ | 14,343 |  | $ | — |  | $ | 898,013 |
Short-term investments |  | — |  | 45,526 |  | — |  | — |  | 45,526 |
Accounts receivable, net of reserve |  | (13 | ) | 270,387 |  | 60,352 |  | — |  | 330,726 |
Inventories |  | — |  | 88,799 |  | 40,850 |  | — |  | 129,649 |
Prepaid expenses and other |  | 25,867 |  | 3,142 |  | 43,353 |  | (16,129 | ) | 56,233 |
Current assets of discontinued operations |  | — |  | — |  | 230 |  | — |  | 230 |
Total current assets |  | 23,954 |  | 1,293,424 |  | 159,128 |  | (16,129 | ) | 1,460,377 |
Investments |  | 12,205 |  | 71,158 |  | — |  | — |  | 83,363 |
Property, plant and equipment, net |  | 64,190 |  | 4,962,375 |  | 419,787 |  | — |  | 5,446,352 |
Intercompany |  | 15,144 |  | 1,310,646 |  | 262,269 |  | (1,588,059 | ) | — |
Other assets |  | 10,992 |  | 478 |  | 34,301 |  | (10,758 | ) | 35,013 |
Investment in subsidiaries |  | 5,653,326 |  | 211,418 |  | — |  | (5,864,744 | ) | — |
Total assets |  | $ | 5,779,811 |  | $ | 7,849,499 |  | $ | 875,485 |  | $ | (7,479,690 | ) | $ | 7,025,105 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt due within one year |  | $ | — |  | $ | 39,144 |  | $ | — |  | $ | — |  | $ | 39,144 |
Accounts payable |  | 78,165 |  | 10,529 |  | 2,743 |  | — |  | 91,437 |
Accrued liabilities |  | 11,388 |  | 193,249 |  | 52,157 |  | (16,129 | ) | 240,665 |
Current liabilities of discontinued operations |  | — |  | — |  | 82 |  | — |  | 82 |
Total current liabilities |  | 89,553 |  | 242,922 |  | 54,982 |  | (16,129 | ) | 371,328 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | — |  | 492,919 |  | — |  | — |  | 492,919 |
Deferred income taxes |  | — |  | 1,267,164 |  | 22,258 |  | (10,758 | ) | 1,278,664 |
Intercompany |  | 890,370 |  | 183,734 |  | 513,855 |  | (1,587,959 | ) | — |
Other |  | 17,788 |  | 27,204 |  | 50,992 |  | — |  | 95,984 |
Noncurrent liabilities of discontinued operations |  | — |  | — |  | 4,110 |  | — |  | 4,110 |
Total noncurrent liabilities |  | 908,158 |  | 1,971,021 |  | 591,215 |  | (1,598,717 | ) | 1,871,677 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 11,136 |  | 100 |  | — |  | (100 | ) | 11,136 |
Additional paid-in capital |  | 436,117 |  | 46,832 |  | 393 |  | (47,225 | ) | 436,117 |
Retained earnings |  | 4,536,047 |  | 5,596,819 |  | 228,895 |  | (5,825,714 | ) | 4,536,047 |
Accumulated other comprehensive loss |  | (13,214 | ) | (8,195 | ) | — |  | 8,195 |  | (13,214 | )
Treasury stock, at cost |  | (187,986 | ) | — |  | — |  | — |  | (187,986 | )
Total shareholders’ equity |  | 4,782,100 |  | 5,635,556 |  | 229,288 |  | (5,864,844 | ) | 4,782,100 |
Total liabilities and shareholders’ equity |  | $ | 5,779,811 |  | 7,849,499 |  | $ | 875,485 |  | $ | (7,479,690 | ) | $ | 7,025,105 |
CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands)
|  | September 30, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (838 | ) | $ | 693,273 |  | $ | 36,949 |  | $ | — |  | $ | 729,384 |
Short-term investments |  | — |  | 45,543 |  | — |  | — |  | 45,543 |
Accounts receivable, net of reserve |  | 152 |  | 374,383 |  | 71,418 |  | (5 | ) | 445,948 |
Inventories |  | — |  | 88,010 |  | 40,531 |  | — |  | 128,541 |
