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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 12 Months Ended
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Sep. 30, 2017
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION |
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | NOTE 16 GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION In March 2015, Helmerich & Payne International Drilling Co. (“the issuer”), a 100 percent 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 the 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 obligation under the notes. In connection with the notes, we are providing the following condensed consolidating financial information in accordance with the Securities and Exchange Commission disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. Condensed consolidating financial information for the issuer, Helmerich & Payne International Drilling Co., and parent, guarantor, Helmerich & Payne, Inc. is shown in the tables below. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands)
|  | Year Ended September 30, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 1,575,787 |  | $ | 229,021 |  | $ | (67) |  | $ | 1,804,741 |
Operating costs and other |  |  | 16,566 |  |  | 1,707,473 |  |  | 254,125 |  |  | (882) |  |  | 1,977,282 |
Operating income (loss) from continuing operations |  |  | (16,566) |  |  | (131,686) |  |  | (25,104) |  |  | 815 |  |  | (172,541) |
Other income (expense), net |  |  | (240) |  |  | 7,342 |  |  | 1,403 |  |  | (815) |  |  | 7,690 |
Interest expense |  |  | (398) |  |  | (20,136) |  |  | 787 |  |  | — |  |  | (19,747) |
Equity in net income (loss) of subsidiaries |  |  | (116,212) |  |  | (8,012) |  |  | — |  |  | 124,224 |  |  | — |
Loss from continuing operations before income taxes |  |  | (133,416) |  |  | (152,492) |  |  | (22,914) |  |  | 124,224 |  |  | (184,598) |
Income tax benefit |  |  | (5,204) |  |  | (38,600) |  |  | (12,931) |  |  | — |  |  | (56,735) |
Loss from continuing operations |  |  | (128,212) |  |  | (113,892) |  |  | (9,983) |  |  | 124,224 |  |  | (127,863) |
Income from discontinued operations before income taxes |  |  | — |  |  | — |  |  | 3,285 |  |  | — |  |  | 3,285 |
Income tax provision |  |  | — |  |  | — |  |  | 3,634 |  |  | — |  |  | 3,634 |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (349) |  |  | — |  |  | (349) |
Net loss |  | $ | (128,212) |  | $ | (113,892) |  | $ | (10,332) |  | $ | 124,224 |  | $ | (128,212) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands)
|  | Year Ended September 30, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net loss |  | $ | (128,212) |  | $ | (113,892) |  | $ | (10,332) |  | $ | 124,224 |  | $ | (128,212) |
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  |  | — |  |  | (829) |  |  | — |  |  | — |  |  | (829) |
Minimum pension liability adjustments, net |  |  | 860 |  |  | 2,473 |  |  | — |  |  | — |  |  | 3,333 |
Other comprehensive income |  |  | 860 |  |  | 1,644 |  |  | — |  |  | — |  |  | 2,504 |
Comprehensive loss |  | $ | (127,352) |  | $ | (112,248) |  | $ | (10,332) |  | $ | 124,224 |  | $ | (125,708) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands)
|  | Year Ended September 30, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 1,373,511 |  | $ | 250,791 |  | $ | (70) |  | $ | 1,624,232 |
Operating costs and other |  |  | 13,145 |  |  | 1,358,269 |  |  | 280,107 |  |  | (1,323) |  |  | 1,650,198 |
