Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 |
Text Block [Abstract] | ' | ' |
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements | ' | ' |
12 | Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements | | | | | | | | | | | | | | | | | | | | Note 18 — Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements |
Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions: | Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions: |
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| • | | in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; | | | | | | | | | | | | | | | | | | • | | in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; | | | | | | | | | | | | | | | | | | |
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| • | | in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; | | | | | | | | | | | | | | | | | | • | | in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; | | | | | | | | | | | | | | | | | | |
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| • | | if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; | | | | | | | | | | | | | | | | | | • | | if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; | | | | | | | | | | | | | | | | | | |
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| • | | if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or | | | | | | | | | | | | | | | | | | • | | if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or | | | | | | | | | | | | | | | | | | |
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| • | | upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). | | | | | | | | | | | | | | | | | | • | | upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). | | | | | | | | | | | | | | | | | | |
There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the Company complies with the exception to Rule 3-10(a)(1) of Regulation S-X, set forth in sub-paragraph (f) of such rule. All guarantor subsidiaries are owned 100 percent by the parent company. | There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the company complies with the exception to Rule 3-10(a)(1) of Regulation S-X, set forth in sub-paragraph (f) of such rule. All guarantor subsidiaries are owned 100 percent by the parent company. |
We are providing consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting. | We are providing consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of December 31, 2013 and December 31, 2012 and for the years ended December 31, 2013, 2012, and 2011. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting. |
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PARKER DRILLING COMPANY AND SUBSIDIARIES | PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED BALANCE SHEET | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
(Dollars in Thousands) | (Dollars in Thousands) |
(Unaudited) | (Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2014 | | | | Year ended December 31, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
ASSETS | | | | | | | | | | | | | | | | | | | | | Total revenues | | $ | — | | | $ | 468,073 | | | $ | 549,295 | | | $ | (143,196 | ) | | $ | 874,172 | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Operating expenses | | | — | | | | 252,211 | | | | 462,657 | | | | (143,196 | ) | | | 571,672 | |
Cash and cash equivalents | | $ | 30,649 | | | $ | 15,916 | | | $ | 46,496 | | | $ | — | | | $ | 93,061 | | Depreciation and amortization | | | — | | | | 77,416 | | | | 56,637 | | | | — | | | | 134,053 | |
Accounts and notes receivable, net | | | (12 | ) | | | 122,122 | | | | 142,327 | | | | — | | | | 264,437 | | | | | | | | | | | | | | | | | | | | | | |
Rig materials and supplies | | | — | | | | 2,578 | | | | 41,910 | | | | — | | | | 44,488 | | Total operating gross margin | | | — | | | | 138,446 | | | | 30,001 | | | | — | | | | 168,447 | |
Deferred costs | | | — | | | | — | | | | 10,698 | | | | — | | | | 10,698 | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | (2 | ) | | | 7,447 | | | | 1,528 | | | | — | | | | 8,973 | | General and administration expense(1) | | | (202 | ) | | | (67,083 | ) | | | (740 | ) | | | — | | | | (68,025 | ) |
Other tax assets | | | 50,772 | | | | (42,985 | ) | | | 15,526 | | | | — | | | | 23,313 | | Provision for reduction in carrying value of certain assets | | | — | | | | — | | | | (2,544 | ) | | | — | | | | (2,544 | ) |
Other current assets | | | — | | | | 6,122 | | | | 14,040 | | | | — | | | | 20,162 | | Gain on disposition of assets, net | | | — | | | | 1,759 | | | | 2,235 | | | | — | | | | 3,994 | |
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Total current assets | | | 81,407 | | | | 111,200 | | | | 272,525 | | | | — | | | | 465,132 | | Total operating income (loss) | | | (202 | ) | | | 73,122 | | | | 28,952 | | | | — | | | | 101,872 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | (19 | ) | | | 564,469 | | | | 309,850 | | | | — | | | | 874,300 | | Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
Investment in subsidiaries and intercompany advances | | | 2,043,180 | | | | (135,328 | ) | | | 1,892,995 | | | | (3,800,847 | ) | | | — | | Interest expense | | | (51,439 | ) | | | (335 | ) | | | (9,930 | ) | | | 13,884 | | | | (47,820 | ) |
Other noncurrent assets | | | (450,209 | ) | | | 475,387 | | | | 253,763 | | | | (118,005 | ) | | | 160,936 | | Changes in fair value of derivative positions | | | 53 | | | | — | | | | — | | | | — | | | | 53 | |
| | | | | | | | | | | | | | | | | | | | | Interest income | | | 3,824 | | | | 1,761 | | | | 10,749 | | | | (13,884 | ) | | | 2,450 | |
Total assets | | $ | 1,674,359 | | | $ | 1,015,728 | | | $ | 2,729,133 | | | $ | (3,918,852 | ) | | $ | 1,500,368 | | Loss on extinguishment of debt | | | (5,218 | ) | | | — | | | | — | | | | — | | | | (5,218 | ) |
| | | | | | | | | | | | | | | | | | | | | Other | | | (1 | ) | | | (143 | ) | | | 1,594 | | | | — | | | | 1,450 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | 55,430 | | | | — | | | | — | | | | (55,430 | ) | | | — | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 18,801 | | | $ | — | | | $ | — | | | $ | — | | | $ | 18,801 | | Total other income (expense) | | | 2,649 | | | | 1,283 | | | | 2,413 | | | | (55,430 | ) | | | (49,085 | ) |
Accounts payable and accrued liabilities | | | 67,464 | | | | 92,591 | | | | 262,044 | | | | (254,644 | ) | | | 167,455 | | | | | | | | | | | | | | | | | | | | | | |
Accrued income taxes | | | (4,420 | ) | | | 6,767 | | | | 14,848 | | | | — | | | | 17,195 | | Income (loss) before income taxes | | | 2,447 | | | | 74,405 | | | | 31,365 | | | | (55,430 | ) | | | 52,787 | |
| | | | | | | | | | | | | | | | | | | | | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 81,845 | | | | 99,358 | | | | 276,892 | | | | (254,644 | ) | | | 203,451 | | Current | | | (21,431 | ) | | | 18,737 | | | | 15,603 | | | | — | | | | 12,909 | |
