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Condensed Consolidated Guarantor And Non-Guarantor Financial Information | 12 Months Ended
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Dec. 31, 2012
Condensed Consolidated Guarantor And Non-Guarantor Financial Information [Abstract] |
Condensed Financial Statements | Note 19 — Condensed Consolidated Guarantor and Non-Guarantor Financial Information The payment of our obligations under the Senior Unsecured Notes is guaranteed by all of our restricted domestic subsidiaries (“Subsidiary Guarantors”) except for Cal Dive I-Title XI, Inc. Each of these Subsidiary Guarantors is included in our consolidated financial statements and has fully and unconditionally guaranteed the Senior Unsecured Notes on a joint and several basis. As a result of these guaranty arrangements, we are required to present the following condensed consolidating financial information. The accompanying guarantor financial information is reported based on 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 primarily relate to the elimination of investments in subsidiaries and associated intercompany balances and transactions. HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands)
|  | As of December 31, 2012 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 381,599 | $ | 4,436 | $ | 51,065 | $ | - | $ | 437,100 |
Accounts receivable, net |  | 39,203 |  | 37,378 |  | 75,652 |  | - |  | 152,233 |
Unbilled revenue |  | 13,959 |  | 875 |  | 19,006 |  | - |  | 33,840 |
Income taxes receivable |  | 24,611 |  | - |  | 306 |  | (10,716) |  | 14,201 |
Other current assets |  | 54,588 |  | 16,418 |  | 11,696 |  | 31 |  | 82,733 |
Current assets of discontinued operations |  | - |  | 84,000 |  | - |  | - |  | 84,000 |
Total current assets |  | 513,960 |  | 143,107 |  | 157,725 |  | (10,685) |  | 804,107 |
Intercompany |  | (154,756) |  | 352,210 |  | (125,889) |  | (71,565) |  | - |
Property and equipment, net |  | 208,190 |  | 351,746 |  | 930,556 |  | (4,617) |  | 1,485,875 |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates |  | - |  | - |  | 167,599 |  | - |  | 167,599 |
Equity investments in affiliates |  | 1,762,359 |  | 53,461 |  | - |  | (1,815,820) |  | - |
Goodwill |  | - |  | 45,107 |  | 17,828 |  | - |  | 62,935 |
Other assets, net |  | 47,355 |  | 130 |  | 34,848 |  | (32,496) |  | 49,837 |
Due from subsidiaries/parent |  | 294,461 |  | 485,096 |  | - |  | (779,557) |  | - |
Non-current assets of discontinued operations |  | - |  | 816,227 |  | - |  | - |  | 816,227 |
Total assets | $ | 2,671,569 | $ | 2,247,084 | $ | 1,182,667 | $ | (2,714,740) | $ | 3,386,580 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 45,784 | $ | 17,229 | $ | 29,385 | $ | - | $ | 92,398 |
Accrued liabilities |  | 117,902 |  | 26,019 |  | 17,593 |  | - |  | 161,514 |
Income taxes payable |  | - |  | 26,618 |  | - |  | (26,618) |  | - |
Current maturities of long-term debt |  | 11,487 |  | - |  | 5,120 |  | - |  | 16,607 |
Current liabilities of discontinued operations |  | - |  | 182,527 |  | - |  | - |  | 182,527 |
Total current liabilities |  | 175,173 |  | 252,393 |  | 52,098 |  | (26,618) |  | 453,046 |
Long-term debt |  | 902,453 |  | - |  | 100,168 |  | - |  | 1,002,621 |
Deferred tax liabilities |  | 168,688 |  | 86,925 |  | 109,171 |  | (5,547) |  | 359,237 |
Other long-term liabilities |  | 1,453 |  | 3,086 |  | 486 |  | - |  | 5,025 |
Due to parent |  | - |  | - |  | 323,049 |  | (323,049) |  | - |
Non-current liabilities of discontinued operations |  | - |  | 147,237 |  | - |  | - |  | 147,237 |
Total liabilities |  | 1,247,767 |  | 489,641 |  | 584,972 |  | (355,214) |  | 1,967,166 |
Convertible preferred stock |  | - |  | - |  | - |  | - |  | - |
Total equity |  | 1,423,802 |  | 1,757,443 |  | 597,695 |  | (2,359,526) |  | 1,419,414 |
Total liabilities and shareholders' equity | $ | 2,671,569 | $ | 2,247,084 | $ | 1,182,667 | $ | (2,714,740) | $ | 3,386,580 |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands)
|  | As of December 31, 2011 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 495,484 | $ | 2,432 | $ | 48,547 | $ | - | $ | 546,463 |
Accounts receivable, net |  | 79,290 |  | 26,885 |  | 41,724 |  | - |  | 147,899 |
Unbilled revenue |  | 10,530 |  | 155 |  | 26,690 |  | - |  | 37,375 |
Income taxes receivable |  | 80,388 |  | - |  | - |  | (80,388) |  | - |
Other current assets |  | 68,627 |  | 20,624 |  | 10,159 |  | (5,826) |  | 93,584 |
Current assets of discontinued operations |  | - |  | 118,921 |  | - |  | - |  | 118,921 |
Total current assets |  | 734,319 |  | 169,017 |  | 127,120 |  | (86,214) |  | 944,242 |
Intercompany |  | (147,187) |  | 315,821 |  | (102,826) |  | (65,808) |  | - |
Property and equipment, net |  | 230,946 |  | 550,668 |  | 682,899 |  | (4,844) |  | 1,459,669 |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates |  | - |  | - |  | 175,656 |  | - |  | 175,656 |
Equity investments in affiliates |  | 1,952,392 |  | 37,239 |  | - |  | (1,989,631) |  | - |
Goodwill |  | - |  | 45,107 |  | 17,108 |  | - |  | 62,215 |
Other assets, net |  | 53,425 |  | 2,712 |  | 16,809 |  | (37,780) |  | 35,166 |
Due from subsidiaries/parent |  | 64,655 |  | 430,496 |  | - |  | (495,151) |  | - |
Non-current assets of discontinued operations |  | - |  | 905,399 |  | - |  | - |  | 905,399 |
Total assets | $ | 2,888,550 | $ | 2,456,459 | $ | 916,766 | $ | (2,679,428) | $ | 3,582,347 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 39,280 | $ | 9,626 | $ | 25,013 | $ | - | $ | 73,919 |
Accrued liabilities |  | 115,921 |  | 3,841 |  | 26,350 |  | - |  | 146,112 |
Income taxes payable |  | - |  | 97,692 |  | 217 |  | (96,616) |  | 1,293 |
Current maturities of long-term debt |  | 3,000 |  | - |  | 10,377 |  | (5,500) |  | 7,877 |
Current liabilities of discontinued operations |  | - |  | 166,975 |  | - |  | - |  | 166,975 |
Total current liabilities |  | 158,201 |  | 278,134 |  | 61,957 |  | (102,116) |  | 396,176 |
Long-term debt |  | 1,042,155 |  | - |  | 105,289 |  | - |  | 1,147,444 |
Deferred tax liabilities |  | 231,255 |  | 88,625 |  | 103,552 |  | (5,822) |  | 417,610 |
Other long-term liabilities |  | 4,150 |  | 4,647 |  | 571 |  | - |  | 9,368 |
Due to parent |  | - |  | - |  | 98,285 |  | (98,285) |  | - |
Non-current liabilities of discontinued operations |  | - |  | 161,208 |  | - |  | - |  | 161,208 |
Total liabilities |  | 1,435,761 |  | 532,614 |  | 369,654 |  | (206,223) |  | 2,131,806 |
Convertible preferred stock |  | 1,000 |  | - |  | - |  | - |  | 1,000 |
Total equity |  | 1,451,789 |  | 1,923,845 |  | 547,112 |  | (2,473,205) |  | 1,449,541 |
Total liabilities and shareholders' equity | $ | 2,888,550 | $ | 2,456,459 | $ | 916,766 | $ | (2,679,428) | $ | 3,582,347 |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands)
|  | Year Ended December 31, 2012 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Net revenues | $ | 90,552 | $ | 404,628 | $ | 464,331 | $ | (113,402) | $ | 846,109 |
Cost of sales |  | 111,531 |  | 444,956 |  | 351,283 |  | (111,576) |  | 796,194 |
Gross profit (loss) |  | (20,979) |  | (40,328) |  | 113,048 |  | (1,826) |  | 49,915 |
Loss on sale of assets, net |  | - |  | (13,475) |  | (1) |  | - |  | (13,476) |
Non-hedge loss on commodity derivative contracts |  | - |  | (10,507) |  | - |  | - |  | (10,507) |
Selling, general and administrative expenses |  | (53,539) |  | (22,782) |  | (20,018) |  | 1,924 |  | (94,415) |
Income (loss) from operations |  | (74,518) |  | (87,092) |  | 93,029 |  | 98 |  | (68,483) |
Equity in earnings of investments |  | (12,264) |  | 16,222 |  | 8,434 |  | (3,958) |  | 8,434 |
Net interest expense and other |  | (59,759) |  | 392 |  | (6,517) |  | (28) |  | (65,912) |
Income (loss) before income taxes |  | (146,541) |  | (70,478) |  | 94,946 |  | (3,888) |  | (125,961) |
Income tax provision (benefit) |  | (96,328) |  | 24,186 |  | 12,951 |  | 33 |  | (59,158) |
Income (loss) from continuing operations |  | (50,213) |  | (94,664) |  | 81,995 |  | (3,921) |  | (66,803) |
Income (loss) from discontinued operations, net of tax |  | (1,621) |  | 25,305 |  | - |  | - |  | 23,684 |
Net income (loss) applicable to Helix |  | (51,834) |  | (69,359) |  | 81,995 |  | (3,921) |  | (43,119) |
Net income applicable to noncontrolling interests |  | - |  | - |  | - |  | (3,178) |  | (3,178) |
Preferred stock dividends |  | (37) |  | - |  | - |  | - |  | (37) |
Net income (loss) applicable to Helix common shareholders | $ | (51,871) | $ | (69,359) | $ | 81,995 | $ | (7,099) | $ | (46,334) |
Total comprehensive income (loss) applicable to Helix common shareholders | $ | (51,952) | $ | (82,219) | $ | 89,260 | $ | (7,073) | $ | (51,984) |
|  | Year Ended December 31, 2011 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Net revenues | $ | 84,748 | $ | 362,648 | $ | 367,114 | $ | (112,510) | $ | 702,000 |
Cost of sales |  | 72,902 |  | 281,267 |  | 309,429 |  | (111,281) |  | 552,317 |
Gross profit |  | 11,846 |  | 81,381 |  | 57,685 |  | (1,229) |  | 149,683 |
Loss on sale of assets, net |  | (6) |  | - |  | - |  | - |  | (6) |
Selling, general and administrative expenses |  | (74,205) |  | (25,963) |  | 12,101 |  | 1,430 |  | (86,637) |
Income (loss) from operations |  | (62,365) |  | 55,418 |  | 69,786 |  | 201 |  | 63,040 |
Equity in earnings of investments |  | 262,990 |  | 7,340 |  | 22,215 |  | (270,330) |  | 22,215 |
Other than temporary loss on equity investments |  | - |  | - |  | (10,563) |  | - |  | (10,563) |
Net interest expense and other |  | (157,546) |  | (6,787) |  | 67,181 |  | 23,510 |  | (73,642) |
Income (loss) before income taxes |  | 43,079 |  | 55,971 |  | 148,619 |  | (246,619) |  | 1,050 |
Income tax provision (benefit) |  | (63,242) |  | 18,181 |  | 8,186 |  | 69 |  | (36,806) |
Income (loss) from continuing operations |  | 106,321 |  | 37,790 |  | 140,433 |  | (246,688) |  | 37,856 |
Income from discontinued operations, net of tax |  | - |  | 95,221 |  | - |  | - |  | 95,221 |
Net income (loss) applicable to Helix |  | 106,321 |  | 133,011 |  | 140,433 |  | (246,688) |  | 133,077 |
Net income applicable to noncontrolling interests |  | - |  | - |  | - |  | (3,098) |  | (3,098) |
Preferred stock dividends |  | (40) |  | - |  | - |  | - |  | (40) |
Net income (loss) applicable to Helix common shareholders | $ | 106,281 | $ | 133,011 | $ | 140,433 | $ | (249,786) | $ | 129,939 |
