v3.5.0.2

Condensed Consolidating Financial Information (Tables)

9 Months Ended

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.

X

- 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=66004124&loc=d3e526-108580

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- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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- Definition

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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- Definition

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

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