| | | | | | | | | | | | | | | | | | | | | Deferred | | | (3,137 | ) | | | 19,454 | | | | (3,618 | ) | | | — | | | | 12,699 | |
Long-term debt | | | 612,574 | | | | — | | | | — | | | | — | | | | 612,574 | | | | | | | | | | | | | | | | | | | | | | |
Other long-term liabilities | | | 5,036 | | | | 6,664 | | | | 5,827 | | | | — | | | | 17,527 | | Income tax expense (benefit) | | | (24,568 | ) | | | 38,191 | | | | 11,985 | | | | — | | | | 25,608 | |
Long-term deferred tax liability | | | — | | | | 50,229 | | | | (9,203 | ) | | | — | | | | 41,026 | | | | | | | | | | | | | | | | | | | | | | |
Intercompany payables | | | 354,161 | | | | 514,644 | | | | 626,054 | | | | (1,494,859 | ) | | | — | | Net income (loss) | | | 27,015 | | | | 36,214 | | | | 19,380 | | | | (55,430 | ) | | | 27,179 | |
Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | Less: Net (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 164 | | | | — | | | | 164 | |
Common stock | | | 20,164 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 20,164 | | | | | | | | | | | | | | | | | | | | | | |
Capital in excess of par value | | | 660,742 | | | | 740,441 | | | | 1,572,919 | | | | (2,313,360 | ) | | | 660,742 | | Net income (loss) attributable to controlling interest | | $ | 27,015 | | | $ | 36,214 | | | $ | 19,216 | | | $ | (55,430 | ) | | $ | 27,015 | |
Retained earnings (accumulated deficit) | | | (60,163 | ) | | | (413,657 | ) | | | 208,594 | | | | 205,063 | | | | (60,163 | ) | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | — | | | | — | | | | 1,783 | | | | — | | | | 1,783 | | |
| | | | | | | | | | | | | | | | | | | | | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
Total controlling interest stockholders’ equity | | | 620,743 | | | | 344,833 | | | | 1,826,299 | | | | (2,169,349 | ) | | | 622,526 | | |
| | | | | | | | | | | | | | | | | | | | | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Noncontrolling interest | | | — | | | | — | | | | 3,264 | | | | — | | | | 3,264 | | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
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Total equity | | | 620,743 | | | | 344,833 | | | | 1,829,563 | | | | (2,169,349 | ) | | | 625,790 | | (Unaudited) |
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Total liabilities and stockholders’ equity | | $ | 1,674,359 | | | $ | 1,015,728 | | | $ | 2,729,133 | | | $ | (3,918,852 | ) | | $ | 1,500,368 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2012 | |
| | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | Total revenues | | $ | — | | | $ | 393,738 | | | $ | 385,279 | | | $ | (101,256 | ) | | $ | 677,761 | |
CONSOLIDATING CONDENSED BALANCE SHEET | Operating expenses | | | — | | | | 184,946 | | | | 329,498 | | | | (101,256 | ) | | | 413,188 | |
(Dollars in Thousands) | Depreciation and amortization | | | — | | | | 65,354 | | | | 47,663 | | | | — | | | | 113,017 | |
(Unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Total operating gross margin | | | — | | | | 143,438 | | | | 8,118 | | | | — | | | | 151,556 | |
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| | December 31, 2013 | | General and administration expense(1) | | | (182 | ) | | | (45,758 | ) | | | (317 | ) | | | — | | | | (46,257 | ) |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Gain on disposition of assets, net | | | — | | | | 775 | | | | 1,199 | | | | — | | | | 1,974 | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Total operating income (loss) | | | (182 | ) | | | 98,455 | | | | 9,000 | | | | — | | | | 107,273 | |
Cash and cash equivalents | | $ | 88,697 | | | $ | 8,310 | | | $ | 51,682 | | | $ | — | | | $ | 148,689 | | | | | | | | | | | | | | | | | | | | | | |
Accounts and notes receivable, net | | | — | | | | 101,299 | | | | 156,590 | | | | — | | | | 257,889 | | Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
Rig materials and supplies | | | — | | | | 3,002 | | | | 38,779 | | | | — | | | | 41,781 | | Interest expense | | | (37,326 | ) | | | (151 | ) | | | (8,739 | ) | | | 12,674 | | | | (33,542 | ) |
Deferred costs | | | — | | | | — | | | | 13,682 | | | | — | | | | 13,682 | | Interest income | | | 9,863 | | | | 5,073 | | | | 41,999 | | | | (56,782 | ) | | | 153 | |
Deferred income taxes | | | (57 | ) | | | 8,435 | | | | 1,562 | | | | — | | | | 9,940 | | Loss on extinguishment of debt | | | (2,130 | ) | | | — | | | | — | | | | — | | | | (2,130 | ) |
Other tax assets | | | 54,524 | | | | (46,770 | ) | | | 16,325 | | | | — | | | | 24,079 | | Changes in fair value of derivative positions | | | 55 | | | | — | | | | — | | | | — | | | | 55 | |
Other current assets | | | — | | | | 9,089 | | | | 14,134 | | | | — | | | | 23,223 | | Other | | | — | | | | (206 | ) | | | (626 | ) | | | — | | | | (832 | ) |
| | | | | | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | 43,884 | | | | — | | | | — | | | | (43,884 | ) | | | — | |
Total current assets | | | 143,164 | | | | 83,365 | | | | 292,754 | | | | — | | | | 519,283 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total other income (expense) | | | 14,346 | | | | 4,716 | | | | 32,634 | | | | (87,992 | ) | | | (36,296 | ) |
Property, plant and equipment, net | | | 60 | | | | 562,148 | | | | 309,148 | | | | — | | | | 871,356 | | | | | | | | | | | | | | | | | | | | | | |
Investment in subsidiaries and intercompany advances | | | 1,906,128 | | | | (336,570 | ) | | | 1,667,937 | | | | (3,237,495 | ) | | | — | | Income (loss) before income taxes | | | 14,164 | | | | 103,171 | | | | 41,634 | | | | (87,992 | ) | | | 70,977 | |
Other noncurrent assets | | | (457,954 | ) | | | 468,864 | | | | 250,983 | | | | (117,776 | ) | | | 144,117 | | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Current | | | (25,406 | ) | | | 32,781 | | | | 10,667 | | | | — | | | | 18,042 | |
Total assets | | $ | 1,591,398 | | | $ | 777,807 | | | $ | 2,520,822 | | | $ | (3,355,271 | ) | | $ | 1,534,756 | | Deferred | | | 2,257 | | | | 15,429 | | | | (1,849 | ) | | | — | | | | 15,837 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | Income tax expense (benefit) | | | (23,149 | ) | | | 48,210 | | | | 8,818 | | | | — | | | | 33,879 | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 25,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 25,000 | | Net income (loss) | | | 37,313 | | | | 54,961 | | | | 32,816 | | | | (87,992 | ) | | | 37,098 | |
Accounts payable and accrued liabilities | | | 75,268 | | | | 92,546 | | | | 261,436 | | | | (254,364 | ) | | | 174,886 | | | | | | | | | | | | | | | | | | | | | | |
Accrued income taxes | | | — | | | | 725 | | | | 6,541 | | | | — | | | | 7,266 | | Less: Net (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (215 | ) | | | — | | | | (215 | ) |