Total comprehensive income (loss) applicable to Helix common shareholders | $ | 107,575 | $ | 161,760 | $ | 140,214 | $ | (250,569) | $ | 158,980 |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands)
|  | Year Ended December 31, 2010 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Net revenues | $ | 183,147 | $ | 376,134 | $ | 334,726 | $ | (119,538) | $ | 774,469 |
Cost of sales |  | 124,722 |  | 287,709 |  | 302,051 |  | (104,830) |  | 609,652 |
Gross profit |  | 58,425 |  | 88,425 |  | 32,675 |  | (14,708) |  | 164,817 |
Goodwill impairment |  | - |  | - |  | (16,743) |  | - |  | (16,743) |
Gain on sale of assets, net |  | 3,159 |  | - |  | 5,959 |  | - |  | 9,118 |
Selling, general and administrative expenses |  | (67,165) |  | (18,268) |  | (22,482) |  | 1,802 |  | (106,113) |
Loss from operations |  | (5,581) |  | 70,157 |  | (591) |  | (12,906) |  | 51,079 |
Equity in earnings of investments |  | (60,443) |  | 8,473 |  | 19,469 |  | 51,970 |  | 19,469 |
Other than temporary loss on equity investments |  | (2,240) |  | - |  | - |  | - |  | (2,240) |
Net interest expense and other |  | (59,522) |  | (1,991) |  | (5,125) |  | - |  | (66,638) |
Income (loss) before income taxes |  | (127,786) |  | 76,639 |  | 13,753 |  | 39,064 |  | 1,670 |
Income tax provision (benefit) |  | (9,175) |  | 23,465 |  | 9,405 |  | (4,529) |  | 19,166 |
Income (loss) from continuing operations |  | (118,611) |  | 53,174 |  | 4,348 |  | 43,593 |  | (17,496) |
Loss from discontinued operations, net of tax |  | - |  | (106,657) |  | - |  | - |  | (106,657) |
Net income (loss) applicable to Helix |  | (118,611) |  | (53,483) |  | 4,348 |  | 43,593 |  | (124,153) |
Net income applicable to noncontrolling interests |  | - |  | - |  | - |  | (2,835) |  | (2,835) |
Preferred stock dividends |  | (114) |  | - |  | - |  | - |  | (114) |
Net income (loss) applicable to Helix common shareholders | $ | (118,725) | $ | (53,483) | $ | 4,348 | $ | 40,758 | $ | (127,102) |
Total comprehensive income (loss) applicable to Helix common shareholders | $ | (119,051) | $ | (59,969) | $ | (5,653) | $ | 40,754 | $ | (143,919) |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | Year Ended December 31, 2012 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income (loss), including noncontrolling interests | $ | (51,834) | $ | (69,359) | $ | 81,995 | $ | (3,921) | $ | (43,119) |
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of affiliates |  | 12,264 |  | (16,222) |  | - |  | 3,958 |  | - |
Other adjustments |  | 106,022 |  | 126,672 |  | 6,349 |  | (19,856) |  | 219,187 |
Cash provided by (used in) operating activities |  | 66,452 |  | 41,091 |  | 88,344 |  | (19,819) |  | 176,068 |
Cash provided by discontinued operations |  | 1,621 |  | 274,809 |  | - |  | - |  | 276,430 |
Net cash provided by (used in) operating activities |  | 68,073 |  | 315,900 |  | 88,344 |  | (19,819) |  | 452,498 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (2,422) |  | (38,197) |  | (282,420) |  | - |  | (323,039) |
Distributions from equity investments, net |  | - |  | - |  | 7,797 |  | - |  | 7,797 |
Proceeds from sale of assets |  | - |  | 19,530 |  | - |  | - |  | 19,530 |
Cash used in investing activities |  | (2,422) |  | (18,667) |  | (274,623) |  | - |  | (295,712) |
Cash used in discontinued operations |  | - |  | (120,057) |  | - |  | - |  | (120,057) |
Net cash used in investing activities |  | (2,422) |  | (138,724) |  | (274,623) |  | - |  | (415,769) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings of debt |  | 400,000 |  | - |  | - |  | - |  | 400,000 |
