Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 05, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | ERA GROUP INC. | ||
Entity Central Index Key | 1,525,221 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 21,319,150 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 187,657,092 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents (including $1,699 and $1,448 from VIEs in 2017 and 2016, respectively) | $ 13,583 | $ 26,950 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $1,196 and $1,219 in 2017 and 2016, respectively (including $5,854 and $5,989 from VIEs in 2017 and 2016, respectively) | 38,964 | 32,470 |
Tax receivables (including $2,828 and $3,448 from VIEs in 2017 and 2016, respectively) | 2,829 | 3,461 |
Other (including $257 and $1,019 from VIEs in 2017 and 2016, respectively) | 1,623 | 2,716 |
Inventories, net (including $39 and $46 from VIEs in 2017 and 2016, respectively) | 21,112 | 25,417 |
Prepaid expenses (including $40 and $158 from VIEs in 2017 and 2016, respectively) | 1,203 | 1,579 |
Escrow deposits | 3,250 | 3,777 |
Total current assets | 82,564 | 96,370 |
Property and equipment: | ||
Helicopters | 824,122 | 947,804 |
Machinery, equipment and spares (including $1,512 and $504 from VIEs in 2017 and 2016, respectively) | 41,375 | 50,579 |
Construction in progress | 37,605 | 88,971 |
Buildings and leasehold improvements (including $89 from VIEs in both 2017 and 2016) | 43,839 | 44,177 |
Furniture, fixtures, vehicles and other (including $350 and $251 from VIEs in 2017 and 2016, respectively) | 26,001 | 22,497 |
Property and equipment, at cost | 972,942 | 1,154,028 |
Accumulated depreciation (including $487 and $98 from VIEs in 2017 and 2016, respectively) | (299,028) | (332,219) |
Property and equipment, net | 673,914 | 821,809 |
Equity investments and advances | 30,056 | 29,266 |
Intangible assets | 1,122 | 1,137 |
Other assets (including $61 and $48 from VIEs in 2017 and 2016, respectively) | 4,441 | 6,591 |
Total assets | 792,097 | 955,173 |
Current liabilities: | ||
Accounts payable and accrued expenses (including $1,807 and $1,788 from VIEs in 2017 and 2016, respectively) | 16,421 | 8,876 |
Accrued wages and benefits (including $1,397 and $2,009 from VIEs in 2017 and 2016, respectively) | 8,264 | 8,507 |
Accrued interest | 606 | 529 |
Accrued income taxes | 28 | 666 |
Current portion of long-term debt (including $1,073 and $615 from VIEs in 2017 and 2016, respectively) | 2,736 | 2,139 |
Accrued other taxes (including $600 and $773 from VIEs in 2017 and 2016, respectively) | 1,810 | 1,447 |
Accrued contingencies (including $858 and $1,237 from VIEs in 2017 and 2016, respectively) | 859 | 1,237 |
Other current liabilities (including $8 from VIEs in both 2017 and 2016) | 1,720 | 2,222 |
Total current liabilities | 32,444 | 25,623 |
Long-term debt (including $1,903 and $2,767 from VIEs in 2017 and 2016, respectively) | 202,174 | 230,139 |
Deferred income taxes | 106,598 | 225,472 |
Other liabilities | 1,434 | 1,301 |
Total liabilities | 342,650 | 482,535 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 3,766 | 4,221 |
Equity: | ||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,319,150 and 20,936,636 outstanding in 2017 and 2016, respectively, exclusive of treasury shares | 215 | 211 |
Additional paid-in capital | 443,944 | 438,489 |
Retained earnings | 4,363 | 32,524 |
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | (2,951) | (2,899) |
Accumulated other comprehensive income, net of tax | 110 | 92 |
Total equity | 445,681 | 468,417 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ 792,097 | $ 955,173 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 13,583 | $ 26,950 |
Trade, net of allowance for doubtful accounts of $1,196 and $1,219 in 2017 and 2016, respectively (including $5,854 and $5,989 from VIEs in 2017 and 2016, respectively) | 38,964 | 32,470 |
Tax receivables | 2,829 | 3,461 |
Other (including $257 and $1,019 from VIEs in 2017 and 2016, respectively) | 1,623 | 2,716 |
Inventories, net (including $39 and $46 from VIEs in 2017 and 2016, respectively) | 21,112 | 25,417 |
Prepaid expenses (including $40 and $158 from VIEs in 2017 and 2016, respectively) | 1,203 | 1,579 |
Machinery, equipment and spares (including $1,512 and $504 from VIEs in 2017 and 2016, respectively) | 41,375 | 50,579 |
Buildings and leasehold improvements (including $89 from VIEs in both 2017 and 2016) | 43,839 | 44,177 |
Furniture, fixtures, vehicles and other (including $350 and $251 from VIEs in 2017 and 2016, respectively) | 26,001 | 22,497 |
Accumulated depreciation (including $98 and $30 from VIEs in 2016 and 2015, respectively) | 299,028 | 332,219 |
Other assets (including $61 and $48 from VIEs in 2017 and 2016, respectively) | 4,441 | 6,591 |
Accounts payable and accrued expenses (including $1,807 and $1,788 from VIEs in 2017 and 2016, respectively) | 16,421 | 8,876 |
Accrued wages and benefits (including $1,397 and $2,009 from VIEs in 2017 and 2016, respectively) | 8,264 | 8,507 |
Accrued other taxes (including $600 and $773 from VIEs in 2017 and 2016, respectively) | 1,810 | 1,447 |
Accrued contingencies (including $858 and $1,237 from VIEs in 2017 and 2016, respectively) | 859 | 1,237 |
Current portion of long-term debt (including $1,073 and $615 from VIEs in 2017 and 2016, respectively) | 2,736 | 2,139 |
Other current liabilities (including $8 from VIEs in both 2017 and 2016) | 1,720 | 2,222 |
Long-term debt (including $1,903 and $2,767 from VIEs in 2017 and 2016, respectively) | 202,174 | 230,139 |
Other liabilities | 1,434 | 1,301 |
Allowance for doubtful accounts-trade | $ 1,196 | $ 1,219 |
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized | 60,000,000 | 60,000,000 |
Shares outstanding | 21,352,286 | 20,936,636 |
Treasury shares | 215,141 | 175,350 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 1,699 | $ 1,448 |
Trade, net of allowance for doubtful accounts of $1,196 and $1,219 in 2017 and 2016, respectively (including $5,854 and $5,989 from VIEs in 2017 and 2016, respectively) | 5,854 | 5,989 |
Tax receivables | 2,828 | 3,448 |
Other (including $257 and $1,019 from VIEs in 2017 and 2016, respectively) | 257 | 1,019 |
Inventories, net (including $39 and $46 from VIEs in 2017 and 2016, respectively) | 39 | 46 |
Prepaid expenses (including $40 and $158 from VIEs in 2017 and 2016, respectively) | 40 | 158 |
Machinery, equipment and spares (including $1,512 and $504 from VIEs in 2017 and 2016, respectively) | 1,512 | 504 |
Buildings and leasehold improvements (including $89 from VIEs in both 2017 and 2016) | 89 | 89 |
Furniture, fixtures, vehicles and other (including $350 and $251 from VIEs in 2017 and 2016, respectively) | 350 | 251 |
Accumulated depreciation (including $98 and $30 from VIEs in 2016 and 2015, respectively) | 487 | 98 |
Other assets (including $61 and $48 from VIEs in 2017 and 2016, respectively) | 61 | 48 |
Accounts payable and accrued expenses (including $1,807 and $1,788 from VIEs in 2017 and 2016, respectively) | 1,807 | 1,788 |
Accrued wages and benefits (including $1,397 and $2,009 from VIEs in 2017 and 2016, respectively) | 1,397 | 2,009 |
Accrued other taxes (including $600 and $773 from VIEs in 2017 and 2016, respectively) | 600 | 773 |
Accrued contingencies (including $858 and $1,237 from VIEs in 2017 and 2016, respectively) | 858 | 1,237 |
Current portion of long-term debt (including $1,073 and $615 from VIEs in 2017 and 2016, respectively) | 1,073 | 615 |
Other current liabilities (including $8 from VIEs in both 2017 and 2016) | 8 | 8 |
Long-term debt (including $1,903 and $2,767 from VIEs in 2017 and 2016, respectively) | $ 1,903 | $ 2,767 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
Operating revenues | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 56,289 | $ 65,006 | $ 63,351 | $ 62,582 | $ 231,321 | $ 247,228 | $ 281,837 |
Costs and expenses: | |||||||||||
Operating | 167,446 | 169,863 | 171,481 | ||||||||
Administrative and general | 42,092 | 36,206 | 42,812 | ||||||||
Depreciation | 45,736 | 49,315 | 47,337 | ||||||||
Total costs and expenses | 255,274 | 255,384 | 261,630 | ||||||||
Gains on asset dispositions | 4,507 | 4,787 | 5,953 | ||||||||
Loss on impairment | (117,018) | 0 | (1,866) | ||||||||
Operating income (loss) | (8,359) | (122,773) | (276) | (5,056) | (1,421) | 2,366 | (3,509) | (805) | (136,464) | (3,369) | 24,294 |
Other income (expense): | |||||||||||
Interest income | 760 | 741 | 1,191 | ||||||||
Interest expense | (16,763) | (17,325) | (13,526) | ||||||||
Derivative losses, net | 0 | 0 | (18) | ||||||||
Foreign currency gains (losses), net | (226) | 7 | (2,590) | ||||||||
Gain on debt extinguishment | 0 | 518 | 1,617 | ||||||||
Gain on sale of FBO | 0 | 0 | 12,946 | ||||||||
Other, net | (12) | 69 | 45 | ||||||||
Total other income (expense) | (16,241) | (15,990) | (335) | ||||||||
Income (loss) before income tax expense and equity earnings | (152,705) | (19,359) | 23,959 | ||||||||
Income tax expense (benefit): | |||||||||||
Current | (3,523) | 1,235 | (83) | ||||||||
Deferred | (119,142) | (4,592) | 14,200 | ||||||||
Total income tax expense (benefit) | (122,665) | (3,357) | 14,117 | ||||||||
Income (loss) before equity earnings | (30,040) | (16,002) | 9,842 | ||||||||
Equity earnings (losses), net of tax | 1,425 | 1,092 | (1,943) | ||||||||
Net income (loss) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ (5,648) | $ (802) | $ (4,510) | $ (3,950) | (28,615) | (14,910) | 7,899 |
Net loss attributable to noncontrolling interest in subsidiaries | 454 | 6,932 | 806 | ||||||||
Net income (loss) attributable to Era Group Inc. | $ (28,161) | $ (7,978) | $ 8,705 | ||||||||
Earnings (loss) per common share: | |||||||||||
Earnings Per Share, Basic (in usd per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
Earnings Per Share, Diluted (in usd per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
Weighted average common shares outstanding: | |||||||||||
Weighted average number of common shares outstanding—basic (in shares) | 20,760,530 | 20,350,066 | 20,228,370 | ||||||||
Weighted average number of common shares outstanding—diluted (in shares) | 20,760,530 | 20,350,066 | 20,270,756 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ (5,648) | $ (802) | $ (4,510) | $ (3,950) | $ (28,615) | $ (14,910) | $ 7,899 |
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 18 | 0 | (4) | ||||||||
Income tax benefit | 0 | 0 | 1 | ||||||||
Total other comprehensive loss | 18 | 0 | (3) | ||||||||
Comprehensive income (loss) | (28,597) | (14,910) | 7,896 | ||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiaries | 454 | 6,932 | 806 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ (28,143) | $ (7,978) | $ 8,702 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Shares Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Subsidiary | Redeemable Noncontrolling Interest |
Beginning Balance at Dec. 31, 2014 | $ 460,364 | $ 204 | $ 429,109 | $ 31,797 | $ (551) | $ 95 | $ (290) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock grants | 2 | (2) | ||||||
Employee Stock Purchase Plan | 1,096 | 1 | 1,095 | |||||
Tax benefit or deficit from share award plans | (127) | (127) | ||||||
Share award amortization | 3,723 | 3,723 | ||||||
Cancellation of restricted stock | 0 | 43 | (43) | |||||
Purchase of treasury shares | (2,079) | (2,079) | ||||||
Acquisition of subsidiary with noncontrolling interest | (666) | 666 | $ 5,234 | |||||
Net income (loss) | 8,329 | 8,705 | (376) | (430) | ||||
Currency translation adjustments, net of tax | (3) | (3) | ||||||
Ending Balance at Dec. 31, 2015 | 471,303 | 207 | 433,175 | 40,502 | (2,673) | 92 | 0 | |
Beginning Balance at Dec. 31, 2014 | 0 | |||||||
Ending Balance at Dec. 31, 2015 | 4,804 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock grants | 3 | (3) | ||||||
Employee Stock Purchase Plan | 836 | 1 | 835 | |||||
Tax benefit or deficit from share award plans | (216) | (216) | ||||||
Share award amortization | 4,633 | 4,633 | ||||||
Cancellation of restricted stock | 0 | 65 | (65) | |||||
Purchase of treasury shares | (161) | (161) | ||||||
Acquisition of subsidiary with noncontrolling interest | 0 | 0 | 0 | |||||
Net income (loss) | (14,327) | (14,327) | 0 | (583) | ||||
Ending Balance at Dec. 31, 2016 | 468,417 | 211 | 438,489 | 32,524 | (2,899) | 92 | 0 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Contribution of capital from joint venture partner | 6,349 | |||||||
Adjustment to carrying value of redeemable noncontrolling interest | 6,349 | 6,349 | (6,349) | |||||
Ending Balance at Dec. 31, 2016 | 4,221 | 4,221 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock grants | 3 | (3) | ||||||
Employee Stock Purchase Plan | 836 | 1 | 835 | |||||
Tax benefit or deficit from share award plans | 0 | 0 | ||||||
Share award amortization | 4,671 | 4,671 | ||||||
Cancellation of stock options | (48) | (48) | ||||||
Purchase of treasury shares | (52) | (52) | ||||||
Net income (loss) | (28,161) | (28,161) | 0 | |||||
Currency translation adjustments, net of tax | 18 | 18 | ||||||
Ending Balance at Dec. 31, 2017 | 445,681 | $ 215 | $ 443,944 | $ 4,363 | $ (2,951) | $ 110 | $ 0 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Net income (loss) | (454) | |||||||
Ending Balance at Dec. 31, 2017 | $ 3,766 | $ 3,766 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (28,615) | $ (14,910) | $ 7,899 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 45,736 | 49,315 | 47,337 |
Share-based compensation | 4,623 | 4,633 | 3,723 |
Bad debt expense, net | 144 | 441 | 1,058 |
Gains on asset dispositions, net | (4,507) | (4,787) | (5,953) |
Debt discount amortization | 234 | 189 | 246 |
Amortization of deferred financing costs | 1,136 | 1,486 | 1,025 |
Derivative losses, net | 0 | 0 | 18 |
Foreign currency gains (losses), net | 190 | (96) | 3,030 |
Cash settlements on derivative transactions, net | 0 | 0 | (356) |
Gains on debt extinguishment | 0 | (518) | (1,617) |
Gain on sale of FBO | 0 | 0 | (12,946) |
Impairment loss | 117,018 | 0 | 1,866 |
Deferred income tax expense (benefit) | (119,142) | (4,592) | 14,200 |
Equity losses (earnings), net of tax | (1,425) | (1,092) | 1,943 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in receivables | (4,889) | 13,516 | (9,079) |
Decrease in prepaid expenses and other assets | 3,320 | 9,058 | 6,328 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 6,273 | 5,861 | (14,266) |
Net cash provided by operating activities | 20,096 | 58,504 | 44,456 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (16,770) | (39,200) | (60,050) |
Proceeds from disposition of property and equipment | 9,392 | 28,609 | 25,328 |
Cash settlements on forward contracts, net | 0 | 0 | (1,103) |
Return of helicopter deposits | 0 | 544 | 0 |
Business acquisitions, net of cash acquired | 0 | 0 | (1,747) |
Investments in and advances to equity investees | (126) | 0 | (36) |
Proceeds from sale of FBO | 0 | 0 | 14,252 |
Principal payments on notes due from equity investees | 761 | 723 | 688 |
Principal payments on third party notes receivable | 169 | 208 | 52 |
Escrow deposits | 527 | (3,658) | (191) |
Net cash used in investing activities | (6,047) | (12,774) | (22,807) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 17,000 | 12,000 | 60,000 |
Long-term debt issuance costs | 0 | (886) | (71) |
Payments on long-term debt | (45,281) | (40,444) | (57,925) |
Extinguishment of long-term debt | 0 | (4,331) | (46,920) |
Proceeds and tax benefits from share award plans | 836 | 836 | 1,096 |
Tax expense on vested restricted stock | 0 | 0 | (127) |
Purchase of treasury shares | (52) | (161) | (2,079) |
Net cash used in financing activities | (27,497) | (32,986) | (46,026) |
Effects of exchange rate changes on cash and cash equivalents | 81 | (164) | (2,120) |
Net increase (decrease) in cash and cash equivalents | (13,367) | 12,580 | (26,497) |
Cash and cash equivalents, beginning of year | 26,950 | 14,370 | 40,867 |
Cash and cash equivalents, end of year | $ 13,583 | $ 26,950 | $ 14,370 |
NATURE OF OPERATIONS AND ACCOUN
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | NATURE OF OPERATIONS AND ACCOUNTING POLICIES Nature of Operations . Era Group Inc. (“Era Group”) and its consolidated subsidiaries (collectively referred to as the “Company”) is one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the United States (“U.S.”), which is its primary area of operation. The Company is primarily engaged in transportation services to the offshore oil and gas exploration, development and production industry. Its major customers are international, independent and major integrated oil and gas companies and U.S. government agencies. In addition to serving the oil and gas industry, the Company provides emergency response services, utility services including support of firefighting activities and flightseeing tours in Alaska. The Company operates a Federal Aviation Administration (“FAA”) approved maintenance repair station in Lake Charles, Louisiana. The Company has an interest in Dart Holding Company Ltd. (“Dart”), a sales and manufacturing organization based in Canada that engineers, manufactures and distributes after-market helicopter parts and accessories, and has an interest in a training center based in Lake Charles, Louisiana that provides instruction, flight simulator and other training services. Basis of Consolidation . The consolidated financial statements include the accounts of Era Group Inc., its wholly-owned subsidiaries and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which the Company is the primary beneficiary. All significant intercompany accounts and transactions are eliminated in consolidation. The Company employs the equity method of accounting for investments in business ventures when it has the ability to exercise significant influence over the operating and financial policies of the ventures. The Company reports such investments in the accompanying consolidated balance sheets as equity investments and advances. The Company reports its share of earnings or losses of equity investees in the accompanying consolidated statements of operations as equity earnings (losses), net of tax. Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, among other items, those related to allowance for doubtful accounts, useful lives of property and equipment, inventories, income tax provisions, impairments, fair values used in purchase price allocations and certain accrued and contingent liabilities. Actual results could differ from those estimates and those differences may be material. Revenue Recognition . The Company recognizes revenues when they are realized or realizable and earned. Revenues are realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenues that do not meet these criteria are deferred until the criteria are met. The Company did not defer any revenue during the years ended December 31, 2017 and 2016. The Company charters the majority of its helicopters through master service agreements, subscription agreements, day-to-day charter arrangements, fixed-term noncancelable contracts and dry-leases. Master service agreements and subscription agreements typically require a fixed monthly fee plus incremental payments based on hours flown. These agreements have fixed terms ranging from one month to five years and generally may be canceled by providing 30 - 90 days’ notice. Day-to-day charter arrangements call for either a combination of a daily fixed fee plus a charge based on hours flown or an hourly rate with a minimum number of hours to be charged daily. Leases require a fixed monthly fee for the customer’s right to use the helicopter and, where applicable, a charge based on hours flown as compensation for any maintenance, parts, and/or personnel support that the Company may provide to the customer. Leases generally run from one to five years and may contain early cancellation provisions. With respect to flightseeing operations, the Company allocates block space to cruise lines, and seats are sold directly to customers. The Company also operated a fixed base operation (“FBO”) at Ted Stevens Anchorage International Airport that sold fuel on an ad-hoc basis and leased storage space. The FBO was sold on May 1, 2015 (see Note 4 ). As of September 30, 2015, deferred revenues included $42.1 million related to dry-lease revenues for certain helicopters leased by the Company to Aeróleo Taxi Aéreo S/A (“Aeróleo”), its Brazilian joint venture (see Note 5). The deferral originated from difficulties experienced by Aeróleo following one of its customer’s cancellation of certain contract awards for a number of AW139 medium helicopters under dry-lease from the Company. On October 1, 2015, the Company’s former partner in Aeróleo transfered its 50% economic and 80% voting interest to a third party, and, as a result of the new shareholders’ agreement, the Company began consolidating the results of Aeróleo in its consolidated financial statements due to Aeróleo’s status as a VIE and the Company’s status as the primary beneficiary. As a result, future collections on the previously deferred revenues will not be recorded as revenue. Instead, they will be recorded as a settlement of an intercompany receivable which is eliminated in consolidation. Deferred revenues and related activity during the year ended December 31, 2015 were as follows (in thousands): 2015 Balance at beginning of period $ 31,047 Revenues deferred during period 32,531 Revenues recognized during period (21,446 ) Elimination due to consolidation (42,132 ) Balance at end of period $ — Cash Equivalents . The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of overnight investments. Trade Receivables . Customers are primarily international, independent and major integrated exploration, development and production companies, international helicopter operators and U.S. government agencies. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Allowance for doubtful accounts for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Balance at beginning of period $ 1,219 $ 2,103 $ 1,955 Additional allowances charged to expense 144 441 1,058 Additional allowance due to consolidation — — 577 Recovery of previously reserved accounts (82 ) (1,086 ) (124 ) Write-offs (68 ) (474 ) (1,354 ) Foreign currency adjustments (17 ) 235 (9 ) Balance at end of period $ 1,196 $ 1,219 $ 2,103 Derivative Instruments . The Company accounts for derivative positions at fair value in the accompanying consolidated balance sheets. Unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of operations as derivative losses, net. Concentrations of Credit Risk . The Company is exposed to concentrations of credit risk relating to its receivables due from customers in the industries described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations. The Company is also exposed to concentrations of credit risk associated with cash and cash equivalents. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company’s two largest customers comprised 46% of net trade receivables as of December 31, 2017 and 2016 . Inventories . Inventories are stated at the lower of average cost or net realizable value value and consist primarily of spare parts and fuel. The Company establishes an allowance to accrue for the retirement of the cost of spare parts expected to be on hand at the end of a fleet’s life over the service lives of the related equipment, taking into account the estimated salvage value of the parts. The following table is a roll forward of the allowance related to obsolete and excess inventory for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Balance at beginning of period $ 4,012 $ 4,821 $ 5,091 Additional allowances, net (1) (273 ) (809 ) (270 ) Balance at end of period $ 3,739 $ 4,012 $ 4,821 (1) Includes $119 elimination of H225 inventory reserve. Property and Equipment . Property and equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to helicopters, the estimated useful life is typically based upon a newly built asset being placed into service and represents the point at which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life. The Company reviews the estimated useful lives and salvage values of its property and equipment on an ongoing basis for any changes in estimates. There were no such changes during the years ended December 31, 2017 , 2016 and 2015 . As of December 31, 2017 , the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: Helicopters (estimated salvage value at 40% of cost) 15 Machinery, equipment and spares 5-7 Buildings and leasehold improvements 10-30 Furniture, fixtures, vehicles and other 3-5 Equipment maintenance and repair costs and the costs of routine overhauls and inspections performed on helicopter engines and major components are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment, as well as major improvements to other properties, are capitalized. The Company engages a number of third-party vendors to maintain the engines and certain components on some of its helicopter models under programs known as power-by-hour (“PBH”) maintenance contracts. These programs require the Company to pay for the maintenance service ratably over the contract period, typically based on actual flight hours. PBH providers generally bill monthly based on hours flown in the prior month, and the costs are expensed as incurred. In the event the Company places a helicopter in a program after a maintenance period has begun, it may be necessary to pay an initial buy-in charge based on hours flown since the previous maintenance event. The buy-in charge is normally recorded as a prepaid expense and amortized as an operating expense over the remaining PBH contract period. If a helicopter is sold or otherwise removed from a program before the scheduled maintenance work is carried out, the Company may be able to recover part of its payments to the PBH provider, in which case the Company records a reduction to operating expense. The Company also incurs repairs and maintenance expense through vendor arrangements whereby the Company obtains repair quotes and authorizes service through a repair order process. Under these arrangements, the Company records the repairs and maintenance cost as the work is completed. As a result, the timing of repairs and maintenance may result in operating expenses varying substantially when compared with a prior year or prior quarter if a disproportionate number of repairs, refurbishments or overhauls for components not covered under PBH arrangements are performed during a period. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. The Company capitalized interest of $0.5 million , less than $0.1 million and $6.1 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , construction in progress, which is a component of property and equipment, included capitalized interest of $1.9 million and $4.5 million , respectively. Impairment of Long-Lived Assets . The Company performs an impairment analysis on long-lived assets used in operations when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company’s long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which is generally at the fleet group level. If an impairment is indicated for the asset group classified as held and used, an impairment evaluation will be performed. Asset impairment evaluations are based on estimated undiscounted cash flows over the remaining useful life for the assets being evaluated. If the sum of the expected future cash flows is less than the carrying amount of the asset group, the Company would be required to recognize an impairment loss. During 2017, the Company concluded that the cash flows associated with its H225 heavy helicopters are largely independent from the cash flows associated with the remainder of the fleet and should be evaluated separately for impairment. The Company performed an impairment analysis on the H225 helicopters, capital parts and related inventory and determined that the projected undiscounted cash flows over the remaining useful life were less than the carrying amount. In determining the fair value, the Company used a cost approach, which begins with the replacement cost of a new asset and adjusts for age and functional and economic obsolescence. The inputs used in the Company’s fair value estimate were from Level 3 of the fair value hierarchy discussed in Note 2. The Company recorded a $117 million impairment charge on its H225 helicopters as of December 31, 2017 . Impairment of Equity Investees . The Company performs regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties in raising capital to continue operations, and when the Company expects the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investees in which the Company has investments. For the years ended December 31, 2017 , 2016 and 2015 , the Company did not recognize any impairment charges. Goodwill . Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and interim tests to the extent indicators of impairment develop between annual impairment tests. The Company tests goodwill at the reporting unit level. The Company’s impairment review process compares the fair value of the reporting unit to its carrying value, including goodwill. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates including, among others, projected utilization of our fleet and contract rates. These estimates are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. On December 31, 2015, the Company performed an interim impairment test after noting several events and circumstances that led to the determination that it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value, including a decline in the price of crude oil and the Company’s stock price and a prolonged downturn in the oil and gas market. The Company recorded a goodwill impairment of $1.9 million for the year ended December 31, 2015 to write down the entire goodwill balance. The Company’s estimate included the use of significant unobservable inputs, representative of Level 3 measurements, including the assumptions related to future performance as described in the preceding paragraph. Intangible Assets . Intangible assets with indefinite lives are recorded during purchase price accounting in a business combination. The Company performs an annual impairment test of indefinite lived intangible assets and interim tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value to the book value. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates including, among others, projected utilization of our fleet and contract rates. These estimates are reviewed each time the Company tests indefinite lived assets for impairment. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. Intangible assets with finite useful lives are amortized over their respective estimated useful lives. As of December 31, 2017 , the Company had indefinite lived intangible assets of $1.1 million and intangible assets with finite lives of $0.1 million . Business Combinations. The Company recognizes, with certain exceptions, 100 percent of the fair value of assets acquired, liabilities assumed, and non controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred, and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition. Deferred Financing Costs. Deferred financing costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight line method for revolving credit facilities. Amortization expense for deferred financing costs totaled $1.1 million , $1.5 million and $1.0 million during the years ended December 31, 2017 , 2016 and 2015 , respectively, including the write-off of $0.5 million of debt issuance costs in 2016 in connection with an amendment to the Company’s amended and restated senior secured revolving credit facility (the “Revolving Credit Facility”). Such amortization expense is included in interest expense in the consolidated statements of operations. Income Taxes . Era Group and its majority-owned U.S. subsidiaries file a consolidated U.S. federal tax return. Era Group’s foreign consolidated subsidiaries each file tax returns in their applicable jurisdictions. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the accompanying consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general expense, respectively, in the accompanying consolidated statements of operations. The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Foreign Currency Transactions . The functional currency for each of the Company’s foreign entities is the U.S. dollar. From time to time, the Company enters into transactions denominated in currencies other than its functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains (losses), net in the accompanying consolidated statements of operations in the period which the currency exchange rates change. Earnings (Loss) Per Common Share. Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Savings Plan. The Company provides a defined contribution plan (the “Savings Plan”) for its eligible U.S.-based employees. The Savings Plan provides for qualified, non-elective Company contributions in an amount equal to 3% of each employee’s eligible pay plus an amount equal to 100% of an employee’s first 3% of wages invested in the Savings Plan and immediate and full vesting in the Company’s contributions. The Savings Plan is subject to annual review by the Board of Directors of Era Group. The Company’s Savings Plan costs were $2.4 million , $2.8 million and $3.2 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 . Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 - Revenue From Contracts With Customers , which will base revenue recognition on the contract between a vendor and customer and will require reporting entities to allocate the transaction price to various performance obligations in a contract and recognize revenues when those performance obligations are satisfied. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts With Customers , in April 2016, the FASB issued ASU 2016-10 - Revenue from Contracts With Customers , in May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts With Customers , in December 2016, the FASB issued ASU 2016-20 - Technical Corrections and Improvements to Topic 606, Revenue from Contracts With Customers , all of which provide guidance on the application of certain principles in ASU 2014-09. ASU 2014-09, as amended, will be effective for annual reporting periods beginning after December 15, 2017 and any interim periods within that period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and any interim periods within that period. The Company will adopt ASU 2014-09, as amended, effective January 1, 2018 using the modified retrospective approach. The Company has reviewed its contracts with customers and evaluated its performance obligations under each contract and does not expect the adoption of this new standard to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 - Inventory , which is intended to simplify the way reporting entities account for inventory by requiring it to be valued at the lower of cost or net realizable value unless that entity uses the last-in, first-out or the retail inventory valuation method. ASU 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and any interim periods within that period, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company adopted ASU 2015-11 effective January 1, 2017, and such adoption did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is still evaluating the potential impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07 - Investments - Equity Method and Joint Ventures , which eliminates the requirement to retroactively apply the equity method of accounting for an investment when an increase in the level of ownership or degree of influence causes the investment to qualify for equity method treatment and instead requires the entity to add the cost (if any) of acquiring the additional ownership or degree of influence to the current basis of the investment and apply equity method accounting as of the date the investment qualifies for such treatment. The Company adopted ASU 2016-07 effective January 1, 2017 and such adoption did not have an impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation , which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification on the statement of cash flows and treatment of forfeitures. The main differences between current GAAP and ASU 2016-09 are (i) tax consequences from changes in fair value of equity awards between the grant date and vesting date will be charged to income tax expense and reported in the operating section of the statement of cash flows in the period in which the award vests and (ii) entities will have the option to estimate award forfeitures as previously prescribed under GAAP or record forfeitures as an adjustment to expense as they occur. The Company adopted ASU 2016-09 effective January 1, 2017 and has elected to record forfeitures of equity awards as an adjustment to expense as they occur and in the period in which they occur. Such adoption and election did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in reporting certain transactions on the statement of cash flows by clarifying current GAAP where it may be unclear or does not include adequate explanation. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017 including interim periods within that period. Early adoption is permitted as of the beginning of an interim or annual period provided that all amendments included in ASU 2016-15 are adopted in the same period and applied as of the beginning of the annual period in which the statement is adopted. The Company has not adopted ASU 2016-15 and believes such adoption will not have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16 - Income Taxes , which requires entities to recognize income tax consequences of intra-entity transfers of assets, other than inventory, when the transfer occurs rather than when the asset is sold to a third party as is the case under current GAAP. ASU 2016-16 will be effective for annual reporting periods beginning after December 15, 2017 including interim periods within that period. Early adoption is permitted as of the beginning of an annual reporting period for which neither interim nor annual financial statements have been made available. The Company has not adopted ASU 2016-16 and believes such adoption will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 - Business Combinations: Clarifying the Definition of a Business , which narrows the reach of the definition of a business to exclude transactions that are more akin to asset acquisitions or dispositions. ASU 2017-01 will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that period. Early adoption is permitted provided that any transactions affected by the adoption have not been previously disclosed under current GAAP. The Company adopted ASU 2017-01 effective January 1, 2017, and such adoption did not have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 - Compensation - Stock Compensation: Scope of Modification Accounting , which is designed to reduce diversity in practice and complexity when accounting for changes in the terms of a share-based payment award. ASU 2017-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that period, and early adoption is permitted for any interim period for which financial statements have not yet been issued. The Company has not adopted ASU 2017-09 and believes such adoption will not have a material impact on its consolidated financial statements. In September 2017, the FASB issued ASU 2017-13 - Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments , which clarifies the adoption date of Topics 606 and 842 for public business entities that would not otherwise meet the definition of a public business entity except for the inclusion of its financial statements in another public entity’s filings. It states that such entities are not required to comply with the adoption dates for public entities. The Company’s joint venture investments do not intend to adopt Topics 606 and 842 with public business entities; this is not expected to have a material impact on the Company’s consolidated financial statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The estimated fair value of the Company’s other financial assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): Carrying Amount Level 1 Level 2 Level 3 December 31, 2017 LIABILITIES Long-term debt, including current portion $ 204,910 $ — $ 203,938 $ — December 31, 2016 LIABILITIES Long-term debt, including current portion $ 232,278 $ — $ 221,808 $ — The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the fair value estimates, and accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS During 2011, the Company entered into two interest rate swap agreements calling for the Company to pay fixed interest rates of 1.29% and 1.76% on an aggregate notional value equal to the balance of its promissory notes (see Note 8 ) and receive a variable interest rate based on the London Interbank Offered Rate (“LIBOR”) on these notional values. The interest rate swaps matured in December 2015 and were not renewed. The Company recognized gains of less than $0.1 million on these derivative instruments for the year ended December 31, 2015 , which are included in derivative losses, net on its consolidated statements of operations. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Sicher Helicopters SAS (“Sicher”). On April 9, 2015, the Company contributed $3.2 million in cash for a 75% interest in Hauser Investments Limited (“Hauser”), which owns 100% of Sicher, a Colombian entity. In connection with the acquisition, the Company also transferred title of an AW139 helicopter to Hauser to be used in Sicher’s operations. The Company recorded all identifiable assets acquired and liabilities assumed at the estimated acquisition date fair value in accordance with Accounting Standards Codification (“ASC”) 805 - Business Combinations . This acquisition did not represent a material business combination under ASC 805. The acquisition of the 75% interest in Hauser resulted in the recognition of intangible assets, comprised primarily of a Colombian air operator certificate, of $1.2 million . The fair value of the noncontrolling interest was determined using a discounted cash flow analysis. The noncontrolling interest partner has a right to put its interest to the Company, and the Company has a right to call its partner’s 25% ownership interest, each upon the occurrence of certain events and at fair value at the time of exercise as determined by an independent accounting firm. As a result of this put right, the noncontrolling interest related to Hauser is recorded in the mezzanine section of the consolidated balance sheets as it does not meet the definition of a liability or equity under U.S. GAAP. Aeróleo. On October 1, 2015, the Company’s partner in Aeróleo transfered its 50% economic and 80% voting interest in Aeróleo to a third party (see Note 5). The resulting consolidation of Aeróleo was accounted for as a business acquisition in accordance with ASC 805. In connection with the transfer, the Company entered into a shareholders’ agreement with its new partner that includes, among other things, a put/call option arrangement which gives the Company the right to purchase at any time, and the new partner the right to put to the Company after two years, the new partner’s interest in Aeróleo. The Company recorded all identifiable assets acquired and liabilities assumed at the estimated acquisition date fair value in accordance with ASC 805 - Business Combinations . The consolidation resulted in an immaterial gain on consolidation. The consolidated statements of operations for the years ended December 31, 2017 and 2016 , include operating revenues of $35.8 million and $29.3 million , respectively, and net loss of $3.6 million and $4.4 million , respectively, as a result of the consolidation of Aeróleo including the effects of intercompany eliminations beginning with the date of consolidation. The table below represents the Company’s pro forma results of operations assuming the consolidation of Aeróleo took place on January 1, 2015 (unaudited, in thousands): Historical Pro Forma Pro Forma Results Adjustments Results Year Ended December 31, 2015 Operating revenues $ 281,837 $ 35,789 $ 317,626 Net income $ 8,705 $ 377 $ 9,082 As a part of the same transaction, the Company acquired the remaining 50% ownership interest in Era do Brazil, a single purpose entity which owns one AW139 helicopter that is leased to Aeróleo. Era do Brazil is now a wholly-owned subsidiary. FBO. On May 1, 2015, the Company sold its FBO business at Ted Stevens Anchorage International Airport to Piedmont Hawthorne Aviation, LLC. Pursuant to a membership interests purchase agreement, Piedmont Hawthorne Aviation, LLC acquired 100% of Era Group’s wholly-owned subsidiary, Era FBO LLC, for cash proceeds of $14.3 million . The Company recognized a pre-tax gain of $12.9 million on the sale. Capital Expenditures. The Company’s capital expenditures were $16.8 million , $ 39.2 million and $60.1 million in 2017 , 2016 and 2015 , respectively, and consisted primarily of helicopter acquisitions and deposits on future helicopter deliveries, spare helicopter parts, equipment and building improvements. The Company records helicopter acquisitions in property and equipment and places helicopters in service once completion work has been finalized and the helicopters are ready for use. The Company sold or otherwise disposed of property and equipment for cash proceeds of $9.4 million , $28.6 million and $25.3 million in 2017 , 2016 and 2015 , respectively. A summary of changes to our owned helicopter fleet during the years ended December 31, 2017 , 2016 and 2015 were as follows: Equipment Additions 2017 2016 2015 (1) (2) Light helicopters - single engine — — 1 Light helicopters - twin engine — — 3 Medium helicopters — — — Heavy helicopters 1 2 4 1 2 8 _______________ (1) Includes two heavy helicopters that were not yet placed in service as of December 31, 2016. (2) Includes three light-twin helicopters and one single engine helicopter acquired in connection with the acquisition of Hauser. Equipment Dispositions 2017 2016 2015 (1) Light helicopters - single engine 1 2 10 Light helicopters - twin engine 1 1 3 Medium helicopters 1 6 7 Heavy helicopters — — — 3 9 20 _______________ (1) Includes two single engine helicopters disposed in sales-type leases. Disposition . On February 23, 2018, the Company sold all of its flightseeing assets in Alaska, which consisted of eight light single engine helicopters, two operating facilities, and related property and equipment for cash proceeds of $10.0 million . |
VARIABLE INTEREST ENTITIES AND
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES | VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Equity investments and advances as of December 31, 2017 and 2016 were as follows (in thousands): Ownership 2017 2016 Dart 50% $ 26,128 $ 24,782 Era Training Center 50% 3,928 4,484 $ 30,056 $ 29,266 The Company owns a 50% interest in Aeróleo, which is a VIE. Pursuant to a new shareholders’ agreement entered into on October 1, 2015 (see Note 4 ), the Company is the primary beneficiary, and Aeróleo is now a consolidated entity. The Company also owned a 50% interest in Era do Brazil, a VIE, prior to October 1, 2015. As the primary beneficiary, the Company has been consolidating this entity since September 30, 2012. On October 1, 2015, the Company acquired the remaining 50% interest, and Era do Brazil is now a wholly-owned subsidiary. As of December 31, 2017 and 2016 , cumulative undistributed net earnings of equity investees included in the Company’s consolidated retained earnings were $2.9 million and $1.1 million , respectively. VIEs Aeróleo . On July 1, 2011, the Company acquired a 50% economic interest and a 20% voting interest in Aeróleo, a Brazilian entity that provides helicopter transport services to the Brazilian offshore oil and gas industry, for $4.8 million in cash. The Company and its partner also each loaned Aeróleo $6.0 million at an interest rate of 6.0% per annum. On October 1, 2015, the Company’s partner completed a transfer of its 50% economic and 80% voting interest in Aeróleo to a third party. In connection with the transfer, the Company entered into a shareholders’ agreement with its new partner that requires supermajority shareholder and/or board approval with respect to specified, significant actions, and a put/call option arrangement which gives the Company the right to purchase at any time, and the new partner the right to put to the Company after two years, the new partner’s interest in Aeróleo. Aeróleo is unable to adequately finance its activities without additional financial support, making it a VIE. Prior to October 1, 2015, the Company determined it was not the primary beneficiary as its 20% voting interest did not allow it to direct the activities that most significantly affect Aeróleo’s economic performance. As a result of the new shareholders’ agreement following the partner’s transfer of interests, the Company determined that it now has control over the activities that most significantly affect Aeróleo’s economic performance and is the VIE’s primary beneficiary. Accordingly, Aeróleo’s results are consolidated in the Company’s financial statements beginning on October 1, 2015. For the year ended December 31, 2015, the Company recognized $21.4 million of operating revenues from Aeróleo, and $42.1 million was outstanding as of September 30, 2015 (See Note 1). The Company’s consolidated balance sheets at December 31, 2017 and 2016 , include assets of Aeróleo totaling $11.5 million and $12.9 million , respectively. The distribution of these assets to Era Group and its subsidiaries other than Aeróleo is subject to restrictions. In addition, the Company’s consolidated balance sheets include liabilities of Aeróleo of $7.6 million and $9.2 million , respectively. The creditors for such liabilities do not have recourse to Era Group or its subsidiaries other than Aeróleo. Era do Brazil . On July 1, 2011, the Company and its partner each contributed $4.8 million in cash to Era do Brazil, a 50 - 50 joint venture. Era do Brazil was a highly leveraged entity with all its outstanding debt due to the Company, which made it a VIE. As the primary beneficiary, the Company consolidated Era do Brazil in its financial statements effective September 30, 2012. In connection with the Aeróleo transaction on October 1, 2015, the Company acquired, for nominal consideration, the remaining 50% ownership interest in Era do Brazil making it a wholly-owned subsidiary. Combined Condensed Financial Statements Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 Current assets $ 29,336 $ 28,442 Non-current assets 29,899 29,475 Current liabilities 6,671 6,737 Non-current liabilities 6,096 8,315 2017 2016 2015 Operating revenues $ 42,891 $ 40,930 $ 33,190 Costs and expenses: Operating and administrative 35,983 32,878 32,869 Depreciation and amortization 1,603 3,161 4,224 Total costs and expenses 37,586 36,039 37,093 Operating income $ 5,305 $ 4,891 $ (3,903 ) Net income $ 3,603 $ 2,657 $ (3,150 ) Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 Current assets $ 257 $ 535 Non-current assets 4,138 4,641 Current liabilities 654 653 Non-current liabilities 3,298 3,652 2017 2016 2015 Operating revenues $ 581 $ 694 $ 622 Costs and expenses: Operating and administrative 367 338 685 Depreciation and amortization 503 519 740 Total costs and expenses 870 857 1,425 Operating income $ (289 ) $ (163 ) $ (803 ) Net income (loss) $ (527 ) $ (409 ) $ (1,064 ) Joint Ventures Dart. Era DHS LLC, a wholly owned subsidiary of the Company, acquired 49% of the capital stock of Dart Helicopter Services LLC (“Dart Helicopters”), a sales, marketing and parts manufacturing organization based in North America that engineers and manufactures after-market parts and equipment for sale to helicopter manufacturers and operators. During 2009, the Company provided a $0.3 million loan to Dart Helicopters with a maturity of June 2012 at an annual interest rate of 5.0% , which was payable quarterly with principal due at maturity. On February 28, 2011, the Company made an additional investment of $5.0 million in Dart Helicopters, and on July 31, 2011, contributed its ownership in Dart Helicopters to Dart in exchange for a 50% economic and voting interest in Dart and a note receivable of $5.1 million . The note receivable had a balance of $2.8 million at December 31, 2017 and bears interest at a rate of 4.0% per annum, requires quarterly principal and interest payments and matures on July 31, 2023. During the years ended December 31, 2017 , 2016 and 2015 , the Company purchased $2.0 million , $1.9 million and $2.1 million , respectively, of products and services from Dart. Era Training Center. Era Training Center LLC (“Era Training Center”) operates flight training devices and provides training services to the Company and third-party customers. During the years ended December 31, 2017 , 2016 and 2015 , the Company provided helicopter, management and other services to the joint venture totaling $0.2 million , $0.2 million and $0.4 million , respectively, and incurred $0.5 million , $0.6 million and $0.5 million , respectively, for simulator fees. Era Training Center has a $3.7 million note with the Company secured by two flight training devices which bears interest at 6.0% per annum and requires quarterly payments of $0.1 million until January 2026. |
ESCROW DEPOSITS
ESCROW DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Escrow Deposits [Abstract] | |
ESCROW DEPOSITS | ESCROW DEPOSITS From time to time, the Company enters into Qualified Exchange Accommodation Agreements with a third party to meet the like-kind exchange requirements of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) and the provisions of Revenue Procedure 2000-37. In accordance with these provisions, the Company is permitted to deposit proceeds from the sale of assets into escrow accounts for the purpose of acquiring other assets and qualifying for the temporary deferral of taxable gains realized. Consequently, the Company establishes escrow accounts with financial institutions for the deposit of funds received on sale of equipment, which were designated for replacement property within a specified period of time. As of December 31, 2017 and 2016 , the Company had $3.3 million and $3.8 million , respectively, deposited in like-kind exchange escrow accounts. During the year ended December 31, 2017, the Company sold one light twin helicopter for total cash proceeds of $3.2 million , net of fees. The sale transaction was treated as a tax-free like-kind exchange, and the proceeds were deposited with a qualified intermediary to be held until a qualifying asset was delivered. During the year ended December 31, 2016, the Company sold two medium helicopters for total cash proceeds of $18.2 million , net of fees. The sale transaction was treated as tax-free like-kind exchanges, and the proceeds were deposited with a qualified intermediary to be held until a qualifying asset was delivered. The Company used $7.4 million of the proceeds to purchase a AW189 heavy helicopter in December 2016, which completed the first like-kind exchange transaction. The Company identified an asset for the second like-kind exchange transaction and withdrew $7.0 million to make a progress payment on a S92 heavy helicopter in December 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For financial reporting purposes, income (loss) before income taxes and equity earnings for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 U.S. $ (148,248 ) $ (12,913 ) $ 27,699 Foreign (4,457 ) (6,446 ) (3,740 ) Total $ (152,705 ) $ (19,359 ) $ 23,959 The components of income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Current: Federal $ — $ 17 $ (70 ) State 7 5 63 Foreign (3,530 ) 1,213 (76 ) Total current (3,523 ) 1,235 (83 ) Deferred: Federal (121,359 ) (5,060 ) 13,977 State 1,923 479 364 Foreign 294 (11 ) (141 ) Total deferred (119,142 ) (4,592 ) 14,200 Income tax expense $ (122,665 ) $ (3,357 ) $ 14,117 The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31, 2017 , 2016 and 2015 : Provision (benefit): 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax benefit 5.3 % 18.5 % (0.1 )% State valuation allowance (6.6 )% (21.0 )% 1.8 % Transfer of asset to Hauser — % — % 4.0 % Write-off of deferred tax asset upon consolidation of Aeróleo — % — % 16.0 % Foreign valuation allowance (1.0 )% (14.1 )% — % Brazilian PERT Program 2.2 % — % — % Other (0.6 )% (1.1 )% 2.2 % Tax Act 46.0 % — % — % 80.3 % 17.3 % 58.9 % The components of net deferred income tax liabilities as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Deferred tax liabilities: Property and equipment $ 126,595 $ 242,977 Buy-in on maintenance contracts 655 1,443 Total deferred tax liabilities 127,250 244,420 Deferred tax assets: Equipment leases 47 224 Tax loss carryforwards 52,293 34,674 Stock compensation 843 2,131 Reserves 897 1,452 Other 1,539 2,042 Valuation allowance (34,967 ) (21,575 ) Total deferred tax assets 20,652 18,948 Net deferred tax liabilities $ 106,598 $ 225,472 As of December 31, 2017 and 2016 , the Company had federal net operating loss (“NOL”) carryforwards of $38.3 million and $4.8 million, respectively, state income tax NOL carryforwards of $411.3 million and $355.2 million , respectively, in various states and foreign NOL carryforwards of $58.5 million and $40.9 million , respectively, in various foreign jurisdictions. As of December 31, 2017 and 2016 the Company also had foreign tax credits in the amounts of $1.5 million and $0.6 million , respectively. The Company’s federal NOL carryforwards expire from 2036 to 2037. The Company’s state NOL carryforwards expire from 2024 to 2037, and the foreign NOL carryforwards have unlimited carryforward periods. The Company’s foreign tax credits expire from 2026 to 2027. After considering all available evidence in assessing the need for the valuation allowance, the Company believes that it is more likely than not the benefit from foreign and some state deferred tax assets will not be realized. As of December 31, 2017 , the Company has provided a valuation allowance of $18.1 million on the state deferred tax assets. The Company has provided a valuation allowance of $17.0 million with respect to the foreign deferred tax assets included in the table above, made up of $16.0 million related to Aeróleo and $1.0 million related to Sicher. If the assumptions change and the Company determines it will be able to realize those deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recorded in the income tax provision in the period in which such adjustments are identified. The Company’s operations are subject to the jurisdiction of multiple tax authorities, which impose various types of taxes on it including income taxes. Determining taxes owed in any jurisdiction requires the interpretation of relevant tax laws, regulations, judicial decisions and administrative interpretation of the local tax authority. As a result, the Company is subject to tax assessments in such jurisdictions including the re-determination of taxable amounts by tax authorities that may not agree with the Company’s interpretations and positions taken. The Company’s 2015 federal income tax return is currently under examination by the Internal Revenue Service. The effects of a tax position are recognized in the period in which it is determined that it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. We remain subject to examination for U.S. federal and multiple state tax jurisdictions for tax years after 2013 and in Brazil for 2013 and subsequent years. Pursuant to a shareholders’ agreement entered into on October 1, 2015 with the Company’s partner in Aeróleo (see Note 4), the Company is the primary beneficiary, and Aeróleo became a consolidated entity. The Company has analyzed filing positions of Aeróleo in Brazil where it is required to file income tax returns for all open tax years (2013 to 2017). A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 2017 2016 2015 Unrecognized tax benefits at the beginning of the year $ 261 $ 648 $ — Reductions due to settlements with taxing authorities (250 ) (570 ) — Increases due to tax positions taken during the current year — 183 — Increases due to the consolidation of Aeróleo — — 648 Unrecognized tax benefits at the end of the year $ 11 $ 261 $ 648 A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands): 2017 2016 2015 Valuation allowance at the beginning of the year $ 21,575 $ 12,650 $ 806 Increases to state valuation allowance 10,010 6,768 434 Increases due to consolidation of Aeróleo — — 11,285 Increases due to foreign valuation allowances 7,578 2,157 125 Decrease due to Brazilian PERT Program (4,196 ) — — Valuation allowance at the end of the period $ 34,967 $ 21,575 $ 12,650 Amounts accrued for interest and penalties associated with unrecognized income tax benefits are included in other expense on the Consolidated Statements of Operations. As of December 31, 2017 , the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $0.1 million . While amounts could change in the next twelve months, the Company does not anticipate such changes having a material impact on its financial statements. During the fourth quarter of 2017, Aeroleo elected to enter certain settled and open tax claims in the Tax Special Regularization Program (the “PERT Program”) pursuant to Brazil Provisional Measure No. 783 issued on May 31, 2017. The PERT Program allows for the partial settling of debts, both income tax debts and non-income-based tax debts, due by April 30, 2017 to Brazil’s Federal Revenue Service with the use of tax credits, including income tax loss carryforwards. A utilization of $3.5 million income tax benefit was recorded during the fourth quarter attributable to income tax loss carryforwards under the PERT Program partially offset by the accrual of operating expense associated with certain indirect tax claims enrolled into the PERT program. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law and the new legislation contains several key tax provisions that affect the Company, including a one-time mandatory transition tax on accumulated foreign earnings and profits and a reduction of the U.S federal corporate income tax rate from 35% to 21% effective January 1, 2018, among others. The Company is required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax and revaluing our U.S. deferred tax assets and liabilities to the new effective rate. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows a company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. At December 31, 2017, the Company has not completed its accounting for the tax effects of enactment of the Tax Act; however, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transitional tax and recorded a provisional benefit of approximately $70.0 million and no amount due for the transitional tax. The Company considers the accounting for the transition tax, deferred tax revaluations, and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final year-end data and tax positions. The Company continues to evaluate the newly enacted global intangible low-taxed income (GILTI) provisions which could subject its foreign earnings to a minimum level of tax. Because of the complexities of the new legislation, the Company has not elected an accounting policy for GILTI at this time. Recent FASB guidance indicates that accounting for GILTI either as part of deferred taxes or as a period cost are both applicable methods. Once further information is gathered and interpretation and analysis of the tax legislation evolves, the Company will make an appropriate accounting election. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The Company’s borrowings as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility 39,000 65,000 Promissory notes 21,642 23,166 Other 2,976 3,382 Total principal balance on borrowings 208,446 236,376 Portion due with one year (2,736 ) (2,139 ) Unamortized debt issuance costs (2,067 ) (2,395 ) Unamortized discount (1,469 ) (1,703 ) Long-term debt $ 202,174 $ 230,139 The Company’s scheduled long-term debt maturities as of December 31, 2017 were as follows (in thousands): Total Due 2018 $ 2,736 2019 41,443 2020 18,696 2021 355 2022 145,143 Years subsequent to 2022 73 $ 208,446 7.750% Senior Notes. On December 7, 2012, Era Group issued $200.0 million aggregate principal amount of its 7.750% senior unsecured notes due December 15, 2022 (the “ 7.750% Senior Notes”) and received net proceeds of $191.9 million . Interest on the 7.750% Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year. The 7.750% Senior Notes may be redeemed at any time and from time to time on or after December 15, 2017 at the applicable redemption prices set forth in the indenture governing the 7.750% Senior Notes, plus accrued and unpaid interest, if any, to the redemption date. The indenture contains covenants that restrict Era Group’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem its capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of their assets. In addition, upon a specified change of control trigger event or specified asset sale, Era Group may be required to offer to repurchase the 7.750% Senior Notes. Era Group’s payment obligations under the 7.750% Senior Notes are fully and unconditionally guaranteed by all of its wholly owned existing U.S. subsidiaries that are guarantors under the Revolving Credit Facility. The net proceeds of the offering were used to repay $190.0 million of borrowings outstanding under the Company’s prior, $200.0 million senior secured revolving credit facility (the “Prior Credit Facility”). During the year ended December 31, 2016, the Company repurchased a total of $5.0 million of the 7.750% Senior Notes at a price of 86.63 of par for total cash of $4.5 million , including accrued interest of $0.2 million . The Company recognized gains of $0.5 million on the repurchases. The Company did not repurchase any of its 7.75% Senior Notes during the year-ended 2017. Revolving Credit Facility. On March 31, 2014, Era Group entered into the Revolving Credit Facility through an amendment to the Prior Credit Facility. Advances under the Revolving Credit Facility at the closing were used to refinance indebtedness incurred under the Prior Credit Facility. On October 27, 2016, the Company entered into the Consent and Amendment No. 3 to the Company’s Revolving Credit Facility that, among other things, revised our maintenance covenants to provide additional flexibility, reduced the aggregate principal amount of the revolving loan commitments and added a condition to borrowing and a repayment mechanism in connection with excess cash amounts. The Revolving Credit Facility provides the Company with the ability to borrow up to $200.0 million with a sub-limit of up to $50.0 million for letters of credit and includes an “accordion” feature which, if exercised and subject to agreement by the lenders and the satisfaction of certain conditions, would increase total commitments by up to $100.0 million . Availability under the Revolving Credit Facility may be limited by the terms of the 7.750% Senior Notes. The Revolving Credit Facility matures in March 2019. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at Era Group’s election, either a base rate or LIBOR, each as defined, plus an applicable margin. The applicable margin is based on the Company’s ratio of funded debt to EBITDA, as defined, and ranges from 75 to 200 basis points on the base rate margin and 175 to 300 basis points on the LIBOR margin. The applicable margin as of December 31, 2017 was 200 basis points on the “base rate” margin and 300 basis points on the LIBOR margin. In addition, Era Group is required to pay a quarterly commitment fee based on the average unfunded portion of the committed amount at a rate based on the Company’s ratio of funded debt to EBITDA, as defined, that ranges from 37.5 to 50 basis points. As of December 31, 2017 , the commitment fee was 50 basis points. The obligations under the Revolving Credit Facility are secured by a portion of the Company’s helicopter fleet and other tangible assets and are guaranteed by Era Group’s wholly owned U.S. subsidiaries. The Revolving Credit Facility contains various restrictive covenants including that we maintain a maximum senior secured leverage ratio, as defined, a minimum interest coverage ratio and a minimum ratio of the sum of the fair market value of mortgaged helicopters, accounts receivable and inventory to committed amounts under the Revolving Credit Facility as well as other customary covenants including certain restrictions on the Company’s ability to enter into certain transactions, including those that could result in the incurrence of additional indebtedness and liens, the making of loans, guarantees or investments, sales of assets, payments of dividends or repurchases of capital stock, and entering into transactions with affiliates. As of December 31, 2017, we are in compliance with all debt covenants. As of December 31, 2017 , Era Group had $39.0 million of outstanding borrowings under the Revolving Credit Facility, and the remaining availability was $75.8 million based on the borrowing base of such date, net of issued letters of credit of $1.3 million . The availability under the Revolving Credit Facility is subject to the Company’s ability to maintain compliance with the financial ratios discussed above. In connection with Amendment No. 3 to the Revolving Credit Facility, which reduced the total commitment amount of the facility to $200.0 million , Era Group wrote off previously incurred debt issuance costs of $0.5 million and incurred additional debt issuance costs of $0.9 million in 2016. The additional debt issuance costs are included in other assets on the consolidated balance sheets and are amortized to interest expense in the consolidated statements of operations over the life of the Revolving Credit Facility. On March 7, 2018 , Era Group entered into a Consent and Amendment No. 4 to the Amended and Restated Senior Secured Revolving Credit Facility Agreement that, among other things, (a) reduced the aggregate principal amount of revolving loan commitments from $200.0 million to $125.0 million , (b) extended the agreement’s maturity until March 31, 2021, (c) revised the definition of EBITDA to permit an add-back for ongoing litigation expenses related to the H225 helicopters, and (d) adjusted the covenant requirement to maintain an interest coverage ratio of not less than 1.75 :1:00 and a senior secured leverage ratio of not more than 3.25 :100. The applicable margin is based on the Company’s ratio of funded debt to EBITDA, and has increased by 50 basis points at each tier from the previous amendment. Promissory Notes . On December 23, 2010, the Company entered into a promissory note for $27.0 million to purchase a heavy helicopter. Upon maturity of the note on December 20, 2015, the Company refinanced the then outstanding balance of $19.0 million . The new note is secured by a helicopter and bears interest at the one-month LIBOR rate plus 181 basis points. The interest rate resets monthly and at December 31, 2017 was 2.47% . The note requires monthly principal and interest payments of $0.1 million with a final payment of $12.8 million due in December 2020. On November 24, 2010, the Company entered into a promissory note for $11.7 million to purchase a medium helicopter. Upon maturity of the note on December 1, 2015, the Company refinanced the then outstanding balance of $5.9 million . The new note is secured by a helicopter and bears interest at the one-month LIBOR rate plus 181 basis points. The interest rate resets monthly and at December 31, 2017 was 2.43% . The note requires monthly principal and interest payments of less than $0.1 million with a final payment of $4.0 million due in December 2020. In connection with the refinancing, the Company paid a total of $0.1 million in debt issuance costs in 2015. During 2016, the notes were amended to, among other things, provide for cross-collateralization such that each helicopter now secures both promissory notes. Aeróleo Debt . In connection with the transfer of partnership interests discussed in Note 5 , the Company’s former partner assigned two existing notes receivable from Aeróleo totaling $8.3 million to the Company’s new partner. In June 2016, the Company and its partner in Aeróleo each contributed notes payable to them by Aeróleo, including these two notes, as a contribution of additional capital into Aeróleo. As a result, $6.3 million of debt due to the Company’s partner in Aeróleo was recorded in net loss attributable to noncontrolling interest in subsidiaries on the consolidated statements of operations. In addition, on October 1, 2015, Aeróleo had an existing loan from a third party with a balance of $1.4 million . The note was payable in Brazilian reals, bore interest at a rate of 19.0% per annum and called for equal monthly payments of principal and interest with the final payment due in September 2016. In June 2016, the Company prepaid principal and interest of $1.5 million to settle the note in full. The Company has also settled certain tax disputes in Brazil totaling $3.0 million under the PERT Program and has agreed to make installment payments on the amounts due to the applicable taxing authorities. The installments are payable in Brazilian reals and bear interest at a rate equal to the overnight rate as published by the Central Bank of Brazil and will be paid over the next 19 to 63 months as of December 31, 2017. Such amounts are included in the schedule of long-term debt maturities noted above. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the exercise of outstanding stock options. Computations of basic and diluted earnings per common share for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands, except share and per share data): 2017 2016 2015 Net income (loss) attributable to Era Group Inc. $ (28,161 ) $ (7,978 ) $ 8,705 Net income attributable to participating securities $ — $ — $ 121 Net income (loss) attributable to fully vested common stock $ (28,161 ) $ (7,978 ) $ 8,584 Shares: Weighted average number of common shares outstanding—basic 20,760,530 20,350,066 20,228,370 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (1) — 42,386 Weighted average number of common shares outstanding—diluted 20,760,530 20,350,066 20,270,756 Earnings per common share: Basic $ (1.36 ) $ (0.39 ) $ 0.42 Diluted $ (1.36 ) $ (0.39 ) $ 0.42 _______________ (1) Excludes weighted average common shares of 273,255 , 294,273 and 209,446 for the years ended December 31, 2017 , 2016 and 2015 , respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Share Incentive Plans. In 2013, the Company adopted the Era Group Inc. 2012 Incentive Plan (“2012 Plan”) under which a maximum of 4,000,000 shares of the Company’s common stock are reserved for issuance. Awards granted under the 2012 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other share-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. Era Group’s board of directors determines, for each award, whether to issue new shares or shares from the Company’s treasury account. As of December 31, 2017 and 2016 , 2,525,563 and 2,747,662 shares, respectively, remained available for grant under the 2012 Plan. In 2013, the Company adopted the Era Group Inc. 2013 Employee Stock Purchase Plan (“ESPP”) under which the Company may offer up to a maximum of 300,000 shares of the Company’s common stock for purchase by eligible employees at a price equal to 85% of the lesser of (i) the fair market value of Common Stock on the first day of the offering period or (ii) the fair market value of Common Stock on the last day of the offering period. Common Stock is made available for purchase under the ESPP for six -month offering periods. The ESPP is intended to comply with Section 423 of the Code but is not intended to be subject to Section 401(a) of the Code or the Employee Retirement Income Security Act of 1974. The Board of Directors of the Company may amend or terminate the ESPP at any time; however, no increase in the number of shares of Common Stock reserved for issuance under the ESPP may be made without stockholder approval. In 2016, the Board of Directors authorized an additional 400,000 to be reserved for issuance under the ESPP, which was approved by the stockholders of the Company at the Company’s annual meeting in 2017. The ESPP has a term of ten years. As of December 31, 2017 and 2016 , 336,763 and 461,811 shares, respectively, remained available for issuance under the ESPP. During the year ended December 31, 2017 , the Company issued 125,102 shares under the ESPP. Total share-based compensation expense, which includes stock options, restricted stock and ESPP purchases, was $4.6 million , $4.6 million and $3.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. A portion of the restricted stock awards are performance-based. As of December 31, 2017 , the Company had approximately $2.8 million in total unrecognized compensation costs, and the weighted average period over which it is expected to be recognized is 1.7 years. Restricted Stock Awards. During the year ended December 31, 2017 , the number of shares and the weighted average grant price of restricted stock award transactions were as follows: 2017 Number of Shares Weighted Average Grant Price Non-vested as of December 31, 2016 503,407 $ 14.60 Restricted stock awards granted: Non-employee directors 30,853 $ 11.67 Employees 266,403 $ 11.44 Vested (381,017 ) $ 14.36 Forfeited (36,773 ) $ 11.46 Non-vested as of December 31, 2017 382,873 $ 12.68 During the years ended December 31, 2017 , 2016 and 2015 , the Company awarded 297,256 , 342,913 and 193,668 shares, respectively, of restricted stock at a weighted average grant date fair value of $11.44 , $10.56 and $20.82 , respectively. The total fair value of shares vested during the years ended December 31, 2017 , 2016 and 2015 , determined using the closing price on the grant date, was $5.5 million , $3.2 million and $1.9 million , respectively. Stock Option Grants. During the year ended December 31, 2017 , the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows: Non-vested Options Vested/Exercisable Options Total Options Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Outstanding as of December 31, 2016 70,000 $ 7.94 213,764 $ 18.84 283,764 $ 19.54 Granted Vested (48,750 ) $ 7.84 48,750 $ 20.84 Exercised Expired (13,384 ) $ 16.74 (13,384 ) $ 16.74 Forfeited (6,250 ) $ 10.86 (18,750 ) $ 29.24 (25,000 ) $ 29.24 Outstanding as of December 31, 2017 15,000 $ 7.04 230,380 $ 18.54 245,380 $ 18.71 The Company did not grant any options during the years ended December 31, 2017 and December 31, 2016 . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Prior to January 31, 2013, the Company was wholly owned by SEACOR Holdings Inc. (along with its other majority-owned subsidiaries being collectively referred to as “SEACOR”) and represented SEACOR’s aviation services business segment. On January 31, 2013, SEACOR then completed a spin-off by means of a dividend to SEACOR’s stockholders of all of the Company’s issued and outstanding common stock (the “Spin-off”). During the year ended December 31, 2015 , the Company provided less than $0.1 million of aviation services to SEACOR under flight charter arrangements. Such amounts are recorded in operating revenues on the consolidated statements of operations. The Company did not provide any such services to SEACOR during the years ended December 31, 2017 and 2016. Prior to the Spin-off, as part of a consolidated group, certain costs and expenses of the Company were borne by SEACOR and charged to the Company. In conjunction with the Spin-off, the Company entered into an Amended and Restated Transition Services Agreement with SEACOR. Subsequent to January 31, 2013 and through the termination of the Amended and Restated Transition Services Agreement on June 30, 2015, these costs were classified in administrative and general expenses in the consolidated statements of operations. Such costs totaled $0.6 million and $3.0 million during the years ended December 31, 2016 and 2015 , respectively. Additionally, the Company leases office space from SEACOR. For each of the years ended December 31, 2017 , 2016 and 2015 , the Company paid $0.4 million to SEACOR for rent and utilities, which are included in administrative and general expenses on the consolidated statements of operations. During the years ended December 31, 2017 , 2016 and 2015 , the Company purchased products and services from Dart totaling $2.0 million , $1.9 million and $2.1 million , respectively, and had a note receivable from Dart with a balance of $2.8 million and $3.2 million at December 31, 2017 and 2016 , respectively. Purchases from Dart are included in operating expenses on the consolidated statements of income, and the note receivable is included in equity investments and advances on the consolidated balance sheets. During the years ended December 31, 2017 , 2016 and 2015 , the Company provided helicopter, management and other services to Era Training Center totaling $0.2 million , $0.2 million and $0.4 million , respectively, and incurred $0.5 million , $0.6 million and $0.5 million , respectively, for flight training device fees. Revenues from Era Training Center are recorded in operating revenues, and expenses incurred are recorded in operating expenses on the consolidated statements of operations. At December 31, 2017 and 2016 , the Company had a note receivable from Era Training Center with a balance of $3.7 million and $4.0 million , respectively, which is recorded in equity investments and advances on the consolidated balance sheets. In June 2016, the Company and its partner in Aeróleo each contributed notes payable to them by Aeróleo as a contribution of additional capital into Aeróleo. See further discussion in Note 8 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company’s unfunded capital commitments as of December 31, 2017 consisted primarily of agreements to purchase helicopters and totaled $117.7 million , of which $106.4 million is payable in 2018 with the balance payable through 2019 . The non-cancellable portion of helicopter commitments payable in 2018 was $2.8 million . The Company also had $1.3 million of deposits paid on options not yet exercised. The Company may terminate $116.2 million of its total commitments, inclusive of deposits paid on options not yet exercised, without further liability other than liquidated damages of $2.6 million in the aggregate. Brazilian Tax Disputes The Company is disputing assessments of approximately $7.1 million in taxes, penalties and interest levied by the municipal authorities of Rio de Janeiro (for the period between 2000 to 2005) and Macaé (for the period between 2001 to 2006) (collectively, the “Municipal Assessments”). The Company believes that, based on its interpretation of tax legislation supported by clarifying guidance provided by the Supreme Court of Brazil with respect to the issue in a 2006 ruling, it is in compliance with all applicable tax legislation, has paid all applicable taxes, penalties and interest and plans to defend these claims vigorously at the administrative levels in each jurisdiction. In the event the Municipal Assessments are upheld at the last administrative level, it may be necessary for the Company to deposit the amounts at issue as security to pursue further appeals. In 2015, the Company received a final, unfavorable ruling with respect to a similar assessment levied by the Rio de Janeiro State Treasury for the periods between 1994 to 1998 (the “1998 Assessments”). The 1998 Assessments were upheld without taking into consideration the benefit of the clarifying guidance issued by the Supreme Court following the assertion of the claims. The final adjudication of the 1998 Assessments requires payment of amounts that are within the established accruals, will be paid in multiple installments over time and are not expected to have a material effect on the Company’s financial position or results of operations. At December 31, 2017 , it is not possible to determine the outcome of the Municipal Assessments, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. In addition, it is not possible to reasonably estimate the likelihood or potential amount of assessments that may be issued for any subsequent periods. The Company is disputing responsibility for $3.0 million of employer social security contributions required to have been remitted by one of its customers relating to the period from 1995 to 1998. Although the Company may be deemed co-responsible for such remittances under the local regulatory regime, the customer’s payments to the Company against presented invoices were made net of the specific remittances required to have been made by the customer and at issue in the claim. As such, the Company plans to defend this claim vigorously. At December 31, 2017 , it is not possible to determine the outcome of this matter, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. The Company is disputing certain penalties that are being assessed by the State of Rio de Janeiro in respect of the Company’s alleged failure to submit accurate documentation and to fully comply with filing requirements with respect to certain value-added taxes. The Company elected to make payment of $0.2 million in installments over time to satisfy a portion of these penalties. Upon confirming with the asserting authority that the originally proposed penalties of $1.6 million with respect to the balance of the assessments were calculated based on amounts containing a typographical error, the aggregate penalties that remain in dispute total $0.4 million . At December 31, 2017 , it is not possible to determine the outcome of this matter, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. The Company is disputing the imposition of $1.0 million in fines levied by the Brazilian customs authorities. These fines relate to the Company’s alleged failure to comply with certain deadlines under the temporary regime pursuant to which it imports helicopters into Brazil. In order to dispute such fines and pursue its legal remedies within the judicial system, the Company deposited certain amounts at issue as security into an escrow account with the presiding judge in the matters who controls the release of such funds pending the outcome. The Company believes its documentation evidences its timely compliance with the relevant deadlines. As such, the Company plans to defend these claims vigorously. At December 31, 2017 , it is not possible to determine the outcome of these matters, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. The Company is disputing fines of $0.3 million sought by taxing authorities in Brazil following the final adjudication to disallow certain tax credits applied by the Company to offset certain social tax liabilities. The fine is calculated as 50% of the incremental tax liability resulting from the disallowance of the tax credits and has been applied without taking into account the circumstances relating to the disallowance of such tax credits. The constitutionality of such fines is under review by the Supreme Court in Brazil. There are a number of cases in which taxpayers have received favorable rulings due to the lack of constitutionality of the law. As such, the Company plans to defend this claim vigorously. At December 31, 2017 , it is not possible to determine the outcome, but the Company does not expect that it would have a material adverse impact on its business, financial position or results of operations. The Company is disputing contingent fees of $0.6 million sought by its former tax consultant that have been calculated based on unrealized tax savings attributed to the consultant’s suggested tax strategies. The Company contends that fees are due only upon realized tax savings. At December 31, 2017 , it is not possible to determine the outcome of these matters, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. In the normal course of business, the Company may become involved in various employment-related litigation matters. At December 31, 2017 , it is not possible to determine the outcome of several of these claims wherein an aggregate of $0.1 million above the Company’s established accrual is being sought. The Company does not expect that the outcome with respect to such claims would have a material adverse effect on its business, financial position or results of operations. The Company is also disputing claims from the Brazilian tax authorities with respect to federal customs taxes levied upon the helicopters leased by the Company and imported into Brazil under a temporary regime and subject to re-export. In order to dispute such assessments and pursue its available legal remedies within the judicial system, the Company deposited the amounts at issue as security into an escrow account that serves as security and with the presiding judge in the matters controlling the release of such funds. The Company believes that, based on its and interpretation of tax legislation and well established aviation industry practice, it is not required to pay such taxes and plans to defend these claims vigorously. At December 31, 2017 , it is not possible to determine the outcome of this matter, but the Company does not expect that the outcome would have a material adverse effect on its business, financial position or results of operations. As it relates to the specific cases referred to above, the Company currently anticipates that any administrative fine or penalty ultimately would not have a material effect on its financial position or results of operations. The Company has deposited $10.3 million into escrow accounts controlled by the court with respect to certain of the cases described above and has fully reserved such amounts subject to final determination and the judicial release of such escrow deposits. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s intentions and experience. Other On November 21, 2016, we filed a lawsuit in the District Court of Dallas County, Texas against Airbus Helicopters, Inc. and Airbus Helicopters S.A.S. (collectively, “Airbus”) alleging breaches of various contracts between us, fraudulent inducement and unjust enrichment in connection with the sale by Airbus of H225 model helicopters to us. On October 26, 2017, we added claims against Airbus for fraud and negligent misrepresentation, and on December 28, 2017, we amended our complaint to seek damages attributable to the impact of Airbus’ unlawful acts on the value of an H225 that we purchased from another helicopter operator. We seek compensation for our monetary damages in an amount to be determined. We cannot predict the ultimate outcome of the litigation. From time to time, we are involved in various legal actions incidental to our business, including actions relating to employee claims, actions relating to medical malpractice claims, various tax issues, grievance hearings before labor regulatory agencies, and miscellaneous third party tort actions. The outcome of these proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of these proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows. Settlements In April 2014, the Company entered into a settlement agreement with Airbus Helicopters (formerly Eurocopter), a division of Airbus Group (formerly European Aeronautic Defense and Space Company), with respect to the extended suspension of operations of H225 heavy helicopters in 2012 and 2013. The settlement agreement provided for certain service and product credit discounts available to the Company to be applied against support services available from Airbus Helicopters covering spare parts, repair and overhaul, service bulletins, technical assistance or other services. During the years ended December 31, 2016 and 2015 , the Company utilized such credits in the amount of $1.7 million and $5.0 million , respectively. As of December 31, 2016, the Company had utilized all credits available under the agreement. Minimum Lease Payments As of December 31, 2017 , the Company leased four helicopters and certain facilities and equipment. These leasing agreements have been classified as operating leases for financial reporting purposes and related rental fees are charged to expense over the lease terms. The leases generally contain purchase and lease renewal options or rights of first refusal with respect to sale or lease of the equipment. The lease terms range in duration from one to ten years. Total rental expense for the Company’s operating leases for the years ended December 31, 2017 , 2016 and 2015 was $5.5 million , $5.7 million and $4.5 million , respectively. The Company’s scheduled minimum lease payments under operating leases that have a remaining term in excess of one year as of December 31, 2017 were as follows (in thousands): Minimum Payments 2018 $ 1,172 2019 1,190 2020 1,090 2021 811 2022 488 Years subsequent to 2022 10,244 |
SEGMENT INFORMATION, MAJOR CUST
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA The Company has determined that its operations comprise a single segment. Helicopters are highly mobile and may be utilized in any of the Company’s service lines as business needs dictate. For the year ended December 31, 2017 , Anadarko Petroleum Corporation (“Anadarko”), Petrobras and the U.S. government accounted for 28% , 22% and 16% , respectively, of the Company’s operating revenues. For the year ended December 31, 2016 , Anadarko, Petrobras and the U.S. government accounted for 24% , 20% and 16% , respectively, of the Company’s operating revenues. For the year ended December 31, 2015 , Anadarko and the U.S. government accounted for 27% and 13% , respectively, of the Company’s operating revenues. For the years ended December 31, 2017 , 2016 and 2015 , approximately 34% , 31% and 21% , respectively, of the Company’s operating revenues were derived from foreign operations. The Company’s foreign revenues are primarily derived from oil and gas operations in Brazil, Colombia and Suriname as well as leasing activities. The following represents the Company’s operating revenues by geographical region in which services are provided for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Operating revenues: United States $ 152,187 $ 171,121 $ 222,465 Latin America and the Caribbean 68,936 64,007 40,420 Europe 5,029 5,924 10,582 Asia 5,169 6,176 8,370 $ 231,321 $ 247,228 $ 281,837 The Company’s long-lived assets are primarily its property and equipment employed in various geographical regions of the world. The following represents the Company’s property and equipment, net of accumulated depreciation, based upon the assets’ physical locations as of December 31, 2017 and 2016 (in thousands): 2017 2016 Property and equipment, net: United States $ 533,800 $ 578,900 Latin America and the Caribbean 120,152 147,828 Europe 6,697 76,575 Asia 13,265 18,506 $ 673,914 $ 821,809 The Company’s Brazilian operations include 211 employees, representing approximately 28% of the Company’s total workforce, that are covered under collective bargaining agreements, none of which expire within the next year. Any disputes with its employees over the terms of the collective bargaining agreements could result in strikes or other work stoppages, higher labor costs or other conditions that may have a material adverse effect on the Company’s financial condition or results of operations. |
SUPPLEMENTAL INFORMATION FOR ST
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS | SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS Supplemental cash flow information for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 2015 Income taxes paid, net of refunds $ (426 ) $ (5,978 ) $ 5,960 Interest paid to others, excluding capitalized interest 15,315 15,268 12,642 Schedule of non-cash investing and financing activities: Contribution of notes payable as additional capital into Aeróleo — 6,349 — Settlement of accrued contingent liabilities through installment obligations 386 2,486 — Company financed sale of equipment and parts — — 1,248 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected financial information for interim quarterly periods is presented below (in thousands, except per share data). Earnings (loss) per common share are computed independently for each of the quarters presented, and the sum of the quarterly earnings (loss) per share may not necessarily equal the total for the year: Three Months Ended Mar. 31 Jun. 30 Sep. 30 (1) Dec. 31 (2) 2017 Operating revenues $ 54,527 $ 57,878 $ 61,385 $ 57,531 Operating income (loss) $ (5,056 ) $ (276 ) $ (122,773 ) $ (8,359 ) Net income (loss) $ (5,787 ) $ (3,072 ) $ (81,215 ) $ 61,459 Net income (loss) attributable to common shares $ (5,620 ) $ (2,787 ) $ (81,448 ) $ 61,694 Earnings (loss) per common share - basic $ (0.27 ) $ (0.13 ) $ (3.91 ) $ 2.89 Earnings (loss) per common share - diluted $ (0.27 ) $ (0.13 ) $ (3.91 ) $ 2.89 Three Months Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 (3) 2016 Operating revenues $ 62,582 $ 63,351 $ 65,006 $ 56,289 Operating income (loss) $ (805 ) $ (3,509 ) $ 2,366 $ (1,421 ) Net income (loss) $ (3,950 ) $ (4,510 ) $ (802 ) $ (5,648 ) Net income (loss) attributable to common shares $ (3,818 ) $ 1,938 $ (560 ) $ (5,538 ) Earnings (loss) per common share - basic $ (0.19 ) $ 0.09 $ (0.03 ) $ (0.27 ) Earnings (loss) per common share - diluted $ (0.19 ) $ 0.09 $ (0.03 ) $ (0.27 ) _______________ (1) The third quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the third quarter 2017 was a $1.2 million increase in operating loss, including a $0.2 million increase in operating expense, a $0.7 million increase in general and administrative expense, $0.3 million increase in loss on impairment, a $0.9 million increase in tax benefit, a $0.3 million increase in net loss and net loss attributable to common shares, a $0.02 increase in loss per common share. (2) The fourth quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the fourth quarter 2017 was a $0.3 million increase in operating loss, including a $0.4 million increase in operating expense, a $0.2 million decrease in depreciation and amortization expense, a $0.1 million decrease in general and administrative expense, a $0.2 million decrease in gains on asset dispositions, a $1.2 million increase in interest expense, a $0.2 million increase in tax benefit, a $1.4 million decrease in net loss and net loss attributable to common shares, a $0.05 decrease in loss per common share. (3) The fourth quarter of 2016 includes adjustments that were immaterial to the fiscal year ended December 31, 2016 and to prior periods. The impact of the corrections made in the fourth quarter of 2016 was a $1.7 million decrease in operating income, including a $2.0 million increase in operating expense, a $0.5 million decrease in depreciation and amortization expense and a $0.3 million decrease in gains on asset dispositions, a $1.0 million increase in net loss and net loss attributable to common shares and a $0.05 increase in loss per common share. |
GUARANTORS OF SECURITIES
GUARANTORS OF SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
GUARANTORS OF SECURITIES | GUARANTORS OF SECURITIES Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several. As a result of the agreement by the Guarantors to guarantee the 7.750% Senior Notes, the Company presents the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the accompanying consolidated financial statements and notes of the Company. Supplemental Condensed Consolidating Balance Sheet as of December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 10,800 $ — $ 2,783 $ — $ 13,583 Receivables: Trade, net of allowance for doubtful accounts — 33,092 5,872 — 38,964 Tax receivables — — 2,829 — 2,829 Other — 1,126 497 — 1,623 Inventories, net — 20,746 366 — 21,112 Prepaid expenses 349 721 133 — 1,203 Escrow deposits — 3,250 — — 3,250 Total current assets 11,149 58,935 12,480 — 82,564 Property and equipment — 956,918 16,024 — 972,942 Accumulated depreciation — (296,573 ) (2,455 ) — (299,028 ) Net property and equipment — 660,345 13,569 — 673,914 Equity investments and advances — 30,056 — — 30,056 Investments in consolidated subsidiaries 161,350 — — (161,350 ) — Intangible assets — — 1,122 — 1,122 Deferred income taxes 19,600 — — (19,600 ) — Intercompany receivables 426,806 — — (426,806 ) — Other assets 1,011 3,370 60 — 4,441 Total assets $ 619,916 $ 752,706 $ 27,231 $ (607,756 ) $ 792,097 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 638 $ 13,655 $ 2,128 $ — $ 16,421 Accrued wages and benefits — 6,804 1,460 — 8,264 Accrued interest 549 57 — — 606 Accrued income taxes — 24 4 — 28 Current portion of long-term debt — 1,663 1,073 — 2,736 Accrued other taxes 18 1,192 600 — 1,810 Accrued contingencies — — 859 — 859 Other current liabilities 848 835 37 — 1,720 Total current liabilities 2,053 24,230 6,161 — 32,444 Long-term debt 172,292 27,979 1,903 — 202,174 Deferred income taxes — 124,948 1,250 (19,600 ) 106,598 Intercompany payables — 381,660 45,146 (426,806 ) — Other liabilities — 1,435 (1 ) — 1,434 Total liabilities 174,345 560,252 54,459 (446,406 ) 342,650 Redeemable noncontrolling interest — 4 3,762 — 3,766 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares 215 — — — 215 Additional paid-in capital 443,944 100,306 4,562 (104,868 ) 443,944 Retained earnings 4,363 92,034 (35,552 ) (56,482 ) 4,363 Treasury shares, at cost, 214,441 shares (2,951 ) — — — (2,951 ) Accumulated other comprehensive income, net of tax — 110 — — 110 Total equity 445,571 192,450 (30,990 ) (161,350 ) 445,681 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 619,916 $ 752,706 $ 27,231 $ (607,756 ) $ 792,097 Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 25,474 $ — $ 1,476 $ — $ 26,950 Receivables: Trade, net of allowance for doubtful accounts of $2,103 39 26,118 6,313 — 32,470 Tax receivables 9 4 3,448 — 3,461 Other — 1,658 1,058 — 2,716 Inventories, net — 25,156 261 — 25,417 Prepaid expenses 359 976 244 — 1,579 Escrow deposits — 3,777 — — 3,777 Total current assets 25,881 57,689 12,800 — 96,370 Property and equipment — 1,138,020 16,008 — 1,154,028 Accumulated depreciation — (330,735 ) (1,484 ) — (332,219 ) Net property and equipment — 807,285 14,524 — 821,809 Equity investments and advances — 29,266 — — 29,266 Investments in consolidated subsidiaries 174,830 — — (174,830 ) — Intangible assets — — 1,137 — 1,137 Deferred income taxes 12,262 — — (12,262 ) — Intercompany receivables 460,623 — — (460,623 ) — Other assets 1,820 4,723 48 — 6,591 Total assets $ 675,416 $ 898,963 $ 28,509 $ (647,715 ) $ 955,173 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 322 $ 6,273 $ 2,281 $ — $ 8,876 Accrued wages and benefits — 6,446 2,061 — 8,507 Accrued interest 529 — — — 529 Accrued income taxes — 653 13 — 666 Current portion of long-term debt — 1,524 615 — 2,139 Accrued other taxes 29 645 773 — 1,447 Accrued contingencies — — 1,237 — 1,237 Other current liabilities 481 1,525 216 — 2,222 Total current liabilities 1,361 17,066 7,196 — 25,623 Long-term debt 205,730 21,642 2,767 — 230,139 Deferred income taxes — 237,067 667 (12,262 ) 225,472 Intercompany payables — 426,410 34,213 (460,623 ) — Other liabilities — 1,301 — — 1,301 Total liabilities 207,091 703,486 44,843 (472,885 ) 482,535 Redeemable noncontrolling interest — 4 4,217 — 4,221 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares 211 — — — 211 Additional paid-in capital 438,489 100,306 4,562 (104,868 ) 438,489 Retained earnings 32,524 95,075 (25,113 ) (69,962 ) 32,524 Treasury shares, at cost, 175,350 shares (2,899 ) — — — (2,899 ) Accumulated other comprehensive income, net of tax — 92 — — 92 Total equity 468,325 195,473 (20,551 ) (174,830 ) 468,417 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 675,416 $ 898,963 $ 28,509 $ (647,715 ) $ 955,173 Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 201,653 $ 60,466 $ (30,798 ) $ 231,321 Costs and expenses: Operating — 133,077 65,167 (30,798 ) 167,446 Administrative and general 7,887 28,451 5,754 — 42,092 Depreciation — 44,756 980 — 45,736 Total costs and expenses 7,887 206,284 71,901 (30,798 ) 255,274 Gains on asset dispositions, net — 4,364 143 — 4,507 Loss on impairment — (116,586 ) (432 ) — (117,018 ) Operating income (loss) (7,887 ) (116,853 ) (11,724 ) — (136,464 ) Other income (expense): Interest income 108 419 233 — 760 Interest expense (14,495 ) (800 ) (1,468 ) — (16,763 ) Foreign currency gains, net 256 330 (812 ) — (226 ) Other, net — 143 (155 ) — (12 ) Total other income (expense) (14,131 ) 92 (2,202 ) — (16,241 ) Income (loss) before income taxes and equity earnings (22,018 ) (116,761 ) (13,926 ) — (152,705 ) Income tax expense (benefit) (7,338 ) (112,295 ) (3,032 ) — (122,665 ) Income (loss) before equity earnings (14,680 ) (4,466 ) (10,894 ) — (30,040 ) Equity earnings, net of tax 1,425 — 1,425 Equity in earnings (losses) of subsidiaries (13,481 ) — — 13,481 — Net income (loss) (28,161 ) (3,041 ) (10,894 ) 13,481 (28,615 ) Net loss attributable to non-controlling interest in subsidiary — — 454 — 454 Net income (loss) attributable to Era Group Inc. $ (28,161 ) $ (3,041 ) $ (10,440 ) $ 13,481 $ (28,161 ) Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 225,773 $ 61,514 $ (40,059 ) $ 247,228 Costs and expenses: Operating — 138,350 71,572 (40,059 ) 169,863 Administrative and general 3,744 27,834 4,628 — 36,206 Depreciation — 48,248 1,067 — 49,315 Total costs and expenses 3,744 214,432 77,267 (40,059 ) 255,384 Gains on asset dispositions, net — 5,035 (248 ) — 4,787 Operating income (3,744 ) 16,376 (16,001 ) — (3,369 ) Other income (expense): Interest income 56 472 213 — 741 Interest expense (16,033 ) (809 ) (483 ) — (17,325 ) Derivative losses, net — — — — — Foreign currency gains (losses), net (77 ) (879 ) 963 — 7 Gain on debt extinguishment 518 — — — 518 Other, net — 11 58 — 69 Total other income (expense) (15,536 ) (1,205 ) 751 — (15,990 ) Income (loss) before income taxes and equity earnings (19,280 ) 15,171 (15,250 ) — (19,359 ) Income tax expense (benefit) (8,807 ) 4,971 479 — (3,357 ) Income (loss) before equity earnings (10,473 ) 10,200 (15,729 ) — (16,002 ) Equity earnings, net of tax — 1,092 — — 1,092 Equity in earnings (losses) of subsidiaries 2,495 — — (2,495 ) — Net income (loss) (7,978 ) 11,292 (15,729 ) (2,495 ) (14,910 ) Net income attributable to non-controlling interest in subsidiary — 6,349 583 — 6,932 Net income (loss) attributable to Era Group Inc. $ (7,978 ) $ 17,641 $ (15,146 ) $ (2,495 ) $ (7,978 ) Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 262,898 $ 18,952 $ (13 ) $ 281,837 Costs and expenses: Operating — 149,702 21,792 (13 ) 171,481 Administrative and general 6,484 33,326 3,002 — 42,812 Depreciation — 46,722 615 — 47,337 Total costs and expenses 6,484 229,750 25,409 (13 ) 261,630 Gains on asset dispositions, net — 8,582 (2,629 ) — 5,953 Goodwill impairment — (352 ) (1,514 ) — (1,866 ) Operating income (loss) (6,484 ) 41,378 (10,600 ) — 24,294 Other income (expense): Interest income 16 900 275 — 1,191 Interest expense (12,479 ) (773 ) (274 ) — (13,526 ) Intercompany interest income (expense) — — — — — Foreign currency gains (losses), net 569 (3,119 ) (40 ) — (2,590 ) Gain on debt extinguishment 1,617 — — — 1,617 Gain on sale of FBO 12,946 — — — 12,946 Other, net (3 ) 63 (15 ) — 45 Total other income (expense) 2,666 (2,947 ) (54 ) — (335 ) Income (loss) before income taxes and equity earnings (3,818 ) 38,431 (10,654 ) — 23,959 Income tax expense (benefit) (3,368 ) 17,625 (140 ) — 14,117 Income (loss) before equity earnings (450 ) 20,806 (10,514 ) — 9,842 Equity losses, net of tax — (1,943 ) — — (1,943 ) Equity in earnings (losses) of subsidiaries 9,155 — — (9,155 ) — Net income (loss) 8,705 18,863 (10,514 ) (9,155 ) 7,899 Net loss attributable to non-controlling interest in subsidiary — 376 430 — 806 Net income (loss) attributable to Era Group Inc. $ 8,705 $ 19,239 $ (10,084 ) $ (9,155 ) $ 8,705 Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ (28,161 ) $ (3,041 ) $ (10,894 ) $ 13,481 $ (28,615 ) Other comprehensive income (loss): Foreign currency translation adjustments — 18 — — 18 Income tax benefit — — — — — Total other comprehensive income (loss) — 18 — — 18 Comprehensive income (loss) (28,161 ) (3,023 ) (10,894 ) 13,481 (28,597 ) Comprehensive loss attributable to non-controlling interest in subsidiary — — 454 — 454 Comprehensive income (loss) attributable to Era Group Inc. $ (28,161 ) $ (3,023 ) $ (10,440 ) $ 13,481 $ (28,143 ) Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ (7,978 ) $ 11,292 $ (15,729 ) $ (2,495 ) $ (14,910 ) Other comprehensive loss: Foreign currency translation adjustments — — — — — Income tax benefit — — — — — Total other comprehensive loss — — — — — Comprehensive income (loss) (7,978 ) 11,292 (15,729 ) (2,495 ) (14,910 ) Comprehensive loss attributable to non-controlling interest in subsidiary — 6,349 583 — 6,932 Comprehensive income (loss) attributable to Era Group Inc. $ (7,978 ) $ 17,641 $ (15,146 ) $ (2,495 ) $ (7,978 ) Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ 8,705 $ 18,863 $ (10,514 ) $ (9,155 ) $ 7,899 Other comprehensive loss: Foreign currency translation adjustments — (4 ) — — (4 ) Income tax benefit — 1 — — 1 Total other comprehensive loss — (3 ) — — (3 ) Comprehensive income (loss) 8,705 18,860 (10,514 ) (9,155 ) 7,896 Comprehensive loss attributable to non-controlling interest in subsidiary — 376 430 — 806 Comprehensive income (loss) attributable to Era Group Inc. $ 8,705 $ 19,236 $ (10,084 ) $ (9,155 ) $ 8,702 Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by (used in) operating activities $ (14,706 ) $ 32,601 $ 2,201 $ — $ 20,096 Cash flows from investing activities: Purchases of property and equipment — (16,600 ) (170 ) — (16,770 ) Proceeds from disposition of property and equipment — 9,392 — — 9,392 Principal payments on notes due from equity investees — 761 — — 761 Investments in and advances to equity investees — (126 ) — — (126 ) Principal payments on third party notes receivable — 169 — — 169 Escrow deposits on like-kind exchanges, net — 527 — — 527 Net cash used in investing activities — (5,877 ) (170 ) — (6,047 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — 8,000 — 9,000 17,000 Payments on long-term debt — (1,526 ) (755 ) (43,000 ) (45,281 ) Proceeds from share award plans — — — 836 836 Purchase of treasury shares — — — (52 ) (52 ) Borrowings and repayments of intercompany debt — (33,216 ) — 33,216 — Net cash used in financing activities — (26,742 ) (755 ) — (27,497 ) Effects of exchange rate changes on cash and cash equivalents 32 18 31 — 81 Net increase (decrease) in cash and cash equivalents (14,674 ) — 1,307 — (13,367 ) Cash and cash equivalents, beginning of period 25,474 — 1,476 — 26,950 Cash and cash equivalents, end of period $ 10,800 $ — $ 2,783 $ — $ 13,583 Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by (used in) operating activities $ 17,909 $ 41,239 $ (644 ) $ — $ 58,504 Cash flows from investing activities: Purchases of property and equipment — (39,020 ) (180 ) (39,200 ) Proceeds from disposition of property and equipment — 28,381 228 28,609 Return of helicopter deposits — 544 — — 544 Principal payments on notes due from equity investees — 723 — — 723 Principal payments on third party notes receivable — 208 — — 208 Escrow deposits, net — (3,848 ) — 190 (3,658 ) Repayment of intercompany debt — 190 — (190 ) — Net cash used in investing activities — (12,822 ) 48 — (12,774 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — — — 12,000 12,000 Long-term debt issuance costs — — — (886 ) (886 ) Payments on long-term debt — (1,803 ) (1,641 ) (37,000 ) (40,444 ) Extinguishment of long-term debt — — — (4,331 ) (4,331 ) Proceeds from share award plans — — — 836 836 Purchase of treasury shares — — — (161 ) (161 ) Repayment of intercompany debt — (29,542 ) — 29,542 — Net cash provided by financing activities — (31,345 ) (1,641 ) — (32,986 ) Effects of exchange rate changes on cash and cash equivalents — (406 ) 242 — (164 ) Net increase (decrease) in cash and cash equivalents 17,909 (3,334 ) (1,995 ) — 12,580 Cash and cash equivalents, beginning of period 7,565 3,334 3,471 — 14,370 Cash and cash equivalents, end of period $ 25,474 $ — $ 1,476 $ — $ 26,950 Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by operating activities $ (8,916 ) $ 38,111 $ 15,261 $ — $ 44,456 Cash flows from investing activities: Purchases of property and equipment — (60,046 ) (11,774 ) 11,770 (60,050 ) Proceeds from disposition of property and equipment — 37,098 — (11,770 ) 25,328 Cash settlements on forward contracts, net — (1,103 ) — — (1,103 ) Business acquisitions, net of cash acquired — — (1,747 ) — (1,747 ) Investments in and advances to equity investees — (36 ) — — (36 ) Proceeds from sale of FBO — — — 14,252 14,252 Principal payments on notes due from equity investees — 688 — — 688 Principal payments on third party notes receivable — 52 — — 52 Escrow deposits, net — (1 ) — (190 ) (191 ) Repayment of intercompany debt — 14,062 — (14,062 ) — Net cash used in investing activities — (9,286 ) (13,521 ) — (22,807 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — — — 60,000 60,000 Long-term debt issuance costs — (71 ) — — (71 ) Payments on long-term debt — (2,458 ) (467 ) (55,000 ) (57,925 ) Extinguishment of long-term debt — — — (46,920 ) (46,920 ) Proceeds from share awards plans — — — 1,096 1,096 Tax expense on vested restricted stock — — — (127 ) (127 ) Purchase of treasury shares — — — (2,079 ) (2,079 ) Repayment of intercompany debt — (43,030 ) — 43,030 — Net cash used in financing activities — (45,559 ) (467 ) — (46,026 ) Effects of exchange rate changes on cash and cash equivalents — (2,120 ) — — (2,120 ) Net increase (decrease) in cash and cash equivalents (8,916 ) (18,854 ) 1,273 — (26,497 ) Cash and cash equivalents, beginning of period 16,481 22,188 2,198 — 40,867 Cash and cash equivalents, end of period $ 7,565 $ 3,334 $ 3,471 $ — $ 14,370 |
NATURE OF OPERATIONS AND ACCO24
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Consolidation | Basis of Consolidation . The consolidated financial statements include the accounts of Era Group Inc., its wholly-owned subsidiaries and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which the Company is the primary beneficiary. All significant intercompany accounts and transactions are eliminated in consolidation. The Company employs the equity method of accounting for investments in business ventures when it has the ability to exercise significant influence over the operating and financial policies of the ventures. The Company reports such investments in the accompanying consolidated balance sheets as equity investments and advances. The Company reports its share of earnings or losses of equity investees in the accompanying consolidated statements of operations as equity earnings (losses), net of tax. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, among other items, those related to allowance for doubtful accounts, useful lives of property and equipment, inventories, income tax provisions, impairments, fair values used in purchase price allocations and certain accrued and contingent liabilities. Actual results could differ from those estimates and those differences may be material. |