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Total current liabilities | | | 100,268 | | | | 93,271 | | | | 267,977 | | | | (254,364 | ) | | | 207,152 | | Net income (loss) attributable to controlling interest | | | 37,313 | | | | 54,961 | | | | 33,031 | | | | (87,992 | ) | | | 37,313 | |
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Long-term debt | | | 628,781 | | | | — | | | | — | | | | — | | | | 628,781 | | |
Other long-term liabilities | | | 5,037 | | | | 6,743 | | | | 15,134 | | | | — | | | | 26,914 | | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
Long-term deferred tax liability | | | — | | | | 51,747 | | | | (12,980 | ) | | | — | | | | 38,767 | | |
Intercompany payables | | | 227,504 | | | | 291,783 | | | | 422,645 | | | | (941,932 | ) | | | — | | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | (Dollars in Thousands) |
Common stock | | | 20,075 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 20,075 | | (Unaudited) |
Capital in excess of par value | | | 657,349 | | | | 740,438 | | | | 1,572,919 | | | | (2,313,357 | ) | | | 657,349 | | |
Retained earnings (accumulated deficit) | | | (47,616 | ) | | | (424,224 | ) | | | 208,790 | | | | 215,434 | | | | (47,616 | ) | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | — | | | | — | | | | 1,888 | | | | — | | | | 1,888 | | | | Year ended December 31, 2011 | |
| | | | | | | | | | | | | | | | | | | | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Total controlling interest stockholders’ equity | | | 629,808 | | | | 334,263 | | | | 1,826,600 | | | | (2,158,975 | ) | | | 631,696 | | Total revenues | | $ | — | | | $ | 375,798 | | | $ | 426,491 | | | $ | (116,055 | ) | | $ | 686,234 | |
| | | | | | | | | | | | | | | | | | | | | Operating expenses | | | — | | | | 174,955 | | | | 357,777 | | | | (116,055 | ) | | | 416,677 | |
Noncontrolling interest | | | — | | | | — | | | | 1,446 | | | | — | | | | 1,446 | | Depreciation and amortization | | | — | | | | 62,744 | | | | 49,392 | | | | — | | | | 112,136 | |
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Total Equity | | | 629,808 | | | | 334,263 | | | | 1,828,046 | | | | (2,158,975 | ) | | | 633,142 | | Total operating gross margin | | | — | | | | 138,099 | | | | 19,322 | | | | — | | | | 157,421 | |
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Total liabilities and stockholders’ equity | | $ | 1,591,398 | | | $ | 777,807 | | | $ | 2,520,822 | | | $ | (3,355,271 | ) | | $ | 1,534,756 | | General and administration expense(1) | | | (218 | ) | | | (30,968 | ) | | | (381 | ) | | | — | | | | (31,567 | ) |
| | | | | | | | | | | | | | | | | | | | | Impairment and other charges | | | — | | | | (170,000 | ) | | | — | | | | — | | | | (170,000 | ) |
| Provision for reduction in carrying value of certain assets | | | — | | | | (1,350 | ) | | | — | | | | — | | | | (1,350 | ) |
PARKER DRILLING COMPANY AND SUBSIDIARIES | Gain on disposition of assets, net | | | — | | | | 2,706 | | | | 953 | | | | — | | | | 3,659 | |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | |
(Dollars in Thousands) | Total operating income (loss) | | | (218 | ) | | | (61,513 | ) | | | 19,894 | | | | — | | | | (41,837 | ) |
(Unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Other income and (expense): | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Interest expense | | | (26,654 | ) | | | (17,889 | ) | | | (8,865 | ) | | | 30,814 | | | | (22,594 | ) |
| | Three months ended March 31, 2014 | | Interest income | | | 18,131 | | | | 750 | | | | 12,189 | | | | (30,814 | ) | | | 256 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Loss on extinguishment of debt | | | — | | | | — | | | | — | | | | — | | | | — | |
Total revenues | | $ | — | | | $ | 123,431 | | | $ | 149,132 | | | $ | (43,338 | ) | | $ | 229,225 | | Changes in fair value of derivative positions | | | (110 | ) | | | — | | | | — | | | | — | | | | (110 | ) |
Operating expenses | | | — | | | | 76,548 | | | | 132,815 | | | | (43,338 | ) | | | 166,025 | | Other | | | — | | | | (315 | ) | | | (812 | ) | | | — | | | | (1,127 | ) |
Depreciation and amortization | | | — | | | | 20,168 | | | | 14,169 | | | | — | | | | 34,337 | | Equity in net earnings of subsidiaries | | | (23,484 | ) | | | — | | | | — | | | | 23,484 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating gross margin | | | — | | | | 26,715 | | | | 2,148 | | | | — | | | | 28,863 | | Total other income and (expense) | | | (32,117 | ) | | | (17,454 | ) | | | 2,512 | | | | 23,484 | | | | (23,575 | ) |
| | | | | | | | | | | | | | | | | | | | | Income (loss) before income taxes | | | (32,335 | ) | | | (78,967 | ) | | | 22,406 | | | | 23,484 | | | | (65,412 | ) |
General and administration expense(1) | | | (70 | ) | | | (8,464 | ) | | | (430 | ) | | | — | | | | (8,964 | ) | Income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | |
Gain on disposition of assets, net | | | (79 | ) | | | (81 | ) | | | 31 | | | | — | | | | (129 | ) | Current | | | (13,402 | ) | | | 27,169 | | | | 19,841 | | | | — | | | | 33,608 | |
| | | | | | | | | | | | | | | | | | | | | Deferred | | | 31,518 | | | | (57,030 | ) | | | (22,863 | ) | | | — | | | | (48,375 | ) |
Total operating income (loss) | | | (149 | ) | | | 18,170 | | | | 1,749 | | | | — | | | | 19,770 | | | | | | | | | | | | | | | | | | | | | | |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | Total income tax expense (benefit) | | | 18,116 | | | | (29,861 | ) | | | (3,022 | ) | | | — | | | | (14,767 | ) |
Interest expense | | | (12,715 | ) | | | (50 | ) | | | (2,499 | ) | | | 3,225 | | | | (12,039 | ) | Net income (loss) | | | (50,451 | ) | | | (49,106 | ) | | | 25,428 | | | | 23,484 | | | | (50,645 | ) |
Interest income | | | 439 | | | | 176 | | | | 2,642 | | | | (3,225 | ) | | | 32 | | Less: Net (loss) attributable to noncontrolling interest | | $ | — | | | $ | — | | | $ | (194 | ) | | $ | — | | | $ | (194 | ) |
Extinguishment of debt | | | (29,673 | ) | | | — | | | | — | | | | — | | | | (29,673 | ) | | | | | | | | | | | | | | | | | | | | | |
Other | | | — | | | | 128 | | | | 767 | | | | — | | | | 895 | | Net income (loss) attributable to controlling interest | | | (50,451 | ) | | | (49,106 | ) | | | 25,622 | | | | 23,484 | | | | (50,451 | ) |
Equity in net earnings of subsidiaries | | | 10,489 | | | | — | | | | — | | | | (10,489 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total other income (expense) | | | (31,460 | ) | | | 254 | | | | 910 | | | | (10,489 | ) | | | (40,785 | ) | -1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Income (benefit) before income taxes | | | (31,609 | ) | | | 18,424 | | | | 2,659 | | | | (10,489 | ) | | | (21,015 | ) | PARKER DRILLING COMPANY AND SUBSIDIARIES |
| | | | | | | | | | | | | | | | | | | | | CONSOLIDATING CONDENSED BALANCE SHEET |
