v3.8.0.1

Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 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)
|  | September 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 50 |  |  | $ | 1,071 |  |  | $ | 1,870 |  |  | $ | — |  |  | $ | 2,991 |
Short-term investments |  | 204,036 |  |  | — |  |  | — |  |  | — |  |  | 204,036 |
Accounts receivable – net |  | 77,061 |  |  | 71,727 |  |  | 14,721 |  |  | (10,772 | ) |  | 152,737 |
Intercompany receivable |  | — |  |  | 120,376 |  |  | — |  |  | (120,376 | ) |  | — |
Inventories of spare parts – net |  | 70,617 |  |  | 8,628 |  |  | — |  |  | — |  |  | 79,245 |
Prepaid expenses |  | 9,916 |  |  | 1,948 |  |  | 142 |  |  | — |  |  | 12,006 |
Deferred income taxes |  | 10,798 |  |  | — |  |  | — |  |  | — |  |  | 10,798 |
Income taxes receivable |  | 500 |  |  | 9 |  |  | — |  |  | — |  |  | 509 |
Total current assets |  | 372,978 |  |  | 203,759 |  |  | 16,733 |  |  | (131,148 | ) |  | 462,322 |
Investment in subsidiaries |  | 390,840 |  |  | — |  |  | — |  |  | (390,840 | ) |  | — |
Property and equipment – net |  | 621,885 |  |  | 287,841 |  |  | 601 |  |  | — |  |  | 910,327 |
Restricted cash and investments |  | 12,381 |  |  | — |  |  | 15 |  |  | — |  |  | 12,396 |
Other assets |  | 8,076 |  |  | 956 |  |  | — |  |  | — |  |  | 9,032 |
Total assets |  | $ | 1,406,160 |  |  | $ | 492,556 |  |  | $ | 17,349 |  |  | $ | (521,988 | ) |  | $ | 1,394,077 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 26,587 |  |  | $ | 3,557 |  |  | $ | 11,235 |  |  | $ | (10,772 | ) |  | $ | 30,607 |
Accrued and other current liabilities |  | 22,198 |  |  | 9,961 |  |  | 1,544 |  |  | — |  |  | 33,703 |
Intercompany payable |  | 112,015 |  |  | — |  |  | 8,361 |  |  | (120,376 | ) |  | — |
Total current liabilities |  | 160,800 |  |  | 13,518 |  |  | 21,140 |  |  | (131,148 | ) |  | 64,310 |
Long-term debt |  | 598,182 |  |  | — |  |  | — |  |  | — |  |  | 598,182 |
Deferred income taxes and other long-term liabilities |  | 65,117 |  |  | 83,891 |  |  | 516 |  |  | — |  |  | 149,524 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  | 308,634 |  |  | 77,951 |  |  | 1,375 |  |  | (79,326 | ) |  | 308,634 |
Accumulated other comprehensive loss |  | (244 | ) |  | — |  |  | — |  |  | — |  |  | (244 | )
Retained earnings |  | 273,671 |  |  | 317,196 |  |  | (5,682 | ) |  | (311,514 | ) |  | 273,671 |
Total shareholders’ equity |  | 582,061 |  |  | 395,147 |  |  | (4,307 | ) |  | (390,840 | ) |  | 582,061 |
Total liabilities and shareholders’ equity |  | $ | 1,406,160 |  |  | $ | 492,556 |  |  | $ | 17,349 |  |  | $ | (521,988 | ) |  | $ | 1,394,077 |
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 guarantors’ 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, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 79,644 |  |  | $ | 70,692 |  |  | $ | 7,784 |  |  | $ | (7,953 | ) |  | $ | 150,167 |
Expenses: |  |  |  |  |  |  |  |  |  |
Direct expenses |  | 83,727 |  |  | 51,247 |  |  | 9,765 |  |  | (7,953 | ) |  | 136,786 |
Selling, general and administrative expenses |  | 8,240 |  |  | 3,141 |  |  | 24 |  |  | (4 | ) |  | 11,401 |
Total operating expenses |  | 91,967 |  |  | 54,388 |  |  | 9,789 |  |  | (7,957 | ) |  | 148,187 |
(Gain) Loss on disposal of assets, net |  | (4 | ) |  | — |  |  | — |  |  | — |  |  | (4 | )
Equity in (income) loss of unconsolidated affiliates, net |  | 112 |  |  | — |  |  | (550 | ) |  | — |  |  | (438 | )
