v3.7.0.1

Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2017
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, 2017 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 51 |  |  | $ | 3,629 |  |  | $ | — |  |  | $ | 3,680 |
Short-term investments |  |  | 276,818 |  |  |  | — |  |  |  | — |  |  |  | 276,818 |
Accounts receivable – net |  |  | 65,044 |  |  |  | 61,226 |  |  |  | — |  |  |  | 126,270 |
Intercompany receivable |  |  | — |  |  |  | 69,862 |  |  |  | (69,862 | ) |  |  | — |
Inventories of spare parts – net |  |  | 64,698 |  |  |  | 8,335 |  |  |  | — |  |  |  | 73,033 |
Prepaid expenses |  |  | 8,144 |  |  |  | 2,186 |  |  |  | — |  |  |  | 10,330 |
Deferred income taxes |  |  | 10,798 |  |  |  | — |  |  |  | — |  |  |  | 10,798 |
Income taxes receivable |  |  | 341 |  |  |  | (18 | ) |  |  | — |  |  |  | 323 |
Total current assets |  |  | 425,894 |  |  |  | 145,220 |  |  |  | (69,862 | ) |  |  | 501,252 |
Investment in subsidiaries |  |  | 361,420 |  |  |  | — |  |  |  | (361,420 | ) |  |  | — |
Property and equipment – net |  |  | 581,990 |  |  |  | 314,575 |  |  |  | — |  |  |  | 896,565 |
Restricted cash and investments |  |  | 13,023 |  |  |  | 15 |  |  |  | — |  |  |  | 13,038 |
Other assets |  |  | 7,819 |  |  |  | 1,054 |  |  |  | — |  |  |  | 8,873 |
Total assets |  | $ | 1,390,146 |  |  | $ | 460,864 |  |  | $ | (431,282 | ) |  | $ | 1,419,728 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 18,007 |  |  | $ | 4,047 |  |  | $ | — |  |  | $ | 22,054 |
Accrued and other current liabilities |  |  | 18,034 |  |  |  | 9,466 |  |  |  | — |  |  |  | 27,500 |
Intercompany payable |  |  | 69,862 |  |  |  | — |  |  |  | (69,862 | ) |  |  | — |
Total current liabilities |  |  | 105,903 |  |  |  | 13,513 |  |  |  | (69,862 | ) |  |  | 49,554 |
Long-term debt |  |  | 633,059 |  |  |  | — |  |  |  | — |  |  |  | 633,059 |
Deferred income taxes and other long-term liabilities |  |  | 65,070 |  |  |  | 85,931 |  |  |  | — |  |  |  | 151,001 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  |  | 306,268 |  |  |  | 79,326 |  |  |  | (79,326 | ) |  |  | 306,268 |
Accumulated other comprehensive loss |  |  | (375 | ) |  |  | — |  |  |  | — |  |  |  | (375 | )
Retained earnings |  |  | 280,221 |  |  |  | 282,094 |  |  |  | (282,094 | ) |  |  | 280,221 |
Total shareholders’ equity |  |  | 586,114 |  |  |  | 361,420 |  |  |  | (361,062 | ) |  |  | 586,114 |
Total liabilities and shareholders’ equity |  | $ | 1,390,146 |  |  | $ | 460,864 |  |  | $ | (431,282 | ) |  | $ | 1,419,728 |
(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, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor 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.
Condensed Consolidating Statements of Operations | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the quarter ended March 31, 2017 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Operating revenues, net |  | $ | 74,284 |  |  | $ | 60,334 |  |  | $ | — |  |  | $ | 134,618 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct expenses |  |  | 82,344 |  |  |  | 54,169 |  |  |  | — |  |  |  | 136,513 |
Selling, general and administrative expenses |  |  | 10,108 |  |  |  | 2,940 |  |  |  | (4 | ) |  |  | 13,044 |
Total operating expenses |  |  | 92,452 |  |  |  | 57,109 |  |  |  | (4 | ) |  |  | 149,557 |
Equity in loss of unconsolidated affiliate |  |  | 1,003 |  |  |  | — |  |  |  | — |  |  |  | 1,003 |
Operating (loss) income |  |  | (19,171 | ) |  |  | 3,225 |  |  |  | 4 |  |  |  | (15,942 | )
Equity in net income of consolidated subsidiaries |  |  | (2,631 | ) |  |  | — |  |  |  | 2,631 |  |  |  | — |
Interest expense |  |  | 8,174 |  |  |  | 21 |  |  |  | — |  |  |  | 8,195 |
Other income, net |  |  | (1,067 | ) |  |  | (1 | ) |  |  | 4 |  |  |  | (1,064 | )
|  |  | 4,476 |  |  |  | 20 |  |  |  | 2,635 |  |  |  | 7,131 |
(Loss) earnings before income taxes |  |  | (23,647 | ) |  |  | 3,205 |  |  |  | (2,631 | ) |  |  | (23,073 | )
Income tax (benefit) expense |  |  | (8,399 | ) |  |  | 574 |  |  |  | — |  |  |  | (7,825 | )
Net (loss) earnings |  | $ | (15,248 | ) |  | $ | 2,631 |  |  | $ | (2,631 | ) |  | $ | (15,248 | )
|  | 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 (loss) 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 | )
(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, 2017 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (15,248 | ) |  | $ | 2,631 |  |  | $ | (2,631 | ) |  | $ | (15,248 | )
Unrealized gain on short-term investments |  |  | 162 |  |  |  | — |  |  |  | — |  |  |  | 162 |
Changes in pension plan asset and benefit obligation |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Tax effect of preceding gains, losses or changes |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | (58 | )
Total Comprehensive (loss) income |  | $ | (15,145 | ) |  | $ | 2,631 |  |  | $ | (2,631 | ) |  | $ | (15,145 | )
|  | For the quarter ended March 31, 2016 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net (loss) earnings |  | $ | (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 | )
Total Comprehensive (loss) income |  | $ | (8,456 | ) |  | $ | 5,054 |  |  | $ | (5,054 | ) |  | $ | (8,456 | )
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, 2017 |
|  | Parent Company Only (issuer) |  |  | Guarantor Subsidiaries (1) |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (19,332 | ) |  | $ | 11,079 |  |  | $ | — |  |  | $ | (8,253 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (4,738 | ) |  |  | (51 | ) |  |  | — |  |  |  | (4,789 | )
Purchase of short-term investments |  |  | (54,867 | ) |  |  | — |  |  |  | — |  |  |  | (54,867 | )
Proceeds from sale of short-term investments |  |  | 67,659 |  |  |  | — |  |  |  | — |  |  |  | 67,659 |
Payments of deposits on aircraft |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | (66 | )
Net cash provided by (used in) investing activities |  |  | 7,988 |  |  |  | (51 | ) |  |  | — |  |  |  | 7,937 |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  |  | 37,300 |  |  |  | — |  |  |  | — |  |  |  | 37,300 |
Payments on line of credit |  |  | (35,800 | ) |  |  | — |  |  |  | — |  |  |  | (35,800 | )
Repurchase of common stock |  |  | (100 | ) |  |  |  |  |  |  |  |  |  |  | (100 | )
Due to/from affiliate, net |  |  | 9,959 |  |  |  | (9,959 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 11,359 |  |  |  | (9,959 | ) |  |  | — |  |  |  | 1,400 |
Increase in cash |  |  | 15 |  |  |  | 1,069 |  |  |  | — |  |  |  | 1,084 |
Cash, beginning of period |  |  | 36 |  |  |  | 2,560 |  |  |  | — |  |  |  | 2,596 |
Cash, end of period |  | $ | 51 |  |  | $ | 3,629 |  |  | $ | — |  |  | $ | 3,680 |
|  | 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 |
(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=66004124&loc=d3e526-108580 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
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