Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 05, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 21,789,874 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 261,936,049 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents (including $1,745 and $1,699 from VIEs in 2018 and 2017, respectively)(1) | [1] | $ 50,753 | $ 13,583 |
Receivables: | |||
Trade, operating, net of allowance for doubtful accounts of $261 and $1,196 in 2018 and 2017, respectively (including $5,565 and $5,854 from VIEs in 2018 and 2017, respectively) | 33,306 | 33,840 | |
Trade, dry-leasing | 3,803 | 5,124 | |
Tax receivables (including $3,187 and $2,828 from VIEs in 2018 and 2017, respectively) | 3,187 | 2,829 | |
Other (including $340 and $257 from VIEs in 2018 and 2017, respectively) | 2,343 | 1,623 | |
Inventories, net (including $40 and $39 from VIEs in 2018 and 2017, respectively) | 20,673 | 21,112 | |
Prepaid expenses (including $10 and $40 from VIEs in 2018 and 2017, respectively) | 1,807 | 1,203 | |
Escrow deposits | 0 | 3,250 | |
Total current assets | 115,872 | 82,564 | |
Property and equipment: | |||
Helicopters | 805,453 | 824,122 | |
Machinery, equipment and spares (including $750 and $1,512 from VIEs in 2018 and 2017, respectively) | 37,487 | 41,375 | |
Construction in progress | 7,086 | 37,605 | |
Buildings and leasehold improvements (including $154 and $89 from VIEs in 2018 and 2017, respectively) | 45,303 | 43,839 | |
Furniture, fixtures, vehicles and other (including $471 and $350 from VIEs in 2018 and 2017, respectively) | 21,832 | 26,001 | |
Property and equipment, at cost | 917,161 | 972,942 | |
Accumulated depreciation (including $485 and $487 from VIEs in 2018 and 2017, respectively) | (317,967) | (299,028) | |
Property and equipment, net | 599,194 | 673,914 | |
Equity investments and advances | 27,112 | 30,056 | |
Intangible assets | 1,107 | 1,122 | |
Other assets (including $96 and $61 from VIEs in 2018 and 2017, respectively) | 21,578 | 4,441 | |
Total assets | 764,863 | 792,097 | |
Current liabilities: | |||
Accounts payable and accrued expenses (including $1,522 and $1,807 from VIEs in 2018 and 2017, respectively) | 13,161 | 16,421 | |
Accrued wages and benefits (including $1,429 and $1,397 from VIEs in 2018 and 2017, respectively) | 9,267 | 8,264 | |
Accrued interest | 569 | 606 | |
Accrued income taxes | 973 | 28 | |
Current portion of long-term debt (including $395 and $1,073 from VIEs in 2018 and 2017, respectively) | 2,058 | 2,736 | |
Accrued other taxes (including $500 and $600 from VIEs in 2018 and 2017, respectively) | 1,268 | 1,810 | |
Accrued contingencies (including $630 and $858 from VIEs in 2018 and 2017, respectively) | 630 | 859 | |
Other current liabilities (including $0 and $8 from VIEs in 2018 and 2017, respectively.) | 878 | 1,720 | |
Total current liabilities | 28,804 | 32,444 | |
Long-term debt (including $0 and $1,903 from VIEs in 2018 and 2017, respectively) | 160,217 | 202,174 | |
Deferred income taxes | 108,357 | 106,598 | |
Other liabilities | 747 | 1,434 | |
Total liabilities | 298,125 | 342,650 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 3,302 | 3,766 | |
Equity: | |||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 and 21,319,150 outstanding in 2018 and 2017, respectively, exclusive of treasury shares | 219 | 215 | |
Additional paid-in capital | 447,298 | 443,944 | |
Retained earnings | 18,285 | 4,363 | |
Treasury shares, at cost, 156,737 and 215,141 shares in 2018 and 2017, respectively | (2,476) | (2,951) | |
Accumulated other comprehensive income, net of tax | 110 | 110 | |
Total equity | 463,436 | 445,681 | |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ 764,863 | $ 792,097 | |
[1] | Refer to footnote 5 for more detail on variable interest entities (“VIE”) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | [1] | $ 50,753 | $ 13,583 |
Allowance for doubtful accounts-trade | 261 | 1,196 | |
Trade receivables, operating | 33,306 | 33,840 | |
Tax receivables | 3,187 | 2,829 | |
Receivables, other | 2,343 | 1,623 | |
Inventories, net | 20,673 | 21,112 | |
Prepaid expenses | 1,807 | 1,203 | |
Machinery, equipment and spares | 37,487 | 41,375 | |
Buildings and leasehold improvements | 45,303 | 43,839 | |
Furniture, fixtures, vehicles and other | 21,832 | 26,001 | |
Accumulated depreciation | 317,967 | 299,028 | |
Other assets | 21,578 | 4,441 | |
Accounts payable and accrued expenses | 13,161 | 16,421 | |
Accrued wages and benefits | 9,267 | 8,264 | |
Current portion of long-term debt | 2,058 | 2,736 | |
Accrued other taxes | 1,268 | 1,810 | |
Accrued contingencies | 630 | 859 | |
Other current liabilities | 878 | 1,720 | |
Long-term debt | $ 160,217 | $ 202,174 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |
Common stock, shares outstanding (in shares) | 21,765,404 | 21,319,150 | |
Treasury shares (in shares) | 156,737 | 215,141 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 1,745 | $ 1,699 | |
Trade receivables, operating | 5,565 | 5,854 | |
Tax receivables | 3,187 | 2,828 | |
Receivables, other | 340 | 257 | |
Inventories, net | 40 | 39 | |
Prepaid expenses | 10 | 40 | |
Machinery, equipment and spares | 750 | 1,512 | |
Buildings and leasehold improvements | 154 | 89 | |
Furniture, fixtures, vehicles and other | 471 | 350 | |
Accumulated depreciation | 485 | 487 | |
Other assets | 96 | 61 | |
Accounts payable and accrued expenses | 1,522 | 1,807 | |
Accrued wages and benefits | 1,429 | 1,397 | |
Current portion of long-term debt | 395 | 1,073 | |
Accrued other taxes | 500 | 600 | |
Accrued contingencies | 630 | 858 | |
Other current liabilities | 0 | 8 | |
Long-term debt | $ 0 | $ 1,903 | |
[1] | Refer to footnote 5 for more detail on variable interest entities (“VIE”) |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 221,676 | $ 231,321 | $ 247,228 |
Costs and expenses | |||
Operating | 151,523 | 167,446 | 169,863 |
Administrative and general | 45,126 | 42,092 | 36,206 |
Depreciation and amortization | 39,541 | 45,736 | 49,315 |
Total costs and expenses | 236,190 | 255,274 | 255,384 |
Gains on asset dispositions | 1,575 | 4,507 | 4,787 |
Litigation settlement proceeds | 42,000 | 0 | 0 |
Loss on impairment | 991 | 117,018 | 0 |
Operating income (loss) | 28,070 | (136,464) | (3,369) |
Other income (expense) | |||
Interest income | 2,042 | 760 | 741 |
Interest expense | (15,131) | (16,763) | (17,325) |
Foreign currency gains (losses), net | (1,018) | (226) | 7 |
Gain on debt extinguishment | 175 | 0 | 518 |
Other, net | 54 | (12) | 69 |
Total other income (expense) | (13,878) | (16,241) | (15,990) |
Income (loss) before income tax expense and equity earnings | 14,192 | (152,705) | (19,359) |
Income tax expense (benefit) | |||
Current | 1,181 | (3,523) | 1,235 |
Deferred | 1,759 | (119,142) | (4,592) |
Total income tax expense (benefit) | 2,940 | (122,665) | (3,357) |
Income (loss) before equity earnings | 11,252 | (30,040) | (16,002) |
Equity earnings, net of tax | 2,206 | 1,425 | 1,092 |
Net income (loss) | 13,458 | (28,615) | (14,910) |
Net loss attributable to noncontrolling interest in subsidiaries | 464 | 454 | 6,932 |
Net income (loss) attributable to Era Group Inc. | $ 13,922 | $ (28,161) | $ (7,978) |
Earnings (loss) per common share | |||
Basic (in usd per share) | $ 0.64 | $ (1.36) | $ (0.39) |
Diluted (in usd per share) | $ 0.64 | $ (1.36) | $ (0.39) |
Weighted average common shares outstanding | |||
Basic (in shares) | 21,167,550 | 20,760,530 | 20,350,066 |
Diluted (in shares) | 21,180,490 | 20,760,530 | 20,350,066 |
Operating Revenues | |||
Revenues | $ 210,194 | $ 214,927 | $ 233,527 |
Dry-Leasing | |||
Revenues | $ 11,482 | $ 16,394 | $ 13,701 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ (5,948) | $ 31,279 | $ (10,516) | $ (1,357) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ 13,458 | $ (28,615) | $ (14,910) |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 18 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 18 | 0 | ||||||||
Comprehensive income (loss) | 13,458 | (28,597) | (14,910) | ||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiaries | 464 | 454 | 6,932 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ 13,922 | $ (28,143) | $ (7,978) |
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 |
Beginning Balance at Dec. 31, 2015 | $ 471,303 | $ 207 | $ 433,175 | $ 40,502 | $ (2,673) | $ 92 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Restricted stock grants | 3 | (3) | |||||
Employee Stock Purchase Plan | 836 | 1 | 835 | ||||
Tax benefit 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) | |||||
Net income (loss) | (14,327) | (14,327) | |||||
Net income (loss) | (7,978) | ||||||
Adjustment to carrying value of redeemable noncontrolling interest | 6,349 | 6,349 | |||||
Ending Balance at Dec. 31, 2016 | 468,417 | 211 | 438,489 | 32,524 | (2,899) | 92 | 0 |
Beginning Balance at Dec. 31, 2015 | 4,804 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Net income (loss) | (583) | ||||||
Contribution of capital from joint venture partner | 6,349 | ||||||
Currency translation adjustments, net of tax | (6,349) | (6,349) | |||||
Ending Balance at Dec. 31, 2016 | 4,221 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Restricted stock grants | 3 | (3) | |||||
Employee Stock Purchase Plan | 836 | 1 | 835 | ||||
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) | |||||
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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Restricted stock grants | 3 | (3) | |||||
Employee Stock Purchase Plan | 893 | 1 | 892 | ||||
Share award amortization | 2,940 | 2,940 | |||||
Cancellation of restricted stock | 0 | (475) | 475 | ||||
Net income (loss) | 13,922 | 13,922 | |||||
Ending Balance at Dec. 31, 2018 | 463,436 | $ 219 | $ 447,298 | $ 18,285 | $ (2,476) | $ 110 | $ 0 |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Net income (loss) | 464 | ||||||
Ending Balance at Dec. 31, 2018 | $ 3,302 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 13,458 | $ (28,615) | $ (14,910) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 39,541 | 45,736 | 49,315 |
Share-based compensation | 2,940 | 4,623 | 4,633 |
Bad debt expense, net | 82 | 144 | 441 |
Interest Income | (943) | 0 | 0 |
Non-cash penalty and interest expenses | 607 | 0 | 0 |
Gains on asset dispositions, net | (1,575) | (4,507) | (4,787) |
Debt discount amortization | 253 | 234 | 189 |
Amortization of deferred financing costs | 1,410 | 1,136 | 1,486 |
Foreign currency (gains) losses, net | 1,027 | 190 | (96) |
Gains on debt extinguishment | (175) | 0 | (518) |
Impairment loss | 991 | 117,018 | 0 |
Deferred income tax expense (benefit) | 1,759 | (119,142) | (4,592) |
Equity earnings, net of tax | (2,206) | (1,425) | (1,092) |
Changes in operating assets and liabilities: | |||
Decrease (increase) in receivables | 501 | (4,889) | 13,516 |
Decrease in prepaid expenses and other assets | 278 | 3,320 | 9,058 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (3,594) | 6,273 | 5,861 |
Net cash provided by operating activities | 54,354 | 20,096 | 58,504 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (9,216) | (16,770) | (39,200) |
Proceeds from disposition of property and equipment | 29,590 | 9,392 | 28,609 |
Return of helicopter deposits | 0 | 0 | 544 |
Investments in and advances to equity investees | 0 | (126) | 0 |
Dividends received from equity investees | 0 | 0 | |
Principal payments on notes due from equity investees | 518 | 761 | 723 |
Principal payments on third party notes receivable | 934 | 169 | 208 |
Net cash provided by (used in) investing activities | 22,826 | (6,574) | (9,116) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 0 | 17,000 | 12,000 |
Long-term debt issuance costs | (1,295) | 0 | (886) |
Payments on long-term debt | (41,886) | (45,281) | (40,444) |
Extinguishment of long-term debt | (1,221) | 0 | (4,331) |
Proceeds and tax benefits from share award plans | 893 | 836 | 836 |
Purchase of treasury shares | 0 | (52) | (161) |
Net cash used in financing activities | (43,509) | (27,497) | (32,986) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 249 | 81 | (236) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 33,920 | (13,894) | 16,166 |
Cash, cash equivalents and restricted cash, beginning of year | 16,833 | 30,727 | 14,561 |
Cash, cash equivalents and restricted cash, end of year | $ 50,753 | $ 16,833 | $ 30,727 |
NATURE OF OPERATIONS AND ACCOUN
NATURE OF OPERATIONS AND ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
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 and utility services including support of firefighting activities. 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. 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 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. Reclassification. Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation. 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. Supplemental Cash Flow Information. The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Cash Flows for the years ended December 31, 2018 (in thousands): 2018 2017 2016 Cash and cash equivalents $ 50,753 $ 13,583 $ 26,950 Restricted cash (1) — 3,250 3,777 Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows $ 50,753 $ 16,833 $ 30,727 (1) Restricted cash represents amounts deposited in escrow accounts at the end of each period. Escrow deposits are shown as a separate line item in the consolidated balance sheet. 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, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Balance at beginning of period $ 1,196 $ 1,219 $ 2,103 Additional allowances charged to expense 82 144 441 Recovery of previously reserved accounts (127 ) (82 ) (1,086 ) Write-offs (760 ) (68 ) (474 ) Foreign currency adjustments (130 ) (17 ) 235 Balance at end of period $ 261 $ 1,196 $ 1,219 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 52% and 46% of net trade receivables as of December 31, 2018 and 2017 , respectively. Inventories . Inventories are stated at the lower of average cost or net realizable 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, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Balance at beginning of period $ 3,739 $ 4,012 $ 4,821 Additional allowances, net (1) (493 ) (273 ) (809 ) Balance at end of period $ 3,246 $ 3,739 $ 4,012 (1) Includes $0.1 million elimination of H225 inventory reserve for 2017. 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, 2018 , 2017 and 2016 . As of December 31, 2018 , 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 that are 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 $0.1 million , $0.5 million and less than $0.1 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 and 2017 , construction in progress, which is a component of property and equipment, included capitalized interest of $0.7 million and $1.9 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. As of December 31, 2018 the Company recorded a $1.0 million impairment charge on an H225 helicopter. In 2017 the Company had recorded a $117 million impairment charge on its H225 helicopters. 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, 2018 , 2017 and 2016 , 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 its 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. 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 its 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, 2018 , the Company had indefinite lived intangible assets of $1.1 million and intangible assets with finite lives of less than $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 $1.4 million , $1.1 million and $1.5 million during the years ended December 31, 2018 , 2017 and 2016 , respectively, including the write-off of $0.4 million and $0.5 million of debt issuance costs in 2018 and 2016, respectively, 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. Revenue Recognition . The Company recognizes revenues for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the Company’s customer of the performance completed to date. Therefore, the Company has elected to exercise the right to invoice practical expedient in its adoption of ASC 606. The right to invoice represents a method for recognizing revenue over time using the output measure of “value to the customer” which is an objective measure of an entity’s performance in a contract. The Company typically invoices its customers on a monthly basis for revenues earned during the prior month with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for its customers. 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. The Company has evaluated the newly enacted global intangible low-taxed income (GILTI) provisions, which could subject its foreign earnings to a minimum level of tax and has decided to make an election to treat these costs as period costs. 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 “Board of Directors”). The Company’s Savings Plan costs were $2.3 million , $2.4 million and $2.8 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Recent Accounting Pronouncements. - Adopted. The Company adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” and its amendments issued by the provisions of ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients,” and ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers,” collectively Accounting Standards Codification (ASC) Topic 606 beginning January 1, 2018. ASC Topic 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from all contracts with customers except where revenues are in scope of another accounting standard. The ASU superseded the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASC Topic 606 sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods and services. The adoption of ASC Topic 606 did not have a material impact on the Company’s consolidated financial statements. See Note 10 - Revenues for additional information relating to Revenue from Contracts with Customers. The Company adopted the provisions of FASB ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” beginning January 1, 2018. This ASU clarifies how certain cash receipts and cash payments should be classified and presented in the statement of cash flows. The Company has made an accounting policy election to classify distributions received from equity method investees using the nature of the distribution approach which classifies distributions received from investees as either cash inflows from operating activities or cash inflows from investing activities based on the nature of the activities of the investee that generated the distribution. Adoption of this ASU did not have a material impact on the Company’s historical 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. The Company adopted ASU 2016-16 effective January 1, 2018, and such adoption did not have a material impact on its consolidated financial statements. The Company adopted the provisions of FASB ASU No. 2016-18, “Restricted Cash,” beginning January 1, 2018. This ASU requires amounts deemed restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and presentation should permit a reconciliation when cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet. The Company had amounts deposited in escrow accounts as discussed further below in Note 3. These amounts are deemed restricted cash and are included in the “Escrow deposits” line of the consolidated balance sheet. The impact of adopting this ASU has been included as adjustments in the prior period statement of cash flows. 