v3.5.0.2

Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 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)
|  | June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 40 |  |  | $ | 8,527 |  |  | $ | — |  |  | $ | 8,567 |
Short-term investments |  |  | 289,235 |  |  |  | — |  |  |  | — |  |  |  | 289,235 |
Accounts receivable – net |  |  | 64,631 |  |  |  | 83,781 |  |  |  | — |  |  |  | 148,412 |
Intercompany receivable |  |  | — |  |  |  | 47,588 |  |  |  | (47,588 | ) |  |  | — |
Inventories of spare parts – net |  |  | 60,768 |  |  |  | 8,656 |  |  |  | — |  |  |  | 69,424 |
Prepaid expenses |  |  | 4,821 |  |  |  | 2,981 |  |  |  | — |  |  |  | 7,802 |
Deferred income taxes |  |  | 10,379 |  |  |  | — |  |  |  | — |  |  |  | 10,379 |
Income taxes receivable |  |  | 950 |  |  |  | (241 | ) |  |  | — |  |  |  | 709 |
Total current assets |  |  | 430,824 |  |  |  | 151,292 |  |  |  | (47,588 | ) |  |  | 534,528 |
Investment in subsidiaries |  |  | 343,068 |  |  |  | — |  |  |  | (343,068 | ) |  |  | — |
Property and equipment – net |  |  | 598,361 |  |  |  | 294,874 |  |  |  | — |  |  |  | 893,235 |
Restricted investments |  |  | 13,023 |  |  |  | 15 |  |  |  | — |  |  |  | 13,038 |
Other assets |  |  | 5,191 |  |  |  | 1,126 |  |  |  | — |  |  |  | 6,317 |
Total assets |  | $ | 1,390,467 |  |  | $ | 447,307 |  |  | $ | (390,656 | ) |  | $ | 1,447,118 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 16,742 |  |  | $ | 6,720 |  |  | $ | — |  |  | $ | 23,462 |
Accrued and other current liabilities |  |  | 28,825 |  |  |  | 11,518 |  |  |  | — |  |  |  | 40,343 |
Intercompany payable |  |  | 47,588 |  |  |  | — |  |  |  | (47,588 | ) |  |  | — |
Total current liabilities |  |  | 93,155 |  |  |  | 18,238 |  |  |  | (47,588 | ) |  |  | 63,805 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  |  | 95,000 |  |  |  | — |  |  |  | — |  |  |  | 95,000 |
Senior Notes dated March 17, 2014, net of debt issuance costs of $3,376 |  |  | 496,624 |  |  |  | — |  |  |  | — |  |  |  | 496,624 |
Deferred income taxes and other long-term liabilities |  |  | 80,342 |  |  |  | 86,001 |  |  |  | — |  |  |  | 166,343 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  |  | 308,835 |  |  |  | 79,191 |  |  |  | (79,191 | ) |  |  | 308,835 |
Accumulated other comprehensive income |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | 45 |
Retained earnings |  |  | 316,466 |  |  |  | 263,877 |  |  |  | (263,877 | ) |  |  | 316,466 |
Total shareholders’ equity |  |  | 625,346 |  |  |  | 343,068 |  |  |  | (343,068 | ) |  |  | 625,346 |
Total liabilities and shareholders’ equity |  | $ | 1,390,467 |  |  | $ | 447,307 |  |  | $ | (390,656 | ) |  | $ | 1,447,118 |
(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) (Unaudited)
|  | 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 |  |  | 5,975 |  |  |  | 203 |  |  |  | — |  |  |  | 6,178 |
Total assets |  | $ | 1,418,426 |  |  | $ | 429,698 |  |  | $ | (421,791 | ) |  | $ | 1,426,333 |
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 $3,999 |  |  | 496,001 |  |  |  | — |  |  |  | — |  |  |  | 496,001 |
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 |  | $ | 1,418,426 |  |  | $ | 429,698 |  |  | $ | (421,791 | ) |  | $ | 1,426,333 |
(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 June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 89,365 |  |  | $ | 77,771 |  |  | $ | — |  |  | $ | 167,136 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 89,535 |  |  |  | 62,882 |  |  |  | — |  |  |  | 152,417 |