Revenue Recognition | Revenue Recognition . The Company recognizes revenues when they are realized or realizable and earned. Revenues are realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenues that do not meet these criteria are deferred until the criteria are met. The Company did not defer any revenue during the years ended December 31, 2017 and 2016. The Company charters the majority of its helicopters through master service agreements, subscription agreements, day-to-day charter arrangements, fixed-term noncancelable contracts and dry-leases. Master service agreements and subscription agreements typically require a fixed monthly fee plus incremental payments based on hours flown. These agreements have fixed terms ranging from one month to five years and generally may be canceled by providing 30 - 90 days’ notice. Day-to-day charter arrangements call for either a combination of a daily fixed fee plus a charge based on hours flown or an hourly rate with a minimum number of hours to be charged daily. Leases require a fixed monthly fee for the customer’s right to use the helicopter and, where applicable, a charge based on hours flown as compensation for any maintenance, parts, and/or personnel support that the Company may provide to the customer. Leases generally run from one to five years and may contain early cancellation provisions. With respect to flightseeing operations, the Company allocates block space to cruise lines, and seats are sold directly to customers. The Company also operated a fixed base operation (“FBO”) at Ted Stevens Anchorage International Airport that sold fuel on an ad-hoc basis and leased storage space. The FBO was sold on May 1, 2015 (see Note 4 ). As of September 30, 2015, deferred revenues included $42.1 million related to dry-lease revenues for certain helicopters leased by the Company to Aeróleo Taxi Aéreo S/A (“Aeróleo”), its Brazilian joint venture (see Note 5). The deferral originated from difficulties experienced by Aeróleo following one of its customer’s cancellation of certain contract awards for a number of AW139 medium helicopters under dry-lease from the Company. On October 1, 2015, the Company’s former partner in Aeróleo transfered its 50% economic and 80% voting interest to a third party, and, as a result of the new shareholders’ agreement, the Company began consolidating the results of Aeróleo in its consolidated financial statements due to Aeróleo’s status as a VIE and the Company’s status as the primary beneficiary. As a result, future collections on the previously deferred revenues will not be recorded as revenue. Instead, they will be recorded as a settlement of an intercompany receivable which is eliminated in consolidation. |
Cash Equivalents | Cash Equivalents . The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of overnight investments. |
Trade Receivables | Trade Receivables . Customers are primarily international, independent and major integrated exploration, development and production companies, international helicopter operators and U.S. government agencies. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. |
Derivative Instruments | Derivative Instruments . The Company accounts for derivative positions at fair value in the accompanying consolidated balance sheets. Unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of operations as derivative losses, net. |
Concentrations of Credit Risk | Concentrations of Credit Risk . The Company is exposed to concentrations of credit risk relating to its receivables due from customers in the industries described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations. The Company is also exposed to concentrations of credit risk associated with cash and cash equivalents. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. |
Inventories | Inventories . Inventories are stated at the lower of average cost or net realizable value value and consist primarily of spare parts and fuel. The Company establishes an allowance to accrue for the retirement of the cost of spare parts expected to be on hand at the end of a fleet’s life over the service lives of the related equipment, taking into account the estimated salvage value of the parts. |
Property and Equipment | Property and Equipment . Property and equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to helicopters, the estimated useful life is typically based upon a newly built asset being placed into service and represents the point at which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life. The Company reviews the estimated useful lives and salvage values of its property and equipment on an ongoing basis for any changes in estimates. There were no such changes during the years ended December 31, 2017 , 2016 and 2015 . As of December 31, 2017 , the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: Helicopters (estimated salvage value at 40% of cost) 15 Machinery, equipment and spares 5-7 Buildings and leasehold improvements 10-30 Furniture, fixtures, vehicles and other 3-5 Equipment maintenance and repair costs and the costs of routine overhauls and inspections performed on helicopter engines and major components are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment, as well as major improvements to other properties, are capitalized. The Company engages a number of third-party vendors to maintain the engines and certain components on some of its helicopter models under programs known as power-by-hour (“PBH”) maintenance contracts. These programs require the Company to pay for the maintenance service ratably over the contract period, typically based on actual flight hours. PBH providers generally bill monthly based on hours flown in the prior month, and the costs are expensed as incurred. In the event the Company places a helicopter in a program after a maintenance period has begun, it may be necessary to pay an initial buy-in charge based on hours flown since the previous maintenance event. The buy-in charge is normally recorded as a prepaid expense and amortized as an operating expense over the remaining PBH contract period. If a helicopter is sold or otherwise removed from a program before the scheduled maintenance work is carried out, the Company may be able to recover part of its payments to the PBH provider, in which case the Company records a reduction to operating expense. The Company also incurs repairs and maintenance expense through vendor arrangements whereby the Company obtains repair quotes and authorizes service through a repair order process. Under these arrangements, the Company records the repairs and maintenance cost as the work is completed. As a result, the timing of repairs and maintenance may result in operating expenses varying substantially when compared with a prior year or prior quarter if a disproportionate number of repairs, refurbishments or overhauls for components not covered under PBH arrangements are performed during a period. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. |
Impairment | Impairment of Long-Lived Assets . The Company performs an impairment analysis on long-lived assets used in operations when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company’s long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which is generally at the fleet group level. If an impairment is indicated for the asset group classified as held and used, an impairment evaluation will be performed. Asset impairment evaluations are based on estimated undiscounted cash flows over the remaining useful life for the assets being evaluated. If the sum of the expected future cash flows is less than the carrying amount of the asset group, the Company would be required to recognize an impairment loss. During 2017, the Company concluded that the cash flows associated with its H225 heavy helicopters are largely independent from the cash flows associated with the remainder of the fleet and should be evaluated separately for impairment. The Company performed an impairment analysis on the H225 helicopters, capital parts and related inventory and determined that the projected undiscounted cash flows over the remaining useful life were less than the carrying amount. In determining the fair value, the Company used a cost approach, which begins with the replacement cost of a new asset and adjusts for age and functional and economic obsolescence. The inputs used in the Company’s fair value estimate were from Level 3 of the fair value hierarchy discussed in Note 2. The Company recorded a $117 million impairment charge on its H225 helicopters as of December 31, 2017 . Impairment of Equity Investees . The Company performs regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties in raising capital to continue operations, and when the Company expects the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investees in which the Company has investments. |
Goodwill and Intangible Assets | Goodwill . Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and interim tests to the extent indicators of impairment develop between annual impairment tests. The Company tests goodwill at the reporting unit level. The Company’s impairment review process compares the fair value of the reporting unit to its carrying value, including goodwill. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates including, among others, projected utilization of our fleet and contract rates. These estimates are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. On December 31, 2015, the Company performed an interim impairment test after noting several events and circumstances that led to the determination that it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value, including a decline in the price of crude oil and the Company’s stock price and a prolonged downturn in the oil and gas market. The Company recorded a goodwill impairment of $1.9 million for the year ended December 31, 2015 to write down the entire goodwill balance. The Company’s estimate included the use of significant unobservable inputs, representative of Level 3 measurements, including the assumptions related to future performance as described in the preceding paragraph. Intangible Assets . Intangible assets with indefinite lives are recorded during purchase price accounting in a business combination. The Company performs an annual impairment test of indefinite lived intangible assets and interim tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value to the book value. To determine its fair value, the Company uses a discounted future cash flow approach that uses estimates including, among others, projected utilization of our fleet and contract rates. These estimates are reviewed each time the Company tests indefinite lived assets for impairment. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. Intangible assets with finite useful lives are amortized over their respective estimated useful lives. As of December 31, 2017 , the Company had indefinite lived intangible assets of $1.1 million and intangible assets with finite lives of $0.1 million . |
Business Combinations | Business Combinations. The Company recognizes, with certain exceptions, 100 percent of the fair value of assets acquired, liabilities assumed, and non controlling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred, and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of operations from the date of acquisition. |
Deferred Financing Costs | Deferred Financing Costs. Deferred financing costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight line method for revolving credit facilities. Amortization expense for deferred financing costs totaled $1.1 million , $1.5 million and $1.0 million during the years ended December 31, 2017 , 2016 and 2015 , respectively, including the write-off of $0.5 million of debt issuance costs in 2016 in connection with an amendment to the Company’s amended and restated senior secured revolving credit facility (the “Revolving Credit Facility”). Such amortization expense is included in interest expense in the consolidated statements of operations. |
Income Taxes | Income Taxes . Era Group and its majority-owned U.S. subsidiaries file a consolidated U.S. federal tax return. Era Group’s foreign consolidated subsidiaries each file tax returns in their applicable jurisdictions. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the accompanying consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general expense, respectively, in the accompanying consolidated statements of operations. The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Foreign Currency Transactions | Foreign Currency Transactions . The functional currency for each of the Company’s foreign entities is the U.S. dollar. From time to time, the Company enters into transactions denominated in currencies other than its functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains (losses), net in the accompanying consolidated statements of operations in the period which the currency exchange rates change. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share. Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. |
Savings Plan | Savings Plan. The Company provides a defined contribution plan (the “Savings Plan”) for its eligible U.S.-based employees. The Savings Plan provides for qualified, non-elective Company contributions in an amount equal to 3% of each employee’s eligible pay plus an amount equal to 100% of an employee’s first 3% of wages invested in the Savings Plan and immediate and full vesting in the Company’s contributions. The Savings Plan is subject to annual review by the Board of Directors of Era Group. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 - Revenue From Contracts With Customers , which will base revenue recognition on the contract between a vendor and customer and will require reporting entities to allocate the transaction price to various performance obligations in a contract and recognize revenues when those performance obligations are satisfied. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts With Customers , in April 2016, the FASB issued ASU 2016-10 - Revenue from Contracts With Customers , in May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts With Customers , in December 2016, the FASB issued ASU 2016-20 - Technical Corrections and Improvements to Topic 606, Revenue from Contracts With Customers , all of which provide guidance on the application of certain principles in ASU 2014-09. ASU 2014-09, as amended, will be effective for annual reporting periods beginning after December 15, 2017 and any interim periods within that period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and any interim periods within that period. The Company will adopt ASU 2014-09, as amended, effective January 1, 2018 using the modified retrospective approach. The Company has reviewed its contracts with customers and evaluated its performance obligations under each contract and does not expect the adoption of this new standard to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 - Inventory , which is intended to simplify the way reporting entities account for inventory by requiring it to be valued at the lower of cost or net realizable value unless that entity uses the last-in, first-out or the retail inventory valuation method. ASU 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and any interim periods within that period, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company adopted ASU 2015-11 effective January 1, 2017, and such adoption did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is still evaluating the potential impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07 - Investments - Equity Method and Joint Ventures , which eliminates the requirement to retroactively apply the equity method of accounting for an investment when an increase in the level of ownership or degree of influence causes the investment to qualify for equity method treatment and instead requires the entity to add the cost (if any) of acquiring the additional ownership or degree of influence to the current basis of the investment and apply equity method accounting as of the date the investment qualifies for such treatment. The Company adopted ASU 2016-07 effective January 1, 2017 and such adoption did not have an impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation , which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification on the statement of cash flows and treatment of forfeitures. The main differences between current GAAP and ASU 2016-09 are (i) tax consequences from changes in fair value of equity awards between the grant date and vesting date will be charged to income tax expense and reported in the operating section of the statement of cash flows in the period in which the award vests and (ii) entities will have the option to estimate award forfeitures as previously prescribed under GAAP or record forfeitures as an adjustment to expense as they occur. The Company adopted ASU 2016-09 effective January 1, 2017 and has elected to record forfeitures of equity awards as an adjustment to expense as they occur and in the period in which they occur. Such adoption and election did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in reporting certain transactions on the statement of cash flows by clarifying current GAAP where it may be unclear or does not include adequate explanation. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017 including interim periods within that period. Early adoption is permitted as of the beginning of an interim or annual period provided that all amendments included in ASU 2016-15 are adopted in the same period and applied as of the beginning of the annual period in which the statement is adopted. The Company has not adopted ASU 2016-15 and believes such adoption will not have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16 - Income Taxes , which requires entities to recognize income tax consequences of intra-entity transfers of assets, other than inventory, when the transfer occurs rather than when the asset is sold to a third party as is the case under current GAAP. ASU 2016-16 will be effective for annual reporting periods beginning after December 15, 2017 including interim periods within that period. Early adoption is permitted as of the beginning of an annual reporting period for which neither interim nor annual financial statements have been made available. The Company has not adopted ASU 2016-16 and believes such adoption will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 - Business Combinations: Clarifying the Definition of a Business , which narrows the reach of the definition of a business to exclude transactions that are more akin to asset acquisitions or dispositions. ASU 2017-01 will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that period. Early adoption is permitted provided that any transactions affected by the adoption have not been previously disclosed under current GAAP. The Company adopted ASU 2017-01 effective January 1, 2017, and such adoption did not have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 - Compensation - Stock Compensation: Scope of Modification Accounting , which is designed to reduce diversity in practice and complexity when accounting for changes in the terms of a share-based payment award. ASU 2017-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that period, and early adoption is permitted for any interim period for which financial statements have not yet been issued. The Company has not adopted ASU 2017-09 and believes such adoption will not have a material impact on its consolidated financial statements. In September 2017, the FASB issued ASU 2017-13 - Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments , which clarifies the adoption date of Topics 606 and 842 for public business entities that would not otherwise meet the definition of a public business entity except for the inclusion of its financial statements in another public entity’s filings. It states that such entities are not required to comply with the adoption dates for public entities. The Company’s joint venture investments do not intend to adopt Topics 606 and 842 with public business entities; this is not expected to have a material impact on the Company’s consolidated financial statements. |
NATURE OF OPERATIONS AND ACCO25
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Deferred Revenues | Deferred revenues and related activity during the year ended December 31, 2015 were as follows (in thousands): 2015 Balance at beginning of period $ 31,047 Revenues deferred during period 32,531 Revenues recognized during period (21,446 ) Elimination due to consolidation (42,132 ) Balance at end of period $ — |
Schedule of Allowance for Doubtful Accounts | Allowance for doubtful accounts for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Balance at beginning of period $ 1,219 $ 2,103 $ 1,955 Additional allowances charged to expense 144 441 1,058 Additional allowance due to consolidation — — 577 Recovery of previously reserved accounts (82 ) (1,086 ) (124 ) Write-offs (68 ) (474 ) (1,354 ) Foreign currency adjustments (17 ) 235 (9 ) Balance at end of period $ 1,196 $ 1,219 $ 2,103 |
Schedule of Inventory Allowance | The following table is a roll forward of the allowance related to obsolete and excess inventory for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Balance at beginning of period $ 4,012 $ 4,821 $ 5,091 Additional allowances, net (1) (273 ) (809 ) (270 ) Balance at end of period $ 3,739 $ 4,012 $ 4,821 |
Schedule of Estimated Useful Life for New Property and Equipment | As of December 31, 2017 , the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows: Helicopters (estimated salvage value at 40% of cost) 15 Machinery, equipment and spares 5-7 Buildings and leasehold improvements 10-30 Furniture, fixtures, vehicles and other 3-5 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value Of Other Financial Assets And Liabilities | The estimated fair value of the Company’s other financial assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): Carrying Amount Level 1 Level 2 Level 3 December 31, 2017 LIABILITIES Long-term debt, including current portion $ 204,910 $ — $ 203,938 $ — December 31, 2016 LIABILITIES Long-term debt, including current portion $ 232,278 $ — $ 221,808 $ — |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments | The table below represents the Company’s pro forma results of operations assuming the consolidation of Aeróleo took place on January 1, 2015 (unaudited, in thousands): Historical Pro Forma Pro Forma Results Adjustments Results Year Ended December 31, 2015 Operating revenues $ 281,837 $ 35,789 $ 317,626 Net income $ 8,705 $ 377 $ 9,082 |
Property, Plant and Equipment, Additions | A summary of changes to our owned helicopter fleet during the years ended December 31, 2017 , 2016 and 2015 were as follows: Equipment Additions 2017 2016 2015 (1) (2) Light helicopters - single engine — — 1 Light helicopters - twin engine — — 3 Medium helicopters — — — Heavy helicopters 1 2 4 1 2 8 _______________ (1) Includes two heavy helicopters that were not yet placed in service as of December 31, 2016. (2) Includes three light-twin helicopters and one single engine helicopter acquired in connection with the acquisition of Hauser. |
Disposal Groups, Including Discontinued Operations | Equipment Dispositions 2017 2016 2015 (1) Light helicopters - single engine 1 2 10 Light helicopters - twin engine 1 1 3 Medium helicopters 1 6 7 Heavy helicopters — — — 3 9 20 _______________ (1) Includes two single engine helicopters disposed in sales-type leases. |
VARIABLE INTEREST ENTITIES AN28
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity investments and advances as of December 31, 2017 and 2016 were as follows (in thousands): Ownership 2017 2016 Dart 50% $ 26,128 $ 24,782 Era Training Center 50% 3,928 4,484 $ 30,056 $ 29,266 Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 Current assets $ 29,336 $ 28,442 Non-current assets 29,899 29,475 Current liabilities 6,671 6,737 Non-current liabilities 6,096 8,315 2017 2016 2015 Operating revenues $ 42,891 $ 40,930 $ 33,190 Costs and expenses: Operating and administrative 35,983 32,878 32,869 Depreciation and amortization 1,603 3,161 4,224 Total costs and expenses 37,586 36,039 37,093 Operating income $ 5,305 $ 4,891 $ (3,903 ) Net income $ 3,603 $ 2,657 $ (3,150 ) Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 Current assets $ 257 $ 535 Non-current assets 4,138 4,641 Current liabilities 654 653 Non-current liabilities 3,298 3,652 2017 2016 2015 Operating revenues $ 581 $ 694 $ 622 Costs and expenses: Operating and administrative 367 338 685 Depreciation and amortization 503 519 740 Total costs and expenses 870 857 1,425 Operating income $ (289 ) $ (163 ) $ (803 ) Net income (loss) $ (527 ) $ (409 ) $ (1,064 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes and Equity Earnings | For financial reporting purposes, income (loss) before income taxes and equity earnings for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 U.S. $ (148,248 ) $ (12,913 ) $ 27,699 Foreign (4,457 ) (6,446 ) (3,740 ) Total $ (152,705 ) $ (19,359 ) $ 23,959 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Current: Federal $ — $ 17 $ (70 ) State 7 5 63 Foreign (3,530 ) 1,213 (76 ) Total current (3,523 ) 1,235 (83 ) Deferred: Federal (121,359 ) (5,060 ) 13,977 State 1,923 479 364 Foreign 294 (11 ) (141 ) Total deferred (119,142 ) (4,592 ) 14,200 Income tax expense $ (122,665 ) $ (3,357 ) $ 14,117 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31, 2017 , 2016 and 2015 : Provision (benefit): 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax benefit 5.3 % 18.5 % (0.1 )% State valuation allowance (6.6 )% (21.0 )% 1.8 % Transfer of asset to Hauser — % — % 4.0 % Write-off of deferred tax asset upon consolidation of Aeróleo — % — % 16.0 % Foreign valuation allowance (1.0 )% (14.1 )% — % Brazilian PERT Program 2.2 % — % — % Other (0.6 )% (1.1 )% 2.2 % Tax Act 46.0 % — % — % 80.3 % 17.3 % 58.9 % |
Schedule of Net Deferred Tax Liabilities | The components of net deferred income tax liabilities as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Deferred tax liabilities: Property and equipment $ 126,595 $ 242,977 Buy-in on maintenance contracts 655 1,443 Total deferred tax liabilities 127,250 244,420 Deferred tax assets: Equipment leases 47 224 Tax loss carryforwards 52,293 34,674 Stock compensation 843 2,131 Reserves 897 1,452 Other 1,539 2,042 Valuation allowance (34,967 ) (21,575 ) Total deferred tax assets 20,652 18,948 Net deferred tax liabilities $ 106,598 $ 225,472 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 2017 2016 2015 Unrecognized tax benefits at the beginning of the year $ 261 $ 648 $ — Reductions due to settlements with taxing authorities (250 ) (570 ) — Increases due to tax positions taken during the current year — 183 — Increases due to the consolidation of Aeróleo — — 648 Unrecognized tax benefits at the end of the year $ 11 $ 261 $ 648 |
Summary of Valuation Allowance | A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands): 2017 2016 2015 Valuation allowance at the beginning of the year $ 21,575 $ 12,650 $ 806 Increases to state valuation allowance 10,010 6,768 434 Increases due to consolidation of Aeróleo — — 11,285 Increases due to foreign valuation allowances 7,578 2,157 125 Decrease due to Brazilian PERT Program (4,196 ) — — Valuation allowance at the end of the period $ 34,967 $ 21,575 $ 12,650 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s borrowings as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility 39,000 65,000 Promissory notes 21,642 23,166 Other 2,976 3,382 Total principal balance on borrowings 208,446 236,376 Portion due with one year (2,736 ) (2,139 ) Unamortized debt issuance costs (2,067 ) (2,395 ) Unamortized discount (1,469 ) (1,703 ) Long-term debt $ 202,174 $ 230,139 |
Schedule of Maturities of Long-term Debt | 2017 2016 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility 39,000 65,000 Promissory notes 21,642 23,166 Other 2,976 3,382 Total principal balance on borrowings 208,446 236,376 Portion due with one year (2,736 ) (2,139 ) Unamortized debt issuance costs (2,067 ) (2,395 ) Unamortized discount (1,469 ) (1,703 ) Long-term debt $ 202,174 $ 230,139 The Company’s scheduled long-term debt maturities as of December 31, 2017 were as follows (in thousands): Total Due 2018 $ 2,736 2019 41,443 2020 18,696 2021 355 2022 145,143 Years subsequent to 2022 73 $ 208,446 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | Computations of basic and diluted earnings per common share for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands, except share and per share data): 2017 2016 2015 Net income (loss) attributable to Era Group Inc. $ (28,161 ) $ (7,978 ) $ 8,705 Net income attributable to participating securities $ — $ — $ 121 Net income (loss) attributable to fully vested common stock $ (28,161 ) $ (7,978 ) $ 8,584 Shares: Weighted average number of common shares outstanding—basic 20,760,530 20,350,066 20,228,370 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (1) — 42,386 Weighted average number of common shares outstanding—diluted 20,760,530 20,350,066 20,270,756 Earnings per common share: Basic $ (1.36 ) $ (0.39 ) $ 0.42 Diluted $ (1.36 ) $ (0.39 ) $ 0.42 _______________ (1) Excludes weighted average common shares of 273,255 , 294,273 and 209,446 for the years ended December 31, 2017 , 2016 and 2015 , respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity | During the year ended December 31, 2017 , the number of shares and the weighted average grant price of restricted stock award transactions were as follows: 2017 Number of Shares Weighted Average Grant Price Non-vested as of December 31, 2016 503,407 $ 14.60 Restricted stock awards granted: Non-employee directors 30,853 $ 11.67 Employees 266,403 $ 11.44 Vested (381,017 ) $ 14.36 Forfeited (36,773 ) $ 11.46 Non-vested as of December 31, 2017 382,873 $ 12.68 |