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 adopted ASU 2017-09 effective January 1, 2018, and such adoption did not have a material impact on its consolidated financial statements. New Accounting Standards - Not Yet Adopted. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases,” and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet. The provisions of this ASU also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. The ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption of the standard is permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of this ASU to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. In July 2018 this ASU was further amended by the provisions of ASU No. 2018-11, “Targeted Improvements” to Topic 842 whereby the FASB decided to provide an alternate transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The Company currently plans to adopt this standard in the first quarter of 2019 using the current-period adjustment method and will recognize a cumulative-effect adjustment to the opening balance of retained earnings in that period. The Company has elected the package of practical expedients permitted under the transition guidance within the new standard, which allows us to carry forward the historical accounting related to lease identification and classification for existing leases upon adoption. The Company has made an accounting policy election to keep leases with an initial term of 12 months or less off of the consolidated balance sheet. The Company has identified the relevant lease contracts and the review and evaluation of these is substantially complete. While the Company’s evaluation of this ASU is still ongoing, the Company estimates approximately $7.0 million to $9.0 million of additional right of use assets and liabilities will be recognized in the consolidated balance sheet upon adoption. The Company expects the initial impact of adopting this new standard on its consolidated statement of operations and consolidated statement of cash flows will not be material. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption of the standard is permitted. Entities are required to adopt this ASU using a modified retrospective approach, subject to certain limited exceptions. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU-2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40), providing guidance addressing a customer's accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is considered a service contract. Under the new guidance, implementation costs for a CCA should be evaluated for capitalization using the same approach as implementation costs associated with internal-use software and should be expensed over the term of the hosting arrangement, which includes any reasonably certain renewal periods. The new guidance is effective for fiscal years beginning after December 15, 2019 for calendar year-end public business entities. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU-2018-13, “Fair Value Measurements” (ASU No.2018-13, update to topic ASC-820), providing guidance for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU-2018-13 will be effective for interim and annual periods beginning December 15, 2019. The Company has not adopted this ASU and believes such adoption will not have a material impact on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 were as follows (in thousands): Carrying Amount Level 1 Level 2 Level 3 December 31, 2018 LIABILITIES Long-term debt, including current portion $ 162,275 $ — $ 159,367 $ — December 31, 2017 LIABILITIES Long-term debt, including current portion $ 204,910 $ — $ 203,938 $ — 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. |
ESCROW DEPOSITS
ESCROW DEPOSITS | 12 Months Ended |
Dec. 31, 2018 | |
Escrow Deposits [Abstract] | |
ESCROW DEPOSITS | ESCROW DEPOSITS Prior to the change in the U.S. tax code at the end of 2017, the Company periodically entered into Qualified Exchange Accommodation Agreements with third parties 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 was 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 established escrow accounts with financial institutions for the deposit of funds received on sales of equipment, which were designated for replacement property within a specified period of time. As of December 31, 2018 , the Company had no deposits in like-kind exchange escrow accounts. As of December 31, 2017 , the Company had $3.3 million , 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, 2018 , the Company used $2.8 million of the balance in these escrow accounts to make a final payment on a S92 heavy helicopter which completed the like-kind exchange transaction, and the remaining $0.5 million was returned to the Company. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Capital Expenditures. The Company’s capital expenditures were $9.2 million , $16.8 million and $39.2 million in 2018 , 2017 and 2016 , respectively, and consisted primarily of helicopter acquisitions, spare helicopter parts, and leasehold 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 $29.6 million , $9.4 million and $28.6 million in 2018 , 2017 and 2016 , respectively. Included in the proceeds of $29.6 million was $1.2 million related to the sales-type leases of six H225 heavy helicopters, for which a $4.0 million loss was recognized at the lease commencement. A summary of changes to the Company’s owned helicopter fleet during the years ended December 31, 2018 , 2017 and 2016 were as follows: Equipment Additions 2018 2017 2016 (1) Heavy helicopters 1 1 2 1 1 2 _______________ (1) Includes two heavy helicopters that were not yet placed in service as of December 31, 2016. Equipment Dispositions 2018 (1) 2017 2016 Light helicopters - single engine 10 1 2 Light helicopters - twin engine 2 1 1 Medium helicopters 1 1 6 Heavy helicopters 8 — — 21 3 9 _______________ (1) Includes six H225 heavy 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, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES | VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES 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 of 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. The Company has the ability to direct activities that most significantly affect Aeróleo’s financial performance, making the Company the primary beneficiary. As a result, the Company concluded that Aeróleo is a variable interest entity and therefore should be consolidated into the Company’s financial statements. The Company’s consolidated balance sheets at December 31, 2018 and 2017 include assets of Aeróleo totaling $11.9 million and $11.5 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 at December 31, 2018 and 2017 include liabilities of Aeróleo of $4.5 million and $7.6 million , respectively. The creditors for such liabilities do not have recourse to Era Group or its subsidiaries other than Aeróleo. 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 $2.3 million at December 31, 2018 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, 2018 , 2017 and 2016 , the Company purchased $2.0 million , $2.0 million and $1.9 million , respectively, of products and services from Dart. During the year ended December 31, 2018 , the Company received dividends of $1.0 million from Dart. Era Training Center. Era Training Center LLC (“Era Training Center”) previously operated flight training devices and provided training services to the Company and third-party customers. During the years ended December 31, 2018 , 2017 and 2016 , the Company provided helicopter, management and other services to the joint venture totaling $0.1 million , $0.2 million and $0.2 million , respectively, and incurred $0.2 million , $0.5 million and $0.6 million , respectively, for simulator fees. During the year ended December 31, 2018 , the Company entered into an agreement to dissolve Era Training Center in exchange for the settlement of an existing promissory note with an outstanding principal amount of $3.6 million by acquiring the assets of the joint venture. The agreement included the sale of three simulators to the Company for $2.9 million , partial ownership in a fourth simulator for $0.4 million and a note receivable from the Company’s partner in Era Training Center for $0.4 million . Equity investments and advances as of December 31, 2018 and 2017 were as follows (in thousands): Ownership 2018 2017 Dart 50% $ 27,112 $ 26,128 Era Training Center 50% — 3,928 $ 27,112 $ 30,056 As of December 31, 2018 and 2017 , cumulative undistributed net earnings of equity investees included in the Company’s consolidated retained earnings were $6.0 million and $2.9 million , respectively. Combined Condensed Financial Statements Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 Current assets $ 31,332 $ 29,336 Non-current assets 30,613 29,899 Current liabilities 7,007 6,671 Non-current liabilities 5,558 6,096 2018 2017 2016 Operating revenues $ 45,602 $ 42,891 $ 40,930 Costs and expenses: Operating and administrative 36,592 35,983 32,878 Depreciation and amortization 1,754 1,603 3,161 Total costs and expenses 38,346 37,586 36,039 Operating income $ 7,256 $ 5,305 $ 4,891 Net income $ 4,912 $ 3,603 $ 2,657 Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 Current assets $ — $ 257 Non-current assets — 4,138 Current liabilities — 654 Non-current liabilities — 3,298 2018 2017 2016 Operating revenues $ 170 $ 581 $ 694 Costs and expenses: Operating and administrative 63 367 338 Depreciation and amortization 377 503 519 Total costs and expenses 440 870 857 Operating income $ (270 ) $ (289 ) $ (163 ) Net income (loss) $ (442 ) $ (527 ) $ (409 ) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 U.S. $ 12,633 $ (148,248 ) $ (12,913 ) Foreign 1,559 (4,457 ) (6,446 ) Total $ 14,192 $ (152,705 ) $ (19,359 ) The components of income tax expense (benefit) for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Current: Federal $ 924 $ — $ 17 State 219 7 5 Foreign 38 (3,530 ) 1,213 Total current 1,181 (3,523 ) 1,235 Deferred: Federal 2,154 (121,359 ) (5,060 ) State (390 ) 1,923 479 Foreign (5 ) 294 (11 ) Total deferred 1,759 (119,142 ) (4,592 ) Income tax expense $ 2,940 $ (122,665 ) $ (3,357 ) 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, 2018 , 2017 and 2016 : Provision (benefit): 2018 2017 2016 Statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal tax benefit (1.9 )% 5.3 % 18.5 % State valuation allowance 0.4 % (6.6 )% (21.0 )% Foreign valuation allowance (2.3 )% (1.0 )% (14.1 )% Brazilian PERT Program — % 2.2 % — % Other 3.5 % (0.6 )% (1.1 )% Tax Act — % 46.0 % — % 20.7 % 80.3 % 17.3 % The components of net deferred income tax liabilities as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Deferred tax liabilities: Property and equipment $ 116,178 $ 126,595 Buy-in on maintenance contracts 423 655 Total deferred tax liabilities 116,601 127,250 Deferred tax assets: Equipment leases — 47 Tax loss carryforwards 44,919 52,293 Stock compensation 691 843 Reserves 788 897 Other (285 ) 1,539 Valuation allowance (37,869 ) (34,967 ) Total deferred tax assets 8,244 20,652 Net deferred tax liabilities $ 108,357 $ 106,598 As of December 31, 2018 , the Company had no federal net operating loss (“NOL”) carryforwards. The Company had $38.3 million federal net operating loss (“NOL”) carryforwards for 2017 , state income tax NOL carryforwards of $377.7 million and $411.3 million in 2018 and 2017, respectively, in various states and foreign NOL carryforwards of $56.9 million and $58.5 million in 2018 and 2017, respectively, in various foreign jurisdictions. As of December 31, 2017, the Company had foreign tax credit carryforwards of $1.5 million which were fully utilized during the period ended December 31, 2018 . The Company’s state NOL carryforwards expire from 2024 to 2038, and the foreign NOL carryforwards have unlimited carryforward periods. 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 certain foreign and some state deferred tax assets will not be realized. As of December 31, 2018 , 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 $19.8 million with respect to the foreign deferred tax assets included in the table above, made up of $18.6 million related to Aeróleo and $1.2 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. Pursuant to ASC 740-35-25, the Company asserts permanent reinvestment on its controlled foreign corporations within Brazil, Colombia, and the British Virgin Islands. The Company does not assert reinvestment on its joint venture located in Canada, for which it has recorded a deferred tax liability of $0.2 million and has a tax basis of $23.6 million . 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 2015 and in Brazil for 2014 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 (2014 to 2018). A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 2018 2017 2016 Unrecognized tax benefits at the beginning of the year $ 11 $ 261 $ 648 Reductions due to settlements with taxing authorities — (250 ) (570 ) Increases due to tax positions taken during the current year — — 183 Unrecognized tax benefits at the end of the year $ 11 $ 11 $ 261 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, 2018 , 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. A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands): 2018 2017 2016 Valuation allowance at the beginning of the year $ 34,967 $ 21,575 $ 12,650 Increases to state valuation allowance 50 10,010 6,768 Increases due to foreign valuation allowances 2,852 7,578 2,157 Decrease due to Brazilian PERT Program — (4,196 ) — Valuation allowance at the end of the period $ 37,869 $ 34,967 $ 21,575 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 its 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. As of December 31, 2018, the Company has completed its accounting for the tax effects of enactment of the Tax Act. The Company has made an adjustment to its deferred tax balances due to the revaluation from 35% to 21% of approximately $70.0 million and had no amount due for the transitional tax. However, due to the revised earnings and profits computations that were completed during the measurement period, the Company had an adjustment to deferred tax in the amount of $0.2 million . The Company considers the accounting for the transition tax, deferred tax revaluations, and other items to be complete. The Company has evaluated the newly enacted global intangible low-taxed income (GILTI) provisions, which could subject its foreign earnings to a minimum level of tax and has decided to make an election to treat these costs as period costs. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The Company’s borrowings as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility — 39,000 Promissory notes 19,980 21,642 Other 395 2,976 Total principal balance on borrowings 165,203 208,446 Portion due with one year (2,058 ) (2,736 ) Unamortized debt issuance costs (1,712 ) (2,067 ) Unamortized discount (1,216 ) (1,469 ) Long-term debt $ 160,217 $ 202,174 The Company’s scheduled long-term debt maturities as of December 31, 2018 were as follows (in thousands): Total Due 2019 $ 2,058 2020 18,317 2021 — 2022 144,828 2023 — Years subsequent to 2023 — $ 165,203 7.750% Senior Notes. On December 7, 2012, Era Group issued $200.0 million in 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 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 governing the 7.750% Senior Notes 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 the Company’s assets. In addition, upon a specified change of control trigger event or specified asset sale, Era Group may be required 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. 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 March 7, 2018, Era Group entered into a Consent and Amendment No. 4 to the Amended and Restated Senior Secured Revolving Credit Facility Agreement (the “Amendment No. 4” and the Amended and Restated Revolving Credit Facility, as amended by Amendment No. 4, is referred to herein as the “Revolving Credit Facility”) 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 certain litigation expenses related to the H225 helicopters, and (d) adjusted the maintenance covenant requirements 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 :1.00. The applicable margin is based on the Company’s ratio of funded debt to EBITDA and increased by 50 basis points at each tier from the previous amendment. The Revolving Credit Facility provides the Company with the ability to borrow up to $125.0 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 $50.0 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 2021. 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 1.25% to 2.5% on the base rate margin and 2.25% to 3.5% on the LIBOR margin. The applicable margin as of December 31, 2018 was 1.25% on the “base rate” margin and 2.25% 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 0.375% to 0.5% . As of December 31, 2018 , the commitment fee was 0.375% . 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, 2018 , we are in compliance with all debt covenants. As of December 31, 2018 , Era Group had no outstanding borrowings under the Revolving Credit Facility, and the remaining availability was $124.1 million based on the borrowing base of such date, net of issued letters of credit of $0.9 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. 4 to the Revolving Credit Facility, which reduced the total commitment amount of the facility to $125.0 million , Era Group wrote off previously incurred debt issuance costs of $0.4 million and incurred additional debt issuance costs of $1.3 million in the year ended December 31, 2018 . In connection with Amendment No. 3 to the Revolving Credit Facility, Era Group wrote off previously incurred debt issuance costs of $0.5 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. 