PHI (PHIG) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PHII
Entity Registrant Name	PHI INC
Entity Central Index Key	350,403
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,905,757
Non-Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,676,673

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash	$ 3,659	$ 6,270
Short-term investments	217,071	185,244
Accounts receivable - net
Trade	170,693	178,833
Other	1,830	1,928
Inventories of spare parts - net	70,320	73,793
Prepaid expenses	11,836	9,314
Deferred income taxes	9,915	9,915
Income taxes receivable	1,227	1,227
Total current assets	486,551	466,524
Property and equipment - net	911,112	877,818
Restricted investments	15,336	15,485
Other assets	14,852	16,253
Total assets	1,427,851	1,376,080
Current Liabilities:
Accounts payable	63,134	27,700
Accrued and other current liabilities	48,550	52,812
Total current liabilities	111,684	80,512
Long-term debt	535,500	543,000
Deferred income taxes	150,588	140,532
Other long-term liabilities	$ 15,159	$ 14,968
Commitments and contingencies (Note 9)
Shareholders' Equity:
Additional paid-in capital	$ 302,796	$ 301,533
Treasury stock, at cost - 8,018 shares	(252)
Accumulated other comprehensive loss	(197)	(211)
Retained earnings	311,014	294,197
Total shareholders' equity	614,920	597,068
Total liabilities and shareholders' equity	1,427,851	1,376,080
Voting Common Stock [Member]
Shareholders' Equity:
Common stock	291	291
Total shareholders' equity	291	291
Non-Voting Common Stock [Member]
Shareholders' Equity:
Common stock	1,268	1,258
Total shareholders' equity	$ 1,268	$ 1,258

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Treasury stock, Shares	8,018
Voting Common Stock [Member]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	12,500,000	12,500,000
Common stock, shares issued	2,905,757	2,905,757
Common stock, shares outstanding	2,905,757	2,905,757
Non-Voting Common Stock [Member]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	12,676,673	12,576,916
Common stock, shares outstanding	12,676,673	12,576,916

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Operating revenues, net	$ 198,547	$ 212,145	$ 402,744	$ 409,216
Expenses:
Direct expenses	168,828	170,357	338,035	329,010
Selling, general and administrative expenses	12,047	11,660	23,284	20,988
Total operating expenses	180,875	182,017	361,319	349,998
(Gain) loss on asset dispositions	(66)	242	(73)	1,315
Equity in loss of unconsolidated affiliate	106	65	174	106
Operating income	17,632	29,821	41,324	57,797
Interest expense	7,155	7,673	14,325	15,037
Loss on debt extinguishment		617		29,833
Other income, net	(567)	(169)	(1,029)	(260)
Total expenses	6,588	8,121	13,296	44,610
Earnings before income taxes	11,044	21,700	28,028	13,187
Income tax expense	4,590	8,332	11,211	5,140
Net earnings	$ 6,454	$ 13,368	$ 16,817	$ 8,047
Weighted average shares outstanding:
Basic	15,574	15,482	15,574	15,482
Diluted	15,690	15,696	15,679	15,595
Net earnings per share:
Basic	$ 0.41	$ 0.86	$ 1.08	$ 0.52
Diluted	$ 0.41	$ 0.85	$ 1.07	$ 0.52

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net earnings	$ 6,454	$ 13,368	$ 16,817	$ 8,047
Unrealized (loss) gain on short-term investments	(158)	25	(19)	39
Other unrealized gain			24
Changes in pension plan assets and benefit obligations		11		9
Tax effect	63	(14)	9	(19)
Total comprehensive income	$ 6,359	$ 13,390	$ 16,831	$ 8,076

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2013	$ 559,965	$ 1,257	$ 291	$ 296,932		$ (24)	$ 261,509
Balance, Shares at Dec. 31, 2013		12,568	2,906
Net earnings	8,047						8,047
Unrealized gain (loss) on short-term investments	24					24
Changes in pension plan assets and benefit obligation	6					6
Amortization of unearned stock-based compensation	1,729			1,729
Issuance of non-voting common stock (upon vesting of restricted stock units)	1	$ 1
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		11
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(176)			(176)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares		(4)
Balance at Jun. 30, 2014	569,596	$ 1,258	$ 291	298,845		6	269,556
Balance, Shares at Jun. 30, 2014		12,575	2,906
Balance at Dec. 31, 2014	597,068	$ 1,258	$ 291	301,533		(211)	294,197
Balance, Shares at Dec. 31, 2014		12,576	2,906
Net earnings	16,817						16,817
Unrealized gain (loss) on short-term investments	(10)					(10)
Amortization of unearned stock-based compensation	3,359			3,359
Issuance of non-voting common stock (upon vesting of restricted stock units)	17	$ 17
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		166
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(2,103)	$ (7)		(2,096)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares		(66)
Purchase of treasury stock	(252)				$ (252)
Other	24					24
Balance at Jun. 30, 2015	$ 614,920	$ 1,268	$ 291	$ 302,796	$ (252)	$ (197)	$ 311,014
Balance, Shares at Jun. 30, 2015		12,676	2,906

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net earnings	$ 16,817	$ 8,047
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	36,511	23,819
Deferred income taxes	10,063	2,597
(Gain) loss on asset dispositions	(73)	1,315
Equity in loss of unconsolidated affiliate	174	106
Loss on debt extinguishment		29,833
Inventory valuation reserves	(254)
Changes in operating assets and liabilities	6,070	(20,421)
Net cash provided by operating activities	69,308	45,296
Investing activities:
Purchase of property and equipment	(29,502)	(66,887)
Proceeds from asset dispositions	567	7,170
Purchase of short-term investments	(290,469)	(233,606)
Proceeds from sale of short-term investments	257,454	182,336
Refund on deposits on aircraft		6,473
Payments of deposits on aircraft	(131)	(6,837)
Other		(200)
Net cash used in investing activities	(62,081)	(111,551)
Financing activities:
Proceeds from issuance of Senior Notes due 2019		500,000
Premium and costs to retire debt early		(26,749)
Repayment of Senior Notes due 2018		(300,000)
Debt issuance costs		(6,137)
Proceeds from line of credit	119,740	95,500
Payments on line of credit	(127,240)	(174,500)
Repurchase of common stock	(2,338)	(176)
Net cash (used in) provided by financing activities	(9,838)	87,938
(Decrease) increase in cash	(2,611)	21,683
Cash, beginning of period	6,270	934
Cash, end of period	3,659	22,617
Cash paid during the period for:
Interest	13,696	11,749
Income taxes	3,061	9,731
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 27,757	$ 94

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of PHI, Inc. and its subsidiaries (“PHI” or the “Company” or “we” or “our”). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting of only normal, recurring adjustments, necessary to present fairly the financial results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and the accompanying notes. The Company’s financial results, particularly as they relate to the Company’s Oil and Gas segment, are influenced by seasonal fluctuations as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. For this and other reasons, the results of operations for interim periods are not necessarily indicative of the operating results that may be expected for a full fiscal year. Accounting Policies - Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	2. INVESTMENTS We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss (income), which is a separate component of shareholders’ equity in our Condensed Consolidated Balance Sheets. These unrealized gains and losses are also reflected in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Shareholders’ Equity. Cost, gains, and losses are determined using the specific identification method. Investments consisted of the following as of June 30, 2015: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 35,407 $ — $ — $ 35,407 U.S. Government agencies 11,503 8 (4 ) 11,507 Corporate bonds and notes 185,761 10 (278 ) 185,493 Subtotal 232,671 18 (282 ) 232,407 Deferred compensation plan assets included in other assets 2,478 — — 2,478 Total $ 235,149 $ 18 $ (282 ) $ 234,885 Investments consisted of the following as of December 31, 2014: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 68,612 $ — $ — $ 68,612 Municipal bonds and notes 1,500 2 — 1,502 Corporate bonds and notes 130,864 19 (268 ) 130,615 Subtotal 200,976 21 (268 ) 200,729 Deferred compensation plan assets included in other assets 2,386 — — 2,386 Total $ 203,362 $ 21 $ (268 ) $ 203,115 At June 30, 2015 and December 31, 2014, we classified $15.3 million and $15.5 million, respectively, of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as Restricted investments, as they are securing outstanding letters of credit with maturities beyond one year. The following table presents the cost and fair value of our debt investments based on maturities as of: June 30, 2015 December 31, 2014 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 96,198 $ 96,152 $ 70,180 $ 70,169 Due within two years 101,066 100,848 62,184 61,948 Total $ 197,264 $ 197,000 $ 132,364 $ 132,117 The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: June 30, 2015 December 31, 2014 Average Average Average Average U.S. Government agencies 0.823 631 — — Municipal bonds and notes — — 0.528 134 Corporate bonds and notes 1.802 353 1.828 348 The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of June 30, 2015 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 2,496 $ (4 ) $ — $ — Corporate bonds and notes 148,302 (271 ) 30,332 (30 ) Total $ 150,798 $ (275 ) $ 30,332 $ (30 ) The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of June 30, 2015 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Corporate bonds and notes $ 9,241 $ (7 ) $ — $ — Total $ 9,241 $ (7 ) $ — $ — From time to time over the periods covered in our financial statements included herein, our investments have experienced net unrealized losses. We consider these declines in market value to be due to market conditions, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at June 30, 2015 or December 31, 2014. We have also determined that we did not have any other-than-temporary impairments relating to credit losses on debt securities for the three months ended June 30, 2015. For additional information regarding our criteria for making these assessments, see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Revenue Recognition and Valuati

