XML 61 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.6

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 3 Months Ended
--- | ---
Mar. 31, 2012
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION |
16. SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION Exterran Energy Corp. (Subsidiary Issuer), our 100% owned subsidiary, is the issuer of the 4.75% Notes. Exterran Holdings, Inc. (Parent) has agreed to fully and unconditionally guarantee the obligations of Exterran Energy Corp. relating to our 4.75% Notes. There are no other subsidiaries of the Parent that have provided guarantees to the 4.75% Notes. The Guarantor Subsidiaries and Other Subsidiaries columns represent non-guarantor subsidiaries for the 4.75% Notes. We are the issuer of the 7.25% Notes. Exterran Energy Solutions, L.P., EES Leasing LLC, EXH GP LP LLC, and EXH MLP LP LLC (all our 100% owned subsidiaries; together the Guarantor Subsidiaries), have agreed to fully and unconditionally guarantee our obligations relating to the 7.25% Notes. There is no subsidiary issuer for the 7.25% debt; that debt was issued solely by the Parent. The Subsidiary Issuer and Other Subsidiaries columns represent non-guarantor subsidiaries for the 7.25% Notes. As a result of these guarantees, we are presenting the following condensed consolidating financial information pursuant to Rule 3-10 of Regulation S-X. These schedules are presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for our share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions. 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) 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 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 |

X
- Definition The entire disclosure for condensed financial statements. + References No definition available. + Details
Name: | exh_CondensedFinancialStatementsTextBlock
Namespace Prefix: | exh_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | exh_ConsolidatingFinancialStatementsDisclosureAbstract
Namespace Prefix: | exh_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration