v3.4.0.3

Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Information | 13. CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 5, on March 17, 2014, PHI, Inc. issued $500 million of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of our domestic subsidiaries. PHI, Inc. directly or indirectly owns 100% of all of its domestic subsidiaries. The supplemental condensed financial information on the following pages sets forth, on a consolidated basis, the balance sheet, statement of operations, statement of comprehensive income, and statement of cash flows information for PHI, Inc. (“Parent Company Only”) and the guarantor subsidiaries. The eliminating entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements have been prepared on the same basis as the consolidated financial statements of PHI, Inc. The equity method is followed by the parent company within the financial information presented below. The transactions reflected in “Due to/from affiliates, net” in the following condensed consolidated statements of cash flows primarily consist of centralized cash management activities between PHI, Inc. and its subsidiaries, pursuant to which cash earned by the guarantor subsidiaries is regularly transferred to PHI, Inc. to be centrally managed. Because these balances are treated as short-term borrowings of the Parent Company, serve as a financing and cash management tool to meet our short-term operating needs, are large, turn over quickly and are payable to the guarantor subsidiaries on demand, we present borrowings and repayments with our affiliates on a net basis within the condensed consolidating statement of cash flows. Net receivables from our affiliates are considered advances and net payables to our affiliates are considered borrowings, and both changes are presented as financing activities in the following condensed consolidating statements of cash flows. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited)
|  | March 31, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 123 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | 6,536 |
Short-term investments |  |  | 286,139 |  |  |  | — |  |  |  | — |  |  |  | 286,139 |
Accounts receivable – net |  |  | 69,795 |  |  |  | 81,593 |  |  |  | — |  |  |  | 151,388 |
Intercompany receivable |  |  | — |  |  |  | 50,649 |  |  |  | (50,649 | ) |  |  | — |
Inventories of spare parts – net |  |  | 60,998 |  |  |  | 9,183 |  |  |  | — |  |  |  | 70,181 |
Prepaid expenses |  |  | 6,191 |  |  |  | 2,636 |  |  |  | — |  |  |  | 8,827 |
Deferred income taxes |  |  | 10,379 |  |  |  | — |  |  |  | — |  |  |  | 10,379 |
Income taxes receivable |  |  | 985 |  |  |  | (242 | ) |  |  | — |  |  |  | 743 |
Total current assets |  |  | 434,610 |  |  |  | 150,232 |  |  |  | (50,649 | ) |  |  | 534,193 |
Investment in subsidiaries |  |  | 336,033 |  |  |  | — |  |  |  | (336,033 | ) |  |  | — |
Property and equipment – net |  |  | 627,168 |  |  |  | 281,246 |  |  |  | — |  |  |  | 908,414 |
Restricted investments |  |  | 15,336 |  |  |  | — |  |  |  | — |  |  |  | 15,336 |
Other assets |  |  | 5,078 |  |  |  | 1,252 |  |  |  | — |  |  |  | 6,330 |
Total assets |  | $ | 1,418,225 |  |  | $ | 432,730 |  |  | $ | (386,682 | ) |  | $ | 1,464,273 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 55,561 |  |  | $ | 6,059 |  |  | $ | — |  |  | $ | 61,620 |
Accrued and other current liabilities |  |  | 18,594 |  |  |  | 9,460 |  |  |  | — |  |  |  | 28,054 |
Intercompany payable |  |  | 50,649 |  |  |  | — |  |  |  | (50,649 | ) |  |  | — |
Total current liabilities |  |  | 124,804 |  |  |  | 15,519 |  |  |  | (50,649 | ) |  |  | 89,674 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  |  | 87,700 |  |  |  | — |  |  |  | — |  |  |  | 87,700 |
Senior Notes dated March 17, 2014, net of debt issuance costs of $3,687 |  |  | 496,313 |  |  |  | — |  |  |  | — |  |  |  | 496,313 |
Deferred income taxes and other long-term liabilities |  |  | 89,871 |  |  |  | 81,178 |  |  |  | — |  |  |  | 171,049 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  |  | 307,438 |  |  |  | 79,191 |  |  |  | (79,191 | ) |  |  | 307,438 |