Schedule of Share-based Compensation, Stock Options, Activity | During the year ended December 31, 2017 , the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows: Non-vested Options Vested/Exercisable Options Total Options Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Outstanding as of December 31, 2016 70,000 $ 7.94 213,764 $ 18.84 283,764 $ 19.54 Granted Vested (48,750 ) $ 7.84 48,750 $ 20.84 Exercised Expired (13,384 ) $ 16.74 (13,384 ) $ 16.74 Forfeited (6,250 ) $ 10.86 (18,750 ) $ 29.24 (25,000 ) $ 29.24 Outstanding as of December 31, 2017 15,000 $ 7.04 230,380 $ 18.54 245,380 $ 18.71 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The Company’s scheduled minimum lease payments under operating leases that have a remaining term in excess of one year as of December 31, 2017 were as follows (in thousands): Minimum Payments 2018 $ 1,172 2019 1,190 2020 1,090 2021 811 2022 488 Years subsequent to 2022 10,244 |
SEGMENT INFORMATION, MAJOR CU34
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following represents the Company’s operating revenues by geographical region in which services are provided for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Operating revenues: United States $ 152,187 $ 171,121 $ 222,465 Latin America and the Caribbean 68,936 64,007 40,420 Europe 5,029 5,924 10,582 Asia 5,169 6,176 8,370 $ 231,321 $ 247,228 $ 281,837 The Company’s long-lived assets are primarily its property and equipment employed in various geographical regions of the world. The following represents the Company’s property and equipment, net of accumulated depreciation, based upon the assets’ physical locations as of December 31, 2017 and 2016 (in thousands): 2017 2016 Property and equipment, net: United States $ 533,800 $ 578,900 Latin America and the Caribbean 120,152 147,828 Europe 6,697 76,575 Asia 13,265 18,506 $ 673,914 $ 821,809 |
SUPPLEMENTAL INFORMATION FOR 35
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Supplemental cash flow information for the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 2015 Income taxes paid, net of refunds $ (426 ) $ (5,978 ) $ 5,960 Interest paid to others, excluding capitalized interest 15,315 15,268 12,642 Schedule of non-cash investing and financing activities: Contribution of notes payable as additional capital into Aeróleo — 6,349 — Settlement of accrued contingent liabilities through installment obligations 386 2,486 — Company financed sale of equipment and parts — — 1,248 |
QUARTERLY FINANCIAL INFORMATI36
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected financial information for interim quarterly periods is presented below (in thousands, except per share data). Earnings (loss) per common share are computed independently for each of the quarters presented, and the sum of the quarterly earnings (loss) per share may not necessarily equal the total for the year: Three Months Ended Mar. 31 Jun. 30 Sep. 30 (1) Dec. 31 (2) 2017 Operating revenues $ 54,527 $ 57,878 $ 61,385 $ 57,531 Operating income (loss) $ (5,056 ) $ (276 ) $ (122,773 ) $ (8,359 ) Net income (loss) $ (5,787 ) $ (3,072 ) $ (81,215 ) $ 61,459 Net income (loss) attributable to common shares $ (5,620 ) $ (2,787 ) $ (81,448 ) $ 61,694 Earnings (loss) per common share - basic $ (0.27 ) $ (0.13 ) $ (3.91 ) $ 2.89 Earnings (loss) per common share - diluted $ (0.27 ) $ (0.13 ) $ (3.91 ) $ 2.89 Three Months Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 (3) 2016 Operating revenues $ 62,582 $ 63,351 $ 65,006 $ 56,289 Operating income (loss) $ (805 ) $ (3,509 ) $ 2,366 $ (1,421 ) Net income (loss) $ (3,950 ) $ (4,510 ) $ (802 ) $ (5,648 ) Net income (loss) attributable to common shares $ (3,818 ) $ 1,938 $ (560 ) $ (5,538 ) Earnings (loss) per common share - basic $ (0.19 ) $ 0.09 $ (0.03 ) $ (0.27 ) Earnings (loss) per common share - diluted $ (0.19 ) $ 0.09 $ (0.03 ) $ (0.27 ) _______________ (1) The third quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the third quarter 2017 was a $1.2 million increase in operating loss, including a $0.2 million increase in operating expense, a $0.7 million increase in general and administrative expense, $0.3 million increase in loss on impairment, a $0.9 million increase in tax benefit, a $0.3 million increase in net loss and net loss attributable to common shares, a $0.02 increase in loss per common share. (2) The fourth quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the fourth quarter 2017 was a $0.3 million increase in operating loss, including a $0.4 million increase in operating expense, a $0.2 million decrease in depreciation and amortization expense, a $0.1 million decrease in general and administrative expense, a $0.2 million decrease in gains on asset dispositions, a $1.2 million increase in interest expense, a $0.2 million increase in tax benefit, a $1.4 million decrease in net loss and net loss attributable to common shares, a $0.05 decrease in loss per common share. (3) The fourth quarter of 2016 includes adjustments that were immaterial to the fiscal year ended December 31, 2016 and to prior periods. The impact of the corrections made in the fourth quarter of 2016 was a $1.7 million decrease in operating income, including a $2.0 million increase in operating expense, a $0.5 million decrease in depreciation and amortization expense and a $0.3 million decrease in gains on asset dispositions, a $1.0 million increase in net loss and net loss attributable to common shares and a $0.05 increase in loss per common share. |
GUARANTORS OF SECURITIES (Table
GUARANTORS OF SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Condensed Balance Sheet | Supplemental Condensed Consolidating Balance Sheet as of December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 10,800 $ — $ 2,783 $ — $ 13,583 Receivables: Trade, net of allowance for doubtful accounts — 33,092 5,872 — 38,964 Tax receivables — — 2,829 — 2,829 Other — 1,126 497 — 1,623 Inventories, net — 20,746 366 — 21,112 Prepaid expenses 349 721 133 — 1,203 Escrow deposits — 3,250 — — 3,250 Total current assets 11,149 58,935 12,480 — 82,564 Property and equipment — 956,918 16,024 — 972,942 Accumulated depreciation — (296,573 ) (2,455 ) — (299,028 ) Net property and equipment — 660,345 13,569 — 673,914 Equity investments and advances — 30,056 — — 30,056 Investments in consolidated subsidiaries 161,350 — — (161,350 ) — Intangible assets — — 1,122 — 1,122 Deferred income taxes 19,600 — — (19,600 ) — Intercompany receivables 426,806 — — (426,806 ) — Other assets 1,011 3,370 60 — 4,441 Total assets $ 619,916 $ 752,706 $ 27,231 $ (607,756 ) $ 792,097 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 638 $ 13,655 $ 2,128 $ — $ 16,421 Accrued wages and benefits — 6,804 1,460 — 8,264 Accrued interest 549 57 — — 606 Accrued income taxes — 24 4 — 28 Current portion of long-term debt — 1,663 1,073 — 2,736 Accrued other taxes 18 1,192 600 — 1,810 Accrued contingencies — — 859 — 859 Other current liabilities 848 835 37 — 1,720 Total current liabilities 2,053 24,230 6,161 — 32,444 Long-term debt 172,292 27,979 1,903 — 202,174 Deferred income taxes — 124,948 1,250 (19,600 ) 106,598 Intercompany payables — 381,660 45,146 (426,806 ) — Other liabilities — 1,435 (1 ) — 1,434 Total liabilities 174,345 560,252 54,459 (446,406 ) 342,650 Redeemable noncontrolling interest — 4 3,762 — 3,766 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares 215 — — — 215 Additional paid-in capital 443,944 100,306 4,562 (104,868 ) 443,944 Retained earnings 4,363 92,034 (35,552 ) (56,482 ) 4,363 Treasury shares, at cost, 214,441 shares (2,951 ) — — — (2,951 ) Accumulated other comprehensive income, net of tax — 110 — — 110 Total equity 445,571 192,450 (30,990 ) (161,350 ) 445,681 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 619,916 $ 752,706 $ 27,231 $ (607,756 ) $ 792,097 Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 25,474 $ — $ 1,476 $ — $ 26,950 Receivables: Trade, net of allowance for doubtful accounts of $2,103 39 26,118 6,313 — 32,470 Tax receivables 9 4 3,448 — 3,461 Other — 1,658 1,058 — 2,716 Inventories, net — 25,156 261 — 25,417 Prepaid expenses 359 976 244 — 1,579 Escrow deposits — 3,777 — — 3,777 Total current assets 25,881 57,689 12,800 — 96,370 Property and equipment — 1,138,020 16,008 — 1,154,028 Accumulated depreciation — (330,735 ) (1,484 ) — (332,219 ) Net property and equipment — 807,285 14,524 — 821,809 Equity investments and advances — 29,266 — — 29,266 Investments in consolidated subsidiaries 174,830 — — (174,830 ) — Intangible assets — — 1,137 — 1,137 Deferred income taxes 12,262 — — (12,262 ) — Intercompany receivables 460,623 — — (460,623 ) — Other assets 1,820 4,723 48 — 6,591 Total assets $ 675,416 $ 898,963 $ 28,509 $ (647,715 ) $ 955,173 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 322 $ 6,273 $ 2,281 $ — $ 8,876 Accrued wages and benefits — 6,446 2,061 — 8,507 Accrued interest 529 — — — 529 Accrued income taxes — 653 13 — 666 Current portion of long-term debt — 1,524 615 — 2,139 Accrued other taxes 29 645 773 — 1,447 Accrued contingencies — — 1,237 — 1,237 Other current liabilities 481 1,525 216 — 2,222 Total current liabilities 1,361 17,066 7,196 — 25,623 Long-term debt 205,730 21,642 2,767 — 230,139 Deferred income taxes — 237,067 667 (12,262 ) 225,472 Intercompany payables — 426,410 34,213 (460,623 ) — Other liabilities — 1,301 — — 1,301 Total liabilities 207,091 703,486 44,843 (472,885 ) 482,535 Redeemable noncontrolling interest — 4 4,217 — 4,221 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares 211 — — — 211 Additional paid-in capital 438,489 100,306 4,562 (104,868 ) 438,489 Retained earnings 32,524 95,075 (25,113 ) (69,962 ) 32,524 Treasury shares, at cost, 175,350 shares (2,899 ) — — — (2,899 ) Accumulated other comprehensive income, net of tax — 92 — — 92 Total equity 468,325 195,473 (20,551 ) (174,830 ) 468,417 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 675,416 $ 898,963 $ 28,509 $ (647,715 ) $ 955,173 |
Condensed Income Statement | Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 201,653 $ 60,466 $ (30,798 ) $ 231,321 Costs and expenses: Operating — 133,077 65,167 (30,798 ) 167,446 Administrative and general 7,887 28,451 5,754 — 42,092 Depreciation — 44,756 980 — 45,736 Total costs and expenses 7,887 206,284 71,901 (30,798 ) 255,274 Gains on asset dispositions, net — 4,364 143 — 4,507 Loss on impairment — (116,586 ) (432 ) — (117,018 ) Operating income (loss) (7,887 ) (116,853 ) (11,724 ) — (136,464 ) Other income (expense): Interest income 108 419 233 — 760 Interest expense (14,495 ) (800 ) (1,468 ) — (16,763 ) Foreign currency gains, net 256 330 (812 ) — (226 ) Other, net — 143 (155 ) — (12 ) Total other income (expense) (14,131 ) 92 (2,202 ) — (16,241 ) Income (loss) before income taxes and equity earnings (22,018 ) (116,761 ) (13,926 ) — (152,705 ) Income tax expense (benefit) (7,338 ) (112,295 ) (3,032 ) — (122,665 ) Income (loss) before equity earnings (14,680 ) (4,466 ) (10,894 ) — (30,040 ) Equity earnings, net of tax 1,425 — 1,425 Equity in earnings (losses) of subsidiaries (13,481 ) — — 13,481 — Net income (loss) (28,161 ) (3,041 ) (10,894 ) 13,481 (28,615 ) Net loss attributable to non-controlling interest in subsidiary — — 454 — 454 Net income (loss) attributable to Era Group Inc. $ (28,161 ) $ (3,041 ) $ (10,440 ) $ 13,481 $ (28,161 ) Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 225,773 $ 61,514 $ (40,059 ) $ 247,228 Costs and expenses: Operating — 138,350 71,572 (40,059 ) 169,863 Administrative and general 3,744 27,834 4,628 — 36,206 Depreciation — 48,248 1,067 — 49,315 Total costs and expenses 3,744 214,432 77,267 (40,059 ) 255,384 Gains on asset dispositions, net — 5,035 (248 ) — 4,787 Operating income (3,744 ) 16,376 (16,001 ) — (3,369 ) Other income (expense): Interest income 56 472 213 — 741 Interest expense (16,033 ) (809 ) (483 ) — (17,325 ) Derivative losses, net — — — — — Foreign currency gains (losses), net (77 ) (879 ) 963 — 7 Gain on debt extinguishment 518 — — — 518 Other, net — 11 58 — 69 Total other income (expense) (15,536 ) (1,205 ) 751 — (15,990 ) Income (loss) before income taxes and equity earnings (19,280 ) 15,171 (15,250 ) — (19,359 ) Income tax expense (benefit) (8,807 ) 4,971 479 — (3,357 ) Income (loss) before equity earnings (10,473 ) 10,200 (15,729 ) — (16,002 ) Equity earnings, net of tax — 1,092 — — 1,092 Equity in earnings (losses) of subsidiaries 2,495 — — (2,495 ) — Net income (loss) (7,978 ) 11,292 (15,729 ) (2,495 ) (14,910 ) Net income attributable to non-controlling interest in subsidiary — 6,349 583 — 6,932 Net income (loss) attributable to Era Group Inc. $ (7,978 ) $ 17,641 $ (15,146 ) $ (2,495 ) $ (7,978 ) Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Operating revenues $ — $ 262,898 $ 18,952 $ (13 ) $ 281,837 Costs and expenses: Operating — 149,702 21,792 (13 ) 171,481 Administrative and general 6,484 33,326 3,002 — 42,812 Depreciation — 46,722 615 — 47,337 Total costs and expenses 6,484 229,750 25,409 (13 ) 261,630 Gains on asset dispositions, net — 8,582 (2,629 ) — 5,953 Goodwill impairment — (352 ) (1,514 ) — (1,866 ) Operating income (loss) (6,484 ) 41,378 (10,600 ) — 24,294 Other income (expense): Interest income 16 900 275 — 1,191 Interest expense (12,479 ) (773 ) (274 ) — (13,526 ) Intercompany interest income (expense) — — — — — Foreign currency gains (losses), net 569 (3,119 ) (40 ) — (2,590 ) Gain on debt extinguishment 1,617 — — — 1,617 Gain on sale of FBO 12,946 — — — 12,946 Other, net (3 ) 63 (15 ) — 45 Total other income (expense) 2,666 (2,947 ) (54 ) — (335 ) Income (loss) before income taxes and equity earnings (3,818 ) 38,431 (10,654 ) — 23,959 Income tax expense (benefit) (3,368 ) 17,625 (140 ) — 14,117 Income (loss) before equity earnings (450 ) 20,806 (10,514 ) — 9,842 Equity losses, net of tax — (1,943 ) — — (1,943 ) Equity in earnings (losses) of subsidiaries 9,155 — — (9,155 ) — Net income (loss) 8,705 18,863 (10,514 ) (9,155 ) 7,899 Net loss attributable to non-controlling interest in subsidiary — 376 430 — 806 Net income (loss) attributable to Era Group Inc. $ 8,705 $ 19,239 $ (10,084 ) $ (9,155 ) $ 8,705 |
Condensed Statement of Comprehensive Income | Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ (28,161 ) $ (3,041 ) $ (10,894 ) $ 13,481 $ (28,615 ) Other comprehensive income (loss): Foreign currency translation adjustments — 18 — — 18 Income tax benefit — — — — — Total other comprehensive income (loss) — 18 — — 18 Comprehensive income (loss) (28,161 ) (3,023 ) (10,894 ) 13,481 (28,597 ) Comprehensive loss attributable to non-controlling interest in subsidiary — — 454 — 454 Comprehensive income (loss) attributable to Era Group Inc. $ (28,161 ) $ (3,023 ) $ (10,440 ) $ 13,481 $ (28,143 ) Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ (7,978 ) $ 11,292 $ (15,729 ) $ (2,495 ) $ (14,910 ) Other comprehensive loss: Foreign currency translation adjustments — — — — — Income tax benefit — — — — — Total other comprehensive loss — — — — — Comprehensive income (loss) (7,978 ) 11,292 (15,729 ) (2,495 ) (14,910 ) Comprehensive loss attributable to non-controlling interest in subsidiary — 6,349 583 — 6,932 Comprehensive income (loss) attributable to Era Group Inc. $ (7,978 ) $ 17,641 $ (15,146 ) $ (2,495 ) $ (7,978 ) Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ 8,705 $ 18,863 $ (10,514 ) $ (9,155 ) $ 7,899 Other comprehensive loss: Foreign currency translation adjustments — (4 ) — — (4 ) Income tax benefit — 1 — — 1 Total other comprehensive loss — (3 ) — — (3 ) Comprehensive income (loss) 8,705 18,860 (10,514 ) (9,155 ) 7,896 Comprehensive loss attributable to non-controlling interest in subsidiary — 376 430 — 806 Comprehensive income (loss) attributable to Era Group Inc. $ 8,705 $ 19,236 $ (10,084 ) $ (9,155 ) $ 8,702 |
Condensed Cash Flow Statement | Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by (used in) operating activities $ (14,706 ) $ 32,601 $ 2,201 $ — $ 20,096 Cash flows from investing activities: Purchases of property and equipment — (16,600 ) (170 ) — (16,770 ) Proceeds from disposition of property and equipment — 9,392 — — 9,392 Principal payments on notes due from equity investees — 761 — — 761 Investments in and advances to equity investees — (126 ) — — (126 ) Principal payments on third party notes receivable — 169 — — 169 Escrow deposits on like-kind exchanges, net — 527 — — 527 Net cash used in investing activities — (5,877 ) (170 ) — (6,047 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — 8,000 — 9,000 17,000 Payments on long-term debt — (1,526 ) (755 ) (43,000 ) (45,281 ) Proceeds from share award plans — — — 836 836 Purchase of treasury shares — — — (52 ) (52 ) Borrowings and repayments of intercompany debt — (33,216 ) — 33,216 — Net cash used in financing activities — (26,742 ) (755 ) — (27,497 ) Effects of exchange rate changes on cash and cash equivalents 32 18 31 — 81 Net increase (decrease) in cash and cash equivalents (14,674 ) — 1,307 — (13,367 ) Cash and cash equivalents, beginning of period 25,474 — 1,476 — 26,950 Cash and cash equivalents, end of period $ 10,800 $ — $ 2,783 $ — $ 13,583 Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by (used in) operating activities $ 17,909 $ 41,239 $ (644 ) $ — $ 58,504 Cash flows from investing activities: Purchases of property and equipment — (39,020 ) (180 ) (39,200 ) Proceeds from disposition of property and equipment — 28,381 228 28,609 Return of helicopter deposits — 544 — — 544 Principal payments on notes due from equity investees — 723 — — 723 Principal payments on third party notes receivable — 208 — — 208 Escrow deposits, net — (3,848 ) — 190 (3,658 ) Repayment of intercompany debt — 190 — (190 ) — Net cash used in investing activities — (12,822 ) 48 — (12,774 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — — — 12,000 12,000 Long-term debt issuance costs — — — (886 ) (886 ) Payments on long-term debt — (1,803 ) (1,641 ) (37,000 ) (40,444 ) Extinguishment of long-term debt — — — (4,331 ) (4,331 ) Proceeds from share award plans — — — 836 836 Purchase of treasury shares — — — (161 ) (161 ) Repayment of intercompany debt — (29,542 ) — 29,542 — Net cash provided by financing activities — (31,345 ) (1,641 ) — (32,986 ) Effects of exchange rate changes on cash and cash equivalents — (406 ) 242 — (164 ) Net increase (decrease) in cash and cash equivalents 17,909 (3,334 ) (1,995 ) — 12,580 Cash and cash equivalents, beginning of period 7,565 3,334 3,471 — 14,370 Cash and cash equivalents, end of period $ 25,474 $ — $ 1,476 $ — $ 26,950 Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by operating activities $ (8,916 ) $ 38,111 $ 15,261 $ — $ 44,456 Cash flows from investing activities: Purchases of property and equipment — (60,046 ) (11,774 ) 11,770 (60,050 ) Proceeds from disposition of property and equipment — 37,098 — (11,770 ) 25,328 Cash settlements on forward contracts, net — (1,103 ) — — (1,103 ) Business acquisitions, net of cash acquired — — (1,747 ) — (1,747 ) Investments in and advances to equity investees — (36 ) — — (36 ) Proceeds from sale of FBO — — — 14,252 14,252 Principal payments on notes due from equity investees — 688 — — 688 Principal payments on third party notes receivable — 52 — — 52 Escrow deposits, net — (1 ) — (190 ) (191 ) Repayment of intercompany debt — 14,062 — (14,062 ) — Net cash used in investing activities — (9,286 ) (13,521 ) — (22,807 ) Cash flows from financing activities: Proceeds from Revolving Credit Facility — — — 60,000 60,000 Long-term debt issuance costs — (71 ) — — (71 ) Payments on long-term debt — (2,458 ) (467 ) (55,000 ) (57,925 ) Extinguishment of long-term debt — — — (46,920 ) (46,920 ) Proceeds from share awards plans — — — 1,096 1,096 Tax expense on vested restricted stock — — — (127 ) (127 ) Purchase of treasury shares — — — (2,079 ) (2,079 ) Repayment of intercompany debt — (43,030 ) — 43,030 — Net cash used in financing activities — (45,559 ) (467 ) — (46,026 ) Effects of exchange rate changes on cash and cash equivalents — (2,120 ) — — (2,120 ) Net increase (decrease) in cash and cash equivalents (8,916 ) (18,854 ) 1,273 — (26,497 ) Cash and cash equivalents, beginning of period 16,481 22,188 2,198 — 40,867 Cash and cash equivalents, end of period $ 7,565 $ 3,334 $ 3,471 $ — $ 14,370 |
NATURE OF OPERATIONS AND ACCO38
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Revenue Recognition Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2015 | Oct. 01, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Deferred revenue | $ 0 | $ 31,047 | |||
Minimum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Service agreement period | 1 month | ||||
Service agreement cancellation period | 30 days | ||||
Hospital service agreement termination period | 1 year | ||||
Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Service agreement period | 5 years | ||||
Service agreement cancellation period | 90 days | ||||
Hospital service agreement termination period | 5 years | ||||
Aeroleo | Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percent of economic interest | 50.00% | ||||
Percent of voting interest | 80.00% | ||||
Equity Method Investee | Aeroleo | Aeroleo | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Deferred revenue | $ 42,100 |
NATURE OF OPERATIONS AND ACCO39
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Deferred Revenues (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Movement in Deferred Revenue [Roll Forward] | |
Balance at beginning of period | $ 31,047 |
Revenues deferred during period | 32,531 |
Revenues recognized during period | (21,446) |
Elimination due to consolidation | (42,132) |
Balance at end of period | $ 0 |
NATURE OF OPERATIONS AND ACCO40
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 21,575 | $ 12,650 | $ 806 |
Write-offs | 4,196 | 0 | 0 |
Balance at end of period | 34,967 | 21,575 | 12,650 |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 1,219 | 2,103 | 1,955 |
Additional allowances charged to expense | 144 | 441 | 1,058 |
Additional allowance due to consolidation | 0 | 0 | 577 |
Recovery of previously reserved accounts | (82) | (1,086) | (124) |
Write-offs | (68) | (474) | (1,354) |
Foreign currency adjustments | (17) | 235 | (9) |
Balance at end of period | $ 1,196 | $ 1,219 | $ 2,103 |
NATURE OF OPERATIONS AND ACCO41
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Concentrations of Credit Risk Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Percentage of net trade receivables | 46.00% |
NATURE OF OPERATIONS AND ACCO42
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Schedule of Inventory Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 21,575 | $ 12,650 | $ 806 |
Balance at end of period | 34,967 | 21,575 | 12,650 |
Inventory Valuation Reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 4,012 | 4,821 | 5,091 |
Foreign currency adjustments | (273) | (809) | (270) |
Balance at end of period | 3,739 | $ 4,012 | $ 4,821 |
H225 Helicopters | Inventory Valuation Reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Foreign currency adjustments | $ 119 |
NATURE OF OPERATIONS AND ACCO43
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Interest costs capitalized (less than) | $ 0.5 | $ 0.1 | $ 6.1 |
Helicopters (estimated salvage value at 40% of cost) | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Salvage value percentage | 40.00% | ||
Machinery, equipment and spares | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Machinery, equipment and spares | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 7 years | ||
Buildings and leasehold improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Buildings and leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 30 years | ||
Furniture, Fixtures, Vehicles and Other | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture, Fixtures, Vehicles and Other | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated capitalized interest costs | $ 1.9 | $ 4.5 |
NATURE OF OPERATIONS AND ACCO44
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Impairment of Long-Lived Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Impairment of long-lived assets | $ 117,000,000 | $ 0 |
NATURE OF OPERATIONS AND ACCO45
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Goodwill Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment loss | $ 117,018 | $ 0 | $ 1,866 |
NATURE OF OPERATIONS AND ACCO46
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Intangible Assets Narrative (Details) $ in Millions | Dec. 31, 2017USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Indefinite-lived intangible assets | $ 1.1 |
Finite-lived intangible assets | $ 0.1 |
NATURE OF OPERATIONS AND ACCO47
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Impairment of 50% or Less Owned Companies Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Recognized impairment charge | $ 0 | $ 0 | $ 0 |
NATURE OF OPERATIONS AND ACCO48
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Deferred Financing Costs Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Amortization of deferred financing costs | $ (1,136) | $ (1,486) | $ (1,025) |
Write off of debt issuance cost | $ 500 |
NATURE OF OPERATIONS AND ACCO49
NATURE OF OPERATIONS AND ACCOUNTING POLICIES ERA Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Percent of employer contribution | 3.00% | ||
Employer matching contribution, percent | 100.00% | ||
Employer matching contribution, percent of employees' gross pay | 3.00% | ||
Employer contribution | $ 2.4 | $ 2.8 | $ 3.2 |
NATURE OF OPERATIONS AND ACCO50
NATURE OF OPERATIONS AND ACCOUNTING POLICIES Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs | $ 2,067 | $ 2,395 |
Long-term Debt | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs | $ 2,400 | $ 2,700 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Other Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion, Estimated Fair Value | $ 204,910 | $ 232,278 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion, Estimated Fair Value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion, Estimated Fair Value | 203,938 | 221,808 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion, Estimated Fair Value | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS Narrativ
DERIVATIVE INSTRUMENTS Narrative (Details) - Interest Rate Swap | Dec. 31, 2011interest_rate_derivative_held |
Derivative [Line Items] | |
Number of interest rate swaps held | 2 |
Interest Rate Swap Agreement 1 | |
Derivative [Line Items] | |
Fixed interest rate | 1.29% |
Interest Rate Swap Agreement 2 | |
Derivative [Line Items] | |
Fixed interest rate | 1.76% |
ACQUISITIONS AND DISPOSITIONS S
ACQUISITIONS AND DISPOSITIONS Sicher Helicopters SAS ("Sicher") (Details) - USD ($) $ in Thousands | Apr. 09, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Cash | $ 0 | $ 0 | $ 1,747 | |
Hauser | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 3,200 | |||
Remaining ownership percentage acquired | 75.00% | |||
Other intangible assets | $ 1,200 | |||
Partner's ownership percent | 25.00% | |||
Other | ||||
Business Acquisition [Line Items] | ||||
Remaining ownership percentage acquired | 100.00% |
ACQUISITIONS AND DISPOSITIONS A
ACQUISITIONS AND DISPOSITIONS Aeroleo (Details) - USD ($) $ in Millions | Oct. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity, Not Primary Beneficiary | Aeroleo | |||
Business Acquisition [Line Items] | |||
Percent of economic interest | 50.00% | ||
Percent of voting interest | 80.00% | ||
Co-venturer | Aeroleo | |||
Business Acquisition [Line Items] | |||
Holding period for put/call arrangement (in years) | 2 years | ||
Era do Brazil | |||
Business Acquisition [Line Items] | |||
Remaining ownership percentage acquired | 50.00% | ||
Era do Brazil | Variable Interest Entity, Primary Beneficiary | |||
Business Acquisition [Line Items] | |||
Remaining ownership percentage acquired | 50.00% | ||
Aeroleo | |||
Business Acquisition [Line Items] | |||
Operating revenue | $ 35.8 | $ 29.3 | |
Net income (loss) | $ 3.6 | $ 4.4 |
ACQUISITIONS AND DISPOSITIONS P
ACQUISITIONS AND DISPOSITIONS Pro Forma Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||||||||||
Operating revenues | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 56,289 | $ 65,006 | $ 63,351 | $ 62,582 | $ 231,321 | $ 247,228 | $ 281,837 |
Operating revenues, Pro Forma Adjustments | 35,789 | ||||||||||
Operating revenues, Pro Forma Results | 317,626 | ||||||||||
Net Income (Loss) | $ 61,694 | $ (81,448) | $ (2,787) | $ (5,620) | $ (5,538) | $ (560) | $ 1,938 | $ (3,818) | 8,705 | ||
Net income, Pro Forma Adjustments | 377 | ||||||||||
Net income, Pro Forma Results | $ 9,082 |
ACQUISITIONS AND DISPOSITIONS F
ACQUISITIONS AND DISPOSITIONS Fixed Base Operations ("FBO") (Details) - USD ($) $ in Thousands | May 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of FBO | $ 0 | $ 0 | $ 14,252 | |
Gain on sale of FBO | $ 0 | $ 0 | $ 12,946 | |
Era FBO LLC. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of subsidiary acquired | 100.00% | |||
Proceeds from sale of FBO | $ 14,300 | |||
Gain on sale of FBO | $ 12,900 |
ACQUISITIONS AND DISPOSITIONS C
ACQUISITIONS AND DISPOSITIONS Capital Expenditures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)helicopter | Dec. 31, 2016USD ($)helicopter | Dec. 31, 2015USD ($)helicopter | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ | $ 16,770 | $ 39,200 | $ 60,050 |
