v3.5.0.2

Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 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)
|  | September 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 36 |  |  | $ | 2,603 |  |  | $ | — |  |  | $ | 2,639 |
Short-term investments |  |  | 289,520 |  |  |  | — |  |  |  | — |  |  |  | 289,520 |
Accounts receivable – net |  |  | 64,564 |  |  |  | 77,911 |  |  |  | — |  |  |  | 142,475 |
Intercompany receivable |  |  | — |  |  |  | 41,796 |  |  |  | (41,796 | ) |  |  | — |
Inventories of spare parts – net |  |  | 60,416 |  |  |  | 8,993 |  |  |  | — |  |  |  | 69,409 |
Prepaid expenses |  |  | 4,412 |  |  |  | 2,564 |  |  |  | — |  |  |  | 6,976 |
Deferred income taxes |  |  | 10,379 |  |  |  | — |  |  |  | — |  |  |  | 10,379 |
Income taxes receivable |  |  | 950 |  |  |  | (87 | ) |  |  | — |  |  |  | 863 |
Total current assets |  |  | 430,277 |  |  |  | 133,780 |  |  |  | (41,796 | ) |  |  | 522,261 |
Investment in subsidiaries |  |  | 351,440 |  |  |  | — |  |  |  | (351,440 | ) |  |  | — |
Property and equipment – net |  |  | 602,296 |  |  |  | 314,264 |  |  |  | — |  |  |  | 916,560 |
Restricted cash and investments |  |  | 13,023 |  |  |  | 15 |  |  |  | — |  |  |  | 13,038 |
Other assets |  |  | 6,181 |  |  |  | 1,153 |  |  |  | — |  |  |  | 7,334 |
Total assets |  | $ | 1,403,217 |  |  | $ | 449,212 |  |  | $ | (393,236 | ) |  | $ | 1,459,193 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 17,232 |  |  | $ | 3,611 |  |  | $ | — |  |  | $ | 20,843 |
Accrued and other current liabilities |  |  | 21,894 |  |  |  | 10,284 |  |  |  | — |  |  |  | 32,178 |
Intercompany payable |  |  | 41,796 |  |  |  | — |  |  |  | (41,796 | ) |  |  | — |
Total current liabilities |  |  | 80,922 |  |  |  | 13,895 |  |  |  | (41,796 | ) |  |  | 53,021 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  |  | 132,400 |  |  |  | — |  |  |  | — |  |  |  | 132,400 |
Senior Notes dated March 17, 2014, net of debt issuance costs of $3,064 |  |  | 496,936 |  |  |  | — |  |  |  | — |  |  |  | 496,936 |
Deferred income taxes and other long-term liabilities |  |  | 71,472 |  |  |  | 83,877 |  |  |  | — |  |  |  | 155,349 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  |  | 310,259 |  |  |  | 79,191 |  |  |  | (79,191 | ) |  |  | 310,259 |
Accumulated other comprehensive income |  |  | (271 | ) |  |  | — |  |  |  | — |  |  |  | (271 | )
Retained earnings |  |  | 311,499 |  |  |  | 272,249 |  |  |  | (272,249 | ) |  |  | 311,499 |
Total shareholders’ equity |  |  | 621,487 |  |  |  | 351,440 |  |  |  | (351,440 | ) |  |  | 621,487 |
Total liabilities and shareholders’ equity |  | $ | 1,403,217 |  |  | $ | 449,212 |  |  | $ | (393,236 | ) |  | $ | 1,459,193 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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 September 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 79,532 |  |  | $ | 78,561 |  |  | $ | — |  |  | $ | 158,093 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 83,188 |  |  |  | 61,750 |  |  |  | — |  |  |  | 144,938 |
Selling, general and administrative expenses |  |  | 10,639 |  |  |  | 3,092 |  |  |  | (350 | ) |  |  | 13,381 |
Total operating expenses |  |  | 93,827 |  |  |  | 64,842 |  |  |  | (350 | ) |  |  | 158,319 |
Loss on disposal of assets, net |  |  | 85 |  |  |  | — |  |  |  | — |  |  |  | 85 |
Equity in loss of unconsolidated affiliate |  |  | 198 |  |  |  | — |  |  |  | — |  |  |  | 198 |
Operating income |  |  | (14,578 | ) |  |  | 13,719 |  |  |  | 350 |  |  |  | (509 | )