Revenue Recognition and Valuation Accounts	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Revenue Recognition and Valuation Accounts	3. REVENUE RECOGNITION AND VALUATION ACCOUNTS We establish the amount of our allowance for doubtful accounts based upon factors relating to the credit risk of specific customers, current market conditions, and other information. Our allowance for doubtful accounts was approximately $1.7 million at June 30, 2015, and $1.4 million at December 31, 2014, respectively. Revenues related to flights generated by our Air Medical segment are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care when the services are provided. The allowance for contractual discounts was $110.3 million and $96.6 million as of June 30, 2015 and December 31, 2014, respectively. The allowance for uncompensated care was $35.2 million and $41.9 million as of June 30, 2015 and December 31, 2014, respectively. Included in the allowance for uncompensated care listed above is the value of services to patients who are unable to pay when it is determined that they qualify for charity care. The value of these services was $2.3 million and $2.4 million for the quarters ended June 30, 2015 and 2014, respectively. The estimated cost of providing charity services was $0.5 million and $0.7 million for the quarters ended June 30, 2015 and 2014, respectively. The value of these services was $4.9 million and $4.8 million for the six months ended June 30, 2015 and 2014, respectively. The estimated cost of providing charity services was $1.1 million and $1.3 million for the six months ended June 30, 2015 and 2014, respectively. The estimated costs of providing charity services are based on a calculation that applies a ratio of costs to the charges for uncompensated charity care. The ratio of costs to charges is based on our Air Medical segment’s total expenses divided by gross patient service revenue. The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) was as follows: As of June 30, 2015 December 31, Allowance for Contractual Discounts 58 % 53 % Allowance for Uncompensated Care 19 % 23 % Our contract in the Middle East requires us to provide multiple services, including helicopter leasing, flight services for helicopter emergency medical service operations, aircraft maintenance, provision of spare parts, insurance coverage for the customer-owned aircraft, training services, and base construction. All services are delivered and earned monthly over a three-year contractual period which began on September 29, 2012. The customer may terminate the contract prior to the end of the contract term by giving ninety days advance notice and paying an early termination fee of $13.5 million. Each of the major services mentioned above qualify as separate units of accounting under the accounting guidance for such arrangements. The selling price for each specific service was determined based upon third-party evidence and estimates. We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $14.3 million and $13.5 million at June 30, 2015 and December 31, 2014, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. FAIR VALUE MEASUREMENTS Accounting standards require that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 35,407 $ 35,407 $ — U.S. Government agencies 11,507 — 11,507 Corporate bonds and notes 185,493 — 185,493 232,407 35,407 197,000 Deferred compensation plan assets 2,478 2,478 — Total $ 234,885 $ 37,885 $ 197,000 December 31, 2014 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 68,612 $ 68,612 $ — Municipal bonds and notes 1,502 — 1,502 Corporate bonds and notes 130,615 — 130,615 200,729 68,612 132,117 Deferred compensation plan assets 2,386 2,386 — Total $ 203,115 $ 70,998 $ 132,117 We hold our short-term investments in an investment fund consisting of high quality money market instruments of governmental and private issuers, which is classified as a short-term investment. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. These items are traded with sufficient frequency and volume to provide pricing on an ongoing basis. The fair values of the shares of these funds are based on observable market prices, and therefore, have been categorized in Level 1 in the fair value hierarchy. Level 2 inputs reflect quoted prices for identical assets or liabilities that are not actively traded. These items may not be traded daily; examples include corporate bonds and U.S. government agencies debt. There have been no reclassifications of assets between Level 1 and Level 2 investments during the periods covered by the financial statements included in this report. We hold no Level 3 investments. Investments included in other assets, which relate to our liability under the Officers’ Deferred Compensation Plan, consist mainly of multiple investment funds that are highly liquid and diversified. Cash, accounts receivable, accounts payable and accrued liabilities, and our revolving credit facility debt all had fair values approximating their carrying amounts at June 30, 2015 and December 31, 2014. Our determination of the estimated fair value of our Senior Notes and our revolving credit facility debt is derived using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our Senior Notes, based on quoted market prices, was $465.0 million and $425.6 million at June 30, 2015 and December 31, 2014, respectively.

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long Term Debt	5. LONG-TERM DEBT The components of long-term debt as of the dates indicated below were as follows: June 30, December 31, (Thousands of dollars) Senior Notes dated March 17, 2014, interest only payable semi-annually $ 500,000 $ 500,000 Revolving Credit Facility due October 1, 2016 with a group of commercial banks, interest payable at variable rates 35,500 43,000 Total long-term debt $ 535,500 $ 543,000 Senior Notes Our 5.25% Senior Notes (the “2019 Notes”) will mature on March 15, 2019, are unconditionally guaranteed on a senior basis by the each of PHI’s domestic subsidiaries, and are the general, unsecured obligations of PHI and the guarantors. Interest is payable semi-annually Revolving Credit Facility – Other - Cash paid to fund interest expense was $0.3 million for the quarter ended June 30, 2015 and $0.5 million for the quarter ended June 30, 2014. Cash paid to fund interest expense was $13.7 million for the six months ended June 30, 2015 and $11.7 million for the six months ended June 30, 2014. Included in the 2014 interest expense was $10.7 million of accrued interest expense paid for the 8.625% Senior Notes that we purchased on March 17, 2014 and April 16, 2014 in the transactions described above.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	6. EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2015 and 2014 are as follows: Quarter Ended Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,574 15,482 15,574 15,482 Dilutive effect of unvested restricted stock units 116 214 105 113 Weighted average outstanding shares of common stock, diluted 15,690 15,696 15,679 15,595

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	7. STOCK-BASED COMPENSATION We recognize the cost of employee compensation received in the form of equity instruments based on the grant date fair value of those awards. The table below sets forth the total amount of stock-based compensation expense for the six months and quarters ended June 30, 2015 and 2014. Quarter Ended Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) Stock-based compensation expense: Time-based restricted units $ 571 $ 322 $ 1,208 $ 450 Performance-based restricted units 1,069 720 2,151 1,281 Total stock-based compensation expense $ 1,640 $ 1,042 $ 3,359 $ 1,731 During the quarter and six months ended June 30, 2015, 1,118 and 20,048 time-based restricted units were awarded to managerial employees, respectively. During the six months ended June 30, 2015, 151,566 performance-based restricted units were awarded to managerial employees. During the quarter and six months ended June 30, 2014, 116,303 and 136,667 time-based restricted units were awarded to managerial employees, respectively. During the quarter and six months ended June 30, 2014, 115,806 performance based restricted units were awarded to managerial employees.