Selling, general and administrative expenses |  |  | 9,232 |  |  |  | 2,871 |  |  |  | (325 | ) |  |  | 11,778 |
Total operating expenses |  |  | 98,767 |  |  |  | 65,753 |  |  |  | (325 | ) |  |  | 164,195 |
Gain on disposal of assets, net |  |  | (4,298 | ) |  |  | — |  |  |  | — |  |  |  | (4,298 | )
Equity in loss of unconsolidated affiliate |  |  | 76 |  |  |  | — |  |  |  | — |  |  |  | 76 |
Operating income |  |  | (5,180 | ) |  |  | 12,018 |  |  |  | 325 |  |  |  | 7,163 |
Equity in net income of consolidated subsidiaries |  |  | (7,035 | ) |  |  | — |  |  |  | 7,035 |  |  |  | — |
Interest expense |  |  | 7,534 |  |  |  | 6 |  |  |  | — |  |  |  | 7,540 |
Other income, net |  |  | (819 | ) |  |  | — |  |  |  | 325 |  |  |  | (494 | )
|  |  | (320 | ) |  |  | 6 |  |  |  | 7,360 |  |  |  | 7,046 |
(Loss) earnings before income taxes |  |  | (4,860 | ) |  |  | 12,012 |  |  |  | (7,035 | ) |  |  | 117 |
Income tax (benefit) expense |  |  | (9,137 | ) |  |  | 4,977 |  |  |  | — |  |  |  | (4,160 | )
Net earnings |  | $ | 4,277 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,277 |
|  | For the quarter ended June 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 115,040 |  |  | $ | 83,507 |  |  | $ | — |  |  | $ | 198,547 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 103,483 |  |  |  | 65,349 |  |  |  | (4 | ) |  |  | 168,828 |
Selling, general and administrative expenses |  |  | 9,471 |  |  |  | 2,576 |  |  |  | — |  |  |  | 12,047 |
Total operating expenses |  |  | 112,954 |  |  |  | 67,925 |  |  |  | (4 | ) |  |  | 180,875 |
Gain on disposal of assets, net |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | (66 | )
Equity in loss of unconsolidated affiliate |  |  | 106 |  |  |  | — |  |  |  | — |  |  |  | 106 |
Operating income |  |  | 2,046 |  |  |  | 15,582 |  |  |  | 4 |  |  |  | 17,632 |
Equity in net income of consolidated subsidiaries |  |  | (9,230 | ) |  |  | — |  |  |  | 9,230 |  |  |  | — |
Interest expense |  |  | 7,155 |  |  |  | — |  |  |  | — |  |  |  | 7,155 |
Other income, net |  |  | (571 | ) |  |  | — |  |  |  | 4 |  |  |  | (567 | )
|  |  | (2,646 | ) |  |  | — |  |  |  | 9,234 |  |  |  | 6,588 |
Earnings before income taxes |  |  | 4,692 |  |  |  | 15,582 |  |  |  | (9,230 | ) |  |  | 11,044 |
Income tax (benefit) expense |  |  | (1,762 | ) |  |  | 6,352 |  |  |  | — |  |  |  | 4,590 |
Net earnings |  | $ | 6,454 |  |  | $ | 9,230 |  |  | $ | (9,230 | ) |  | $ | 6,454 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 181,234 |  |  | $ | 149,918 |  |  | $ | — |  |  | $ | 331,152 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 181,572 |  |  |  | 123,399 |  |  |  | — |  |  |  | 304,971 |
Selling, general and administrative expenses |  |  | 18,275 |  |  |  | 5,674 |  |  |  | (498 | ) |  |  | 23,451 |
Total operating expenses |  |  | 199,847 |  |  |  | 129,073 |  |  |  | (498 | ) |  |  | 328,422 |
Gain on disposal of assets, net |  |  | (3,939 | ) |  |  | — |  |  |  | — |  |  |  | (3,939 | )
Equity in loss of unconsolidated affiliate |  |  | 76 |  |  |  | — |  |  |  | — |  |  |  | 76 |
Operating income |  |  | (14,750 | ) |  |  | 20,845 |  |  |  | 498 |  |  |  | 6,593 |
Equity in net income of consolidated subsidiaries |  |  | (12,090 | ) |  |  | — |  |  |  | 12,090 |  |  |  | — |
Interest expense |  |  | 15,047 |  |  |  | 26 |  |  |  | — |  |  |  | 15,073 |
Other income, net |  |  | (1,603 | ) |  |  | (4 | ) |  |  | 498 |  |  |  | (1,109 | )