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 1.81% . The interest rate resets monthly and at December 31, 2018 was 4.16% . 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 1.81% . The interest rate resets monthly and at December 31, 2018 was 4.16% . 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. During the year ended December 31, 2018 , the Company amended the promissory notes to remove one helicopter and add two helicopters for a total of three helicopters providing 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. During the year ended December 31, 2017 , the Company 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 7 months as of December 31, 2018. Such amounts are included in the schedule of long-term debt maturities noted above. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company’s unfunded capital commitments as of December 31, 2018 consisted primarily of agreements to purchase helicopters and totaled $81.1 million , of which $70.2 million is payable in 2019 with the balance payable through 2020 . The Company also had $1.3 million of deposits paid on options not yet exercised. The Company may terminate all of its total commitments, inclusive of deposits paid on options not yet exercised, without further liability other than liquidated damages of $2.1 million in the aggregate. Brazilian Tax Disputes In connection with its ownership of Aeróleo and its operations in Brazil, the Company has several ongoing legal disputes related to the local, municipal and federal taxation requirements in Brazil, including assessments associated with the import and re-export of its helicopters in Brazil. The legal disputes are related to: (i) municipal tax assessments arising under the authorities in Rio de Janeiro (for the period between 2000 and 2005) and Macaé (for the period between 2001 to 2006) (collectively, the “Municipal Tax Disputes”); (ii) social security contributions that one of its customers was required to remit from 1995 to 1998; (iii) penalties assessed due to its alleged failure to comply with certain deadlines related to the helicopters the Company imports and exports in and out of Brazil; and (iv) fines sought by taxing authorities in Brazil related to its use of certain tax credits used to offset certain social tax liabilities (collectively, the “Tax Disputes”). The aggregate amount at issue for the Tax Disputes is $14.5 million . The Municipal Tax Disputes are the largest contributor to the total amount being sought from Aeróleo, with approximately $10.1 million at issue. In addition to the foregoing Tax Disputes (and unrelated thereto), Aeróleo is engaged in two additional civil litigation matters relating to: (i) a dispute with its former tax consultant who has alleged that $0.5 million is due and payable as a contingency fee related to execution of certain tax strategies; and (ii) a fatal accident that occurred in 1983 and was previously settled with the plaintiffs’ in the U.S. (the “Civil Disputes”). With respect to the fatal accident, the plaintiffs are seeking to collect additional amounts in Brazil despite the previous settlement agreed upon by the parties in the U.S. The Company continues to evaluate and assess various legal strategies for each of the Tax Disputes and the Civil Disputes. As is customary for certain legal matters in Brazil, Aeróleo has already deposited amounts as security into an escrow account to pursue further legal appeals in several of the Tax Disputes and the Civil Disputes. As of December 31, 2018, the Company has deposited $5.4 million into escrow accounts controlled by the court with respect to the Tax Disputes and the Civil Disputes, and the Company has fully reserved such amounts subject to final determination and the judicial release of such escrow deposits. These estimates are based on its 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. Aeróleo plans to defend the cases vigorously. As of December 31, 2018, it is not possible to determine the outcome of the Tax Disputes or the Civil Disputes, but the Company does not expect that an outcome would have a material adverse effect on its business, financial position or results of operations. Airbus Lawsuit On November 21, 2016, the Company 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 Airbus marketing and sale of H225 model helicopters to us. On October 26, 2017, the Company added claims against Airbus for fraud and negligent misrepresentation, and on December 28, 2017, the Company amended its complaint to seek damages attributable to the impact of Airbus’ unlawful acts on the value of a H225 that the Company purchased from another helicopter operator. On July 3, 2018, the Company entered into a litigation settlement agreement (the “Settlement Agreement”) with Airbus to settle all claims made by the Company against Airbus related to Airbus' marketing and sale, and the Company's purchase, of eleven H225 model helicopters. Pursuant to the Settlement Agreement, Airbus has agreed to pay the Company $42.0 million in cash and provide it with certain trade account credits that the Company may use for up to five years. The Company has agreed to release Airbus from any and all liabilities, claims, counterclaims, demands, complaints, costs, losses and expenses relating to the action and to dismiss the action with prejudice without any party admitting fault. General Litigation and Disputes In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. In addition, from time to time, the Company is involved in tax and other disputes with various government agencies. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs would have a material effect on its business, consolidated financial position or results of operations. Minimum Lease Payments As of December 31, 2018 , the Company leased 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, 2018 , 2017 and 2016 was $4.1 million , $5.5 million and $5.7 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, 2018 were as follows (in thousands): Minimum Payments 2019 $ 1,573 2020 1,530 2021 987 2022 562 2023 495 Years subsequent to 2023 7,952 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 were as follows (in thousands, except share and per share data): 2018 2017 2016 Net income (loss) attributable to Era Group Inc. $ 13,922 $ (28,161 ) $ (7,978 ) Net income attributable to participating securities $ 307 $ — $ — Net income (loss) attributable to fully vested common stock $ 13,615 $ (28,161 ) $ (7,978 ) Shares: Weighted average number of common shares outstanding—basic 21,167,550 20,760,530 20,350,066 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (1) 12,940 — — Weighted average number of common shares outstanding—diluted 21,180,490 20,760,530 20,350,066 Earnings per common share: Basic $ 0.64 $ (1.36 ) $ (0.39 ) Diluted $ 0.64 $ (1.36 ) $ (0.39 ) _______________ (1) Excludes weighted average common shares of 218,844 , 273,255 and 294,273 for the years ended December 31, 2018 , 2017 and 2016 , respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
REVENUES (Notes)
REVENUES (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The Company derives its revenues primarily from oil and gas flight services, emergency response services and dry-leasing activities. The adoption of ASC 606 pertains to the Company’s operating revenues. Dry-leasing revenues are recognized in accordance with ASC 840. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The following table presents the Company’s operating revenues disaggregated by geographical region in which services are provided: 2018 2017 2016 Operating revenues: United States $ 153,394 $ 150,583 $ 170,438 Foreign 56,800 64,344 63,089 Total operating revenues $ 210,194 $ 214,927 $ 233,527 The following table presents the Company’s revenues earned by service line: 2018 2017 2016 Revenues: Oil and gas flight services: U.S. $ 143,654 $ 134,010 $ 139,750 International 56,800 64,344 63,089 Total oil and gas 200,454 198,354 202,839 Emergency response services 9,740 11,502 24,973 Flightseeing — 5,071 5,715 Total operating revenues $ 210,194 $ 214,927 $ 233,527 Dry-leasing revenues: U.S. 3,873 1,604 683 International 7,609 14,790 13,018 Total revenues $ 221,676 $ 231,321 $ 247,228 The Company determines revenue recognition by applying the following steps: 1. Identify the contract with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the performance obligations; and 5. Recognize revenue as the performance obligations are satisfied. The Company earns the majority of its revenue through master service agreements or subscription agreements, which typically include a fixed monthly or daily fee, incremental fees based on hours flown and fees for ancillary items such as fuel, security, charter services, etc. The Company’s arrangements to serve its customers represent a promise to stand-ready to provide services at the customer’s discretion. The Company recognizes revenue for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the customer of performance completed to date. Therefore, the Company has elected to exercise the right to invoice practical expedient in its adoption of ASC 606. The right to invoice represents a method for recognizing revenue over time using the output measure of “value to the customer” which is an objective measure of an entity’s performance in a contract. The Company typically invoices customers on a monthly basis for revenues earned during the prior month, with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for customers. Amounts for taxes collected from customers and remitted to governmental authorities are reported on a net basis. Practical Expedients and Exemptions The Company does not incur any material incremental costs to obtain or fulfill customer contracts that require capitalization under the new revenue standard and has elected the practical expedient afforded by the new revenue standard to expense such costs as incurred upon adoption. These costs are included as operating expenses in the consolidated statements of operations. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Mr. Fabrikant, Chairman of the Board and Director of the Company, is also the Executive Chairman and Chief Executive Officer of SEACOR Holdings Inc. (“SEACOR”). The Company leases office space from SEACOR. For each of the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 , the Company purchased products and services from Dart totaling $2.0 million , $2.0 million and $1.9 million , respectively, and had a note receivable from Dart with a balance of $2.3 million and $2.8 million at December 31, 2018 and 2017 , 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, 2018 , 2017 and 2016 , the Company provided helicopter, management and other services to Era Training Center totaling $0.1 million , $0.2 million and $0.2 million , respectively, and incurred $0.2 million , $0.5 million and $0.6 million , respectively, for flight training device fees. Revenues from Era Training Center were recorded in operating revenues, and expenses incurred are recorded in operating expenses on the consolidated statements of operations. At December 31, 2017 , the Company had a note receivable from Era Training Center with a balance of $3.7 million , which was recorded in equity investments and advances on the consolidated balance sheets. During the year ended December 31, 2018 , the Company entered into an agreement to dissolve Era Training Center. See further discussion in Note 5. 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 7 . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
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, par value of $0.01 per share (“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. The Board of Directors determines, for each award, whether to issue new shares or shares from the Company’s treasury account. As of December 31, 2018 and 2017 , 2,235,379 and 2,525,563 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 Common Stock for purchase by eligible employees at a price per share equal to 85% of the lesser of (i) the fair market value per share of Common Stock on the first day of the offering period or (ii) the fair market value per share 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 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, 2018 and 2017 , 222,378 and 336,763 shares, respectively, remained available for issuance under the ESPP. During the year ended December 31, 2018 , the Company issued 114,385 shares under the ESPP. Total share-based compensation expense, which includes stock options, restricted stock and ESPP purchases, was $2.9 million , $4.6 million and $4.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. A portion of the restricted stock awards are performance-based. As of December 31, 2018 , the Company had approximately $3.4 million in total unrecognized compensation costs, and the weighted average period over which it is expected to be recognized is 1.8 years. Restricted Stock Awards. During the year ended December 31, 2018 , the number of shares and the weighted average grant price of restricted stock award transactions were as follows: 2018 Number of Shares Weighted Average Grant Price Non-vested as of December 31, 2017 382,873 $ 12.68 Restricted stock awards granted: Non-employee directors 37,272 $ 9.80 Employees 295,180 $ 9.80 Vested (201,059 ) $ 14.05 Forfeited (500 ) $ 9.66 Non-vested as of December 31, 2018 513,766 $ 10.28 During the years ended December 31, 2018 , 2017 and 2016 , the Company awarded 331,869 , 297,256 and 342,913 shares, respectively, of restricted stock at a weighted average grant date fair value of $9.80 , $11.44 and $10.56 , respectively. The total fair value of shares vested during the years ended December 31, 2018 , 2017 and 2016 , determined using the closing price on the grant date, was $2.8 million , $5.5 million and $3.2 million , respectively. Stock Option Grants. During the year ended December 31, 2018 , 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, 2017 15,000 $ 7.04 230,380 $ 18.54 245,380 $ 18.71 Granted Vested (15,000 ) $ 7.04 15,000 $ 21.26 Exercised Expired (41,768 ) $ 14.24 (41,768 ) $ 14.24 Forfeited Outstanding as of December 31, 2018 — $ — 203,612 $ 19.62 203,612 $ 19.62 The Company did not grant any options during the years ended December 31, 2018 and December 31, 2017 . |
SEGMENT INFORMATION, MAJOR CUST
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , Anadarko Petroleum Corporation (“Anadarko”), Petrobras and the U.S. government accounted for 31% , 23% and 15% , respectively, of the Company’s operating revenues. For the year ended December 31, 2017 , 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 years ended December 31, 2018 , 2017 and 2016 , approximately 29% , 34% and 31% , 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, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Revenues: United States $ 157,267 $ 152,187 $ 171,121 Latin America and the Caribbean 58,037 68,936 64,007 Europe 608 5,029 5,924 Asia 5,764 5,169 6,176 $ 221,676 $ 231,321 $ 247,228 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, 2018 and 2017 (in thousands): 2018 2017 Property and equipment, net: United States $ 472,838 $ 533,800 Latin America and the Caribbean 105,519 120,152 Europe 8,049 6,697 Asia 12,788 13,265 $ 599,194 $ 673,914 The Company’s Brazilian operations include 194 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, 2018 | |
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, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 2016 Income taxes paid, net of refunds $ 283 $ 426 $ (5,978 ) Interest paid to others, excluding capitalized interest 13,581 15,315 15,268 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 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 57,322 $ 57,728 $ 54,610 $ 52,016 Operating income (loss) $ 1,651 $ (9,523 ) $ 41,571 $ (5,629 ) Net income (loss) $ (1,357 ) $ (10,516 ) $ 31,279 $ (5,948 ) Net income (loss) attributable to common shares $ (1,194 ) $ (10,379 ) $ 31,289 $ (5,794 ) Earnings (loss) per common share - basic $ (0.06 ) $ (0.49 ) $ 1.44 $ (0.27 ) Earnings (loss) per common share - diluted $ (0.06 ) $ (0.49 ) $ 1.44 $ (0.27 ) Three Months Ended 2017 Mar. 31 Jun. 30 Sep. 30 (1) Dec. 31 (2) 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 _______________ (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. |
GUARANTORS OF SECURITIES
GUARANTORS OF SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