Asset Disposals

Asset Disposals	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Asset Disposals	8. ASSET DISPOSALS There were no sales or disposals of aircraft during the second quarter of 2015, but we did transact minor sales and disposals of certain ancillary equipment. During the second quarter of 2014, we sold or disposed of two light and one medium aircraft previously utilized in our Air Medical segment and one fixed wing aircraft previously utilized for corporate purposes. Cash proceeds totaled $4.2 million, resulting in a loss on the sale of these assets of $0.2 million. These aircraft no longer met our strategic needs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES Commitments Total aircraft deposits of $7.4 million were included in Other assets as of June 30, 2015. This amount represents deposits paid by us as required under aircraft purchase contracts. On January 2, 2015, we purchased one heavy aircraft off lease pursuant to a purchase option in the lease contract for an aggregate purchase price of $17.7 million. As of June 30, 2015, we had options to purchase various aircraft that we currently operate under lease agreements with the aircraft owners. These options will become exercisable at various dates in 2016 through 2019. The aggregate option purchase prices are $67.8 million in 2016, $55.7 million in 2017, $127.0 million in 2018, and $150.4 million in 2019. Whether we exercise these options will depend upon market conditions and our available cash at the respective exercise dates. Environmental Matters – Legal Matters – Operating Leases At June 30, 2015, we had approximately $295.1 million in aggregate commitments under operating leases of which approximately $25.8 million is payable through December 31, 2015. The total lease commitments include $279.4 million for aircraft and $15.7 million for facility lease commitments.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	10. SEGMENT INFORMATION PHI is primarily a provider of helicopter transport services, including helicopter maintenance and repair services. We report our financial results through the three reportable segments further described below. Each segment’s operating profit is its operating revenues less its direct expenses and selling, general and administrative expenses. Each segment has a portion of our total selling, general and administrative expenses that is charged directly to the segment and a small portion that is allocated to that segment. Allocated selling, general and administrative expenses are based primarily on total segment direct expenses as a percentage of total direct expenses. Unallocated overhead consists primarily of corporate selling, general and administrative expenses that we do not allocate to the reportable segments. Oil and Gas Segment. Operating revenue from our Oil and Gas segment is derived mainly from contracts that include a fixed monthly rate for a particular model of aircraft, plus a variable rate for flight time. A small portion of our Oil and Gas segment revenue is derived from providing services on an “ad hoc” basis. Operating costs for our Oil and Gas segment are primarily aircraft operations costs, including costs for pilots and maintenance personnel. Total fuel cost is included in direct expense and any reimbursement of a portion of these costs above a contracted per-gallon amount is included in revenue. For the quarters ended June 30, 2015 and 2014, approximately 57% and 60% of our total operating revenues were generated by our Oil and Gas segment. Our Oil and Gas segment generated approximately 58% and 62% of our total operating revenue for the six months ended June 30, 2015 and 2014, respectively. Air Medical Segment. As of June 30, 2015, 100 aircraft were assigned to our Air Medical segment. At such date, we operated approximately 91 aircraft domestically, providing air medical transportation services for hospitals and emergency service agencies in 18 states at 70 separate locations. We also provide air medical transportation services for a customer overseas. For this program, we have deployed nine aircraft at five locations, with eight aircraft generating revenues as of June 30, 2015. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Under the independent provider model, we have no fixed revenue stream and compete for transport referrals on a daily basis with other independent operators in the area. Under the traditional provider model, we contract directly with the customer to provide their transportation services, with the contracts typically awarded through competitive bidding. For the quarters ended June 30, 2015 and 2014, approximately 41% and 37% of our total operating revenues were generated by our Air Medical segment. For the six months ended June 30, 2015 and 2014, approximately 38% and 36% of our total operating revenues were generated by our Air Medical segment, respectively. As an independent provider, we bill for our services on the basis of a flat rate plus a variable charge per patient-loaded mile, regardless of aircraft model, and are typically compensated by private insurance, Medicaid or Medicare, or directly by the transported patient. As further described in Note 3, revenues are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care at the time the services are provided. Contractual allowances and uncompensated care are estimated based on historical collection experience by payor category (consisting mainly of insurance, Medicaid, Medicare, and self-pay). Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows: Revenue Quarter Ended Six Months Ended 2015 2014 2015 2014 Provision for contractual discounts 65 % 70 % 66 % 69 % Provision for uncompensated care 7 % 4 % 7 % 4 % These percentages are affected by various factors, including rate increases and changes in the number of transports by payor mix. Net reimbursement per transport from commercial payors generally increases when a rate increase is implemented. Net reimbursement from certain commercial payors, as well as Medicare and Medicaid, generally does not increase proportionately with rate increases. Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay (expressed as a percentage of net Air Medical revenues) were as follows: Quarter Ended Six Months Ended 2015 2014 2015 2014 Insurance 74 % 74 % 73 % 73 % Medicare 17 % 18 % 17 % 19 % Medicaid 7 % 7 % 8 % 7 % Self-Pay 2 % 1 % 2 % 1 % We also have a limited number of contracts with hospitals under which we receive a fixed monthly rate for aircraft availability and an hourly rate for flight time. Those contracts generated approximately 36% and 39% of the segment’s revenues for the quarters ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, these contracts generated approximately 39% and 40% of the segment’s revenues. Technical Services Segment. For both of the three month periods ended June 30, 2015 and 2014, approximately 2%, respectively, of our total operating revenues were generated by our Technical Services segment. For the six month periods ended June 30, 2015 and 2014, approximately 4% and 2%, respectively, of our total operating revenues were generated by our Technical Services segment. Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2015 and 2014 is as follows: Quarter Ended June 30, Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 112,839 $ 128,044 $ 233,235 $ 254,019 Air Medical 81,642 79,427 154,027 147,379 Technical Services 4,066 4,674 15,482 7,818 Total operating revenues, net 198,547 212,145 402,744 409,216 Segment direct expenses (1) Oil and Gas (2) 100,262 103,450 200,593 200,824 Air Medical 63,576 62,726 123,615 122,105 Technical Services 5,096 4,246 14,001 6,187 Total direct expenses 168,934 170,422 338,209 329,116 Segment selling, general and administrative expenses Oil and Gas 1,275 1,489 2,434 2,523 Air Medical 2,527 2,936 5,156 5,089 Technical Services 208 1 322 3 Total segment selling, general and administrative expenses 4,010 4,426 7,912 7,615 Total segment expenses 172,944 174,848 346,121 336,731 Net segment profit (loss) Oil and Gas 11,302 23,105 30,208 50,672 Air Medical 15,539 13,765 25,256 20,185 Technical Services (1,238 ) 427 1,159 1,628 Total 25,603 37,297 56,623 72,485 Other, net (3) 633 (73 ) 1,102 (1,055 ) Unallocated selling, general and administrative costs (1) (8,037 ) (7,234 ) (15,372 ) (13,373 ) Interest expense (7,155 ) (7,673 ) (14,325 ) (15,037 ) Loss on debt extinguishment — (617 ) — (29,833 ) Earnings before income taxes $ 11,044 $ 21,700 $ 28,028 $ 13,187 (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: Depreciation and Amortization Expense Quarter Ended Six Months Ended 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 10,323 $ 7,384 $ 21,603 $ 14,237 Air Medical 4,750 3,232 8,848 6,308 Technical Services 132 88 260 175 Total $ 15,205 $ 10,704 $ 30,711 $ 20,720 Unallocated SG&A $ 3,155 $ 1,752 $ 5,801 $ 3,099 (2) Includes Equity in loss of unconsolidated affiliate. (3) Consists of gains on disposition of property and equipment, and other income.