Equity in net income of consolidated subsidiaries |  |  | (8,372 | ) |  |  | — |  |  |  | 8,372 |  |  |  | — |
Interest expense |  |  | 7,716 |  |  |  | 3 |  |  |  | — |  |  |  | 7,719 |
Other income, net |  |  | (812 | ) |  |  | — |  |  |  | 350 |  |  |  | (462 | )
|  |  | (1,468 | ) |  |  | 3 |  |  |  | 8,722 |  |  |  | 7,257 |
(Loss) earnings before income taxes |  |  | (13,110 | ) |  |  | 13,716 |  |  |  | (8,372 | ) |  |  | (7,766 | )
Income tax (benefit) expense |  |  | (8,143 | ) |  |  | 5,344 |  |  |  | — |  |  |  | (2,799 | )
Net (loss) earnings |  | $ | (4,967 | ) |  | $ | 8,372 |  |  | $ | (8,372 | ) |  | $ | (4,967 | )
|  | For the quarter ended September 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 124,505 |  |  | $ | 90,228 |  |  | $ | — |  |  | $ | 214,733 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 111,876 |  |  |  | 70,192 |  |  |  | (4 | ) |  |  | 182,064 |
Selling, general and administrative expenses |  |  | 9,219 |  |  |  | 2,356 |  |  |  | — |  |  |  | 11,575 |
Total operating expenses |  |  | 121,095 |  |  |  | 72,548 |  |  |  | (4 | ) |  |  | 193,639 |
Gain on disposal of assets, net |  |  | (165 | ) |  |  | — |  |  |  | — |  |  |  | (165 | )
Equity in loss of unconsolidated affiliate |  |  | 75 |  |  |  | — |  |  |  | — |  |  |  | 75 |
Operating income |  |  | 3,500 |  |  |  | 17,680 |  |  |  | 4 |  |  |  | 21,184 |
Equity in net income of consolidated subsidiaries |  |  | (10,682 | ) |  |  | — |  |  |  | 10,682 |  |  |  | — |
Interest expense |  |  | 7,274 |  |  |  | 92 |  |  |  | — |  |  |  | 7,366 |
Other income, net |  |  | (474 | ) |  |  | (2 | ) |  |  | 4 |  |  |  | (472 | )
|  |  | (3,882 | ) |  |  | 90 |  |  |  | 10,686 |  |  |  | 6,894 |
Earnings before income taxes |  |  | 7,382 |  |  |  | 17,590 |  |  |  | (10,682 | ) |  |  | 14,290 |
Income tax (benefit) expense |  |  | (287 | ) |  |  | 6,908 |  |  |  | — |  |  |  | 6,621 |
Net earnings |  | $ | 7,669 |  |  | $ | 10,682 |  |  | $ | (10,682 | ) |  | $ | 7,669 |
(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 nine months ended September 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 260,766 |  |  | $ | 228,479 |  |  | $ | — |  |  | $ | 489,245 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 264,761 |  |  |  | 185,148 |  |  |  | — |  |  |  | 449,909 |
Selling, general and administrative expenses |  |  | 28,914 |  |  |  | 8,766 |  |  |  | (848 | ) |  |  | 36,832 |
Total operating expenses |  |  | 293,675 |  |  |  | 193,914 |  |  |  | (848 | ) |  |  | 486,741 |
Gain on disposal of assets, net |  |  | (3,854 | ) |  |  | — |  |  |  | — |  |  |  | (3,854 | )
Equity in loss of unconsolidated affiliate |  |  | 274 |  |  |  | — |  |  |  | — |  |  |  | 274 |
Operating income |  |  | (29,329 | ) |  |  | 34,565 |  |  |  | 848 |  |  |  | 6,084 |
Equity in net income of consolidated subsidiaries |  |  | (20,462 | ) |  |  | — |  |  |  | 20,462 |  |  |  | — |
Interest expense |  |  | 22,762 |  |  |  | 30 |  |  |  | — |  |  |  | 22,792 |
Other income, net |  |  | (2,415 | ) |  |  | (4 | ) |  |  | 848 |  |  |  | (1,571 | )
|  |  | (115 | ) |  |  | 26 |  |  |  | 21,310 |  |  |  | 21,221 |
(Loss) earnings before income taxes |  |  | (29,214 | ) |  |  | 34,539 |  |  |  | (20,462 | ) |  |  | (15,137 | )
Income tax (benefit) expense |  |  | (19,592 | ) |  |  | 14,077 |  |  |  | — |  |  |  | (5,515 | )
Net (loss) earnings |  | $ | (9,622 | ) |  | $ | 20,462 |  |  | $ | (20,462 | ) |  | $ | (9,622 | )
|  | For the nine months ended September 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 368,202 |  |  | $ | 249,275 |  |  | $ | — |  |  | $ | 617,477 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 321,841 |  |  |  | 198,271 |  |  |  | (13 | ) |  |  | 520,099 |