Proceeds from disposition of property and equipment | $ | $ 9,392 | $ 28,609 | $ 25,328 |
Equipment Additions (in helicopters) | 1 | 2 | 8 |
Equipment Dispositions (in helicopters) | 3 | 9 | 20 |
Light helicopters - single engine | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 0 | 0 | 1 |
Equipment Dispositions (in helicopters) | 1 | 2 | 10 |
Number of helicopters disposed in sales type lease (in helicopters) | 2 | ||
Light helicopters - twin engine | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 0 | 0 | 3 |
Equipment Dispositions (in helicopters) | 1 | 1 | 3 |
Medium helicopters | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 0 | 0 | 0 |
Equipment Dispositions (in helicopters) | 1 | 6 | 7 |
Heavy helicopters | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 1 | 2 | 4 |
Equipment Dispositions (in helicopters) | 0 | 0 | 0 |
Hauser | Light helicopters - single engine | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 1 | ||
Hauser | Light helicopters - twin engine | |||
Property, Plant and Equipment [Line Items] | |||
Equipment Additions (in helicopters) | 3 |
ACQUISITIONS AND DISPOSITIONS D
ACQUISITIONS AND DISPOSITIONS Dispositions (Details) - Subsequent Event $ in Thousands | Feb. 23, 2018USD ($)operating_facilityhelicopter |
Property, Plant and Equipment [Line Items] | |
Number of operating facilities | operating_facility | 2 |
Property, plant and equipment, disposals | $ | $ 10,000 |
AS350 Single Helicopter Engines | |
Property, Plant and Equipment [Line Items] | |
Number of disposals | helicopter | 8 |
VARIABLE INTEREST ENTITIES AN59
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | Oct. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | Jul. 01, 2011 |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 30,056 | $ 29,266 | |||
Cumulative unfunded net losses of equity investees | $ 2,900 | 1,100 | |||
Dart Helicopter Services LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership | 50.00% | ||||
Equity Method Investments | $ 26,128 | 24,782 | |||
Era Training Center | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership | 50.00% | ||||
Equity Method Investments | $ 3,928 | $ 4,484 | |||
Aeroleo | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership | 50.00% | ||||
Era do Brazil | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership | 50.00% | 50.00% | |||
Aeroleo | Variable Interest Entity, Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Remaining ownership percentage acquired | 50.00% | ||||
Era do Brazil | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Remaining ownership percentage acquired | 50.00% | ||||
Era do Brazil | Variable Interest Entity, Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Remaining ownership percentage acquired | 50.00% |
VARIABLE INTEREST ENTITIES AN60
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Aeroleo Narrative (Details) - USD ($) $ in Thousands | Oct. 01, 2015 | Jul. 01, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to equity investees | $ 126 | $ 0 | $ 36 | ||||
Deferred revenue | $ 0 | $ 31,047 | |||||
Assets | 792,097 | 955,173 | |||||
Liabilities | 342,650 | 482,535 | |||||
Aeroleo | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership | 50.00% | ||||||
Voting ownership percentage | 20.00% | ||||||
Investments in and advances to equity investees | $ 4,800 | ||||||
Aeroleo | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable to related party | $ 6,000 | ||||||
Notes receivable interest rate | 6.00% | ||||||
Revenue from related parties | 21,400 | ||||||
Aeroleo | Co-venturer | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Holding period for put/call arrangement (in years) | 2 years | ||||||
Variable Interest Entity, Not Primary Beneficiary | Aeroleo | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percent of economic interest | 50.00% | ||||||
Percent of voting interest | 80.00% | ||||||
Aeroleo | Aeroleo | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Deferred revenue | $ 42,100 | ||||||
Aeroleo | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Assets | 11,500 | 12,900 | |||||
Liabilities | $ 7,600 | $ 9,200 |
VARIABLE INTEREST ENTITIES AN61
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Era do Brazil Narrative (Details) - USD ($) $ in Thousands | Jul. 01, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in and advances to equity investees | $ 126 | $ 0 | $ 36 | ||
Era do Brazil | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in and advances to equity investees | $ 4,800 | ||||
Era do Brazil | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Remaining ownership percentage acquired | 50.00% |
VARIABLE INTEREST ENTITIES AN62
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Schedule of Equity Method Investment, Financial Information, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Dart Helicopter Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 29,336 | $ 28,442 |
Non-current assets | 29,899 | 29,475 |
Current liabilities | 6,671 | 6,737 |
Non-current liabilities | 6,096 | 8,315 |
Other Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 257 | 535 |
Non-current assets | 4,138 | 4,641 |
Current liabilities | 654 | 653 |
Non-current liabilities | $ 3,298 | $ 3,652 |
Schedule of Equity Method Inves
Schedule of Equity Method Investment, Financial Information, Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dart Holding Company Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenues | $ 42,891 | $ 40,930 | $ 33,190 |
Operating and administrative | 35,983 | 32,878 | 32,869 |
Depreciation and amortization | 1,603 | 3,161 | 4,224 |
Total Costs and Expenses | 37,586 | 36,039 | 37,093 |
Operating income | 5,305 | 4,891 | (3,903) |
Net income | 3,603 | 2,657 | (3,150) |
Other Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenues | 581 | 694 | 622 |
Operating and administrative | 367 | 338 | 685 |
Depreciation and amortization | 503 | 519 | 740 |
Total Costs and Expenses | 870 | 857 | 1,425 |
Operating income | (289) | (163) | (803) |
Net income | $ (527) | $ (409) | $ (1,064) |
VARIABLE INTEREST ENTITIES AN64
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Dart Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2009 | Jul. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2008 | |
Dart Helicopter Services LLC and Dart Holding Company Ltd. | Equity Method Investee | Products Purchased | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Expenses from transactions with related party | $ 2 | $ 1.9 | $ 2.1 | ||||
Dart Helicopter Services LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership | 50.00% | ||||||
Additional investment | $ 5 | ||||||
Dart Helicopter Services LLC | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable to related party | $ 0.3 | ||||||
Notes receivable interest rate | 5.00% | ||||||
Dart Helicopter Services LLC | Era DHS LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership | 49.00% | ||||||
Dart Holding Company Ltd. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership | 50.00% | ||||||
Dart Holding Company Ltd. | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable to related party | $ 2.8 | $ 3.2 | $ 5.1 | ||||
Notes receivable interest rate | 4.00% |
VARIABLE INTEREST ENTITIES AN65
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Era Training Center Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)flight_simulator | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Equity Method Investee | Training Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Notes receivable to related party | $ 3.7 | $ 4 | |
Era Training Center | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of flight simulators purchased | flight_simulator | 2 | ||
Era Training Center | Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Notes receivable interest rate | 6.00% | ||
Quarterly principal and interest payment on notes receivable with related party | $ 0.1 | ||
Era Training Center | Equity Method Investee | Helicopter, Management and Other Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Expenses from transactions with related party | 0.2 | 0.2 | $ 0.4 |
Era Training Center | Equity Method Investee | Training Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Expenses from transactions with related party | $ 0.5 | $ 0.6 | $ 0.5 |
ESCROW DEPOSITS Escrow Deposits
ESCROW DEPOSITS Escrow Deposits (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)helicopter | Dec. 31, 2016USD ($)helicopter | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deposits in like-kind exchange escrow accounts | $ 3,300 | $ 3,800 | |
Proceeds from disposition of property and equipment | 9,392 | 28,609 | $ 25,328 |
Purchases of property and equipment | $ 16,770 | $ 39,200 | $ 60,050 |
AW169 Light Twin Helicopters | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of disposals | helicopter | 1 | ||
Proceeds from disposition of property and equipment | $ 3,200 | ||
AW139 Helicopter | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of disposals | helicopter | 2 | ||
Proceeds from disposition of property and equipment | $ 18,200 | ||
AW189 Heavy Helicopters | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Purchases of property and equipment | 7,400 | ||
S92 Heavy Helicopters | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Purchases of property and equipment | $ 7,000 |
INCOME TAXES Income (Loss) Befo
INCOME TAXES Income (Loss) Before Income Taxes and Equity Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (148,248) | $ (12,913) | $ 27,699 |
Foreign | (4,457) | (6,446) | (3,740) |
Income (loss) before income tax expense and equity earnings | $ (152,705) | $ (19,359) | $ 23,959 |
INCOME TAXES Components of Inco
INCOME TAXES Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 0 | $ 17 | $ (70) |
State | 7 | 5 | 63 |
Foreign | (3,530) | 1,213 | (76) |
Total current | (3,523) | 1,235 | (83) |
Deferred: | |||
Federal | (121,359) | (5,060) | 13,977 |
State | 1,923 | 479 | 364 |
Foreign | 294 | (11) | (141) |
Total deferred | (119,142) | (4,592) | 14,200 |
Total income tax expense (benefit) | $ (122,665) | $ (3,357) | $ 14,117 |
INCOME TAXES Reconciliation Bet
INCOME TAXES Reconciliation Between the Statutory Federal Income Tax Rate for the Company and the Effective Income Tax (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Credit Carryforward [Line Items] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 5.30% | 18.50% | (0.10%) |
Transfer of asset to Hauser | 0.00% | 0.00% | 4.00% |
Write-off of deferred tax asset upon consolidation of AerĂłleo | 0.00% | 0.00% | 16.00% |
Brazilian PERT Program | 2.20% | 0.00% | 0.00% |
Other | (0.60%) | (1.10%) | 2.20% |
Tax Act | 46.00% | 0.00% | 0.00% |
Effective Income Tax Rate, Continuing Operations | 80.30% | 17.30% | 58.90% |
State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
State valuation allowance | (6.60%) | (21.00%) | 1.80% |
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
State valuation allowance | (1.00%) | (14.10%) | 0.00% |
INCOME TAXES Components of Net
INCOME TAXES Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Property and equipment | $ 126,595 | $ 242,977 |
Buy-in on maintenance contracts | 655 | 1,443 |
Total deferred tax liabilities | 127,250 | 244,420 |
Deferred tax assets: | ||
Equipment leases | 47 | 224 |
Tax loss carryforwards | 52,293 | 34,674 |
Stock compensation | 843 | 2,131 |
Reserves | 897 | 1,452 |
Other | 1,539 | 2,042 |
Valuation allowance | (34,967) | (21,575) |
Total deferred tax assets | 20,652 | 18,948 |
Net deferred tax liabilities | $ 106,598 | $ 225,472 |
INCOME TAXES Narrative (Details
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 34,967 | $ 34,967 | $ 21,575 | |
Unrecognized tax benefits, penalties and accrued interest | 100 | 100 | ||
Income tax benefit | (122,665) | (3,357) | $ 14,117 | |
Interest expense | 16,763 | 17,325 | $ 13,526 | |
Transition tax for accumulated foreign rarnings, provisional income tax benefit | 70,000 | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 38,300 | 38,300 | 0 | |
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 411,300 | 411,300 | 355,200 | |
Valuation allowance | 18,100 | 18,100 | ||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 58,500 | 58,500 | 40,900 | |
Tax credit | 600 | 600 | $ 400 | |
Valuation allowance | 17,000 | 17,000 | ||
Aeroleo | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 16,000 | 16,000 | ||
Income tax benefit | 3,500 | |||
Sicher | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 1,000 | $ 1,000 |
INCOME TAXES Summary of Income
INCOME TAXES Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 261 | $ 648 | $ 0 |
Reductions due to settlements with taxing authorities | (250) | (570) | 0 |
Increases due to tax positions taken during the current year | 0 | 183 | 0 |
Increases due to the consolidation of AerĂłleo | 0 | 0 | 648 |
Ending balance | $ 11 | $ 261 | $ 648 |
INCOME TAXES Reconciliation of
INCOME TAXES Reconciliation of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 21,575 | $ 12,650 | $ 806 |
Increases to state valuation allowance | 10,010 | 6,768 | 434 |
Increases due to consolidation of AerĂłleo | 0 | 0 | 11,285 |
Increases due to foreign valuation allowances | 7,578 | 2,157 | 125 |
Decrease due to Brazilian PERT Program | (4,196) | 0 | 0 |
Balance at end of period | $ 34,967 | $ 21,575 | $ 12,650 |
LONG-TERM DEBT - Company Borro
LONG-TERM DEBT - Company Borrowings (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 07, 2012 |
Debt Instrument [Line Items] | |||
Principal balance on borrowings | $ 208,446,000 | $ 236,376,000 | |
Portion due with one year | (2,736,000) | (2,139,000) | |
Unamortized debt issuance costs | (2,067,000) | (2,395,000) | |
Unamortized discount | (1,469,000) | (1,703,000) | |
Long-term debt (including $1,903 and $2,767 from VIEs in 2017 and 2016, respectively) | 202,174,000 | 230,139,000 | |
7.750% Senior Notes (excluding unamortized discount) | |||
Debt Instrument [Line Items] | |||
7.750% Senior Notes (excluding unamortized discount) | 144,828,000 | 144,828,000 | |
Senior secured revolving credit facility | |||
Debt Instrument [Line Items] | |||
Principal balance on borrowings | 39,000,000 | 65,000,000 | |
Promissory notes | |||
Debt Instrument [Line Items] | |||
Principal balance on borrowings | 21,642,000 | 23,166,000 | |
Other | |||
Debt Instrument [Line Items] | |||
Principal balance on borrowings | $ 2,976,000 | $ 3,382,000 | |
Senior Unsecured Notes Due December 15, 2022 | 7.750% Senior Notes (excluding unamortized discount) | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.75% | 7.75% | 7.75% |
Principal balance on borrowings | $ 200,000,000 |
LONG-TERM DEBT - Maturities (De
LONG-TERM DEBT - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 2,736 | |
2,019 | 41,443 | |
2,020 | 18,696 | |
2,021 | 355 | |
2,022 | 145,143 | |
Years subsequent to 2022 | 73 | |
Long-term debt | $ 208,446 | $ 236,376 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | Dec. 20, 2015 | Dec. 01, 2015 | Dec. 07, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 07, 2018 | Mar. 06, 2018 | Mar. 31, 2014 | Dec. 23, 2010 | Nov. 24, 2010 |
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ 208,446,000 | $ 236,376,000 | |||||||||
Gain on debt extinguishment | 0 | 518,000 | $ 1,617,000 | ||||||||
Write off of debt issuance cost | 500,000 | ||||||||||
Long-term debt issuance costs | $ 0 | $ (886,000) | $ (71,000) | ||||||||
7.750% Senior Notes (excluding unamortized discount) | Senior Unsecured Notes Due December 15, 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 200,000,000 | ||||||||||
Stated interest rate | 7.75% | 7.75% | 7.75% | ||||||||
Proceeds from issuance of long-term debt | $ 191,900,000 | ||||||||||
Outstanding borrowings | 200,000,000 | ||||||||||
Debt obligations | $ 5,000,000 | ||||||||||
Redemption price (in dollars per share) | 86.63 | ||||||||||
Repayments of debt | 4,500,000 | ||||||||||
Accrued interest paid | 200,000 | ||||||||||
Gain on debt extinguishment | $ 518,000 | ||||||||||
Promissory notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ 21,642,000 | $ 23,166,000 | |||||||||
Promissory notes | Promissory Note to Purchase Heavy Helicopter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 27,000,000 | ||||||||||
Outstanding borrowings | $ 19,000,000 | ||||||||||
Debt instrument, interest rate at year-end | 2.47% | ||||||||||
Note required monthly payments | 100,000 | ||||||||||
Note required final payment | $ 12,800,000 | ||||||||||
Promissory notes | Promissory Note to Purchase Medium Helicopter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 11,700,000 | ||||||||||
Outstanding borrowings | $ 5,900,000 | ||||||||||
Debt instrument, interest rate at year-end | 2.43% | ||||||||||
Note required monthly payments | 100,000 | ||||||||||
Note required final payment | $ 4,000,000 | ||||||||||
Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | |||||||||
Maximum commitment increase amount | 100,000,000 | ||||||||||
Remaining borrowing capacity | 75,800,000 | ||||||||||
Letters of credit outstanding | 1,300,000 | ||||||||||
Senior secured revolving credit facility | Promissory notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of borrowings outstanding | $ 190,000,000 | ||||||||||
Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||||||||||
Brazil | Other litigation matters | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Installment payments | $ 3,000,000 | ||||||||||
Subsequent Event | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | $ 200,000,000 | |||||||||
Interest coverage ratio | 175.00% | ||||||||||
Senior secured leverage ratio | 325.00% |
LONG-TERM DEBT - Aeroleo (Detai
LONG-TERM DEBT - Aeroleo (Details) - Aeroleo | 1 Months Ended | |||
Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017note_payable | Oct. 01, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Contribution of capital from joint venture partner | $ 6,300,000 | |||
Notes Payable, 6% Per Annum | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Number of notes payable | note_payable | 2 | |||
Face amount | $ 8,300,000 | |||
Notes Payable, 19.0% Per Annum | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 1,400,000 | |||
Stated interest rate | 19.00% | |||
Repayments of debt | $ 1,500,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to parent | $ (28,161) | $ (7,978) | $ 8,705 | ||||||||
Net income attributable to participating securities | 0 | 0 | 121 | ||||||||
Net income (loss) attributable to common shares | $ (28,161) | $ (7,978) | $ 8,584 | ||||||||
Weighted average number of common shares outstanding—basic (in shares) | 20,760,530 | 20,350,066 | 20,228,370 | ||||||||
Weighted average number of common shares outstanding—diluted (in shares) | 20,760,530 | 20,350,066 | 20,270,756 | ||||||||
Earnings Per Share, Basic (in usd per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
Earnings Per Share, Diluted (in usd per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
Stock Options and Restricted Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (in shares) | 0 | 42,386 | |||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 273,255 | 294,273 | 209,446 |
SHARE-BASED COMPENSATION Narrat
SHARE-BASED COMPENSATION Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 4,600,000 | $ 4,600,000 | $ 3,700,000 | |
Unrecognized compensation costs | $ 2,800,000 | |||
Unrecognized compensation cost period for recognition (in years) | 1 year 8 months 12 days | |||
Granted (in shares) | 0 | |||
Aggregate intrinsic value of exercised stock options | $ 0 | |||
Aggregate intrinsic value of all vested/exercisable stock options outstanding | $ 200,000 | |||
Era Group Inc. 2012 Incentive Plan | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized | 4,000,000 | |||
Shares remaining available for grant | 2,525,563 | 2,747,662 | ||
Era Group Inc. 2013 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized | 300,000 | |||
Shares remaining available for grant | 336,763 | 461,811 | ||
Percentage of stock price employees can purchase | 85.00% | |||
Offering period | 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 400,000 | |||
Expiration period | 10 years | |||
Number of shares issued under ESPP | 125,102 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 297,256 | 342,913 | 193,668 | |
Granted (in dollars per share) | $ 11.44 | $ 10.56 | $ 20.82 | |
Fair value of closing price on grant date | $ 5,500,000 | $ 3,200,000 | $ 1,900,000 |
SHARE-BASED COMPENSATION Nonves
SHARE-BASED COMPENSATION Nonvested Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested at beginning of period (in shares) | 503,407 | ||
Granted (in shares) | 297,256 | 342,913 | 193,668 |
Vested (in shares) | (381,017) | ||
Forfeited (in shares) | (36,773) | ||
Non-vested at end of period (in shares) | 382,873 | 503,407 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) [Roll Forward] | |||
Non-vested at beginning of period (in dollars per share) | $ 14.60 | ||
Granted (in dollars per share) | 11.44 | $ 10.56 | $ 20.82 |
Vested (in dollars per share) | 14.36 | ||
Forfeited (in dollars per share) | 11.46 | ||
Non-vested at end of period (in dollars per share) | $ 12.68 | $ 14.60 | |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 30,853 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) [Roll Forward] | |||
Granted (in dollars per share) | $ 11.67 | ||
Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 266,403 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) [Roll Forward] | |||
Granted (in dollars per share) | $ 11.44 |
SHARE-BASED COMPENSATION Option
SHARE-BASED COMPENSATION Option Activity (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Non-vested Options | |
Beginning Balance (in shares) | 70,000 |
Vested (in shares) | (48,750) |
Forfeited (in shares) | (6,250) |
Ending Balance (in shares) | 15,000 |
Nonvested Options | |
Beginning Balance (in dollars per share) | $ / shares | $ 7.94 |
Vested (in dollars per share) | $ / shares | 7.84 |
Forfeited (in dollars per share) | $ / shares | 10.86 |
Ending Balance (in dollars per share) | $ / shares | $ 7.04 |
Vested/Exercisable Options | |
Beginning Balance (in shares) | 213,764 |
Vested (in shares) | 48,750 |
Expired (in shares) | (13,384) |
Forfeited (in shares) | (18,750) |
Ending Balance (in shares) | 230,380 |
Vested/Exercisable Options | |
Beginning Balance (in dollars per share) | $ / shares | $ 18.84 |
Vested (in dollars per share) | $ / shares | 20.84 |
Expired (in dollars per share) | $ / shares | 16.74 |
Forfeited (in dollars per share) | $ / shares | 29.24 |
Ending Balance (in dollars per share) | $ / shares | $ 18.54 |
Total Options | |
Beginning Balance (in shares) | 283,764 |
Granted (in shares) | 0 |
Expired (in shares) | (13,384) |
Forfeited (in shares) | (25,000) |
Ending Balance (in shares) | 245,380 |
Total Options | |
Beginning Balance (in dollars per share) | $ / shares | $ 19.54 |
Expired (in dollars per share) | $ / shares | 16.74 |
Forfeited (in dollars per share) | $ / shares | 29.24 |
Ending Balance (in dollars per share) | $ / shares | $ 18.71 |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2011 | |
Related Party Transaction [Line Items] | ||||
Rental expense | $ 5,500,000 | $ 5,700,000 | $ 4,500,000 | |
SEACOR | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 0 | 100,000 | 100,000 | |
Rental expense | 400,000 | |||
Amended and Restated Transition Services Agreement | SEACOR | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 600,000 | 3,000,000 | ||
Training Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable to related party | 3,700,000 | 4,000,000 | ||
Dart Helicopter Services LLC and Dart Holding Company Ltd. | Products Purchased | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 2,000,000 | 1,900,000 | 2,100,000 | |
Dart Holding Company Ltd. | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable to related party | 2,800,000 | 3,200,000 | $ 5,100,000 | |
Era Training Center | Helicopter, Management and Other Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 200,000 | 200,000 | 400,000 | |
Era Training Center | Training Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 500,000 | $ 600,000 | $ 500,000 |
COMMITMENTS AND CONTINGENCIES83
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)helicopter | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | |||
Unfunded capital commitments | $ 117,700 | ||
Unfunded capital commitments due in next twelve months | 106,400 | ||
Non-cancellable portion due next twelve months | 2,800 | ||
Deposits paid on options not yet exercised | 1,300 | ||
Amount eligible for termination | 116,200 | ||
Amount inclusive of deposits paid and without further liability | 2,600 | ||
Escrow deposits | 3,250 | $ 3,777 | |
Aircraft maintenance utilized credits | $ 1,700 | 5,000 | |
Number of helicopters leased | helicopter | 4 | ||
Rental expense | $ 5,500 | $ 5,700 | $ 4,500 |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Lease term range | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Lease term range | 10 years | ||
Aeroleo | Municipal Tax Authorities of Rio de Janeiro and Macae | Foreign Tax Authority | |||
Operating Leased Assets [Line Items] | |||
Penalties | $ 7,100 | ||
Aeroleo | State of Rio de Janeiro | Foreign Tax Authority | |||
Operating Leased Assets [Line Items] | |||
Penalties | 400 | ||
Installment payments | 200 | ||
Damages dismissed | 1,600 | ||
Brazilian Tax Dispute with Respect to Employer Social Security Contributions | Aeroleo | Foreign Tax Authority | |||
Operating Leased Assets [Line Items] | |||
Penalties | 3,000 | ||
Other litigation matters | Aeroleo | Foreign Tax Authority | |||
Operating Leased Assets [Line Items] | |||
Escrow deposits | 10,300 | ||
Pending Litigation | Tax Disputes over Tax Credits Applied to Offset Social Tax Liability | Brazil Taxing Authorities | |||
Operating Leased Assets [Line Items] | |||
Penalties | 300 | ||
Pending Litigation | Former Tax Consultant Claims | |||
Operating Leased Assets [Line Items] | |||
Penalties | 600 | ||
Pending Litigation | Employment-Related Litigation Matters | |||
Operating Leased Assets [Line Items] | |||
Damages sought in excess of accruals, value | 100 | ||
Unfavorable Regulatory Action | Pending Litigation | Brazilian Customs Authorities Claims | |||
Operating Leased Assets [Line Items] | |||
Penalties | $ 1,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,018 | $ 1,172 |
2,019 | 1,190 |
2,020 | 1,090 |
2,021 | 811 |
2,022 | 488 |
Years subsequent to 2022 | $ 10,244 |
SEGMENT INFORMATION, MAJOR CU85
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA Narrative (Details) - employee | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Brazil | |||
Revenue, Major Customer [Line Items] | |||
Number of employees | 211 | ||
Sales | Foreign Operations | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 34.00% | 31.00% | 21.00% |
Sales | Anadarko Petroleum Corporation | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 28.00% | 24.00% | 27.00% |
Sales | Petroleo Brasileiro S.A. | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 22.00% | ||
Sales | U.S. Government | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 16.00% | 16.00% | 13.00% |
Unionized Employees Concentration Risk | Number of Employees, Total | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 28.00% |
SEGMENT INFORMATION, MAJOR CU86
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA Schedule of Revenue from External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 56,289 | $ 65,006 | $ 63,351 | $ 62,582 | $ 231,321 | $ 247,228 | $ 281,837 |
Net property and equipment | 673,914 | 821,809 | 673,914 | 821,809 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 152,187 | 171,121 | 222,465 | ||||||||
Net property and equipment | 533,800 | 578,900 | 533,800 | 578,900 | |||||||
Latin America and the Caribbean | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 68,936 | 64,007 | 40,420 | ||||||||
Net property and equipment | 120,152 | 147,828 | 120,152 | 147,828 | |||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 5,029 | 5,924 | 10,582 | ||||||||
Net property and equipment | 6,697 | 76,575 | 6,697 | 76,575 | |||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 5,169 | 6,176 | $ 8,370 | ||||||||
Net property and equipment | $ 13,265 | $ 18,506 | $ 13,265 | $ 18,506 |
SUPPLEMENTAL INFORMATION FOR 87
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Income taxes paid, net of refunds | $ (5,978) | $ 5,960 | |
Interest paid to others, excluding capitalized interest | 15,268 | 12,642 | |
Schedule of non-cash investing and financing activities: | |||
Contribution of notes payable as additional capital into AerĂłleo | $ 0 | 0 | |
Settlement of accrued contingent liabilities through installment obligations | 386 | 0 | |
Company financed sale of equipment and parts | $ 0 | $ 0 | $ 1,248 |
QUARTERLY FINANCIAL INFORMATI88
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 56,289 | $ 65,006 | $ 63,351 | $ 62,582 | $ 231,321 | $ 247,228 | $ 281,837 |
