v3.6.0.2

Condensed Consolidating Financial Information - Guarantor Subsidiaries (Tables) | 12 Months Ended
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Dec. 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)
|  | December 31, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 36 |  |  | $ | 2,560 |  |  | $ | — |  |  | $ | 2,596 |
Short-term investments |  |  | 289,806 |  |  |  | — |  |  |  | — |  |  |  | 289,806 |
Accounts receivable – net |  |  | 71,458 |  |  |  | 66,807 |  |  |  | — |  |  |  | 138,265 |
Intercompany receivable |  |  | — |  |  |  | 57,904 |  |  |  | (57,904 | ) |  |  | — |
Inventories of spare parts – net |  |  | 61,834 |  |  |  | 8,568 |  |  |  | — |  |  |  | 70,402 |
Prepaid expenses |  |  | 6,990 |  |  |  | 2,269 |  |  |  | — |  |  |  | 9,259 |
Deferred income taxes |  |  | 10,798 |  |  |  | — |  |  |  | — |  |  |  | 10,798 |
Income taxes receivable |  |  | 558 |  |  |  | (18 | ) |  |  | — |  |  |  | 540 |
Total current assets |  |  | 441,480 |  |  |  | 138,090 |  |  |  | (57,904 | ) |  |  | 521,666 |
Investment in subsidiaries and others |  |  | 353,160 |  |  |  | — |  |  |  | (353,160 | ) |  |  | — |
Property and equipment – net |  |  | 589,104 |  |  |  | 314,873 |  |  |  | — |  |  |  | 903,977 |
Restricted investments |  |  | 13,023 |  |  |  | 15 |  |  |  | — |  |  |  | 13,038 |
Other assets |  |  | 8,660 |  |  |  | 1,099 |  |  |  | — |  |  |  | 9,759 |
Total assets |  | $ | 1,405,427 |  |  | $ | 454,077 |  |  | $ | (411,064 | ) |  | $ | 1,448,440 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 22,744 |  |  | $ | 5,960 |  |  | $ | — |  |  | $ | 28,704 |
Accrued and other current liabilities |  |  | 18,725 |  |  |  | 9,621 |  |  |  | — |  |  |  | 28,346 |
Intercompany payable |  |  | 57,904 |  |  |  | — |  |  |  | (57,904 | ) |  |  | — |
Total current liabilities |  |  | 99,373 |  |  |  | 15,581 |  |  |  | (57,904 | ) |  |  | 57,050 |
Long-term debt |  |  | 631,247 |  |  |  | — |  |  |  | — |  |  |  | 631,247 |
Deferred income taxes and other long-term liabilities |  |  | 75,029 |  |  |  | 85,336 |  |  |  | — |  |  |  | 160,365 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  |  | 305,815 |  |  |  | 79,191 |  |  |  | (79,191 | ) |  |  | 305,815 |
Accumulated other comprehensive loss |  |  | (478 | ) |  |  | — |  |  |  | — |  |  |  | (478 | )
Retained earnings |  |  | 294,441 |  |  |  | 273,969 |  |  |  | (273,969 | ) |  |  | 294,441 |
Total shareholders’ equity |  |  | 599,778 |  |  |  | 353,160 |  |  |  | (353,160 | ) |  |  | 599,778 |
Total liabilities and shareholders’ equity |  | $ | 1,405,427 |  |  | $ | 454,077 |  |  | $ | (411,064 | ) |  | $ | 1,448,440 |
(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)
|  | 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 |  |  | 553,501 |  |  |  | — |  |  |  | — |  |  |  | 553,501 |
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)
|  | For the year ended December 31, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 339,829 |  |  | $ | 294,269 |  |  | $ | — |  |  | $ | 634,098 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 347,532 |  |  |  | 245,018 |  |  |  | — |  |  |  | 592,550 |
Selling, general, and administrative expenses |  |  | 32,911 |  |  |  | 11,525 |  |  |  | (18 | ) |  |  | 44,418 |
Total operating expenses |  |  | 380,443 |  |  |  | 256,543 |  |  |  | (18 | ) |  |  | 636,968 |
Gain on disposition of assets, net |  |  | (3,350 | ) |  |  | — |  |  |  | — |  |  |  | (3,350 | )
Impairment of assets |  |  | 407 |  |  |  | — |  |  |  | — |  |  |  | 407 |
Equity in profit of unconsolidated affiliate |  |  | (151 | ) |  |  | — |  |  |  | — |  |  |  | (151 | )
Operating (loss) income |  |  | (37,520 | ) |  |  | 37,726 |  |  |  | 18 |  |  |  | 224 |
Equity in net earnings of consolidated subsidiaries |  |  | (22,182 | ) |  |  | — |  |  |  | 22,182 |  |  |  | — |
Interest expense |  |  | 30,585 |  |  |  | 59 |  |  |  | — |  |  |  | 30,644 |
Other income, net |  |  | (3,284 | ) |  |  | (5 | ) |  |  | 18 |  |  |  | (3,271 | )
|  |  | 5,119 |  |  |  | 54 |  |  |  | 22,200 |  |  |  | 27,373 |
(Loss) earnings before income taxes |  |  | (42,639 | ) |  |  | 37,672 |  |  |  | (22,182 | ) |  |  | (27,149 | )
Income tax (benefit) expense |  |  | (15,959 | ) |  |  | 15,490 |  |  |  | — |  |  |  | (469 | )
Net (loss) earnings |  | $ | (26,680 | ) |  | $ | 22,182 |  |  | $ | (22,182 | ) |  | $ | (26,680 | )
|  | For the year ended December 31, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 476,969 |  |  | $ | 327,259 |  |  | $ | — |  |  | $ | 804,228 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 426,239 |  |  |  | 260,829 |  |  |  | (18 | ) |  |  | 687,050 |
Selling, general, and administrative expenses |  |  | 35,694 |  |  |  | 10,728 |  |  |  | — |  |  |  | 46,422 |
Total operating expenses |  |  | 461,933 |  |  |  | 271,557 |  |  |  | (18 | ) |  |  | 733,472 |
Loss on disposition of assets, net |  |  | 339 |  |  |  | — |  |  |  | — |  |  |  | 339 |
Equity in loss of unconsolidated affiliate |  |  | 306 |  |  |  | — |  |  |  | — |  |  |  | 306 |
Operating income |  |  | 14,391 |  |  |  | 55,702 |  |  |  | 18 |  |  |  | 70,111 |
Equity in net earnings of consolidated subsidiaries |  |  | (31,225 | ) |  |  | — |  |  |  | 31,225 |  |  |  | — |
Interest expense |  |  | 28,946 |  |  |  | 120 |  |  |  | — |  |  |  | 29,066 |
Other income, net |  |  | (2,222 | ) |  |  | (7 | ) |  |  | 18 |  |  |  | (2,211 | )
|  |  | (4,501 | ) |  |  | 113 |  |  |  | 31,243 |  |  |  | 26,855 |
Earnings before income taxes |  |  | 18,892 |  |  |  | 55,589 |  |  |  | (31,225 | ) |  |  | 43,256 |
Income tax (benefit) expense |  |  | (8,032 | ) |  |  | 24,364 |  |  |  | — |  |  |  | 16,332 |
Net earnings |  | $ | 26,924 |  |  | $ | 31,225 |  |  | $ | (31,225 | ) |  | $ | 26,924 |
(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)
|  | For the year ended December 31, 2014 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 504,180 |  |  | $ | 332,090 |  |  | $ | — |  |  | $ | 836,270 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 411,398 |  |  |  | 258,627 |  |  |  | (18 | ) |  |  | 670,007 |
Selling, general, and administrative expenses |  |  | 32,985 |  |  |  | 10,186 |  |  |  | — |  |  |  | 43,171 |
Total operating expenses |  |  | 444,383 |  |  |  | 268,813 |  |  |  | (18 | ) |  |  | 713,178 |
Loss on disposition of assets, net |  |  | 848 |  |  |  | — |  |  |  | — |  |  |  | 848 |
Impairment of assets |  |  | 10,508 |  |  |  | — |  |  |  | — |  |  |  | 10,508 |
Equity in loss of unconsolidated affiliate |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | 96 |
Operating income |  |  | 48,345 |  |  |  | 63,277 |  |  |  | 18 |  |  |  | 111,640 |
Equity in net earnings of consolidated subsidiaries |  |  | (38,740 | ) |  |  | — |  |  |  | 38,740 |  |  |  | — |
Interest expense |  |  | 29,510 |  |  |  | — |  |  |  | — |  |  |  | 29,510 |
Loss on debt extinguishment |  |  | 29,833 |  |  |  | — |  |  |  | — |  |  |  | 29,833 |
Other income, net |  |  | (819 | ) |  |  | (17 | ) |  |  | 18 |  |  |  | (818 | )
|  |  | 19,784 |  |  |  | (17 | ) |  |  | 38,758 |  |  |  | 58,525 |
Earnings before income taxes |  |  | 28,561 |  |  |  | 63,294 |  |  |  | (38,740 | ) |  |  | 53,115 |
Income tax (benefit) expense |  |  | (4,127 | ) |  |  | 24,554 |  |  |  | — |  |  |  | 20,427 |
Net earnings |  | $ | 32,688 |  |  | $ | 38,740 |  |  | $ | (38,740 | ) |  | $ | 32,688 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.
Condensed Consolidated Statements of Comprehensive Income | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars)
|  | For the year ended December 31, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (26,680 | ) |  | $ | 22,182 |  |  | $ | (22,182 | ) |  | $ | (26,680 | )
Unrealized gain on short-term investments |  |  | 241 |  |  |  | — |  |  |  | — |  |  |  | 241 |
Changes in pension plan assets and benefit obligations |  |  | (39 | ) |  |  | — |  |  |  | — |  |  |  | (39 | )
Tax effect |  |  | (113 | ) |  |  | — |  |  |  | — |  |  |  | (113 | )
Total comprehensive (loss) income |  | $ | (26,591 | ) |  | $ | 22,182 |  |  | $ | (22,182 | ) |  | $ | (26,591 | )
|  | For the year ended December 31, 2015 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 26,924 |  |  | $ | 31,225 |  |  | $ | (31,225 | ) |  | $ | 26,924 |
Unrealized loss on short-term investments |  |  | (641 | ) |  |  | — |  |  |  | — |  |  |  | (641 | )
Other unrealized gain |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Changes in pension plan assets and benefit obligations |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 7 |
Tax effect |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | 254 |
Total comprehensive income |  | $ | 26,568 |  |  | $ | 31,225 |  |  | $ | (31,225 | ) |  | $ | 26,568 |
|  | For the year ended December 31, 2014 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net earnings |  | $ | 32,688 |  |  | $ | 38,740 |  |  | $ | (38,740 | ) |  | $ | 32,688 |
Unrealized loss on short-term investments |  |  | (285 | ) |  |  | — |  |  |  | — |  |  |  | (285 | )
Other unrealized loss |  |  | (24 | ) |  |  | — |  |  |  | — |  |  |  | (24 | )
Changes in pension plan assets and benefit obligations |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 17 |
Tax effect |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | 105 |
Total comprehensive income |  | $ | 32,501 |  |  | $ | 38,740 |  |  | $ | (38,740 | ) |  | $ | 32,501 |
(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)
|  | For the year ended December 31, 2016 |
|  | Parent |  |  |  |  |  |  |  |  |  |
|  | Company |  |  | Guarantor |  |  |  |  |  |  |
|  | Only (issuer) |  |  | Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (46,738 | ) |  | $ | 46,174 |  |  | $ | — |  |  | $ | (564 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (81,484 | ) |  |  | (358 | ) |  |  | — |  |  |  | (81,842 | )
Proceeds from asset dispositions |  |  | 14,983 |  |  |  | — |  |  |  | — |  |  |  | 14,983 |
Purchase of short-term investments |  |  | (321,453 | ) |  |  | — |  |  |  | — |  |  |  | (321,453 | )
Proceeds from sale of short-term investments |  |  | 316,543 |  |  |  | — |  |  |  | — |  |  |  | 316,543 |
Payments of deposits on aircraft |  |  | (2,249 | ) |  |  | — |  |  |  | — |  |  |  | (2,249 | )
Loan to unconsolidated affiliate |  |  | (1,200 | ) |  |  | — |  |  |  | — |  |  |  | (1,200 | )
Net cash used in investing activities |  |  | (74,860 | ) |  |  | (358 | ) |  |  | — |  |  |  | (75,218 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of common stock |  |  | (529 | ) |  |  |  |  |  |  |  |  |  |  | (529 | )
Proceeds on line of credit |  |  | 264,700 |  |  |  | — |  |  |  | — |  |  |  | 264,700 |
Payments on line of credit |  |  | (188,200 | ) |  |  | — |  |  |  | — |  |  |  | (188,200 | )
Due to/from affiliate, net |  |  | 45,617 |  |  |  | (45,617 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 121,588 |  |  |  | (45,617 | ) |  |  | — |  |  |  | 75,971 |
(Decrease) increase in cash |  |  | (10 | ) |  |  | 199 |  |  |  | — |  |  |  | 189 |
Cash, beginning of year |  |  | 46 |  |  |  | 2,361 |  |  |  | — |  |  |  | 2,407 |
Cash, end of year |  | $ | 36 |  |  | $ | 2,560 |  |  | $ | — |  |  | $ | 2,596 |
(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)
|  | For the year ended December 31, 2015 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash provided by operating activities |  | $ | 60,241 |  |  | $ | 73,677 |  |  | $ | — |  |  | $ | 133,918 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (57,123 | ) |  |  | — |  |  |  | — |  |  |  | (57,123 | )
Proceeds from asset dispositions |  |  | 5,236 |  |  |  | — |  |  |  | — |  |  |  | 5,236 |
Purchase of short-term investments |  |  | (608,649 | ) |  |  | — |  |  |  | — |  |  |  | (608,649 | )
Proceeds from sale of short-term investments |  |  | 505,966 |  |  |  | — |  |  |  | — |  |  |  | 505,966 |
Payments of deposits on aircraft |  |  | (1,273 | ) |  |  | — |  |  |  | — |  |  |  | (1,273 | )
Refunds of deposits on aircraft |  |  | 6,010 |  |  |  | — |  |  |  | — |  |  |  | 6,010 |
Net cash used in investing activities |  |  | (149,833 | ) |  |  | — |  |  |  | — |  |  |  | (149,833 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of common stock |  |  | (2,448 | ) |  |  |  |  |  |  |  |  |  |  | (2,448 | )
Proceeds on line of credit |  |  | 232,660 |  |  |  | — |  |  |  | — |  |  |  | 232,660 |
Payments on line of credit |  |  | (218,160 | ) |  |  | — |  |  |  | — |  |  |  | (218,160 | )
Due to/from affiliate, net |  |  | 77,535 |  |  |  | (77,535 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 89,587 |  |  |  | (77,535 | ) |  |  | — |  |  |  | 12,052 |
Decrease in cash |  |  | (5 | ) |  |  | (3,858 | ) |  |  | — |  |  |  | (3,863 | )
Cash, beginning of year |  |  | 51 |  |  |  | 6,219 |  |  |  | — |  |  |  | 6,270 |
Cash, end of year |  | $ | 46 |  |  | $ | 2,361 |  |  | $ | — |  |  | $ | 2,407 |
(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)
|  | For the year ended December 31, 2014 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash provided by operating activities |  | $ | 51,476 |  |  | $ | 68,043 |  |  | $ | — |  |  | $ | 119,519 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (157,690 | ) |  |  | — |  |  |  | — |  |  |  | (157,690 | )
Proceeds from asset dispositions |  |  | 10,266 |  |  |  | — |  |  |  | — |  |  |  | 10,266 |
Purchase of short-term investments |  |  | (465,094 | ) |  |  | — |  |  |  | — |  |  |  | (465,094 | )
Proceeds from sale of short-term investments |  |  | 363,110 |  |  |  | — |  |  |  | — |  |  |  | 363,110 |
Refund of deposits on aircraft |  |  | 11,506 |  |  |  | — |  |  |  | — |  |  |  | 11,506 |
Payments of deposits on aircraft |  |  | (6,948 | ) |  |  | — |  |  |  | — |  |  |  | (6,948 | )
Loan to unconsolidated affiliate |  |  | (200 | ) |  |  | — |  |  |  | — |  |  |  | (200 | )
Net cash used in investing activities |  |  | (245,050 | ) |  |  | — |  |  |  | — |  |  |  | (245,050 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of Senior Notes due 2019 |  |  | 500,000 |  |  |  | — |  |  |  | — |  |  |  | 500,000 |
Repayment of Senior Notes due 2018 |  |  | (300,000 | ) |  |  | — |  |  |  | — |  |  |  | (300,000 | )
Premium and cost to retire debt early |  |  | (26,749 | ) |  |  | — |  |  |  | — |  |  |  | (26,749 | )
Debt issuance costs |  |  | (6,232 | ) |  |  | — |  |  |  | — |  |  |  | (6,232 | )
Proceeds from line of credit |  |  | 264,253 |  |  |  | — |  |  |  | — |  |  |  | 264,253 |
Payments on line of credit |  |  | (300,253 | ) |  |  | — |  |  |  | — |  |  |  | (300,253 | )
Repurchase of common stock |  |  | (152 | ) |  |  | — |  |  |  | — |  |  |  | (152 | )
Due to/from affiliate, net |  |  | 62,706 |  |  |  | (62,706 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 193,573 |  |  |  | (62,706 | ) |  |  | — |  |  |  | 130,867 |
(Decrease) increase in cash |  |  | (1 | ) |  |  | 5,337 |  |  |  | — |  |  |  | 5,336 |
Cash, beginning of year |  |  | 52 |  |  |  | 882 |  |  |  | — |  |  |  | 934 |
Cash, end of year |  | $ | 51 |  |  | $ | 6,219 |  |  | $ | — |  |  | $ | 6,270 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts.

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