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, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 48,396 $ — $ 2,357 $ — $ 50,753 Receivables: Trade, operating, net of allowance for doubtful accounts of $261 — 27,509 5,797 — 33,306 Trade, dry leasing — 3,803 — — 3,803 Tax receivables — 6 3,181 — 3,187 Other — 1,949 394 — 2,343 Inventories, net — 20,633 40 — 20,673 Prepaid expenses 398 1,219 190 — 1,807 Total current assets 48,794 55,119 11,959 — 115,872 Property and equipment — 900,611 16,550 — 917,161 Accumulated depreciation — (314,567 ) (3,400 ) — (317,967 ) Net property and equipment — 586,044 13,150 — 599,194 Equity investments and advances — 27,112 — — 27,112 Investments in consolidated subsidiaries 172,950 — — (172,950 ) — Intangible assets — — 1,107 — 1,107 Deferred income taxes 9,904 — — (9,904 ) — Intercompany receivables 366,541 — — (366,541 ) — Other assets 1,251 20,231 96 — 21,578 Total assets $ 599,440 $ 688,506 $ 26,312 $ (549,395 ) $ 764,863 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 136 $ 11,357 $ 1,668 $ — $ 13,161 Accrued wages and benefits 43 7,743 1,481 — 9,267 Accrued interest 500 69 — — 569 Accrued income taxes 918 6 49 — 973 Current portion of long-term debt — 1,663 395 — 2,058 Accrued other taxes — 768 500 — 1,268 Accrued contingencies — — 630 — 630 Other current liabilities 647 220 11 — 878 Total current liabilities 2,244 21,826 4,734 — 28,804 Long-term debt 133,900 26,317 — — 160,217 Deferred income taxes — 117,015 1,245 (9,903 ) 108,357 Intercompany payables — 310,727 55,847 (366,574 ) — Other liabilities — 720 27 — 747 Total liabilities 136,144 476,605 61,853 (376,477 ) 298,125 Redeemable noncontrolling interest — 3 3,299 — 3,302 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares 219 — — — 219 Additional paid-in capital 447,299 100,306 4,562 (104,869 ) 447,298 Retained earnings 18,254 111,482 (43,402 ) (68,049 ) 18,285 Treasury shares, at cost, 156,737 shares (2,476 ) — — — (2,476 ) Accumulated other comprehensive income, net of tax — 110 — — 110 Total equity 463,296 211,898 (38,840 ) (172,918 ) 463,436 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 599,440 $ 688,506 $ 26,312 $ (549,395 ) $ 764,863 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, operating, net of allowance for doubtful accounts of $1,196 — 27,968 5,872 $ — 33,840 Trade, dry leasing — 5,124 — — 5,124 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 Statements of Operations for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Revenues $ — $ 194,932 $ 55,625 $ (28,881 ) $ 221,676 Costs and expenses: Operating — 122,490 57,947 (28,914 ) 151,523 Administrative and general 15,017 25,597 4,512 — 45,126 Depreciation — 38,553 988 — 39,541 Total costs and expenses 15,017 186,640 63,447 (28,914 ) 236,190 Gains on asset dispositions, net — 1,618 (43 ) — 1,575 Litigation settlement proceeds 42,000 — — — 42,000 Loss on impairment — (991 ) — — (991 ) Operating income (loss) 26,983 8,919 (7,865 ) 33 28,070 Other income (expense): Interest income 395 1,371 276 — 2,042 Interest expense (14,149 ) (802 ) (180 ) — (15,131 ) Foreign currency gains, net (95 ) (178 ) (745 ) — (1,018 ) Gain on debt extinguishment — — 175 — 175 Other, net — 34 20 — 54 Total other income (expense) (13,849 ) 425 (454 ) — (13,878 ) Income (loss) before income taxes and equity earnings 13,134 9,344 (8,319 ) 33 14,192 Income tax expense (benefit) 10,845 (7,900 ) (5 ) — 2,940 Income (loss) before equity earnings 2,289 17,244 (8,314 ) 33 11,252 Equity in earnings (losses) of subsidiaries 11,601 2,206 — (11,601 ) 2,206 Net income (loss) 13,890 19,450 (8,314 ) (11,568 ) 13,458 Net loss attributable to non-controlling interest in subsidiary — — 464 — 464 Net income (loss) attributable to Era Group Inc. $ 13,890 $ 19,450 $ (7,850 ) $ (11,568 ) $ 13,922 Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) 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) 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 ) 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 Comprehensive Income for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ 13,890 $ 19,450 $ (8,314 ) $ (11,568 ) $ 13,458 Other comprehensive income (loss): Foreign currency translation adjustments — — — — — Income tax benefit — — — — — Total other comprehensive income (loss) — — — — — Comprehensive income (loss) 13,890 19,450 (8,314 ) (11,568 ) 13,458 Comprehensive loss attributable to non-controlling interest in subsidiary — — 464 — 464 Comprehensive income (loss) attributable to Era Group Inc. $ 13,890 $ 19,450 $ (7,850 ) $ (11,568 ) $ 13,922 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 loss: Foreign currency translation adjustments — 18 — — 18 Income tax benefit — — — — — Total other comprehensive 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 Cash Flows for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by operating activities $ 37,596 $ 14,639 $ 2,119 $ — $ 54,354 Cash flows from investing activities: Purchases of property and equipment — (8,867 ) (349 ) — (9,216 ) Proceeds from disposition of property and equipment — 29,590 — — 29,590 Dividends received from equity investees — 1,000 — — 1,000 Principal payments on notes due from equity investees — 518 — — 518 Principal payments on third party notes receivable — 934 — — 934 Net cash provided by investing activities — 23,175 (349 ) — 22,826 Cash flows from financing activities: Long-term debt issuance costs — — — (1,295 ) (1,295 ) Payments on long-term debt — (1,662 ) (1,224 ) (39,000 ) (41,886 ) Proceeds from share award plans — — — 893 893 Extinguishment of long-term debt — — (1,221 ) — (1,221 ) Borrowings and repayments of intercompany debt — (39,402 ) — 39,402 — Net cash used in financing activities — (41,064 ) (2,445 ) — (43,509 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash — — 249 — 249 Net increase (decrease) in cash, cash equivalents and restricted cash 37,596 (3,250 ) (426 ) — 33,920 Cash, cash equivalents and restricted cash, beginning of year 10,800 3,250 2,783 — 16,833 Cash, cash equivalents and restricted cash, end of year $ 48,396 $ — $ 2,357 $ — $ 50,753 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 — — — — — Net cash used in investing activities — (6,404 ) (170 ) — (6,574 ) 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, cash equivalents and restricted cash 32 18 31 — 81 Net increase (decrease) in cash, cash equivalents and restricted cash (14,674 ) (527 ) 1,307 — (13,894 ) Cash, cash equivalents and restricted cash, beginning of year 25,474 3,777 1,476 — 30,727 Cash, cash equivalents and restricted cash, end of year $ 10,800 $ 3,250 $ 2,783 $ — $ 16,833 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 — — — — — Repayment of intercompany debt — — — — — Net cash used in investing activities — (9,164 ) 48 — (9,116 ) 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, cash equivalents and restricted cash — (478 ) 242 — (236 ) Net increase (decrease) in cash, cash equivalents and restricted cash 17,909 252 (1,995 ) — 16,166 Cash, cash equivalents and restricted cash, beginning of year 7,565 3,525 3,471 — 14,561 Cash, cash equivalents and restricted cash, end of year $ 25,474 $ 3,777 $ 1,476 $ — $ 30,727 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On March 7, 2019, the Company in conjunction with its 50% joint venture partner entered into an agreement to sell Dart for $75 million . The transaction is expected to close in the second quarter of 2019, subject to the satisfaction or waiver of customary closing conditions. At closing, the Company expects to receive cash proceeds, including repayment of a related party note receivable, of approximately $40 million . The Company’s tax basis in Dart was $23.6 million as of December 31, 2018. |
NATURE OF OPERATIONS AND ACCO_2
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 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. |
Reclassifications | Reclassification. Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation. |
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. |
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 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, 2018 , 2017 and 2016 . As of December 31, 2018 , 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 that are 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. As of December 31, 2018 the Company recorded a $1.0 million impairment charge on an H225 helicopter. In 2017 the Company had recorded a $117 million impairment charge on its H225 helicopters. 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 its 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. 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 its 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, 2018 , the Company had indefinite lived intangible assets of $1.1 million and intangible assets with finite lives of less than $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 $1.4 million , $1.1 million and $1.5 million during the years ended December 31, 2018 , 2017 and 2016 , respectively, including the write-off of $0.4 million and $0.5 million of debt issuance costs in 2018 and 2016, respectively, 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. |
Revenue Recognition | Revenue Recognition . The Company recognizes revenues for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the Company’s customer of the performance completed to date. Therefore, the Company has elected to exercise the right to invoice practical expedient in its adoption of ASC 606. The right to invoice represents a method for recognizing revenue over time using the output measure of “value to the customer” which is an objective measure of an entity’s performance in a contract. The Company typically invoices its customers on a monthly basis for revenues earned during the prior month with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for its customers. |
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. The Company has evaluated the newly enacted global intangible low-taxed income (GILTI) provisions, which could subject its foreign earnings to a minimum level of tax and has decided to make an election to treat these costs as period costs. |
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 (the “Board of Directors”). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. - Adopted. The Company adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” and its amendments issued by the provisions of ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients,” and ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers,” collectively Accounting Standards Codification (ASC) Topic 606 beginning January 1, 2018. ASC Topic 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from all contracts with customers except where revenues are in scope of another accounting standard. The ASU superseded the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASC Topic 606 sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods and services. The adoption of ASC Topic 606 did not have a material impact on the Company’s consolidated financial statements. See Note 10 - Revenues for additional information relating to Revenue from Contracts with Customers. The Company adopted the provisions of FASB ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” beginning January 1, 2018. This ASU clarifies how certain cash receipts and cash payments should be classified and presented in the statement of cash flows. The Company has made an accounting policy election to classify distributions received from equity method investees using the nature of the distribution approach which classifies distributions received from investees as either cash inflows from operating activities or cash inflows from investing activities based on the nature of the activities of the investee that generated the distribution. Adoption of this ASU did not have a material impact on the Company’s historical 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. The Company adopted ASU 2016-16 effective January 1, 2018, and such adoption did not have a material impact on its consolidated financial statements. The Company adopted the provisions of FASB ASU No. 2016-18, “Restricted Cash,” beginning January 1, 2018. This ASU requires amounts deemed restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and presentation should permit a reconciliation when cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet. The Company had amounts deposited in escrow accounts as discussed further below in Note 3. These amounts are deemed restricted cash and are included in the “Escrow deposits” line of the consolidated balance sheet. The impact of adopting this ASU has been included as adjustments in the prior period statement of cash flows. 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 adopted ASU 2017-09 effective January 1, 2018, and such adoption did not have a material impact on its consolidated financial statements. New Accounting Standards - Not Yet Adopted. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases,” and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet. The provisions of this ASU also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. The ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption of the standard is permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of this ASU to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. In July 2018 this ASU was further amended by the provisions of ASU No. 2018-11, “Targeted Improvements” to Topic 842 whereby the FASB decided to provide an alternate transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The Company currently plans to adopt this standard in the first quarter of 2019 using the current-period adjustment method and will recognize a cumulative-effect adjustment to the opening balance of retained earnings in that period. The Company has elected the package of practical expedients permitted under the transition guidance within the new standard, which allows us to carry forward the historical accounting related to lease identification and classification for existing leases upon adoption. The Company has made an accounting policy election to keep leases with an initial term of 12 months or less off of the consolidated balance sheet. The Company has identified the relevant lease contracts and the review and evaluation of these is substantially complete. While the Company’s evaluation of this ASU is still ongoing, the Company estimates approximately $7.0 million to $9.0 million of additional right of use assets and liabilities will be recognized in the consolidated balance sheet upon adoption. The Company expects the initial impact of adopting this new standard on its consolidated statement of operations and consolidated statement of cash flows will not be material. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption of the standard is permitted. Entities are required to adopt this ASU using a modified retrospective approach, subject to certain limited exceptions. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU-2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40), providing guidance addressing a customer's accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is considered a service contract. Under the new guidance, implementation costs for a CCA should be evaluated for capitalization using the same approach as implementation costs associated with internal-use software and should be expensed over the term of the hosting arrangement, which includes any reasonably certain renewal periods. The new guidance is effective for fiscal years beginning after December 15, 2019 for calendar year-end public business entities. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU-2018-13, “Fair Value Measurements” (ASU No.2018-13, update to topic ASC-820), providing guidance for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU-2018-13 will be effective for interim and annual periods beginning December 15, 2019. The Company has not adopted this ASU and believes such adoption will not have a material impact on its consolidated financial statements. |
NATURE OF OPERATIONS AND ACCO_3
NATURE OF OPERATIONS AND ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Cash Flows for the years ended December 31, 2018 (in thousands): 2018 2017 2016 Cash and cash equivalents $ 50,753 $ 13,583 $ 26,950 Restricted cash (1) — 3,250 3,777 Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows $ 50,753 $ 16,833 $ 30,727 (1) Restricted cash represents amounts deposited in escrow accounts at the end of each period. Escrow deposits are shown as a separate line item in the consolidated balance sheet. |
Schedule of Cash and Cash Equivalents | The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Cash Flows for the years ended December 31, 2018 (in thousands): 2018 2017 2016 Cash and cash equivalents $ 50,753 $ 13,583 $ 26,950 Restricted cash (1) — 3,250 3,777 Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows $ 50,753 $ 16,833 $ 30,727 (1) Restricted cash represents amounts deposited in escrow accounts at the end of each period. Escrow deposits are shown as a separate line item in the consolidated balance sheet. |
Schedule of Allowance for Doubtful Accounts | Allowance for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Balance at beginning of period $ 1,196 $ 1,219 $ 2,103 Additional allowances charged to expense 82 144 441 Recovery of previously reserved accounts (127 ) (82 ) (1,086 ) Write-offs (760 ) (68 ) (474 ) Foreign currency adjustments (130 ) (17 ) 235 Balance at end of period $ 261 $ 1,196 $ 1,219 |
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, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Balance at beginning of period $ 3,739 $ 4,012 $ 4,821 Additional allowances, net (1) (493 ) (273 ) (809 ) Balance at end of period $ 3,246 $ 3,739 $ 4,012 (1) Includes $0.1 million elimination of H225 inventory reserve for 2017. |
Schedule of Estimated Useful Life for New Property and Equipment | As of December 31, 2018 , 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, 2018 | |
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, 2018 and 2017 were as follows (in thousands): Carrying Amount Level 1 Level 2 Level 3 December 31, 2018 LIABILITIES Long-term debt, including current portion $ 162,275 $ — $ 159,367 $ — December 31, 2017 LIABILITIES Long-term debt, including current portion $ 204,910 $ — $ 203,938 $ — |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Additions | A summary of changes to the Company’s owned helicopter fleet during the years ended December 31, 2018 , 2017 and 2016 were as follows: Equipment Additions 2018 2017 2016 (1) Heavy helicopters 1 1 2 1 1 2 _______________ (1) Includes two heavy helicopters that were not yet placed in service as of December 31, 2016. |
Disposal Groups, Including Discontinued Operations | Equipment Dispositions 2018 (1) 2017 2016 Light helicopters - single engine 10 1 2 Light helicopters - twin engine 2 1 1 Medium helicopters 1 1 6 Heavy helicopters 8 — — 21 3 9 _______________ (1) Includes six H225 heavy helicopters disposed in sales-type leases. |
VARIABLE INTEREST ENTITIES AN_2
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity investments and advances as of December 31, 2018 and 2017 were as follows (in thousands): Ownership 2018 2017 Dart 50% $ 27,112 $ 26,128 Era Training Center 50% — 3,928 $ 27,112 $ 30,056 Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 Current assets $ 31,332 $ 29,336 Non-current assets 30,613 29,899 Current liabilities 7,007 6,671 Non-current liabilities 5,558 6,096 2018 2017 2016 Operating revenues $ 45,602 $ 42,891 $ 40,930 Costs and expenses: Operating and administrative 36,592 35,983 32,878 Depreciation and amortization 1,754 1,603 3,161 Total costs and expenses 38,346 37,586 36,039 Operating income $ 7,256 $ 5,305 $ 4,891 Net income $ 4,912 $ 3,603 $ 2,657 Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2018 and 2017 and for the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 Current assets $ — $ 257 Non-current assets — 4,138 Current liabilities — 654 Non-current liabilities — 3,298 2018 2017 2016 Operating revenues $ 170 $ 581 $ 694 Costs and expenses: Operating and administrative 63 367 338 Depreciation and amortization 377 503 519 Total costs and expenses 440 870 857 Operating income $ (270 ) $ (289 ) $ (163 ) Net income (loss) $ (442 ) $ (527 ) $ (409 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 U.S. $ 12,633 $ (148,248 ) $ (12,913 ) Foreign 1,559 (4,457 ) (6,446 ) Total $ 14,192 $ (152,705 ) $ (19,359 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Current: Federal $ 924 $ — $ 17 State 219 7 5 Foreign 38 (3,530 ) 1,213 Total current 1,181 (3,523 ) 1,235 Deferred: Federal 2,154 (121,359 ) (5,060 ) State (390 ) 1,923 479 Foreign (5 ) 294 (11 ) Total deferred 1,759 (119,142 ) (4,592 ) Income tax expense $ 2,940 $ (122,665 ) $ (3,357 ) |
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, 2018 , 2017 and 2016 : Provision (benefit): 2018 2017 2016 Statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal tax benefit (1.9 )% 5.3 % 18.5 % State valuation allowance 0.4 % (6.6 )% (21.0 )% Foreign valuation allowance (2.3 )% (1.0 )% (14.1 )% Brazilian PERT Program — % 2.2 % — % Other 3.5 % (0.6 )% (1.1 )% Tax Act — % 46.0 % — % 20.7 % 80.3 % 17.3 % |
Schedule of Net Deferred Tax Liabilities | The components of net deferred income tax liabilities as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Deferred tax liabilities: Property and equipment $ 116,178 $ 126,595 Buy-in on maintenance contracts 423 655 Total deferred tax liabilities 116,601 127,250 Deferred tax assets: Equipment leases — 47 Tax loss carryforwards 44,919 52,293 Stock compensation 691 843 Reserves 788 897 Other (285 ) 1,539 Valuation allowance (37,869 ) (34,967 ) Total deferred tax assets 8,244 20,652 Net deferred tax liabilities $ 108,357 $ 106,598 |
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): 2018 2017 2016 Unrecognized tax benefits at the beginning of the year $ 11 $ 261 $ 648 Reductions due to settlements with taxing authorities — (250 ) (570 ) Increases due to tax positions taken during the current year — — 183 Unrecognized tax benefits at the end of the year $ 11 $ 11 $ 261 |
Summary of Valuation Allowance | A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands): 2018 2017 2016 Valuation allowance at the beginning of the year $ 34,967 $ 21,575 $ 12,650 Increases to state valuation allowance 50 10,010 6,768 Increases due to foreign valuation allowances 2,852 7,578 2,157 Decrease due to Brazilian PERT Program — (4,196 ) — Valuation allowance at the end of the period $ 37,869 $ 34,967 $ 21,575 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s borrowings as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility — 39,000 Promissory notes 19,980 21,642 Other 395 2,976 Total principal balance on borrowings 165,203 208,446 Portion due with one year (2,058 ) (2,736 ) Unamortized debt issuance costs (1,712 ) (2,067 ) Unamortized discount (1,216 ) (1,469 ) Long-term debt $ 160,217 $ 202,174 |
Schedule of Maturities of Long-term Debt | 2018 2017 7.750% Senior Notes (excluding unamortized discount) $ 144,828 $ 144,828 Senior secured revolving credit facility — 39,000 Promissory notes 19,980 21,642 Other 395 2,976 Total principal balance on borrowings 165,203 208,446 Portion due with one year (2,058 ) (2,736 ) Unamortized debt issuance costs (1,712 ) (2,067 ) Unamortized discount (1,216 ) (1,469 ) Long-term debt $ 160,217 $ 202,174 The Company’s scheduled long-term debt maturities as of December 31, 2018 were as follows (in thousands): Total Due 2019 $ 2,058 2020 18,317 2021 — 2022 144,828 2023 — Years subsequent to 2023 — $ 165,203 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 were as follows (in thousands): Minimum Payments 2019 $ 1,573 2020 1,530 2021 987 2022 562 2023 495 Years subsequent to 2023 7,952 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 were as follows (in thousands, except share and per share data): 2018 2017 2016 Net income (loss) attributable to Era Group Inc. $ 13,922 $ (28,161 ) $ (7,978 ) Net income attributable to participating securities $ 307 $ — $ — Net income (loss) attributable to fully vested common stock $ 13,615 $ (28,161 ) $ (7,978 ) Shares: Weighted average number of common shares outstanding—basic 21,167,550 20,760,530 20,350,066 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (1) 12,940 — — Weighted average number of common shares outstanding—diluted 21,180,490 20,760,530 20,350,066 Earnings per common share: Basic $ 0.64 $ (1.36 ) $ (0.39 ) Diluted $ 0.64 $ (1.36 ) $ (0.39 ) _______________ (1) Excludes weighted average common shares of 218,844 , 273,255 and 294,273 for the years ended December 31, 2018 , 2017 and 2016 , respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s operating revenues disaggregated by geographical region in which services are provided: 2018 2017 2016 Operating revenues: United States $ 153,394 $ 150,583 $ 170,438 Foreign 56,800 64,344 63,089 Total operating revenues $ 210,194 $ 214,927 $ 233,527 The following table presents the Company’s revenues earned by service line: 2018 2017 2016 Revenues: Oil and gas flight services: U.S. $ 143,654 $ 134,010 $ 139,750 International 56,800 64,344 63,089 Total oil and gas 200,454 198,354 202,839 Emergency response services 9,740 11,502 24,973 Flightseeing — 5,071 5,715 Total operating revenues $ 210,194 $ 214,927 $ 233,527 Dry-leasing revenues: U.S. 3,873 1,604 683 International 7,609 14,790 13,018 Total revenues $ 221,676 $ 231,321 $ 247,228 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity | During the year ended December 31, 2018 , the number of shares and the weighted average grant price of restricted stock award transactions were as follows: 2018 Number of Shares Weighted Average Grant Price Non-vested as of December 31, 2017 382,873 $ 12.68 Restricted stock awards granted: Non-employee directors 37,272 $ 9.80 Employees 295,180 $ 9.80 Vested (201,059 ) $ 14.05 Forfeited (500 ) $ 9.66 Non-vested as of December 31, 2018 513,766 $ 10.28 |
Schedule of Share-based Compensation, Stock Options, Activity | During the year ended December 31, 2018 , 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, 2017 15,000 $ 7.04 230,380 $ 18.54 245,380 $ 18.71 Granted Vested (15,000 ) $ 7.04 15,000 $ 21.26 Exercised Expired (41,768 ) $ 14.24 (41,768 ) $ 14.24 Forfeited Outstanding as of December 31, 2018 — $ — 203,612 $ 19.62 203,612 $ 19.62 |
SEGMENT INFORMATION, MAJOR CU_2
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Revenues: United States $ 157,267 $ 152,187 $ 171,121 Latin America and the Caribbean 58,037 68,936 64,007 Europe 608 5,029 5,924 Asia 5,764 5,169 6,176 $ 221,676 $ 231,321 $ 247,228 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, 2018 and 2017 (in thousands): 2018 2017 Property and equipment, net: United States $ 472,838 $ 533,800 Latin America and the Caribbean 105,519 120,152 Europe 8,049 6,697 Asia 12,788 13,265 $ 599,194 $ 673,914 |
SUPPLEMENTAL INFORMATION FOR _2
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Supplemental cash flow information for the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 2016 Income taxes paid, net of refunds $ 283 $ 426 $ (5,978 ) Interest paid to others, excluding capitalized interest 13,581 15,315 15,268 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 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 57,322 $ 57,728 $ 54,610 $ 52,016 Operating income (loss) $ 1,651 $ (9,523 ) $ 41,571 $ (5,629 ) Net income (loss) $ (1,357 ) $ (10,516 ) $ 31,279 $ (5,948 ) Net income (loss) attributable to common shares $ (1,194 ) $ (10,379 ) $ 31,289 $ (5,794 ) Earnings (loss) per common share - basic $ (0.06 ) $ (0.49 ) $ 1.44 $ (0.27 ) Earnings (loss) per common share - diluted $ (0.06 ) $ (0.49 ) $ 1.44 $ (0.27 ) Three Months Ended 2017 Mar. 31 Jun. 30 Sep. 30 (1) Dec. 31 (2) 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 _______________ (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. |
GUARANTORS OF SECURITIES (Table
GUARANTORS OF SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 48,396 $ — $ 2,357 $ — $ 50,753 Receivables: Trade, operating, net of allowance for doubtful accounts of $261 — 27,509 5,797 — 33,306 Trade, dry leasing — 3,803 — — 3,803 Tax receivables — 6 3,181 — 3,187 Other — 1,949 394 — 2,343 Inventories, net — 20,633 40 — 20,673 Prepaid expenses 398 1,219 190 — 1,807 Total current assets 48,794 55,119 11,959 — 115,872 Property and equipment — 900,611 16,550 — 917,161 Accumulated depreciation — (314,567 ) (3,400 ) — (317,967 ) Net property and equipment — 586,044 13,150 — 599,194 Equity investments and advances — 27,112 — — 27,112 Investments in consolidated subsidiaries 172,950 — — (172,950 ) — Intangible assets — — 1,107 — 1,107 Deferred income taxes 9,904 — — (9,904 ) — Intercompany receivables 366,541 — — (366,541 ) — Other assets 1,251 20,231 96 — 21,578 Total assets $ 599,440 $ 688,506 $ 26,312 $ (549,395 ) $ 764,863 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 136 $ 11,357 $ 1,668 $ — $ 13,161 Accrued wages and benefits 43 7,743 1,481 — 9,267 Accrued interest 500 69 — — 569 Accrued income taxes 918 6 49 — 973 Current portion of long-term debt — 1,663 395 — 2,058 Accrued other taxes — 768 500 — 1,268 Accrued contingencies — — 630 — 630 Other current liabilities 647 220 11 — 878 Total current liabilities 2,244 21,826 4,734 — 28,804 Long-term debt 133,900 26,317 — — 160,217 Deferred income taxes — 117,015 1,245 (9,903 ) 108,357 Intercompany payables — 310,727 55,847 (366,574 ) — Other liabilities — 720 27 — 747 Total liabilities 136,144 476,605 61,853 (376,477 ) 298,125 Redeemable noncontrolling interest — 3 3,299 — 3,302 Equity: Era Group Inc. stockholders’ equity: Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares 219 — — — 219 Additional paid-in capital 447,299 100,306 4,562 (104,869 ) 447,298 Retained earnings 18,254 111,482 (43,402 ) (68,049 ) 18,285 Treasury shares, at cost, 156,737 shares (2,476 ) — — — (2,476 ) Accumulated other comprehensive income, net of tax — 110 — — 110 Total equity 463,296 211,898 (38,840 ) (172,918 ) 463,436 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 599,440 $ 688,506 $ 26,312 $ (549,395 ) $ 764,863 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, operating, net of allowance for doubtful accounts of $1,196 — 27,968 5,872 $ — 33,840 Trade, dry leasing — 5,124 — — 5,124 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 |
Condensed Consolidating Statements of Operations | Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Revenues $ — $ 194,932 $ 55,625 $ (28,881 ) $ 221,676 Costs and expenses: Operating — 122,490 57,947 (28,914 ) 151,523 Administrative and general 15,017 25,597 4,512 — 45,126 Depreciation — 38,553 988 — 39,541 Total costs and expenses 15,017 186,640 63,447 (28,914 ) 236,190 Gains on asset dispositions, net — 1,618 (43 ) — 1,575 Litigation settlement proceeds 42,000 — — — 42,000 Loss on impairment — (991 ) — — (991 ) Operating income (loss) 26,983 8,919 (7,865 ) 33 28,070 Other income (expense): Interest income 395 1,371 276 — 2,042 Interest expense (14,149 ) (802 ) (180 ) — (15,131 ) Foreign currency gains, net (95 ) (178 ) (745 ) — (1,018 ) Gain on debt extinguishment — — 175 — 175 Other, net — 34 20 — 54 Total other income (expense) (13,849 ) 425 (454 ) — (13,878 ) Income (loss) before income taxes and equity earnings 13,134 9,344 (8,319 ) 33 14,192 Income tax expense (benefit) 10,845 (7,900 ) (5 ) — 2,940 Income (loss) before equity earnings 2,289 17,244 (8,314 ) 33 11,252 Equity in earnings (losses) of subsidiaries 11,601 2,206 — (11,601 ) 2,206 Net income (loss) 13,890 19,450 (8,314 ) (11,568 ) 13,458 Net loss attributable to non-controlling interest in subsidiary — — 464 — 464 Net income (loss) attributable to Era Group Inc. $ 13,890 $ 19,450 $ (7,850 ) $ (11,568 ) $ 13,922 Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) 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) 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 ) 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 ) |
Condensed Consolidating Statements of Comprehensive Income | Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net income (loss) $ 13,890 $ 19,450 $ (8,314 ) $ (11,568 ) $ 13,458 Other comprehensive income (loss): Foreign currency translation adjustments — — — — — Income tax benefit — — — — — Total other comprehensive income (loss) — — — — — Comprehensive income (loss) 13,890 19,450 (8,314 ) (11,568 ) 13,458 Comprehensive loss attributable to non-controlling interest in subsidiary — — 464 — 464 Comprehensive income (loss) attributable to Era Group Inc. $ 13,890 $ 19,450 $ (7,850 ) $ (11,568 ) $ 13,922 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 loss: Foreign currency translation adjustments — 18 — — 18 Income tax benefit — — — — — Total other comprehensive 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 ) |
Condensed Consolidating Statements of Cash Flows | Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018 Parent Guarantors Non-guarantors Eliminations Consolidated (in thousands) Net cash provided by operating activities $ 37,596 $ 14,639 $ 2,119 $ — $ 54,354 Cash flows from investing activities: Purchases of property and equipment — (8,867 ) (349 ) — (9,216 ) Proceeds from disposition of property and equipment — 29,590 — — 29,590 Dividends received from equity investees — 1,000 — — 1,000 Principal payments on notes due from equity investees — 518 — — 518 Principal payments on third party notes receivable — 934 — — 934 Net cash provided by investing activities — 23,175 (349 ) — 22,826 Cash flows from financing activities: Long-term debt issuance costs — — — (1,295 ) (1,295 ) Payments on long-term debt — (1,662 ) (1,224 ) (39,000 ) (41,886 ) Proceeds from share award plans — — — 893 893 Extinguishment of long-term debt — — (1,221 ) — (1,221 ) Borrowings and repayments of intercompany debt — (39,402 ) — 39,402 — Net cash used in financing activities — (41,064 ) (2,445 ) — (43,509 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash — — 249 — 249 Net increase (decrease) in cash, cash equivalents and restricted cash 37,596 (3,250 ) (426 ) — 33,920 Cash, cash equivalents and restricted cash, beginning of year 10,800 3,250 2,783 — 16,833 Cash, cash equivalents and restricted cash, end of year $ 48,396 $ — $ 2,357 $ — $ 50,753 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 — — — — — Net cash used in investing activities — (6,404 ) (170 ) — (6,574 ) 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, cash equivalents and restricted cash 32 18 31 — 81 Net increase (decrease) in cash, cash equivalents and restricted cash (14,674 ) (527 ) 1,307 — (13,894 ) Cash, cash equivalents and restricted cash, beginning of year 25,474 3,777 1,476 — 30,727 Cash, cash equivalents and restricted cash, end of year $ 10,800 $ 3,250 $ 2,783 $ — $ 16,833 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 — — — — — Repayment of intercompany debt — — — — — Net cash used in investing activities — (9,164 ) 48 — (9,116 ) 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, cash equivalents and restricted cash — (478 ) 242 — (236 ) Net increase (decrease) in cash, cash equivalents and restricted cash 17,909 252 (1,995 ) — 16,166 Cash, cash equivalents and restricted cash, beginning of year 7,565 3,525 3,471 — 14,561 Cash, cash equivalents and restricted cash, end of year $ 25,474 $ 3,777 $ 1,476 $ — $ 30,727 |
NATURE OF OPERATIONS AND ACCO_4
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash and Cash Equivalents [Abstract] | ||||||
Cash and cash equivalents | $ 50,753 | [1] | $ 13,583 | [1] | $ 26,950 | |
Restricted cash | 0 | 3,250 | 3,777 | |||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ 50,753 | $ 16,833 | $ 30,727 | $ 14,561 | ||
[1] | Refer to footnote 5 for more detail on variable interest entities (“VIE”) |
NATURE OF OPERATIONS AND ACCO_5
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 34,967 | $ 21,575 | $ 12,650 |
Write-offs | 0 | (4,196) | 0 |
Balance at end of period | 37,869 | 34,967 | 21,575 |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 1,196 | 1,219 | 2,103 |
Additional allowances charged to expense | 82 | 144 | 441 |
Recovery of previously reserved accounts | (127) | (82) | (1,086) |
Write-offs | (760) | (68) | (474) |
Foreign currency adjustments | (130) | (17) | 235 |
Balance at end of period | $ 261 | $ 1,196 | $ 1,219 |
NATURE OF OPERATIONS AND ACCO_6
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Concentrations of Credit Risk Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of net trade receivables | 52.00% | 46.00% |
NATURE OF OPERATIONS AND ACCO_7
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Schedule of Inventory Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 34,967 | $ 21,575 | $ 12,650 |
Balance at end of period | 37,869 | 34,967 | 21,575 |
Inventory Valuation Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 3,739 | 4,012 | 4,821 |
Additional allowances, net | 493 | 273 | 809 |
Balance at end of period | $ 3,246 | 3,739 | $ 4,012 |
H225 Helicopters | Inventory Valuation Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additional allowances, net | $ 100 |
NATURE OF OPERATIONS AND ACCO_8
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Interest costs capitalized | $ 0.1 | $ 0.5 | $ 0.1 |
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 | $ 0.7 | $ 1.9 |
NATURE OF OPERATIONS AND ACCO_9
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of long-lived assets | $ 991 | $ 117,018 | $ 0 |
NATURE OF OPERATIONS AND ACC_10
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Impairment of Equity Investees (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of equity investees | $ 0 | $ 0 | $ 0 |
NATURE OF OPERATIONS AND ACC_11
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Intangible Assets Narrative (Details) $ in Millions | Dec. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Indefinite-lived intangible assets | $ 1.1 |
Finite-lived intangible assets (less than) | $ 0.1 |
NATURE OF OPERATIONS AND ACC_12
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Deferred Financing Costs Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Amortization of deferred financing costs | $ 1,410 | $ 1,136 | $ 1,486 |
Write off of debt issuance cost | $ 400 | $ 500 |
NATURE OF OPERATIONS AND ACC_13
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - ERA Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 2.3 | $ 2.4 | $ 2.8 |
NATURE OF OPERATIONS AND ACC_14
NATURE OF OPERATIONS AND ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - Scenario, Forecast - Accounting Standards Update 2016-02 - Subsequent Event $ in Millions | Jan. 01, 2019USD ($) |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right of use asset | $ 7 |
Lease liability | 7 |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right of use asset | 9 |
Lease liability | $ 9 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Other Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion, estimated fair value | $ 162,275 | $ 204,910 |
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 | 159,367 | 203,938 |
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 |
ESCROW DEPOSITS Escrow Deposits
ESCROW DEPOSITS Escrow Deposits (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)helicopter | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deposits in like-kind exchange escrow accounts | $ 0 | $ 3,300,000 | |
Proceeds from disposition of property and equipment | 29,590,000 | 9,392,000 | $ 28,609,000 |
Purchases of property and equipment | 9,216,000 | $ 16,770,000 | $ 39,200,000 |
Escrow deposits returned to company | 500,000 | ||
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 | $ 3,200,000 | ||
S92 Heavy Helicopters | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Purchases of property and equipment | $ 2,800,000 |
ACQUISITIONS AND DISPOSITIONS C
ACQUISITIONS AND DISPOSITIONS Capital Expenditures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)helicopter | Dec. 31, 2017USD ($)helicopter | Dec. 31, 2016USD ($)helicopter | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ 9,216 | $ 16,770 | $ 39,200 |
Proceeds from disposition of property and equipment | 29,590 | $ 9,392 | $ 28,609 |
Sales-type lease, proceeds from dispositions | $ 1,200 | ||
Number of helicopter additions | helicopter | 1 | 1 | 2 |
H225 Heavy Helicopters | |||
Property, Plant and Equipment [Line Items] | |||
Sales-type lease, number of helicopter dispositions | helicopter | 6 | ||
Sales-type lease, loss on disposition | $ 4,000 | ||
Heavy helicopters | |||
Property, Plant and Equipment [Line Items] | |||
Number of helicopter additions | helicopter | 1 | 1 | 2 |
ACQUISITIONS AND DISPOSITIONS D
ACQUISITIONS AND DISPOSITIONS Dispositions (Details) $ in Millions | Feb. 23, 2018USD ($)operating_facilityhelicopter | Dec. 31, 2018helicopter | Dec. 31, 2017helicopter | Dec. 31, 2016helicopter |
Property, Plant and Equipment [Line Items] | ||||
Number of helicopter dispositions | 21 | 3 | 9 | |
Number of operating facilities sold | operating_facility | 2 | |||
Property, plant and equipment, disposals | $ | $ 10 | |||
Light helicopters - single engine | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of helicopter dispositions | 10 | 1 | 2 | |
Light helicopters - twin engine | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of helicopter dispositions | 2 | 1 | 1 | |
Medium helicopters | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of helicopter dispositions | 1 | 1 | 6 | |
Heavy helicopters | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of helicopter dispositions | 8 | 0 | 0 | |
AS350 Single Engine Helicopter | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of disposals | 8 |
VARIABLE INTEREST ENTITIES AN_3
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Aeroleo Narrative (Details) - USD ($) $ in Thousands | Jul. 01, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in and advances to equity investees | $ 0 | $ 126 | $ 0 | ||
Assets | 764,863 | 792,097 | |||
Liabilities | 298,125 | 342,650 | |||
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% | ||||
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 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Assets | 11,900 | 11,500 | |||
Liabilities | $ 4,500 | $ 7,600 |
VARIABLE INTEREST ENTITIES AN_4
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Dart Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2009 | Jul. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2008 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Dividends received from equity investees | $ 0 | $ 0 | |||||
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 | $ 2,000 | 2,000 | $ 1,900 | ||||
Dart Helicopter Services LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership | 50.00% | ||||||
Additional investment | $ 5,000 | ||||||
Dart Helicopter Services LLC | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable to related party | $ 300 | ||||||
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] | |||||||
Dividends received from equity investees | $ 1,000 | ||||||
Dart Holding Company Ltd. | Equity Method Investee | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable to related party | $ 2,300 | $ 2,800 | $ 5,100 | ||||
Notes receivable interest rate | 4.00% |
VARIABLE INTEREST ENTITIES AN_5
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Era Training Center Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)simulator | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of flight simulators sold | simulator | 3 | ||
Proceeds from sale | $ 2.9 | ||
Payments for Purchase of Other Assets | 0.4 | ||
Equity Method Investee | Training Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Notes receivable to related party | 3.6 | $ 3.7 | |
Era Training Center | |||
Schedule of Equity Method Investments [Line Items] | |||
Notes receivable to related party | 0.4 | ||
Era Training Center | Equity Method Investee | Helicopter, Management and Other Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Expenses from transactions with related party | 0.1 | 0.2 | $ 0.2 |
Era Training Center | Equity Method Investee | Training Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Expenses from transactions with related party | $ 0.2 | $ 0.5 | $ 0.6 |
VARIABLE INTEREST ENTITIES AN_6
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 27,112 | $ 30,056 |
Cumulative unfunded net losses of equity investees | $ 6,000 | 2,900 |
Dart Helicopter Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership | 50.00% | |
Equity method investments | $ 27,112 | 26,128 |
Era Training Center | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership | 50.00% | |
Equity method investments | $ 0 | $ 3,928 |
VARIABLE INTEREST ENTITIES AN_7
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES Schedule of Equity Method Investment, Financial Information, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Dart Helicopter Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 31,332 | $ 29,336 |
Non-current assets | 30,613 | 29,899 |
Current liabilities | 7,007 | 6,671 |
Non-current liabilities | 5,558 | 6,096 |
Other Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 0 | 257 |
Non-current assets | 0 | 4,138 |
Current liabilities | 0 | 654 |
Non-current liabilities | $ 0 | $ 3,298 |
Schedule of Equity Method Inves
Schedule of Equity Method Investment, Financial Information, Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dart Holding Company Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenues | $ 45,602 | $ 42,891 | $ 40,930 |
Operating and administrative | 36,592 | 35,983 | 32,878 |
Depreciation and amortization | 1,754 | 1,603 | 3,161 |
Total costs and expenses | 38,346 | 37,586 | 36,039 |
Operating income | 7,256 | 5,305 | 4,891 |
Net income | 4,912 | 3,603 | 2,657 |
Other Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenues | 170 | 581 | 694 |
Operating and administrative | 63 | 367 | 338 |
Depreciation and amortization | 377 | 503 | 519 |
Total costs and expenses | 440 | 870 | 857 |
Operating income | (270) | (289) | (163) |
Net income | $ (442) | $ (527) | $ (409) |
INCOME TAXES Income (Loss) Befo
INCOME TAXES Income (Loss) Before Income Taxes and Equity Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 12,633 | $ (148,248) | $ (12,913) |
Foreign | 1,559 | (4,457) | (6,446) |
Income (loss) before income tax expense and equity earnings | $ 14,192 | $ (152,705) | $ (19,359) |
INCOME TAXES Components of Inco
INCOME TAXES Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 924 | $ 0 | $ 17 |
State | 219 | 7 | 5 |
Foreign | 38 | (3,530) | 1,213 |
Total current | 1,181 | (3,523) | 1,235 |
Deferred: | |||
Federal | 2,154 | (121,359) | (5,060) |
State | (390) | 1,923 | 479 |
Foreign | (5) | 294 | (11) |
Total deferred | 1,759 | (119,142) | (4,592) |
Total income tax expense (benefit) | $ 2,940 | $ (122,665) | $ (3,357) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | |||
Statutory rate | 21.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | (1.90%) | 5.30% | 18.50% |
Brazilian PERT Program | 0.00% | 2.20% | 0.00% |
Other | 3.50% | (0.60%) | (1.10%) |
Tax Act | 0.00% | 46.00% | 0.00% |
Effective Income Tax Rate, Continuing Operations | 20.70% | 80.30% | 17.30% |
State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
State valuation allowance | 0.40% | (6.60%) | (21.00%) |
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
State valuation allowance | (2.30%) | (1.00%) | (14.10%) |
INCOME TAXES Components of Net
INCOME TAXES Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax liabilities: | ||
Property and equipment | $ 116,178 | $ 126,595 |
Buy-in on maintenance contracts | 423 | 655 |
Total deferred tax liabilities | 116,601 | 127,250 |
Deferred tax assets: | ||
Equipment leases | 0 | 47 |
Tax loss carryforwards | 44,919 | 52,293 |
Stock compensation | 691 | 843 |
Reserves | 788 | 897 |
Other | (285) | 1,539 |
Valuation allowance | (37,869) | (34,967) |
Total deferred tax assets | 8,244 | 20,652 |
Net deferred tax liabilities | $ 108,357 | $ 106,598 |
INCOME TAXES Narrative (Details
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 37,869 | $ 37,869 | $ 34,967 | |
Deferred tax liabilities, foreign earnings | 200 | 200 | ||
Earnings not permanently reinvested, joint venture tax basis | 23,600 | 23,600 | ||
Unrecognized tax benefits, penalties and accrued interest | 100 | 100 | ||
Income tax benefit | 2,940 | (122,665) | $ (3,357) | |
Tax Act, adjustment to deferred tax balances | 70,000 | |||
Tax Act, adjustment to deferred tax | 200 | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 0 | 0 | 0 | |
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 377,700 | 377,700 | 411,300 | |
Valuation allowance | 18,100 | 18,100 | ||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 56,900 | 56,900 | 58,500 | |
Tax credit carryforward | $ 1,500 | |||
Valuation allowance | 19,800 | 19,800 | ||
Aeroleo | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 18,600 | 18,600 | ||
Income tax benefit | 3,500 | |||
Sicher | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 1,200 | $ 1,200 |
INCOME TAXES Summary of Income
INCOME TAXES Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 11 | $ 261 | $ 648 |
Reductions due to settlements with taxing authorities | 0 | (250) | (570) |
Increases due to tax positions taken during the current year | 0 | 0 | 183 |
Ending balance | $ 11 | $ 11 | $ 261 |
INCOME TAXES Reconciliation of
INCOME TAXES Reconciliation of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 34,967 | $ 21,575 | $ 12,650 |
Increases to state valuation allowance | 50 | 10,010 | 6,768 |
Increases due to foreign valuation allowances | 2,852 | 7,578 | 2,157 |
Decrease due to Brazilian PERT Program | 0 | (4,196) | 0 |
Balance at end of period | $ 37,869 | $ 34,967 | $ 21,575 |
LONG-TERM DEBT - Company Borro
LONG-TERM DEBT - Company Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal balance on borrowings | $ 165,203 | $ 208,446 |
Portion due with one year | (2,058) | (2,736) |
Unamortized debt issuance costs | (1,712) | (2,067) |
Unamortized discount | (1,216) | (1,469) |
Long-term debt | 160,217 | 202,174 |
7.750% Senior Notes (excluding unamortized discount) | ||
Debt Instrument [Line Items] | ||
7.750% Senior Notes (excluding unamortized discount) | 144,828 | 144,828 |
Senior secured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Principal balance on borrowings | 0 | 39,000 |
Promissory notes | ||
Debt Instrument [Line Items] | ||
Principal balance on borrowings | 19,980 | 21,642 |
Other | ||
Debt Instrument [Line Items] | ||
Principal balance on borrowings | $ 395 | $ 2,976 |
LONG-TERM DEBT - Maturities (De
LONG-TERM DEBT - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 2,058 | |
2,020 | 18,317 | |
2,021 | 0 | |
2,022 | 144,828 | |
2,023 | 0 | |
Years subsequent to 2023 | 0 | |
Long-term debt | $ 165,203 | $ 208,446 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | Mar. 07, 2018 | Dec. 20, 2015 | Dec. 01, 2015 | Dec. 07, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 06, 2018 | Mar. 31, 2014 | Dec. 23, 2010 | Nov. 24, 2010 |
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ 165,203,000 | $ 208,446,000 | |||||||||
Gain on debt extinguishment | 175,000 | $ 0 | $ 518,000 | ||||||||
Write off of debt issuance cost | $ 400,000 | 500,000 | |||||||||
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 Instrument, Repurchased Face Amount | 5,000,000 | ||||||||||
Debt Instrument, Redemption Price | 86.63 | ||||||||||
Repayments of senior notes | 4,500,000 | ||||||||||
Interest paid | 200,000 | ||||||||||
Gain on debt extinguishment | $ 500,000 | ||||||||||
Promissory notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ 19,980,000 | $ 21,642,000 | |||||||||
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 | 4.16% | ||||||||||
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 | 4.16% | ||||||||||
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 | $ 125,000,000 | $ 125,000,000 | $ 200,000,000 | $ 125,000,000 | |||||||
Interest coverage ratio | 175.00% | ||||||||||
Senior secured leverage ratio | 325.00% | ||||||||||
Basis spread increase | 0.50% | ||||||||||
Maximum commitment increase amount | 50,000,000 | ||||||||||
Commitment fee, unused portion | 0.375% | ||||||||||
Remaining borrowing capacity | $ 124,100,000 | ||||||||||
Letters of credit outstanding | 900,000 | ||||||||||
Debt issuance costs | $ 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 | ||||||||||
Base Rate | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) | Promissory notes | Promissory Note to Purchase Heavy Helicopter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 1.81% | ||||||||||
London Interbank Offered Rate (LIBOR) | Promissory notes | Promissory Note to Purchase Medium Helicopter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 1.81% | ||||||||||
London Interbank Offered Rate (LIBOR) | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 2.25% | ||||||||||
Minimum | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee, unused portion | 0.375% | ||||||||||
Minimum | Base Rate | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 1.25% | ||||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 2.25% | ||||||||||
Maximum | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee, unused portion | 0.50% | ||||||||||
Maximum | Base Rate | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 2.50% | ||||||||||
Maximum | London Interbank Offered Rate (LIBOR) | Senior secured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread | 3.50% |
LONG-TERM DEBT - Aeroleo (Detai
LONG-TERM DEBT - Aeroleo (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2015USD ($)note_payable | |
Debt Instrument [Line Items] | ||||
Contribution of capital from joint venture partner | $ 6,349,000 | |||
Aeroleo | ||||
Debt Instrument [Line Items] | ||||
Contribution of capital from joint venture partner | $ 6,300,000 | |||
Aeroleo | Notes Payable, 6% Per Annum | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Assigned number of notes receivable | note_payable | 2 | |||
Face amount | $ 8,300,000 | |||
Tax Disputes | Brazil | ||||
Debt Instrument [Line Items] | ||||
Amount due to taxing authority | $ 3,000,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Jul. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Leased Assets [Line Items] | ||||
Unfunded capital commitments | $ 81,100 | |||
Unfunded capital commitments due in next twelve months | 70,200 | |||
Deposits paid on options not yet exercised | 1,300 | |||
Amount inclusive of deposits paid and without further liability | 2,100 | |||
Escrow deposits | 0 | $ 3,250 | $ 3,777 | |
Rental expense | $ 4,100 | $ 5,500 | $ 5,700 | |
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Lease term range | 1 year | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Lease term range | 10 years | |||
State of Rio de Janeiro | Foreign Tax Authority | ||||
Operating Leased Assets [Line Items] | ||||
Penalties | $ 14,500 | |||
Aeroleo | State of Rio de Janeiro | Foreign Tax Authority | ||||
Operating Leased Assets [Line Items] | ||||
Penalties | 10,100 | |||
Other litigation matters | Aeroleo | Foreign Tax Authority | ||||
Operating Leased Assets [Line Items] | ||||
Escrow deposits | 5,400 | |||
Pending Litigation | Former Tax Consultant Claims | ||||
Operating Leased Assets [Line Items] | ||||
Penalties | $ 500 | |||
H225 Helicopters | ||||
Operating Leased Assets [Line Items] | ||||
Litigation settlement, amount awarded from other party | $ 42,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,019 | $ 1,573 |
2,020 | 1,530 |
2,021 | 987 |
2,022 | 562 |
2,023 | 495 |
Years subsequent to 2023 | $ 7,952 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to parent | $ 13,922 | $ (28,161) | $ (7,978) | ||||||||
Net income attributable to participating securities | 307 | 0 | 0 | ||||||||
Net income (loss) attributable to common shares | $ 13,615 | $ (28,161) | $ (7,978) | ||||||||
Shares: | |||||||||||
Weighted average number of common shares outstanding—basic (in shares) | 21,167,550 | 20,760,530 | 20,350,066 | ||||||||
Weighted average number of common shares outstanding—diluted (in shares) | 21,180,490 | 20,760,530 | 20,350,066 | ||||||||
Earnings per common share: | |||||||||||
Basic (in usd per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
Diluted (in usd per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
Stock Options and Restricted Stock | |||||||||||
Shares: | |||||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (in shares) | 12,940 | 0 | 0 | ||||||||
Earnings per common share: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 218,844 | 273,255 | 294,273 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 52,016 | $ 54,610 | $ 57,728 | $ 57,322 | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 221,676 | $ 231,321 | $ 247,228 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 157,267 | 152,187 | 171,121 | ||||||||
Dry-Leasing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 11,482 | 16,394 | 13,701 | ||||||||
Dry-Leasing | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 3,873 | 1,604 | 683 | ||||||||
Dry-Leasing | Foreign | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 7,609 | 14,790 | 13,018 | ||||||||
Operating Income | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 210,194 | 214,927 | 233,527 | ||||||||
Operating Income | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 153,394 | 150,583 | 170,438 | ||||||||
Operating Income | Foreign | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 56,800 | 64,344 | 63,089 | ||||||||
Operating Income | Oil and Gas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 200,454 | 198,354 | 202,839 | ||||||||
Operating Income | Oil and Gas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 143,654 | 134,010 | 139,750 | ||||||||
Operating Income | Oil and Gas | Foreign | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 56,800 | 64,344 | 63,089 | ||||||||
Operating Income | Emergency Response Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,740 | 11,502 | 24,973 | ||||||||
Operating Income | Flightseeing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 0 | $ 5,071 | $ 5,715 |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2011 | |
Related Party Transaction [Line Items] | ||||
Rental expense | $ 4.1 | $ 5.5 | $ 5.7 | |
SEACOR | ||||
Related Party Transaction [Line Items] | ||||
Rental expense | 0.4 | 0.4 | 0.4 | |
Training Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable to related party | 3.6 | 3.7 | ||
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 | 2 | 1.9 | |
Dart Holding Company Ltd. | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable to related party | 2.3 | 2.8 | $ 5.1 | |
Era Training Center | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable to related party | 0.4 | |||
Era Training Center | Helicopter, Management and Other Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 0.1 | 0.2 | 0.2 | |
Era Training Center | Training Services | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 0.2 | $ 0.5 | $ 0.6 |
SHARE-BASED COMPENSATION Narrat
SHARE-BASED COMPENSATION Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Share-based compensation | $ 2.9 | $ 4.6 | $ 4.6 | |
Unrecognized compensation costs | $ 3.4 | |||
Unrecognized compensation cost period for recognition | 1 year 9 months 18 days | |||
Options granted (in shares) | 0 | 0 | ||
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 | 2,235,379 | 2,525,563 | ||
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 | 222,378 | 336,763 | ||
Percentage of stock price employees can purchase | 85.00% | |||
Offering period | 6 months | |||
Number of additional shares authorized for issuance | 400,000 | |||
Expiration period | 10 years | |||
Number of shares issued under ESPP | 114,385 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 331,869 | 297,256 | 342,913 | |
Weighted average grant date fair value (in dollars per share) | $ 9.80 | $ 11.44 | $ 10.56 | |
Fair value of closing price on grant date | $ 2.8 | $ 5.5 | $ 3.2 |
SHARE-BASED COMPENSATION Nonves
SHARE-BASED COMPENSATION Nonvested Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Non-vested at beginning of period (in shares) | 382,873 | ||
Granted (in shares) | 331,869 | 297,256 | 342,913 |
Vested (in shares) | (201,059) | ||
Forfeited (in shares) | (500) | ||
Non-vested at end of period (in shares) | 513,766 | 382,873 | |
Weighted Average Grant Price | |||
Non-vested at beginning of period (in dollars per share) | $ 12.68 | ||
Granted (in dollars per share) | 9.80 | $ 11.44 | $ 10.56 |
Vested (in dollars per share) | 14.05 | ||
Forfeited (in dollars per share) | 9.66 | ||
Non-vested at end of period (in dollars per share) | $ 10.28 | $ 12.68 | |
Director | |||
Number of Shares | |||
Granted (in shares) | 37,272 | ||
Weighted Average Grant Price | |||
Granted (in dollars per share) | $ 9.80 | ||
Employee | |||
Number of Shares | |||
Granted (in shares) | 295,180 | ||
Weighted Average Grant Price | |||
Granted (in dollars per share) | $ 9.80 |
SHARE-BASED COMPENSATION Option
SHARE-BASED COMPENSATION Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Non-vested Options - Number of Shares | ||
Beginning Balance (in shares) | 15,000 | |
Vested (in shares) | (15,000) | |
Forfeited (in shares) | ||
Ending Balance (in shares) | 0 | 15,000 |
Non-vested Options - Weighted Average Grant Date Fair Value | ||
Beginning Balance (in dollars per share) | $ 7.04 | |
Vested (in dollars per share) | 7.04 | |
Forfeited (in dollars per share) | ||
Ending Balance (in dollars per share) | $ 0 | $ 7.04 |
Vested/Exercisable Options - Number of Shares | ||
Beginning Balance (in shares) | 230,380 | |
Vested (in shares) | 15,000 | |
Expired (in shares) | (41,768) | |
Forfeited (in shares) | ||
Ending Balance (in shares) | 203,612 | 230,380 |
Vested/Exercisable Options - Weighted Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 18.54 | |
Vested (in dollars per share) | 21.26 | |
Expired (in dollars per share) | 14.24 | |
Forfeited (in dollars per share) | ||
Ending Balance (in dollars per share) | $ 19.62 | $ 18.54 |
Total Options - Number of Shares | ||
Beginning Balance (in shares) | 245,380 | |
Granted (in shares) | 0 | 0 |
Expired (in shares) | (41,768) | |
Forfeited (in shares) | ||
Ending Balance (in shares) | 203,612 | 245,380 |
Total Options - Weighted Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 18.71 | |
Expired (in dollars per share) | 14.24 | |
Forfeited (in dollars per share) | ||
Ending Balance (in dollars per share) | $ 19.62 | $ 18.71 |
SEGMENT INFORMATION, MAJOR CU_3
SEGMENT INFORMATION, MAJOR CUSTOMERS AND GEOGRAPHICAL DATA Narrative (Details) - employee | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Brazil | |||
Revenue, Major Customer [Line Items] | |||
Number of employees | 194 | ||
Sales | Foreign Operations | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 29.00% | 34.00% | 31.00% |
Sales | Anadarko Petroleum Corporation | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 31.00% | 28.00% | 24.00% |
Sales | Petroleo Brasileiro S.A. | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 23.00% | 22.00% | 20.00% |
Sales | U.S. Government | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 15.00% | 16.00% | 16.00% |
Unionized Employees Concentration Risk | Number of Employees, Total | |||
Revenue, Major Customer [Line Items] | |||
Percentage of operating revenues | 28.00% |
SEGMENT INFORMATION, MAJOR CU_4
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 52,016 | $ 54,610 | $ 57,728 | $ 57,322 | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 221,676 | $ 231,321 | $ 247,228 |
Net property and equipment | 599,194 | 673,914 | 599,194 | 673,914 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 157,267 | 152,187 | 171,121 | ||||||||
Net property and equipment | 472,838 | 533,800 | 472,838 | 533,800 | |||||||
Latin America and the Caribbean | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 58,037 | 68,936 | 64,007 | ||||||||
Net property and equipment | 105,519 | 120,152 | 105,519 | 120,152 | |||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 608 | 5,029 | 5,924 | ||||||||
Net property and equipment | 8,049 | 6,697 | 8,049 | 6,697 | |||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,764 | 5,169 | $ 6,176 | ||||||||
Net property and equipment | $ 12,788 | $ 13,265 | $ 12,788 | $ 13,265 |
SUPPLEMENTAL INFORMATION FOR _3
SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Income taxes paid, net of refunds | $ 283 | $ 426 | $ (5,978) |
Interest paid to others, excluding capitalized interest | 13,581 | 15,315 | 15,268 |
Schedule of non-cash investing and financing activities: | |||
Contribution of notes payable as additional capital into Aeróleo | 0 | 0 | 6,349 |
Settlement of accrued contingent liabilities through installment obligations | $ 0 | $ 386 | $ 2,486 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 52,016 | $ 54,610 | $ 57,728 | $ 57,322 | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 221,676 | $ 231,321 | $ 247,228 |
Operating income (loss) | (5,629) | 41,571 | (9,523) | 1,651 | (8,359) | (122,773) | (276) | (5,056) | 28,070 | (136,464) | (3,369) |
Net income (loss) | (5,948) | 31,279 | (10,516) | (1,357) | 61,459 | (81,215) | (3,072) | (5,787) | $ 13,458 | $ (28,615) | $ (14,910) |
Net income (loss) attributable to common shares | $ (5,794) | $ 31,289 | $ (10,379) | $ (1,194) | $ 61,694 | $ (81,448) | $ (2,787) | $ (5,620) | |||
Earnings (loss) per common share - basic (in dollars per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
Earnings (loss) per common share - diluted (in dollars per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
QUARTERLY FINANCIAL INFORMATI_4
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) - Footnotes (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues | $ 52,016 | $ 54,610 | $ 57,728 | $ 57,322 | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 221,676 | $ 231,321 | $ 247,228 |
Operating income (loss) | (5,629) | 41,571 | (9,523) | 1,651 | (8,359) | (122,773) | (276) | (5,056) | 28,070 | (136,464) | (3,369) |
Net income (loss) | (5,948) | 31,279 | (10,516) | (1,357) | 61,459 | (81,215) | (3,072) | (5,787) | $ 13,458 | $ (28,615) | $ (14,910) |
Net income (loss) attributable to common shares | $ (5,794) | $ 31,289 | $ (10,379) | $ (1,194) | $ 61,694 | $ (81,448) | $ (2,787) | $ (5,620) | |||
Earnings (loss) per common share - basic (in dollars per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
Earnings (loss) per common share - diluted (in dollars per share) | $ (0.27) | $ 1.44 | $ (0.49) | $ (0.06) | $ 2.89 | $ (3.91) | $ (0.13) | $ (0.27) | $ 0.64 | $ (1.36) | $ (0.39) |
Operating expenses | $ 151,523 | $ 167,446 | $ 169,863 | ||||||||
Income tax benefit | 2,940 | (122,665) | (3,357) | ||||||||
Gains on asset dispositions | 1,575 | 4,507 | 4,787 | ||||||||
Interest expense | 15,131 | 16,763 | 17,325 | ||||||||
Depreciation and amortization | $ 39,541 | $ 45,736 | $ 49,315 | ||||||||
Correction of Error Related to Adjustments That Were Immaterial | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Operating income (loss) | $ 300 | $ 1,200 | |||||||||
Net income (loss) | 1,400 | 300 | |||||||||
Operating expenses | 400 | 200 | |||||||||
General and administrative epense | 100 | 700 | |||||||||
Loss on impairment | 300 | ||||||||||
Income tax benefit | 200 | $ 900 | |||||||||
Gains on asset dispositions | 200 | ||||||||||
Interest expense | 1,200 | ||||||||||
Depreciation and amortization | $ 200 | ||||||||||
Loss per common share (in usd per share) | $ 0.05 | $ 0.02 |
GUARANTORS OF SECURITIES (Detai
GUARANTORS OF SECURITIES (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 07, 2012 |
Senior Unsecured Notes Due December 15, 2022 | Senior Notes | |||
Debt Instrument [Line Items] | |||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Current assets: | ||||||
Cash and cash equivalents | $ 50,753 | [1] | $ 13,583 | [1] | $ 26,950 | |
Cash and cash equivalents | 50,753 | 16,833 | 30,727 | $ 14,561 | ||
Receivables [Abstract] | ||||||
Trade receivables, operating | 33,306 | 33,840 | ||||
Trade, dry-leasing | 3,803 | 5,124 | ||||
Tax receivables | 3,187 | 2,829 | ||||
Receivables, other | 2,343 | 1,623 | ||||
Inventories, net | 20,673 | 21,112 | ||||
Prepaid expenses | 1,807 | 1,203 | ||||
Escrow deposits | 0 | 3,250 | 3,777 | |||
Total current assets | 115,872 | 82,564 | ||||
Property and equipment: | ||||||
Property and equipment | 917,161 | 972,942 | ||||
Accumulated depreciation | (317,967) | (299,028) | ||||
Property and equipment, net | 599,194 | 673,914 | ||||
Equity investments and advances | 27,112 | 30,056 | ||||
Investments in consolidated subsidiaries | 0 | 0 | ||||
Intangible assets | 1,107 | 1,122 | ||||
Deferred income taxes | 0 | 0 | ||||
Intercompany receivables | 0 | 0 | ||||
Other assets | 21,578 | 4,441 | ||||
Total assets | 764,863 | 792,097 | ||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 13,161 | 16,421 | ||||
Accrued wages and benefits | 9,267 | 8,264 | ||||
Accrued interest | 569 | 606 | ||||
Accrued income taxes | 973 | 28 | ||||
Current portion of long-term debt | 2,058 | 2,736 | ||||
Accrued other taxes | 1,268 | 1,810 | ||||
Accrued contingencies | 630 | 859 | ||||
Other current liabilities | 878 | 1,720 | ||||
Total current liabilities | 28,804 | 32,444 | ||||
Long-term debt | 160,217 | 202,174 | ||||
Deferred income taxes | 108,357 | 106,598 | ||||
Intercompany payables | 0 | 0 | ||||
Other liabilities | 747 | 1,434 | ||||
Total liabilities | 298,125 | 342,650 | ||||
Redeemable noncontrolling interest | 3,302 | 3,766 | 4,221 | 4,804 | ||
Era Group Inc. stockholders’ equity: | ||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 219 | 215 | ||||
Additional paid-in capital | 447,298 | 443,944 | ||||
Retained earnings | 18,285 | 4,363 | ||||
Treasury shares, at cost | (2,476) | (2,951) | ||||
Accumulated other comprehensive income, net of tax | 110 | 110 | ||||
Total equity | 463,436 | 445,681 | 468,417 | 471,303 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 764,863 | 792,097 | ||||
Reportable Legal Entities | Parent | ||||||
Current assets: | ||||||
Cash and cash equivalents | 10,800 | |||||
Cash and cash equivalents | 48,396 | 10,800 | 25,474 | 7,565 | ||
Receivables [Abstract] | ||||||
Trade receivables, operating | 0 | 0 | ||||
Trade, dry-leasing | 0 | 0 | ||||
Tax receivables | 0 | 0 | ||||
Receivables, other | 0 | 0 | ||||
Inventories, net | 0 | 0 | ||||
Prepaid expenses | 398 | 349 | ||||
Escrow deposits | 0 | |||||
Total current assets | 48,794 | 11,149 | ||||
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 | 172,950 | 161,350 | ||||
Intangible assets | 0 | 0 | ||||
Deferred income taxes | 9,904 | 19,600 | ||||
Intercompany receivables | 366,541 | 426,806 | ||||
Other assets | 1,251 | 1,011 | ||||
Total assets | 599,440 | 619,916 | ||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 136 | 638 | ||||
Accrued wages and benefits | 43 | 0 | ||||
Accrued interest | 500 | 549 | ||||
Accrued income taxes | 918 | 0 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Accrued other taxes | 0 | 18 | ||||
Accrued contingencies | 0 | 0 | ||||
Other current liabilities | 647 | 848 | ||||
Total current liabilities | 2,244 | 2,053 | ||||
Long-term debt | 133,900 | 172,292 | ||||
Deferred income taxes | 0 | 0 | ||||
Intercompany payables | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Total liabilities | 136,144 | 174,345 | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Era Group Inc. stockholders’ equity: | ||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 219 | 215 | ||||
Additional paid-in capital | 447,299 | 443,944 | ||||
Retained earnings | 18,254 | 4,363 | ||||
Treasury shares, at cost | (2,476) | (2,951) | ||||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||||
Total equity | 463,296 | 445,571 | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 599,440 | 619,916 | ||||
Reportable Legal Entities | Guarantors | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | |||||
Cash and cash equivalents | 0 | 3,250 | 3,777 | 3,525 | ||
Receivables [Abstract] | ||||||
Trade receivables, operating | 27,509 | 27,968 | ||||
Trade, dry-leasing | 3,803 | 5,124 | ||||
Tax receivables | 6 | 0 | ||||
Receivables, other | 1,949 | 1,126 | ||||
Inventories, net | 20,633 | 20,746 | ||||
Prepaid expenses | 1,219 | 721 | ||||
Escrow deposits | 3,250 | |||||
Total current assets | 55,119 | 58,935 | ||||
Property and equipment: | ||||||
Property and equipment | 900,611 | 956,918 | ||||
Accumulated depreciation | (314,567) | (296,573) | ||||
Property and equipment, net | 586,044 | 660,345 | ||||
Equity investments and advances | 27,112 | 30,056 | ||||
Investments in consolidated subsidiaries | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Intercompany receivables | 0 | 0 | ||||
Other assets | 20,231 | 3,370 | ||||
Total assets | 688,506 | 752,706 | ||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 11,357 | 13,655 | ||||
Accrued wages and benefits | 7,743 | 6,804 | ||||
Accrued interest | 69 | 57 | ||||
Accrued income taxes | 6 | 24 | ||||
Current portion of long-term debt | 1,663 | 1,663 | ||||
Accrued other taxes | 768 | 1,192 | ||||
Accrued contingencies | 0 | 0 | ||||
Other current liabilities | 220 | 835 | ||||
Total current liabilities | 21,826 | 24,230 | ||||
Long-term debt | 26,317 | 27,979 | ||||
Deferred income taxes | 117,015 | 124,948 | ||||
Intercompany payables | 310,727 | 381,660 | ||||
Other liabilities | 720 | 1,435 | ||||
Total liabilities | 476,605 | 560,252 | ||||
Redeemable noncontrolling interest | 3 | 4 | ||||
Era Group Inc. stockholders’ equity: | ||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 0 | 0 | ||||
Additional paid-in capital | 100,306 | 100,306 | ||||
Retained earnings | 111,482 | 92,034 | ||||
Treasury shares, at cost | 0 | 0 | ||||
Accumulated other comprehensive income, net of tax | 110 | 110 | ||||
Total equity | 211,898 | 192,450 | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 688,506 | 752,706 | ||||
Reportable Legal Entities | Non-guarantors | ||||||
Current assets: | ||||||
Cash and cash equivalents | 2,783 | |||||
Cash and cash equivalents | 2,357 | 2,783 | 1,476 | 3,471 | ||
Receivables [Abstract] | ||||||
Trade receivables, operating | 5,797 | 5,872 | ||||
Trade, dry-leasing | 0 | 0 | ||||
Tax receivables | 3,181 | 2,829 | ||||
Receivables, other | 394 | 497 | ||||
Inventories, net | 40 | 366 | ||||
Prepaid expenses | 190 | 133 | ||||
Escrow deposits | 0 | |||||
Total current assets | 11,959 | 12,480 | ||||
Property and equipment: | ||||||
Property and equipment | 16,550 | 16,024 | ||||
Accumulated depreciation | (3,400) | (2,455) | ||||
Property and equipment, net | 13,150 | 13,569 | ||||
Equity investments and advances | 0 | 0 | ||||
Investments in consolidated subsidiaries | 0 | 0 | ||||
Intangible assets | 1,107 | 1,122 | ||||
Deferred income taxes | 0 | 0 | ||||
Intercompany receivables | 0 | 0 | ||||
Other assets | 96 | 60 | ||||
Total assets | 26,312 | 27,231 | ||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 1,668 | 2,128 | ||||
Accrued wages and benefits | 1,481 | 1,460 | ||||
Accrued interest | 0 | 0 | ||||
Accrued income taxes | 49 | 4 | ||||
Current portion of long-term debt | 395 | 1,073 | ||||
Accrued other taxes | 500 | 600 | ||||
Accrued contingencies | 630 | 859 | ||||
Other current liabilities | 11 | 37 | ||||
Total current liabilities | 4,734 | 6,161 | ||||
Long-term debt | 0 | 1,903 | ||||
Deferred income taxes | 1,245 | 1,250 | ||||
Intercompany payables | 55,847 | 45,146 | ||||
Other liabilities | 27 | (1) | ||||
Total liabilities | 61,853 | 54,459 | ||||
Redeemable noncontrolling interest | 3,299 | 3,762 | ||||
Era Group Inc. stockholders’ equity: | ||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 0 | 0 | ||||
Additional paid-in capital | 4,562 | 4,562 | ||||
Retained earnings | (43,402) | (35,552) | ||||
Treasury shares, at cost | 0 | 0 | ||||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||||
Total equity | (38,840) | (30,990) | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 26,312 | 27,231 | ||||
Eliminations | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||
Receivables [Abstract] | ||||||
Trade receivables, operating | 0 | 0 | ||||
Trade, dry-leasing | 0 | |||||
Tax receivables | 0 | 0 | ||||
Receivables, other | 0 | 0 | ||||