Selling, general and administrative expenses |  |  | 27,198 |  |  |  | 7,661 |  |  |  | — |  |  |  | 34,859 |
Total operating expenses |  |  | 349,039 |  |  |  | 205,932 |  |  |  | (13 | ) |  |  | 554,958 |
Gain on disposal of assets, net |  |  | (238 | ) |  |  | — |  |  |  | — |  |  |  | (238 | )
Equity in loss of unconsolidated affiliate |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 249 |
Operating income |  |  | 19,152 |  |  |  | 43,343 |  |  |  | 13 |  |  |  | 62,508 |
Equity in net income of consolidated subsidiaries |  |  | (26,044 | ) |  |  | — |  |  |  | 26,044 |  |  |  | — |
Interest expense |  |  | 21,599 |  |  |  | 92 |  |  |  | — |  |  |  | 21,691 |
Other income, net |  |  | (1,508 | ) |  |  | (6 | ) |  |  | 13 |  |  |  | (1,501 | )
|  |  | (5,953 | ) |  |  | 86 |  |  |  | 26,057 |  |  |  | 20,190 |
Earnings before income taxes |  |  | 25,105 |  |  |  | 43,257 |  |  |  | (26,044 | ) |  |  | 42,318 |
Income tax expense |  |  | 619 |  |  |  | 17,213 |  |  |  | — |  |  |  | 17,832 |
Net earnings |  | $ | 24,486 |  |  | $ | 26,044 |  |  | $ | (26,044 | ) |  | $ | 24,486 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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 September 30, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (4,967 | ) |  | $ | 8,372 |  |  | $ | (8,372 | ) |  | $ | (4,967 | )
Unrealized loss on short-term investments |  |  | (494 | ) |  |  | — |  |  |  | — |  |  |  | (494 | )
Changes in pension plan assets and benefit obligations |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Tax effect |  |  | 178 |  |  |  | — |  |  |  | — |  |  |  | 178 |
Total comprehensive (loss) income |  | $ | (5,282 | ) |  | $ | 8,372 |  |  | $ | (8,372 | ) |  | $ | (5,282 | )
|  | For the quarter ended September 30, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 7,669 |  |  | $ | 10,682 |  |  | $ | (10,682 | ) |  | $ | 7,669 |
Unrealized gain on short-term investments |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Changes in pension plan assets and benefit obligations |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Tax effect |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | (6 | )
Total comprehensive income |  | $ | 7,679 |  |  | $ | 10,682 |  |  | $ | (10,682 | ) |  | $ | 7,679 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited)
|  | For the nine months ended September 30, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (9,622 | ) |  | $ | 20,462 |  |  | $ | (20,462 | ) |  | $ | (9,622 | )
Unrealized gain on short-term investments |  |  | 523 |  |  |  | — |  |  |  | — |  |  |  | 523 |
Changes in pension plan assets and benefit obligations |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Tax effect |  |  | (229 | ) |  |  | — |  |  |  | — |  |  |  | (229 | )
Total comprehensive (loss) income |  | $ | (9,325 | ) |  | $ | 20,462 |  |  | $ | (20,462 | ) |  | $ | (9,325 | )
|  | For the nine months ended September 30, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 24,486 |  |  | $ | 26,044 |  |  | $ | (26,044 | ) |  | $ | 24,486 |
Unrealized loss on short-term investments |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | (7 | )
Unrealized realized gain |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Changes in pension plan assets and benefit obligations |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Tax effect |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Total comprehensive income |  | $ | 24,510 |  |  | $ | 26,044 |  |  | $ | (26,044 | ) |  | $ | 24,510 |