Investment in Variable Interest

Investment in Variable Interest Entity	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in Variable Interest Entity	11. INVESTMENT IN VARIABLE INTEREST ENTITY We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of June 30, 2015, we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011, PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For each of the quarters ended June 30, 2015 and 2014, we recorded a loss in equity of unconsolidated affiliate of $0.1 million, relative to our 49% equity ownership. For the six months ended June 30, 2015 and 2014, we recorded a loss in equity of unconsolidated affiliate of $0.2 million and $0.1 million relative to our 49% equity ownership, respectively. In addition, we had $2.8 million of trade receivables and $1.1 million of accrued liabilities as of June 30, 2015 from PHIC. We had $2.8 million of trade receivables and a $0.9 million of accrued liabilities as of December 31, 2014. The trade receivables are included in Accounts receivable - trade on our Condensed Consolidated Balance Sheets. The accrued liabilities are included in Accrued and other current liabilities on our Condensed Consolidated Balance Sheets. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $-0- million at June 30, 2015 and December 31, 2014.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Other Comprehensive Income	12. OTHER COMPREHENSIVE INCOME Amounts reclassified from Accumulated other comprehensive income are not material and, therefore, not presented separately in the Condensed Consolidated Statements of Comprehensive Income.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	13. CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 5, on March 17, 2014, PHI, Inc. issued $500 million of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of our domestic subsidiaries. PHI, Inc. directly or indirectly owns 100% of all of its domestic subsidiaries. The following supplemental condensed financial information on the following pages sets forth, on a consolidated basis, the balance sheet, statement of operations, statement of comprehensive income, and statement of cash flows information for PHI, Inc. (“Parent Company Only”) and the guarantor subsidiaries. The eliminating entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements have been prepared on the same basis as the consolidated financial statements of PHI, Inc. The equity method is followed by the parent company within the financial information presented below. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2015 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 48 $ 3,611 $ — $ 3,659 Short-term investments 217,071 — — 217,071 Accounts receivable – net 86,298 86,225 — 172,523 Intercompany receivable — 93,863 (93,863 ) — Inventories of spare parts – net 61,404 8,916 — 70,320 Prepaid expenses 8,837 2,999 — 11,836 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 384,641 195,773 (93,863 ) 486,551 Investment in subsidiaries 348,123 — (348,123 ) — Property and equipment – net 676,478 234,634 — 911,112 Restricted investments 15,336 — — 15,336 Other assets 14,648 204 — 14,852 Total assets $ 1,439,226 $ 430,611 $ (441,986 ) $ 1,427,851 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 58,387 $ 4,747 $ — $ 63,134 Accrued and other current liabilities 34,024 14,526 — 48,550 Intercompany payable 93,863 — (93,863 ) — Total current liabilities 186,274 19,273 (93,863 ) 111,684 Long-term debt 535,500 — — 535,500 Deferred income taxes and other long-term liabilities 102,532 63,215 — 165,747 Shareholders’ Equity: Common stock and paid-in capital 304,103 112,199 (112,199 ) 304,103 Accumulated other comprehensive loss (197 ) — — (197 ) Retained earnings 311,014 235,924 (235,924 ) 311,014 Total shareholders’ equity 614,920 348,123 (348,123 ) 614,920 Total liabilities and shareholders’ equity $ 1,439,226 $ 430,611 $ (441,986 ) $ 1,427,851 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2014 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 51 $ 6,219 $ — $ 6,270 Short-term investments 185,244 — — 185,244 Accounts receivable – net 98,001 82,760 — 180,761 Intercompany receivable — 95,399 (95,399 ) — Inventories of spare parts – net 65,341 8,452 — 73,793 Prepaid expenses 7,610 1,704 — 9,314 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 367,230 194,693 (95,399 ) 466,524 Investment in subsidiaries and others 358,080 — (358,080 ) — Property and equipment, net 638,437 239,381 — 877,818 Restricted investments 15,485 — — 15,485 Other assets 16,055 198 — 16,253 Total assets $ 1,395,287 $ 434,272 $ (453,479 ) $ 1,376,080 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,578 $ 5,122 $ — $ 27,700 Accrued and other current liabilities 34,477 18,335 — 52,812 Intercompany payable 95,270 — (95,270 ) — Total current liabilities 152,325 23,457 (95,270 ) 80,512 Long-term debt 543,000 — — 543,000 Deferred income taxes and other long-term liabilities 102,894 52,606 — 155,500 Shareholders’ Equity: Common stock and paid-in capital 303,082 137,647 (137,647 ) 303,082 Accumulated other comprehensive loss (211 ) — — (211 ) Retained earnings 294,197 220,562 (220,562 ) 294,197 Total shareholders’ equity 597,068 358,209 (358,209 ) 597,068 Total liabilities and shareholders’ equity $ 1,395,287 $ 434,272 $ (453,479 ) $ 1,376,080 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 115,040 $ 83,507 $ — $ 198,547 Expenses: Direct expenses 103,483 65,349 (4 ) 168,828 Selling, general and administrative expenses 9,471 2,576 — 12,047 Total operating expenses 112,954 67,925 (4 ) 180,875 Gain on disposal of assets, net (66 ) — — (66 ) Equity in loss of unconsolidated affiliate 106 — — 106 Operating income 2,046 15,582 4 17,632 Equity in net income of consolidated subsidiaries (9,230 ) — 9,230 — Interest expense 7,155 — — 7,155 Other income, net (571 ) — 4 (567 ) (2,646 ) — 9,234 6,588 Earnings before income taxes 4,692 15,582 (9,230 ) 11,044 Income tax (benefit) expense (1,762 ) 6,352 — 4,590 Net earnings $ 6,454 $ 9,230 $ (9,230 ) $ 6,454 For the quarter ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 122,392 $ 89,753 $ — $ 212,145 Expenses: Direct expenses 102,915 67,442 — 170,357 Selling, general and administrative expenses 8,629 3,031 — 11,660 Management fees (3,590 ) 3,590 — — Total operating expenses 107,954 74,063 — 182,017 Loss (gain) on disposal of assets, net 1,199 (957 ) — 242 Equity in loss of unconsolidated affiliate 65 — — 65 Operating income 13,174 16,647 — 29,821 Equity in net income of consolidated subsidiaries (10,111 ) — 10,111 — Interest expense 7,673 — — 7,673 Loss on debt extinguishment 617 — — 617 Other income, net (169 ) — — (169 ) (1,990 ) — 10,111 8,121 Earnings before income taxes 15,164 16,647 (10,111 ) 21,700 Income tax expense 1,796 6,536 — 8,332 Net earnings $ 13,368 $ 10,111 $ (10,111 ) $ 13,368 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 243,697 $ 159,047 $ — $ 402,744 Expenses: Direct expenses 209,965 128,079 (9 ) 338,035 Selling, general and administrative expenses 17,979 5,305 — 23,284 Total operating expenses 227,944 133,384 (9 ) 361,319 Gain on disposal of assets, net (73 ) — — (73 ) Equity in loss of unconsolidated affiliate 174 — — 174 Operating income 15,652 25,663 9 41,324 Equity in net income of consolidated subsidiaries (15,362 ) — 15,362 — Interest expense 14,325 — — 14,325 Other income, net (1,034 ) (4 ) 9 (1,029 ) (2,071 ) (4 ) 15,371 13,296 Earnings before income taxes 17,723 25,667 (15,362 ) 28,028 Income tax expense 906 10,305 — 11,211 Net earnings $ 16,817 $ 15,362 $ (15,362 ) $ 16,817 For the six months ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 246,746 $ 162,470 $ — $ 409,216 Expenses: Direct expenses 199,341 129,669 — 329,010 Selling, general and administrative expenses 15,710 5,278 — 20,988 Management fees (6,499 ) 6,499 — — Total operating expenses 208,552 141,446 — 349,998 Loss on disposal of assets, net 1,315 — — 1,315 Equity in loss of unconsolidated affiliate 106 — — 106 Operating income 36,773 21,024 — 57,797 Equity in net income of consolidated subsidiaries (12,846 ) — 12,846 — Interest expense 15,037 — — 15,037 Loss on debt extinguishment 29,833 — — 29,833 Other income, net (260 ) — — (260 ) 31,764 — 12,846 44,610 Earnings before income taxes 5,009 21,024 (12,846 ) 13,187 Income tax (benefit) expense (3,038 ) 8,178 — 5,140 Net earnings $ 8,047 $ 12,846 $ (12,846 ) $ 8,047 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 6,454 $ 9,230 $ (9,230 ) $ 6,454 Unrealized loss on short-term investments (158 ) — — (158 ) Tax effect 63 — — 63 Total Comprehensive Income $ 6,359 $ 9,230 $ (9,230 ) $ 6,359 For the quarter ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 13,368 $ 10,111 $ (10,111 ) $ 13,368 Unrealized loss on short-term investments 25 — — 25 Changes in pension plan assets and benefit obligations 11 — — 11 Tax effect (14 ) — — (14 ) Total Comprehensive Income $ 13,390 $ 10,111 $ (10,111 ) $ 13,390 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 16,817 $ 15,362 $ (15,362 ) $ 16,817 Unrealized loss on short-term investments (19 ) — — (19 ) Unrealized realized gain 24 — — 24 Tax effect 9 — — 9 Total Comprehensive Income $ 16,831 $ 15,362 $ (15,362 ) $ 16,831 For the six months ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 8,047 $ 12,846 $ (12,846 ) $ 8,047 Unrealized loss on short-term investments 39 — — 39 Changes in pension plan assets and benefit obligations 9 — — 9 Tax effect (19 ) — — (19 ) Total Comprehensive Income $ 8,076 $ 12,846 $ (12,846 ) $ 8,076 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 46,696 $ 22,612 $ — $ 69,308 Investing activities: Purchase of property and equipment (29,502 ) — — (29,502 ) Proceeds from asset dispositions 567 — — 567 Purchase of short-term investments (290,469 ) — — (290,469 ) Proceeds from sale of short-term investments 257,454 — — 257,454 Payments of deposits on aircraft (131 ) — — (131 ) Net cash used in investing activities (62,081 ) — — (62,081 ) Financing activities: Proceeds from line of credit 119,740 — — 119,740 Payments on line of credit (127,240 ) — — (127,240 ) Repurchase of common stock for payroll tax withholding requirements (2,338 ) — — (2,338 ) Due to/from affiliate, net 25,220 (25,220 ) — — Net cash provided by financing activities 15,382 (25,220 ) — (9,838 ) Decrease in cash (3 ) (2,608 ) — (2,611 ) Cash, beginning of period 51 6,219 — 6,270 Cash, end of period $ 48 $ 3,611 $ — $ 3,659 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2014 Parent Guarantor (1)(2) Eliminations Consolidated Net cash provided by operating activities $ 29,159 $ 16,137 $ — $ 45,296 Investing activities: Purchase of property and equipment (66,887 ) — — (66,887 ) Proceeds from asset dispositions 7,170 — — 7,170 Purchase of short-term investments (233,606 ) — — (233,606 ) Proceeds from sale of short-term investments 182,336 — — 182,336 Refund of deposits on aircraft 6,473 — — 6,473 Payments of deposits on aircraft (6,837 ) — — (6,837 ) Loan to unconsolidated affiliate (200 ) — — (200 ) Net cash used in investing activities (111,551 ) — — (111,551 ) Financing activities: Proceeds from issuance of Senior Notes due 2019 500,000 — — 500,000 Premium and costs to retire debt early (26,749 ) — — (26,749 ) Repayment of Senior Notes due 2018 (300,000 ) — — (300,000 ) Debt issuance costs (6,137 ) — — (6,137 ) Proceeds from line of credit 95,500 — — 95,500 Payments on line of credit (174,500 ) — — (174,500 ) Repurchase of common stock for payroll tax withholding requirements (176 ) — — (176 ) Due to/from affiliate, net (3,224 ) 3,224 — — Net cash provided by financing activities 84,714 3,224 — 87,938 Increase in cash 2,322 19,361 — 21,683 Cash, beginning of period 52 882 — 934 Cash, end of period $ 2,374 $ 20,243 $ — $ 22,617 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. (2) Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company’s centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies - Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Components of Investments	Investments consisted of the following as of June 30, 2015: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 35,407 $ — $ — $ 35,407 U.S. Government agencies 11,503 8 (4 ) 11,507 Corporate bonds and notes 185,761 10 (278 ) 185,493 Subtotal 232,671 18 (282 ) 232,407 Deferred compensation plan assets included in other assets 2,478 — — 2,478 Total $ 235,149 $ 18 $ (282 ) $ 234,885 Investments consisted of the following as of December 31, 2014: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 68,612 $ — $ — $ 68,612 Municipal bonds and notes 1,500 2 — 1,502 Corporate bonds and notes 130,864 19 (268 ) 130,615 Subtotal 200,976 21 (268 ) 200,729 Deferred compensation plan assets included in other assets 2,386 — — 2,386 Total $ 203,362 $ 21 $ (268 ) $ 203,115
Cost and Fair Value of Debt Investments Based on Maturities	The following table presents the cost and fair value of our debt investments based on maturities as of: June 30, 2015 December 31, 2014 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 96,198 $ 96,152 $ 70,180 $ 70,169 Due within two years 101,066 100,848 62,184 61,948 Total $ 197,264 $ 197,000 $ 132,364 $ 132,117
Average Coupon Rate Percentage and Average Days to Maturity of Debt	The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: June 30, 2015 December 31, 2014 Average Average Average Average U.S. Government agencies 0.823 631 — — Municipal bonds and notes — — 0.528 134 Corporate bonds and notes 1.802 353 1.828 348
Investments in Continuous Unrealized Loss Position for Less Than Twelve Months	The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of June 30, 2015 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 2,496 $ (4 ) $ — $ — Corporate bonds and notes 148,302 (271 ) 30,332 (30 ) Total $ 150,798 $ (275 ) $ 30,332 $ (30 )
Investments in Continuous Unrealized Loss Position for More Than Twelve Months	The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of June 30, 2015 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Corporate bonds and notes $ 9,241 $ (7 ) $ — $ — Total $ 9,241 $ (7 ) $ — $ —

Revenue Recognition and Valua23

Revenue Recognition and Valuation Accounts (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable	The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) was as follows: As of June 30, 2015 December 31, Allowance for Contractual Discounts 58 % 53 % Allowance for Uncompensated Care 19 % 23 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Financial Instruments Pricing Levels	The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 35,407 $ 35,407 $ — U.S. Government agencies 11,507 — 11,507 Corporate bonds and notes 185,493 — 185,493 232,407 35,407 197,000 Deferred compensation plan assets 2,478 2,478 — Total $ 234,885 $ 37,885 $ 197,000 December 31, 2014 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 68,612 $ 68,612 $ — Municipal bonds and notes 1,502 — 1,502 Corporate bonds and notes 130,615 — 130,615 200,729 68,612 132,117 Deferred compensation plan assets 2,386 2,386 — Total $ 203,115 $ 70,998 $ 132,117

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Components of Long-term Debt	The components of long-term debt as of the dates indicated below were as follows: June 30, December 31, (Thousands of dollars) Senior Notes dated March 17, 2014, interest only payable semi-annually $ 500,000 $ 500,000 Revolving Credit Facility due October 1, 2016 with a group of commercial banks, interest payable at variable rates 35,500 43,000 Total long-term debt $ 535,500 $ 543,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2015 and 2014 are as follows: Quarter Ended Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,574 15,482 15,574 15,482 Dilutive effect of unvested restricted stock units 116 214 105 113 Weighted average outstanding shares of common stock, diluted 15,690 15,696 15,679 15,595