|  |  | 1,354 |  |  |  | 22 |  |  |  | 12,588 |  |  |  | 13,964 |
(Loss) earnings before income taxes |  |  | (16,104 | ) |  |  | 20,823 |  |  |  | (12,090 | ) |  |  | (7,371 | )
Income tax (benefit) expense |  |  | (11,449 | ) |  |  | 8,733 |  |  |  | — |  |  |  | (2,716 | )
Net (loss)earnings |  | $ | (4,655 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,655 | )
|  | For the six months ended June 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 243,697 |  |  | $ | 159,047 |  |  | $ | — |  |  | $ | 402,744 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 209,965 |  |  |  | 128,079 |  |  |  | (9 | ) |  |  | 338,035 |
Selling, general and administrative expenses |  |  | 17,979 |  |  |  | 5,305 |  |  |  | — |  |  |  | 23,284 |
Total operating expenses |  |  | 227,944 |  |  |  | 133,384 |  |  |  | (9 | ) |  |  | 361,319 |
Gain on disposal of assets, net |  |  | (73 | ) |  |  | — |  |  |  | — |  |  |  | (73 | )
Equity in loss of unconsolidated affiliate |  |  | 174 |  |  |  | — |  |  |  | — |  |  |  | 174 |
Operating income |  |  | 15,652 |  |  |  | 25,663 |  |  |  | 9 |  |  |  | 41,324 |
Equity in net income of consolidated subsidiaries |  |  | (15,362 | ) |  |  | — |  |  |  | 15,362 |  |  |  | — |
Interest expense |  |  | 14,325 |  |  |  | — |  |  |  | — |  |  |  | 14,325 |
Other income, net |  |  | (1,034 | ) |  |  | (4 | ) |  |  | 9 |  |  |  | (1,029 | )
|  |  | (2,071 | ) |  |  | (4 | ) |  |  | 15,371 |  |  |  | 13,296 |
Earnings before income taxes |  |  | 17,723 |  |  |  | 25,667 |  |  |  | (15,362 | ) |  |  | 28,028 |
Income tax expense |  |  | 906 |  |  |  | 10,305 |  |  |  | — |  |  |  | 11,211 |
Net earnings |  | $ | 16,817 |  |  | $ | 15,362 |  |  | $ | (15,362 | ) |  | $ | 16,817 |
(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 (Thousands of dollars) (Unaudited)
|  | For the quarter ended June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 4,277 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,277 |
Unrealized loss on short-term investments |  |  | 210 |  |  |  | — |  |  |  | — |  |  |  | 210 |
Changes in pension plan assets and benefit obligations |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Tax effect |  |  | (75 | ) |  |  | — |  |  |  | — |  |  |  | (75 | )
Total comprehensive income |  | $ | 4,413 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,413 |
|  | For the quarter ended June 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 6,454 |  |  | $ | 9,230 |  |  | $ | (9,230 | ) |  | $ | 6,454 |
Unrealized loss on short-term investments |  |  | (158 | ) |  |  | — |  |  |  | — |  |  |  | (158 | )
Tax effect |  |  | 63 |  |  |  | — |  |  |  | — |  |  |  | 63 |
Total comprehensive income |  | $ | 6,359 |  |  | $ | 9,230 |  |  | $ | (9,230 | ) |  | $ | 6,359 |
(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 six months ended June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (4,655 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,655 | )
Unrealized loss on short-term investments |  |  | 1,017 |  |  |  | — |  |  |  | — |  |  |  | 1,017 |
Changes in pension plan assets and benefit obligations |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Tax effect |  |  | (407 | ) |  |  | — |  |  |  | — |  |  |  | (407 | )
Total comprehensive (loss) income |  | $ | (4,043 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,043 | )
|  | For the six months ended June 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 16,817 |  |  | $ | 15,362 |  |  | $ | (15,362 | ) |  | $ | 16,817 |
