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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 12 Months Ended
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Sep. 30, 2018
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION |
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | NOTE 17 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, so that separate financial statements of the issuer are not required to be filed. 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 BALANCE SHEETS
|  | September 30, 2018
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 273,214 |  | $ | 11,141 |  | $ | — |  | $ | 284,355
Short-term investments |  |  | — |  |  | 41,461 |  |  | — |  |  | — |  |  | 41,461
Accounts receivable, net of allowance |  |  | (29) |  |  | 499,644 |  |  | 65,859 |  |  | (272) |  |  | 565,202
Inventories of materials and supplies |  |  | — |  |  | 127,154 |  |  | 30,980 |  |  | — |  |  | 158,134
Prepaid expenses and other |  |  | 20,783 |  |  | 10,649 |  |  | 35,539 |  |  | (573) |  |  | 66,398
Total current assets |  |  | 20,754 |  |  | 952,122 |  |  | 143,519 |  |  | (845) |  |  | 1,115,550
Investments |  |  | 16,200 |  |  | 82,496 |  |  | — |  |  | — |  |  | 98,696
Property, plant and equipment, net |  |  | 46,859 |  |  | 4,515,077 |  |  | 295,446 |  |  | — |  |  | 4,857,382
Intercompany receivables |  |  | 161,532 |  |  | 2,024,652 |  |  | 294,206 |  |  | (2,480,390) |  |  | —
Goodwill |  |  | — |  |  | — |  |  | 64,777 |  |  | — |  |  | 64,777
Intangible assets, net |  |  | — |  |  | — |  |  | 73,207 |  |  | — |  |  | 73,207
Other assets |  |  | 268 |  |  | 907 |  |  | 4,080 |  |  | — |  |  | 5,255
Investment in subsidiaries |  |  | 5,981,197 |  |  | 172,513 |  |  | — |  |  | (6,153,710) |  |  | —
Total assets |  | $ | 6,226,810 |  | $ | 7,747,767 |  | $ | 875,235 |  | $ | (8,634,945) |  | $ | 6,214,867
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 83,819 |  | $ | 43,626 |  | $ | 5,483 |  | $ | (264) |  | $ | 132,664
Accrued liabilities |  |  | 43,449 |  |  | 164,542 |  |  | 37,093 |  |  | (580) |  |  | 244,504
Total current liabilities |  |  | 127,268 |  |  | 208,168 |  |  | 42,576 |  |  | (844) |  |  | 377,168
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | — |  |  | 493,968 |  |  | — |  |  | — |  |  | 493,968
Deferred income taxes |  |  | (7,112) |  |  | 834,714 |  |  | 25,534 |  |  | — |  |  | 853,136
Intercompany payables |  |  | 1,701,694 |  |  | 178,759 |  |  | 599,837 |  |  | (2,480,290) |  |  | —
Other |  |  | 22,225 |  |  | 48,836 |  |  | 22,545 |  |  | — |  |  | 93,606
Noncurrent liabilities - discontinued operations |  |  | — |  |  | — |  |  | 14,254 |  |  | — |  |  | 14,254
Total noncurrent liabilities |  |  | 1,716,807 |  |  | 1,556,277 |  |  | 662,170 |  |  | (2,480,290) |  |  | 1,454,964
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 11,201 |  |  | 100 |  |  | — |  |  | (100) |  |  | 11,201
Additional paid-in capital |  |  | 500,393 |  |  | 52,437 |  |  | 1,040 |  |  | (53,477) |  |  | 500,393
Retained earnings |  |  | 4,027,779 |  |  | 5,910,955 |  |  | 169,449 |  |  | (6,080,404) |  |  | 4,027,779
Accumulated other comprehensive income |  |  | 16,550 |  |  | 19,830 |  |  | — |  |  | (19,830) |  |  | 16,550
Treasury stock, at cost |  |  | (173,188) |  |  | — |  |  | — |  |  | — |  |  | (173,188)
Total shareholders’ equity |  |  | 4,382,735 |  |  | 5,983,322 |  |  | 170,489 |  |  | (6,153,811) |  |  | 4,382,735
Total liabilities and shareholders’ equity |  | $ | 6,226,810 |  | $ | 7,747,767 |  | $ | 875,235 |  | $ | (8,634,945) |  | $ | 6,214,867
|  | September 30, 2017
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 507,504 |  | $ | 13,871 |  | $ | — |  | $ | 521,375
Short-term investments |  |  | — |  |  | 44,491 |  |  | — |  |  | — |  |  | 44,491
Accounts receivable, net of allowance |  |  | 766 |  |  | 411,599 |  |  | 64,714 |  |  | (5) |  |  | 477,074
Inventories of materials and supplies |  |  | — |  |  | 102,470 |  |  | 34,734 |  |  | — |  |  | 137,204
Prepaid expenses and other |  |  | 12,200 |  |  | 6,383 |  |  | 36,982 |  |  | (442) |  |  | 55,123
Total current assets |  |  | 12,966 |  |  | 1,072,447 |  |  | 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 receivables |  |  | 90,885 |  |  | 1,746,662 |  |  | 248,540 |  |  | (2,086,087) |  |  | —