Total income tax expense (benefit) | | | (19,060 | ) | | | 6,384 | | | | 4,053 | | | | — | | | | (8,623 | ) | (Dollars in Thousands) |
| | | | | | | | | | | | | | | | | | | | | (Unaudited) |
Net income (loss) | | | (12,549 | ) | | | 12,040 | | | | (1,394 | ) | | | (10,489 | ) | | | (12,392 | ) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 157 | | | | — | | | | 157 | | | | December 31, 2013 | |
| | | | | | | | | | | | | | | | | | | | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Net income (loss) attributable to controlling interest | | $ | (12,549 | ) | | $ | 12,040 | | | $ | (1,551 | ) | | $ | (10,489 | ) | | $ | (12,549 | ) | ASSETS | |
| | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 88,697 | | | $ | 8,310 | | | $ | 51,682 | | | $ | — | | | $ | 148,689 | |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | Accounts and notes receivable, net | | | — | | | | 101,299 | | | | 156,590 | | | | — | | | | 257,889 | |
| Rig materials and supplies | | | — | | | | 3,002 | | | | 38,779 | | | | — | | | | 41,781 | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | Deferred costs | | | — | | | | — | | | | 13,682 | | | | — | | | | 13,682 | |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | Deferred income taxes | | | (57 | ) | | | 8,435 | | | | 1,562 | | | | — | | | | 9,940 | |
(Dollars in Thousands) | Other tax assets | | | 54,524 | | | | (46,770 | ) | | | 16,325 | | | | — | | | | 24,079 | |
(Unaudited) | Other current assets | | | — | | | | 9,089 | | | | 14,134 | | | | — | | | | 23,223 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total current assets | | | 143,164 | | | | 83,365 | | | | 292,754 | | | | — | | | | 519,283 | |
| | Three Months Ended March 31, 2013 | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Property, plant and equipment, net | | | 60 | | | | 562,148 | | | | 309,148 | | | | — | | | | 871,356 | |
Total revenues | | $ | — | | | $ | 104,342 | | | $ | 86,300 | | | $ | (23,507 | ) | | $ | 167,135 | | Investment in subsidiaries and intercompany advances | | | 1,906,128 | | | | (336,570 | ) | | | 1,667,937 | | | | (3,237,495 | ) | | | — | |
Operating expenses | | | — | | | | 58,578 | | | | 81,675 | | | | (23,507 | ) | | | 116,746 | | Other noncurrent assets | | | (457,954 | ) | | | 468,864 | | | | 250,983 | | | | (117,776 | ) | | | 144,117 | |
Depreciation and amortization | | | — | | | | 18,659 | | | | 10,853 | | | | — | | | | 29,512 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 1,591,398 | | | $ | 777,807 | | | $ | 2,520,822 | | | $ | (3,355,271 | ) | | $ | 1,534,756 | |
Total operating gross margin | | | — | | | | 27,105 | | | | (6,228 | ) | | | — | | | | 20,877 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | |
General and administration expense(1) | | | (45 | ) | | | (12,732 | ) | | | (68 | ) | | | — | | | | (12,845 | ) | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Gain on disposition of assets, net | | | — | | | | 1,108 | | | | 40 | | | | — | | | | 1,148 | | Current portion of long-term debt | | $ | 25,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 25,000 | |
| | | | | | | | | | | | | | | | | | | | | Accounts payable and accrued liabilities | | | 75,268 | | | | 92,546 | | | | 261,436 | | | | (254,364 | ) | | | 174,886 | |
Total operating income (loss) | | | (45 | ) | | | 15,481 | | | | (6,256 | ) | | | — | | | | 9,180 | | Accrued income taxes | | | — | | | | 725 | | | | 6,541 | | | | — | | | | 7,266 | |
Other income and (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (10,980 | ) | | | (24 | ) | | | (3,417 | ) | | | 4,415 | | | | (10,006 | ) | Total current liabilities | | | 100,268 | | | | 93,271 | | | | 267,977 | | | | (254,364 | ) | | | 207,152 | |
Interest income | | | 1,569 | | | | 190 | | | | 2,715 | | | | (4,415 | ) | | | 59 | | | | | | | | | | | | | | | | | | | | | | |
Loss on extinguishment of debt | | | — | | | | — | | | | — | | | | — | | | | — | | Long-term debt | | | 628,781 | | | | — | | | | — | | | | — | | | | 628,781 | |
Other | | | 37 | | | | 101 | | | | (303 | ) | | | — | | | | (165 | ) | Other long-term liabilities | | | 5,037 | | | | 6,743 | | | | 15,134 | | | | — | | | | 26,914 | |
Equity in net earnings of subsidiaries | | | 179 | | | | — | | | | — | | | | (179 | ) | | | — | | Long-term deferred tax liability | | | — | | | | 51,747 | | | | (12,980 | ) | | | — | | | | 38,767 | |
| | | | | | | | | | | | | | | | | | | | | Intercompany payables | | | 227,504 | | | | 291,783 | | | | 422,645 | | | | (941,932 | ) | | | — | |
Total other income (expense) | | | (9,195 | ) | | | 267 | | | | (1,005 | ) | | | (179 | ) | | | (10,112 | ) | Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (9,240 | ) | | | 15,748 | | | | (7,261 | ) | | | (179 | ) | | | (932 | ) | Common stock | | | 20,075 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 20,075 | |
| | | | | | | | | | | | | | | | | | | | | Capital in excess of par value | | | 657,349 | | | | 740,438 | | | | 1,572,919 | | | | (2,313,357 | ) | | | 657,349 | |
Income tax expense (benefit) | | | (9,832 | ) | | | 5,589 | | | | 2,739 | | | | — | | | | (1,504 | ) | Accumulated other comprehensive income | | | — | | | | — | | | | 1,888 | | | | — | | | | 1,888 | |
| | | | | | | | | | | | | | | | | | | | | Retained earnings (accumulated deficit) | | | (47,616 | ) | | | (424,224 | ) | | | 208,790 | | | | 215,434 | | | | (47,616 | ) |
Net income (loss) | | | 592 | | | | 10,159 | | | | (10,000 | ) | | | (179 | ) | | | 572 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total controlling interest stockholders’ equity | | | 629,808 | | | | 334,263 | | | | 1,826,600 | | | | (2,158,975 | ) | | | 631,696 | |
Less: Net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | (20 | ) | | | — | | | | (20 | ) | Noncontrolling interest | | | — | | | | — | | | | 1,446 | | | | — | | | | 1,446 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to controlling interest | | $ | 592 | | | $ | 10,159 | | | $ | (9,980 | ) | | $ | (179 | ) | | $ | 592 | | Total Equity | | | 629,808 | | | | 334,263 | | | | 1,828,046 | | | | (2,158,975 | ) | | | 633,142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total liabilities and stockholders’ equity | | $ | 1,591,398 | | | $ | 777,807 | | | $ | 2,520,822 | | | $ | (3,355,271 | ) | | $ | 1,534,756 | |
-1 | General and administration expenses for field operations are included in operating expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
PARKER DRILLING COMPANY AND SUBSIDIARIES | PARKER DRILLING COMPANY AND SUBSIDIARIES |
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | CONSOLIDATING CONDENSED BALANCE SHEET |
(Dollars in Thousands) | (Dollars in Thousands) |
(Unaudited) | (Unaudited) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2014 | | | | December 31, 2012 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | | ASSETS | |
