v3.3.1.900

Condensed Consolidating Financial Information - Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

PHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(Thousands of dollars)

		December 31, 2015
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
ASSETS
Current Assets:
Cash		$	46			$	2,361			$	—			$	2,407
Short-term investments			284,523				—				—				284,523
Accounts receivable – net			70,336				74,442				—				144,778
Intercompany receivable			—				90,943				(90,943	)			—
Inventories of spare parts – net			60,060				9,431				—				69,491
Prepaid expenses			7,162				1,789				—				8,951
Deferred income taxes			10,379				—				—				10,379
Income taxes receivable			1,002				(241	)			—				761
Total current assets			433,508				178,725				(90,943	)			521,290
Investment in subsidiaries			330,848				—				(330,848	)			—
Property and equipment, net			632,759				250,770				—				883,529
Restricted investments			15,336				—				—				15,336
Other assets			9,974				203				—				10,177
Total assets		$	1,422,425			$	429,698			$	(421,791	)		$	1,430,332
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	25,512			$	5,861			$	—			$	31,373
Accrued liabilities			29,138				15,621				—				44,759
Intercompany payable			90,943				—				(90,943	)			—
Total current liabilities			145,593				21,482				(90,943	)			76,132
Long-term debt			557,500				—				—				557,500
Deferred income taxes and other long-term liabilities			92,334				77,368				—				169,702
Shareholders’ Equity:
Common stock and paid-in capital			306,444				79,061				(79,061	)			306,444
Accumulated other comprehensive loss			(567	)			—				—				(567	)
Retained earnings			321,121				251,787				(251,787	)			321,121
Total shareholders’ equity			626,998				330,848				(330,848	)			626,998
Total liabilities and shareholders’ equity		$	1,422,425			$	429,698			$	(421,791	)		$	1,430,332

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

		December 31, 2014
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
ASSETS
Current Assets:
Cash		$	51			$	6,219			$	—			$	6,270
Short-term investments			185,244				—				—				185,244
Accounts receivable – net			98,001				82,760				—				180,761
Intercompany receivable			—				95,399				(95,399	)			—
Inventories of spare parts – net			65,341				8,452				—				73,793
Prepaid expenses			7,610				1,704				—				9,314
Deferred income taxes			9,915				—				—				9,915
Income taxes receivable			1,068				159				—				1,227
Total current assets			367,230				194,693				(95,399	)			466,524
Investment in subsidiaries and others			358,080				—				(358,080	)			—
Property and equipment, net			638,437				239,381				—				877,818
Restricted investments			15,485				—				—				15,485
Other assets			16,055				198				—				16,253
Total assets		$	1,395,287			$	434,272			$	(453,479	)		$	1,376,080
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	22,578			$	5,122			$	—			$	27,700
Accrued and other current liabilities			34,477				18,335				—				52,812
Intercompany payable			95,270				—				(95,270	)			—
Total current liabilities			152,325				23,457				(95,270	)			80,512
Long-term debt			543,000				—				—				543,000
Deferred income taxes and other long-term liabilities			102,894				52,606				—				155,500
Shareholders’ Equity:
Common stock and paid-in capital			303,082				137,647				(137,647	)			303,082
Accumulated other comprehensive loss			(211	)			—				—				(211	)
Retained earnings			294,197				220,562				(220,562	)			294,197
Total shareholders’ equity			597,068				358,209				(358,209	)			597,068
Total liabilities and shareholders’ equity		$	1,395,287			$	434,272			$	(453,479	)		$	1,376,080

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

Condensed Consolidating Statements of Operations

PHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Thousands of dollars)

		For the year ended December 31, 2015
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
Operating revenues, net		$	476,969			$	327,259			$	—			$	804,228
Expenses:
Direct expenses			426,239				260,829				(18	)			687,050
Selling, general, and administrative expenses			35,694				10,728				—				46,422
Total operating expenses			461,933				271,557				(18	)			733,472
Loss on disposition of assets, net			339				—				—				339
Equity in loss of unconsolidated affiliate			306				—				—				306
Operating income			14,391				55,702				18				70,111
Equity in net earnings of consolidated subsidiaries			(31,225	)			—				31,225				—
Interest expense			28,946				120				—				29,066
Other income, net			(2,222	)			(7	)			18				(2,211	)
			(4,501	)			113				31,243				26,855
Earnings before income taxes			18,992				55,589				(31,225	)			43,256
Income tax expense			(8,032	)			24,364				—				16,332
Net earnings		$	26,924			$	31,225			$	(31,225	)		$	26,924