Goodwill |  |  | — |  |  | — |  |  | 51,705 |  |  | — |  |  | 51,705
Intangible assets, net |  |  | — |  |  | — |  |  | 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 |  | $ | 5,642,560 |  | $ | 7,685,647 |  | $ | 851,747 |  | $ | (7,739,966) |  | $ | 6,439,988
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 82,947 |  | $ | 48,092 |  | $ | 4,589 |  | $ | — |  | $ | 135,628
Accrued liabilities |  |  | 26,698 |  |  | 148,491 |  |  | 34,015 |  |  | (447) |  |  | 208,757
Total current liabilities |  |  | 109,645 |  |  | 196,583 |  |  | 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 payables |  |  | 1,354,068 |  |  | 210,823 |  |  | 521,096 |  |  | (2,085,987) |  |  | —
Other |  |  | 25,457 |  |  | 43,471 |  |  | 32,481 |  |  | — |  |  | 101,409
Noncurrent liabilities - 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 |  | $ | 5,642,560 |  | $ | 7,685,647 |  | $ | 851,747 |  | $ | (7,739,966) |  | $ | 6,439,988
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
|  | Year Ended September 30, 2018
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenue |  | $ | — |  | $ | 2,210,695 |  | $ | 276,660 |  | $ | (87) |  | $ | 2,487,268
Operating costs and other |  |  | 14,276 |  |  | 2,120,465 |  |  | 321,863 |  |  | (938) |  |  | 2,455,666
Operating income (loss) from continuing operations |  |  | (14,276) |  |  | 90,230 |  |  | (45,203) |  |  | 851 |  |  | 31,602
Other income (expense), net |  |  | 526 |  |  | 7,363 |  |  | 1,466 |  |  | (851) |  |  | 8,504
Interest expense |  |  | (499) |  |  | (20,426) |  |  | (3,340) |  |  | — |  |  | (24,265)
Equity in net income (loss) of subsidiaries |  |  | 498,055 |  |  | (11,039) |  |  | — |  |  | (487,016) |  |  | —
Income (loss) from continuing operations before income taxes |  |  | 483,806 |  |  | 66,128 |  |  | (47,077) |  |  | (487,016) |  |  | 15,841
Income tax (benefit) provision |  |  | 1,134 |  |  | (448,613) |  |  | (29,690) |  |  | — |  |  | (477,169)
Income (loss) from continuing operations |  |  | 482,672 |  |  | 514,741 |  |  | (17,387) |  |  | (487,016) |  |  | 493,010
Income from discontinued operations before income taxes |  |  | — |  |  | — |  |  | 23,389 |  |  | — |  |  | 23,389
Income tax provision |  |  | — |  |  | — |  |  | 33,727 |  |  | — |  |  | 33,727
Loss from discontinued operations |  |  | — |  |  | — |  |  | (10,338) |  |  | — |  |  | (10,338)
Net income (loss) |  | $ | 482,672 |  | $ | 514,741 |  | $ | (27,725) |  | $ | (487,016) |  | $ | 482,672
|  | Year Ended September 30, 2017
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | 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 |  |  | —
Income (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)
Income (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 income (loss) |  | $ | (128,212) |  | $ | (113,892) |  | $ | (10,332) |  | $ | 124,224 |  | $ | (128,212)
|  | Year Ended September 30, 2016
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | 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 (benefit) provision |  |  | (4,052) |  |  | 5,127 |  |  | (20,752) |  |  | — |  |  | (19,677)
Income (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 income (loss) |  | $ | (56,828) |  | $ | (46,856) |  | $ | (14,782) |  | $ | 61,638 |  | $ | (56,828)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|  | Year Ended September 30, 2018
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) |  | $ | 482,672 |  | $ | 514,741 |  | $ | (27,725) |  | $ | (487,016) |  | $ | 482,672
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on securities, net |  |  | — |  |  | 9,001 |  |  | — |  |  | — |  |  | 9,001
Minimum pension liability adjustments, net |  |  | 1,137 |  |  | 4,112 |  |  | — |  |  | — |  |  | 5,249
Other comprehensive income |  |  | 1,137 |  |  | 13,113 |  |  | — |  |  | — |  |  | 14,250
Comprehensive income (loss) |  | $ | 483,809 |  | $ | 527,854 |  | $ | (27,725) |  | $ | (487,016) |  | $ | 496,922
|  | Year Ended September 30, 2017
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | 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)
|  | Year Ended September 30, 2016
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | 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 CASH FLOWS
|  | Year Ended September 30, 2018
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by operating activities |  | $ | 759 |  | $ | 539,476 |  | $ | 4,296 |  | $ | — |  | $ | 544,531
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (12,723) |  |  | (443,743) |  |  | (10,118) |  |  | — |  |  | (466,584)
Purchase of short-term investments |  |  | — |  |  | (71,049) |  |  | — |  |  | — |  |  | (71,049)
Payment for acquisition of business, net of cash acquired |  |  | (47,886) |  |  | — |  |  | — |  |  | — |  |  | (47,886)
Proceeds from sale of short-term investments |  |  | — |  |  | 68,776 |  |  | — |  |  | — |  |  | 68,776
Intercompany transfers |  |  | 60,609 |  |  | (60,609) |  |  | — |  |  | — |  |  | —
Proceeds from asset sales |  |  | — |  |  | 41,289 |  |  | 3,092 |  |  | — |  |  | 44,381
Net cash used in investing activities |  |  | — |  |  | (465,336) |  |  | (7,026) |  |  | — |  |  | (472,362)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany transfers |  |  | 308,430 |  |  | (308,430) |  |  | — |  |  | — |  |  | —
Dividends paid |  |  | (308,430) |  |  | — |  |  | — |  |  | — |  |  | (308,430)
Payments for employee taxes on net settlement of equity awards |  |  | (7,114) |  |  | — |  |  | — |  |  | — |  |  | (7,114)
Proceeds from stock option exercises |  |  | 6,355 |  |  | — |  |  | — |  |  | — |  |  | 6,355
Net cash provided by (used in) financing activities |  |  | (759) |  |  | (308,430) |  |  | — |  |  | — |  |  | (309,189)
Net increase (decrease) in cash and cash equivalents |  |  | — |  |  | (234,290) |  |  | (2,730) |  |  | — |  |  | (237,020)
Cash and cash equivalents, beginning of period |  |  | — |  |  | 507,504 |  |  | 13,871 |  |  | — |  |  | 521,375
Cash and cash equivalents, end of period |  | $ | — |  | $ | 273,214 |  | $ | 11,141 |  | $ | — |  | $ | 284,355
|  | Year Ended September 30, 2017, as adjusted
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities |  | $ | (4,686) |  | $ | 354,711 |  | $ | 11,606 |  | $ | — |  | $ | 361,631
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (4,264) |  |  | (387,392) |  |  | (5,911) |  |  | — |  |  | (397,567)
Purchase of short-term investments |  |  | — |  |  | (69,866) |  |  | — |  |  | — |  |  | (69,866)
Payment for acquisition of business, net cash acquired |  |  | (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)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany transfers |  |  | 305,515 |  |  | (305,515) |  |  | — |  |  | — |  |  | —
Dividends paid |  |  | (305,515) |  |  | — |  |  | — |  |  | — |  |  | (305,515)
Payments for employee taxes on net settlement of equity awards |  |  | (6,599) |  |  | — |  |  | — |  |  | — |  |  | (6,599)
Proceeds from stock option exercises |  |  | 11,285 |  |  | — |  |  | — |  |  | — |  |  | 11,285
Net cash provided by (used in) financing activities |  |  | 4,686 |  |  | (305,515) |  |  | — |  |  | — |  |  | (300,829)
Net increase (decrease) in cash and cash equivalents |  |  | — |  |  | (390,569) |  |  | 6,383 |  |  | — |  |  | (384,186)
Cash and cash equivalents, beginning of period |  |  | — |  |  | 898,073 |  |  | 7,488 |  |  | — |  |  | 905,561
Cash and cash equivalents, end of period |  | $ | — |  | $ | 507,504 |  | $ | 13,871 |  | $ | — |  | $ | 521,375
|  | September 30, 2016, as adjusted
|  |  |  | Helmerich & Payne |  |  |  |  |  |  |
|  | Helmerich & Payne, Inc. |  | International Drilling Co. |  | Non-Guarantor |  |  |  |  | Total
(In thousands) |  | (Guarantor) |  | (Issuer) |  | Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities |  | $ | 2,863 |  | $ | 777,756 |  | $ | (26,088) |  | $ | — |  | $ | 754,531
Cash flows from 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)
Cash flows from 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)
Payments from employee taxes on net settlement of equity awards |  |  | (5,646) |  |  | — |  |  | — |  |  | — |  |  | (5,646)
Proceeds from stock option exercises |  |  | 2,774 |  |  | — |  |  | — |  |  | — |  |  | 2,774
Net cash used in financing activities |  |  | (2,872) |  |  | (341,263) |  |  | — |  |  | — |  |  | (344,135)
Net increase (decrease) in cash and cash equivalents |  |  | — |  |  | 205,638 |  |  | (29,461) |  |  | — |  |  | 176,177
Cash and cash equivalents, beginning of period |  |  | — |  |  | 692,435 |  |  | 36,949 |  |  | — |  |  | 729,384
Cash and cash equivalents, end of period |  | $ | — |  | $ | 898,073 |  | $ | 7,488 |  | $ | — |  | $ | 905,561

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