Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 12,684,205 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 5,552 | $ 6,270 |
Short-term investments | 284,835 | 185,244 |
Accounts receivable - net | ||
Trade | 153,088 | 178,833 |
Other | 2,906 | 1,928 |
Inventories of spare parts - net | 70,175 | 73,793 |
Prepaid expenses | 11,569 | 9,314 |
Deferred income taxes | 9,915 | 9,915 |
Income taxes receivable | 1,227 | 1,227 |
Total current assets | 539,267 | 466,524 |
Property and equipment - net | 887,386 | 877,818 |
Restricted investments | 15,336 | 15,485 |
Other assets | 10,357 | 16,253 |
Total assets | 1,452,346 | 1,376,080 |
Current Liabilities: | ||
Accounts payable | 28,639 | 27,700 |
Accrued and other current liabilities | 50,141 | 52,812 |
Total current liabilities | 78,780 | 80,512 |
Long-term debt | 578,220 | 543,000 |
Deferred income taxes | 156,514 | 140,532 |
Other long-term liabilities | $ 14,637 | $ 14,968 |
Commitments and contingencies (Note 9) | ||
Shareholders' Equity: | ||
Additional paid-in capital | $ 304,392 | $ 301,533 |
Treasury stock, at cost - 8,018 shares | (252) | |
Accumulated other comprehensive loss | (188) | (211) |
Retained earnings | 318,683 | 294,197 |
Total shareholders' equity | 624,195 | 597,068 |
Total liabilities and shareholders' equity | 1,452,346 | 1,376,080 |
Voting Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 291 | 291 |
Non-Voting Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 1,269 | 1,258 |
Total shareholders' equity | $ 1,269 | $ 1,258 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 12,684,205 | 12,576,916 |
Common stock, shares outstanding | 12,684,205 | 12,576,916 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Operating revenues, net | $ 214,733 | $ 216,294 | $ 617,477 | $ 625,510 |
Expenses: | ||||
Direct expenses | 182,064 | 170,531 | 520,099 | 499,541 |
Selling, general and administrative expenses | 11,575 | 10,903 | 34,859 | 31,891 |
Total operating expenses | 193,639 | 181,434 | 554,958 | 531,432 |
(Gain) loss on disposal of assets | (165) | 56 | (238) | 1,371 |
Equity in loss (income) of unconsolidated affiliate | 75 | (319) | 249 | (213) |
Operating income | 21,184 | 35,123 | 62,508 | 92,920 |
Interest expense | 7,366 | 7,084 | 21,691 | 22,121 |
Loss on debt extinguishment | 29,833 | |||
Other income, net | (472) | (238) | (1,501) | (498) |
Total expenses | 6,894 | 6,846 | 20,190 | 51,456 |
Earnings before income taxes | 14,290 | 28,277 | 42,318 | 41,464 |
Income tax expense | 6,621 | 11,028 | 17,832 | 16,168 |
Net earnings | $ 7,669 | $ 17,249 | $ 24,486 | $ 25,296 |
Weighted average shares outstanding: | ||||
Basic | 15,587 | 15,483 | 15,558 | 15,483 |
Diluted | 15,652 | 15,727 | 15,640 | 15,646 |
Net earnings per share: | ||||
Basic | $ 0.49 | $ 1.11 | $ 1.57 | $ 1.63 |
Diluted | $ 0.49 | $ 1.10 | $ 1.57 | $ 1.62 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 7,669 | $ 17,249 | $ 24,486 | $ 25,296 |
Unrealized gain (loss) on short-term investments | 12 | (165) | (7) | (126) |
Other unrealized gain | 24 | |||
Changes in pension plan assets and benefit obligations | 4 | (1) | 4 | 9 |
Tax effect | (6) | 64 | 3 | 45 |
Total comprehensive income | $ 7,679 | $ 17,147 | $ 24,510 | $ 25,224 |
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 | 25,296 | 25,296 | |||||
Unrealized gain (loss) on short-term investments | (77) | (77) | |||||
Changes in pension plan assets and benefit obligations | 5 | 5 | |||||
Amortization of unearned stock-based compensation | 3,289 | 3,289 | |||||
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 | 12 | ||||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | (178) | (178) | |||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares | (4) | ||||||
Balance at Sep. 30, 2014 | 588,301 | $ 1,258 | $ 291 | 300,043 | (96) | 286,805 | |
Balance, Shares at Sep. 30, 2014 | 12,576 | 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 | 24,486 | 24,486 | |||||
Unrealized gain (loss) on short-term investments | (3) | (3) | |||||
Changes in pension plan assets and benefit obligations | 2 | 2 | |||||
Amortization of unearned stock-based compensation | 5,059 | 5,059 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units) | 18 | $ 18 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units), shares | 177 | ||||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | (2,207) | $ (7) | (2,200) | ||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares | (69) | ||||||
Purchase of treasury stock | (252) | $ (252) | |||||
Other | 24 | 24 | |||||
Balance at Sep. 30, 2015 | $ 624,195 | $ 1,269 | $ 291 | $ 304,392 | $ (252) | $ (188) | $ 318,683 |
Balance, Shares at Sep. 30, 2015 | 12,684 | 2,906 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net earnings | $ 24,486 | $ 25,296 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 54,312 | 36,906 |
Deferred income taxes | 15,983 | 9,254 |
(Gain) loss on asset dispositions | (238) | 1,371 |
Equity in loss (gain) of unconsolidated affiliate | 249 | (213) |
Loss on debt extinguishment | 29,833 | |
Inventory valuation reserves | 1,576 | |
Changes in operating assets and liabilities | 11,787 | (46,362) |
Net cash provided by operating activities | 108,155 | 56,085 |
Investing activities: | ||
Purchase of property and equipment | (48,244) | (131,478) |
Proceeds from asset dispositions | 3,469 | 7,171 |
Purchase of short-term investments | (560,148) | (439,745) |
Proceeds from sale of short-term investments | 458,468 | 338,253 |
Refund of deposits on aircraft | 6,010 | 9,506 |
Payment of deposits on aircraft | (1,207) | (6,882) |
Other | (175) | |
Net cash used in investing activities | (141,652) | (223,350) |
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 | (6,232) | |
Proceeds from line of credit | 206,660 | 205,604 |
Payments on line of credit | (171,440) | (203,000) |
Repurchase of common stock | (2,441) | (176) |
Net cash provided by financing activities | 32,779 | 169,447 |
(Decrease) increase in cash | (718) | 2,182 |
Cash, beginning of period | 6,270 | 934 |
Cash, end of period | 5,552 | 3,116 |
Cash paid during the period for: | ||
Interest | 27,161 | 24,896 |
Income taxes | 3,061 | 9,950 |
Noncash investing activities: | ||
Other current liabilities and accrued payables related to purchase of property and equipment | $ 45 | $ 76 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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. Our financial results, particularly as they relate to our 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 | 9 Months Ended |
Sep. 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 September 30, 2015: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 18,400 $ — $ — $ 18,400 Commercial paper 5,977 — (1 ) 5,976 U.S. Government agencies 3,501 1 (1 ) 3,501 Corporate bonds and notes 272,546 27 (279 ) 272,294 Subtotal 300,424 28 (281 ) 300,171 Deferred compensation plan assets included in other assets 2,229 — — 2,229 Total $ 302,653 $ 28 $ (281 ) $ 302,400 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 September 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: September 30, 2015 December 31, 2014 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 145,914 $ 145,866 $ 70,180 $ 70,169 Due within two years 136,110 135,905 62,184 61,948 Total $ 282,024 $ 281,771 $ 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: September 30, 2015 December 31, 2014 Average Average Average Average Commercial paper 0.553 246 — — U.S. Government agencies 0.736 546 — — Municipal bonds and notes — — 0.528 134 Corporate bonds and notes 1.725 366 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: September 30, 2015 December 31, 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 5,977 $ (1 ) $ — $ — U.S. Government agencies 2,499 (1 ) — — Corporate bonds and notes 187,323 (247 ) 30,332 (30 ) Total $ 195,799 $ (249 ) $ 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: September 30, 2015 December 31, 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Corporate bonds and notes $ 28,966 $ (31 ) $ — $ — Total $ 28,966 $ (31 ) $ — $ — 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 September 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 September 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 | 9 Months Ended |
Sep. 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 $2.5 million at September 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 $114.6 million and $96.6 million as of September 30, 2015 and December 31, 2014, respectively. The allowance for uncompensated care was $38.7 million and $41.9 million as of September 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 $2.2 million for the quarters ended September 30, 2015 and 2014. The estimated cost of providing charity services was $0.4 million and $0.3 million for the quarters ended September 30, 2015 and 2014, respectively. The value of these services was $7.0 million for the nine months ended September 30, 2015 and 2014. The estimated cost of providing charity services was $1.5 million and $1.6 million for the nine months ended September 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 September 30, December 31, Allowance for Contractual Discounts 57 % 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 original expiration date of September 29, 2015 was subsequently extended to December 29, 2015 and we are currently negotiating a replacement contract with this customer. 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 $14.5 million and $13.5 million at September 30, 2015 and December 31, 2014, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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: September 30, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,400 $ 18,400 $ — Commercial paper 5,976 — 5,976 U.S. Government agencies 3,501 — 3,501 Corporate bonds and notes 272,294 — 272,294 300,171 18,400 281,771 Deferred compensation plan assets 2,229 2,229 — Total $ 302,400 $ 20,629 $ 281,771 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 reflected on our balance sheets as 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 September 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 $430.3 million and $425.6 million at September 30, 2015 and December 31, 2014, respectively. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 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: September 30, December 31, (Thousands of dollars) Senior Notes dated March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 500,000 Revolving Credit Facility due October 1, 2017 with a group of commercial banks, interest payable at variable rates 78,220 43,000 Total long-term debt $ 578,220 $ 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 on March 15 and September 15 of each year, beginning September 15, 2014. PHI has the option to redeem some or all of the 2019 Notes at any time on or after March 15, 2016 at specified redemption prices. Prior to that time, PHI has the option to redeem some or all of the 2019 Notes pursuant to certain “make-whole” provisions or to redeem a portion of the 2019 Notes with the net proceeds of certain specified equity offerings. 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. Upon the occurrence of a “Change in Control Repurchase Event” (as defined in the 2019 Indenture), PHI will be required, unless it has previously elected to redeem the 2019 Notes as described above, to make an offer to purchase the 2019 Notes for a cash price equal to 101% of their principal amount. Revolving Credit Facility – Other - Cash paid to fund interest expense was $13.5 million for the quarter ended September 30, 2015 and $13.1 million for the quarter ended September 30, 2014. Cash paid to fund interest expense was $27.2 million for the nine months ended September 30, 2015 and $24.9 million for the nine months ended September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE The components of basic and diluted earnings per share are as follows: Quarter Ended Nine Months Ended 2015 2014 2015 2014 Weighted average outstanding shares of common stock, basic 15,587 15,483 15,558 15,483 Dilutive effect of unvested restricted stock units 65 244 82 163 Weighted average outstanding shares of common stock, diluted 15,652 15,727 15,640 15,646 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 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 nine months and quarters ended September 30, 2015 and 2014. Quarter Ended Nine Months Ended 2015 2014 2015 2014 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 619 $ 584 $ 1,827 $ 1,033 Performance-based restricted stock units 1,081 975 3,232 2,256 Total stock-based compensation expense $ 1,700 $ 1,559 $ 5,059 $ 3,289 During the quarter and nine months ended September 30, 2015, 13,545 and 33,593 time-based restricted stock units were awarded to managerial employees, respectively. During the quarter and nine months ended September 30, 2015, 765 and 152,331 performance-based restricted stock units were awarded to managerial employees, respectively. During the quarter and nine months ended September 30, 2014, 2,197 and 138,864 time-based restricted stock units were awarded to managerial employees, respectively. During the quarter and nine months ended September 30, 2014, 806 and 116,612 performance-based restricted stock units were awarded to managerial employees, respectively. |
Asset Disposals
Asset Disposals | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Asset Disposals | 8. ASSET DISPOSALS During the third quarter of 2015, we sold or disposed of six light aircraft previously utilized in the Oil and Gas segment. Cash proceeds totaled $2.3 million, resulting in a gain on the sale of these assets of $0.2 million. These aircraft no longer met our strategic needs. There were no sales or disposals of aircraft during the third quarter of 2014, but we did have minor sales and disposals of various ancillary equipment. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES Commitments Total aircraft deposits of $3.5 million were included in Other assets as of September 30, 2015. This amount represents deposits paid by us as required under aircraft purchase contracts. On January 2, 2015, we purchased one heavy aircraft previously leased by us pursuant to a purchase option in the lease contract for an aggregate purchase price of $17.7 million. As of September 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 September 30, 2015, we had approximately $304.1 million in aggregate commitments under operating leases of which approximately $12.9 million is payable through December 31, 2015. The total lease commitments include $288.4 million for aircraft and $15.7 million for facility lease commitments. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 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. During the quarter ended September 30, 2015, we offered a Voluntary Employee Retirement Package (“VERP”) to each pilot and base manager in our Oil and Gas segment who had attained age 65 and a minimum of 20 years of service with PHI. Thirty-seven employees accepted this VERP. We recorded related severance costs of $6.5 million during the third quarter of 2015. At September 30, 2015, $4.9 million of these severance costs remained unpaid. Subsequent to September 30, 2015, we offered a VERP to each pilot in our Oil and Gas and Air Medical segments who have attained age 65 and to all other employees in our Oil and Gas segment and corporate operations who had attained age 65 and a minimum of 20 years of service with PHI. Eligible employees must accept these offers before November 30, 2015. If all eligible employees accept these offers, our estimated total severance costs associated with these offers would be approximately $8.1 million. However, we cannot estimate at this time what percentage of eligible employees will accept these offers. 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 September 30, 2015 and 2014, approximately 56% and 62% of our total operating revenues were generated by our Oil and Gas segment. Our Oil and Gas segment generated approximately 57% and 62% of our total operating revenue for the nine months ended September 30, 2015 and 2014, respectively. Air Medical Segment. As of September 30, 2015, 106 aircraft were assigned to our Air Medical segment. At such date, we operated approximately 93 aircraft domestically, providing air medical transportation services for hospitals and emergency service agencies in 18 states at 74 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 September 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 September 30, 2015 and 2014, approximately 40% and 37% of our total operating revenues were generated by our Air Medical segment. For the nine months ended September 30, 2015 and 2014, approximately 37% 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 transported patients who self-pay. 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). Estimates regarding the payor mix and changes in reimbursement rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts fully closed, by category. 