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share Based Compensation Expense	The table below sets forth the total amount of stock-based compensation expense for the six months and quarters ended June 30, 2015 and 2014. Quarter Ended Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) Stock-based compensation expense: Time-based restricted units $ 571 $ 322 $ 1,208 $ 450 Performance-based restricted units 1,069 720 2,151 1,281 Total stock-based compensation expense $ 1,640 $ 1,042 $ 3,359 $ 1,731

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings	Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows: Revenue Quarter Ended Six Months Ended 2015 2014 2015 2014 Provision for contractual discounts 65 % 70 % 66 % 69 % Provision for uncompensated care 7 % 4 % 7 % 4 %
Schedule of Net Revenue Attributable to Medicaid, Medicare, Insurance, and Self-Pay as a Percentage of Net Air Medical Revenues	Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay (expressed as a percentage of net Air Medical revenues) were as follows: Quarter Ended Six Months Ended 2015 2014 2015 2014 Insurance 74 % 74 % 73 % 73 % Medicare 17 % 18 % 17 % 19 % Medicaid 7 % 7 % 8 % 7 % Self-Pay 2 % 1 % 2 % 1 %
Schedule of Financial Information Concerning Reportable Operating Segments	Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2015 and 2014 is as follows: Quarter Ended June 30, Six Months Ended 2015 2014 2015 2014 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 112,839 $ 128,044 $ 233,235 $ 254,019 Air Medical 81,642 79,427 154,027 147,379 Technical Services 4,066 4,674 15,482 7,818 Total operating revenues, net 198,547 212,145 402,744 409,216 Segment direct expenses (1) Oil and Gas (2) 100,262 103,450 200,593 200,824 Air Medical 63,576 62,726 123,615 122,105 Technical Services 5,096 4,246 14,001 6,187 Total direct expenses 168,934 170,422 338,209 329,116 Segment selling, general and administrative expenses Oil and Gas 1,275 1,489 2,434 2,523 Air Medical 2,527 2,936 5,156 5,089 Technical Services 208 1 322 3 Total segment selling, general and administrative expenses 4,010 4,426 7,912 7,615 Total segment expenses 172,944 174,848 346,121 336,731 Net segment profit (loss) Oil and Gas 11,302 23,105 30,208 50,672 Air Medical 15,539 13,765 25,256 20,185 Technical Services (1,238 ) 427 1,159 1,628 Total 25,603 37,297 56,623 72,485 Other, net (3) 633 (73 ) 1,102 (1,055 ) Unallocated selling, general and administrative costs (1) (8,037 ) (7,234 ) (15,372 ) (13,373 ) Interest expense (7,155 ) (7,673 ) (14,325 ) (15,037 ) Loss on debt extinguishment — (617 ) — (29,833 ) Earnings before income taxes $ 11,044 $ 21,700 $ 28,028 $ 13,187
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs	Depreciation and Amortization Expense Quarter Ended Six Months Ended 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 10,323 $ 7,384 $ 21,603 $ 14,237 Air Medical 4,750 3,232 8,848 6,308 Technical Services 132 88 260 175 Total $ 15,205 $ 10,704 $ 30,711 $ 20,720 Unallocated SG&A $ 3,155 $ 1,752 $ 5,801 $ 3,099 (2) Includes Equity in loss of unconsolidated affiliate. (3) Consists of gains on disposition of property and equipment, and other income.

Condensed Consolidating Finan29

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2015 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 48 $ 3,611 $ — $ 3,659 Short-term investments 217,071 — — 217,071 Accounts receivable – net 86,298 86,225 — 172,523 Intercompany receivable — 93,863 (93,863 ) — Inventories of spare parts – net 61,404 8,916 — 70,320 Prepaid expenses 8,837 2,999 — 11,836 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 384,641 195,773 (93,863 ) 486,551 Investment in subsidiaries 348,123 — (348,123 ) — Property and equipment – net 676,478 234,634 — 911,112 Restricted investments 15,336 — — 15,336 Other assets 14,648 204 — 14,852 Total assets $ 1,439,226 $ 430,611 $ (441,986 ) $ 1,427,851 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 58,387 $ 4,747 $ — $ 63,134 Accrued and other current liabilities 34,024 14,526 — 48,550 Intercompany payable 93,863 — (93,863 ) — Total current liabilities 186,274 19,273 (93,863 ) 111,684 Long-term debt 535,500 — — 535,500 Deferred income taxes and other long-term liabilities 102,532 63,215 — 165,747 Shareholders’ Equity: Common stock and paid-in capital 304,103 112,199 (112,199 ) 304,103 Accumulated other comprehensive loss (197 ) — — (197 ) Retained earnings 311,014 235,924 (235,924 ) 311,014 Total shareholders’ equity 614,920 348,123 (348,123 ) 614,920 Total liabilities and shareholders’ equity $ 1,439,226 $ 430,611 $ (441,986 ) $ 1,427,851 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2014 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 51 $ 6,219 $ — $ 6,270 Short-term investments 185,244 — — 185,244 Accounts receivable – net 98,001 82,760 — 180,761 Intercompany receivable — 95,399 (95,399 ) — Inventories of spare parts – net 65,341 8,452 — 73,793 Prepaid expenses 7,610 1,704 — 9,314 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 367,230 194,693 (95,399 ) 466,524 Investment in subsidiaries and others 358,080 — (358,080 ) — Property and equipment, net 638,437 239,381 — 877,818 Restricted investments 15,485 — — 15,485 Other assets 16,055 198 — 16,253 Total assets $ 1,395,287 $ 434,272 $ (453,479 ) $ 1,376,080 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,578 $ 5,122 $ — $ 27,700 Accrued and other current liabilities 34,477 18,335 — 52,812 Intercompany payable 95,270 — (95,270 ) — Total current liabilities 152,325 23,457 (95,270 ) 80,512 Long-term debt 543,000 — — 543,000 Deferred income taxes and other long-term liabilities 102,894 52,606 — 155,500 Shareholders’ Equity: Common stock and paid-in capital 303,082 137,647 (137,647 ) 303,082 Accumulated other comprehensive loss (211 ) — — (211 ) Retained earnings 294,197 220,562 (220,562 ) 294,197 Total shareholders’ equity 597,068 358,209 (358,209 ) 597,068 Total liabilities and shareholders’ equity $ 1,395,287 $ 434,272 $ (453,479 ) $ 1,376,080 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts.
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 115,040 $ 83,507 $ — $ 198,547 Expenses: Direct expenses 103,483 65,349 (4 ) 168,828 Selling, general and administrative expenses 9,471 2,576 — 12,047 Total operating expenses 112,954 67,925 (4 ) 180,875 Gain on disposal of assets, net (66 ) — — (66 ) Equity in loss of unconsolidated affiliate 106 — — 106 Operating income 2,046 15,582 4 17,632 Equity in net income of consolidated subsidiaries (9,230 ) — 9,230 — Interest expense 7,155 — — 7,155 Other income, net (571 ) — 4 (567 ) (2,646 ) — 9,234 6,588 Earnings before income taxes 4,692 15,582 (9,230 ) 11,044 Income tax (benefit) expense (1,762 ) 6,352 — 4,590 Net earnings $ 6,454 $ 9,230 $ (9,230 ) $ 6,454 For the quarter ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 122,392 $ 89,753 $ — $ 212,145 Expenses: Direct expenses 102,915 67,442 — 170,357 Selling, general and administrative expenses 8,629 3,031 — 11,660 Management fees (3,590 ) 3,590 — — Total operating expenses 107,954 74,063 — 182,017 Loss (gain) on disposal of assets, net 1,199 (957 ) — 242 Equity in loss of unconsolidated affiliate 65 — — 65 Operating income 13,174 16,647 — 29,821 Equity in net income of consolidated subsidiaries (10,111 ) — 10,111 — Interest expense 7,673 — — 7,673 Loss on debt extinguishment 617 — — 617 Other income, net (169 ) — — (169 ) (1,990 ) — 10,111 8,121 Earnings before income taxes 15,164 16,647 (10,111 ) 21,700 Income tax expense 1,796 6,536 — 8,332 Net earnings $ 13,368 $ 10,111 $ (10,111 ) $ 13,368 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 243,697 $ 159,047 $ — $ 402,744 Expenses: Direct expenses 209,965 128,079 (9 ) 338,035 Selling, general and administrative expenses 17,979 5,305 — 23,284 Total operating expenses 227,944 133,384 (9 ) 361,319 Gain on disposal of assets, net (73 ) — — (73 ) Equity in loss of unconsolidated affiliate 174 — — 174 Operating income 15,652 25,663 9 41,324 Equity in net income of consolidated subsidiaries (15,362 ) — 15,362 — Interest expense 14,325 — — 14,325 Other income, net (1,034 ) (4 ) 9 (1,029 ) (2,071 ) (4 ) 15,371 13,296 Earnings before income taxes 17,723 25,667 (15,362 ) 28,028 Income tax expense 906 10,305 — 11,211 Net earnings $ 16,817 $ 15,362 $ (15,362 ) $ 16,817 For the six months ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 246,746 $ 162,470 $ — $ 409,216 Expenses: Direct expenses 199,341 129,669 — 329,010 Selling, general and administrative expenses 15,710 5,278 — 20,988 Management fees (6,499 ) 6,499 — — Total operating expenses 208,552 141,446 — 349,998 Loss on disposal of assets, net 1,315 — — 1,315 Equity in loss of unconsolidated affiliate 106 — — 106 Operating income 36,773 21,024 — 57,797 Equity in net income of consolidated subsidiaries (12,846 ) — 12,846 — Interest expense 15,037 — — 15,037 Loss on debt extinguishment 29,833 — — 29,833 Other income, net (260 ) — — (260 ) 31,764 — 12,846 44,610 Earnings before income taxes 5,009 21,024 (12,846 ) 13,187 Income tax (benefit) expense (3,038 ) 8,178 — 5,140 Net earnings $ 8,047 $ 12,846 $ (12,846 ) $ 8,047 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidated Statements of Comprehensive Income (Loss)	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 6,454 $ 9,230 $ (9,230 ) $ 6,454 Unrealized loss on short-term investments (158 ) — — (158 ) Tax effect 63 — — 63 Total Comprehensive Income $ 6,359 $ 9,230 $ (9,230 ) $ 6,359 For the quarter ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 13,368 $ 10,111 $ (10,111 ) $ 13,368 Unrealized loss on short-term investments 25 — — 25 Changes in pension plan assets and benefit obligations 11 — — 11 Tax effect (14 ) — — (14 ) Total Comprehensive Income $ 13,390 $ 10,111 $ (10,111 ) $ 13,390 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 16,817 $ 15,362 $ (15,362 ) $ 16,817 Unrealized loss on short-term investments (19 ) — — (19 ) Unrealized realized gain 24 — — 24 Tax effect 9 — — 9 Total Comprehensive Income $ 16,831 $ 15,362 $ (15,362 ) $ 16,831 For the six months ended June 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 8,047 $ 12,846 $ (12,846 ) $ 8,047 Unrealized loss on short-term investments 39 — — 39 Changes in pension plan assets and benefit obligations 9 — — 9 Tax effect (19 ) — — (19 ) Total Comprehensive Income $ 8,076 $ 12,846 $ (12,846 ) $ 8,076 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 46,696 $ 22,612 $ — $ 69,308 Investing activities: Purchase of property and equipment (29,502 ) — — (29,502 ) Proceeds from asset dispositions 567 — — 567 Purchase of short-term investments (290,469 ) — — (290,469 ) Proceeds from sale of short-term investments 257,454 — — 257,454 Payments of deposits on aircraft (131 ) — — (131 ) Net cash used in investing activities (62,081 ) — — (62,081 ) Financing activities: Proceeds from line of credit 119,740 — — 119,740 Payments on line of credit (127,240 ) — — (127,240 ) Repurchase of common stock for payroll tax withholding requirements (2,338 ) — — (2,338 ) Due to/from affiliate, net 25,220 (25,220 ) — — Net cash provided by financing activities 15,382 (25,220 ) — (9,838 ) Decrease in cash (3 ) (2,608 ) — (2,611 ) Cash, beginning of period 51 6,219 — 6,270 Cash, end of period $ 48 $ 3,611 $ — $ 3,659 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2014 Parent Guarantor (1)(2) Eliminations Consolidated Net cash provided by operating activities $ 29,159 $ 16,137 $ — $ 45,296 Investing activities: Purchase of property and equipment (66,887 ) — — (66,887 ) Proceeds from asset dispositions 7,170 — — 7,170 Purchase of short-term investments (233,606 ) — — (233,606 ) Proceeds from sale of short-term investments 182,336 — — 182,336 Refund of deposits on aircraft 6,473 — — 6,473 Payments of deposits on aircraft (6,837 ) — — (6,837 ) Loan to unconsolidated affiliate (200 ) — — (200 ) Net cash used in investing activities (111,551 ) — — (111,551 ) Financing activities: Proceeds from issuance of Senior Notes due 2019 500,000 — — 500,000 Premium and costs to retire debt early (26,749 ) — — (26,749 ) Repayment of Senior Notes due 2018 (300,000 ) — — (300,000 ) Debt issuance costs (6,137 ) — — (6,137 ) Proceeds from line of credit 95,500 — — 95,500 Payments on line of credit (174,500 ) — — (174,500 ) Repurchase of common stock for payroll tax withholding requirements (176 ) — — (176 ) Due to/from affiliate, net (3,224 ) 3,224 — — Net cash provided by financing activities 84,714 3,224 — 87,938 Increase in cash 2,322 19,361 — 21,683 Cash, beginning of period 52 882 — 934 Cash, end of period $ 2,374 $ 20,243 $ — $ 22,617 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. (2) Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company’s centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt issuance costs	$ 4.6

