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Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2012
Condensed Consolidated Guarantor And Non-Guarantor Financial Information [Abstract] |
Schedule of Condensed Balance Sheet | 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 |
Schedule of Condensed Income Statement | 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) |
Schedule of Condensed Cash Flow Statement | 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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