Operating (loss) income |  | (12,431 | ) |  | 16,304 |  |  | (1,455 | ) |  | 4 |  |  | 2,422 |
Equity in net income of consolidated subsidiaries |  | (14,850 | ) |  | — |  |  | — |  |  | 14,850 |  |  | — |
Interest expense |  | 8,027 |  |  | — |  |  | — |  |  | — |  |  | 8,027 |
Other income, net |  | (709 | ) |  | (1 | ) |  | — |  |  | 4 |  |  | (706 | )
|  | (7,532 | ) |  | (1 | ) |  | — |  |  | 14,854 |  |  | 7,321 |
(Loss) earnings before income taxes |  | (4,899 | ) |  | 16,305 |  |  | (1,455 | ) |  | (14,850 | ) |  | (4,899 | )
Income tax (benefit) expense |  | (1,622 | ) |  | — |  |  | — |  |  | — |  |  | (1,622 | )
Net (loss) earnings |  | $ | (3,277 | ) |  | $ | 16,305 |  |  | $ | (1,455 | ) |  | $ | (14,850 | ) |  | $ | (3,277 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars)
|  | For the Quarter Ended September 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor 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 consolidated affiliate |  | 198 |  |  | — |  |  | — |  |  | 198 |
Operating (loss) 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 | )
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the Nine Months Ended September 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 228,973 |  |  | $ | 197,022 |  |  | $ | 15,987 |  |  | $ | (10,773 | ) |  | $ | 431,209 |
Expenses: |  |  |  |  |  |  |  |  |  |
Direct expenses |  | 238,669 |  |  | 155,434 |  |  | 16,920 |  |  | (10,773 | ) |  | 400,250 |
Selling, general and administrative expenses |  | 29,265 |  |  | 9,296 |  |  | 144 |  |  | (14 | ) |  | 38,691 |
Total operating expenses |  | 267,934 |  |  | 164,730 |  |  | 17,064 |  |  | (10,787 | ) |  | 438,941 |
Loss (gain) on disposal of assets, net |  | 4 |  |  | (1 | ) |  | — |  |  | — |  |  | 3 |
Equity in loss (income) of unconsolidated affiliates, net |  | 1,040 |  |  | — |  |  | 516 |  |  | — |  |  | 1,556 |
Operating (loss) income |  | (40,005 | ) |  | 32,293 |  |  | (1,593 | ) |  | 14 |  |  | (9,291 | )
Equity in net income of consolidated subsidiaries |  | (32,093 | ) |  | — |  |  | — |  |  | 32,093 |  |  | — |
Interest expense |  | 24,283 |  |  | 22 |  |  | — |  |  | — |  |  | 24,305 |
Other income, net |  | (2,486 | ) |  | (2 | ) |  | — |  |  | 14 |  |  | (2,474 | )
|  | (10,296 | ) |  | 20 |  |  | — |  |  | 32,107 |  |  | 21,831 |
(Loss) earnings before income taxes |  | (29,709 | ) |  | 32,273 |  |  | (1,593 | ) |  | (32,093 | ) |  | (31,122 | )
Income tax (benefit) expense |  | (7,911 | ) |  | (1,413 | ) |  | — |  |  | — |  |  | (9,324 | )
Net (loss) earnings |  | $ | (21,798 | ) |  | $ | 33,686 |  |  | $ | (1,593 | ) |  | $ | (32,093 | ) |  | $ | (21,798 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars)
|  | For the Nine Months Ended September 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor 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 (loss) 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 | )
(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 September 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) earnings |  | $ | (3,277 | ) |  | $ | 16,305 |  |  | $ | (1,455 | ) |  | $ | (14,850 | ) |  | $ | (3,277 | )
Unrealized gain on short-term investments |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Changes in pension plan asset and benefit obligation |  | (24 | ) |  | — |  |  | — |  |  | — |  |  | (24 | )
Tax effect of the above-listed adjustments |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | (8 | )
