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GUARANTORS OF SECURITIES | 12 Months Ended
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Dec. 31, 2019
Guarantees [Abstract] |
GUARANTORS OF SECURITIES | GUARANTORS OF SECURITIES Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several. As a result of the agreement by the Guarantors to guarantee the 7.750% Senior Notes, the Company presents the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the accompanying consolidated financial statements and notes of the Company. Supplemental Condensed Consolidating Balance Sheet as of December 31, 2019
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands, except share data)
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 114,965 |  |  | $ | — |  |  | $ | 2,401 |  |  | $ | — |  |  | $ | 117,366 |
Receivables: |  |  |  |  |  |  |  |  |
Trade, operating, net of allowance for doubtful accounts | — |  |  | 27,230 |  |  | 5,500 |  |  | — |  |  | 32,730 |
Trade, dry leasing | — |  |  | 5,234 |  |  | — |  |  | — |  |  | 5,234 |
Tax receivables | — |  |  | 2 |  |  | 2,858 |  |  | — |  |  | 2,860 |
Other | — |  |  | 15,136 |  |  | 285 |  |  | — |  |  | 15,421 |
Inventories, net | — |  |  | 20,019 |  |  | 47 |  |  | — |  |  | 20,066 |
Prepaid expenses | 488 |  |  | 1,480 |  |  | 216 |  |  | — |  |  | 2,184 |
Total current assets | 115,453 |  |  | 69,101 |  |  | 11,307 |  |  | — |  |  | 195,861 |
Property and equipment | — |  |  | 878,281 |  |  | 16,782 |  |  | — |  |  | 895,063 |
Accumulated depreciation | — |  |  | (333,788 | ) |  | (4,376 | ) |  | — |  |  | (338,164 | )
Property and equipment, net | — |  |  | 544,493 |  |  | 12,406 |  |  | — |  |  | 556,899 |
Operating lease right-of-use | — |  |  | 7,694 |  |  | 1,774 |  |  | — |  |  | 9,468 |
Investments in consolidated subsidiaries | 190,142 |  |  | — |  |  | — |  |  | (190,142 | ) |  | — |
Intangible assets | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Deferred income taxes | 9,909 |  |  | — |  |  | — |  |  | (9,909 | ) |  | — |
Intercompany receivables | 288,023 |  |  | — |  |  | — |  |  | (288,023 | ) |  | — |
Other assets | 670 |  |  | 1,082 |  |  | 439 |  |  | — |  |  | 2,191 |
Total assets | $ | 604,197 |  |  | $ | 622,370 |  |  | $ | 26,022 |  |  | $ | (488,074 | ) |  | $ | 764,515 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 405 |  |  | $ | 10,937 |  |  | $ | 1,581 |  |  | $ | — |  |  | $ | 12,923 |
Accrued wages and benefits | 122 |  |  | 9,065 |  |  | 1,367 |  |  | — |  |  | 10,554 |
Accrued interest | 468 |  |  | 52 |  |  | — |  |  | — |  |  | 520 |
Accrued income taxes | 3,595 |  |  | 1 |  |  | 16 |  |  | — |  |  | 3,612 |
Accrued other taxes | — |  |  | 487 |  |  | 450 |  |  | — |  |  | 937 |
Accrued contingencies | — |  |  | — |  |  | 598 |  |  | — |  |  | 598 |
Current portion of long-term debt | — |  |  | 18,317 |  |  | — |  |  | — |  |  | 18,317 |
Other current liabilities | 1,053 |  |  | 1,866 |  |  | 396 |  |  | — |  |  | 3,315 |
Total current liabilities | 5,643 |  |  | 40,725 |  |  | 4,408 |  |  | — |  |  | 50,776 |
Long-term debt | 141,832 |  |  | — |  |  | — |  |  | — |  |  | 141,832 |
Deferred income taxes | — |  |  | 112,795 |  |  | 907 |  |  | (9,909 | ) |  | 103,793 |