Operating income (loss) from continuing operations |  |  | (13,145) |  |  | 15,242 |  |  | (29,316) |  |  | 1,253 |  |  | (25,966) |
Other expense, net |  |  | (194) |  |  | (22,243) |  |  | (98) |  |  | (1,253) |  |  | (23,788) |
Interest expense |  |  | (375) |  |  | (20,256) |  |  | (2,282) |  |  | — |  |  | (22,913) |
Equity in net income (loss) of subsidiaries |  |  | (47,166) |  |  | (14,472) |  |  | — |  |  | 61,638 |  |  | — |
Loss from continuing operations before income taxes |  |  | (60,880) |  |  | (41,729) |  |  | (31,696) |  |  | 61,638 |  |  | (72,667) |
Income tax provision (benefit) |  |  | (4,052) |  |  | 5,127 |  |  | (20,752) |  |  | — |  |  | (19,677) |
Loss from continuing operations |  |  | (56,828) |  |  | (46,856) |  |  | (10,944) |  |  | 61,638 |  |  | (52,990) |
Income from discontinued operations before income taxes |  |  | — |  |  | — |  |  | 2,360 |  |  | — |  |  | 2,360 |
Income tax provision |  |  | — |  |  | — |  |  | 6,198 |  |  | — |  |  | 6,198 |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (3,838) |  |  | — |  |  | (3,838) |
Net loss |  | $ | (56,828) |  | $ | (46,856) |  | $ | (14,782) |  | $ | 61,638 |  | $ | (56,828) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands)
|  | Year Ended September 30, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net loss |  | $ | (56,828) |  | $ | (46,856) |  | $ | (14,782) |  | $ | 61,638 |  | $ | (56,828) |
Other comprehensive loss, net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on securities, net |  |  | — |  |  | 2,772 |  |  | — |  |  | — |  |  | 2,772 |
Reclassification of realized losses in net income, net |  |  | — |  |  | 926 |  |  | — |  |  | — |  |  | 926 |
Minimum pension liability adjustments, net |  |  | (63) |  |  | (2,462) |  |  | — |  |  | — |  |  | (2,525) |
Other comprehensive income (loss) |  |  | (63) |  |  | 1,236 |  |  | — |  |  | — |  |  | 1,173 |
Comprehensive loss |  | $ | (56,891) |  | $ | (45,620) |  | $ | (14,782) |  | $ | 61,638 |  | $ | (55,655) |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (in thousands)
|  | Year Ended September 30, 2015 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 2,735,863 |  | $ | 425,914 |  | $ | (75) |  | $ | 3,161,702 |
Operating costs and other |  |  | 10,875 |  |  | 2,037,465 |  |  | 444,503 |  |  | (3,104) |  |  | 2,489,739 |
Operating income (loss) from continuing operations |  |  | (10,875) |  |  | 698,398 |  |  | (18,589) |  |  | 3,029 |  |  | 671,963 |
Other income (expense), net |  |  | (91) |  |  | 7,523 |  |  | 536 |  |  | (3,029) |  |  | 4,939 |
Interest expense |  |  | (159) |  |  | (8,955) |  |  | (5,909) |  |  | — |  |  | (15,023) |
Equity in net income of subsidiaries |  |  | 427,342 |  |  | (13,128) |  |  | — |  |  | (414,214) |  |  | — |
Income (loss) from continuing operations before income taxes |  |  | 416,217 |  |  | 683,838 |  |  | (23,962) |  |  | (414,214) |  |  | 661,879 |
Income tax provision |  |  | (4,210) |  |  | 258,536 |  |  | (12,921) |  |  | — |  |  | 241,405 |
Income (loss) from continuing operations |  |  | 420,427 |  |  | 425,302 |  |  | (11,041) |  |  | (414,214) |  |  | 420,474 |
Loss from discontinued operations before income taxes |  |  | — |  |  | — |  |  | (124) |  |  | — |  |  | (124) |
Income tax benefit |  |  | — |  |  | — |  |  | (77) |  |  | — |  |  | (77) |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (47) |  |  | — |  |  | (47) |