Net income (loss) | | $ | (12,549 | ) | | $ | 12,040 | | | $ | (1,394 | ) | | $ | (10,489 | ) | | $ | (12,392 | ) | Current assets: | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 42,251 | | | $ | 11,023 | | | $ | 34,612 | | | $ | — | | | $ | 87,886 | |
Currency translation difference on related borrowings | | | — | | | | — | | | | (804 | ) | | | — | | | | (804 | ) | Accounts and notes receivable, net | | | (7 | ) | | | 77,927 | | | | 90,695 | | | | — | | | | 168,615 | |
Currency translation difference on foreign currency net investments | | | | | | | | | | | 699 | | | | | | | | 699 | | Rig materials and supplies | | | — | | | | 2,835 | | | | 26,587 | | | | — | | | | 29,422 | |
| | | | | | | | | | | | | | | | | | | | | Deferred costs | | | — | | | | — | | | | 1,089 | | | | — | | | | 1,089 | |
Total other comprehensive loss, net of tax: | | | — | | | | — | | | | (105 | ) | | | — | | | | (105 | ) | Deferred income taxes | | | — | | | | 7,615 | | | | 1,127 | | | | — | | | | 8,742 | |
| | | | | | | | | | | | | | | | | | | | | Other tax assets | | | 46,249 | | | | (31,136 | ) | | | 18,411 | | | | — | | | | 33,524 | |
Comprehensive income (loss) | | | (12,549 | ) | | | 12,040 | | | | (1,499 | ) | | | (10,489 | ) | | | (12,497 | ) | Other current assets | | | — | | | | 8,708 | | | | 4,145 | | | | — | | | | 12,853 | |
Comprehensive (income) loss attributable to noncontrolling interest | | | — | | | | — | | | | (154 | ) | | | — | | | | (154 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total current assets | | | 88,493 | | | | 76,972 | | | | 176,666 | | | | — | | | | 342,131 | |
Comprehensive income (loss) attributable to controlling interest | | $ | (12,549 | ) | | $ | 12,040 | | | $ | (1,653 | ) | | $ | (10,489 | ) | | $ | (12,651 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Property, plant and equipment, net | | | 60 | | | | 548,794 | | | | 244,343 | | | | — | | | | 793,197 | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | Investment in subsidiaries and intercompany advances | | | 1,492,708 | | | | (523,143 | ) | | | 1,467,617 | | | | (2,437,182 | ) | | | — | |
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) | Other noncurrent assets | | | (378,297 | ) | | | 370,877 | | | | 219,196 | | | | (91,371 | ) | | | 120,405 | |
(Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | | |
(Unaudited) | Total assets | | $ | 1,202,964 | | | $ | 473,500 | | | $ | 2,107,822 | | | $ | (2,528,553 | ) | | $ | 1,255,733 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | Three Months Ended March 31, 2013 | | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Current portion of long-term debt | | $ | 10,000 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10,000 | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | | Accounts payable and accrued liabilities | | | 65,839 | | | | 94,037 | | | | 205,864 | | | | (227,994 | ) | | | 137,746 | |
Net income (loss) | | $ | 592 | | | $ | 10,159 | | | $ | (10,000 | ) | | $ | (179 | ) | | $ | 572 | | Accrued income taxes | | | — | | | | 612 | | | | 3,508 | | | | — | | | | 4,120 | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Currency translation difference on related borrowings | | | — | | | | — | | | | — | | | | — | | | | — | | Total current liabilities | | | 75,839 | | | | 94,649 | | | | 209,372 | | | | (227,994 | ) | | | 151,866 | |
Currency translation difference on foreign currency net investments | | | | | | | | | | | — | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Long-term debt | | | 469,205 | | | | — | | | | — | | | | — | | | | 469,205 | |
Total other comprehensive loss, net of tax: | | | — | | | | — | | | | — | | | | — | | | | — | | Other long-term liabilities | | | 3,933 | | | | 6,129 | | | | 13,120 | | | | — | | | | 23,182 | |
| | | | | | | | | | | | | | | | | | | | | Long-term deferred tax liability | | | — | | | | 36,894 | | | | (16,047 | ) | | | — | | | | 20,847 | |
Comprehensive income (loss) | | | 592 | | | | 10,159 | | | | (10,000 | ) | | | (179 | ) | | | 572 | | Intercompany payables | | | 62,583 | | | | 43,657 | | | | 216,369 | | | | (322,609 | ) | | | — | |
Comprehensive (income) loss attributable to noncontrolling interest | | | — | | | | — | | | | 20 | | | | — | | | | 20 | | Contingencies | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to controlling interest | | $ | 592 | | | $ | 10,159 | | | $ | (9,980 | ) | | $ | (179 | ) | | $ | 592 | | Common stock | | | 19,818 | | | | 18,049 | | | | 43,003 | | | | (61,052 | ) | | | 19,818 | |
| | | | | | | | | | | | | | | | | | | | | Capital in excess of par value | | | 646,217 | | | | 733,112 | | | | 1,455,246 | | | | (2,188,358 | ) | | | 646,217 | |
| Retained earnings (accumulated deficit) | | | (74,631 | ) | | | (458,990 | ) | | | 187,530 | | | | 271,460 | | | | (74,631 | ) |
PARKER DRILLING COMPANY AND SUBSIDIARIES | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | Total controlling interest stockholders’ equity | | | 591,404 | | | | 292,171 | | | | 1,685,779 | | | | (1,977,950 | ) | | | 591,404 | |
(Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | | |
(Unaudited) | Noncontrolling interest | | | — | | | | — | | | | (771 | ) | | | — | | | | (771 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total Equity | | | 591,404 | | | | 292,171 | | | | 1,685,008 | | | | (1,977,950 | ) | | | 590,633 | |
| | Three Months Ended March 31, 2014 | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | Total liabilities and stockholders’ equity | | $ | 1,202,964 | | | $ | 473,500 | | | $ | 2,107,822 | | | $ | (2,528,553 | ) | | $ | 1,255,733 | |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (12,549 | ) | | $ | 12,040 | | | $ | (1,394 | ) | | $ | (10,489 | ) | | $ | (12,392 | ) | |
Adjustments to reconcile net income (loss): | | | | | | | | | | | | | | | | | | | | | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Depreciation and amortization | | | — | | | | 20,168 | | | | 14,169 | | | | — | | | | 34,337 | | CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
Loss on extinguishment of debt | | | 29,673 | | | | — | | | | — | | | | — | | | | 29,673 | | (Dollars in Thousands) |
Gain on disposition of assets | | | 79 | | | | 81 | | | | (31 | ) | | | — | | | | 129 | | (Unaudited) |
Deferred income tax expense | | | (17,472 | ) | | | 3,891 | | | | 1,289 | | | | — | | | | (12,292 | ) | |
Expenses not requiring cash | | | 4,180 | | | | 129 | | | | 2,535 | | | | — | | | | 6,844 | | | | | | | | | | | | | | | | | | | | | | |
Equity in net earnings of subsidiaries | | | (10,489 | ) | | | — | | | | — | | | | 10,489 | | | | — | | | | Year Ended December 31, 2013 | |