Investments - Components of Inv

Investments - Components of Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	$ 235,149	$ 203,362
Unrealized Gains	18	21
Unrealized Losses	(282)	(268)
Fair Value	234,885	203,115
Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	232,671	200,976
Unrealized Gains	18	21
Unrealized Losses	(282)	(268)
Fair Value	232,407	200,729
Investments [Member] | Money Market Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	35,407	68,612
Fair Value	35,407	68,612
Investments [Member] | Municipal Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis		1,500
Unrealized Gains		2
Fair Value		1,502
Investments [Member] | Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	185,761	130,864
Unrealized Gains	10	19
Unrealized Losses	(278)	(268)
Fair Value	185,493	130,615
Investments [Member] | US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	11,503
Unrealized Gains	8
Unrealized Losses	(4)
Fair Value	11,507
Deferred Compensation Plan Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	2,478	2,386
Fair Value	$ 2,478	$ 2,386

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Restricted investments	$ 15,336	$ 15,485

Investments - Cost and Fair Val

Investments - Cost and Fair Value of Debt Investments Based on Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities [Abstract]
Due in one year or less, Amortized Costs	$ 96,198	$ 70,180
Due within two years, Amortized Costs	101,066	62,184
Total, Amortized Costs	197,264	132,364
Due in one year or less, Fair Value	96,152	70,169
Due within two years, Fair Value	100,848	61,948
Total, Fair Value	$ 197,000	$ 132,117

Investments - Average Coupon Ra

Investments - Average Coupon Rate Percentage and the Average Days to Maturity of Debt (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	0.823%
Average Days To Maturity	631 days
Municipal Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate		0.528%
Average Days To Maturity		134 days
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	1.802%	1.828%
Average Days To Maturity	353 days	348 days

Investments - Investments in Co

Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 150,798	$ 30,332
Unrealized Losses	(275)	(30)
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	2,496
Unrealized Losses	(4)
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	148,302	30,332
Unrealized Losses	$ (271)	$ (30)

Investments - Investments in 36

Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 9,241
Unrealized Losses	(7)
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	9,241
Unrealized Losses	$ (7)

Revenue Recognition and Valua37

Revenue Recognition and Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Valuation and Qualifying Accounts [Abstract]
Allowance for doubtful accounts	$ 1.7		$ 1.7		$ 1.4
Allowance for contractual discounts	110.3		110.3		96.6
Allowance for uncompensated care	35.2		35.2		41.9
Value of uncompensated care to patients	2.3	$ 2.4	4.9	$ 4.8
Estimated cost of charity services	0.5	$ 0.7	$ 1.1	$ 1.3
Contractual period of services			3 years
Contract termination period			90 days
Termination fee			$ 13.5
Inventory valuation reserves	$ 14.3		$ 14.3		$ 13.5

Revenue Recognition and Valua38

Revenue Recognition and Valuation Accounts - Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Revenue Recognition And Valuation Accounts [Abstract]
Allowance for Contractual Discounts	58.00%	53.00%
Allowance for Uncompensated Care	19.00%	23.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 234,885	$ 203,115
Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	232,407	200,729
Investments [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	35,407	68,612
Investments [Member] | Municipal Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		1,502
Investments [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	185,493	130,615
Investments [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	11,507
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,478	2,386
(Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	37,885	70,998
(Level 1) [Member] | Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	35,407	68,612
(Level 1) [Member] | Investments [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	35,407	68,612
(Level 1) [Member] | Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,478	2,386
(Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	197,000	132,117
(Level 2) [Member] | Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	197,000	132,117
(Level 2) [Member] | Investments [Member] | Municipal Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		1,502
(Level 2) [Member] | Investments [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	185,493	$ 130,615
(Level 2) [Member] | Investments [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 11,507

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements Disclosure [Line Items]
The fair value investments reclassification of assets between level 1 and level 2	$ 0	$ 0
The fair value of Senior Notes, based on quoted market prices	465,000,000	425,600,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Disclosure [Line Items]
Level 3 investments	$ 0	$ 0

Long Term Debt - Components of

Long Term Debt - Components of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 535,500	$ 543,000
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	500,000	500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 35,500	$ 43,000

Long Term Debt - Components o42

Long Term Debt - Components of Long-term Debt (Parenthetical) (Detail) - Senior Notes [Member] - 5.25% Senior Notes due March 15, 2019 [Member]	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%	5.25%
Senior Notes payable periods	Mar. 15, 2019

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	Apr. 16, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Sep. 18, 2013
Debt Instrument [Line Items]
Proceeds from issuance of senior notes						$ 500,000,000
Repayment of Senior Notes						300,000,000
Total long-term debt		$ 535,500,000			$ 535,500,000		$ 543,000,000
Pretax charge related to early redemption of senior notes			$ (617,000)			(29,833,000)
Letters of credit outstanding under the facility		15,300,000			15,300,000		15,500,000
Periodic payment of debt interest		300,000	500,000		13,700,000	11,700,000
Accrued interest expense paid					13,696,000	$ 11,749,000
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, amount issued		$ 500,000,000		$ 500,000,000	$ 500,000,000
Interest rate on Senior Notes		5.25%		5.25%	5.25%
5.25% Senior notes payable periods				2019-03
Proceeds from issuance of senior notes				$ 494,000,000
Total long-term debt		$ 500,000,000			$ 500,000,000		500,000,000
5.25% Senior Notes payable periods					Mar. 15, 2019
Debt instrument interest rate term					Interest is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2014.
Percentage of principal amount redeemed					101.00%
Debt instrument restrictive covenants					The indenture governing the 2019 Notes (the "2019 Indenture") contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI's ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments.
8.625% Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on Senior Notes				8.625%
Repayment of Senior Notes				$ 292,600,000
Total long-term debt				300,000,000
Cost of debt repayment				$ 329,400,000
Senior notes redemption date	Apr. 16, 2014			Mar. 17, 2014
Amount of senior notes redeemed	$ 7,400,000
Senior notes, redemption price, percentage	108.30%
Pretax charge related to early redemption of senior notes			$ 600,000	$ 29,200,000
Premium on early redemption of senior notes				26,100,000
Write off of unamortized financing costs				$ 3,100,000
Tax benefit related to redemption					$ 11,600,000
Accrued interest expense paid					10,700,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt		$ 35,500,000			$ 35,500,000		$ 43,000,000
Increased Borrowing capacity								$ 150,000,000
Revolving credit facility, maturity date					Oct. 1, 2016
Revolving Credit facility, Covenants, consolidated working capital ratio		200.00%			200.00%
Revolving Credit facility, Covenants, consolidated net worth ratio		150.00%			150.00%
Revolving Credit facility, Covenants, fixed coverage ratio		110.00%			110.00%
Revolving Credit facility, Covenants, consolidated net worth		$ 450,000,000			$ 450,000,000
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate on borrowed funds					225.00%