Accumulated other comprehensive loss |  |  | (90 | ) |  |  | — |  |  |  | — |  |  |  | (90 | )
Retained earnings |  |  | 312,189 |  |  |  | 256,842 |  |  |  | (256,842 | ) |  |  | 312,189 |
Total shareholders’ equity |  |  | 619,537 |  |  |  | 336,033 |  |  |  | (336,033 | ) |  |  | 619,537 |
Total liabilities and shareholders’ equity |  | $ | 1,418,225 |  |  | $ | 432,730 |  |  | $ | (386,682 | ) |  | $ | 1,464,273 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars)
|  | December 31, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor 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 |  |  | 5,040 |  |  |  | 203 |  |  |  | — |  |  |  | 5,243 |
Total assets |  | $ | 1,417,491 |  |  | $ | 429,698 |  |  | $ | (421,791 | ) |  | $ | 1,425,398 |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  |  | 57,500 |  |  |  | — |  |  |  | — |  |  |  | 57,500 |
Senior Notes dated March 17, 2014, net of debt issuance costs of $4,934 |  |  | 495,066 |  |  |  | — |  |  |  | — |  |  |  | 495,066 |
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 |  | $ | 1,417,491 |  |  | $ | 429,698 |  |  | $ | (421,791 | ) |  | $ | 1,425,398 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the quarter ended March 31, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 91,869 |  |  | $ | 72,147 |  |  | $ | — |  |  | $ | 164,016 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 92,037 |  |  |  | 60,517 |  |  |  | — |  |  |  | 152,554 |
Selling, general and administrative Expenses |  |  | 9,044 |  |  |  | 2,802 |  |  |  | (173 | ) |  |  | 11,673 |
Total operating expenses |  |  | 101,081 |  |  |  | 63,319 |  |  |  | (173 | ) |  |  | 164,227 |
Loss on disposal of assets, net |  |  | 359 |  |  |  | — |  |  |  | — |  |  |  | 359 |
Operating income |  |  | (9,571 | ) |  |  | 8,828 |  |  |  | 173 |  |  |  | (570 | )
Equity in net income of consolidated subsidiaries |  |  | (5,054 | ) |  |  | — |  |  |  | 5,054 |  |  |  | — |
Interest expense |  |  | 7,513 |  |  |  | 20 |  |  |  | — |  |  |  | 7,533 |
Other income, net |  |  | (786 | ) |  |  | (2 | ) |  |  | 173 |  |  |  | (615 | )
|  |  | 1,673 |  |  |  | 18 |  |  |  | 5,227 |  |  |  | 6,918 |
(Loss) earnings before income taxes |  |  | (11,244 | ) |  |  | 8,810 |  |  |  | (5,054 | ) |  |  | (7,488 | )
Income tax (benefit) expense |  |  | (2,312 | ) |  |  | 3,756 |  |  |  | — |  |  |  | 1,444 |
Net (loss) earnings |  | $ | (8,932 | ) |  | $ | 5,054 |  |  | $ | (5,054 | ) |  | $ | (8,932 | )
|  | For the quarter ended March 31, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 128,658 |  |  | $ | 75,539 |  |  | $ | — |  |  | $ | 204,197 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 106,481 |  |  |  | 62,730 |  |  |  | (4 | ) |  |  | 169,207 |
Selling, general and administrative expenses |  |  | 8,508 |  |  |  | 2,729 |  |  |  | — |  |  |  | 11,237 |
Total operating expenses |  |  | 114,989 |  |  |  | 65,459 |  |  |  | (4 | ) |  |  | 180,444 |
Gain on disposal of assets, net |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | (7 | )
Equity in loss of unconsolidated affiliate |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 68 |
Operating income |  |  | 13,608 |  |  |  | 10,080 |  |  |  | 4 |  |  |  | 23,692 |
Equity in net income of consolidated subsidiaries |  |  | (6,131 | ) |  |  | — |  |  |  | 6,131 |  |  |  | — |
Interest expense |  |  | 7,170 |  |  |  | — |  |  |  | — |  |  |  | 7,170 |
Other income, net |  |  | (462 | ) |  |  | (4 | ) |  |  | 4 |  |  |  | (462 | )
|  |  | 577 |  |  |  | (4 | ) |  |  | 6,135 |  |  |  | 6,708 |
Earnings before income taxes |  |  | 13,031 |  |  |  | 10,084 |  |  |  | (6,131 | ) |  |  | 16,984 |
Income tax expense |  |  | 2,668 |  |  |  | 3,953 |  |  |  | — |  |  |  | 6,621 |
Net earnings |  | $ | 10,363 |  |  | $ | 6,131 |  |  | $ | (6,131 | ) |  | $ | 10,363 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited)
|  | For the quarter ended March 31, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net loss |  | $ | (8,932 | ) |  | $ | 5,054 |  |  | $ | (5,054 | ) |  | $ | (8,932 | )