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 Nine Months 2015 2014 2015 2014 Provision for contractual discounts 63 % 73 % 65 % 71 % Provision for uncompensated care 11 % 0 % 9 % 3 % 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 Nine Months Ended 2015 2014 2015 2014 Insurance 74 % 76 % 74 % 74 % Medicare 17 % 16 % 17 % 18 % Medicaid 8 % 8 % 8 % 8 % Self-Pay 1 % 0 % 1 % 0 % 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 34% and 36% of the segment’s revenues for the quarters ended September 30, 2015 and 2014, respectively. For the nine months ended September 30, 2015 and 2014, these contracts generated approximately 37% and 39% of the segment’s revenues. Technical Services Segment. For the three month periods ended September 30, 2015 and 2014, approximately 4% and 2%, respectively, of our total operating revenues were generated by our Technical Services segment. For the nine month periods ended September 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 is as follows: Quarter Ended Nine Months Ended 2015 2014 2015 2014 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 121,190 $ 133,763 $ 354,425 $ 387,782 Air Medical 85,516 79,080 239,543 226,459 Technical Services 8,027 3,451 23,509 11,269 Total operating revenues, net 214,733 216,294 617,477 625,510 Segment direct expenses (1) Oil and Gas (2) 109,500 105,252 310,093 306,076 Air Medical 65,474 61,215 189,089 183,320 Technical Services 7,165 3,745 21,166 9,932 Total direct expenses 182,139 170,212 520,348 499,328 Segment selling, general and administrative expenses Oil and Gas 1,397 1,047 3,831 3,570 Air Medical 2,302 2,212 7,458 7,301 Technical Services 230 — 552 3 Total segment selling, general and administrative expenses 3,929 3,259 11,841 10,874 Total segment expenses 186,068 173,471 532,189 510,202 Net segment profit (loss) Oil and Gas 10,293 27,464 40,501 78,136 Air Medical 17,740 15,653 42,996 35,838 Technical Services 632 (294 ) 1,791 1,334 Total 28,665 42,823 85,288 115,308 Other, net (3) 637 182 1,739 (873 ) Unallocated selling, general and administrative costs (1) (7,646 ) (7,644 ) (23,018 ) (21,017 ) Interest expense (7,366 ) (7,084 ) (21,691 ) (22,121 ) Loss on debt extinguishment — — — (29,833 ) Earnings before income taxes $ 14,290 $ 28,277 $ 42,318 $ 41,464 (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 Nine Months Ended 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 11,194 $ 7,515 $ 32,797 $ 21,751 Air Medical 4,100 3,232 12,948 9,541 Technical Services 130 94 390 269 Total $ 15,424 $ 10,841 $ 46,135 $ 31,561 Unallocated SG&A $ 2,376 $ 2,246 $ 8,177 $ 5,345 (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 | 9 Months Ended |
Sep. 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 September 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 the quarter ended September 30, 2015, we recorded a loss in equity of unconsolidated affiliate of $0.1 million, compared to income of $0.3 million for the quarter ended September 30, 2014, relative to our 49% equity ownership. For the nine months ended September 30, 2015, we recorded a loss in equity of unconsolidated affiliate of $0.2 million, compared to income of $0.2 million for the nine months ended September 30, 2014, relative to our 49% equity ownership. In addition, we had $2.8 million of trade receivables and $1.2 million of accrued liabilities as of September 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 September 30, 2015 and December 31, 2014. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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) September 30, 2015 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 1,460 $ 4,092 $ — $ 5,552 Short-term investments 284,835 — — 284,835 Accounts receivable – net 91,899 64,095 — 155,994 Intercompany receivable — 96,250 (96,250 ) — Inventories of spare parts – net 60,893 9,282 — 70,175 Prepaid expenses 8,706 2,863 — 11,569 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 458,776 176,741 (96,250 ) 539,267 Investment in subsidiaries 332,687 — (332,687 ) — Property and equipment – net 638,569 248,817 — 887,386 Restricted investments 15,336 — — 15,336 Other assets 10,161 196 — 10,357 Total assets $ 1,455,529 $ 425,754 $ (428,937 ) $ 1,452,346 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 20,510 $ 8,129 $ — $ 28,639 Accrued and other current liabilities 35,399 14,742 — 50,141 Intercompany payable 96,250 — (96,250 ) — Total current liabilities 152,159 22,871 (96,250 ) 78,780 Long-term debt 578,220 — — 578,220 Deferred income taxes and other long-term liabilities 100,955 70,196 — 171,151 Shareholders’ Equity: Common stock and paid-in capital 305,700 86,081 (86,081 ) 305,700 Accumulated other comprehensive loss (188 ) — — (188 ) Retained earnings 318,683 246,606 (246,606 ) 318,683 Total shareholders’ equity 624,195 332,687 (332,687 ) 624,195 Total liabilities and shareholders’ equity $ 1,455,529 $ 425,754 $ (428,937 ) $ 1,452,346 (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) (Unaudited) 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 September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 124,505 $ 90,228 $ — $ 214,733 Expenses: Direct expenses 111,876 70,192 (4 ) 182,064 Selling, general and administrative expenses 9,219 2,356 — 11,575 Total operating expenses 121,095 72,548 (4 ) 193,639 Gain on disposal of assets, net (165 ) — — (165 ) Equity in loss of unconsolidated affiliate 75 — — 75 Operating income 3,500 17,680 4 21,184 Equity in net income of consolidated subsidiaries (10,682 ) — 10,682 — Interest expense 7,274 92 — 7,366 Other income, net (474 ) (2 ) 4 (472 ) (3,882 ) 90 10,686 6,894 Earnings before income taxes 7,382 17,590 (10,682 ) 14,290 Income tax (benefit) expense (287 ) 6,908 — 6,621 Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 For the quarter ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 128,580 $ 87,714 $ — $ 216,294 Expenses: Direct expenses 105,327 65,208 (4 ) 170,531 Selling, general and administrative expenses 8,597 2,306 — 10,903 Total operating expenses 113,924 67,514 (4 ) 181,434 Loss on disposal of assets, net 56 — — 56 Equity in income of unconsolidated affiliate (319 ) — — (319 ) Operating income 14,919 20,200 4 35,123 Equity in net income of consolidated subsidiaries (12,333 ) — 12,333 — Interest expense 7,082 2 — 7,084 Other income, net (226 ) (16 ) 4 (238 ) (5,477 ) (14 ) 12,337 6,846 Earnings before income taxes 20,396 20,214 (12,333 ) 28,277 Income tax expense 3,147 7,881 — 11,028 Net earnings $ 17,249 $ 12,333 $ (12,333 ) $ 17,249 (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 nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 368,202 $ 249,275 $ — $ 617,477 Expenses: Direct expenses 321,841 198,271 (13 ) 520,099 Selling, general and administrative expenses 27,198 7,661 — 34,859 Total operating expenses 349,039 205,932 (13 ) 554,958 Gain on disposal of assets, net (238 ) — — (238 ) Equity in loss of unconsolidated affiliate 249 — — 249 Operating income 19,152 43,343 13 62,508 Equity in net income of consolidated subsidiaries (26,044 ) — 26,044 — Interest expense 21,599 92 — 21,691 Other income, net (1,508 ) (6 ) 13 (1,501 ) (5,953 ) 86 26,057 20,190 Earnings before income taxes 25,105 43,257 (26,044 ) 42,318 Income tax expense 619 17,213 — 17,832 Net earnings $ 24,486 $ 26,044 $ (26,044 ) $ 24,486 For the nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 375,326 $ 250,184 $ — $ 625,510 Expenses: Direct expenses 304,668 194,886 (13 ) 499,541 Selling, general and administrative expenses 24,307 7,584 — 31,891 Total operating expenses 328,975 202,470 (13 ) 531,432 Loss on disposal of assets, net 1,371 — — 1,371 Equity in income of unconsolidated affiliate (213 ) — — (213 ) Operating income 45,193 47,714 13 92,920 Equity in net income of consolidated subsidiaries (29,118 ) — 29,118 — Interest expense 22,119 2 — 22,121 Loss on debt extinguishment 29,833 — — 29,833 Other income, net (495 ) (16 ) 13 (498 ) 22,339 (14 ) 29,131 51,456 Earnings before income taxes 22,854 47,728 (29,118 ) 41,464 Income tax expense (2,442 ) 18,610 — 16,168 Net earnings $ 25,296 $ 29,118 $ (29,118 ) $ 25,296 (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 September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 Unrealized loss on short-term investments 12 — — 12 Changes in pension plan assets and benefit obligations 4 — — 4 Tax effect (6 ) — — (6 ) Total Comprehensive Income $ 7,679 $ 10,682 $ (10,682 ) $ 7,679 For the quarter ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 17,249 $ 12,333 $ (12,333 ) $ 17,249 Unrealized loss on short-term investments (165 ) — — (165 ) Changes in pension plan assets and benefit obligations (1 ) — — (1 ) Tax effect 64 — — 64 Total Comprehensive Income $ 17,147 $ 12,333 $ (12,333 ) $ 17,147 (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 nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 24,486 $ 26,044 $ (26,044 ) $ 24,486 Unrealized loss on short-term investments (7 ) — — (7 ) Unrealized realized gain 24 — — 24 Changes in pension plan assets and benefit obligations 4 — — 4 Tax effect 3 — — 3 Total Comprehensive Income $ 24,510 $ 26,044 $ (26,044 ) $ 24,510 For the nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 