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average outstanding shares of common stock, basic	15,574	15,482	15,574	15,482
Dilutive effect of unvested restricted stock units	116	214	105	113
Weighted average outstanding shares of common stock, diluted	15,690	15,696	15,679	15,595

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-based compensation expense:
Total stock-based compensation expense	$ 1,640	$ 1,042	$ 3,359	$ 1,731
Time-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	571	322	1,208	450
Performance-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	$ 1,069	$ 720	$ 2,151	$ 1,281

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Time-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted stock units awarded to managers	1,118	116,303	20,048	136,667
Performance-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted stock units awarded to managers		115,806	151,566	115,806

Asset Disposals - Additional In

Asset Disposals - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)Aircraft
Assets Held For Sale And Impairments [Line Items]
Cash realized from sale of assets | $	$ 0	$ 4,200,000
Loss on disposal of assets | $	$ 0	$ (200,000)
Air Medical [Member] | Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold		2
Air Medical [Member] | Medium Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold		1
Oil and Gas [Member] | Fixed Wing Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold		1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jan. 02, 2015USD ($)Aircraft	Jul. 31, 2015Aircraft	Jun. 30, 2014Aircraft	Mar. 31, 2015Aircraft	Jun. 30, 2015USD ($)AircraftLand_Parcel
Long-term Purchase Commitment [Line Items]
Total aircraft deposits					$ 7.4
Aggregate estimated probable liability environmental matters					$ 0.2
Number of parcels of land exists | Land_Parcel					2
Aggregate commitments under operating leases					$ 295.1
Operational lease payable					25.8
Lease commitment for aircraft					279.4
Facility lease commitments					15.7
2016 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft					67.8
2017 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft					55.7
2018 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft					127
2019 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft					$ 150.4
Heavy Helicopters [Member]
Long-term Purchase Commitment [Line Items]
Number of aircraft purchased | Aircraft			6
Number of aircrafts delivered | Aircraft				1
Number of aircraft purchased in future | Aircraft					1
Heavy Aircraft [Member]
Long-term Purchase Commitment [Line Items]
Number of aircraft purchased | Aircraft	1
Aggregate purchase price for aircraft	$ 17.7
Subsequent Event [Member]
Long-term Purchase Commitment [Line Items]
Number of aircraft orders cancelled previously scheduled for delivery | Aircraft		4

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015AircraftSegmentEntityContractLocationStates	Jun. 30, 2014
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
Number of aircraft operated			91
Number of contracts | Contract			0
Fixed revenue streams | Entity			0
Hospitals Contracts [Member]
Segment Reporting Information [Line Items]
Segment revenue	36.00%	39.00%	39.00%	40.00%
Oil and Gas [Member]
Segment Reporting Information [Line Items]
Number of aircraft operated			167
Segment revenue	57.00%	60.00%	58.00%	62.00%
Oil and Gas [Member] | Minimum [Member] | Major Customer [Member]
Segment Reporting Information [Line Items]
Working period with major customers			30 years
Oil and Gas [Member] | Minimum [Member] | ENI Petroleum [Member]
Segment Reporting Information [Line Items]
Working period with major customers			15 years
Air Medical [Member]
Segment Reporting Information [Line Items]
Segment revenue	41.00%	37.00%	38.00%	36.00%
Number of aircraft assigned			100
Number of states in which company operates aircrafts | States			18
Locations in which company operates Aircrafts | Location			70
Air Medical [Member] | Middle East [Member]
Segment Reporting Information [Line Items]
Number of aircraft operated			9
Locations in which company operates Aircrafts | Location			5
Number of revenue generating aircrafts			8
Technical Services [Member]
Segment Reporting Information [Line Items]
Segment revenue	2.00%	2.00%	4.00%	2.00%

Segment Information - Schedule

Segment Information - Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Total Segment Billings (Detail) - Air Medical [Member] - Sales Revenue, Net [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items]
Provision for contractual discounts	65.00%	70.00%	66.00%	69.00%
Provision for uncompensated care	7.00%	4.00%	7.00%	4.00%

Segment Information - Schedul51

Segment Information - Schedule of Net Revenue Attributable to Medicaid, Medicare, Insurance, and Self-Pay as a Percentage of Net Air Medical Revenues (Detail) - Air Medical [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Insurance [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	74.00%	74.00%	73.00%	73.00%
Medicare [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	17.00%	18.00%	17.00%	19.00%
Medicaid [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	7.00%	7.00%	8.00%	7.00%
Self Pay [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	2.00%	1.00%	2.00%	1.00%

Segment Information - Schedul52

Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total operating revenues, net		$ 198,547	$ 212,145	$ 402,744	$ 409,216
Total segment selling, general and administrative expenses		12,047	11,660	23,284	20,988
Total		17,632	29,821	41,324	57,797
Interest expense		(7,155)	(7,673)	(14,325)	(15,037)
Loss on debt extinguishment			(617)		(29,833)
Earnings before income taxes		11,044	21,700	28,028	13,187
Reportable Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		198,547	212,145	402,744	409,216
Total direct expenses	[1]	168,934	170,422	338,209	329,116
Total segment selling, general and administrative expenses		4,010	4,426	7,912	7,615
Total segment expenses		172,944	174,848	346,121	336,731
Total		25,603	37,297	56,623	72,485
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		112,839	128,044	233,235	254,019
Total direct expenses	[1],[2]	100,262	103,450	200,593	200,824
Total segment selling, general and administrative expenses		1,275	1,489	2,434	2,523
Total		11,302	23,105	30,208	50,672
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		81,642	79,427	154,027	147,379
Total direct expenses	[1]	63,576	62,726	123,615	122,105
Total segment selling, general and administrative expenses		2,527	2,936	5,156	5,089
Total		15,539	13,765	25,256	20,185
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		4,066	4,674	15,482	7,818
Total direct expenses	[1]	5,096	4,246	14,001	6,187
Total segment selling, general and administrative expenses		208	1	322	3
Total		(1,238)	427	1,159	1,628
Other, net [Member]
Segment Reporting Information [Line Items]
Other, net	[3]	633	(73)	1,102	(1,055)
Unallocated Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Unallocated selling, general and administrative costs	[1]	$ (8,037)	$ (7,234)	$ (15,372)	$ (13,373)
[1]	Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: Depreciation and Amortization Expense Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 10,323 $ 7,384 $ 21,603 $ 14,237 Air Medical 4,750 3,232 8,848 6,308 Technical Services 132 88 260 175 Total $ 15,205 $ 10,704 $ 30,711 $ 20,720 Unallocated SG&A $ 3,155 $ 1,752 $ 5,801 $ 3,099
[2]	Includes Equity in loss of unconsolidated affiliate.
[3]	Consists of gains on disposition of property and equipment and impairments, and other income.

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reportable Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 15,205	$ 10,704	$ 30,711	$ 20,720
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	10,323	7,384	21,603	14,237
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	4,750	3,232	8,848	6,308
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	132	88	260	175
Unallocated Selling, General and Administrative Expenses [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 3,155	$ 1,752	$ 5,801	$ 3,099

Investment in Variable Intere54

Investment in Variable Interest Entity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Variable Interest Entity [Line Items]
Earnings (loss) in equity of unconsolidated affiliate	$ (100)	$ (100)	$ (200)	$ (100)
Trade receivables	2,800		2,800		$ 2,800
Accrued and other current liabilities	48,550		48,550		52,812
Other assets	0		$ 0		0
PHIC's date of incorporation			May 26, 2011
PHI Century Limited [Member]
Variable Interest Entity [Line Items]
Investment in the common stock			49.00%
Accrued and other current liabilities	$ 1,100		$ 1,100		$ 900

Condensed Consolidating Finan55

Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2014
Supplemental Guarantor Financial Information [Line Items]
Ownership percentage in domestic subsidiaries	100.00%
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Supplemental Guarantor Financial Information [Line Items]
Senior notes, amount issued	$ 500,000,000	$ 500,000,000
Interest rate on Senior Notes	5.25%	5.25%