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

		For the year ended December 31, 2014
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
Operating revenues, net		$	504,180			$	332,090			$	—			$	836,270
Expenses:
Direct expenses			411,398				258,627				(18	)			670,007
Selling, general, and administrative expenses			32,985				10,186				—				43,171
Total operating expenses			444,383				268,813				(18	)			713,178
Loss on disposition of assets, net			848				—				—				848
Impairment of assets			10,508				—				—				10,508
Equity in loss of unconsolidated affiliate			96				—				—				96
Operating income			48,345				63,277				18				111,640
Equity in net earnings of consolidated subsidiaries			(38,740	)			—				38,740				—
Interest expense			29,510				—				—				29,510
Loss on debt extinguishment			29,833				—				—				29,833
Other (income) expense, net			(819	)			(17	)			18				(818	)
			19,784				(17	)			38,758				58,525
Earnings before income taxes			28,561				63,294				(38,740	)			53,115
Income tax (benefit) expense			(4,127	)			24,554				—				20,427
Net earnings		$	32,688			$	38,740			$	(38,740	)		$	32,688
		For the year ended December 31, 2013
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
Operating revenues, net		$	564,445			$	292,055			$	—			$	856,500
Expenses:
Direct expenses			468,321				244,769				—				713,090
Selling, general, and administrative expenses			29,885				8,935				—				38,820
Management fees			(11,682	)			11,682				—				—
Total operating expenses			486,524				265,386				—				751,910
(Gain) on disposition of assets, net			(16,585	)			(19	)			—				(16,604	)
Impairment of assets			1,227				421				—				1,648
Equity in loss of unconsolidated affiliate			262				—				—				262
Operating income			93,017				26,267				—				119,284
Equity in net earnings of consolidated subsidiaries			(15,567	)			—				15,567				—
Interest expense			29,434				322				—				29,756
Other income, net			(613	)			—				—				(613	)
			13,254				322				15,567				29,143
Earnings before income taxes			79,763				25,945				(15,567	)			90,141
Income tax expense			20,807				10,378				—				31,185
Net earnings		$	58,956			$	15,567			$	(15,567	)		$	58,956

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

Condensed Consolidated Statements of Comprehensive Income

PHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(Thousands of dollars)

		For the year ended December 31, 2015
		Parent
		Company				Guarantor
		Only				Subsidiaries (1)				Eliminations				Consolidated
Net earnings		$	26,924			$	31,225			$	(31,225	)		$	26,924
Unrealized gain (loss) on short-term investments			(641	)			—				—				(641	)
Other unrealized gain (loss)			24				—				—				24
Changes in pension plan assets and benefit obligations			7				—				—				7
Tax impact			254				—				—				254
		$	26,568			$	31,225			$	(31,225	)		$	26,568
		For the year ended December 31, 2014
		Parent
		Company				Guarantor
		Only				Subsidiaries (1)				Eliminations				Consolidated
Net earnings		$	32,688			$	38,740			$	(38,740	)		$	32,688
Unrealized gain (loss) on short-term investments			(285	)			—				—				(285	)
Other unrealized gain (loss)			(24	)			—				—				(24	)
Changes in pension plan assets and benefit obligations			17				—				—				17
Tax impact			105				—				—				105
		$	32,501			$	38,740			$	(38,740	)		$	32,501
		For the year ended December 31, 2013
		Parent
		Company				Guarantor
		Only				Subsidiaries (1)				Eliminations				Consolidated
Net earnings		$	58,956			$	15,567			$	(15,567	)		$	58,956
Unrealized gain (loss) on short-term investments			44				—				—				44
Changes in pension plan assets and benefit obligations			(2	)			—				—				(2	)
Tax impact			(15	)			—				—				(15	)
		$	58,983			$	15,567			$	(15,567	)		$	58,983

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

Condensed Consolidating Statements of Cash Flows

PHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(Thousands of dollars)

		For the year ended December 31, 2015
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
Net cash provided by operating activities		$	60,241			$	73,677			$	—			$	133,918
Investing activities:
Purchase of property and equipment			(57,123	)			—				—				(57,123	)
Proceeds from asset dispositions			5,236				—				—				5,236
Purchase of short-term investments			(608,649	)			—				—				(608,649	)
Proceeds from sale of short-term investments			505,966				—				—				505,966
Payments of deposits on aircraft			(1,273	)			—				—				(1,273	)
Refunds on deposits on aircraft			6,010				—				—				6,010
Net cash used in investing activities			(149,833	)			—				—				(149,833	)
Financing activities:
Repurchase of common stock			(2,448	)											(2,448	)
Proceeds on line of credit			232,660				—				—				232,660
Payments on line of credit			(218,160	)			—				—				(218,160	)
Due to/from affiliate, net			77,535				(77,535	)			—				—
Net cash provided by financing activities			89,587				(77,535	)			—				12,052
Decrease in cash			(5	)			(3,858	)			—				(3,863	)
Cash, beginning of year			51				6,219				—				6,270
Cash, end of year		$	46			$	2,361			$	—			$	2,407

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

		For the year ended December 31, 2014
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1)				Eliminations				Consolidated
Net cash provided by operating activities		$	51,476			$	68,043			$	—			$	119,519
Investing activities:
Purchase of property and equipment			(157,690	)			—				—				(157,690	)
Proceeds from asset dispositions			10,266				—				—				10,266
Purchase of short-term investments			(465,094	)			—				—				(465,094	)
Proceeds from sale of short-term investments			363,110				—				—				363,110
Refund of deposits on aircraft			11,506				—				—				11,506
Payments of deposits on aircraft			(6,948	)			—				—				(6,948	)
Loan to unconsolidated affiliate			(200	)			—				—				(200	)
Net cash used in investing activities			(245,050	)			—				—				(245,050	)
Financing activities:
Proceeds from issuance of Senior Notes due 2019			500,000				—				—				500,000
Repayment of Senior Notes due 2018			(300,000	)			—				—				(300,000	)
Premium and cost to retire debt early			(26,749	)			—				—				(26,749	)
Debt issuance costs			(6,232	)			—				—				(6,232	)
Proceeds from line of credit			264,253				—				—				264,253
Payments on line of credit			(300,253	)			—				—				(300,253	)
Repurchase of common stock			(152	)			—				—				(152	)
Due to/from affiliate, net			62,706				(62,706	)			—				—
Net cash provided by financing activities			193,573				(62,706	)			—				130,867
(Decrease) increase in cash			(1	)			5,337				—				5,336
Cash, beginning of year			52				882				—				934
Cash, end of year		$	51			$	6,219			$	—			$	6,270

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

		For the year ended December 31, 2013
		Parent
		Company				Guarantor
		Only (issuer)				Subsidiaries (1) (2)				Eliminations				Consolidated
Net cash provided by operating activities		$	82,660			$	22,436			$	—			$	105,096
Investing activities:
Purchase of property and equipment			(102,726	)			—				—				(102,726	)
Proceeds from asset dispositions			42,197				—				—				42,197
Purchase of short-term investments			(375,503	)			—				—				(375,503	)
Proceeds from sale of short-term investments			338,970				—				—				338,970
Payments of deposits on aircraft			(9,318	)			—				—				(9,318	)
Refunds on deposits on aircraft			8,161				—				—				8,161
Net cash used in investing activities			(98,219	)			—				—				(98,219	)
Financing activities:
Repurchase of common stock			(1,037	)											(1,037	)
Proceeds on line of credit			164,771				—				—				164,771
Payments on line of credit			(172,526	)			—				—				(172,526	)
Due to/from affiliate, net			23,851				(23,851	)			—				—
Net cash provided by financing activities			15,059				(23,851	)			—				(8,792	)
Decrease in cash			(500	)			(1,415	)			—				(1,915	)
Cash, beginning of year			552				2,297				—				2,849
Cash, end of year		$	52			$	882			$	—			$	934

(1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

(2) Cash flows between the Parent Company and guarantor subsidiaries related to the Company’s centralized cash management activities in 2013 have been adjusted to show the effects on net cash provided by operating and financing activities.

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- References

No definition available.

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- Definition

Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e526-108580

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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

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