Unrealized loss on short-term investments |  |  | (19 | ) |  |  | — |  |  |  | — |  |  |  | (19 | )
Unrealized realized gain |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Tax effect |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |
Total comprehensive income |  | $ | 16,831 |  |  | $ | 15,362 |  |  | $ | (15,362 | ) |  | $ | 16,831 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Cash Flows | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (12,954 | ) |  | $ | 13,753 |  |  | $ | — |  |  | $ | 799 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (39,535 | ) |  |  | (373 | ) |  |  | — |  |  |  | (39,908 | )
Proceeds from asset dispositions |  |  | 10,998 |  |  |  | — |  |  |  | — |  |  |  | 10,998 |
Purchase of short-term investments |  |  | (151,436 | ) |  |  | — |  |  |  | — |  |  |  | (151,436 | )
Proceeds from sale of short-term investments |  |  | 148,838 |  |  |  | — |  |  |  | — |  |  |  | 148,838 |
Payments of deposits on aircraft |  |  | (131 | ) |  |  | — |  |  |  | — |  |  |  | (131 | )
Net cash used in investing activities |  |  | (31,266 | ) |  |  | (373 | ) |  |  | — |  |  |  | (31,639 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 150,800 |  |  |  | — |  |  |  | — |  |  |  | 150,800 |
Payments on line of credit |  |  | (113,300 | ) |  |  | — |  |  |  | — |  |  |  | (113,300 | )
Repurchase of common stock |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | (500 | )
Due to/from affiliate, net |  |  | 7,214 |  |  |  | (7,214 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 44,214 |  |  |  | (7,214 | ) |  |  | — |  |  |  | 37,000 |
(Decrease ) increase in cash |  |  | (6 | ) |  |  | 6,166 |  |  |  | — |  |  |  | 6,160 |
Cash, beginning of period |  |  | 46 |  |  |  | 2,361 |  |  |  | — |  |  |  | 2,407 |
Cash, end of period |  | $ | 40 |  |  | $ | 8,527 |  |  | $ | — |  |  | $ | 8,567 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash provided by operating activities |  | $ | 46,696 |  |  | $ | 22,612 |  |  | $ | — |  |  | $ | 69,308 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (29,502 | ) |  |  | — |  |  |  | — |  |  |  | (29,502 | )
Proceeds from asset dispositions |  |  | 567 |  |  |  | — |  |  |  | — |  |  |  | 567 |
Purchase of short-term investments |  |  | (290,469 | ) |  |  | — |  |  |  | — |  |  |  | (290,469 | )
Proceeds from sale of short-term investments |  |  | 257,454 |  |  |  | — |  |  |  | — |  |  |  | 257,454 |
Payments of deposits on aircraft |  |  | (131 | ) |  |  | — |  |  |  | — |  |  |  | (131 | )
Net cash used in investing activities |  |  | (62,081 | ) |  |  | — |  |  |  | — |  |  |  | (62,081 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 119,740 |  |  |  | — |  |  |  | — |  |  |  | 119,740 |
Payments on line of credit |  |  | (127,240 | ) |  |  | — |  |  |  | — |  |  |  | (127,240 | )
Repurchase of common stock for payroll tax withholding requirements |  |  | (2,338 | ) |  |  | — |  |  |  | — |  |  |  | (2,338 | )
Due to/from affiliate, net |  |  | 25,220 |  |  |  | (25,220 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 15,382 |  |  |  | (25,220 | ) |  |  | — |  |  |  | (9,838 | )
Decrease in cash |  |  | (3 | ) |  |  | (2,608 | ) |  |  | — |  |  |  | (2,611 | )
Cash, beginning of period |  |  | 51 |  |  |  | 6,219 |  |  |  | — |  |  |  | 6,270 |
Cash, end of period |  | $ | 48 |  |  | $ | 3,611 |  |  | $ | — |  |  | $ | 3,659 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.

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