Intercompany payables | — |  |  | 225,341 |  |  | 62,702 |  |  | (288,043 | ) |  | — |
Operating lease liabilities | — |  |  | 6,434 |  |  | 1,381 |  |  | — |  |  | 7,815 |
Deferred gains and other liabilities | — |  |  | 745 |  |  | — |  |  | — |  |  | 745 |
Total liabilities | 147,475 |  |  | 386,040 |  |  | 69,398 |  |  | (297,952 | ) |  | 304,961 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 2,812 |  |  | — |  |  | 2,812 |
Equity: |  |  |  |  |  |  |  |  |
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,285,613 outstanding, exclusive of treasury shares | 224 |  |  | — |  |  | — |  |  | — |  |  | 224 |
Additional paid-in capital | 452,010 |  |  | 100,307 |  |  | 4,562 |  |  | (104,870 | ) |  | 452,009 |
Retained earnings | 14,671 |  |  | 136,023 |  |  | (50,750 | ) |  | (85,252 | ) |  | 14,692 |
Treasury shares, at cost, 1,152,826 shares | (10,183 | ) |  | — |  |  | — |  |  | — |  |  | (10,183 | )
Total equity | 456,722 |  |  | 236,330 |  |  | (46,188 | ) |  | (190,122 | ) |  | 456,742 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 604,197 |  |  | $ | 622,370 |  |  | $ | 26,022 |  |  | $ | (488,074 | ) |  | $ | 764,515 |
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands, except share data)
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 48,396 |  |  | $ | — |  |  | $ | 2,357 |  |  | $ | — |  |  | $ | 50,753 |
Receivables: |  |  |  |  |  |  |  |  |
Trade, operating, net of allowance for doubtful accounts of $261 | — |  |  | 27,509 |  |  | 5,797 |  |  | $ | — |  |  | 33,306 |
Trade, dry leasing | — |  |  | 3,803 |  |  | — |  |  | — |  |  | 3,803 |
Tax receivables | — |  |  | 6 |  |  | 3,181 |  |  | — |  |  | 3,187 |
Other | — |  |  | 1,949 |  |  | 394 |  |  | — |  |  | 2,343 |
Inventories, net | — |  |  | 20,633 |  |  | 40 |  |  | — |  |  | 20,673 |
Prepaid expenses | 398 |  |  | 1,219 |  |  | 190 |  |  | — |  |  | 1,807 |
Total current assets | 48,794 |  |  | 55,119 |  |  | 11,959 |  |  | — |  |  | 115,872 |
Property and equipment | — |  |  | 900,611 |  |  | 16,550 |  |  | — |  |  | 917,161 |
Accumulated depreciation | — |  |  | (314,567 | ) |  | (3,400 | ) |  | — |  |  | (317,967 | )
Property and equipment, net | — |  |  | 586,044 |  |  | 13,150 |  |  | — |  |  | 599,194 |
Equity investments and advances | — |  |  | 27,112 |  |  | — |  |  | — |  |  | 27,112 |
Investments in consolidated subsidiaries | 172,950 |  |  | — |  |  | — |  |  | (172,950 | ) |  | — |
Intangible assets | — |  |  | — |  |  | 1,107 |  |  | — |  |  | 1,107 |
Deferred income taxes | 9,904 |  |  | — |  |  | — |  |  | (9,904 | ) |  | — |
Intercompany receivables | 366,541 |  |  | — |  |  | — |  |  | (366,541 | ) |  | — |
Other assets | 1,251 |  |  | 20,231 |  |  | 96 |  |  | — |  |  | 21,578 |
Total assets | $ | 599,440 |  |  | $ | 688,506 |  |  | $ | 26,312 |  |  | $ | (549,395 | ) |  | $ | 764,863 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 136 |  |  | $ | 11,357 |  |  | $ | 1,668 |  |  | $ | — |  |  | $ | 13,161 |
Accrued wages and benefits | 43 |  |  | 7,743 |  |  | 1,481 |  |  | — |  |  | 9,267 |
Accrued interest | 500 |  |  | 69 |  |  | — |  |  | — |  |  | 569 |
Accrued income taxes | 918 |  |  | 6 |  |  | 49 |  |  | — |  |  | 973 |