Deferred income taxes |  | 2,834 |  | 19,277 |  | — |  | (4,905 | ) | 17,206 |
Prepaid expenses and other |  | 20,018 |  | 6,713 |  | 45,647 |  | (7,903 | ) | 64,475 |
Current assets of discontinued operations |  | — |  | — |  | 8,097 |  | — |  | 8,097 |
Total current assets |  | 22,166 |  | 1,227,199 |  | 202,642 |  | (12,813 | ) | 1,439,194 |
Investments |  | 12,871 |  | 91,483 |  | — |  | — |  | 104,354 |
Property, plant and equipment, net |  | 55,902 |  | 5,063,705 |  | 443,563 |  | — |  | 5,563,170 |
Intercompany |  | 15,875 |  | 1,192,634 |  | 230,652 |  | (1,439,161 | ) | — |
Other assets |  | 8,387 |  | 1,389 |  | 38,901 |  | (8,153 | ) | 40,524 |
Investment in subsidiaries |  | 5,623,754 |  | 227,587 |  | — |  | (5,851,341 | ) | — |
Total assets |  | $ | 5,738,955 |  | $ | 7,803,997 |  | $ | 915,758 |  | $ | (7,311,468 | ) | $ | 7,147,242 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt due within one year |  | $ | — |  | $ | 39,094 |  | $ | — |  | $ | — |  | $ | 39,094 |
Accounts payable |  | 80,673 |  | 20,404 |  | 7,097 |  | (5 | ) | 108,169 |
Accrued liabilities |  | 10,688 |  | 151,721 |  | 46,251 |  | (11,103 | ) | 197,557 |
Current liabilities of discontinued operations |  | — |  | — |  | 3,377 |  | — |  | 3,377 |
Total current liabilities |  | 91,361 |  | 211,219 |  | 56,725 |  | (11,108 | ) | 348,197 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | — |  | 492,443 |  | — |  | — |  | 492,443 |
Deferred income taxes |  | — |  | 1,275,428 |  | 33,546 |  | (13,058 | ) | 1,295,916 |
Intercompany |  | 733,008 |  | 186,784 |  | 516,169 |  | (1,435,961 | ) | — |
Other |  | 18,740 |  | 31,560 |  | 59,820 |  | — |  | 110,120 |
Noncurrent liabilities of discontinued operations |  | — |  | — |  | 4,720 |  | — |  | 4,720 |
Total noncurrent liabilities |  | 751,748 |  | 1,986,215 |  | 614,255 |  | (1,449,019 | ) | 1,903,199 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 11,099 |  | 100 |  | — |  | (100 | ) | 11,099 |
Additional paid-in capital |  | 420,141 |  | 45,824 |  | 349 |  | (46,173 | ) | 420,141 |
Retained earnings |  | 4,648,346 |  | 5,556,783 |  | 244,429 |  | (5,801,212 | ) | 4,648,346 |
Accumulated other comprehensive income (loss) |  | (1,377 | ) | 3,856 |  | — |  | (3,856 | ) | (1,377 | )
Treasury stock, at cost |  | (182,363 | ) | — |  | — |  | — |  | (182,363 | )
Total shareholders’ equity |  | 4,895,846 |  | 5,606,563 |  | 244,778 |  | (5,851,341 | ) | 4,895,846 |
Total liabilities and shareholders’ equity |  | $ | 5,738,955 |  | $ | 7,803,997 |  | $ | 915,758 |  | $ | (7,311,468 | ) | $ | 7,147,242 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands)
|  | Six Months Ended March 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 3,543 |  | $ | 510,685 |  | $ | (21,711 | ) | $ | — |  | $ | 492,517 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (12,667 | ) | (165,291 | ) | (2,523 | ) | — |  | (180,481 | )
Intercompany transfers |  | 12,667 |  | (12,667 | ) | — |  | — |  | — |
Purchase of short-term investments |  | — |  | (21,869 | ) | — |  | — |  | (21,869 | )
Proceeds from sale of short-term investments |  | — |  | 21,676 |  | — |  | — |  | 21,676 |
Proceeds from asset sales |  | — |  | 8,131 |  | 1,584 |  | — |  | 9,715 |
Net cash used in investing activities |  | — |  | (170,020 | ) | (939 | ) | — |  | (170,959 | )
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  | (149,300 | ) | — |  | — |  | — |  | (149,300 | )
Intercompany transfers |  | 149,300 |  | (149,300 | ) | — |  | — |  | — |
Debt issuance costs |  | — |  | (32 | ) | — |  | — |  | (32 | )
Exercise of stock options, net of tax withholding |  | (199 | ) | — |  | — |  | — |  | (199 | )
Tax withholdings related to net share settlements of restricted stock |  | (3,617 | ) | — |  | — |  | — |  | (3,617 | )
Excess tax benefit from stock-based compensation |  | (789 | ) | 964 |  | 44 |  | — |  | 219 |
Net cash provided by (used in) financing activities |  | (4,605 | ) | (148,368 | ) | 44 |  | — |  | (152,929 | )
Net increase (decrease) in cash and cash equivalents |  | (1,062 | ) | 192,297 |  | (22,606 | ) | — |  | 168,629 |
Cash and cash equivalents, beginning of period |  | (838 | ) | 693,273 |  | 36,949 |  | — |  | 729,384 |
Cash and cash equivalents, end of period |  | $ | (1,900 | ) | $ | 885,570 |  | $ | 14,343 |  | $ | — |  | $ | 898,013 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands)
|  | Six Months Ended March 31, 2015, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by operating activities |  | $ | 64,996 |  | $ | 730,744 |  | $ | 20,828 |  | $ | — |  | $ | 816,568 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (11,571 | ) | (713,797 | ) | (40,661 | ) | — |  | (766,029 | )
Intercompany transfers |  | 11,571 |  | (11,571 | ) | — |  | — |  | — |
Proceeds from asset sales |  | 1 |  | 14,215 |  | 939 |  | — |  | 15,155 |
Net cash provided by (used in) investing activities |  | 1 |  | (711,153 | ) | (39,722 | ) | — |  | (750,874 | )
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Proceeds from senior notes, net of discount |  | — |  | 497,125 |  | — |  | — |  | 497,125 |
Debt issuance costs |  | — |  | (4,334 | ) | — |  | — |  | (4,334 | )
Net increase in bank overdraft |  | — |  | — |  | 12,560 |  | — |  | 12,560 |
Dividends paid |  | (149,347 | ) | — |  | — |  | — |  | (149,347 | )
Intercompany transfers |  | 149,347 |  | (149,347 | ) | — |  | — |  | — |
Repurchase of common stock |  | (59,654 | ) | — |  | — |  | — |  | (59,654 | )
Exercise of stock options, net of tax withholding |  | (1,079 | ) | — |  | — |  | — |  | (1,079 | )
Tax withholdings related to net share settlements of restricted stock |  | (4,248 | ) | — |  | — |  | — |  | (4,248 | )
Excess tax benefit from stock-based compensation |  | 85 |  | 2,653 |  | 23 |  | — |  | 2,761 |
Net cash provided by (used in) financing activities |  | (64,896 | ) | 346,097 |  | 12,583 |  | — |  | 293,784 |
Net increase (decrease) in cash and cash equivalents |  | 101 |  | 365,688 |  | (6,311 | ) | — |  | 359,478 |
Cash and cash equivalents, beginning of period |  | (2,050 | ) | 329,655 |  | 32,702 |  | — |  | 360,307 |
Cash and cash equivalents, end of period |  | $ | (1,949 | ) | $ | 695,343 |  | $ | 26,391 |  | $ | — |  | $ | 719,785 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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