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Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended
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Dec. 31, 2017
Guarantor and Non-Guarantor Financial Information |
Schedule of Consolidated Condensed Statements of Operations | CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (in thousands)
|  | Three Months Ended December 31, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 495,006 |  | $ | 69,097 |  | $ | (16) |  | $ | 564,087 |
Operating costs and other |  |  | 4,178 |  |  | 481,648 |  |  | 74,946 |  |  | (205) |  |  | 560,567 |
Operating income (loss) from continuing operations |  |  | (4,178) |  |  | 13,358 |  |  | (5,849) |  |  | 189 |  |  | 3,520 |
Other income, net |  |  | 261 |  |  | 1,641 |  |  | 541 |  |  | (189) |  |  | 2,254 |
Interest expense |  |  | (28) |  |  | (5,700) |  |  | (45) |  |  | — |  |  | (5,773) |
Equity in net income of subsidiaries |  |  | 507,420 |  |  | 21,365 |  |  | — |  |  | (528,785) |  |  | — |
Income (loss) from continuing operations before income taxes |  |  | 503,475 |  |  | 30,664 |  |  | (5,353) |  |  | (528,785) |  |  | 1 |
Income tax expense (benefit) |  |  | 3,369 |  |  | (478,594) |  |  | (25,416) |  |  | — |  |  | (500,641) |
Income from continuing operations |  |  | 500,106 |  |  | 509,258 |  |  | 20,063 |  |  | (528,785) |  |  | 500,642 |
Loss from discontinued operations before income taxes |  |  | — |  |  | — |  |  | (519) |  |  | — |  |  | (519) |
Income tax provision |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (536) |  |  | — |  |  | (536) |
Net income |  | $ | 500,106 |  | $ | 509,258 |  | $ | 19,527 |  | $ | (528,785) |  | $ | 500,106 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (in thousands)
|  | Three Months Ended December 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Operating revenue |  | $ | — |  | $ | 297,448 |  | $ | 71,159 |  | $ | (17) |  | $ | 368,590 |
Operating costs and expenses |  |  | 3,460 |  |  | 339,502 |  |  | 75,023 |  |  | (231) |  |  | 417,754 |
Operating loss from continuing operations |  |  | (3,460) |  |  | (42,054) |  |  | (3,864) |  |  | 214 |  |  | (49,164) |
Other income, net |  |  | — |  |  | 1,019 |  |  | 572 |  |  | (214) |  |  | 1,377 |
Interest expense |  |  | (86) |  |  | (4,709) |  |  | (260) |  |  | — |  |  | (5,055) |
Equity in net income (loss) of subsidiaries |  |  | (32,992) |  |  | 329 |  |  | — |  |  | 32,663 |  |  | — |
Loss from continuing operations before income taxes |  |  | (36,538) |  |  | (45,415) |  |  | (3,552) |  |  | 32,663 |  |  | (52,842) |
Income tax benefit |  |  | (1,475) |  |  | (12,550) |  |  | (4,263) |  |  | — |  |  | (18,288) |
Income (loss) from continuing operations |  |  | (35,063) |  |  | (32,865) |  |  | 711 |  |  | 32,663 |  |  | (34,554) |
Loss from discontinued operations before income taxes |  |  | — |  |  | — |  |  | (424) |  |  | — |  |  | (424) |
Income tax provision |  |  | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (509) |  |  | — |  |  | (509) |
Net income (loss) |  | $ | (35,063) |  | $ | (32,865) |  | $ | 202 |  | $ | 32,663 |  | $ | (35,063) |
Schedule of Consolidated Condensed Statements of Comprehensive Income | CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands)
|  | Three Months Ended December 31, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income |  | $ | 500,106 |  | $ | 509,258 |  | $ | 19,527 |  | $ | (528,785) |  | $ | 500,106 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net |  |  | — |  |  | (601) |  |  | — |  |  | — |  |  | (601) |
Minimum pension liability adjustments, net |  |  | 102 |  |  | 238 |  |  | — |  |  | — |  |  | 340 |
Other comprehensive income (loss) |  |  | 102 |  |  | (363) |  |  | — |  |  | — |  |  | (261) |