Accrued other taxes | — |  |  | 768 |  |  | 500 |  |  | — |  |  | 1,268 |
Accrued contingencies | — |  |  | — |  |  | 630 |  |  | — |  |  | 630 |
Current portion of long-term debt | — |  |  | 1,663 |  |  | 395 |  |  | — |  |  | 2,058 |
Other current liabilities | 647 |  |  | 220 |  |  | 11 |  |  | — |  |  | 878 |
Total current liabilities | 2,244 |  |  | 21,826 |  |  | 4,734 |  |  | — |  |  | 28,804 |
Long-term debt | 133,900 |  |  | 26,317 |  |  | — |  |  | — |  |  | 160,217 |
Deferred income taxes | — |  |  | 117,015 |  |  | 1,245 |  |  | (9,903 | ) |  | 108,357 |
Intercompany payables | — |  |  | 310,727 |  |  | 55,847 |  |  | (366,574 | ) |  | — |
Deferred gains and other liabilities | — |  |  | 720 |  |  | 27 |  |  | — |  |  | 747 |
Total liabilities | 136,144 |  |  | 476,605 |  |  | 61,853 |  |  | (376,477 | ) |  | 298,125 |
Redeemable noncontrolling interest | — |  |  | 3 |  |  | 3,299 |  |  | — |  |  | 3,302 |
Equity: |  |  |  |  |  |  |  |  |
Era Group Inc. stockholders’ equity: |  |  |  |  |  |  |  |  |
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 219 |  |  | — |  |  | — |  |  | — |  |  | 219 |
Additional paid-in capital | 447,299 |  |  | 100,306 |  |  | 4,562 |  |  | (104,869 | ) |  | 447,298 |
Retained earnings | 18,254 |  |  | 111,482 |  |  | (43,402 | ) |  | (68,049 | ) |  | 18,285 |
Treasury shares, at cost, 156,737 shares | (2,476 | ) |  | — |  |  | — |  |  | — |  |  | (2,476 | )
Accumulated other comprehensive income, net of tax | — |  |  | 110 |  |  | — |  |  | — |  |  | 110 |
Total equity | 463,296 |  |  | 211,898 |  |  | (38,840 | ) |  | (172,918 | ) |  | 463,436 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 599,440 |  |  | $ | 688,506 |  |  | $ | 26,312 |  |  | $ | (549,395 | ) |  | $ | 764,863 |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Revenues | $ | — |  |  | $ | 202,653 |  |  | $ | 55,695 |  |  | $ | (32,289 | ) |  | $ | 226,059 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Operating | — |  |  | 128,928 |  |  | 57,896 |  |  | (32,278 | ) |  | 154,546 |
Administrative and general | 5,777 |  |  | 28,930 |  |  | 3,571 |  |  | — |  |  | 38,278 |
Depreciation | — |  |  | 36,716 |  |  | 903 |  |  | — |  |  | 37,619 |
Total costs and expenses | 5,777 |  |  | 194,574 |  |  | 62,370 |  |  | (32,278 | ) |  | 230,443 |
Gains on asset dispositions, net | — |  |  | 3,657 |  |  | — |  |  | — |  |  | 3,657 |
Loss on impairment | — |  |  | (2,551 | ) |  | — |  |  | — |  |  | (2,551 | )
Operating income (loss) | (5,777 | ) |  | 9,185 |  |  | (6,675 | ) |  | (11 | ) |  | (3,278 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 1,617 |  |  | 1,761 |  |  | 109 |  |  | — |  |  | 3,487 |
Interest expense | (13,007 | ) |  | (790 | ) |  | (77 | ) |  | — |  |  | (13,874 | )
Loss on sale of investments | (569 | ) |  | — |  |  | — |  |  | — |  |  | (569 | )
Foreign currency gains (losses), net | (40 | ) |  | 81 |  |  | (513 | ) |  | — |  |  | (472 | )
Loss on debt extinguishment | (13 | ) |  | — |  |  | — |  |  | — |  |  | (13 | )
Other, net | (20 | ) |  | 1,010 |  |  | (1,018 | ) |  | — |  |  | (28 | )
Total other income (expense) | (12,032 | ) |  | 2,062 |  |  | (1,499 | ) |  | — |  |  | (11,469 | )
Income (loss) before income taxes and equity earnings | (17,809 | ) |  | 11,247 |  |  | (8,174 | ) |  | (11 | ) |  | (14,747 | )