Change in accounts receivable | | | 11 | | | | (18,803 | ) | | | 12,566 | | | | — | | | | (6,226 | ) | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Change in accrued income taxes | | | (4,420 | ) | | | 7,206 | | | | (2,636 | ) | | | — | | | | 150 | | Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Change in other assets | | | 12,746 | | | | (14,180 | ) | | | 1,040 | | | | — | | | | (394 | ) | Net income | | $ | 27,015 | | | $ | 36,214 | | | $ | 19,380 | | | $ | (55,430 | ) | | $ | 27,179 | |
Change in liabilities | | | (8,476 | ) | | | (34 | ) | | | 305 | | | | — | | | | (8,205 | ) | Other comprehensive gain, net of tax: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Currency translation difference on related borrowings | | | — | | | | — | | | | (1,525 | ) | | | — | | | | (1,525 | ) |
Net cash provided by (used in) operating activities | | | (6,717 | ) | | | 10,498 | | | | 27,843 | | | | — | | | | 31,624 | | Currency translation difference on foreign currency net investments | | | — | | | | — | | | | 3,051 | | | | — | | | | 3,051 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | Total other comprehensive gain, net of tax: | | | — | | | | — | | | | 1,526 | | | | — | | | | 1,526 | |
Capital expenditures | | | — | | | | (25,523 | ) | | | (11,922 | ) | | | — | | | | (37,445 | ) | | | | | | | | | | | | | | | | | | | | | |
Proceeds from the sale of assets | | | — | | | | 472 | | | | 1,154 | | | | — | | | | 1,626 | | Comprehensive income | | | 27,015 | | | | 36,214 | | | | 20,906 | | | | (55,430 | ) | | | 28,705 | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive (income) loss attributable to noncontrolling interest | | | — | | | | — | | | | 198 | | | | — | | | | 198 | |
Net cash (used in) investing activities | | | — | | | | (25,051 | ) | | | (10,768 | ) | | | — | | | | (35,819 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income (loss) attributable to controlling interest | | $ | 27,015 | | | $ | 36,214 | | | $ | 21,104 | | | $ | (55,430 | ) | | $ | 28,903 | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from debt issuance | | | 400,000 | | | | — | | | | — | | | | — | | | | 400,000 | | |
Repayments of long term debt | | | (416,199 | ) | | | — | | | | — | | | | — | | | | (416,199 | ) | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Paydown on term note | | | (2,500 | ) | | | — | | | | — | | | | — | | | | (2,500 | ) | CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
Payment of debt issuance costs | | | (7,273 | ) | | | — | | | | — | | | | — | | | | (7,273 | ) | (Dollars in Thousands) |
Payment of debt extinguishment costs | | | (25,796 | ) | | | — | | | | — | | | | — | | | | (25,796 | ) | (Unaudited) |
Excess tax benefit from stock-based compensation | | | 335 | | | | — | | | | — | | | | — | | | | 335 | | |
Intercompany advances, net | | | 102 | | | | 22,159 | | | | (22,261 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | |
Net cash provided by (used in) financing activities | | | (51,331 | ) | | | 22,159 | | | | (22,261 | ) | | | — | | | | (51,433 | ) | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | (58,048 | ) | | | 7,606 | | | | (5,186 | ) | | | — | | | | (55,628 | ) | Net income | | $ | 37,313 | | | $ | 54,961 | | | $ | 32,816 | | | $ | (87,992 | ) | | $ | 37,098 | |
Cash and cash equivalents at beginning of year | | | 88,697 | | | | 8,310 | | | | 51,682 | | | | — | | | | 148,689 | | Other comprehensive gain, net of tax: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Currency translation difference on related borrowings | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash and cash equivalents at end of year | | $ | 30,649 | | | $ | 15,916 | | | $ | 46,496 | | | $ | — | | | $ | 93,061 | | Currency translation difference on foreign currency net investments | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total other comprehensive gain, net of tax: | | | — | | | | — | | | | — | | | | — | | | | — | |
PARKER DRILLING COMPANY AND SUBSIDIARIES | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | Comprehensive income | | | 37,313 | | | | 54,961 | | | | 32,816 | | | | (87,992 | ) | | | 37,098 | |
(Dollars in Thousands) | Comprehensive (income) loss attributable to noncontrolling interest | | | — | | | | — | | | | 215 | | | | — | | | | 215 | |
(Unaudited) | | | | | | | | | | | | | | | | | | | | | |
| Comprehensive income (loss) attributable to controlling interest | | $ | 37,313 | | | $ | 54,961 | | | $ | 33,031 | | | $ | (87,992 | ) | | $ | 37,313 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2013 | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
Net income (loss) | | $ | 592 | | | $ | 10,159 | | | $ | (10,000 | ) | | $ | (179 | ) | | $ | 572 | | (Dollars in Thousands) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | (Unaudited) |
Depreciation and amortization | | | — | | | | 18,659 | | | | 10,853 | | | | — | | | | 29,512 | | |
Gain on disposition of assets | | | — | | | | (1,108 | ) | | | (40 | ) | | | — | | | | (1,148 | ) | | | | | | | | | | | | | | | | | | | | | |
Deferred income tax expense | | | (8,310 | ) | | | 2,936 | | | | 3,767 | | | | — | | | | (1,607 | ) | | | Year ended December 31, 2011 | |
Expenses not requiring cash | | | 2,951 | | | | 5,875 | | | | (1,647 | ) | | | — | | | | 7,179 | | | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Equity in net earnings of subsidiaries | | | (179 | ) | | | — | | | | — | | | | 179 | | | | — | | Guarantor |
Change in accounts receivable | | | (25 | ) | | | (14,540 | ) | | | (3,992 | ) | | | — | | | | (18,557 | ) | Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Change in other assets | | | (3,051 | ) | | | (3,030 | ) | | | (1,937 | ) | | | — | | | | (8,018 | ) | Net income | | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,428 | | | $ | 23,484 | | | $ | (50,645 | ) |
Change in accrued income taxes | | | (630 | ) | | | 1,141 | | | | 1,049 | | | | — | | | | 1,560 | | Other comprehensive gain, net of tax: | | | | | | | | | | | | | | | | | | | | |
Change in liabilities | | | 10,412 | | | | 3,784 | | | | 3,551 | | | | — | | | | 17,747 | | Currency translation difference on related borrowings | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Currency translation difference on foreign currency net investments | | | — | | | | — | | | | — | | | | — | | | | — | |
Net cash provided by operating activities | | | 1,760 | | | | 23,876 | | | | 1,604 | | | | — | | | | 27,240 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total other comprehensive gain, net of tax: | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (21,998 | ) | | | (8,025 | ) | | | — | | | | (30,023 | ) | Comprehensive income | | | (50,451 | ) | | | (49,106 | ) | | | 25,428 | | | | 23,484 | | | | (50,645 | ) |