Inventories, net | 0 | 0 | ||||
Prepaid expenses | 0 | 0 | ||||
Escrow deposits | 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 | (172,950) | (161,350) | ||||
Intangible assets | 0 | 0 | ||||
Deferred income taxes | (9,904) | (19,600) | ||||
Intercompany receivables | (366,541) | (426,806) | ||||
Other assets | 0 | 0 | ||||
Total assets | (549,395) | (607,756) | ||||
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 | (9,903) | (19,600) | ||||
Intercompany payables | (366,574) | (426,806) | ||||
Other liabilities | 0 | 0 | ||||
Total liabilities | (376,477) | (446,406) | ||||
Redeemable noncontrolling interest | 0 | 0 | ||||
Era Group Inc. stockholders’ equity: | ||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares | 0 | 0 | ||||
Additional paid-in capital | (104,869) | (104,868) | ||||
Retained earnings | (68,049) | (56,482) | ||||
Treasury shares, at cost | 0 | 0 | ||||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||||
Total equity | (172,918) | (161,350) | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ (549,395) | $ (607,756) | ||||
[1] | Refer to footnote 5 for more detail on variable interest entities (“VIE”) |
GUARANTORS OF SECURITIES Supp_2
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Balance Sheet Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Guarantees [Abstract] | ||
Allowance for doubtful accounts-trade | $ 261 | $ 1,196 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares outstanding (in shares) | 21,765,404 | 21,319,150 |
Common stock shares outstanding, as previously stated (in shares) | 20,936,636 | |
Treasury shares (in shares) | 156,737 | 215,141 |
Treasury stock, shares, as previously stated (in shares) | 214,441 |
GUARANTORS OF SECURITIES Supp_3
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | $ 52,016 | $ 54,610 | $ 57,728 | $ 57,322 | $ 57,531 | $ 61,385 | $ 57,878 | $ 54,527 | $ 221,676 | $ 231,321 | $ 247,228 |
Costs and expenses | |||||||||||
Operating | 151,523 | 167,446 | 169,863 | ||||||||
Administrative and general | 45,126 | 42,092 | 36,206 | ||||||||
Depreciation | 39,541 | 45,736 | 49,315 | ||||||||
Total costs and expenses | 236,190 | 255,274 | 255,384 | ||||||||
Gains on asset dispositions, net | 1,575 | 4,507 | 4,787 | ||||||||
Litigation settlement proceeds | 42,000 | 0 | 0 | ||||||||
Loss on impairment | (991) | (117,018) | 0 | ||||||||
Operating income (loss) | (5,629) | 41,571 | (9,523) | 1,651 | (8,359) | (122,773) | (276) | (5,056) | 28,070 | (136,464) | (3,369) |
Other income (expense) | |||||||||||
Interest income | 2,042 | 760 | 741 | ||||||||
Interest expense | (15,131) | (16,763) | (17,325) | ||||||||
Foreign currency gains, net | (1,018) | (226) | 7 | ||||||||
Gain on debt extinguishment | 175 | 0 | 518 | ||||||||
Other, net | 54 | (12) | 69 | ||||||||
Total other income (expense) | (13,878) | (16,241) | (15,990) | ||||||||
Income (loss) before income tax expense and equity earnings | 14,192 | (152,705) | (19,359) | ||||||||
Income tax expense (benefit) | 2,940 | (122,665) | (3,357) | ||||||||
Income (loss) before equity earnings | 11,252 | (30,040) | (16,002) | ||||||||
Equity earnings, net of tax | 2,206 | 1,425 | 1,092 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | |||||||||
Net income (loss) | $ (5,948) | $ 31,279 | $ (10,516) | $ (1,357) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | 13,458 | (28,615) | (14,910) |
Net loss attributable to noncontrolling interest in subsidiaries | 464 | 454 | 6,932 | ||||||||
Net income (loss) attributable to Era Group Inc. | 13,922 | (28,161) | (7,978) | ||||||||
Parent | |||||||||||
Costs and expenses | |||||||||||
Loss on impairment | 0 | ||||||||||
Other income (expense) | |||||||||||
Gain on debt extinguishment | 0 | ||||||||||
Guarantors | |||||||||||
Costs and expenses | |||||||||||
Loss on impairment | (116,586) | ||||||||||
Other income (expense) | |||||||||||
Gain on debt extinguishment | 0 | ||||||||||
Non-guarantors | |||||||||||
Costs and expenses | |||||||||||
Loss on impairment | (432) | ||||||||||
Other income (expense) | |||||||||||
Gain on debt extinguishment | 175 | ||||||||||
Reportable Legal Entities | Parent | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Administrative and general | 15,017 | 7,887 | 3,744 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Total costs and expenses | 15,017 | 7,887 | 3,744 | ||||||||
Gains on asset dispositions, net | 0 | 0 | 0 | ||||||||
Litigation settlement proceeds | 42,000 | ||||||||||
Loss on impairment | 0 | ||||||||||
Operating income (loss) | 26,983 | (7,887) | (3,744) | ||||||||
Other income (expense) | |||||||||||
Interest income | 395 | 108 | 56 | ||||||||
Interest expense | (14,149) | (14,495) | (16,033) | ||||||||
Foreign currency gains, net | (95) | 256 | (77) | ||||||||
Gain on debt extinguishment | 518 | ||||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other income (expense) | (13,849) | (14,131) | (15,536) | ||||||||
Income (loss) before income tax expense and equity earnings | 13,134 | (22,018) | (19,280) | ||||||||
Income tax expense (benefit) | 10,845 | (7,338) | (8,807) | ||||||||
Income (loss) before equity earnings | 2,289 | (14,680) | (10,473) | ||||||||
Equity earnings, net of tax | 11,601 | 0 | |||||||||
Equity in earnings (losses) of subsidiaries | (13,481) | 2,495 | |||||||||
Net income (loss) | 13,890 | (28,161) | (7,978) | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Era Group Inc. | 13,890 | (28,161) | (7,978) | ||||||||
Reportable Legal Entities | Guarantors | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 194,932 | 201,653 | 225,773 | ||||||||
Costs and expenses | |||||||||||
Operating | 122,490 | 133,077 | 138,350 | ||||||||
Administrative and general | 25,597 | 28,451 | 27,834 | ||||||||
Depreciation | 38,553 | 44,756 | 48,248 | ||||||||
Total costs and expenses | 186,640 | 206,284 | 214,432 | ||||||||
Gains on asset dispositions, net | 1,618 | 4,364 | 5,035 | ||||||||
Litigation settlement proceeds | 0 | ||||||||||
Loss on impairment | (991) | ||||||||||
Operating income (loss) | 8,919 | (116,853) | 16,376 | ||||||||
Other income (expense) | |||||||||||
Interest income | 1,371 | 419 | 472 | ||||||||
Interest expense | (802) | (800) | (809) | ||||||||
Foreign currency gains, net | (178) | 330 | (879) | ||||||||
Gain on debt extinguishment | 0 | ||||||||||
Other, net | 34 | 143 | 11 | ||||||||
Total other income (expense) | 425 | 92 | (1,205) | ||||||||
Income (loss) before income tax expense and equity earnings | 9,344 | (116,761) | 15,171 | ||||||||
Income tax expense (benefit) | (7,900) | (112,295) | 4,971 | ||||||||
Income (loss) before equity earnings | 17,244 | (4,466) | 10,200 | ||||||||
Equity earnings, net of tax | 2,206 | 1,425 | 1,092 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | |||||||||
Net income (loss) | 19,450 | (3,041) | 11,292 | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 0 | 6,349 | ||||||||
Net income (loss) attributable to Era Group Inc. | 19,450 | (3,041) | 17,641 | ||||||||
Reportable Legal Entities | Non-guarantors | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 55,625 | 60,466 | 61,514 | ||||||||
Costs and expenses | |||||||||||
Operating | 57,947 | 65,167 | 71,572 | ||||||||
Administrative and general | 4,512 | 5,754 | 4,628 | ||||||||
Depreciation | 988 | 980 | 1,067 | ||||||||
Total costs and expenses | 63,447 | 71,901 | 77,267 | ||||||||
Gains on asset dispositions, net | (43) | 143 | (248) | ||||||||
Litigation settlement proceeds | 0 | ||||||||||
Loss on impairment | 0 | ||||||||||
Operating income (loss) | (7,865) | (11,724) | (16,001) | ||||||||
Other income (expense) | |||||||||||
Interest income | 276 | 233 | 213 | ||||||||
Interest expense | (180) | (1,468) | (483) | ||||||||
Foreign currency gains, net | (745) | (812) | 963 | ||||||||
Gain on debt extinguishment | 0 | ||||||||||
Other, net | 20 | (155) | 58 | ||||||||
Total other income (expense) | (454) | (2,202) | 751 | ||||||||
Income (loss) before income tax expense and equity earnings | (8,319) | (13,926) | (15,250) | ||||||||
Income tax expense (benefit) | (5) | (3,032) | 479 | ||||||||
Income (loss) before equity earnings | (8,314) | (10,894) | (15,729) | ||||||||
Equity earnings, net of tax | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | |||||||||
Net income (loss) | (8,314) | (10,894) | (15,729) | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 464 | 454 | 583 | ||||||||
Net income (loss) attributable to Era Group Inc. | (7,850) | (10,440) | (15,146) | ||||||||
Eliminations | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | (28,881) | (30,798) | (40,059) | ||||||||
Costs and expenses | |||||||||||
Operating | (28,914) | (30,798) | (40,059) | ||||||||
Administrative and general | 0 | 0 | 0 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Total costs and expenses | (28,914) | (30,798) | (40,059) | ||||||||
Gains on asset dispositions, net | 0 | 0 | 0 | ||||||||
Litigation settlement proceeds | 0 | ||||||||||
Loss on impairment | 0 | 0 | |||||||||
Operating income (loss) | 33 | 0 | 0 | ||||||||
Other income (expense) | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Foreign currency gains, net | 0 | 0 | 0 | ||||||||
Gain on debt extinguishment | 0 | 0 | |||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other income (expense) | 0 | 0 | 0 | ||||||||
Income (loss) before income tax expense and equity earnings | 33 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (loss) before equity earnings | 33 | 0 | 0 | ||||||||
Equity earnings, net of tax | (11,601) | 0 | |||||||||
Equity in earnings (losses) of subsidiaries | 13,481 | (2,495) | |||||||||
Net income (loss) | (11,568) | 13,481 | (2,495) | ||||||||
Net loss attributable to noncontrolling interest in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Era Group Inc. | $ (11,568) | $ 13,481 | $ (2,495) |
GUARANTORS OF SECURITIES Supp_4
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | $ (5,948) | $ 31,279 | $ (10,516) | $ (1,357) | $ 61,459 | $ (81,215) | $ (3,072) | $ (5,787) | $ 13,458 | $ (28,615) | $ (14,910) |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 18 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 18 | 0 | ||||||||
Comprehensive income (loss) | 13,458 | (28,597) | (14,910) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 464 | 454 | 6,932 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | 13,922 | (28,143) | (7,978) | ||||||||
Eliminations | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | (11,568) | 13,481 | (2,495) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (11,568) | 13,481 | (2,495) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | (11,568) | 13,481 | (2,495) | ||||||||
Parent | Reportable Legal Entities | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | 13,890 | (28,161) | (7,978) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | 13,890 | (28,161) | (7,978) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | 13,890 | (28,161) | (7,978) | ||||||||
Guarantors | Reportable Legal Entities | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | 19,450 | (3,041) | 11,292 | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 18 | |||||||||
Income tax benefit | 0 | 0 | |||||||||
Total other comprehensive income (loss) | 0 | 18 | 0 | ||||||||
Comprehensive income (loss) | 19,450 | (3,023) | 11,292 | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 0 | 0 | 6,349 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | 19,450 | (3,023) | 17,641 | ||||||||
Non-guarantors | Reportable Legal Entities | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income (loss) | (8,314) | (10,894) | (15,729) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (8,314) | (10,894) | (15,729) | ||||||||
Comprehensive loss attributable to non-controlling interest in subsidiary | 464 | 454 | 583 | ||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ (7,850) | $ (10,440) | $ (15,146) |
GUARANTORS OF SECURITIES Supp_5
GUARANTORS OF SECURITIES Supplemental Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 54,354 | $ 20,096 | $ 58,504 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (9,216) | (16,770) | (39,200) |
Proceeds from disposition of property and equipment | 29,590 | 9,392 | 28,609 |
Increase (Decrease) in Dividends Receivable | (1,000) | ||
Return of helicopter deposits | 0 | 0 | 544 |
Investments in and advances to equity investees | 0 | (126) | 0 |
Principal payments on notes due from equity investees | 518 | 761 | 723 |
Principal payments on third party notes receivable | 934 | 169 | 208 |
Escrow deposits on like-kind exchanges, net | 0 | 0 | |
Repayment of intercompany debt | 0 | ||
Net cash provided by (used in) investing activities | 22,826 | (6,574) | (9,116) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 0 | 17,000 | 12,000 |
Long-term debt issuance costs | (1,295) | 0 | (886) |
Payments on long-term debt | (41,886) | (45,281) | (40,444) |
Extinguishment of long-term debt | (1,221) | 0 | (4,331) |
Proceeds and tax benefits from share award plans | 893 | 836 | 836 |
Purchase of treasury shares | 0 | (52) | (161) |
Borrowings and repayments of intercompany debt | 0 | 0 | 0 |
Net cash used in financing activities | (43,509) | (27,497) | (32,986) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 249 | 81 | (236) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 33,920 | (13,894) | 16,166 |
Cash, cash equivalents and restricted cash, beginning of year | 16,833 | 30,727 | 14,561 |
Cash, cash equivalents and restricted cash, end of year | 50,753 | 16,833 | 30,727 |
Reportable Legal Entities | Parent | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 37,596 | (14,706) | 17,909 |
Cash flows from investing activities: | |||
Purchases of property and equipment | 0 | 0 | 0 |
Proceeds from disposition of property and equipment | 0 | 0 | 0 |
Increase (Decrease) in Dividends Receivable | 0 | ||
Return of helicopter deposits | 0 | ||
Investments in and advances to equity investees | 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 | |
Repayment of intercompany debt | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 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 |
Purchase of treasury shares | 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, cash equivalents and restricted cash | 0 | 32 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,596 | (14,674) | 17,909 |
Cash, cash equivalents and restricted cash, beginning of year | 10,800 | 25,474 | 7,565 |
Cash, cash equivalents and restricted cash, end of year | 48,396 | 10,800 | 25,474 |
Reportable Legal Entities | Guarantors | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 14,639 | 32,601 | 41,239 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (8,867) | (16,600) | (39,020) |
Proceeds from disposition of property and equipment | 29,590 | 9,392 | 28,381 |
Increase (Decrease) in Dividends Receivable | (1,000) | ||
Return of helicopter deposits | 544 | ||
Investments in and advances to equity investees | (126) | ||
Principal payments on notes due from equity investees | 518 | 761 | 723 |
Principal payments on third party notes receivable | 934 | 169 | 208 |
Escrow deposits on like-kind exchanges, net | 0 | 0 | |
Repayment of intercompany debt | 0 | ||
Net cash provided by (used in) investing activities | 23,175 | (6,404) | (9,164) |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 8,000 | 0 | |
Long-term debt issuance costs | 0 | 0 | |
Payments on long-term debt | (1,662) | (1,526) | (1,803) |
Extinguishment of long-term debt | 0 | 0 | |
Proceeds and tax benefits from share award plans | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | |
Borrowings and repayments of intercompany debt | (39,402) | (33,216) | (29,542) |
Net cash used in financing activities | (41,064) | (26,742) | (31,345) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 18 | (478) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,250) | (527) | 252 |
Cash, cash equivalents and restricted cash, beginning of year | 3,250 | 3,777 | 3,525 |
Cash, cash equivalents and restricted cash, end of year | 0 | 3,250 | 3,777 |
Reportable Legal Entities | Non-guarantors | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 2,119 | 2,201 | (644) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (349) | (170) | (180) |
Proceeds from disposition of property and equipment | 0 | 0 | 228 |
Increase (Decrease) in Dividends Receivable | 0 | ||
Return of helicopter deposits | 0 | ||
Investments in and advances to equity investees | 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 | |
Repayment of intercompany debt | 0 | ||
Net cash provided by (used in) investing activities | (349) | (170) | 48 |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 0 | 0 | |
Long-term debt issuance costs | 0 | 0 | |
Payments on long-term debt | (1,224) | (755) | (1,641) |
Extinguishment of long-term debt | (1,221) | 0 | |
Proceeds and tax benefits from share award plans | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | |
Borrowings and repayments of intercompany debt | 0 | 0 | 0 |
Net cash used in financing activities | (2,445) | (755) | (1,641) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 249 | 31 | 242 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (426) | 1,307 | (1,995) |
Cash, cash equivalents and restricted cash, beginning of year | 2,783 | 1,476 | 3,471 |
Cash, cash equivalents and restricted cash, end of year | 2,357 | 2,783 | 1,476 |
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 | 0 | 0 |
Proceeds from disposition of property and equipment | 0 | 0 | 0 |
Increase (Decrease) in Dividends Receivable | 0 | ||
Return of helicopter deposits | 0 | ||
Investments in and advances to equity investees | 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 | |
Repayment of intercompany debt | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Revolving Credit Facility | 9,000 | 12,000 | |
Long-term debt issuance costs | (1,295) | (886) | |
Payments on long-term debt | (39,000) | (43,000) | (37,000) |
Extinguishment of long-term debt | 0 | (4,331) | |
Proceeds and tax benefits from share award plans | 893 | 836 | 836 |
Purchase of treasury shares | (52) | (161) | |
Borrowings and repayments of intercompany debt | 39,402 | 33,216 | 29,542 |
Net cash used in financing activities | 0 | 0 | 0 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, end of year | $ 0 | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||
Earnings not permanently reinvested, joint venture tax basis | $ 23.6 | |
Scenario, Forecast | Dart | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Subsequent Event [Line Items] | ||
Consideration | $ 75 | |
Cash proceeds | $ 40 |