Operating income (loss) | (8,359) | (122,773) | (276) | (5,056) | (1,421) | 2,366 | (3,509) | (805) | (136,464) | (3,369) | 24,294 |
Net income (loss) | 61,459 | (81,215) | (3,072) | (5,787) | (5,648) | (802) | (4,510) | (3,950) | $ (28,615) | $ (14,910) | 7,899 |
Net income (loss) attributable to common shares | $ 61,694 | $ (81,448) | $ (2,787) | $ (5,620) | $ (5,538) | $ (560) | $ 1,938 | $ (3,818) | $ 8,705 | ||
Earnings (loss) per common share, basic (in dollars per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
Earnings (loss) per common share, diluted (in dollars per share) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ (0.27) | $ (0.03) | $ 0.09 | $ (0.19) | $ (1.36) | $ (0.39) | $ 0.42 |
QUARTERLY FINANCIAL INFORMATI89
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) - Footnotes (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Operating income (loss) | $ (8,359) | $ (122,773) | $ (276) | $ (5,056) | $ (1,421) | $ 2,366 | $ (3,509) | $ (805) | $ (136,464) | $ (3,369) | $ 24,294 |
Operating expense | (167,446) | (169,863) | (171,481) | ||||||||
Income tax benefit | (122,665) | (3,357) | 14,117 | ||||||||
Depreciation and amortization | (45,736) | (49,315) | (47,337) | ||||||||
Net income (loss) | 61,459 | (81,215) | (3,072) | (5,787) | (5,648) | (802) | (4,510) | (3,950) | (28,615) | (14,910) | 7,899 |
Net income (loss) attributable to common shares | 61,694 | (81,448) | $ (2,787) | $ (5,620) | (5,538) | $ (560) | $ 1,938 | $ (3,818) | 8,705 | ||
Gains on asset dispositions | $ 4,507 | $ 4,787 | $ 5,953 | ||||||||
Correction of Error Related to Adjustments That Were Immaterial | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Operating income (loss) | 300 | 1,200 | 1,700 | ||||||||
Operating expense | (400) | (200) | 2,000 | ||||||||
Income tax benefit | 900 | ||||||||||
Depreciation and amortization | 200 | 500 | |||||||||
Net income (loss) | (1,400) | $ (300) | $ (1,000) | ||||||||
Net income (loss) attributable to common shares | $ 1,000 | ||||||||||
Earnings per common share | $ 0.05 | $ 0.02 | $ 0.05 | ||||||||
Gains on asset dispositions | $ 300 |
GUARANTORS OF SECURITIES (Detai
GUARANTORS OF SECURITIES (Details) - Senior Unsecured Notes Due December 15, 2022 - Senior Notes - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 07, 2012 |
Debt Instrument [Line Items] | |||
Face amount | $ 200,000,000 | ||
Stated interest rate | 7.75% | 7.75% | 7.75% |
GUARANTORS OF SECURITIES Supple
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 13,583 | $ 26,950 | $ 14,370 | $ 40,867 |
Receivables [Abstract] | ||||
Trade, net of allowance for doubtful accounts | 38,964 | 32,470 | ||
Tax receivables | 2,829 | 3,461 | ||
Other | 1,623 | 2,716 | ||
Inventories, net | 21,112 | 25,417 | ||
Prepaid expenses | 1,203 | 1,579 | ||
Other current assets | 3,250 | 3,777 | ||
Total current assets | 82,564 | 96,370 | ||
Property and equipment: | ||||
Property and equipment | 972,942 | 1,154,028 | ||
Accumulated depreciation | (299,028) | (332,219) | ||
Property and equipment, net | 673,914 | 821,809 | ||
Equity investments and advances | 30,056 | 29,266 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Intangible assets | 1,122 | 1,137 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 4,441 | 6,591 | ||
Total assets | 792,097 | 955,173 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 16,421 | 8,876 | ||
Accrued wages and benefits | 8,264 | 8,507 | ||
Accrued interest | 606 | 529 | ||
Accrued income taxes | 28 | 666 | ||
Current portion of long-term debt | 2,736 | 2,139 | ||
Accrued other taxes | 1,810 | 1,447 | ||
Accrued contingencies | 859 | 1,237 | ||
Other current liabilities | 1,720 | 2,222 | ||
Total current liabilities | 32,444 | 25,623 | ||
Long-term debt | 202,174 | 230,139 | ||
Deferred income taxes | 106,598 | 225,472 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 1,434 | 1,301 | ||
Total liabilities | 342,650 | 482,535 | ||
Redeemable noncontrolling interest | 3,766 | 4,221 | ||
Era Group Inc. stockholders’ equity: | ||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares | 215 | 211 | ||
Additional paid-in capital | 443,944 | 438,489 | ||
Retained earnings | 4,363 | 32,524 | ||
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | (2,951) | (2,899) | ||
Accumulated other comprehensive income, net of tax | 110 | 92 | ||
Total equity | 445,681 | 468,417 | 471,303 | 460,364 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 792,097 | 955,173 | ||
Parent | ||||
Current assets: | ||||
Cash and cash equivalents | 10,800 | 25,474 | 7,565 | 16,481 |
Receivables [Abstract] | ||||
Trade, net of allowance for doubtful accounts | 0 | 39 | ||
Tax receivables | 0 | 9 | ||
Other | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses | 349 | 359 | ||
Other current assets | 0 | 0 | ||
Total current assets | 11,149 | 25,881 | ||
Property and equipment: | ||||
Property and equipment | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Equity investments and advances | 0 | 0 | ||
Investments in consolidated subsidiaries | 161,350 | 174,830 | ||
Intangible assets | 0 | 0 | ||
Deferred income taxes | 19,600 | 12,262 | ||
Intercompany receivables | 426,806 | 460,623 | ||
Other assets | 1,011 | 1,820 | ||
Total assets | 619,916 | 675,416 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 638 | 322 | ||
Accrued wages and benefits | 0 | 0 | ||
Accrued interest | 549 | 529 | ||
Accrued income taxes | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Accrued other taxes | 18 | 29 | ||
Accrued contingencies | 0 | 0 | ||
Other current liabilities | 848 | 481 | ||
Total current liabilities | 2,053 | 1,361 | ||
Long-term debt | 172,292 | 205,730 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 174,345 | 207,091 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Era Group Inc. stockholders’ equity: | ||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares | 215 | 211 | ||
Additional paid-in capital | 443,944 | 438,489 | ||
Retained earnings | 4,363 | 32,524 | ||
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | (2,951) | (2,899) | ||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||
Total equity | 445,571 | 468,325 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 619,916 | 675,416 | ||
Guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 3,334 | 22,188 |
Receivables [Abstract] | ||||
Trade, net of allowance for doubtful accounts | 33,092 | 26,118 | ||
Tax receivables | 0 | 4 | ||
Other | 1,126 | 1,658 | ||
Inventories, net | 20,746 | 25,156 | ||
Prepaid expenses | 721 | 976 | ||
Other current assets | 3,250 | 3,777 | ||
Total current assets | 58,935 | 57,689 | ||
Property and equipment: | ||||
Property and equipment | 956,918 | 1,138,020 | ||
Accumulated depreciation | (296,573) | (330,735) | ||
Property and equipment, net | 660,345 | 807,285 | ||
Equity investments and advances | 30,056 | 29,266 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 3,370 | 4,723 | ||
Total assets | 752,706 | 898,963 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 13,655 | 6,273 | ||
Accrued wages and benefits | 6,804 | 6,446 | ||
Accrued interest | 57 | 0 | ||
Accrued income taxes | 24 | 653 | ||
Current portion of long-term debt | 1,663 | 1,524 | ||
Accrued other taxes | 1,192 | 645 | ||
Accrued contingencies | 0 | 0 | ||
Other current liabilities | 835 | 1,525 | ||
Total current liabilities | 24,230 | 17,066 | ||
Long-term debt | 27,979 | 21,642 | ||
Deferred income taxes | 124,948 | 237,067 | ||
Intercompany payables | 381,660 | 426,410 | ||
Other liabilities | 1,435 | 1,301 | ||
Total liabilities | 560,252 | 703,486 | ||
Redeemable noncontrolling interest | 4 | 4 | ||
Era Group Inc. stockholders’ equity: | ||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares | 0 | 0 | ||
Additional paid-in capital | 100,306 | 100,306 | ||
Retained earnings | 92,034 | 95,075 | ||
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | 0 | 0 | ||
Accumulated other comprehensive income, net of tax | 110 | 92 | ||
Total equity | 192,450 | 195,473 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 752,706 | 898,963 | ||
Non-guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 2,783 | 1,476 | 3,471 | 2,198 |
Receivables [Abstract] | ||||
Trade, net of allowance for doubtful accounts | 5,872 | 6,313 | ||
Tax receivables | 2,829 | 3,448 | ||
Other | 497 | 1,058 | ||
Inventories, net | 366 | 261 | ||
Prepaid expenses | 133 | 244 | ||
Other current assets | 0 | 0 | ||
Total current assets | 12,480 | 12,800 | ||
Property and equipment: | ||||
Property and equipment | 16,024 | 16,008 | ||
Accumulated depreciation | (2,455) | (1,484) | ||
Property and equipment, net | 13,569 | 14,524 | ||
Equity investments and advances | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Intangible assets | 1,122 | 1,137 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 60 | 48 | ||
Total assets | 27,231 | 28,509 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 2,128 | 2,281 | ||
Accrued wages and benefits | 1,460 | 2,061 | ||
Accrued interest | 0 | 0 | ||
Accrued income taxes | 4 | 13 | ||
Current portion of long-term debt | 1,073 | 615 | ||
Accrued other taxes | 600 | 773 | ||
Accrued contingencies | 859 | 1,237 | ||
Other current liabilities | 37 | 216 | ||
Total current liabilities | 6,161 | 7,196 | ||
Long-term debt | 1,903 | 2,767 | ||
Deferred income taxes | 1,250 | 667 | ||
Intercompany payables | 45,146 | 34,213 | ||
Other liabilities | (1) | 0 | ||
Total liabilities | 54,459 | 44,843 | ||
Redeemable noncontrolling interest | 3,762 | 4,217 | ||
Era Group Inc. stockholders’ equity: | ||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares | 0 | 0 | ||
Additional paid-in capital | 4,562 | 4,562 | ||
Retained earnings | (35,552) | (25,113) | ||
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | 0 | 0 | ||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||
Total equity | (30,990) | (20,551) | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 27,231 | 28,509 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables [Abstract] | ||||
Trade, net of allowance for doubtful accounts | 0 | 0 | ||
Tax receivables | 0 | 0 | ||
Other | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment: | ||||
Property and equipment | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Equity investments and advances | 0 | 0 | ||
Investments in consolidated subsidiaries | (161,350) | (174,830) | ||
Intangible assets | 0 | 0 | ||
Deferred income taxes | (19,600) | (12,262) | ||
Intercompany receivables | (426,806) | (460,623) | ||
Other assets | 0 | 0 | ||
Total assets | (607,756) | (647,715) | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 0 | 0 | ||
Accrued wages and benefits | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Accrued income taxes | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Accrued other taxes | 0 | 0 | ||
Accrued contingencies | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | (19,600) | (12,262) | ||
Intercompany payables | (426,806) | (460,623) | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (446,406) | (472,885) | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Era Group Inc. stockholders’ equity: | ||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares | 0 | 0 | ||
Additional paid-in capital | (104,868) | (104,868) | ||
Retained earnings | (56,482) | (69,962) | ||
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively | 0 | 0 | ||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||
Total equity | (161,350) | (174,830) | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ (607,756) | $ (647,715) |
GUARANTORS OF SECURITIES Supp92
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Balance Sheet Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Guarantees [Abstract] | ||
Allowance for doubtful accounts-trade | $ 1,196 | $ 1,219 |
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized | 60,000,000 | 60,000,000 |
Shares outstanding | 21,352,286 | 20,936,636 |
Treasury shares | 215,141 | 175,350 |
GUARANTORS OF SECURITIES Supp93
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 56,289 | $ 65,006 | $ 63,351 | $ 62,582 | $ 231,321 | $ 247,228 | $ 281,837 |
Costs and expenses: | |||||||||||
Operating | 167,446 | 169,863 | 171,481 | ||||||||
Administrative and general | 42,092 | 36,206 | 42,812 | ||||||||
Depreciation | 45,736 | 49,315 | 47,337 | ||||||||
Total costs and expenses | 255,274 | 255,384 | 261,630 | ||||||||
Gains on asset dispositions, net | 4,507 | 4,787 | 5,953 | ||||||||
Loss on impairment | (117,018) | 0 | (1,866) | ||||||||
Operating income (loss) | (8,359) | (122,773) | (276) | (5,056) | (1,421) | 2,366 | (3,509) | (805) | (136,464) | (3,369) | 24,294 |
Other income (expense): | |||||||||||
Interest income | 760 | 741 | 1,191 | ||||||||
Interest expense | (16,763) | (17,325) | (13,526) | ||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Derivative losses, net | 0 | 0 | (18) | ||||||||
Foreign currency gains, net | (226) | 7 | (2,590) | ||||||||
Gain on debt extinguishment | 0 | 518 | 1,617 | ||||||||
Gain on sale of FBO | 0 | 0 | 12,946 | ||||||||
Other, net | (12) | 69 | 45 | ||||||||
Total other income (expense) | (16,241) | (15,990) | (335) | ||||||||
Income (loss) before income tax expense and equity earnings | (152,705) | (19,359) | 23,959 | ||||||||
Income tax expense (benefit) | (122,665) | (3,357) | 14,117 | ||||||||
Income (loss) before equity earnings | (30,040) | (16,002) | 9,842 | ||||||||
Equity earnings, net of tax | 1,425 | 1,092 | (1,943) | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ (5,648) | $ (802) | $ (4,510) | $ (3,950) | (28,615) | (14,910) | 7,899 |
Net loss attributable to noncontrolling interest in subsidiaries | 454 | 6,932 | 806 | ||||||||
Net income (loss) attributable to Era Group Inc. | (28,161) | (7,978) | 8,705 | ||||||||
Parent | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Administrative and general | 7,887 | 3,744 | 6,484 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Total costs and expenses | 7,887 | 3,744 | 6,484 | ||||||||
Gains on asset dispositions, net | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Operating income (loss) | (7,887) | (3,744) | (6,484) | ||||||||
Other income (expense): | |||||||||||
Interest income | 108 | 56 | 16 | ||||||||
Interest expense | (14,495) | (16,033) | (12,479) | ||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Derivative losses, net | 0 | ||||||||||
Foreign currency gains, net | 256 | (77) | 569 | ||||||||
Gain on debt extinguishment | 518 | 1,617 | |||||||||
Gain on sale of FBO | 12,946 | ||||||||||
Other, net | 0 | 0 | (3) | ||||||||
Total other income (expense) | (14,131) | (15,536) | 2,666 | ||||||||
Income (loss) before income tax expense and equity earnings | (22,018) | (19,280) | (3,818) | ||||||||
Income tax expense (benefit) | (7,338) | (8,807) | (3,368) | ||||||||
Income (loss) before equity earnings | (14,680) | (10,473) | (450) | ||||||||
Equity earnings, net of tax | 0 | 0 | |||||||||
Equity in earnings (losses) of subsidiaries | (13,481) | 2,495 | 9,155 | ||||||||
Net income (loss) | (28,161) | (7,978) | 8,705 | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Era Group Inc. | (28,161) | (7,978) | 8,705 | ||||||||
Guarantors | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | 201,653 | 225,773 | 262,898 | ||||||||
Costs and expenses: | |||||||||||
Operating | 133,077 | 138,350 | 149,702 | ||||||||
Administrative and general | 28,451 | 27,834 | 33,326 | ||||||||
Depreciation | 44,756 | 48,248 | 46,722 | ||||||||
Total costs and expenses | 206,284 | 214,432 | 229,750 | ||||||||
Gains on asset dispositions, net | 4,364 | 5,035 | 8,582 | ||||||||
Loss on impairment | (116,586) | (352) | |||||||||
Operating income (loss) | (116,853) | 16,376 | 41,378 | ||||||||
Other income (expense): | |||||||||||
Interest income | 419 | 472 | 900 | ||||||||
Interest expense | (800) | (809) | (773) | ||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Derivative losses, net | 0 | ||||||||||
Foreign currency gains, net | 330 | (879) | (3,119) | ||||||||
Gain on debt extinguishment | 0 | 0 | |||||||||
Gain on sale of FBO | 0 | ||||||||||
Other, net | 143 | 11 | 63 | ||||||||
Total other income (expense) | 92 | (1,205) | (2,947) | ||||||||
Income (loss) before income tax expense and equity earnings | (116,761) | 15,171 | 38,431 | ||||||||
Income tax expense (benefit) | (112,295) | 4,971 | 17,625 | ||||||||
Income (loss) before equity earnings | (4,466) | 10,200 | 20,806 | ||||||||
Equity earnings, net of tax | 1,425 | 1,092 | (1,943) | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | (3,041) | 11,292 | 18,863 | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 6,349 | 376 | ||||||||
Net income (loss) attributable to Era Group Inc. | (3,041) | 17,641 | 19,239 | ||||||||
Non-guarantors | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | 60,466 | 61,514 | 18,952 | ||||||||
Costs and expenses: | |||||||||||
Operating | 65,167 | 71,572 | 21,792 | ||||||||
Administrative and general | 5,754 | 4,628 | 3,002 | ||||||||
Depreciation | 980 | 1,067 | 615 | ||||||||
Total costs and expenses | 71,901 | 77,267 | 25,409 | ||||||||
Gains on asset dispositions, net | 143 | (248) | (2,629) | ||||||||
Loss on impairment | (432) | (1,514) | |||||||||
Operating income (loss) | (11,724) | (16,001) | (10,600) | ||||||||
Other income (expense): | |||||||||||
Interest income | 233 | 213 | 275 | ||||||||
Interest expense | (1,468) | (483) | (274) | ||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Derivative losses, net | 0 | ||||||||||
Foreign currency gains, net | (812) | 963 | (40) | ||||||||
Gain on debt extinguishment | 0 | 0 | |||||||||
Gain on sale of FBO | 0 | ||||||||||
Other, net | (155) | 58 | (15) | ||||||||
Total other income (expense) | (2,202) | 751 | (54) | ||||||||
Income (loss) before income tax expense and equity earnings | (13,926) | (15,250) | (10,654) | ||||||||
Income tax expense (benefit) | (3,032) | 479 | (140) | ||||||||
Income (loss) before equity earnings | (10,894) | (15,729) | (10,514) | ||||||||
Equity earnings, net of tax | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | (10,894) | (15,729) | (10,514) | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 454 | 583 | 430 | ||||||||
Net income (loss) attributable to Era Group Inc. | (10,440) | (15,146) | (10,084) | ||||||||
Eliminations | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | (30,798) | (40,059) | (13) | ||||||||
Costs and expenses: | |||||||||||
Operating | (30,798) | (40,059) | (13) | ||||||||
Administrative and general | 0 | 0 | 0 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Total costs and expenses | (30,798) | (40,059) | (13) | ||||||||
Gains on asset dispositions, net | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Other income (expense): | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Derivative losses, net | 0 | ||||||||||
Foreign currency gains, net | 0 | 0 | 0 | ||||||||
Gain on debt extinguishment | 0 | 0 | |||||||||
Gain on sale of FBO | 0 | ||||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other income (expense) | 0 | 0 | 0 | ||||||||
Income (loss) before income tax expense and equity earnings | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (loss) before equity earnings | 0 | 0 | 0 | ||||||||
Equity earnings, net of tax | 0 | 0 | |||||||||
Equity in earnings (losses) of subsidiaries | 13,481 | (2,495) | (9,155) | ||||||||
Net income (loss) | 13,481 | (2,495) | (9,155) | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Era Group Inc. | $ 13,481 | $ (2,495) | $ (9,155) |
GUARANTORS OF SECURITIES Supp94
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ (5,648) | $ (802) | $ (4,510) | $ (3,950) | $ (28,615) | $ (14,910) | $ 7,899 |
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 18 | 0 | (4) | ||||||||
Income tax benefit | 0 | 0 | 1 | ||||||||
Total other comprehensive loss | 18 | 0 | (3) | ||||||||
Comprehensive income (loss) | (28,597) | (14,910) | 7,896 | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 454 | 6,932 | 806 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | (28,143) | (7,978) | 8,702 | ||||||||
Eliminations | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | 13,481 | (2,495) | (9,155) | ||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | 13,481 | (2,495) | (9,155) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | 13,481 | (2,495) | (9,155) | ||||||||
Parent | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | (28,161) | (7,978) | 8,705 | ||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (28,161) | (7,978) | 8,705 | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | (28,161) | (7,978) | 8,705 | ||||||||
Guarantors | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | (3,041) | 11,292 | 18,863 | ||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 18 | 0 | |||||||||
Income tax benefit | 0 | 0 | |||||||||
Total other comprehensive loss | 18 | 0 | (3) | ||||||||
Comprehensive income (loss) | (3,023) | 11,292 | 18,860 | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 6,349 | 376 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | (3,023) | 17,641 | 19,236 | ||||||||
Non-guarantors | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | (10,894) | (15,729) | (10,514) | ||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (10,894) | (15,729) | (10,514) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 454 | 583 | 430 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ (10,440) | $ (15,146) | $ (10,084) |
GUARANTORS OF SECURITIES Supp95
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 20,096 | $ 58,504 | $ 44,456 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (16,770) | (39,200) | (60,050) |
Proceeds from disposition of property and equipment | 9,392 | 28,609 | 25,328 |
Cash settlements on forward contracts, net | 0 | 0 | (1,103) |
Return of helicopter deposits | 0 | 544 | 0 |
Business acquisitions, net of cash acquired | 0 | 0 | (1,747) |
Investments in and advances to equity investees | (126) | 0 | (36) |
Proceeds from sale of FBO | 0 | 0 | 14,252 |
Principal payments on notes due from equity investees | 761 | 723 | 688 |
Principal payments on third party notes receivable | 169 | 208 | 52 |
Escrow deposits on like-kind exchanges, net | 527 | (3,658) | (191) |
Repayment of intercompany debt | 0 | 0 | |
Net cash used in investing activities | (6,047) | (12,774) | (22,807) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 17,000 | 12,000 | 60,000 |
Long-term debt issuance costs | 0 | (886) | (71) |
Payments on long-term debt | (45,281) | (40,444) | (57,925) |
Extinguishment of long-term debt | 0 | (4,331) | (46,920) |
Proceeds and tax benefits from share award plans | 836 | 836 | 1,096 |
Tax expense on vested restricted stock | 0 | 0 | (127) |
Purchase of treasury shares | (52) | (161) | (2,079) |
Borrowings and repayments of intercompany debt | 0 | 0 | 0 |
Net cash used in financing activities | (27,497) | (32,986) | (46,026) |
Effects of exchange rate changes on cash and cash equivalents | 81 | (164) | (2,120) |
Net increase (decrease) in cash and cash equivalents | (13,367) | 12,580 | (26,497) |
Cash and cash equivalents, beginning of year | 26,950 | 14,370 | 40,867 |
Cash and cash equivalents, end of year | 13,583 | 26,950 | 14,370 |
Parent | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (14,706) | 17,909 | (8,916) |
Cash flows from investing activities: | |||
Purchases of property and equipment | 0 | 0 | 0 |
Proceeds from disposition of property and equipment | 0 | 0 | 0 |
Cash settlements on forward contracts, net | 0 | ||
Return of helicopter deposits | 0 | ||
Business acquisitions, net of cash acquired | 0 | ||
Investments in and advances to equity investees | 0 | 0 | |
Proceeds from sale of FBO | 0 | ||
Principal payments on notes due from equity investees | 0 | 0 | 0 |
Principal payments on third party notes receivable | 0 | 0 | 0 |
Escrow deposits on like-kind exchanges, net | 0 | 0 | 0 |
Repayment of intercompany debt | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 0 | 0 | 0 |
Long-term debt issuance costs | 0 | 0 | |
Payments on long-term debt | 0 | 0 | 0 |
Extinguishment of long-term debt | 0 | 0 | |
Proceeds and tax benefits from share award plans | 0 | 0 | 0 |
Tax expense on vested restricted stock | 0 | ||
Purchase of treasury shares | 0 | 0 | 0 |
Borrowings and repayments of intercompany debt | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 0 |
Effects of exchange rate changes on cash and cash equivalents | 32 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (14,674) | 17,909 | (8,916) |
Cash and cash equivalents, beginning of year | 25,474 | 7,565 | 16,481 |
Cash and cash equivalents, end of year | 10,800 | 25,474 | 7,565 |
Guarantors | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 32,601 | 41,239 | 38,111 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (16,600) | (39,020) | (60,046) |
Proceeds from disposition of property and equipment | 9,392 | 28,381 | 37,098 |
Cash settlements on forward contracts, net | (1,103) | ||
Return of helicopter deposits | 544 | ||
Business acquisitions, net of cash acquired | 0 | ||
Investments in and advances to equity investees | (126) | (36) | |
Proceeds from sale of FBO | 0 | ||
Principal payments on notes due from equity investees | 761 | 723 | 688 |
Principal payments on third party notes receivable | 169 | 208 | 52 |
Escrow deposits on like-kind exchanges, net | 527 | (3,848) | (1) |
Repayment of intercompany debt | 190 | 14,062 | |
Net cash used in investing activities | (5,877) | (12,822) | (9,286) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 8,000 | 0 | 0 |
Long-term debt issuance costs | 0 | (71) | |
Payments on long-term debt | (1,526) | (1,803) | (2,458) |
Extinguishment of long-term debt | 0 | 0 | |
Proceeds and tax benefits from share award plans | 0 | 0 | 0 |
Tax expense on vested restricted stock | 0 | ||
Purchase of treasury shares | 0 | 0 | 0 |
Borrowings and repayments of intercompany debt | (33,216) | (29,542) | (43,030) |
Net cash used in financing activities | (26,742) | (31,345) | (45,559) |
Effects of exchange rate changes on cash and cash equivalents | 18 | (406) | (2,120) |
Net increase (decrease) in cash and cash equivalents | 0 | (3,334) | (18,854) |
Cash and cash equivalents, beginning of year | 0 | 3,334 | 22,188 |
Cash and cash equivalents, end of year | 0 | 0 | 3,334 |
Non-guarantors | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 2,201 | (644) | 15,261 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (170) | (180) | (11,774) |
Proceeds from disposition of property and equipment | 0 | 228 | 0 |
Cash settlements on forward contracts, net | 0 | ||
Return of helicopter deposits | 0 | ||
Business acquisitions, net of cash acquired | (1,747) | ||
Investments in and advances to equity investees | 0 | 0 | |
Proceeds from sale of FBO | 0 | ||
Principal payments on notes due from equity investees | 0 | 0 | 0 |
Principal payments on third party notes receivable | 0 | 0 | 0 |
Escrow deposits on like-kind exchanges, net | 0 | 0 | 0 |
Repayment of intercompany debt | 0 | 0 | |
Net cash used in investing activities | (170) | 48 | (13,521) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 0 | 0 | 0 |
Long-term debt issuance costs | 0 | 0 | |
Payments on long-term debt | (755) | (1,641) | (467) |
Extinguishment of long-term debt | 0 | 0 | |
Proceeds and tax benefits from share award plans | 0 | 0 | 0 |
Tax expense on vested restricted stock | 0 | ||
Purchase of treasury shares | 0 | 0 | 0 |
Borrowings and repayments of intercompany debt | 0 | 0 | 0 |
Net cash used in financing activities | (755) | (1,641) | (467) |
Effects of exchange rate changes on cash and cash equivalents | 31 | 242 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,307 | (1,995) | 1,273 |
Cash and cash equivalents, beginning of year | 1,476 | 3,471 | 2,198 |
Cash and cash equivalents, end of year | 2,783 | 1,476 | 3,471 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Purchases of property and equipment | 0 | 11,770 | |
Proceeds from disposition of property and equipment | 0 | (11,770) | |
Cash settlements on forward contracts, net | 0 | ||
Return of helicopter deposits | 0 | ||
Business acquisitions, net of cash acquired | 0 | ||
Investments in and advances to equity investees | 0 | 0 | |
Proceeds from sale of FBO | 14,252 | ||
Principal payments on notes due from equity investees | 0 | 0 | 0 |
Principal payments on third party notes receivable | 0 | 0 | 0 |
Escrow deposits on like-kind exchanges, net | 0 | 190 | (190) |
Repayment of intercompany debt | (190) | (14,062) | |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 9,000 | 12,000 | 60,000 |
Long-term debt issuance costs | (886) | 0 | |
Payments on long-term debt | (43,000) | (37,000) | (55,000) |
Extinguishment of long-term debt | (4,331) | (46,920) | |
Proceeds and tax benefits from share award plans | 836 | 836 | 1,096 |
Tax expense on vested restricted stock | (127) | ||
Purchase of treasury shares | (52) | (161) | (2,079) |
Borrowings and repayments of intercompany debt | 33,216 | 29,542 | 43,030 |
Net cash used in financing activities | 0 | 0 | 0 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | $ 0 | $ 0 | $ 0 |