Total comprehensive (loss) income |  | $ | (3,268 | ) |  | $ | 16,305 |  |  | $ | (1,455 | ) |  | $ | (14,850 | ) |  | $ | (3,268 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars)
|  | 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 gain on short-term investments |  | (494 | ) |  | — |  |  | — |  |  | (494 | )
Changes in pension plan asset and benefit obligations |  | 1 |  |  | — |  |  | — |  |  | 1 |
Tax effect of the above-listed adjustments |  | 178 |  |  | — |  |  | — |  |  | 178 |
Total comprehensive (loss) income |  | $ | (5,282 | ) |  | $ | 8,372 |  |  | $ | (8,372 | ) |  | $ | (5,282 | )
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited)
|  | For the Nine Months Ended September 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) earnings |  | $ | (21,798 | ) |  | $ | 33,686 |  |  | $ | (1,593 | ) |  | $ | (32,093 | ) |  | $ | (21,798 | )
Unrealized gain on short-term investments |  | 370 |  |  | — |  |  | — |  |  | — |  |  | 370 |
Changes in pension plan asset and benefit obligation |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Tax effect of the above-listed adjustments |  | (134 | ) |  | — |  |  | — |  |  | — |  |  | (134 | )
Total comprehensive (loss) income |  | $ | (21,564 | ) |  | $ | 33,686 |  |  | $ | (1,593 | ) |  | $ | (32,093 | ) |  | $ | (21,564 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars)
|  | For the Quarter Ended September 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor 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 asset and benefit obligations |  | 3 |  |  | — |  |  | — |  |  | 3 |
Tax effect of the above-listed adjustments |  | (229 | ) |  | — |  |  | — |  |  | (229 | )
Total comprehensive (loss) income |  | $ | (9,325 | ) |  | $ | 20,462 |  |  | $ | (20,462 | ) |  | $ | (9,325 | )
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ 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, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities |  | $ | (43,328 | ) |  | $ | 33,670 |  |  | $ | 7,790 |  |  | $ | — |  |  | $ | (1,868 | )
Investing activities: |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  | (49,227 | ) |  | — |  |  | — |  |  | — |  |  | (49,227 | )
Proceeds from asset dispositions |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Purchase of short-term investments |  | (268,525 | ) |  | — |  |  | — |  |  | — |  |  | (268,525 | )
Proceeds from sale of short-term investments |  | 354,250 |  |  | — |  |  | — |  |  | — |  |  | 354,250 |
Net cash provided by (used in) investing activities |  | 36,519 |  |  | — |  |  | — |  |  | — |  |  | 36,519 |
Financing activities: |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  | 99,150 |  |  | — |  |  | — |  |  | — |  |  | 99,150 |
Payments on line of credit |  | (133,150 | ) |  | — |  |  | — |  |  | — |  |  | (133,150 | )
Repurchase of common stock |  | (256 | ) |  | — |  |  | — |  |  | — |  |  | (256 | )
Due to/from affiliate, net |  | 41,079 |  |  | (34,699 | ) |  | (6,380 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | 6,823 |  |  | (34,699 | ) |  | (6,380 | ) |  | — |  |  | (34,256 | )
Increase (decrease) in cash |  | 14 |  |  | (1,029 | ) |  | 1,410 |  |  | — |  |  | 395 |
Cash, beginning of period |  | 36 |  |  | 2,100 |  |  | 460 |  |  | — |  |  | 2,596 |
Cash, end of period |  | $ | 50 |  |  | $ | 1,071 |  |  | $ | 1,870 |  |  | $ | — |  |  | $ | 2,991 |
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars)
|  | 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 guarantors’ subsidiaries amounts.

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