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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 9 Months Ended
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Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION In March 2015, HPIDC, a wholly-owned subsidiary of the Company, issued senior unsecured notes in an aggregate principal amount of $500 million. In December 2018, the Company completed the Exchange Offer, pursuant to which $487.1 million aggregate principal amount of the HPIDC notes was exchanged for new senior unsecured notes of the Company in an equal aggregate principal amount (see Note 6—Debt). The $12.9 million of remaining HPIDC notes continue to be fully and unconditionally guaranteed by the Company. No subsidiaries of the Company currently guarantee such notes, subject to certain provisions that if any subsidiary guarantees certain other debt of HPIDC or the Company, then such subsidiary will provide a guarantee of the obligations under such notes. In connection with the Exchange Offer, HPIDC fully and unconditionally guaranteed the Company’s newly issued $487.1 million of notes. No other subsidiaries of the Company currently guarantee such notes, subject to certain provisions that if any subsidiary guarantees certain other debt of the Company, then such subsidiary will provide a guarantee of the obligations under such notes. In February 2019, approximately $487.0 million aggregate principal amount of such notes was subsequently exchanged in the Registered Exchange Offer for substantially identical new notes of the Company registered under the Securities Act. See Note 6-–Debt to the Unaudited Condensed Consolidated Financial Statements for more information about the Registered Exchange Offer. In connection with the notes described above, we are providing the following unaudited condensed consolidating financial information in accordance with the SEC disclosure requirements, so that separate financial statements of HPIDC 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. Unaudited condensed consolidating financial information for HPIDC and the Company is shown in the tables below. CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited)
| June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 94,354 |  |  | $ | 224,838 |  |  | $ | 15,583 |  |  | $ | — |  |  | $ | 334,775 |
Short-term investments | — |  |  | 44,071 |  |  | 1,677 |  |  | — |  |  | 45,748 |
Accounts receivable, net | (291 | ) |  | 462,885 |  |  | 46,582 |  |  | (993 | ) |  | 508,183 |
Inventories of materials and supplies, net | — |  |  | 118,530 |  |  | 31,596 |  |  | — |  |  | 150,126 |
Prepaid expenses and other | 14,414 |  |  | 19,160 |  |  | 43,684 |  |  | 148 |  |  | 77,406 |
Total current assets | 108,477 |  |  | 869,484 |  |  | 139,122 |  |  | (845 | ) |  | 1,116,238 |
Investments | 15,774 |  |  | 32,226 |  |  | 291 |  |  | — |  |  | 48,291 |
Property, plant and equipment, net | 45,450 |  |  | 4,270,440 |  |  | 267,783 |  |  | — |  |  | 4,583,673 |
Intercompany receivables | 299,182 |  |  | 1,959,592 |  |  | 522,577 |  |  | (2,781,351 | ) |  | — |
Goodwill | — |  |  | — |  |  | 67,902 |  |  | — |  |  | 67,902 |
Intangible assets, net | — |  |  | — |  |  | 69,093 |  |  | — |  |  | 69,093 |
Other assets | 318 |  |  | 6,471 |  |  | 5,393 |  |  | — |  |  | 12,182 |
Investment in subsidiaries | 5,926,270 |  |  | 277,550 |  |  | — |  |  | (6,203,820 | ) |  | — |
Total assets | $ | 6,395,471 |  |  | $ | 7,415,763 |  |  | $ | 1,072,161 |  |  | $ | (8,986,016 | ) |  | $ | 5,897,379 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 84,703 |  |  | $ | 45,946 |  |  | $ | 3,789 |  |  | $ | (361 | ) |  | $ | 134,077 |