(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) (Unaudited)
|  | For the nine months ended September 30, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (32,467 | ) |  | $ | 25,319 |  |  | $ | — |  |  | $ | (7,148 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (74,647 | ) |  |  | (303 | ) |  |  | — |  |  |  | (74,950 | )
Proceeds from asset dispositions |  |  | 13,233 |  |  |  | — |  |  |  | — |  |  |  | 13,233 |
Purchase of short-term investments |  |  | (263,204 | ) |  |  | — |  |  |  | — |  |  |  | (263,204 | )
Proceeds from sale of short-term investments |  |  | 259,322 |  |  |  | — |  |  |  | — |  |  |  | 259,322 |
Payments of deposits on aircraft |  |  | (197 | ) |  |  | — |  |  |  | — |  |  |  | (197 | )
Loan to unconsolidated affiliate |  |  | (1,200 | ) |  |  | — |  |  |  | — |  |  |  | (1,200 | )
Net cash used in investing activities |  |  | (66,693 | ) |  |  | (303 | ) |  |  | — |  |  |  | (66,996 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 213,900 |  |  |  | — |  |  |  | — |  |  |  | 213,900 |
Payments on line of credit |  |  | (139,000 | ) |  |  | — |  |  |  | — |  |  |  | (139,000 | )
Repurchase of common stock |  |  | (524 | ) |  |  | — |  |  |  | — |  |  |  | (524 | )
Due to/from affiliate, net |  |  | 24,774 |  |  |  | (24,774 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 99,150 |  |  |  | (24,774 | ) |  |  | — |  |  |  | 74,376 |
(Decrease) increase in cash |  |  | (10 | ) |  |  | 242 |  |  |  | — |  |  |  | 232 |
Cash, beginning of period |  |  | 46 |  |  |  | 2,361 |  |  |  | — |  |  |  | 2,407 |
Cash, end of period |  | $ | 36 |  |  | $ | 2,603 |  |  | $ | — |  |  | $ | 2,639 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited)
|  | For the nine months ended September 30, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash provided by operating activities |  | $ | 39,490 |  |  | $ | 68,665 |  |  | $ | — |  |  | $ | 108,155 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (48,244 | ) |  |  | — |  |  |  | — |  |  |  | (48,244 | )
Proceeds from asset dispositions |  |  | 3,469 |  |  |  | — |  |  |  | — |  |  |  | 3,469 |
Purchase of short-term investments |  |  | (560,148 | ) |  |  | — |  |  |  | — |  |  |  | (560,148 | )
Proceeds from sale of short-term investments |  |  | 458,468 |  |  |  | — |  |  |  | — |  |  |  | 458,468 |
Refund of deposits on aircraft |  |  | 6,010 |  |  |  | — |  |  |  | — |  |  |  | 6,010 |
Payments of deposits on aircraft |  |  | (1,207 | ) |  |  | — |  |  |  | — |  |  |  | (1,207 | )
Net cash used in investing activities |  |  | (141,652 | ) |  |  | — |  |  |  | — |  |  |  | (141,652 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 206,660 |  |  |  | — |  |  |  | — |  |  |  | 206,660 |
Payments on line of credit |  |  | (171,440 | ) |  |  | — |  |  |  | — |  |  |  | (171,440 | )
Repurchase of common stock for payroll tax withholding requirements |  |  | (2,441 | ) |  |  | — |  |  |  | — |  |  |  | (2,441 | )
Due to/from affiliate, net |  |  | 70,792 |  |  |  | (70,792 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 103,571 |  |  |  | (70,792 | ) |  |  | — |  |  |  | 32,779 |
Increase (decrease) in cash |  |  | 1,409 |  |  |  | (2,127 | ) |  |  | — |  |  |  | (718 | )
Cash, beginning of period |  |  | 51 |  |  |  | 6,219 |  |  |  | — |  |  |  | 6,270 |
Cash, end of period |  | $ | 1,460 |  |  | $ | 4,092 |  |  | $ | — |  |  | $ | 5,552 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

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