25,296 $ 29,118 $ (29,118 ) $ 25,296 Unrealized loss on short-term investments (126 ) — — (126 ) Changes in pension plan assets and benefit obligations 9 — — 9 Tax effect 45 — — 45 Total Comprehensive Income $ 25,224 $ 29,118 $ (29,118 ) $ 25,224 (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 nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 39,490 $ 68,665 $ — $ 108,155 Investing activities: Purchase of property and equipment (48,244 ) — — (48,244 ) Proceeds from asset dispositions 3,469 — — 3,469 Purchase of short-term investments (560,148 ) — — (560,148 ) Proceeds from sale of short-term investments 458,468 — — 458,468 Refund of deposits on aircraft 6,010 — — 6,010 Payments of deposits on aircraft (1,207 ) — — (1,207 ) Net cash used in investing activities (141,652 ) — — (141,652 ) Financing activities: Proceeds from line of credit 206,660 — — 206,660 Payments on line of credit (171,440 ) — — (171,440 ) Repurchase of common stock for payroll tax withholding requirements (2,441 ) — — (2,441 ) Due to/from affiliate, net 70,792 (70,792 ) — — Net cash provided by (used in) financing activities 103,571 (70,792 ) — 32,779 Increase (decrease) in cash 1,409 (2,127 ) — (718 ) Cash, beginning of period 51 6,219 — 6,270 Cash, end of period $ 1,460 $ 4,092 $ — $ 5,552 (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 nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 30,206 $ 25,879 $ — $ 56,085 Investing activities: Purchase of property and equipment (131,478 ) — — (131,478 ) Proceeds from asset dispositions 7,171 — — 7,171 Purchase of short-term investments (439,745 ) — — (439,745 ) Proceeds from sale of short-term investments 338,253 — — 338,253 Refund of deposits on aircraft 9,506 — — 9,506 Payments of deposits on aircraft (6,882 ) — — (6,882 ) Loan to unconsolidated affiliate (175 ) — — (175 ) Receivables due from affiliate 23,696 — (23,696 ) — Net cash used in investing activities (199,654 ) — (23,696 ) (223,350 ) 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 (6,232 ) — — (6,232 ) Proceeds from line of credit 205,604 — — 205,604 Payments on line of credit (203,000 ) — — (203,000 ) Repurchase of common stock for payroll tax withholding requirements (176 ) — — (176 ) Payable due to affiliate — (23,696 ) 23,696 — Net cash provided by financing activities 169,447 (23,696 ) 23,696 169,447 Increase in cash (1 ) 2,183 — 2,182 Cash, beginning of period 52 882 — 934 Cash, end of period $ 51 $ 3,065 $ — $ 3,116 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Investments | Investments consisted of the following as of September 30, 2015: Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 18,400 $ — $ — $ 18,400 Commercial paper 5,977 — (1 ) 5,976 U.S. Government agencies 3,501 1 (1 ) 3,501 Corporate bonds and notes 272,546 27 (279 ) 272,294 Subtotal 300,424 28 (281 ) 300,171 Deferred compensation plan assets included in other assets 2,229 — — 2,229 Total $ 302,653 $ 28 $ (281 ) $ 302,400 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: September 30, 2015 December 31, 2014 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 145,914 $ 145,866 $ 70,180 $ 70,169 Due within two years 136,110 135,905 62,184 61,948 Total $ 282,024 $ 281,771 $ 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: September 30, 2015 December 31, 2014 Average Average Average Average Commercial paper 0.553 246 — — U.S. Government agencies 0.736 546 — — Municipal bonds and notes — — 0.528 134 Corporate bonds and notes 1.725 366 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: September 30, 2015 December 31, 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 5,977 $ (1 ) $ — $ — U.S. Government agencies 2,499 (1 ) — — Corporate bonds and notes 187,323 (247 ) 30,332 (30 ) Total $ 195,799 $ (249 ) $ 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: September 30, 2015 December 31, 2014 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Corporate bonds and notes $ 28,966 $ (31 ) $ — $ — Total $ 28,966 $ (31 ) $ — $ — |
Revenue Recognition and Valua23
Revenue Recognition and Valuation Accounts (Tables) | 9 Months Ended |
Sep. 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 September 30, December 31, Allowance for Contractual Discounts 57 % 53 % Allowance for Uncompensated Care 19 % 23 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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: September 30, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,400 $ 18,400 $ — Commercial paper 5,976 — 5,976 U.S. Government agencies 3,501 — 3,501 Corporate bonds and notes 272,294 — 272,294 300,171 18,400 281,771 Deferred compensation plan assets 2,229 2,229 — Total $ 302,400 $ 20,629 $ 281,771 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) | 9 Months Ended |
Sep. 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: September 30, December 31, (Thousands of dollars) Senior Notes dated March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 500,000 Revolving Credit Facility due October 1, 2017 with a group of commercial banks, interest payable at variable rates 78,220 43,000 Total long-term debt $ 578,220 $ 543,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share are as follows: Quarter Ended Nine Months Ended 2015 2014 2015 2014 Weighted average outstanding shares of common stock, basic 15,587 15,483 15,558 15,483 Dilutive effect of unvested restricted stock units 65 244 82 163 Weighted average outstanding shares of common stock, diluted 15,652 15,727 15,640 15,646 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 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 nine months and quarters ended September 30, 2015 and 2014. Quarter Ended Nine Months Ended 2015 2014 2015 2014 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 619 $ 584 $ 1,827 $ 1,033 Performance-based restricted stock units 1,081 975 3,232 2,256 Total stock-based compensation expense $ 1,700 $ 1,559 $ 5,059 $ 3,289 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 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 Nine Months 2015 2014 2015 2014 Provision for contractual discounts 63 % 73 % 65 % 71 % Provision for uncompensated care 11 % 0 % 9 % 3 % |
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 Nine Months Ended 2015 2014 2015 2014 Insurance 74 % 76 % 74 % 74 % Medicare 17 % 16 % 17 % 18 % Medicaid 8 % 8 % 8 % 8 % Self-Pay 1 % 0 % 1 % 0 % |
Schedule of Financial Information Concerning Reportable Operating Segments | Summarized financial information concerning our reportable operating segments is as follows: Quarter Ended Nine Months Ended 2015 2014 2015 2014 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 121,190 $ 133,763 $ 354,425 $ 387,782 Air Medical 85,516 79,080 239,543 226,459 Technical Services 8,027 3,451 23,509 11,269 Total operating revenues, net 214,733 216,294 617,477 625,510 Segment direct expenses (1) Oil and Gas (2) 109,500 105,252 310,093 306,076 Air Medical 65,474 61,215 189,089 183,320 Technical Services 7,165 3,745 21,166 9,932 Total direct expenses 182,139 170,212 520,348 499,328 Segment selling, general and administrative expenses Oil and Gas 1,397 1,047 3,831 3,570 Air Medical 2,302 2,212 7,458 7,301 Technical Services 230 — 552 3 Total segment selling, general and administrative expenses 3,929 3,259 11,841 10,874 Total segment expenses 186,068 173,471 532,189 510,202 Net segment profit (loss) Oil and Gas 10,293 27,464 40,501 78,136 Air Medical 17,740 15,653 42,996 35,838 Technical Services 632 (294 ) 1,791 1,334 Total 28,665 42,823 85,288 115,308 Other, net (3) 637 182 1,739 (873 ) Unallocated selling, general and administrative costs (1) (7,646 ) (7,644 ) (23,018 ) (21,017 ) Interest expense (7,366 ) (7,084 ) (21,691 ) (22,121 ) Loss on debt extinguishment — — — (29,833 ) Earnings before income taxes $ 14,290 $ 28,277 $ 42,318 $ 41,464 |
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs | Depreciation and Amortization Expense Quarter Ended Nine Months Ended 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 11,194 $ 7,515 $ 32,797 $ 21,751 Air Medical 4,100 3,232 12,948 9,541 Technical Services 130 94 390 269 Total $ 15,424 $ 10,841 $ 46,135 $ 31,561 Unallocated SG&A $ 2,376 $ 2,246 $ 8,177 $ 5,345 |
Condensed Consolidating Finan29