Net income (loss) |  | $ | 420,427 |  | $ | 425,302 |  | $ | (11,088) |  | $ | (414,214) |  | $ | 420,427 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Year Ended September 30, 2015 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income (loss) |  | $ | 420,427 |  | $ | 425,302 |  | $ | (11,088) |  | $ | (414,214) |  | $ | 420,427 |
Other comprehensive loss, net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  |  | — |  |  | (80,217) |  |  | — |  |  | — |  |  | (80,217) |
Minimum pension liability adjustments, net |  |  | (666) |  |  | (3,620) |  |  | — |  |  | — |  |  | (4,286) |
Other comprehensive loss |  |  | (666) |  |  | (83,837) |  |  | — |  |  | — |  |  | (84,503) |
Comprehensive income (loss) |  | $ | 419,761 |  | $ | 341,465 |  | $ | (11,088) |  | $ | (414,214) |  | $ | 335,924 |
CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands)
|  | September 30, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (587) |  | $ | 508,091 |  | $ | 13,871 |  | $ | — |  | $ | 521,375 |
Short-term investments |  |  | — |  |  | 44,491 |  |  | — |  |  | — |  |  | 44,491 |
Accounts receivable, net of reserve |  |  | 766 |  |  | 411,599 |  |  | 64,714 |  |  | (5) |  |  | 477,074 |
Inventories |  |  | — |  |  | 102,470 |  |  | 34,734 |  |  | — |  |  | 137,204 |
Prepaid expenses and other |  |  | 12,200 |  |  | 6,383 |  |  | 36,979 |  |  | (442) |  |  | 55,120 |
Current assets of discontinued operations |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total current assets |  |  | 12,379 |  |  | 1,073,034 |  |  | 150,301 |  |  | (447) |  |  | 1,235,267 |
Investments |  |  | 13,853 |  |  | 70,173 |  |  | — |  |  | — |  |  | 84,026 |
Property, plant and equipment, net |  |  | 49,851 |  |  | 4,609,144 |  |  | 342,056 |  |  | — |  |  | 5,001,051 |
Intercompany |  |  | 90,885 |  |  | 1,746,662 |  |  | 248,540 |  |  | (2,086,087) |  |  | — |
Goodwill |  |  | — |  |  | — |  |  | 51,705 |  |  | — |  |  | 51,705 |
Intangible assets, net of amortization |  |  | — |  |  | — |  |  | 50,785 |  |  | — |  |  | 50,785 |
Other assets |  |  | 4,955 |  |  | 3,839 |  |  | 8,360 |  |  | — |  |  | 17,154 |
Investment in subsidiaries |  |  | 5,470,050 |  |  | 183,382 |  |  | — |  |  | (5,653,432) |  |  | — |
Total assets |  | $ | 5,641,973 |  | $ | 7,686,234 |  | $ | 851,747 |  | $ | (7,739,966) |  | $ | 6,439,988 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 82,360 |  | $ | 48,679 |  | $ | 4,589 |  | $ | — |  | $ | 135,628 |
Accrued liabilities |  |  | 26,698 |  |  | 148,491 |  |  | 33,941 |  |  | (447) |  |  | 208,683 |
Current liabilities of discontinued operations |  |  | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |
Total current liabilities |  |  | 109,058 |  |  | 197,170 |  |  | 38,604 |  |  | (447) |  |  | 344,385 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | — |  |  | 492,902 |  |  | — |  |  | — |  |  | 492,902 |
Deferred income taxes |  |  | (11,201) |  |  | 1,286,381 |  |  | 57,509 |  |  | — |  |  | 1,332,689 |
Intercompany |  |  | 1,354,068 |  |  | 210,823 |  |  | 521,096 |  |  | (2,085,987) |  |  | — |
Other |  |  | 25,457 |  |  | 43,471 |  |  | 32,481 |  |  | — |  |  | 101,409 |
Noncurrent liabilities of discontinued operations |  |  | — |  |  | — |  |  | 4,012 |  |  | — |  |  | 4,012 |
Total noncurrent liabilities |  |  | 1,368,324 |  |  | 2,033,577 |  |  | 615,098 |  |  | (2,085,987) |  |  | 1,931,012 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 11,196 |  |  | 100 |  |  | — |  |  | (100) |  |  | 11,196 |
Additional paid-in capital |  |  | 487,248 |  |  | 52,437 |  |  | 1,039 |  |  | (53,476) |  |  | 487,248 |
Retained earnings |  |  | 3,855,686 |  |  | 5,396,212 |  |  | 197,006 |  |  | (5,593,218) |  |  | 3,855,686 |
Accumulated other comprehensive income |  |  | 2,300 |  |  | 6,738 |  |  | — |  |  | (6,738) |  |  | 2,300 |
Treasury stock, at cost |  |  | (191,839) |  |  | — |  |  | — |  |  | — |  |  | (191,839) |
Total shareholders’ equity |  |  | 4,164,591 |  |  | 5,455,487 |  |  | 198,045 |  |  | (5,653,532) |  |  | 4,164,591 |
Total liabilities and shareholders’ equity |  | $ | 5,641,973 |  | $ | 7,686,234 |  | $ | 851,747 |  | $ | (7,739,966) |  | $ | 6,439,988 |
CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands)
|  | September 30, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (955) |  | $ | 899,028 |  | $ | 7,488 |  | $ | — |  | $ | 905,561 |
Short-term investments |  |  | — |  |  | 44,148 |  |  | — |  |  | — |  |  | 44,148 |
Accounts receivable, net of reserve |  |  | 2 |  |  | 325,325 |  |  | 51,121 |  |  | (1,279) |  |  | 375,169 |
Inventories |  |  | — |  |  | 87,946 |  |  | 36,379 |  |  | — |  |  | 124,325 |
Prepaid expenses and other |  |  | 6,928 |  |  | 20,625 |  |  | 71,753 |  |  | (21,239) |  |  | 78,067 |
Assets held for sale |  |  | — |  |  | 18,471 |  |  | 26,881 |  |  | — |  |  | 45,352 |
Current assets of discontinued operations |  |  | — |  |  | — |  |  | 64 |  |  | — |  |  | 64 |
Total current assets |  |  | 5,975 |  |  | 1,395,543 |  |  | 193,686 |  |  | (22,518) |  |  | 1,572,686 |
Investments |  |  | 13,431 |  |  | 71,524 |  |  | — |  |  | — |  |  | 84,955 |
Property, plant and equipment, net |  |  | 59,173 |  |  | 4,716,736 |  |  | 368,824 |  |  | — |  |  | 5,144,733 |
Intercompany |  |  | 16,147 |  |  | 1,399,323 |  |  | 260,939 |  |  | (1,676,409) |  |  | — |
Goodwill |  |  | — |  |  | — |  |  | 4,718 |  |  | — |  |  | 4,718 |
Intangible assets, net of amortization |  |  | — |  |  | — |  |  | 919 |  |  | — |  |  | 919 |
Other assets |  |  | 233 |  |  | 267 |  |  | 23,508 |  |  | — |  |  | 24,008 |
Investment in subsidiaries |  |  | 5,579,713 |  |  | 208,118 |  |  | — |  |  | (5,787,831) |  |  | — |
Total assets |  | $ | 5,674,672 |  | $ | 7,791,511 |  | $ | 852,594 |  | $ | (7,486,758) |  | $ | 6,832,019 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 80,000 |  | $ | 10,868 |  | $ | 5,828 |  | $ | (1,274) |  | $ | 95,422 |
Accrued liabilities |  |  | 1,822 |  |  | 176,985 |  |  | 35,598 |  |  | 20,234 |  |  | 234,639 |
Current liabilities of discontinued operations |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Total current liabilities |  |  | 81,822 |  |  | 187,853 |  |  | 41,485 |  |  | 18,960 |  |  | 330,120 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | — |  |  | 491,847 |  |  | — |  |  | — |  |  | 491,847 |
Deferred income taxes |  |  | (5,930) |  |  | 1,303,324 |  |  | 45,062 |  |  | — |  |  | 1,342,456 |
Intercompany |  |  | 1,016,673 |  |  | 209,276 |  |  | 491,838 |  |  | (1,717,787) |  |  | — |
Other |  |  | 21,182 |  |  | 36,379 |  |  | 45,220 |  |  | — |  |  | 102,781 |
Noncurrent liabilities of discontinued operations |  |  | — |  |  | — |  |  | 3,890 |  |  | — |  |  | 3,890 |
Total noncurrent liabilities |  |  | 1,031,925 |  |  | 2,040,826 |  |  | 586,010 |  |  | (1,717,787) |  |  | 1,940,974 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 11,140 |  |  | 100 |  |  | — |  |  | (100) |  |  | 11,140 |
Additional paid-in capital |  |  | 448,452 |  |  | 47,533 |  |  | 549 |  |  | (48,082) |  |  | 448,452 |
