v3.4.0.3

Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheets | 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.
Condensed Consolidating Statements of Operations | 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.
Condensed Consolidated Statements of Comprehensive Income (Loss) | 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 |
Condensed Consolidating Statements of Cash Flows | 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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- 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 + Details
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