Repayments of debt |  | (520,357) |  | - |  | (4,877) |  | - |  | (525,234) |
Deferred financing costs |  | (7,580) |  | - |  | - |  | - |  | (7,580) |
Distributions to noncontrolling interests |  | - |  | - |  | (5,287) |  | - |  | (5,287) |
Repurchases of common stock |  | (7,197) |  | - |  | - |  | - |  | (7,197) |
Excess tax from stock-based compensation |  | (1,186) |  | - |  | - |  | - |  | (1,186) |
Exercise of stock options, net and other |  | 1,252 |  | - |  | - |  | - |  | 1,252 |
Intercompany financing |  | (44,468) |  | (175,172) |  | 199,821 |  | 19,819 |  | - |
Net cash provided by (used in) financing activities |  | (179,536) |  | (175,172) |  | 189,657 |  | 19,819 |  | (145,232) |
Effect of exchange rate changes on cash and cash equivalents |  | - |  | - |  | (860) |  | - |  | (860) |
Net increase (decrease) in cash and cash equivalents |  | (113,885) |  | 2,004 |  | 2,518 |  | - |  | (109,363) |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  | 495,484 |  | 2,434 |  | 48,547 |  | - |  | 546,465 |
Balance, end of year |  | 381,599 |  | 4,438 |  | 51,065 |  | - |  | 437,102 |
Less cash from discontinued operations, end of year |  | - |  | 2 |  | - |  | - |  | 2 |
Cash from continuing operations, end of year | $ | 381,599 | $ | 4,436 | $ | 51,065 | $ | - | $ | 437,100 |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | Year Ended December 31, 2011 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income (loss), including noncontrolling interests | $ | 106,321 | $ | 133,011 | $ | 140,433 | $ | (246,688) | $ | 133,077 |
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of affiliates |  | (262,990) |  | (7,340) |  | - |  | 270,330 |  | - |
Other adjustments |  | 39,860 |  | (30,770) |  | 40,293 |  | 198 |  | 49,581 |
Cash provided by (used in) operating activities |  | (116,809) |  | 94,901 |  | 180,726 |  | 23,840 |  | 182,658 |
Cash provided by discontinued operations |  | - |  | 384,498 |  | - |  | - |  | 384,498 |
Net cash provided by (used in) operating activities |  | (116,809) |  | 479,399 |  | 180,726 |  | 23,840 |  | 567,156 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (32,417) |  | (55,124) |  | (12,613) |  | - |  | (100,154) |
Distributions from equity investments, net |  | - |  | - |  | 1,266 |  | - |  | 1,266 |
Proceeds from sale of Cal Dive common stock |  | 3,588 |  | - |  | - |  | - |  | 3,588 |
Cash used in investing activities |  | (28,829) |  | (55,124) |  | (11,347) |  | - |  | (95,300) |
Cash used in discontinued operations |  | - |  | (87,017) |  | - |  | - |  | (87,017) |
Net cash used in investing activities |  | (28,829) |  | (142,141) |  | (11,347) |  | - |  | (182,317) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings of debt |  | 109,400 |  | - |  | - |  | - |  | 109,400 |
Repayments of debt |  | (317,485) |  | - |  | (4,645) |  | - |  | (322,130) |
Deferred financing costs |  | (9,311) |  | - |  | - |  | - |  | (9,311) |
Repurchases of common stock |  | (7,604) |  | - |  | - |  | - |  | (7,604) |
Excess tax from stock-based compensation |  | (1,013) |  | - |  | - |  | - |  | (1,013) |
Exercise of stock options, net and other |  | 1,978 |  | - |  | (1,215) |  | - |  | 763 |
Intercompany financing |  | 488,723 |  | (338,118) |  | (126,765) |  | (23,840) |  | - |
Net cash provided by (used in) financing activities |  | 264,688 |  | (338,118) |  | (132,625) |  | (23,840) |  | (229,895) |
Effect of exchange rate changes on cash and cash equivalents |  | - |  | - |  | 436 |  | - |  | 436 |
Net increase (decrease) in cash and cash equivalents |  | 119,050 |  | (860) |  | 37,190 |  | - |  | 155,380 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  | 376,434 |  | 3,294 |  | 11,357 |  | - |  | 391,085 |
Balance, end of year |  | 495,484 |  | 2,434 |  | 48,547 |  | - |  | 546,465 |
Less cash from discontinued operations, end of year |  | - |  | 2 |  | - |  | - |  | 2 |
Cash from continuing operations, end of year | $ | 495,484 | $ | 2,432 | $ | 48,547 | $ | - | $ | 546,463 |
HELIX ENERGY SOLUTIONS GROUP, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
|  | Year Ended December 31, 2010 |
|  |  |  |  |  | Non- |  | Consolidating |  |  |
|  | Helix |  | Guarantors |  | Guarantors |  | Entries |  | Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income (loss), including noncontrolling interests | $ | (118,611) | $ | (53,483) | $ | 4,348 | $ | 43,593 | $ | (124,153) |
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of affiliates |  | 60,443 |  | (8,473) |  | - |  | (51,970) |  | - |
Other adjustments |  | 94,376 |  | 45,567 |  | 76,865 |  | (21,283) |  | 195,525 |
Cash provided by (used in) operating activities |  | 36,208 |  | (16,389) |  | 81,213 |  | (29,660) |  | 71,372 |
Cash provided by discontinued operations |  | - |  | 260,082 |  | - |  | - |  | 260,082 |
Net cash provided by (used in) operating activities |  | 36,208 |  | 243,693 |  | 81,213 |  | (29,660) |  | 331,454 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (56,650) |  | (37,155) |  | (28,413) |  | - |  | (122,218) |
Distributions from equity investments, net |  | - |  | - |  | 2,286 |  | - |  | 2,286 |
Proceeds from insurance reimbursement |  | 7,020 |  | - |  | - |  | - |  | 7,020 |
Proceeds from sale of assets |  | 6,042 |  | - |  | - |  | - |  | 6,042 |
Cash used in investing activities |  | (43,588) |  | (37,155) |  | (26,127) |  | - |  | (106,870) |
Cash used in discontinued operations |  | - |  | (74,686) |  | - |  | - |  | (74,686) |
Net cash used in investing activities |  | (43,588) |  | (111,841) |  | (26,127) |  | - |  | (181,556) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | (4,326) |  | - |  | (4,424) |  | - |  | (8,750) |
Deferred financing costs |  | (2,947) |  | - |  | - |  | - |  | (2,947) |
Repurchases of common stock |  | (11,680) |  | - |  | - |  | - |  | (11,680) |
Excess tax from stock-based compensation |  | (3,945) |  | - |  | - |  | - |  | (3,945) |
Exercise of stock options, net and other |  | 560 |  | - |  | (2,517) |  | - |  | (1,957) |
Intercompany financing |  | 147,410 |  | (131,080) |  | (45,990) |  | 29,660 |  | - |
Net cash provided by (used in) financing activities |  | 125,072 |  | (131,080) |  | (52,931) |  | 29,660 |  | (29,279) |
Effect of exchange rate changes on cash and cash equivalents |  | - |  | - |  | (207) |  | - |  | (207) |
Net increase in cash and cash equivalents |  | 117,692 |  | 772 |  | 1,948 |  | - |  | 120,412 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  | 258,742 |  | 2,522 |  | 9,409 |  | - |  | 270,673 |
Balance, end of year |  | 376,434 |  | 3,294 |  | 11,357 |  | - |  | 391,085 |
Less cash from discontinued operations, end of year |  | - |  | 1 |  | - |  | - |  | 1 |
Cash from continuing operations, end of year | $ | 376,434 | $ | 3,293 | $ | 11,357 | $ | - | $ | 391,084 |

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