Retained earnings |  |  | 4,289,807 |  |  | 5,510,105 |  |  | 224,550 |  |  | (5,734,655) |  |  | 4,289,807 |
Accumulated other comprehensive income (loss) |  |  | (204) |  |  | 5,094 |  |  | — |  |  | (5,094) |  |  | (204) |
Treasury stock, at cost |  |  | (188,270) |  |  | — |  |  | — |  |  | — |  |  | (188,270) |
Total shareholders’ equity |  |  | 4,560,925 |  |  | 5,562,832 |  |  | 225,099 |  |  | (5,787,931) |  |  | 4,560,925 |
Total liabilities and shareholders’ equity |  | $ | 5,674,672 |  | $ | 7,791,511 |  | $ | 852,594 |  | $ | (7,486,758) |  | $ | 6,832,019 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | September 30, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | (3,828) |  | $ | 349,929 |  | $ | 11,116 |  | $ | — |  | $ | 357,217 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (4,264) |  |  | (387,392) |  |  | (5,911) |  |  | — |  |  | (397,567) |
Purchase of short-term investments |  |  | — |  |  | (69,866) |  |  | — |  |  | — |  |  | (69,866) |
Acquisition of business, net cash received |  |  | (70,416) |  |  | — |  |  | — |  |  | — |  |  | (70,416) |
Proceeds from sale of short-term investments |  |  | — |  |  | 69,449 |  |  | — |  |  | — |  |  | 69,449 |
Intercompany transfers |  |  | 74,680 |  |  | (74,680) |  |  | — |  |  | — |  |  | — |
Proceeds from asset sales |  |  | — |  |  | 22,724 |  |  | 688 |  |  | — |  |  | 23,412 |
Net cash used in investing activities |  |  | — |  |  | (439,765) |  |  | (5,223) |  |  | — |  |  | (444,988) |
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany transfers |  |  | 305,515 |  |  | (305,515) |  |  | — |  |  | — |  |  | — |
Dividends paid |  |  | (305,515) |  |  | — |  |  | — |  |  | — |  |  | (305,515) |
Exercise of stock options, net of tax withholding |  |  | 10,534 |  |  | — |  |  | — |  |  | — |  |  | 10,534 |
Tax withholdings related to net share settlements of restricted stock |  |  | (5,848) |  |  | — |  |  | — |  |  | — |  |  | (5,848) |
Excess tax benefit from stock-based compensation |  |  | (490) |  |  | 4,414 |  |  | 490 |  |  | — |  |  | 4,414 |
Net cash provided by (used in) financing activities |  |  | 4,196 |  |  | (301,101) |  |  | 490 |  |  | — |  |  | (296,415) |
Net increase (decrease) in cash and cash equivalents |  |  | 368 |  |  | (390,937) |  |  | 6,383 |  |  | — |  |  | (384,186) |
Cash and cash equivalents, beginning of period |  |  | (955) |  |  | 899,028 |  |  | 7,488 |  |  | — |  |  | 905,561 |
Cash and cash equivalents, end of period |  | $ | (587) |  | $ | 508,091 |  | $ | 13,871 |  | $ | — |  | $ | 521,375 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | September 30, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 3,521 |  | $ | 776,364 |  | $ | (26,288) |  | $ | — |  | $ | 753,597 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (16,119) |  |  | (235,078) |  |  | (5,972) |  |  | — |  |  | (257,169) |
Purchase of short-term investments |  |  | — |  |  | (57,276) |  |  | — |  |  | — |  |  | (57,276) |
Proceeds from sale of short-term investments |  |  | — |  |  | 58,381 |  |  | — |  |  | — |  |  | 58,381 |
Intercompany transfers |  |  | 16,119 |  |  | (16,119) |  |  | — |  |  | — |  |  | — |
Proceeds from asset sales |  |  | 9 |  |  | 19,237 |  |  | 2,599 |  |  | — |  |  | 21,845 |
Net cash provided by (used in) investing activities |  |  | 9 |  |  | (230,855) |  |  | (3,373) |  |  | — |  |  | (234,219) |
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt |  |  | — |  |  | (40,000) |  |  | — |  |  | — |  |  | (40,000) |
Debt issuance costs |  |  | — |  |  | (1,111) |  |  | — |  |  | — |  |  | (1,111) |
Intercompany transfers |  |  | 300,152 |  |  | (300,152) |  |  | — |  |  | — |  |  | — |
Dividends paid |  |  | (300,152) |  |  | — |  |  | — |  |  | — |  |  | (300,152) |
Exercise of stock options, net of tax withholding |  |  | 1,040 |  |  | — |  |  | — |  |  | — |  |  | 1,040 |
Tax withholdings related to net share settlements of restricted stock |  |  | (3,912) |  |  | — |  |  | — |  |  | — |  |  | (3,912) |
Excess tax benefit from stock-based compensation |  |  | (775) |  |  | 1,509 |  |  | 200 |  |  | — |  |  | 934 |
Net cash provided by (used in) financing activities |  |  | (3,647) |  |  | (339,754) |  |  | 200 |  |  | — |  |  | (343,201) |
Net increase (decrease) in cash and cash equivalents |  |  | (117) |  |  | 205,755 |  |  | (29,461) |  |  | — |  |  | 176,177 |
Cash and cash equivalents, beginning of period |  |  | (838) |  |  | 693,273 |  |  | 36,949 |  |  | — |  |  | 729,384 |
Cash and cash equivalents, end of period |  | $ | (955) |  | $ | 899,028 |  | $ | 7,488 |  | $ | — |  | $ | 905,561 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | September 30, 2015 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by operating activities |  | $ | 3,623 |  | $ | 1,379,707 |  | $ | 45,244 |  | $ | — |  | $ | 1,428,574 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (24,818) |  |  | (1,064,288) |  |  | (42,339) |  |  | — |  |  | (1,131,445) |
Purchase of short-term investments |  |  | — |  |  | (45,607) |  |  | — |  |  | — |  |  | (45,607) |
Intercompany transfers |  |  | 24,818 |  |  | (24,818) |  |  | — |  |  | — |  |  | — |
Proceeds from asset sales |  |  | 1 |  |  | 21,329 |  |  | 1,313 |  |  | — |  |  | 22,643 |
Net cash provided by (used in) investing activities |  |  | 1 |  |  | (1,113,384) |  |  | (41,026) |  |  | — |  |  | (1,154,409) |
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt |  |  | — |  |  | (40,000) |  |  | — |  |  | — |  |  | (40,000) |
Proceeds from senior notes, net of discount |  |  | — |  |  | 497,125 |  |  | — |  |  | — |  |  | 497,125 |
Debt issuance costs |  |  | — |  |  | (5,474) |  |  | — |  |  | — |  |  | (5,474) |
Proceeds on short-term debt |  |  | — |  |  | — |  |  | 1,002 |  |  | — |  |  | 1,002 |
Payments on short-term debt |  |  | — |  |  | — |  |  | (1,002) |  |  | — |  |  | (1,002) |
Repurchase of common stock |  |  | (59,654) |  |  | — |  |  | — |  |  | — |  |  | (59,654) |
Intercompany transfers |  |  | 358,021 |  |  | (358,021) |  |  | — |  |  | — |  |  | — |
Dividends paid |  |  | (298,367) |  |  | — |  |  | — |  |  | — |  |  | (298,367) |
Exercise of stock options, net of tax withholding |  |  | 2,650 |  |  | — |  |  | — |  |  | — |  |  | 2,650 |
Tax withholdings related to net share settlements of restricted stock |  |  | (5,140) |  |  | — |  |  | — |  |  | — |  |  | (5,140) |
Excess tax benefit from stock-based compensation |  |  | 78 |  |  | 3,665 |  |  | 29 |  |  | — |  |  | 3,772 |
Net cash provided by (used in) financing activities |  |  | (2,412) |  |  | 97,295 |  |  | 29 |  |  | — |  |  | 94,912 |
Net increase in cash and cash equivalents |  |  | 1,212 |  |  | 363,618 |  |  | 4,247 |  |  | — |  |  | 369,077 |
Cash and cash equivalents, beginning of period |  |  | (2,050) |  |  | 329,655 |  |  | 32,702 |  |  | — |  |  | 360,307 |
Cash and cash equivalents, end of period |  | $ | (838) |  | $ | 693,273 |  | $ | 36,949 |  | $ | — |  | $ | 729,384 |

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