Comprehensive income |  | $ | 500,208 |  | $ | 508,895 |  | $ | 19,527 |  | $ | (528,785) |  | $ | 499,845 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Three Months Ended December 31, 2016 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net income (loss) |  | $ | (35,063) |  | $ | (32,865) |  | $ | 202 |  | $ | 32,663 |  | $ | (35,063) |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on securities, net |  |  | — |  |  | 12,412 |  |  | — |  |  | — |  |  | 12,412 |
Minimum pension liability adjustments, net |  |  | 106 |  |  | 260 |  |  | — |  |  | — |  |  | 366 |
Other comprehensive income |  |  | 106 |  |  | 12,672 |  |  | — |  |  | — |  |  | 12,778 |
Comprehensive income (loss) |  | $ | (34,957) |  | $ | (20,193) |  | $ | 202 |  | $ | 32,663 |  | $ | (22,285) |
Schedule of Consolidated Condensed Balance Sheets | CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands)
|  | December 31, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | (1,956) |  | $ | 376,084 |  | $ | 9,536 |  | $ | — |  | $ | 383,664 |
Short-term investments |  |  | — |  |  | 42,541 |  |  | — |  |  | — |  |  | 42,541 |
Accounts receivable, net of reserve |  |  | 2,601 |  |  | 433,812 |  |  | 98,863 |  |  | (5) |  |  | 535,271 |
Inventories |  |  | — |  |  | 104,497 |  |  | 34,569 |  |  | — |  |  | 139,066 |
Prepaid expenses and other |  |  | 24,284 |  |  | 6,506 |  |  | 35,265 |  |  | (253) |  |  | 65,802 |
Current assets of discontinued operations |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total current assets |  |  | 24,929 |  |  | 963,440 |  |  | 178,235 |  |  | (258) |  |  | 1,166,346 |
Investments |  |  | 14,614 |  |  | 69,329 |  |  | — |  |  | — |  |  | 83,943 |
Property, plant and equipment, net |  |  | 48,723 |  |  | 4,568,909 |  |  | 332,768 |  |  | — |  |  | 4,950,400 |
Intercompany |  |  | 140,441 |  |  | 1,912,973 |  |  | 247,626 |  |  | (2,301,040) |  |  | — |
Goodwill |  |  | — |  |  | — |  |  | 69,347 |  |  | — |  |  | 69,347 |
Intangible assets, net of amortization |  |  | — |  |  | — |  |  | 78,636 |  |  | — |  |  | 78,636 |
Other assets |  |  | 5,058 |  |  | 1,090 |  |  | 7,276 |  |  | — |  |  | 13,424 |
Investment in subsidiaries |  |  | 5,977,108 |  |  | 204,805 |  |  | — |  |  | (6,181,913) |  |  | — |
Total assets |  | $ | 6,210,873 |  | $ | 7,720,546 |  | $ | 913,888 |  | $ | (8,483,211) |  | $ | 6,362,096 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 81,921 |  | $ | 39,454 |  | $ | 5,561 |  | $ | — |  | $ | 126,936 |
Accrued liabilities |  |  | 27,437 |  |  | 155,555 |  |  | 45,998 |  |  | (258) |  |  | 228,732 |
Current liabilities of discontinued operations |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 94 |
Total current liabilities |  |  | 109,358 |  |  | 195,009 |  |  | 51,653 |  |  | (258) |  |  | 355,762 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | — |  |  | 493,168 |  |  | — |  |  | — |  |  | 493,168 |
Deferred income taxes |  |  | (6,291) |  |  | 794,862 |  |  | 41,923 |  |  | — |  |  | 830,494 |
Intercompany |  |  | 1,491,283 |  |  | 235,150 |  |  | 574,507 |  |  | (2,300,940) |  |  | — |
Other |  |  | 26,173 |  |  | 37,975 |  |  | 23,704 |  |  | — |  |  | 87,852 |
Noncurrent liabilities of discontinued operations |  |  | — |  |  | — |  |  | 4,470 |  |  | — |  |  | 4,470 |
Total noncurrent liabilities |  |  | 1,511,165 |  |  | 1,561,155 |  |  | 644,604 |  |  | (2,300,940) |  |  | 1,415,984 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 11,201 |  |  | 100 |  |  | — |  |  | (100) |  |  | 11,201 |
Additional paid-in capital |  |  | 479,914 |  |  | 52,436 |  |  | 1,040 |  |  | (53,476) |  |  | 479,914 |
Retained earnings |  |  | 4,278,326 |  |  | 5,905,471 |  |  | 216,591 |  |  | (6,122,062) |  |  | 4,278,326 |
Accumulated other comprehensive income |  |  | 2,039 |  |  | 6,375 |  |  | — |  |  | (6,375) |  |  | 2,039 |
Treasury stock, at cost |  |  | (181,130) |  |  | — |  |  | — |  |  | — |  |  | (181,130) |
Total shareholders’ equity |  |  | 4,590,350 |  |  | 5,964,382 |  |  | 217,631 |  |  | (6,182,013) |  |  | 4,590,350 |
Total liabilities and shareholders’ equity |  | $ | 6,210,873 |  | $ | 7,720,546 |  | $ | 913,888 |  | $ | (8,483,211) |  | $ | 6,362,096 |
CONSOLIDATED CONDENSED 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 |
Schedule of Consolidated Condensed Statements of Cash Flows | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands)
|  | Three Months Ended December 31, 2017 |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 3,210 |  | $ | 70,962 |  | $ | (1,957) |  | $ | — |  | $ | 72,215 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (2,189) |  |  | (86,404) |  |  | (3,105) |  |  | — |  |  | (91,698) |
Purchase of short-term investments |  |  | — |  |  | (16,183) |  |  | — |  |  | — |  |  | (16,183) |
Acquisition of business, net of cash acquired |  |  | (47,832) |  |  | — |  |  | — |  |  | — |  |  | (47,832) |
Proceeds from sale of short-term investments |  |  | — |  |  | 18,120 |  |  | — |  |  | — |  |  | 18,120 |
Intercompany transfers |  |  | 50,021 |  |  | (50,021) |  |  | — |  |  | — |  |  | — |
Proceeds from asset sales |  |  | — |  |  | 8,022 |  |  | 727 |  |  | — |  |  | 8,749 |
Net cash used in investing activities |  |  | — |  |  | (126,466) |  |  | (2,378) |  |  | — |  |  | (128,844) |
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany transfers |  |  | 76,503 |  |  | (76,503) |  |  | — |  |  | — |  |  | — |
Dividends paid |  |  | (76,503) |  |  | — |  |  | — |  |  | — |  |  | (76,503) |
Proceeds from stock option exercises |  |  | 892 |  |  | — |  |  | — |  |  | — |  |  | 892 |
Payments for employee taxes on net settlement of equity awards |  |  | (5,471) |  |  | — |  |  | — |  |  | — |  |  | (5,471) |
Net cash used in financing activities |  |  | (4,579) |  |  | (76,503) |  |  | — |  |  | — |  |  | (81,082) |
Net decrease in cash and cash equivalents |  |  | (1,369) |  |  | (132,007) |  |  | (4,335) |  |  | — |  |  | (137,711) |
Cash and cash equivalents, beginning of period |  |  | (587) |  |  | 508,091 |  |  | 13,871 |  |  | — |  |  | 521,375 |
Cash and cash equivalents, end of period |  | $ | (1,956) |  | $ | 376,084 |  | $ | 9,536 |  | $ | — |  | $ | 383,664 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands)
|  | Three Months Ended December 31, 2016, as adjusted |
|  | Guarantor/ |  | Issuer |  | Non-Guarantor |  |  |  | Total |
|  | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 5,497 |  | $ | 69,380 |  | $ | (506) |  | $ | — |  | $ | 74,371 |
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (607) |  |  | (80,556) |  |  | (964) |  |  | — |  |  | (82,127) |
Purchase of short-term investments |  |  | — |  |  | (15,025) |  |  | — |  |  | — |  |  | (15,025) |
Proceeds from sale of short-term investments |  |  | — |  |  | 13,900 |  |  | — |  |  | — |  |  | 13,900 |
Intercompany transfers |  |  | 607 |  |  | (607) |  |  | — |  |  | — |  |  | — |
Proceeds from asset sales |  |  |  |  |  | 1,102 |  |  | 107 |  |  | — |  |  | 1,209 |
Net cash used in investing activities |  |  | — |  |  | (81,186) |  |  | (857) |  |  | — |  |  | (82,043) |
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany transfers |  |  | 76,176 |  |  | (76,176) |  |  | — |  |  | — |  |  | — |
Dividends paid |  |  | (76,176) |  |  | — |  |  | — |  |  | — |  |  | (76,176) |
Proceeds from stock option exercises |  |  | 10,253 |  |  | — |  |  | — |  |  | — |  |  | 10,253 |
Payments for employee taxes on net settlement of equity awards |  |  | (6,073) |  |  | — |  |  | — |  |  | — |  |  | (6,073) |
Net cash provided by (used in) financing activities |  |  | 4,180 |  |  | (76,176) |  |  | — |  |  | — |  |  | (71,996) |
Net increase (decrease) in cash and cash equivalents |  |  | 9,677 |  |  | (87,982) |  |  | (1,363) |  |  | — |  |  | (79,668) |
Cash and cash equivalents, beginning of period |  |  | (955) |  |  | 899,028 |  |  | 7,488 |  |  | — |  |  | 905,561 |
Cash and cash equivalents, end of period |  | $ | 8,722 |  | $ | 811,046 |  | $ | 6,125 |  | $ | — |  | $ | 825,893 |

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