GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheets

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

Schedule of Condensed Consolidating Statements of Operations

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

Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss)

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

Schedule of Condensed Consolidating Statements of Cash Flows

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