Accrued liabilities | 25,190 |  |  | 205,630 |  |  | 26,113 |  |  | (484 | ) |  | 256,449 |
Total current liabilities | 109,893 |  |  | 251,576 |  |  | 29,902 |  |  | (845 | ) |  | 390,526 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |
Long-term debt, net | 482,962 |  |  | 8,689 |  |  | — |  |  | — |  |  | 491,651 |
Deferred income taxes | (4,273 | ) |  | 783,109 |  |  | 48,191 |  |  | — |  |  | 827,027 |
Intercompany payables | 1,690,102 |  |  | 259,027 |  |  | 832,122 |  |  | (2,781,251 | ) |  | — |
Other | 21,733 |  |  | 47,537 |  |  | 9,220 |  |  | — |  |  | 78,490 |
Noncurrent liabilities - discontinued operations | — |  |  | — |  |  | 14,631 |  |  | — |  |  | 14,631 |
Total noncurrent liabilities | 2,190,524 |  |  | 1,098,362 |  |  | 904,164 |  |  | (2,781,251 | ) |  | 1,411,799 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |
Common stock | 11,208 |  |  | 100 |  |  | — |  |  | (100 | ) |  | 11,208 |
Additional paid-in capital | 501,585 |  |  | 52,437 |  |  | 1,040 |  |  | (53,477 | ) |  | 501,585 |
Retained earnings | 3,750,785 |  |  | 6,025,212 |  |  | 137,055 |  |  | (6,162,267 | ) |  | 3,750,785 |
Accumulated other comprehensive income (loss) | (16,085 | ) |  | (11,924 | ) |  | — |  |  | 11,924 |  |  | (16,085 | )
Treasury stock, at cost | (152,439 | ) |  | — |  |  | — |  |  | — |  |  | (152,439 | )
Total shareholders’ equity | 4,095,054 |  |  | 6,065,825 |  |  | 138,095 |  |  | (6,203,920 | ) |  | 4,095,054 |
Total liabilities and shareholders’ equity | $ | 6,395,471 |  |  | $ | 7,415,763 |  |  | $ | 1,072,161 |  |  | $ | (8,986,016 | ) |  | $ | 5,897,379 |
| September 30, 2018
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 273,214 |  |  | $ | 11,141 |  |  | $ | — |  |  | $ | 284,355 |
Short-term investments | — |  |  | 41,461 |  |  | — |  |  | — |  |  | 41,461 |
Accounts receivable, net | (29 | ) |  | 499,644 |  |  | 65,859 |  |  | (272 | ) |  | 565,202 |
Inventories of materials and supplies, net | — |  |  | 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, net | — |  |  | 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 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited)
| Three Months Ended June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Operating revenue | $ | — |  |  | $ | 633,284 |  |  | $ | 58,870 |  |  | $ | (4,180 | ) |  | $ | 687,974 |
Operating costs and other | 2,942 |  |  | 780,880 |  |  | 76,383 |  |  | (4,357 | ) |  | 855,848 |
Operating loss from continuing operations | (2,942 | ) |  | (147,596 | ) |  | (17,513 | ) |  | 177 |  |  | (167,874 | )
Other income (expense), net | (35 | ) |  | (12,639 | ) |  | 330 |  |  | (177 | ) |  | (12,521 | )
Interest expense | (6,083 | ) |  | (132 | ) |  | (42 | ) |  | — |  |  | (6,257 | )
Equity in net loss of subsidiaries | (145,440 | ) |  | (3,417 | ) |  | — |  |  | 148,857 |  |  | — |
Loss from continuing operations before income taxes | (154,500 | ) |  | (163,784 | ) |  | (17,225 | ) |  | 148,857 |  |  | (186,652 | )
Income tax (benefit) provision | 183 |  |  | (43,271 | ) |  | 11,057 |  |  | — |  |  | (32,031 | )
Loss from continuing operations | (154,683 | ) |  | (120,513 | ) |  | (28,282 | ) |  | 148,857 |  |  | (154,621 | )
Income from discontinued operations before income taxes | — |  |  | — |  |  | 7,244 |  |  | — |  |  | 7,244 |
Income tax provision | — |  |  | — |  |  | 7,306 |  |  | — |  |  | 7,306 |
Loss from discontinued operations | — |  |  | — |  |  | (62 | ) |  | — |  |  | (62 | )
Net loss | $ | (154,683 | ) |  | $ | (120,513 | ) |  | $ | (28,344 | ) |  | $ | 148,857 |  |  | $ | (154,683 | )
| Three Months Ended June 30, 2018 as adjusted (Note 2)