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 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) September 30, 2015 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 1,460 $ 4,092 $ — $ 5,552 Short-term investments 284,835 — — 284,835 Accounts receivable – net 91,899 64,095 — 155,994 Intercompany receivable — 96,250 (96,250 ) — Inventories of spare parts – net 60,893 9,282 — 70,175 Prepaid expenses 8,706 2,863 — 11,569 Deferred income taxes 9,915 — — 9,915 Income taxes receivable 1,068 159 — 1,227 Total current assets 458,776 176,741 (96,250 ) 539,267 Investment in subsidiaries 332,687 — (332,687 ) — Property and equipment – net 638,569 248,817 — 887,386 Restricted investments 15,336 — — 15,336 Other assets 10,161 196 — 10,357 Total assets $ 1,455,529 $ 425,754 $ (428,937 ) $ 1,452,346 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 20,510 $ 8,129 $ — $ 28,639 Accrued and other current liabilities 35,399 14,742 — 50,141 Intercompany payable 96,250 — (96,250 ) — Total current liabilities 152,159 22,871 (96,250 ) 78,780 Long-term debt 578,220 — — 578,220 Deferred income taxes and other long-term liabilities 100,955 70,196 — 171,151 Shareholders’ Equity: Common stock and paid-in capital 305,700 86,081 (86,081 ) 305,700 Accumulated other comprehensive loss (188 ) — — (188 ) Retained earnings 318,683 246,606 (246,606 ) 318,683 Total shareholders’ equity 624,195 332,687 (332,687 ) 624,195 Total liabilities and shareholders’ equity $ 1,455,529 $ 425,754 $ (428,937 ) $ 1,452,346 (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) (Unaudited) 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 September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 124,505 $ 90,228 $ — $ 214,733 Expenses: Direct expenses 111,876 70,192 (4 ) 182,064 Selling, general and administrative expenses 9,219 2,356 — 11,575 Total operating expenses 121,095 72,548 (4 ) 193,639 Gain on disposal of assets, net (165 ) — — (165 ) Equity in loss of unconsolidated affiliate 75 — — 75 Operating income 3,500 17,680 4 21,184 Equity in net income of consolidated subsidiaries (10,682 ) — 10,682 — Interest expense 7,274 92 — 7,366 Other income, net (474 ) (2 ) 4 (472 ) (3,882 ) 90 10,686 6,894 Earnings before income taxes 7,382 17,590 (10,682 ) 14,290 Income tax (benefit) expense (287 ) 6,908 — 6,621 Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 For the quarter ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 128,580 $ 87,714 $ — $ 216,294 Expenses: Direct expenses 105,327 65,208 (4 ) 170,531 Selling, general and administrative expenses 8,597 2,306 — 10,903 Total operating expenses 113,924 67,514 (4 ) 181,434 Loss on disposal of assets, net 56 — — 56 Equity in income of unconsolidated affiliate (319 ) — — (319 ) Operating income 14,919 20,200 4 35,123 Equity in net income of consolidated subsidiaries (12,333 ) — 12,333 — Interest expense 7,082 2 — 7,084 Other income, net (226 ) (16 ) 4 (238 ) (5,477 ) (14 ) 12,337 6,846 Earnings before income taxes 20,396 20,214 (12,333 ) 28,277 Income tax expense 3,147 7,881 — 11,028 Net earnings $ 17,249 $ 12,333 $ (12,333 ) $ 17,249 (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 nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 368,202 $ 249,275 $ — $ 617,477 Expenses: Direct expenses 321,841 198,271 (13 ) 520,099 Selling, general and administrative expenses 27,198 7,661 — 34,859 Total operating expenses 349,039 205,932 (13 ) 554,958 Gain on disposal of assets, net (238 ) — — (238 ) Equity in loss of unconsolidated affiliate 249 — — 249 Operating income 19,152 43,343 13 62,508 Equity in net income of consolidated subsidiaries (26,044 ) — 26,044 — Interest expense 21,599 92 — 21,691 Other income, net (1,508 ) (6 ) 13 (1,501 ) (5,953 ) 86 26,057 20,190 Earnings before income taxes 25,105 43,257 (26,044 ) 42,318 Income tax expense 619 17,213 — 17,832 Net earnings $ 24,486 $ 26,044 $ (26,044 ) $ 24,486 For the nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 375,326 $ 250,184 $ — $ 625,510 Expenses: Direct expenses 304,668 194,886 (13 ) 499,541 Selling, general and administrative expenses 24,307 7,584 — 31,891 Total operating expenses 328,975 202,470 (13 ) 531,432 Loss on disposal of assets, net 1,371 — — 1,371 Equity in income of unconsolidated affiliate (213 ) — — (213 ) Operating income 45,193 47,714 13 92,920 Equity in net income of consolidated subsidiaries (29,118 ) — 29,118 — Interest expense 22,119 2 — 22,121 Loss on debt extinguishment 29,833 — — 29,833 Other income, net (495 ) (16 ) 13 (498 ) 22,339 (14 ) 29,131 51,456 Earnings before income taxes 22,854 47,728 (29,118 ) 41,464 Income tax expense (2,442 ) 18,610 — 16,168 Net earnings $ 25,296 $ 29,118 $ (29,118 ) $ 25,296 (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 September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 Unrealized loss on short-term investments 12 — — 12 Changes in pension plan assets and benefit obligations 4 — — 4 Tax effect (6 ) — — (6 ) Total Comprehensive Income $ 7,679 $ 10,682 $ (10,682 ) $ 7,679 For the quarter ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 17,249 $ 12,333 $ (12,333 ) $ 17,249 Unrealized loss on short-term investments (165 ) — — (165 ) Changes in pension plan assets and benefit obligations (1 ) — — (1 ) Tax effect 64 — — 64 Total Comprehensive Income $ 17,147 $ 12,333 $ (12,333 ) $ 17,147 (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 nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 24,486 $ 26,044 $ (26,044 ) $ 24,486 Unrealized loss on short-term investments (7 ) — — (7 ) Unrealized realized gain 24 — — 24 Changes in pension plan assets and benefit obligations 4 — — 4 Tax effect 3 — — 3 Total Comprehensive Income $ 24,510 $ 26,044 $ (26,044 ) $ 24,510 For the nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 25,296 $ 29,118 $ (29,118 ) $ 25,296 Unrealized loss on short-term investments (126 ) — — (126 ) Changes in pension plan assets and benefit obligations 9 — — 9 Tax effect 45 — — 45 Total Comprehensive Income $ 25,224 $ 29,118 $ (29,118 ) $ 25,224 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Condensed Consolidating Statements of Cash Flows | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 39,490 $ 68,665 $ — $ 108,155 Investing activities: Purchase of property and equipment (48,244 ) — — (48,244 ) Proceeds from asset dispositions 3,469 — — 3,469 Purchase of short-term investments (560,148 ) — — (560,148 ) Proceeds from sale of short-term investments 458,468 — — 458,468 Refund of deposits on aircraft 6,010 — — 6,010 Payments of deposits on aircraft (1,207 ) — — (1,207 ) Net cash used in investing activities (141,652 ) — — (141,652 ) Financing activities: Proceeds from line of credit 206,660 — — 206,660 Payments on line of credit (171,440 ) — — (171,440 ) Repurchase of common stock for payroll tax withholding requirements (2,441 ) — — (2,441 ) Due to/from affiliate, net 70,792 (70,792 ) — — Net cash provided by (used in) financing activities 103,571 (70,792 ) — 32,779 Increase (decrease) in cash 1,409 (2,127 ) — (718 ) Cash, beginning of period 51 6,219 — 6,270 Cash, end of period $ 1,460 $ 4,092 $ — $ 5,552 (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 nine months ended September 30, 2014 Parent Guarantor (1) Eliminations Consolidated Net cash provided by operating activities $ 30,206 $ 25,879 $ — $ 56,085 Investing activities: Purchase of property and equipment (131,478 ) — — (131,478 ) Proceeds from asset dispositions 7,171 — — 7,171 Purchase of short-term investments (439,745 ) — — (439,745 ) Proceeds from sale of short-term investments 338,253 — — 338,253 Refund of deposits on aircraft 9,506 — — 9,506 Payments of deposits on aircraft (6,882 ) — — (6,882 ) Loan to unconsolidated affiliate (175 ) — — (175 ) Receivables due from affiliate 23,696 — (23,696 ) — Net cash used in investing activities (199,654 ) — (23,696 ) (223,350 ) 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 (6,232 ) — — (6,232 ) Proceeds from line of credit 205,604 — — 205,604 Payments on line of credit (203,000 ) — — (203,000 ) Repurchase of common stock for payroll tax withholding requirements (176 ) — — (176 ) Payable due to affiliate — (23,696 ) 23,696 — Net cash provided by financing activities 169,447 (23,696 ) 23,696 169,447 Increase in cash (1 ) 2,183 — 2,182 Cash, beginning of period 52 882 — 934 Cash, end of period $ 51 $ 3,065 $ — $ 3,116 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Debt issuance costs | $ 4.3 |
Investments - Components of Inv
Investments - Components of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 302,653 | $ 203,362 |
Unrealized Gains | 28 | 21 |
Unrealized Losses | (281) | (268) |
Fair Value | 302,400 | 203,115 |
Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 300,424 | 200,976 |
Unrealized Gains | 28 | 21 |
Unrealized Losses | (281) | (268) |
Fair Value | 300,171 | 200,729 |
Investments [Member] | Money Market Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 18,400 | 68,612 |
Fair Value | 18,400 | 68,612 |
Investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 5,977 | |
Unrealized Losses | (1) | |
Fair Value | 5,976 | |
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 | 272,546 | 130,864 |
Unrealized Gains | 27 | 19 |
Unrealized Losses | (279) | (268) |
Fair Value | 272,294 | 130,615 |