Income tax expense (benefit) | 2,964 |  |  | (3,357 | ) |  | (338 | ) |  | — |  |  | (731 | )
Income (loss) before equity earnings | (20,773 | ) |  | 14,604 |  |  | (7,836 | ) |  | (11 | ) |  | (14,016 | )
Equity in earnings (losses) of subsidiaries | 17,191 |  |  | 9,935 |  |  | — |  |  | (17,191 | ) |  | 9,935 |
Net income (loss) | (3,582 | ) |  | 24,539 |  |  | (7,836 | ) |  | (17,202 | ) |  | (4,081 | )
Net loss attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 488 |  |  | — |  |  | 488 |
Net income (loss) attributable to Era Group Inc. | $ | (3,582 | ) |  | $ | 24,539 |  |  | $ | (7,348 | ) |  | $ | (17,202 | ) |  | $ | (3,593 | )
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Revenues | $ | — |  |  | $ | 194,932 |  |  | $ | 55,625 |  |  | $ | (28,881 | ) |  | $ | 221,676 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Operating | — |  |  | 122,490 |  |  | 57,947 |  |  | (28,914 | ) |  | 151,523 |
Administrative and general | 15,017 |  |  | 25,597 |  |  | 4,512 |  |  | — |  |  | 45,126 |
Depreciation | — |  |  | 38,553 |  |  | 988 |  |  | — |  |  | 39,541 |
Total costs and expenses | 15,017 |  |  | 186,640 |  |  | 63,447 |  |  | (28,914 | ) |  | 236,190 |
Gains on asset dispositions, net | — |  |  | 1,618 |  |  | (43 | ) |  | — |  |  | 1,575 |
Litigation settlement proceeds | 42,000 |  |  | — |  |  | — |  |  | — |  |  | 42,000 |
Loss on impairment | — |  |  | (991 | ) |  | — |  |  | — |  |  | (991 | )
Operating income (loss) | 26,983 |  |  | 8,919 |  |  | (7,865 | ) |  | 33 |  |  | 28,070 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 395 |  |  | 1,371 |  |  | 276 |  |  | — |  |  | 2,042 |
Interest expense | (14,149 | ) |  | (802 | ) |  | (180 | ) |  | — |  |  | (15,131 | )
Foreign currency gains, net | (95 | ) |  | (178 | ) |  | (745 | ) |  | — |  |  | (1,018 | )
Gain on debt extinguishment | — |  |  | — |  |  | 175 |  |  | — |  |  | 175 |
Other, net | — |  |  | 34 |  |  | 20 |  |  | — |  |  | 54 |
Total other income (expense) | (13,849 | ) |  | 425 |  |  | (454 | ) |  | — |  |  | (13,878 | )
Income (loss) before income taxes and equity earnings | 13,134 |  |  | 9,344 |  |  | (8,319 | ) |  | 33 |  |  | 14,192 |
Income tax expense (benefit) | 10,845 |  |  | (7,900 | ) |  | (5 | ) |  | — |  |  | 2,940 |
Income (loss) before equity earnings | 2,289 |  |  | 17,244 |  |  | (8,314 | ) |  | 33 |  |  | 11,252 |
Equity in earnings (losses) of subsidiaries | 11,601 |  |  | 2,206 |  |  | — |  |  | (11,601 | ) |  | 2,206 |
Net income (loss) | 13,890 |  |  | 19,450 |  |  | (8,314 | ) |  | (11,568 | ) |  | 13,458 |
Net loss attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 464 |  |  | — |  |  | 464 |
Net income (loss) attributable to Era Group Inc. | $ | 13,890 |  |  | $ | 19,450 |  |  | $ | (7,850 | ) |  | $ | (11,568 | ) |  | $ | 13,922 |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Revenues | $ | — |  |  | $ | 201,653 |  |  | $ | 60,466 |  |  | $ | (30,798 | ) |  | $ | 231,321 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Operating | — |  |  | 133,077 |  |  | 65,167 |  |  | (30,798 | ) |  | 167,446 |
Administrative and general | 7,887 |  |  | 28,451 |  |  | 5,754 |  |  | — |  |  | 42,092 |
Depreciation | — |  |  | 44,756 |  |  | 980 |  |  | — |  |  | 45,736 |
Total costs and expenses | 7,887 |  |  | 206,284 |  |  | 71,901 |  |  | (30,798 | ) |  | 255,274 |
Gains on asset dispositions, net | — |  |  | 4,364 |  |  | 143 |  |  | — |  |  | 4,507 |
Loss on impairment | — |  |  | (116,586 | ) |  | (432 | ) |  | — |  |  | (117,018 | )
Operating loss | (7,887 | ) |  | (116,853 | ) |  | (11,724 | ) |  | — |  |  | (136,464 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 108 |  |  | 419 |  |  | 233 |  |  | — |  |  | 760 |
Interest expense | (14,495 | ) |  | (800 | ) |  | (1,468 | ) |  | — |  |  | (16,763 | )
Foreign currency gains, net | 256 |  |  | 330 |  |  | (812 | ) |  | — |  |  | (226 | )
Other, net | — |  |  | 143 |  |  | (155 | ) |  | — |  |  | (12 | )
Total other income (expense) | (14,131 | ) |  | 92 |  |  | (2,202 | ) |  | — |  |  | (16,241 | )
Income (loss) before income taxes and equity earnings | (22,018 | ) |  | (116,761 | ) |  | (13,926 | ) |  | — |  |  | (152,705 | )
Income tax expense (benefit) | (7,338 | ) |  | (112,295 | ) |  | (3,032 | ) |  | — |  |  | (122,665 | )
Income (loss) before equity earnings | (14,680 | ) |  | (4,466 | ) |  | (10,894 | ) |  | — |  |  | (30,040 | )
Equity earnings, net of tax | — |  |  | 1,425 |  |  | — |  |  | — |  |  | 1,425 |
Equity in earnings (losses) of subsidiaries | (13,481 | ) |  | — |  |  | — |  |  | 13,481 |  |  | — |
Net income (loss) | (28,161 | ) |  | (3,041 | ) |  | (10,894 | ) |  | 13,481 |  |  | (28,615 | )
Net income attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 454 |  |  | — |  |  | 454 |
Net income (loss) attributable to Era Group Inc. | $ | (28,161 | ) |  | $ | (3,041 | ) |  | $ | (10,440 | ) |  | $ | 13,481 |  |  | $ | (28,161 | )
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net income (loss) | $ | (3,582 | ) |  | $ | 24,539 |  |  | $ | (7,836 | ) |  | $ | (17,202 | ) |  | $ | (4,081 | )
Comprehensive income (loss) | (3,582 | ) |  | 24,539 |  |  | (7,836 | ) |  | (17,202 | ) |  | (4,081 | )
Comprehensive loss attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 488 |  |  | — |  |  | 488 |
Comprehensive income (loss) attributable to Era Group Inc. | $ | (3,582 | ) |  | $ | 24,539 |  |  | $ | (7,348 | ) |  | $ | (17,202 | ) |  | $ | (3,593 | )
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net income (loss) | $ | 13,890 |  |  | $ | 19,450 |  |  | $ | (8,314 | ) |  | $ | (11,568 | ) |  | $ | 13,458 |
Comprehensive income (loss) | 13,890 |  |  | 19,450 |  |  | (8,314 | ) |  | (11,568 | ) |  | 13,458 |
Comprehensive loss attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 464 |  |  | — |  |  | 464 |
Comprehensive income (loss) attributable to Era Group Inc. | $ | 13,890 |  |  | $ | 19,450 |  |  | $ | (7,850 | ) |  | $ | (11,568 | ) |  | $ | 13,922 |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net income (loss) | $ | (28,161 | ) |  | $ | (3,041 | ) |  | $ | (10,894 | ) |  | $ | 13,481 |  |  | $ | (28,615 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total other comprehensive income (loss) | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Comprehensive income (loss) | (28,161 | ) |  | (3,023 | ) |  | (10,894 | ) |  | 13,481 |  |  | (28,597 | )
Comprehensive loss attributable to non-controlling interest in subsidiary | — |  |  | — |  |  | 454 |  |  | — |  |  | 454 |
Comprehensive income (loss) attributable to Era Group Inc. | $ | (28,161 | ) |  | $ | (3,023 | ) |  | $ | (10,440 | ) |  | $ | 13,481 |  |  | $ | (28,143 | )
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net cash provided by (used in) operating activities | $ | 75,592 |  |  | $ | (48,747 | ) |  | $ | 706 |  |  | $ | — |  |  | $ | 27,551 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment | — |  |  | (6,413 | ) |  | (145 | ) |  | — |  |  | (6,558 | )
Proceeds from disposition of property and equipment | — |  |  | 13,252 |  |  | — |  |  | — |  |  | 13,252 |
Purchase of investments | (5,000 | ) |  | — |  |  | — |  |  | — |  |  | (5,000 | )
Proceeds from sale of investments | 4,430 |  |  | — |  |  | — |  |  | — |  |  | 4,430 |
Proceeds from sale of equity investees | — |  |  | 34,712 |  |  | — |  |  | — |  |  | 34,712 |
Principal payments on notes due from equity investees | — |  |  | 2,334 |  |  | — |  |  | — |  |  | 2,334 |
Principal payments on third party notes receivable | — |  |  | 5,447 |  |  | — |  |  | — |  |  | 5,447 |
Net cash provided by (used in) investing activities | (570 | ) |  | 49,332 |  |  | (145 | ) |  | — |  |  | 48,617 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Payments on long-term debt | — |  |  | (1,662 | ) |  | (393 | ) |  | — |  |  | (2,055 | )
Extinguishment of long-term debt | (740 | ) |  | — |  |  | — |  |  | — |  |  | (740 | )
Proceeds from share award plans | — |  |  | — |  |  | — |  |  | 1,077 |  |  | 1,077 |
Purchase of treasury shares | (7,707 | ) |  | — |  |  | — |  |  | — |  |  | (7,707 | )
Borrowings and repayments of intercompany debt | — |  |  | 1,077 |  |  | — |  |  | (1,077 | ) |  | — |
Net cash used in financing activities | (8,447 | ) |  | (585 | ) |  | (393 | ) |  | — |  |  | (9,425 | )
Effects of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | — |  |  | (130 | ) |  | — |  |  | (130 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | 66,575 |  |  | — |  |  | 38 |  |  | — |  |  | 66,613 |
Cash, cash equivalents and restricted cash, beginning of year | 48,396 |  |  | — |  |  | 2,357 |  |  | — |  |  | 50,753 |
Cash, cash equivalents and restricted cash, end of year | $ | 114,971 |  |  | $ | — |  |  | $ | 2,395 |  |  | $ | — |  |  | $ | 117,366 |
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net cash provided by operating activities | $ | 37,596 |  |  | $ | 14,639 |  |  | $ | 2,119 |  |  | $ | — |  |  | $ | 54,354 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment | — |  |  | (8,867 | ) |  | (349 | ) |  | — |  |  | (9,216 | )
Proceeds from disposition of property and equipment | — |  |  | 29,590 |  |  | — |  |  | — |  |  | 29,590 |
Dividends received from equity investees | — |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Principal payments on notes due from equity investees | — |  |  | 518 |  |  | — |  |  | — |  |  | 518 |
Principal payments on third party notes receivable | — |  |  | 934 |  |  | — |  |  | — |  |  | 934 |
Net cash provided by (used in) investing activities | — |  |  | 23,175 |  |  | (349 | ) |  | — |  |  | 22,826 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Long-term debt issuance costs | — |  |  | — |  |  | — |  |  | (1,295 | ) |  | (1,295 | )
Payments on long-term debt | — |  |  | (1,662 | ) |  | (1,224 | ) |  | (39,000 | ) |  | (41,886 | )
Proceeds from share award plans | — |  |  | — |  |  | — |  |  | 893 |  |  | 893 |
Extinguishment of long-term debt | — |  |  | — |  |  | (1,221 | ) |  | — |  |  | (1,221 | )
Borrowings and repayments of intercompany debt | — |  |  | (39,402 | ) |  | — |  |  | 39,402 |  |  | — |
Net cash used in financing activities | — |  |  | (41,064 | ) |  | (2,445 | ) |  | — |  |  | (43,509 | )
Effects of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | — |  |  | 249 |  |  | — |  |  | 249 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,596 |  |  | (3,250 | ) |  | (426 | ) |  | — |  |  | 33,920 |
Cash, cash equivalents and restricted cash, beginning of year | 10,800 |  |  | 3,250 |  |  | 2,783 |  |  | — |  |  | 16,833 |
Cash, cash equivalents and restricted cash, end of year | $ | 48,396 |  |  | $ | — |  |  | $ | 2,357 |  |  | $ | — |  |  | $ | 50,753 |
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-guarantors |  | Eliminations |  | Consolidated
| (in thousands)
Net cash provided by (used in) operating activities | $ | (14,706 | ) |  | $ | 32,601 |  |  | $ | 2,201 |  |  | $ | — |  |  | $ | 20,096 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment | — |  |  | (16,600 | ) |  | (170 | ) |  | — |  |  | (16,770 | )
Proceeds from disposition of property and equipment | — |  |  | 9,392 |  |  | — |  |  | — |  |  | 9,392 |
Principal payments on notes due from equity investees | — |  |  | 761 |  |  | — |  |  | — |  |  | 761 |
Investments in and advances to equity investees | — |  |  | (126 | ) |  | — |  |  | — |  |  | (126 | )
Principal payments on third party notes receivable | — |  |  | 169 |  |  | — |  |  | — |  |  | 169 |
Escrow deposits on like-kind exchanges, net | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash used in investing activities | — |  |  | (6,404 | ) |  | (170 | ) |  | — |  |  | (6,574 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from Revolving Credit Facility | — |  |  | 8,000 |  |  | — |  |  | 9,000 |  |  | 17,000 |
Payments on long-term debt | — |  |  | (1,526 | ) |  | (755 | ) |  | (43,000 | ) |  | (45,281 | )
Proceeds from share award plans | — |  |  | — |  |  | — |  |  | 836 |  |  | 836 |
Purchase of treasury shares | — |  |  | — |  |  | — |  |  | (52 | ) |  | (52 | )
Borrowings and repayments of intercompany debt | — |  |  | (33,216 | ) |  | — |  |  | 33,216 |  |  | — |
Net cash used in financing activities | — |  |  | (26,742 | ) |  | (755 | ) |  | — |  |  | (27,497 | )
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 32 |  |  | 18 |  |  | 31 |  |  | — |  |  | 81 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (14,674 | ) |  | (527 | ) |  | 1,307 |  |  | — |  |  | (13,894 | )
Cash, cash equivalents and restricted cash, beginning of year | 25,474 |  |  | 3,777 |  |  | 1,476 |  |  | — |  |  | 30,727 |
Cash, cash equivalents and restricted cash, end of year | $ | 10,800 |  |  | $ | 3,250 |  |  | $ | 2,783 |  |  | $ | — |  |  | $ | 16,833 |

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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