Unrealized gain on short-term investments |  |  | 807 |  |  |  | — |  |  |  | — |  |  |  | 807 |
Changes in pension plan asset and benefit obligations |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Tax effect of preceding gains, losses or changes |  |  | (332 | ) |  |  | — |  |  |  | — |  |  |  | (332 | )
|  | $ | (8,456 | ) |  | $ | 5,054 |  |  | $ | (5,054 | ) |  | $ | (8,456 | )
|  | For the quarter ended March 31, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 10,363 |  |  | $ | 6,131 |  |  | $ | (6,131 | ) |  | $ | 10,363 |
Unrealized gain on short-term investments |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | 139 |
Other unrealized gain |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Tax effect of preceding gains, losses or changes |  |  | (55 | ) |  |  | — |  |  |  | — |  |  |  | (55 | )
|  | $ | 10,471 |  |  | $ | 6,131 |  |  | $ | (6,131 | ) |  | $ | 10,471 |
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited)
|  | For the three months ended March 31, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash used in operating activities |  | $ | (13,795 | ) |  | $ | (2,548 | ) |  | $ | — |  |  | $ | (16,343 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (8,519 | ) |  |  | — |  |  |  | — |  |  |  | (8,519 | )
Proceeds from asset dispositions |  |  | 850 |  |  |  | — |  |  |  | — |  |  |  | 850 |
Purchase of short-term investments |  |  | (77,677 | ) |  |  | — |  |  |  | — |  |  |  | (77,677 | )
Proceeds from sale of short-term investments |  |  | 76,184 |  |  |  | — |  |  |  | — |  |  |  | 76,184 |
Payments of deposits on aircraft |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | (66 | )
Net cash used in investing activities |  |  | (9,228 | ) |  |  | — |  |  |  | — |  |  |  | (9,228 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 83,500 |  |  |  | — |  |  |  | — |  |  |  | 83,500 |
Payments on line of credit |  |  | (53,300 | ) |  |  | — |  |  |  | — |  |  |  | (53,300 | )
Repurchase of common stock |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | (500 | )
Due to/from affiliate, net |  |  | (6,600 | ) |  |  | 6,600 |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  |  | 23,100 |  |  |  | 6,600 |  |  |  | — |  |  |  | 29,700 |
Increase in cash |  |  | 77 |  |  |  | 4,052 |  |  |  | — |  |  |  | 4,129 |
Cash, beginning of period |  |  | 46 |  |  |  | 2,361 |  |  |  | — |  |  |  | 2,407 |
Cash, end of period |  | $ | 123 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | 6,536 |
|  | For the three months ended March 31, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash provided by operating activities |  | $ | 4,637 |  |  | $ | 25,281 |  |  | $ | — |  |  | $ | 29,918 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (22,115 | ) |  |  | — |  |  |  | — |  |  |  | (22,115 | )
Purchase of short-term investments |  |  | (190,243 | ) |  |  | — |  |  |  | — |  |  |  | (190,243 | )
Proceeds from sale of short-term investments |  |  | 185,426 |  |  |  | — |  |  |  | — |  |  |  | 185,426 |
Payments of deposits on aircraft |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | (66 | )
Net cash used in investing activities |  |  | (26,998 | ) |  |  | — |  |  |  | — |  |  |  | (26,998 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 77,740 |  |  |  | — |  |  |  | — |  |  |  | 77,740 |
Payments on line of credit |  |  | (81,100 | ) |  |  | — |  |  |  | — |  |  |  | (81,100 | )
Repurchase of common stock |  |  | (2,207 | ) |  |  |  |  |  |  |  |  |  |  | (2,207 | )
Due to/from affiliate, net |  |  | 27,928 |  |  |  | (27,928 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 22,361 |  |  |  | (27,928 | ) |  |  | — |  |  |  | (5,567 | )
Decrease in cash |  |  | — |  |  |  | (2,647 | ) |  |  | — |  |  |  | (2,647 | )
Cash, beginning of period |  |  | 51 |  |  |  | 6,219 |  |  |  | — |  |  |  | 6,270 |
Cash, end of period |  | $ | 51 |  |  | $ | 3,572 |  |  | $ | — |  |  | $ | 3,623 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.

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