Condensed Consolidating Finan56

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current Assets:
Cash		$ 3,659	$ 6,270	$ 22,617	$ 934
Short-term investments		217,071	185,244
Accounts receivable - net		172,523	180,761
Inventories of spare parts - net		70,320	73,793
Prepaid expenses		11,836	9,314
Deferred income taxes		9,915	9,915
Income taxes receivable		1,227	1,227
Total current assets		486,551	466,524
Property and equipment - net		911,112	877,818
Restricted investments		15,336	15,485
Other assets		14,852	16,253
Total assets		1,427,851	1,376,080
Current Liabilities:
Accounts payable		63,134	27,700
Accrued and other current liabilities		48,550	52,812
Total current liabilities		111,684	80,512
Long-term debt		535,500	543,000
Deferred income taxes and other long-term liabilities		165,747	155,500
Shareholders' Equity:
Common stock and paid-in capital		304,103	303,082
Accumulated other comprehensive loss		(197)	(211)
Retained earnings		311,014	294,197
Total shareholders' equity		614,920	597,068	569,596	559,965
Total liabilities and shareholders' equity		1,427,851	1,376,080
Parent Company Only (issuer) [Member]
Current Assets:
Cash		48	51	2,374	52
Short-term investments		217,071	185,244
Accounts receivable - net		86,298	98,001
Inventories of spare parts - net		61,404	65,341
Prepaid expenses		8,837	7,610
Deferred income taxes		9,915	9,915
Income taxes receivable		1,068	1,068
Total current assets		384,641	367,230
Investment in subsidiaries		348,123	358,080
Property and equipment - net		676,478	638,437
Restricted investments		15,336	15,485
Other assets		14,648	16,055
Total assets		1,439,226	1,395,287
Current Liabilities:
Accounts payable		58,387	22,578
Accrued and other current liabilities		34,024	34,477
Intercompany payable		93,863	95,270
Total current liabilities		186,274	152,325
Long-term debt		535,500	543,000
Deferred income taxes and other long-term liabilities		102,532	102,894
Shareholders' Equity:
Common stock and paid-in capital		304,103	303,082
Accumulated other comprehensive loss		(197)	(211)
Retained earnings		311,014	294,197
Total shareholders' equity		614,920	597,068
Total liabilities and shareholders' equity		1,439,226	1,395,287
Guarantor Subsidiaries [Member]
Current Assets:
Cash	[1]	3,611	6,219	$ 20,243	$ 882
Accounts receivable - net	[1]	86,225	82,760
Intercompany receivable	[1]	93,863	95,399
Inventories of spare parts - net	[1]	8,916	8,452
Prepaid expenses	[1]	2,999	1,704
Income taxes receivable	[1]	159	159
Total current assets	[1]	195,773	194,693
Property and equipment - net	[1]	234,634	239,381
Other assets	[1]	204	198
Total assets	[1]	430,611	434,272
Current Liabilities:
Accounts payable	[1]	4,747	5,122
Accrued and other current liabilities	[1]	14,526	18,335
Total current liabilities	[1]	19,273	23,457
Deferred income taxes and other long-term liabilities	[1]	63,215	52,606
Shareholders' Equity:
Common stock and paid-in capital	[1]	112,199	137,647
Retained earnings	[1]	235,924	220,562
Total shareholders' equity	[1]	348,123	358,209
Total liabilities and shareholders' equity	[1]	430,611	434,272
Eliminations [Member]
Current Assets:
Intercompany receivable		(93,863)	(95,399)
Total current assets		(93,863)	(95,399)
Investment in subsidiaries		(348,123)	(358,080)
Total assets		(441,986)	(453,479)
Current Liabilities:
Intercompany payable		(93,863)	(95,270)
Total current liabilities		(93,863)	(95,270)
Shareholders' Equity:
Common stock and paid-in capital		(112,199)	(137,647)
Retained earnings		(235,924)	(220,562)
Total shareholders' equity		(348,123)	(358,209)
Total liabilities and shareholders' equity		$ (441,986)	$ (453,479)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts.

Condensed Consolidating Finan57

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Operating revenues, net		$ 198,547	$ 212,145	$ 402,744	$ 409,216
Expenses:
Direct expenses		168,828	170,357	338,035	329,010
Selling, general and administrative expenses		12,047	11,660	23,284	20,988
Total operating expenses		180,875	182,017	361,319	349,998
Gain on disposal of assets, net		(66)	242	(73)	1,315
Equity in loss of unconsolidated affiliate		106	65	174	106
Operating income		17,632	29,821	41,324	57,797
Interest expense		7,155	7,673	14,325	15,037
Loss on debt extinguishment			617		29,833
Other income, net		(567)	(169)	(1,029)	(260)
Total expenses		6,588	8,121	13,296	44,610
Earnings before income taxes		11,044	21,700	28,028	13,187
Income tax (benefit) expense		4,590	8,332	11,211	5,140
Net earnings		6,454	13,368	16,817	8,047
Parent Company Only (issuer) [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net		115,040	122,392	243,697	246,746
Expenses:
Direct expenses		103,483	102,915	209,965	199,341
Selling, general and administrative expenses		9,471	8,629	17,979	15,710
Management fees			(3,590)		(6,499)
Total operating expenses		112,954	107,954	227,944	208,552
Gain on disposal of assets, net		(66)	1,199	(73)	1,315
Equity in loss of unconsolidated affiliate		106	65	174	106
Operating income		2,046	13,174	15,652	36,773
Equity in net income of consolidated subsidiaries		(9,230)	(10,111)	(15,362)	(12,846)
Interest expense		7,155	7,673	14,325	15,037
Loss on debt extinguishment			617		29,833
Other income, net		(571)	(169)	(1,034)	(260)
Total expenses		(2,646)	(1,990)	(2,071)	31,764
Earnings before income taxes		4,692	15,164	17,723	5,009
Income tax (benefit) expense		(1,762)	1,796	906	(3,038)
Net earnings		6,454	13,368	16,817	8,047
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	[1]	83,507	89,753	159,047	162,470
Expenses:
Direct expenses	[1]	65,349	67,442	128,079	129,669
Selling, general and administrative expenses	[1]	2,576	3,031	5,305	5,278
Management fees	[1]		3,590		6,499
Total operating expenses	[1]	67,925	74,063	133,384	141,446
Gain on disposal of assets, net	[1]		(957)
Operating income	[1]	15,582	16,647	25,663	21,024
Other income, net	[1]			(4)
Total expenses	[1]			(4)
Earnings before income taxes	[1]	15,582	16,647	25,667	21,024
Income tax (benefit) expense	[1]	6,352	6,536	10,305	8,178
Net earnings	[1]	9,230	10,111	15,362	12,846
Eliminations [Member]
Expenses:
Direct expenses		(4)		(9)
Total operating expenses		(4)		(9)
Operating income		4		9
Equity in net income of consolidated subsidiaries		9,230	10,111	15,362	12,846
Other income, net		4		9
Total expenses		9,234	10,111	15,371	12,846
Earnings before income taxes		(9,230)	(10,111)	(15,362)	(12,846)
Net earnings		$ (9,230)	$ (10,111)	$ (15,362)	$ (12,846)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantors' subsidiaries amounts.

Condensed Consolidating Finan58

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net earnings		$ 6,454	$ 13,368	$ 16,817	$ 8,047
Unrealized loss on short-term investments		(158)	25	(19)	39
Unrealized realized gain				24
Changes in pension plan assets and benefit obligations			11		9
Tax effect		63	(14)	9	(19)
Total Comprehensive Income		6,359	13,390	16,831	8,076
Parent Company Only (issuer) [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings		6,454	13,368	16,817	8,047
Unrealized loss on short-term investments		(158)	25	(19)	39
Unrealized realized gain				24
Changes in pension plan assets and benefit obligations			11		9
Tax effect		63	(14)	9	(19)
Total Comprehensive Income		6,359	13,390	16,831	8,076
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings	[1]	9,230	10,111	15,362	12,846
Total Comprehensive Income	[1]	9,230	10,111	15,362	12,846
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings		(9,230)	(10,111)	(15,362)	(12,846)
Total Comprehensive Income		$ (9,230)	$ (10,111)	$ (15,362)	$ (12,846)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantors' subsidiaries amounts.

Condensed Consolidating Finan59

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities		$ 69,308	$ 45,296
Investing activities:
Purchase of property and equipment		(29,502)	(66,887)
Proceeds from asset dispositions		567	7,170
Purchase of short-term investments		(290,469)	(233,606)
Proceeds from sale of short-term investments		257,454	182,336
Refund of deposits on aircraft			6,473
Payments of deposits on aircraft		(131)	(6,837)
Loan to unconsolidated affiliate			(200)
Net cash used in investing activities		(62,081)	(111,551)
Financing activities:
Proceeds from issuance of Senior Notes due 2019			500,000
Premium and costs to retire debt early			(26,749)
Repayment of Senior Notes due 2018			(300,000)
Debt issuance costs			(6,137)
Proceeds from line of credit		119,740	95,500
Payments on line of credit		(127,240)	(174,500)
Repurchase of common stock for payroll tax withholding requirements		(2,338)	(176)
Net cash (used in) provided by financing activities		(9,838)	87,938
Increase (decrease) in cash		(2,611)	21,683
Cash, beginning of period		6,270	934
Cash, end of period		3,659	22,617
Parent Company Only (issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities		46,696	29,159
Investing activities:
Purchase of property and equipment		(29,502)	(66,887)
Proceeds from asset dispositions		567	7,170
Purchase of short-term investments		(290,469)	(233,606)
Proceeds from sale of short-term investments		257,454	182,336
Refund of deposits on aircraft			6,473
Payments of deposits on aircraft		(131)	(6,837)
Loan to unconsolidated affiliate			(200)
Net cash used in investing activities		(62,081)	(111,551)
Financing activities:
Proceeds from issuance of Senior Notes due 2019			500,000
Premium and costs to retire debt early			(26,749)
Repayment of Senior Notes due 2018			(300,000)
Debt issuance costs			(6,137)
Proceeds from line of credit		119,740	95,500
Payments on line of credit		(127,240)	(174,500)
Repurchase of common stock for payroll tax withholding requirements		(2,338)	(176)
Due to/from affiliate, net		25,220	(3,224)
Net cash (used in) provided by financing activities		15,382	84,714
Increase (decrease) in cash		(3)	2,322
Cash, beginning of period		51	52
Cash, end of period		48	2,374
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	[1]	22,612	16,137
Financing activities:
Due to/from affiliate, net	[1]	(25,220)	3,224
Net cash (used in) provided by financing activities	[1]	(25,220)	3,224
Increase (decrease) in cash	[1]	(2,608)	19,361
Cash, beginning of period	[1]	6,219	882
Cash, end of period	[1]	$ 3,611	$ 20,243
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts.