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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2012
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION |
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet March 31, 2012 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 271 |  | $ | — |  | $ | 592,451 |  | $ | 540,554 |  | $ | 427 |  | $ | 1,133,703 |
Current assets associated with discontinued operations |  | — |  | — |  | — |  | 3,871 |  | — |  | 3,871 |
Total current assets |  | 271 |  | — |  | 592,451 |  | 544,425 |  | 427 |  | 1,137,574 |
Property, plant and equipment, net |  | — |  | — |  | 1,387,294 |  | 1,625,287 |  | — |  | 3,012,581 |
Investments in affiliates |  | 1,896,309 |  | 1,857,520 |  | 1,624,916 |  | — |  | (5,378,745 | ) | — |
Intangible and other assets, net |  | 15,977 |  | 38,788 |  | 74,959 |  | 138,205 |  | (38,788 | ) | 229,141 |
Intercompany receivables |  | 794,740 |  | 916,255 |  | 88,142 |  | 518,797 |  | (2,317,934 | ) | — |
Total long-term assets |  | 2,707,026 |  | 2,812,563 |  | 3,175,311 |  | 2,282,289 |  | (7,735,467 | ) | 3,241,722 |
Total assets |  | $ | 2,707,297 |  | $ | 2,812,563 |  | $ | 3,767,762 |  | $ | 2,826,714 |  | $ | (7,735,040 | ) | $ | 4,379,296 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 6,832 |  | $ | 1,440 |  | $ | 345,541 |  | $ | 307,693 |  | $ | (13,250 | ) | $ | 648,256 |
Current liabilities associated with discontinued operations |  | — |  | — |  | — |  | 6,044 |  | — |  | 6,044 |
Total current liabilities |  | 6,832 |  | 1,440 |  | 345,541 |  | 313,737 |  | (13,250 | ) | 654,300 |
Long-term debt |  | 930,109 |  | 143,750 |  | — |  | 635,592 |  | — |  | 1,709,451 |
Intercompany payables |  | — |  | 771,064 |  | 1,435,051 |  | 111,819 |  | (2,317,934 | ) | — |
Other long-term liabilities |  | 2,391 |  | — |  | 129,650 |  | 126,188 |  | (25,111 | ) | 233,118 |
Long-term liabilities associated with discontinued operations |  | — |  | — |  | — |  | 14,462 |  | — |  | 14,462 |
Total liabilities |  | 939,332 |  | 916,254 |  | 1,910,242 |  | 1,201,798 |  | (2,356,295 | ) | 2,611,331 |
Total equity |  | 1,767,965 |  | 1,896,309 |  | 1,857,520 |  | 1,624,916 |  | (5,378,745 | ) | 1,767,965 |
Total liabilities and equity |  | $ | 2,707,297 |  | $ | 2,812,563 |  | $ | 3,767,762 |  | $ | 2,826,714 |  | $ | (7,735,040 | ) | $ | 4,379,296 |
Condensed Consolidating Balance Sheet December 31, 2011 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 93 |  | $ | — |  | $ | 563,927 |  | $ | 555,882 |  | $ | 12 |  | $ | 1,119,914 |
Current assets associated with discontinued operations |  | — |  | — |  | — |  | 4,013 |  | — |  | 4,013 |
Total current assets |  | 93 |  | — |  | 563,927 |  | 559,895 |  | 12 |  | 1,123,927 |
Property, plant and equipment, net |  | — |  | — |  | 1,513,366 |  | 1,491,086 |  | — |  | 3,004,452 |
Investments in affiliates |  | 1,813,197 |  | 1,774,029 |  | 1,687,806 |  | — |  | (5,275,032 | ) | — |
Intangible and other assets, net |  | 18,389 |  | 39,168 |  | 78,836 |  | 134,678 |  | (38,788 | ) | 232,283 |
Intercompany receivables |  | 945,401 |  | 1,068,746 |  | 99,075 |  | 637,165 |  | (2,750,387 | ) | — |
Total long-term assets |  | 2,776,987 |  | 2,881,943 |  | 3,379,083 |  | 2,262,929 |  | (8,064,207 | ) | 3,236,735 |
Total assets |  | $ | 2,777,080 |  | $ | 2,881,943 |  | $ | 3,943,010 |  | $ | 2,822,824 |  | $ | (8,064,195 | ) | $ | 4,360,662 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 11,122 |  | $ | 3,147 |  | $ | 353,827 |  | $ | 308,320 |  | $ | (12,918 | ) | $ | 663,498 |
Current liabilities associated with discontinued operations |  | — |  | — |  | — |  | 6,383 |  | — |  | 6,383 |
Total current liabilities |  | 11,122 |  | 3,147 |  | 353,827 |  | 314,703 |  | (12,918 | ) | 669,881 |
Long-term debt |  | 1,083,649 |  | 143,750 |  | — |  | 545,640 |  | — |  | 1,773,039 |
Intercompany payables |  | — |  | 921,849 |  | 1,705,911 |  | 122,627 |  | (2,750,387 | ) | — |
Other long-term liabilities |  | 2,267 |  | — |  | 109,243 |  | 137,908 |  | (25,858 | ) | 223,560 |
Long-term liabilities associated with discontinued operations |  | — |  | — |  | — |  | 14,140 |  | — |  | 14,140 |
Total liabilities |  | 1,097,038 |  | 1,068,746 |  | 2,168,981 |  | 1,135,018 |  | (2,789,163 | ) | 2,680,620 |
Total equity |  | 1,680,042 |  | 1,813,197 |  | 1,774,029 |  | 1,687,806 |  | (5,275,032 | ) | 1,680,042 |
Total liabilities and equity |  | $ | 2,777,080 |  | $ | 2,881,943 |  | $ | 3,943,010 |  | $ | 2,822,824 |  | $ | (8,064,195 | ) | $ | 4,360,662 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2012 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
Revenues |  | $ | — |  | $ | — |  | $ | 330,028 |  | $ | 359,142 |  | $ | (62,656 | ) | $ | 626,514 |
Costs of sales (excluding depreciation and amortization expense) |  | — |  | — |  | 257,120 |  | 241,203 |  | (62,656 | ) | 435,667 |
Selling, general and administrative |  | 119 |  | 89 |  | 49,439 |  | 46,429 |  | — |  | 96,076 |
Depreciation and amortization |  | — |  | — |  | 36,327 |  | 50,981 |  | — |  | 87,308 |
Long-lived asset impairment |  | — |  | — |  | 2,916 |  | 1,416 |  | — |  | 4,332 |
Restructuring charges |  | — |  | — |  | — |  | 3,047 |  | — |  | 3,047 |
Interest expense |  | 26,976 |  | 1,707 |  | 580 |  | 8,728 |  | — |  | 37,991 |
Other (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany charges, net |  | (15,568 | ) | (1,707 | ) | 17,275 |  | — |  | — |  | — |
Equity in income of affiliates |  | (13,244 | ) | (13,302 | ) | (35,735 | ) | (37,339 | ) | 62,281 |  | (37,339 | )
Other, net |  | 10 |  | — |  | (2,050 | ) | (4,743 | ) | — |  | (6,783 | )
Income before income taxes |  | 1,707 |  | 13,213 |  | 4,156 |  | 49,420 |  | (62,281 | ) | 6,215 |
Provision for (benefit from) income taxes |  | (3,788 | ) | (31 | ) | (9,146 | ) | 11,268 |  | — |  | (1,697 | )
Income from continuing operations |  | 5,495 |  | 13,244 |  | 13,302 |  | 38,152 |  | (62,281 | ) | 7,912 |
Loss from discontinued operations, net of tax |  | — |  | — |  | — |  | (625 | ) | — |  | (625 | )
Net income |  | 5,495 |  | 13,244 |  | 13,302 |  | 37,527 |  | (62,281 | ) | 7,287 |
Less: Net income attributable to the noncontrolling interest |  | — |  | — |  | — |  | (1,792 | ) | — |  | (1,792 | )
Net income attributable to Exterran stockholders |  | 5,495 |  | 13,244 |  | 13,302 |  | 35,735 |  | (62,281 | ) | 5,495 |
Other comprehensive income attributable to Exterran stockholders |  | — |  | — |  | 5,297 |  | 1,231 |  | — |  | 6,528 |
Comprehensive income attributable to Exterran stockholders |  | $ | 5,495 |  | $ | 13,244 |  | $ | 18,599 |  | $ | 36,966 |  | $ | (62,281 | ) | $ | 12,023 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2011 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
Revenues |  | $ | — |  | $ | — |  | $ | 296,372 |  | $ | 401,107 |  | $ | (79,000 | ) | $ | 618,479 |
Costs of sales (excluding depreciation and amortization expense) |  | — |  | — |  | 232,976 |  | 279,328 |  | (79,000 | ) | 433,304 |
Selling, general and administrative |  | 48 |  | 142 |  | 45,248 |  | 45,843 |  | — |  | 91,281 |
Depreciation and amortization |  | — |  | — |  | 38,605 |  | 51,873 |  | — |  | 90,478 |
Interest (income) expense |  | 23,662 |  | 1,707 |  | (555 | ) | 12,356 |  | — |  | 37,170 |
Other (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany charges, net |  | (14,775 | ) | (1,444 | ) | 16,219 |  | — |  | — |  | — |
Equity in loss of affiliates |  | 24,299 |  | 24,089 |  | 3,080 |  | — |  | (51,468 | ) | — |
Other, net |  | 10 |  | — |  | (2,972 | ) | 2,548 |  | — |  | (414 | )
Income (loss) before income taxes |  | (33,244 | ) | (24,494 | ) | (36,229 | ) | 9,159 |  | 51,468 |  | (33,340 | )
Provision for (benefit from) income taxes |  | (3,214 | ) | (195 | ) | (12,140 | ) | 10,535 |  | — |  | (5,014 | )
Loss from continuing operations |  | (30,030 | ) | (24,299 | ) | (24,089 | ) | (1,376 | ) | 51,468 |  | (28,326 | )
Loss from discontinued operations, net of tax |  | — |  | — |  | — |  | (2,138 | ) | — |  | (2,138 | )
Net loss |  | (30,030 | ) | (24,299 | ) | (24,089 | ) | (3,514 | ) | 51,468 |  | (30,464 | )
Less: Net loss attributable to the noncontrolling interest |  | — |  | — |  | — |  | 434 |  | — |  | 434 |
Net loss attributable to Exterran stockholders |  | (30,030 | ) | (24,299 | ) | (24,089 | ) | (3,080 | ) | 51,468 |  | (30,030 | )
Other comprehensive income attributable to Exterran stockholders |  | — |  | — |  | 5,317 |  | 15,955 |  | — |  | 21,272 |
Comprehensive income (loss) attributable to Exterran stockholders |  | $ | (30,030 | ) | $ | (24,299 | ) | $ | (18,772 | ) | $ | 12,875 |  | $ | 51,468 |  | $ | (8,758 | )
Condensed Consolidating Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2012 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 1,863 |  | $ | 31 |  | $ | (13,853 | ) | $ | 50,550 |  | $ | — |  | $ | 38,591 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (68,191 | ) | (48,529 | ) | — |  | (116,720 | )
Contract operations acquisition |  | — |  | — |  | 77,415 |  | (77,415 | ) | — |  | — |
Proceeds from sale of property, plant and equipment |  | — |  | — |  | 4,094 |  | 5,858 |  | — |  | 9,952 |
Capital contributions received from consolidated subsidiaries |  | — |  | — |  | 7,373 |  | 7,805 |  | (15,178 | ) | — |
Increase in restricted cash |  | — |  | — |  | — |  | (15 | ) | — |  | (15 | )
Return of investments in non-consolidated affiliates |  | — |  | — |  | — |  | 37,563 |  | — |  | 37,563 |
Cash invested in non-consolidated affiliates |  | — |  | — |  | — |  | (224 | ) | — |  | (224 | )
Investment in consolidated subsidiaries |  | — |  | — |  | (10,231 | ) | — |  | 10,231 |  | — |
Net cash provided by (used in) investing activities |  | — |  | — |  | 10,460 |  | (74,957 | ) | (4,947 | ) | (69,444 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings of long-term debt |  | 279,500 |  | — |  | — |  | 565,000 |  | — |  | 844,500 |
Repayments of long-term debt |  | (438,000 | ) | — |  | — |  | (475,048 | ) | — |  | (913,048 | )
Payments for debt issue costs |  | — |  | — |  | — |  | (525 | ) | — |  | (525 | )
Net proceeds from the sale of Partnership units |  | — |  | — |  | — |  | 114,568 |  | — |  | 114,568 |
Proceeds from stock issued pursuant to our employee stock purchase plan |  | 405 |  | — |  | — |  | — |  | — |  | 405 |
Purchases of treasury stock |  | (1,757 | ) | — |  | — |  | — |  | — |  | (1,757 | )
Stock-based compensation excess tax benefit |  | 194 |  | — |  | — |  | — |  | — |  | 194 |
Distributions to noncontrolling partners in the Partnership |  | — |  | — |  | — |  | (19,580 | ) | 7,373 |  | (12,207 | )
Net proceeds from the sale of general partner units |  | — |  | — |  | — |  | 2,426 |  | (2,426 | ) | — |
Borrowings (repayments) between consolidated subsidiaries, net |  | 157,973 |  | (31 | ) | 1,691 |  | (159,633 | ) | — |  | — |