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Operating revenue | $ | — |  |  | $ | 574,252 |  |  | $ | 74,647 |  |  | $ | (27 | ) |  | $ | 648,872 |
Operating costs and other | 4,151 |  |  | 557,994 |  |  | 80,639 |  |  | (218 | ) |  | 642,566 |
Operating income (loss) from continuing operations | (4,151 | ) |  | 16,258 |  |  | (5,992 | ) |  | 191 |  |  | 6,306 |
Other income (expense), net | 107 |  |  | 1,854 |  |  | 278 |  |  | (191 | ) |  | 2,048 |
Interest expense | (108 | ) |  | (5,117 | ) |  | (768 | ) |  | — |  |  | (5,993 | )
Equity in net loss of subsidiaries | (4,883 | ) |  | (2,093 | ) |  | — |  |  | 6,976 |  |  | — |
Income (loss) from continuing operations before income taxes | (9,035 | ) |  | 10,902 |  |  | (6,482 | ) |  | 6,976 |  |  | 2,361 |
Income tax provision (benefit) | (1,027 | ) |  | 17,384 |  |  | (5,822 | ) |  | — |  |  | 10,535 |
Loss from continuing operations | (8,008 | ) |  | (6,482 | ) |  | (660 | ) |  | 6,976 |  |  | (8,174 | )
Income from discontinued operations before income taxes | — |  |  | — |  |  | 8,383 |  |  | — |  |  | 8,383 |
Income tax provision | — |  |  | — |  |  | 8,217 |  |  | — |  |  | 8,217 |
Income from discontinued operations | — |  |  | — |  |  | 166 |  |  | — |  |  | 166 |
Net loss | $ | (8,008 | ) |  | $ | (6,482 | ) |  | $ | (494 | ) |  | $ | 6,976 |  |  | $ | (8,008 | )
| Nine Months Ended June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Operating revenue | $ | — |  |  | $ | 1,951,221 |  |  | $ | 202,447 |  |  | $ | (4,228 | ) |  | $ | 2,149,440 |
Operating costs and other | 8,526 |  |  | 1,937,425 |  |  | 226,824 |  |  | (4,896 | ) |  | 2,167,879 |
Operating income (loss) from continuing operations | (8,526 | ) |  | 13,796 |  |  | (24,377 | ) |  | 668 |  |  | (18,439 | )
Other income (expense), net | (77 | ) |  | (45,275 | ) |  | 1,602 |  |  | (668 | ) |  | (44,418 | )
Interest income (expense) | (13,202 | ) |  | (4,844 | ) |  | 901 |  |  | — |  |  | (17,145 | )
Equity in net income (loss) of subsidiaries | (55,331 | ) |  | 6,254 |  |  | — |  |  | 49,077 |  |  | — |
Loss from continuing operations before income taxes | (77,136 | ) |  | (30,069 | ) |  | (21,874 | ) |  | 49,077 |  |  | (80,002 | )
Income tax (benefit) provision | (2,303 | ) |  | (11,884 | ) |  | 8,585 |  |  | — |  |  | (5,602 | )
Loss from continuing operations | (74,833 | ) |  | (18,185 | ) |  | (30,459 | ) |  | 49,077 |  |  | (74,400 | )
Income from discontinued operations before income taxes | — |  |  | — |  |  | 22,798 |  |  | — |  |  | 22,798 |
Income tax provision | — |  |  | — |  |  | 23,231 |  |  | — |  |  | 23,231 |
Loss from discontinued operations | — |  |  | — |  |  | (433 | ) |  | — |  |  | (433 | )
Net loss | $ | (74,833 | ) |  | $ | (18,185 | ) |  | $ | (30,892 | ) |  | $ | 49,077 |  |  | $ | (74,833 | )
| Nine Months Ended June 30, 2018 as adjusted (Note 2)
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Operating revenue | $ | — |  |  | $ | 1,584,970 |  |  | $ | 205,537 |  |  | $ | (64 | ) |  | $ | 1,790,443 |
Operating costs and other | 12,360 |  |  | 1,542,815 |  |  | 227,186 |  |  | (669 | ) |  | 1,781,692 |
Operating income (loss) from continuing operations | (12,360 | ) |  | 42,155 |  |  | (21,649 | ) |  | 605 |  |  | 8,751 |
Other income, net | 210 |  |  | 5,226 |  |  | 1,019 |  |  | (605 | ) |  | 5,850 |
Interest expense | (274 | ) |  | (15,368 | ) |  | (2,152 | ) |  | — |  |  | (17,794 | )
Equity in net income of subsidiaries | 494,574 |  |  | 3,191 |  |  | — |  |  | (497,765 | ) |  | — |
Income (loss) from continuing operations before income taxes | 482,150 |  |  | 35,204 |  |  | (22,782 | ) |  | (497,765 | ) |  | (3,193 | )
Income tax (benefit) provision | 1,931 |  |  | (459,571 | ) |  | (36,388 | ) |  | — |  |  | (494,028 | )
Income from continuing operations | 480,219 |  |  | 494,775 |  |  | 13,606 |  |  | (497,765 | ) |  | 490,835 |
Income from discontinued operations before income taxes | — |  |  | — |  |  | 9,127 |  |  | — |  |  | 9,127 |
Income tax provision | — |  |  | — |  |  | 19,743 |  |  | — |  |  | 19,743 |
Loss from discontinued operations | — |  |  | — |  |  | (10,616 | ) |  | — |  |  | (10,616 | )
Net income | $ | 480,219 |  |  | $ | 494,775 |  |  | $ | 2,990 |  |  | $ | (497,765 | ) |  | $ | 480,219 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
| Three Months Ended June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net loss | $ | (154,683 | ) |  | $ | (120,513 | ) |  | $ | (28,344 | ) |  | $ | 148,857 |  |  | $ | (154,683 | )
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |
Minimum pension liability adjustments, net | 78 |  |  | 148 |  |  | — |  |  | — |  |  | 226 |
Other comprehensive income | 78 |  |  | 148 |  |  | — |  |  | — |  |  | 226 |
Comprehensive loss | $ | (154,605 | ) |  | $ | (120,365 | ) |  | $ | (28,344 | ) |  | $ | 148,857 |  |  | $ | (154,457 | )
| Three Months Ended June 30, 2018
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net loss | $ | (8,008 | ) |  | $ | (6,482 | ) |  | $ | (494 | ) |  | $ | 6,976 |  |  | $ | (8,008 | )
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |
Unrealized depreciation on securities, net | — |  |  | 13,826 |  |  | — |  |  | — |  |  | 13,826 |
Minimum pension liability adjustments, net | 101 |  |  | 236 |  |  | — |  |  | — |  |  | 337 |
Other comprehensive income | $ | 101 |  |  | $ | 14,062 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,163 |
Comprehensive income (loss) | $ | (7,907 | ) |  | $ | 7,580 |  |  | $ | (494 | ) |  | $ | 6,976 |  |  | $ | 6,155 |
| Nine Months Ended June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net loss | $ | (74,833 | ) |  | $ | (18,185 | ) |  | $ | (30,892 | ) |  | $ | 49,077 |  |  | $ | (74,833 | )
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |
Minimum pension liability adjustments, net | 233 |  |  | 442 |  |  | — |  |  | — |  |  | 675 |
Other comprehensive income | 233 |  |  | 442 |  |  | — |  |  | — |  |  | 675 |
Comprehensive loss | $ | (74,600 | ) |  | $ | (17,743 | ) |  | $ | (30,892 | ) |  | $ | 49,077 |  |  | $ | (74,158 | )
| Nine Months Ended June 30, 2018
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net income | $ | 480,219 |  |  | $ | 494,775 |  |  | $ | 2,990 |  |  | $ | (497,765 | ) |  | $ | 480,219 |
Other comprehensive income, net of income taxes: |  |  |  |  |  |  |  |  |
Unrealized appreciation on securities, net | — |  |  | 5,657 |  |  | — |  |  | — |  |  | 5,657 |
Minimum pension liability adjustments, net | 295 |  |  | 690 |  |  | — |  |  | — |  |  | 985 |
Other comprehensive income | 295 |  |  | 6,347 |  |  | — |  |  | — |  |  | 6,642 |
Comprehensive income | $ | 480,514 |  |  | $ | 501,122 |  |  | $ | 2,990 |  |  | $ | (497,765 | ) |  | $ | 486,861 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended June 30, 2019
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (15,599 | ) |  | $ | 657,016 |  |  | $ | 17,954 |  |  | $ | — |  |  | $ | 659,371 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (7,355 | ) |  | (389,615 | ) |  | (6,600 | ) |  | — |  |  | (403,570 | )
Purchase of short-term investments | — |  |  | (70,175 | ) |  | (1,677 | ) |  | — |  |  | (71,852 | )
Payment for acquisition of business, net of cash acquired | (2,781 | ) |  | — |  |  | — |  |  | — |  |  | (2,781 | )
Proceeds from sale of short-term investments | — |  |  | 68,015 |  |  | — |  |  | — |  |  | 68,015 |
Intercompany transfers | 7,355 |  |  | (7,355 | ) |  | — |  |  | — |  |  | — |
Proceeds from asset sales | 6 |  |  | 32,585 |  |  | 3,636 |  |  | — |  |  | 36,227 |
Net cash used in investing activities | (2,775 | ) |  | (366,545 | ) |  | (4,641 | ) |  | — |  |  | (373,961 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Intercompany transfers | 235,058 |  |  | (235,058 | ) |  | — |  |  | — |  |  | — |
Dividends paid | (235,058 | ) |  | — |  |  | — |  |  | — |  |  | (235,058 | )
Debt issuance costs paid | (3,912 | ) |  | — |  |  | — |  |  | — |  |  | (3,912 | )
Payments for employee taxes on net settlement of equity awards | (6,420 | ) |  | — |  |  | — |  |  | — |  |  | (6,420 | )
Proceeds from stock option exercises | 2,901 |  |  | — |  |  | — |  |  | — |  |  | 2,901 |
Other intercompany transfers | 111,339 |  |  | (103,788 | ) |  | (7,551 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 103,908 |  |  | (338,846 | ) |  | (7,551 | ) |  | — |  |  | (242,489 | )
Net increase (decrease) in cash and cash equivalents and restricted cash | 85,534 |  |  | (48,375 | ) |  | 5,762 |  |  | — |  |  | 42,921 |
Cash and cash equivalents and restricted cash, beginning of period | 6,037 |  |  | 273,214 |  |  | 46,934 |  |  | — |  |  | 326,185 |
Cash and cash equivalents and restricted cash, end of period | $ | 91,571 |  |  | $ | 224,839 |  |  | $ | 52,696 |  |  | $ | — |  |  | $ | 369,106 |
| Nine Months Ended June 30, 2018 as adjusted (Note 2)
(in thousands) | Helmerich & Payne, Inc. (Guarantor) |  | Helmerich & Payne International Drilling Co. (Issuer) |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated
Net cash provided by operating activities | $ | 1,914 |  |  | $ | 350,557 |  |  | $ | 18,957 |  |  | $ | — |  |  | $ | 371,428 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (8,725 | ) |  | (306,278 | ) |  | (7,655 | ) |  | — |  |  | (322,658 | )
Purchase of short-term investments | — |  |  | (52,159 | ) |  | — |  |  | — |  |  | (52,159 | )
Payment for acquisition of business, net cash acquired | (47,886 | ) |  | — |  |  | — |  |  | — |  |  | (47,886 | )
Proceeds from sale of short-term investments | — |  |  | 52,470 |  |  | — |  |  | — |  |  | 52,470 |
Intercompany transfers | 56,611 |  |  | (56,611 | ) |  | — |  |  | — |  |  | — |
Proceeds from asset sales | — |  |  | 26,737 |  |  | 1,312 |  |  | — |  |  | 28,049 |
Net cash used in investing activities | — |  |  | (335,841 | ) |  | (6,343 | ) |  | — |  |  | (342,184 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Intercompany transfers | 230,368 |  |  | (230,368 | ) |  | — |  |  | — |  |  | — |
Dividends paid | (230,368 | ) |  | — |  |  | — |  |  | — |  |  | (230,368 | )
Payments for employee taxes on net settlement of equity awards | (5,978 | ) |  | — |  |  | — |  |  | — |  |  | (5,978 | )
Proceeds from stock option exercises | 5,160 |  |  | — |  |  | — |  |  | — |  |  | 5,160 |
Payment of contingent consideration from acquisition of business | — |  |  | — |  |  | (10,625 | ) |  | — |  |  | (10,625 | )
Net cash used in financing activities | (818 | ) |  | (230,368 | ) |  | (10,625 | ) |  | — |  |  | (241,811 | )
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,096 |  |  | (215,652 | ) |  | 1,989 |  |  | — |  |  | (212,567 | )
Cash and cash equivalents and restricted cash, beginning of period | 9,385 |  |  | 507,504 |  |  | 43,620 |  |  | — |  |  | 560,509 |
Cash and cash equivalents and restricted cash, end of period | $ | 10,481 |  |  | $ | 291,852 |  |  | $ | 45,609 |  |  | $ | — |  |  | $ | 347,942 |

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