Investments [Member] | US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 3,501 | |
Unrealized Gains | 1 | |
Unrealized Losses | (1) | |
Fair Value | 3,501 | |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 2,229 | 2,386 |
Fair Value | $ 2,229 | $ 2,386 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Costs | $ 145,914 | $ 70,180 |
Due within two years, Amortized Costs | 136,110 | 62,184 |
Total, Amortized Costs | 282,024 | 132,364 |
Due in one year or less, Fair Value | 145,866 | 70,169 |
Due within two years, Fair Value | 135,905 | 61,948 |
Total, Fair Value | $ 281,771 | $ 132,117 |
Investments - Average Coupon Ra
Investments - Average Coupon Rate Percentage and the Average Days to Maturity of Debt (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 0.736% | |
Average Days To Maturity | 546 days | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 0.553% | |
Average Days To Maturity | 246 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 | 1.725% | 1.828% |
Average Days To Maturity | 366 days | 348 days |
Investments - Investments in Co
Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 195,799 | $ 30,332 |
Unrealized Losses | (249) | (30) |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 2,499 | |
Unrealized Losses | (1) | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 5,977 | |
Unrealized Losses | (1) | |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 187,323 | 30,332 |
Unrealized Losses | $ (247) | $ (30) |
Investments - Investments in 36
Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | $ 28,966 |
Unrealized Losses | (31) |
Corporate Bonds and Notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 28,966 |
Unrealized Losses | $ (31) |
Revenue Recognition and Valua37
Revenue Recognition and Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts [Abstract] | |||||
Allowance for doubtful accounts | $ 2.5 | $ 2.5 | $ 1.4 | ||
Allowance for contractual discounts | 114.6 | 114.6 | 96.6 | ||
Allowance for uncompensated care | 38.7 | 38.7 | 41.9 | ||
Value of uncompensated care to patients | 2.2 | $ 2.2 | 7 | $ 7 | |
Estimated cost of charity services | 0.4 | $ 0.3 | $ 1.5 | $ 1.6 | |
Contractual period of services | 3 years | ||||
Inventory valuation reserves | $ 14.5 | $ 14.5 | $ 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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Revenue Recognition And Valuation Accounts [Abstract] | ||
Allowance for Contractual Discounts | 57.00% | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 302,400 | $ 203,115 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 300,171 | 200,729 |
Investments [Member] | Money Market Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 18,400 | 68,612 |
Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,976 | |
Investments [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 272,294 | 130,615 |
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] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,501 | |
Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,229 | 2,386 |
(Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 20,629 | 70,998 |
(Level 1) [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 18,400 | 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 | 18,400 | 68,612 |
(Level 1) [Member] | Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,229 | 2,386 |
(Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 281,771 | 132,117 |
(Level 2) [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 281,771 | 132,117 |
(Level 2) [Member] | Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,976 | |
(Level 2) [Member] | Investments [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 272,294 | 130,615 |
(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] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 3,501 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 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 | 430,300,000 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 578,220 | $ 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 | $ 78,220 | $ 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] | 9 Months Ended | |
Sep. 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 ($) | Sep. 25, 2015 | Apr. 16, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior notes | $ 500,000,000 | |||||||
Repayment of Senior Notes | 300,000,000 | |||||||
Total long-term debt | $ 578,220,000 | $ 578,220,000 | $ 543,000,000 | |||||
Pretax charge related to early redemption of senior notes | (29,833,000) | |||||||
Letters of credit outstanding under the facility | 15,300,000 | 15,300,000 | 15,500,000 | |||||
Accrued interest expense paid | 27,161,000 | 24,896,000 | ||||||
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% | |||||
Proceeds from issuance of senior notes | $ 494,000,000 | |||||||
Total long-term debt | $ 500,000,000 | $ 500,000,000 | 500,000,000 | |||||
Maturity date of Senior notes payable | 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 due 2018 [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 | |||||||
Interest Expense Fund [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic payment of debt interest | 13,500,000 | $ 13,100,000 | 27,200,000 | $ 24,900,000 | ||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt | $ 78,220,000 | $ 78,220,000 | $ 43,000,000 | |||||
Increased Borrowing capacity | $ 150,000,000 | |||||||
Revolving credit facility, maturity date | Oct. 1, 2017 | |||||||
Revolving Credit facility, Covenants, consolidated working capital ratio | 200.00% | |||||||
Revolving Credit facility, Covenants, consolidated net worth ratio | 150.00% | |||||||
Revolving Credit facility, Covenants, fixed coverage ratio | 110.00% | |||||||
Revolving Credit facility, Covenants, consolidated net worth | $ 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average outstanding shares of common stock, basic | 15,587 | 15,483 | 15,558 | 15,483 |
Dilutive effect of unvested restricted stock units | 65 | 244 | 82 | 163 |
Weighted average outstanding shares of common stock, diluted | 15,652 | 15,727 | 15,640 | 15,646 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock-based compensation expense: | ||||
Total stock-based compensation expense | $ 1,700 | $ 1,559 | $ 5,059 | $ 3,289 |
Time-based Restricted Stock Units [Member] | ||||
Stock-based compensation expense: | ||||
Total stock-based compensation expense | 619 | 584 | 1,827 | 1,033 |
Performance-based Restricted Stock Units [Member] | ||||
Stock-based compensation expense: | ||||
Total stock-based compensation expense | $ 1,081 | $ 975 | $ 3,232 | $ 2,256 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Time-based Restricted Stock Units [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Restricted stock units awarded to managers | 13,545 | 2,197 | 33,593 | 138,864 |
Performance-based Restricted Stock Units [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Restricted stock units awarded to managers | 765 | 806 | 152,331 | 116,612 |
Asset Disposals - Additional In
Asset Disposals - Additional Information (Detail) | 3 Months Ended | |
Sep. 30, 2015USD ($)Aircraft | Sep. 30, 2014USD ($) | |
Assets Held For Sale And Impairments [Line Items] | ||
Cash realized from sale of assets | $ 2,300,000 | |
Gain on disposal of assets | $ 200,000 | $ 0 |
Oil and Gas [Member] | Light Aircraft [Member] | ||
Assets Held For Sale And Impairments [Line Items] | ||
Number of aircraft sold | Aircraft | 6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jan. 02, 2015USD ($)Aircraft | Jul. 31, 2015Aircraft | Dec. 31, 2014Aircraft | Mar. 31, 2015Aircraft | Sep. 30, 2015USD ($)AircraftLand_Parcel |
Long-term Purchase Commitment [Line Items] | |||||
Number of aircraft orders cancelled previously scheduled for delivery | Aircraft | 4 | ||||
Total aircraft deposits | $ 3.5 | ||||
Aggregate estimated probable liability environmental matters | $ 0.2 | ||||
Number of parcels of land exists | Land_Parcel | 2 | ||||
Aggregate commitments under operating leases | $ 304.1 | ||||
Operational lease payable | 12.9 | ||||
Lease commitment for aircraft | 288.4 | ||||
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 take delivery 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 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Employees | Sep. 30, 2014 | Sep. 30, 2015USD ($)AircraftSegmentEntityContractLocationStates | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Number of aircraft operated | 93 | |||
Number of contracts | Contract | 0 | |||
Fixed revenue streams | Entity | 0 | |||
Hospitals Contracts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 34.00% | 36.00% | 37.00% | 39.00% |
Voluntary Employee Retirement Package [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Qualifying age | 65 years | |||
Service period | 20 years | |||
Number of employees accepted VERP | Employees | 37 | |||
Severance costs | $ | $ 6.5 | |||
Remaining unpaid portion of severance costs | $ | $ 4.9 | $ 4.9 | ||
Expected severance cost | $ | $ 8.1 | |||
Oil and Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of aircraft operated | 161 | |||
Segment revenue | 56.00% | 62.00% | 57.00% | 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 | 40.00% | 37.00% | 37.00% | 36.00% |
Number of aircraft assigned | 106 | |||
Number of states in which company operates aircrafts | States | 18 | |||
Locations in which company operates Aircrafts | Location | 74 | |||
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 | 4.00% | 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] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items] | ||||
Provision for contractual discounts | 63.00% | 73.00% | 65.00% | 71.00% |
Provision for uncompensated care | 11.00% | 0.00% | 9.00% | 3.00% |
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 74.00% | 76.00% | 74.00% | 74.00% |
Medicare [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 17.00% | 16.00% | 17.00% | 18.00% |
Medicaid [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 8.00% | 8.00% | 8.00% | 8.00% |
Self Pay [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 1.00% | 0.00% | 1.00% | 0.00% |
Segment Information - Schedul52
Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Total operating revenues, net | $ 214,733 | $ 216,294 | $ 617,477 | $ 625,510 | |
Total direct expenses | 182,064 | 170,531 | 520,099 | 499,541 | |
Total segment selling, general and administrative expenses | 11,575 | 10,903 | 34,859 | 31,891 | |
Total | 21,184 | 35,123 | 62,508 | 92,920 | |
Interest expense | (7,366) | (7,084) | (21,691) | (22,121) | |
Loss on debt extinguishment | (29,833) | ||||
Earnings before income taxes | 14,290 | 28,277 | 42,318 | 41,464 | |
Reportable Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues, net | 214,733 | 216,294 | 617,477 | 625,510 | |
Total direct expenses | [1] | 182,139 | 170,212 | 520,348 | 499,328 |
Total segment selling, general and administrative expenses | 3,929 | 3,259 | 11,841 | 10,874 | |
Total segment expenses | 186,068 | 173,471 | 532,189 | 510,202 | |
Total | 28,665 | 42,823 | 85,288 | 115,308 | |
Reportable Operating Segments [Member] | Oil and Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues, net | 121,190 | 133,763 | 354,425 | 387,782 | |
Total direct expenses | [1],[2] | 109,500 | 105,252 | 310,093 | 306,076 |
Total segment selling, general and administrative expenses | 1,397 | 1,047 | 3,831 | 3,570 | |
Total | 10,293 | 27,464 | 40,501 | 78,136 | |
Reportable Operating Segments [Member] | Air Medical [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues, net | 85,516 | 79,080 | 239,543 | 226,459 | |
Total direct expenses | [1] | 65,474 | 61,215 | 189,089 | 183,320 |
Total segment selling, general and administrative expenses | 2,302 | 2,212 | 7,458 | 7,301 | |
Total | 17,740 | 15,653 | 42,996 | 35,838 | |
Reportable Operating Segments [Member] | Technical Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues, net | 8,027 | 3,451 | 23,509 | 11,269 | |
Total direct expenses | [1] | 7,165 | 3,745 | 21,166 | 9,932 |
Total segment selling, general and administrative expenses | 230 | 552 | 3 | ||
Total | 632 | (294) | 1,791 | 1,334 | |
Other, net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other, net | [3] | 637 | 182 | 1,739 | (873) |
Unallocated Selling, General and Administrative Expenses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unallocated selling, general and administrative costs | [1] | $ (7,646) | $ (7,644) | $ (23,018) | $ (21,017) |
[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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Segment Direct Expense: Oil and Gas $ 11,194 $ 7,515 $ 32,797 $ 21,751 Air Medical 4,100 3,232 12,948 9,541 Technical Services 130 94 390 269 Total $ 15,424 $ 10,841 $ 46,135 $ 31,561 Unallocated SG&A $ 2,376 $ 2,246 $ 8,177 $ 5,345 | ||||
[2] | Includes Equity in loss of unconsolidated affiliate. | ||||
[3] | Consists of gains on disposition of property and equipment, 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reportable Operating Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | $ 15,424 | $ 10,841 | $ 46,135 | $ 31,561 |
Reportable Operating Segments [Member] | Oil and Gas [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 11,194 | 7,515 | 32,797 | 21,751 |
Reportable Operating Segments [Member] | Air Medical [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 4,100 | 3,232 | 12,948 | 9,541 |
Reportable Operating Segments [Member] | Technical Services [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 130 | 94 | 390 | 269 |
Unallocated Selling, General and Administrative Expenses [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | $ 2,376 | $ 2,246 | $ 8,177 | $ 5,345 |
Investment in Variable Intere54
Investment in Variable Interest Entity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||||
Earnings (loss) in equity of unconsolidated affiliate | $ (100) | $ 300 | $ (200) | $ 200 | |
Trade receivables | 2,800 | 2,800 | $ 2,800 | ||
Accrued and other current liabilities | 50,141 | 50,141 | 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 | $ 1,200 | $ 1,200 | $ 900 |
Condensed Consolidating Finan55
Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($) | Sep. 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 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Current Assets: | |||||
Cash | $ 5,552 | $ 6,270 | $ 3,116 | $ 934 | |
Short-term investments | 284,835 | 185,244 | |||
Accounts receivable - net | 155,994 | 180,761 | |||
Inventories of spare parts - net | 70,175 | 73,793 | |||
Prepaid expenses | 11,569 | 9,314 | |||
Deferred income taxes | 9,915 | 9,915 | |||
Income taxes receivable | 1,227 | 1,227 | |||
Total current assets | 539,267 | 466,524 | |||
Property and equipment - net | 887,386 | 877,818 | |||
Restricted investments | 15,336 | 15,485 | |||
Other assets | 10,357 | 16,253 | |||
Total assets | 1,452,346 | 1,376,080 | |||
Current Liabilities: | |||||
Accounts payable | 28,639 | 27,700 | |||
Accrued and other current liabilities | 50,141 | 52,812 | |||
Total current liabilities | 78,780 | 80,512 | |||
Long-term debt | 578,220 | 543,000 | |||
Deferred income taxes and other long-term liabilities | 171,151 | 155,500 | |||
Shareholders' Equity: | |||||
Common stock and paid-in capital | 305,700 | 303,082 | |||
Accumulated other comprehensive loss | (188) | (211) | |||
Retained earnings | 318,683 | 294,197 | |||
Total shareholders' equity | 624,195 | 597,068 | 588,301 | 559,965 | |
Total liabilities and shareholders' equity | 1,452,346 | 1,376,080 | |||
Parent Company Only (issuer) [Member] | |||||
Current Assets: | |||||
Cash | 1,460 | 51 | 51 | 52 | |
Short-term investments | 284,835 | 185,244 | |||
Accounts receivable - net | 91,899 | 98,001 | |||
Inventories of spare parts - net | 60,893 | 65,341 | |||
Prepaid expenses | 8,706 | 7,610 | |||
Deferred income taxes | 9,915 | 9,915 | |||
Income taxes receivable | 1,068 | 1,068 | |||
Total current assets | 458,776 | 367,230 | |||
Investment in subsidiaries | 332,687 | 358,080 | |||
Property and equipment - net | 638,569 | 638,437 | |||
Restricted investments | 15,336 | 15,485 | |||
Other assets | 10,161 | 16,055 | |||
Total assets | 1,455,529 | 1,395,287 | |||
Current Liabilities: | |||||
Accounts payable | 20,510 | 22,578 | |||
Accrued and other current liabilities | 35,399 | 34,477 | |||
Intercompany payable | 96,250 | 95,270 | |||
Total current liabilities | 152,159 | 152,325 | |||
Long-term debt | 578,220 | 543,000 | |||
Deferred income taxes and other long-term liabilities | 100,955 | 102,894 | |||
Shareholders' Equity: | |||||
Common stock and paid-in capital | 305,700 | 303,082 | |||
Accumulated other comprehensive loss | (188) | (211) | |||
Retained earnings | 318,683 | 294,197 | |||
Total shareholders' equity | 624,195 | 597,068 | |||
Total liabilities and shareholders' equity | 1,455,529 | 1,395,287 | |||
Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash | [1] | 4,092 | 6,219 | $ 3,065 | $ 882 |
Accounts receivable - net | [1] | 64,095 | 82,760 | ||
Intercompany receivable | [1] | 96,250 | 95,399 | ||
Inventories of spare parts - net | [1] | 9,282 | 8,452 | ||
Prepaid expenses | [1] | 2,863 | 1,704 | ||
Income taxes receivable | [1] | 159 | 159 | ||
Total current assets | [1] | 176,741 | 194,693 | ||
Property and equipment - net | [1] | 248,817 | 239,381 | ||
Other assets | [1] | 196 | 198 | ||
Total assets | [1] | 425,754 | 434,272 | ||
Current Liabilities: | |||||
Accounts payable | [1] | 8,129 | 5,122 | ||
