v3.7.0.1

Condensed Consolidating Financial Information (Tables)

3 Months Ended

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

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