Net cash provided by (used in) financing activities |  | (1,685 | ) | (31 | ) | 1,691 |  | 27,208 |  | 4,947 |  | 32,130 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | — |  | 243 |  | — |  | 243 |
Net increase (decrease) in cash and cash equivalents |  | 178 |  | — |  | (1,702 | ) | 3,044 |  | — |  | 1,520 |
Cash and cash equivalents at beginning of year |  | 93 |  | — |  | 2,820 |  | 19,126 |  | — |  | 22,039 |
Cash and cash equivalents at end of year |  | $ | 271 |  | $ | — |  | $ | 1,118 |  | $ | 22,170 |  | $ | — |  | $ | 23,559 |
Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2011 (In thousands)
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Other Subsidiaries |  | Eliminations |  | Consolidation |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) continuing operations |  | $ | 2,063 |  | $ | (68 | ) | $ | (19,477 | ) | $ | 42,934 |  | $ | — |  | $ | 25,452 |
Net cash provided by discontinued operations |  | — |  | — |  | — |  | 662 |  | — |  | 662 |
Net cash provided by (used in) operating activities |  | 2,063 |  | (68 | ) | (19,477 | ) | 43,596 |  | — |  | 26,114 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (28,734 | ) | (22,678 | ) | — |  | (51,412 | )
Proceeds from sale of property, plant and equipment |  | — |  | — |  | 3,999 |  | 23,500 |  | — |  | 27,499 |
Decrease in restricted cash |  | — |  | — |  | — |  | 304 |  | — |  | 304 |
Capital contributions received from consolidated subsidiaries |  | — |  | — |  | 9,535 |  | 9,129 |  | (18,664 | ) | — |
Investment in consolidated subsidiaries |  | — |  | — |  | (9,129 | ) | — |  | 9,129 |  | — |
Return on investment in consolidated subsidiaries |  | 53,966 |  | 87,419 |  | — |  | 87,419 |  | (228,804 | ) | — |
Net cash provided by (used in) investing activities |  | 53,966 |  | 87,419 |  | (24,329 | ) | 97,674 |  | (238,339 | ) | (23,609 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings of long-term debt |  | 304,766 |  | — |  | — |  | 300,215 |  | — |  | 604,981 |
Repayments of long-term debt |  | (461,961 | ) | — |  | — |  | (305,000 | ) | — |  | (766,961 | )
Payments for debt issue costs |  | — |  | — |  | — |  | (980 | ) | — |  | (980 | )
Net proceeds from the sale of Partnership units |  | — |  | — |  | 162,236 |  | — |  | — |  | 162,236 |
Proceeds from stock options exercised |  | 239 |  | — |  | — |  | — |  | — |  | 239 |
Proceeds from stock issued pursuant to our employee stock purchase plan |  | 478 |  | — |  | — |  | — |  | — |  | 478 |
Purchases of treasury stock |  | (2,366 | ) | — |  | — |  | — |  | — |  | (2,366 | )
Stock-based compensation excess tax benefit |  | 869 |  | — |  | — |  | — |  | — |  | 869 |
Distributions to noncontrolling partners in the Partnership |  | — |  | — |  | — |  | (16,003 | ) | 9,535 |  | (6,468 | )
Capital distribution to consolidated subsidiaries |  | — |  | (53,966 | ) | (87,419 | ) | (87,419 | ) | 228,804 |  | — |
Borrowings (repayments) between consolidated subsidiaries, net |  | 101,819 |  | (33,385 | ) | (30,845 | ) | (37,589 | ) | — |  | — |
Net cash provided by (used in) financing activities |  | (56,156 | ) | (87,351 | ) | 43,972 |  | (146,776 | ) | 238,339 |  | (7,972 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | — |  | (1,364 | ) | — |  | (1,364 | )
Net increase (decrease) in cash and cash equivalents |  | (127 | ) | — |  | 166 |  | (6,870 | ) | — |  | (6,831 | )
Cash and cash equivalents at beginning of year |  | 160 |  | — |  | 1,586 |  | 42,870 |  | — |  | 44,616 |
Cash and cash equivalents at end of year |  | $ | 33 |  | $ | — |  | $ | 1,752 |  | $ | 36,000 |  | $ | — |  | $ | 37,785 |

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