Accrued and other current liabilities | [1] | 14,742 | 18,335 | ||
Total current liabilities | [1] | 22,871 | 23,457 | ||
Deferred income taxes and other long-term liabilities | [1] | 70,196 | 52,606 | ||
Shareholders' Equity: | |||||
Common stock and paid-in capital | [1] | 86,081 | 137,647 | ||
Retained earnings | [1] | 246,606 | 220,562 | ||
Total shareholders' equity | [1] | 332,687 | 358,209 | ||
Total liabilities and shareholders' equity | [1] | 425,754 | 434,272 | ||
Eliminations [Member] | |||||
Current Assets: | |||||
Intercompany receivable | (96,250) | (95,399) | |||
Total current assets | (96,250) | (95,399) | |||
Investment in subsidiaries | (332,687) | (358,080) | |||
Total assets | (428,937) | (453,479) | |||
Current Liabilities: | |||||
Intercompany payable | (96,250) | (95,270) | |||
Total current liabilities | (96,250) | (95,270) | |||
Shareholders' Equity: | |||||
Common stock and paid-in capital | (86,081) | (137,647) | |||
Retained earnings | (246,606) | (220,562) | |||
Total shareholders' equity | (332,687) | (358,209) | |||
Total liabilities and shareholders' equity | $ (428,937) | $ (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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Condensed Income Statements, Captions [Line Items] | |||||
Operating revenues, net | $ 214,733 | $ 216,294 | $ 617,477 | $ 625,510 | |
Expenses: | |||||
Direct expenses | 182,064 | 170,531 | 520,099 | 499,541 | |
Selling, general and administrative expenses | 11,575 | 10,903 | 34,859 | 31,891 | |
Total operating expenses | 193,639 | 181,434 | 554,958 | 531,432 | |
(Gain) loss on disposal of assets | (165) | 56 | (238) | 1,371 | |
Equity in loss (income) of unconsolidated affiliate | 75 | (319) | 249 | (213) | |
Operating income | 21,184 | 35,123 | 62,508 | 92,920 | |
Interest expense | 7,366 | 7,084 | 21,691 | 22,121 | |
Loss on debt extinguishment | 29,833 | ||||
Other income, net | (472) | (238) | (1,501) | (498) | |
Total expenses | 6,894 | 6,846 | 20,190 | 51,456 | |
Earnings before income taxes | 14,290 | 28,277 | 42,318 | 41,464 | |
Income tax (benefit) expense | 6,621 | 11,028 | 17,832 | 16,168 | |
Net earnings | 7,669 | 17,249 | 24,486 | 25,296 | |
Parent Company Only (issuer) [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Operating revenues, net | 124,505 | 128,580 | 368,202 | 375,326 | |
Expenses: | |||||
Direct expenses | 111,876 | 105,327 | 321,841 | 304,668 | |
Selling, general and administrative expenses | 9,219 | 8,597 | 27,198 | 24,307 | |
Total operating expenses | 121,095 | 113,924 | 349,039 | 328,975 | |
(Gain) loss on disposal of assets | (165) | 56 | (238) | 1,371 | |
Equity in loss (income) of unconsolidated affiliate | 75 | (319) | 249 | (213) | |
Operating income | 3,500 | 14,919 | 19,152 | 45,193 | |
Equity in net income of consolidated subsidiaries | (10,682) | (12,333) | (26,044) | (29,118) | |
Interest expense | 7,274 | 7,082 | 21,599 | 22,119 | |
Loss on debt extinguishment | 29,833 | ||||
Other income, net | (474) | (226) | (1,508) | (495) | |
Total expenses | (3,882) | (5,477) | (5,953) | 22,339 | |
Earnings before income taxes | 7,382 | 20,396 | 25,105 | 22,854 | |
Income tax (benefit) expense | (287) | 3,147 | 619 | (2,442) | |
Net earnings | 7,669 | 17,249 | 24,486 | 25,296 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Operating revenues, net | [1] | 90,228 | 87,714 | 249,275 | 250,184 |
Expenses: | |||||
Direct expenses | [1] | 70,192 | 65,208 | 198,271 | 194,886 |
Selling, general and administrative expenses | [1] | 2,356 | 2,306 | 7,661 | 7,584 |
Total operating expenses | [1] | 72,548 | 67,514 | 205,932 | 202,470 |
Operating income | [1] | 17,680 | 20,200 | 43,343 | 47,714 |
Interest expense | [1] | 92 | 2 | 92 | 2 |
Other income, net | [1] | (2) | (16) | (6) | (16) |
Total expenses | [1] | 90 | (14) | 86 | (14) |
Earnings before income taxes | [1] | 17,590 | 20,214 | 43,257 | 47,728 |
Income tax (benefit) expense | [1] | 6,908 | 7,881 | 17,213 | 18,610 |
Net earnings | [1] | 10,682 | 12,333 | 26,044 | 29,118 |
Eliminations [Member] | |||||
Expenses: | |||||
Direct expenses | (4) | (4) | (13) | (13) | |
Total operating expenses | (4) | (4) | (13) | (13) | |
Operating income | 4 | 4 | 13 | 13 | |
Equity in net income of consolidated subsidiaries | 10,682 | 12,333 | 26,044 | 29,118 | |
Other income, net | 4 | 4 | 13 | 13 | |
Total expenses | 10,686 | 12,337 | 26,057 | 29,131 | |
Earnings before income taxes | (10,682) | (12,333) | (26,044) | (29,118) | |
Net earnings | $ (10,682) | $ (12,333) | $ (26,044) | $ (29,118) | |
[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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings | $ 7,669 | $ 17,249 | $ 24,486 | $ 25,296 | |
Unrealized gain (loss) on short-term investments | 12 | (165) | (7) | (126) | |
Unrealized realized gain | 24 | ||||
Changes in pension plan assets and benefit obligations | 4 | (1) | 4 | 9 | |
Tax effect | (6) | 64 | 3 | 45 | |
Total Comprehensive Income (Loss) | 7,679 | 17,147 | 24,510 | 25,224 | |
Parent Company Only (issuer) [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings | 7,669 | 17,249 | 24,486 | 25,296 | |
Unrealized gain (loss) on short-term investments | 12 | (165) | (7) | (126) | |
Unrealized realized gain | 24 | ||||
Changes in pension plan assets and benefit obligations | 4 | (1) | 4 | 9 | |
Tax effect | (6) | 64 | 3 | 45 | |
Total Comprehensive Income (Loss) | 7,679 | 17,147 | 24,510 | 25,224 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings | [1] | 10,682 | 12,333 | 26,044 | 29,118 |
Total Comprehensive Income (Loss) | [1] | 10,682 | 12,333 | 26,044 | 29,118 |
Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings | (10,682) | (12,333) | (26,044) | (29,118) | |
Total Comprehensive Income (Loss) | $ (10,682) | $ (12,333) | $ (26,044) | $ (29,118) | |
[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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 108,155 | $ 56,085 | |
Investing activities: | |||
Purchase of property and equipment | (48,244) | (131,478) | |
Proceeds from asset dispositions | 3,469 | 7,171 | |
Purchase of short-term investments | (560,148) | (439,745) | |
Proceeds from sale of short-term investments | 458,468 | 338,253 | |
Refund of deposits on aircraft | 6,010 | 9,506 | |
Payments of deposits on aircraft | (1,207) | (6,882) | |
Loan to unconsolidated affiliate | (175) | ||
Net cash used in investing activities | (141,652) | (223,350) | |
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 | (6,232) | ||
Proceeds from line of credit | 206,660 | 205,604 | |
Payments on line of credit | (171,440) | (203,000) | |
Repurchase of common stock for payroll tax withholding requirements | (2,441) | (176) | |
Net cash provided by financing activities | 32,779 | 169,447 | |
Increase (decrease) in cash | (718) | 2,182 | |
Cash, beginning of period | 6,270 | 934 | |
Cash, end of period | 5,552 | 3,116 | |
Parent Company Only (issuer) [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 39,490 | 30,206 | |
Investing activities: | |||
Purchase of property and equipment | (48,244) | (131,478) | |
Proceeds from asset dispositions | 3,469 | 7,171 | |
Purchase of short-term investments | (560,148) | (439,745) | |
Proceeds from sale of short-term investments | 458,468 | 338,253 | |
Refund of deposits on aircraft | 6,010 | 9,506 | |
Payments of deposits on aircraft | (1,207) | (6,882) | |
Loan to unconsolidated affiliate | (175) | ||
Receivables due from affiliate | 23,696 | ||
Net cash used in investing activities | (141,652) | (199,654) | |
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 | (6,232) | ||
Proceeds from line of credit | 206,660 | 205,604 | |
Payments on line of credit | (171,440) | (203,000) | |
Repurchase of common stock for payroll tax withholding requirements | (2,441) | (176) | |
Due to/from affiliate, net | 70,792 | ||
Net cash provided by financing activities | 103,571 | 169,447 | |
Increase (decrease) in cash | 1,409 | (1) | |
Cash, beginning of period | 51 | 52 | |
Cash, end of period | 1,460 | 51 | |
Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | [1] | 68,665 | 25,879 |
Financing activities: | |||
Payable due to affiliate | [1] | (23,696) | |
Due to/from affiliate, net | [1] | (70,792) | |
Net cash provided by financing activities | [1] | (70,792) | (23,696) |
Increase (decrease) in cash | [1] | (2,127) | 2,183 |
Cash, beginning of period | [1] | 6,219 | 882 |
Cash, end of period | [1] | $ 4,092 | 3,065 |
Eliminations [Member] | |||
Investing activities: | |||
Receivables due from affiliate | (23,696) | ||
Net cash used in investing activities | (23,696) | ||
Financing activities: | |||
Payable due to affiliate | 23,696 | ||
Net cash provided by financing activities | $ 23,696 | ||
[1] | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts. |