Proceeds from the sale of assets | | | — | | | | 1,504 | | | | 46 | | | | — | | | | 1,550 | | Comprehensive (income) loss attributable to noncontrolling interest | | | — | | | | — | | | | 194 | | | | — | | | | 194 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) investing activities | | | — | | | | (20,494 | ) | | | (7,979 | ) | | | — | | | | (28,473 | ) | Comprehensive income (loss) attributable to controlling interest | | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,622 | | | $ | 23,484 | | | $ | (50,451 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | |
Paydown on term note | | | (2,500 | ) | | | — | | | | — | | | | — | | | | (2,500 | ) | PARKER DRILLING COMPANY AND SUBSIDIARIES |
Payment of debt issuance costs | | | (307 | ) | | | — | | | | — | | | | — | | | | (307 | ) | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
Excess tax benefit from stock-based compensation | | | (159 | ) | | | — | | | | — | | | | — | | | | (159 | ) | (Dollars in Thousands) |
Intercompany advances, net | | | 2,447 | | | | (8,484 | ) | | | 6,037 | | | | — | | | | — | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (519 | ) | | | (8,484 | ) | | | 6,037 | | | | — | | | | (2,966 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Year Ended December 31, 2013 | |
Net change in cash and cash equivalents | | | 1,241 | | | | (5,102 | ) | | | (338 | ) | | | — | | | | (4,199 | ) | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Cash and cash equivalents at beginning of year | | | 42,251 | | | | 11,023 | | | | 34,612 | | | | — | | | | 87,886 | | Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) | | $ | 27,015 | | | $ | 36,214 | | | $ | 19,380 | | | $ | (55,430 | ) | | $ | 27,179 | |
Cash and cash equivalents at end of year | | $ | 43,492 | | | $ | 5,921 | | | $ | 34,274 | | | $ | — | | | $ | 83,687 | | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | — | | | | 77,416 | | | | 56,637 | | | | — | | | | 134,053 | |
| Loss on extinguishment of debt | | | 5,218 | | | | — | | | | — | | | | — | | | | 5,218 | |
| Gain on disposition of assets | | | — | | | | (1,759 | ) | | | (2,235 | ) | | | — | | | | (3,994 | ) |
| Deferred income tax expense | | | (3,137 | ) | | | 19,454 | | | | (3,618 | ) | | | — | | | | 12,699 | |
| Provision for reduction in carrying value of certain assets | | | — | | | | — | | | | 2,544 | | | | — | | | | 2,544 | |
| Expenses not requiring cash | | | 13,173 | | | | 12 | | | | 4,579 | | | | — | | | | 17,764 | |
| Equity in net earnings of subsidiaries | | | (55,430 | ) | | | — | | | | — | | | | 55,430 | | | | — | |
| Change in accounts receivable | | | (7 | ) | | | (12,888 | ) | | | (20,617 | ) | | | — | | | | (33,512 | ) |
| Change in other assets | | | 74,411 | | | | (85,520 | ) | | | 487 | | | | — | | | | (10,622 | ) |
| Change in accrued income taxes | | | 6,617 | | | | (1,052 | ) | | | 4,889 | | | | — | | | | 10,454 | |
| Change in liabilities | | | 6,934 | | | | (877 | ) | | | (6,343 | ) | | | — | | | | (286 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | | 74,794 | | | | 31,000 | | | | 55,703 | | | | — | | | | 161,497 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
| Capital expenditures | | | — | | | | (94,269 | ) | | | (61,376 | ) | | | — | | | | (155,645 | ) |
| Proceeds from the sale of assets | | | — | | | | 3,725 | | | | 4,493 | | | | — | | | | 8,218 | |
| Acquisition of ITS, net of cash acquired | | | — | | | | (6,903 | ) | | | (111,088 | ) | | | — | | | | (117,991 | ) |
| Intercompany dividend payment | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash (used in) investing activities | | | — | | | | (97,447 | ) | | | (167,971 | ) | | | — | | | | (265,418 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
| Proceeds from debt issuance | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | |
| Proceeds from draw on revolver credit facility | | | — | | | | — | | | | — | | | | — | | | | — | |
| Repayment of long term debt | | | (125,000 | ) | | | — | | | | — | | | | — | | | | (125,000 | ) |
| Repayment of term loan | | | (50,000 | ) | | | — | | | | — | | | | — | | | | (50,000 | ) |
| Paydown on revolver credit facility | | | — | | | | — | | | | — | | | | — | | | | — | |
| Payment of debt issuance costs | | | (11,172 | ) | | | — | | | | — | | | | — | | | | (11,172 | ) |
| Payment of debt extinguishment costs | | | — | | | | — | | | | — | | | | — | | | | — | |
| Excess tax benefit from stock-based compensation | | | 896 | | | | — | | | | — | | | | — | | | | 896 | |
| Intercompany advances, net | | | (193,072 | ) | | | 63,734 | | | | 129,338 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) financing activities | | | (28,348 | ) | | | 63,734 | | | | 129,338 | | | | — | | | | 164,724 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net change in cash and cash equivalents | | | 46,446 | | | | (2,713 | ) | | | 17,070 | | | | — | | | | 60,803 | |
| Cash and cash equivalents at beginning of year | | | 42,251 | | | | 11,023 | | | | 34,612 | | | | — | | | | 87,886 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at end of year | | $ | 88,697 | | | $ | 8,310 | | | $ | 51,682 | | | $ | — | | | $ | 148,689 | |
| | | | | | | | | | | | | | | | | | | | | |
| See accompanying notes to unaudited consolidated condensed financial statements. |
| |
| PARKER DRILLING COMPANY AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (Dollars in Thousands) |
| (Unaudited) |
| |
| | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, 2012 | |
| | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 37,313 | | | $ | 54,961 | | | $ | 32,816 | | | $ | (87,992 | ) | | $ | 37,098 | |
| Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | — | | | | 65,354 | | | | 47,663 | | | | — | | | | 113,017 | |
| Loss on extinguishment of debt | | | 2,130 | | | | — | | | | — | | | | — | | | | 2,130 | |
| Gain on disposition of assets | | | — | | | | (775 | ) | | | (1,199 | ) | | | — | | | | (1,974 | ) |
| Deferred income tax expense | | | 2,257 | | | | 15,429 | | | | (1,849 | ) | | | — | | | | 15,837 | |
| Expenses not requiring cash | | | 16,558 | | | | 33,644 | | | | (27,602 | ) | | | — | | | | 22,600 | |
| Equity in net earnings of subsidiaries | | | (43,884 | ) | | | — | | | | — | | | | 43,884 | | | | — | |
| Change in accounts receivable | | | (445 | ) | | | (1,788 | ) | | | 17,474 | | | | — | | | | 15,241 | |
| Change in other assets | | | 1,649 | | | | 2,060 | | | | (9,200 | ) | | | — | | | | (5,491 | ) |
| Change in accrued income taxes | | | (4,055 | ) | | | 220 | | | | (2,267 | ) | | | — | | | | (6,102 | ) |
| Change in liabilities | | | 3,914 | | | | (4,158 | ) | | | (2,413 | ) | | | — | | | | (2,657 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | | 15,437 | | | | 164,947 | | | | 53,423 | | | | (44,108 | ) | | | 189,699 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
| Capital expenditures | | | — | | | | (176,333 | ) | | | (15,210 | ) | | | — | | | | (191,543 | ) |
| Proceeds from the sale of assets | | | — | | | | 2,062 | | | | 1,875 | | | | — | | | | 3,937 | |
| Intercompany dividend payment | | | (8,387 | ) | | | (4,357 | ) | | | (31,364 | ) | | | 44,108 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) investing activities | | | (8,387 | ) | | | (178,628 | ) | | | (44,699 | ) | | | 44,108 | | | | (187,606 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
| Proceeds from debt issuance | | | 130,000 | | | | — | | | | — | | | | — | | | | 130,000 | |
| Proceeds from draw on revolver credit facility | | | 7,000 | | | | — | | | | — | | | | — | | | | 7,000 | |
| Paydown on senior notes | | | (125,000 | ) | | | — | | | | — | | | | — | | | | (125,000 | ) |
| Paydown on term note | | | (18,000 | ) | | | — | | | | — | | | | — | | | | (18,000 | ) |
| Paydown on revolver credit facility | | | — | | | | — | | | | — | | | | — | | | | — | |
| Payment of debt issuance costs | | | (4,859 | ) | | | — | | | | — | | | | — | | | | (4,859 | ) |
| Payment of debt extinguishment costs | | | (555 | ) | | | — | | | | — | | | | — | | | | (555 | ) |
| Excess tax benefit from stock-based compensation | | | (662 | ) | | | — | | | | — | | | | — | | | | (662 | ) |
| Intercompany advances, net | | | (8,393 | ) | | | 20,492 | | | | (12,099 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) financing activities | | | (20,469 | ) | | | 20,492 | | | | (12,099 | ) | | | — | | | | (12,076 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net change in cash and cash equivalents | | | (13,419 | ) | | | 6,811 | | | | (3,375 | ) | | | — | | | | (9,983 | ) |
| Cash and cash equivalents at beginning of year | | | 55,670 | | | | 4,212 | | | | 37,987 | | | | — | | | | 97,869 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at end of year | | $ | 42,251 | | | $ | 11,023 | | | $ | 34,612 | | | $ | — | | | $ | 87,886 | |
| | | | | | | | | | | | | | | | | | | | | |
| See accompanying notes to unaudited consolidated condensed financial statements. |
| |
| PARKER DRILLING COMPANY AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (Dollars in Thousands) |
| (Unaudited) |
| |
| | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, 2011 | |
| | | | | | | | | | | | | | | | | | | | | | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) | | $ | (50,451 | ) | | $ | (49,106 | ) | | $ | 25,428 | | | $ | 23,484 | | | $ | (50,645 | ) |
| | | | | | | | | | | | | | | | | | | | | Adjustments to reconcile net income (loss)to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | — | | | | 62,744 | | | | 49,392 | | | | — | | | | 112,136 | |
| | | | | | | | | | | | | | | | | | | | | Loss on extinguishment of debt | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Gain on disposition of assets | | | — | | | | (2,706 | ) | | | (953 | ) | | | — | | | | (3,659 | ) |
| | | | | | | | | | | | | | | | | | | | | Deferred income tax expense | | | 31,518 | | | | (57,030 | ) | | | (22,863 | ) | | | — | | | | (48,375 | ) |
| | | | | | | | | | | | | | | | | | | | | Impairment and other charges | | | — | | | | 170,000 | | | | — | | | | — | | | | 170,000 | |
| | | | | | | | | | | | | | | | | | | | | Provision for reduction in carrying value of certain assets | | | — | | | | 1,350 | | | | — | | | | — | | | | 1,350 | |
| | | | | | | | | | | | | | | | | | | | | Expenses not requiring cash | | | 16,411 | | | | 376 | | | | (3,954 | ) | | | — | | | | 12,833 | |
| | | | | | | | | | | | | | | | | | | | | Equity in net earnings of subsidiaries | | | 23,484 | | | | — | | | | — | | | | (23,484 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | Change in accounts receivable | | | (288,333 | ) | | | 347,344 | | | | (65,852 | ) | | | — | | | | (6,841 | ) |
| | | | | | | | | | | | | | | | | | | | | Change in other assets | | | 62,173 | | | | (16,724 | ) | | | 16,404 | | | | — | | | | 61,853 | |
| | | | | | | | | | | | | | | | | | | | | Change in accrued income taxes | | | (12,852 | ) | | | (2,053 | ) | | | 17,046 | | | | — | | | | 2,141 | |
| | | | | | | | | | | | | | | | | | | | | Change in liabilities | | | 2,398 | | | | (51,351 | ) | | | 24,045 | | | | — | | | | (24,908 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net cash provided by (used in) operating activities | | | (215,652 | ) | | | 402,844 | | | | 38,693 | | | | — | | | | 225,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Capital expenditures | | | — | | | | (174,999 | ) | | | (15,400 | ) | | | — | | | | (190,399 | ) |
| | | | | | | | | | | | | | | | | | | | | Proceeds from the sale of assets | | | — | | | | 4,335 | | | | 1,200 | | | | — | | | | 5,535 | |
| | | | | | | | | | | | | | | | | | | | | Proceeds from insurance settlements | | | — | | | | 250 | | | | — | | | | — | | | | 250 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Intercompany dividend payment | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net cash provided by (used in) investing activities | | | — | | | | (170,414 | ) | | | (14,200 | ) | | | — | | | | (184,614 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Proceeds from debt issuance | | | 50,000 | | | | — | | | | — | | | | — | | | | 50,000 | |
| | | | | | | | | | | | | | | | | | | | | Paydown on term note | | | (21,000 | ) | | | — | | | | — | | | | — | | | | (21,000 | ) |
| | | | | | | | | | | | | | | | | | | | | Paydown on revolver credit facility | | | (25,000 | ) | | | — | | | | — | | | | — | | | | (25,000 | ) |
| | | | | | | | | | | | | | | | | | | | | Payment of debt issuance costs | | | (504 | ) | | | — | | | | — | | | | — | | | | (504 | ) |
| | | | | | | | | | | | | | | | | | | | | Payment of debt extinguishment costs | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Proceeds from stock options exercised | | | 183 | | | | — | | | | — | | | | — | | | | 183 | |
| | | | | | | | | | | | | | | | | | | | | Excess tax benefit from stock-based compensation | | | 1,488 | | | | — | | | | — | | | | — | | | | 1,488 | |
| | | | | | | | | | | | | | | | | | | | | Intercompany advances, net | | | 252,320 | | | | (230,535 | ) | | | (21,785 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net cash provided by (used in) financing activities | | | 257,487 | | | | (230,535 | ) | | | (21,785 | ) | | | — | | | | 5,167 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net change in cash and cash equivalents | | | 41,835 | | | | 1,895 | | | | 2,708 | | | | — | | | | 46,438 | |
| | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents at beginning of year | | | 13,835 | | | | 2,317 | | | | 35,279 | | | | — | | | | 51,431 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents at end of year | | $ | 55,670 | | | $ | 4,212 | | | $ | 37,987 | | | $ | — | | | $ | 97,869 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |