PHI (PHIG) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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		12,777,358

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 2,639	$ 2,407
Short-term investments	289,520	284,523
Accounts receivable - net
Trade	131,295	138,309
Other	11,180	6,469
Inventories of spare parts - net	69,409	69,491
Prepaid expenses	6,976	8,951
Deferred income taxes	10,379	10,379
Income taxes receivable	863	761
Total current assets	522,261	521,290
Property and equipment - net	916,560	883,529
Restricted cash and investments	13,038	15,336
Other assets	7,334	6,178
Total assets	1,459,193	1,426,333
Current Liabilities:
Accounts payable	20,843	31,373
Accrued and other current liabilities	32,178	44,759
Total current liabilities	53,021	76,132
Long-term debt:
Revolving credit facility	132,400	57,500
Senior Notes issued March 17, 2014, net of debt issuance costs of $3,064 and $3,999, respectively	496,936	496,001
Deferred income taxes	147,058	153,645
Other long-term liabilities	8,291	16,057
Commitments and contingencies (Note 9)
Shareholders' Equity:
Additional paid-in capital	308,690	304,884
Accumulated other comprehensive income (loss)	(271)	(567)
Retained earnings	311,499	321,121
Total shareholders' equity	621,487	626,998
Total liabilities and shareholders' equity	1,459,193	1,426,333
Voting Common Stock [Member]
Shareholders' Equity:
Common stock	291	291
Non-Voting Common Stock [Member]
Shareholders' Equity:
Common stock	1,278	1,269
Total shareholders' equity	$ 1,278	$ 1,269

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt issuance costs	$ 3,064	$ 3,999
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	12,777,358	12,685,725
Common stock, shares outstanding	12,777,358	12,685,725

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Operating revenues, net	$ 158,093	$ 214,733	$ 489,245	$ 617,477
Expenses:
Direct expenses	144,938	182,064	449,909	520,099
Selling, general and administrative expenses	13,381	11,575	36,832	34,859
Total operating expenses	158,319	193,639	486,741	554,958
Loss (gain) on disposal of assets	85	(165)	(3,854)	(238)
Equity in loss of unconsolidated affiliate	198	75	274	249
Operating (loss) income	(509)	21,184	6,084	62,508
Interest expense	7,719	7,366	22,792	21,691
Other income, net	(462)	(472)	(1,571)	(1,501)
Total expenses	7,257	6,894	21,221	20,190
(Loss) earnings before income taxes	(7,766)	14,290	(15,137)	42,318
Income tax (benefit) expense	(2,799)	6,621	(5,515)	17,832
Net (loss) earnings	$ (4,967)	$ 7,669	$ (9,622)	$ 24,486
Weighted average shares outstanding:
Basic	15,683	15,587	15,655	15,558
Diluted	15,683	15,652	15,655	15,640
Net (loss) earnings per share:
Basic	$ (0.32)	$ 0.49	$ (0.61)	$ 1.57
Diluted	$ (0.32)	$ 0.49	$ (0.61)	$ 1.57

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (4,967)	$ 7,669	$ (9,622)	$ 24,486
Unrealized (loss) gain on short-term investments	(494)	12	523	(7)
Other unrealized gain				24
Changes in pension plan assets and benefit obligations	1	4	3	4
Tax effect of adjustments	178	(6)	(229)	3
Total comprehensive (loss) income	$ (5,282)	$ 7,679	$ (9,325)	$ 24,510

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]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock [Member]
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	(188)	318,683	$ (252)
Balance, Shares at Sep. 30, 2015		12,684	2,906
Balance at Dec. 31, 2015	626,998	$ 1,269	$ 291	304,884	(567)	321,121
Balance, Shares at Dec. 31, 2015		12,685	2,906
Net earnings	(9,622)					(9,622)
Unrealized gain (loss) on short-term investments	294				294
Changes in pension plan assets and benefit obligations	2				2
Amortization of unearned stock-based compensation	4,334			4,334
Issuance of non-voting common stock (upon vesting of restricted stock units)	12	$ 12
Issuance of voting common stock (upon vesting of restricted stock units), shares		128
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(531)	$ (3)		(528)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares		(28)
Retirement of treasury stock, Shares		(8)
Balance at Sep. 30, 2016	$ 621,487	$ 1,278	$ 291	$ 308,690	$ (271)	$ 311,499
Balance, Shares at Sep. 30, 2016		12,777	2,906

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net (loss) earnings	$ (9,622)	$ 24,486
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	53,054	54,312
Deferred income taxes	(6,775)	15,983
Loss (gain) on disposal of assets	(3,854)	(238)
Equity in loss of unconsolidated affiliate	274	249
Inventory valuation reserves	3,766	1,576
Changes in operating assets and liabilities	(43,991)	11,787
Net cash (used in) provided by operating activities	(7,148)	108,155
Investing activities:
Purchase of property and equipment	(74,950)	(48,244)
Proceeds from asset dispositions	13,233	3,469
Purchase of short-term investments	(263,204)	(560,148)
Proceeds from sale of short-term investments	259,322	458,468
Refund of deposits on aircraft		6,010
Payment of deposits on aircraft	(197)	(1,207)
Loan to unconsolidated affiliate	(1,200)
Net cash used in investing activities	(66,996)	(141,652)
Financing activities:
Proceeds from line of credit	213,900	206,660
Payments on line of credit	(139,000)	(171,440)
Repurchase of common stock	(524)	(2,441)
Net cash provided by (used in) financing activities	74,376	32,779
Increase (decrease) in cash	232	(718)
Cash, beginning of period	2,407	6,270
Cash, end of period	2,639	5,552
Cash paid during the period for:
Interest	28,258	27,161
Income taxes	2,856	3,061
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 3,717	$ 45

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [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, 2015 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, 2015. 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. New Accounting Pronouncements— Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718); Improvements to Employee Share-Based Payment Accounting. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory

Investments

Investments	9 Months Ended
	Sep. 30, 2016
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 gain (loss), 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. We determine cost, gains, and losses using the specific identification method. Investments consisted of the following as of September 30, 2016: Cost Basis Unrealized Unrealized Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 17,608 $ — $ — $ 17,608 Commercial paper 32,820 — (75 ) 32,745 U.S. Government agencies 16,296 5 (3 ) 16,298 Corporate bonds and notes 236,215 33 (355 ) 235,893 Subtotal 302,939 38 (433 ) 302,544 Deferred compensation plan assets included in other assets 2,392 — — 2,392 Total $ 305,331 $ 38 $ (433 ) $ 304,936 Investments consisted of the following as of December 31, 2015: Cost Basis Unrealized Unrealized Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,181 $ — $ — $ 18,181 Commercial paper 5,986 — (5 ) 5,981 U.S. Government agencies 11,499 — (30 ) 11,469 Corporate bonds and notes 265,069 — (841 ) 264,228 Subtotal 300,735 — (876 ) 299,859 Deferred compensation plan assets included in other assets 2,294 — — 2,294 Total $ 303,029 $ — $ (876 ) $ 302,153 At September 30, 2016 and December 31, 2015, we classified $13.0 million and $15.3 million 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 and a bond relating to foreign operations. The following table presents the cost and fair value of our debt investments based on maturities as of: September 30, 2016 December 31, 2015 Amortized Fair Amortized Fair Costs Value Costs Value (Thousands of dollars) Due in one year or less $ 171,336 $ 171,152 $ 152,444 $ 152,212 Due within two years 113,995 113,784 130,110 129,466 Total $ 285,331 $ 284,936 $ 282,554 $ 281,678 The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: September 30, 2016 December 31, 2015 Average Average Average Average Coupon Days To Coupon Days To Rate (%) Maturity Rate (%) Maturity Commercial paper 0.978 253 0.553 154 U.S. Government agencies 0.979 512 0.865 599 Corporate bonds and notes 1.643 330 1.757 331 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, 2016 December 31, 2015 Unrealized Unrealized Fair Value Losses Fair Value Losses (Thousands of dollars) Commercial paper $ 31,753 $ (75 ) $ 5,981 $ (5 ) U.S. Government agencies 7,001 (2 ) 8,969 (30 ) Corporate bonds and notes 169,833 (320 ) 232,347 (793 ) Total $ 208,587 $ (397 ) $ 247,297 $ (828 ) 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, 2016 December 31, 2015 Unrealized Unrealized Fair Value Losses Fair Value Losses (Thousands of dollars) Corporate bonds and notes $ 34,002 $ (36 ) $ 28,866 $ (48 ) Total $ 34,002 $ (36 ) $ 28,866 $ (48 ) From time to time over the periods covered in our financial statements included herein (and as illustrated in the foregoing tables), our investments have experienced net unrealized losses. We consider these declines in market value to be due to customary market fluctuations, 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, 2016 or December 31, 2015. We have also determined that we did not have any other than temporary impairments relating to credit losses on debt securities for the quarter ended September 30, 2016. 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, 2015.

Revenue Recognition and Valuati

Revenue Recognition and Valuation Accounts	9 Months Ended
	Sep. 30, 2016
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 $5.4 million at September 30, 2016, and $5.2 million at December 31, 2015. 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 $119.7 million and $103.6 million as of September 30, 2016 and December 31, 2015, respectively. The allowance for uncompensated care was $35.6 million and $41.9 million as of September 30, 2016 and December 31, 2015, 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, 2016 and 2015, respectively. The value of these services was $6.9 million and $7.0 million for the nine months ended September 30, 2016 and 2015, respectively. The estimated cost of providing charity services was $0.5 million and $0.4 million for the quarters ended September 30, 2016 and 2015, respectively. The estimated cost of providing charity services was $1.8 million and $1.5 million for the nine months ended September 30, 2016 and 2015, 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 60 % 56 % Allowance for Uncompensated Care 18 % 23 % Under a three-year contract that commenced on September 29, 2012, our Air Medical affiliate provided multiple services to a customer in the Middle East, including helicopter leasing, emergency medical helicopter flight services, aircraft maintenance, provision of spare parts, insurance coverage for the customer-owned aircraft, training services, and base construction. Each of the major services mentioned above qualified 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. As discussed in greater detail elsewhere herein, this contract, after being extended one year, lapsed on September 30, 2016. We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $17.1 million and $15.4 million at September 30, 2016 and December 31, 2015, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
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, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 17,608 $ 17,608 $ — Commercial paper 32,745 — 32,745 U.S. Government agencies 16,298 — 16,298 Corporate bonds and notes 235,893 — 235,893 302,544 17,608 284,936 Deferred compensation plan assets 2,392 2,392 — Total $ 304,936 $ 20,000 $ 284,936 December 31, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,181 $ 18,181 $ — Commercial paper 5,981 — 5,981 U.S. Government agencies 11,469 — 11,469 Corporate bonds and notes 264,228 — 264,228 299,859 18,181 281,678 Deferred compensation plan assets 2,294 2,294 — Total $ 302,153 $ 20,475 $ 281,678 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 we hold to fund liabilities under our 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, 2016 and December 31, 2015. 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 $485.6 million and $403.1 million at September 30, 2016 and December 31, 2015, respectively.

Long Term Debt

Long Term Debt	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 3,064 $ 500,000 $ 3,999 Revolving Credit Facility due October 1, 2017 with a group of commercial banks, interest payable at variable rates 132,400 — 57,500 — Total long-term debt $ 632,400 $ 3,064 $ 557,500 $ 3,999 In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs Our 5.25% Senior Notes (the “2019 Notes”) will mature on March 15, 2019, are unconditionally guaranteed on a senior basis by each of PHI’s wholly-owned 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. 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. 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– Cash paid to fund interest expense was $13.9 million for the quarter ended September 30, 2016 and $13.5 million for the quarter ended September 30, 2015. Cash paid to fund interest expense was $28.3 million for the nine months ended September 30, 2016 and $27.2 million for the nine months ended September 30, 2015. Letter of Credit Facility— Other

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	6. EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and nine months ended September 30, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended 2016 2015 2016 2015 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,683 15,587 15,655 15,558 Dilutive effect of unvested restricted stock units — 65 — 82 Weighted average outstanding shares of common stock, diluted (1) 15,683 15,652 15,655 15,640 (1) For the three months ended September 30, 2016, 52,126 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, as they were anti-dilutive to earnings per share. For the nine months ended September 30, 2016, 22,221 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, as they were anti-dilutive to earnings per share.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
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, 2016 and 2015. Quarter Ended Nine Months Ended 2016 2015 2016 2015 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 631 $ 619 $ 1,847 $ 1,827 Performance-based restricted stock units 823 1,081 2,502 3,232 Total stock-based compensation expense $ 1,454 $ 1,700 $ 4,349 $ 5,059 During the quarter and nine months ended September 30, 2016, 10,992 and 25,280 time-based restricted stock units were awarded to managerial employees, respectively. During the quarter and nine months ended September 30, 2016, 2,318 and 310,481 performance-based restricted stock units were awarded to managerial employees, respectively. 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.

Asset Disposals

Asset Disposals	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Asset Disposals	8. ASSET DISPOSALS During the third quarter of 2016, we sold four light aircraft utilized in the Oil and Gas segment. Cash proceeds totaled $2.2 million, resulting in a loss of $0.1 million on the sale of these assets. These aircraft no longer met our strategic needs. In the first two quarters of 2016, we sold five light and three medium aircraft and related parts inventory utilized in the Oil and Gas segment. Cash proceeds totaled $11.0 million, resulting in a gain on the sale of these assets of $3.9 million. These aircraft no longer met our strategic needs. 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES Commitments Total aircraft deposits of $2.8 million were included in Other assets as of September 30, 2016. This amount represents deposits paid by us under aircraft leases which will be applied either to the future purchase of the aircraft or the final lease payments depending upon whether or not we elect to purchase the aircraft when that option under the lease becomes available to us. As of September 30, 2016, 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 through 2020. The aggregate option purchase prices are $50.3 million in 2016, $55.7 million in 2017, $127.0 million in 2018, $150.4 million in 2019 and $22.7 million in 2020. Whether we exercise these options will depend upon several factors, including market conditions and our available cash at the respective exercise dates; however, we currently do not anticipate exercising the buyout options during 2016. During the quarter ended September 30, 2016, we declined the early buyout option on one aircraft. During the third quarter of 2016, we purchased one heavy aircraft previously leased by us for $26.7 million. This aircraft purchase was made available for sale by the lessor prior to its early buy out option date and is not one of the above-mentioned aircraft available for purchase in 2016. We intend to use this aircraft in our international operations. Subsequent to September 30, 2016, we entered into a contract to purchase two medium aircraft for use in our Oil and Gas segment. We expect to take delivery of the aircraft in the first quarter of 2017. The total purchase commitment is $19.9 million. Environmental Matters – Legal Matters – Operating Leases At September 30, 2016, we had approximately $239.0 million in aggregate commitments under operating leases of which approximately $12.0 million is payable through December 31, 2016. The total lease commitments include $226.2 million for aircraft and $12.8 million for facility lease commitments.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
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. In January 2016, we offered a Voluntary Employee Retirement Package (“VERP”) to all pilots who had attained age 64. Fifteen employees accepted this VERP, resulting in severance costs of $1.6 million recorded in the first quarter of 2016. At September 30, 2016, the severance costs from these offerings had been paid. During the quarter ended March 31, 2016, we also offered a voluntary furlough program to our Oil and Gas pilots whereby pilots who elect to participate in the program will receive severance pay and may continue medical coverage at their current employee-paid premiums. Twenty-six pilots accepted the offer with a total severance cost of $0.4 million. Under the terms of the furlough agreement, we must, no later than twelve months from the date of furlough, offer each furloughed employee a right to return to work. 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, 2016 and 2015, respectively, approximately 49% and 56% of our total operating revenues were generated by our Oil and Gas segment. Our Oil and Gas segment generated approximately 51% and 57% of our total operating revenue for the nine months ended September 30, 2016 and 2015, respectively. Air Medical Segment. As of September 30, 2016, 104 aircraft were available for use by our Air Medical segment. At such date, we operated approximately 97 aircraft domestically, providing air medical transportation services for hospitals and emergency service agencies in 18 states at 72 separate locations. Through September 30, 2016, we also provided air medical transportation services for a customer overseas. For our overseas program, we deployed eight customer-owned aircraft at three locations, with four aircraft generating revenues during the quarter and nine months ended September 30, 2016. 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, 2016 and 2015, approximately 47% and 40% of our total operating revenues were generated by our Air Medical segment, respectively. For the nine months ended September 30, 2016 and 2015, approximately 45% and 37% 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 Ended September 30, September 30, 2016 2015 2016 2015 Provision for contractual discounts 65 % 63 % 67 % 65 % Provision for uncompensated care 9 % 11 % 6 % 9 % 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 September 30, September 30, 2016 2015 2016 2015 Insurance 75 % 74 % 72 % 74 % Medicare 17 % 17 % 18 % 17 % Medicaid 8 % 8 % 9 % 8 % Self-Pay 0 % 1 % 1 % 1 % We also have several traditional provider 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 27% and 34% of the segment’s revenues for the quarters ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 and 2015, these contracts generated approximately 29% and 37% of the segment’s revenues, respectively. Technical Services Segment. Approximately 4% of our total operating revenues were generated by our Technical Services segment during each of the three and nine-month periods ended September 30, 2016 and 2015. Summarized financial information concerning our reportable operating segments for the quarters and nine months ended September 30, 2016 and 2015 is as follows: Quarter Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Thousands of dollars) (Thousands of dollars) Segment operating revenues, net Oil and Gas $ 77,551 $ 121,190 $ 249,173 $ 354,425 Air Medical 74,482 85,516 220,089 239,543 Technical Services 6,060 8,027 19,983 23,509 Total operating revenues, net 158,093 214,733 489,245 617,477 Segment direct expenses (1) Oil and Gas (2) 82,832 109,500 262,148 310,093 Air Medical 56,562 65,474 172,603 189,089 Technical Services 5,742 7,165 15,432 21,166 Total direct expenses 145,136 182,139 450,183 520,348 Segment selling, general and administrative expenses Oil and Gas 1,705 1,397 4,838 3,831 Air Medical 3,056 2,302 8,293 7,458 Technical Services 266 230 763 552 Total segment selling, general and administrative expenses 5,027 3,929 13,894 11,841 Total segment expenses 150,163 186,068 464,077 532,189 Net segment (loss) profit Oil and Gas (6,986 ) 10,293 (17,813 ) 40,501 Air Medical 14,864 17,740 39,193 42,996 Technical Services 52 632 3,788 1,791 Total 7,930 28,665 25,168 85,288 Other, net (3) 377 637 5,425 1,739 Unallocated selling, general and administrative costs (1) (8,354 ) (7,646 ) (22,938 ) (23,018 ) Interest expense (7,719 ) (7,366 ) (22,792 ) (21,691 ) (Loss) earnings before income taxes $ (7,766 ) $ 14,290 $ (15,137 ) $ 42,318 (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 September 30, September 30, 2016 2015 2016 2015 Segment Direct Expense: Oil and Gas $ 10,616 $ 11,194 $ 30,558 $ 32,797 Air Medical 5,267 4,100 14,654 12,948 Technical Services 141 130 426 390 Total $ 16,024 $ 15,424 $ 45,638 $ 46,135 Unallocated SG&A $ 2,269 $ 2,376 $ 7,416 $ 8,177 (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, 2016
Text Block [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, 2016, 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, 2016, we recorded a loss in equity of unconsolidated affiliate of $0.2 million, compared to a loss of $0.1 million for the quarter ended September 30, 2015, relative to our 49% equity ownership. For the nine months ended September 30, 2016, we recorded a loss in equity of unconsolidated affiliate of $0.3 million, compared to a loss of $0.2 million for the nine months ended September 30, 2015, relative to our 49% equity ownership. We had $0 of trade receivables as of September 30, 2016 from PHIC. At December 31, 2015, we recorded an allowance for bad debts against this trade receivable of $1.5 million, as we do not anticipate that we will be able to recover them. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $0.9 million and $0 at September 30, 2016 and December 31, 2015, respectively.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Sep. 30, 2016
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, 2016
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 $500.0 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 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”) and the guarantor subsidiaries under separate headings. 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. The transactions reflected in “Due to/from affiliates, net” in the following condensed consolidated statements of cash flows primarily consist of centralized cash management activities between PHI, Inc. and its subsidiaries, pursuant to which cash earned by the guarantor subsidiaries is regularly transferred to PHI, Inc. to be centrally managed. Because these balances are treated as short-term borrowings of the Parent Company, serve as a financing and cash management tool to meet our short-term operating needs, turn over quickly and are payable to the guarantor subsidiaries on demand, we present borrowings and repayments with our affiliates on a net basis within the condensed consolidating statement of cash flows. Net receivables from our affiliates are considered advances and net payables to our affiliates are considered borrowings, and both changes are presented as financing activities in the following condensed consolidating statements of cash flows. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,603 $ — $ 2,639 Short-term investments 289,520 — — 289,520 Accounts receivable – net 64,564 77,911 — 142,475 Intercompany receivable — 41,796 (41,796 ) — Inventories of spare parts – net 60,416 8,993 — 69,409 Prepaid expenses 4,412 2,564 — 6,976 Deferred income taxes 10,379 — — 10,379 Income taxes receivable 950 (87 ) — 863 Total current assets 430,277 133,780 (41,796 ) 522,261 Investment in subsidiaries 351,440 — (351,440 ) — Property and equipment – net 602,296 314,264 — 916,560 Restricted cash and investments 13,023 15 — 13,038 Other assets 6,181 1,153 — 7,334 Total assets $ 1,403,217 $ 449,212 $ (393,236 ) $ 1,459,193 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 17,232 $ 3,611 $ — $ 20,843 Accrued and other current liabilities 21,894 10,284 — 32,178 Intercompany payable 41,796 — (41,796 ) — Total current liabilities 80,922 13,895 (41,796 ) 53,021 Long-term debt: Revolving credit facility 132,400 — — 132,400 Senior Notes dated March 17, 2014, net of debt issuance costs of $3,064 496,936 — — 496,936 Deferred income taxes and other long-term liabilities 71,472 83,877 — 155,349 Shareholders’ Equity: Common stock and paid-in capital 310,259 79,191 (79,191 ) 310,259 Accumulated other comprehensive income (271 ) — — (271 ) Retained earnings 311,499 272,249 (272,249 ) 311,499 Total shareholders’ equity 621,487 351,440 (351,440 ) 621,487 Total liabilities and shareholders’ equity $ 1,403,217 $ 449,212 $ (393,236 ) $ 1,459,193 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) December 31, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 46 $ 2,361 $ — $ 2,407 Short-term investments 284,523 — — 284,523 Accounts receivable – net 70,336 74,442 — 144,778 Intercompany receivable — 90,943 (90,943 ) — Inventories of spare parts – net 60,060 9,431 — 69,491 Prepaid expenses 7,162 1,789 — 8,951 Deferred income taxes 10,379 — — 10,379 Income taxes receivable 1,002 (241 ) — 761 Total current assets 433,508 178,725 (90,943 ) 521,290 Investment in subsidiaries 330,848 — (330,848 ) — Property and equipment – net 632,759 250,770 — 883,529 Restricted investments 15,336 — — 15,336 Other assets 5,975 203 — 6,178 Total assets $ 1,418,426 $ 429,698 $ (421,791 ) $ 1,426,333 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 25,512 $ 5,861 $ — $ 31,373 Accrued liabilities 29,138 15,621 — 44,759 Intercompany payable 90,943 — (90,943 ) — Total current liabilities 145,593 21,482 (90,943 ) 76,132 Long-term debt: Revolving credit facility 57,500 — — 57,500 Senior Notes dated March 17, 2014, net of debt issuance costs of $3,999 496,001 — — 496,001 Deferred income taxes and other long-term liabilities 92,334 77,368 — 169,702 Shareholders’ Equity: Common stock and paid-in capital 306,444 79,061 (79,061 ) 306,444 Accumulated other comprehensive loss (567 ) — — (567 ) Retained earnings 321,121 251,787 (251,787 ) 321,121 Total shareholders’ equity 626,998 330,848 (330,848 ) 626,998 Total liabilities and shareholders’ equity $ 1,418,426 $ 429,698 $ (421,791 ) $ 1,426,333 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the quarter ended September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Operating revenues, net $ 79,532 $ 78,561 $ — $ 158,093 Expenses: Direct expenses 83,188 61,750 — 144,938 Selling, general and administrative expenses 10,639 3,092 (350 ) 13,381 Total operating expenses 93,827 64,842 (350 ) 158,319 Loss on disposal of assets, net 85 — — 85 Equity in loss of unconsolidated affiliate 198 — — 198 Operating income (14,578 ) 13,719 350 (509 ) Equity in net income of consolidated subsidiaries (8,372 ) — 8,372 — Interest expense 7,716 3 — 7,719 Other income, net (812 ) — 350 (462 ) (1,468 ) 3 8,722 7,257 (Loss) earnings before income taxes (13,110 ) 13,716 (8,372 ) (7,766 ) Income tax (benefit) expense (8,143 ) 5,344 — (2,799 ) Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) For the quarter ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Operating revenues, net $ 260,766 $ 228,479 $ — $ 489,245 Expenses: Direct expenses 264,761 185,148 — 449,909 Selling, general and administrative expenses 28,914 8,766 (848 ) 36,832 Total operating expenses 293,675 193,914 (848 ) 486,741 Gain on disposal of assets, net (3,854 ) — — (3,854 ) Equity in loss of unconsolidated affiliate 274 — — 274 Operating income (29,329 ) 34,565 848 6,084 Equity in net income of consolidated subsidiaries (20,462 ) — 20,462 — Interest expense 22,762 30 — 22,792 Other income, net (2,415 ) (4 ) 848 (1,571 ) (115 ) 26 21,310 21,221 (Loss) earnings before income taxes (29,214 ) 34,539 (20,462 ) (15,137 ) Income tax (benefit) expense (19,592 ) 14,077 — (5,515 ) Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) For the nine months ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Thousands of dollars) (Unaudited) For the quarter ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) Unrealized loss on short-term investments (494 ) — — (494 ) Changes in pension plan assets and benefit obligations 1 — — 1 Tax effect 178 — — 178 Total comprehensive (loss) income $ (5,282 ) $ 8,372 $ (8,372 ) $ (5,282 ) For the quarter ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 Unrealized gain 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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) Unrealized gain on short-term investments 523 — — 523 Changes in pension plan assets and benefit obligations 3 — — 3 Tax effect (229 ) — — (229 ) Total comprehensive (loss) income $ (9,325 ) $ 20,462 $ (20,462 ) $ (9,325 ) For the nine months ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2016 Parent Company Only (issuer) Guarantor Subsidiaries (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (32,467 ) $ 25,319 $ — $ (7,148 ) Investing activities: Purchase of property and equipment (74,647 ) (303 ) — (74,950 ) Proceeds from asset dispositions 13,233 — — 13,233 Purchase of short-term investments (263,204 ) — — (263,204 ) Proceeds from sale of short-term investments 259,322 — — 259,322 Payments of deposits on aircraft (197 ) — — (197 ) Loan to unconsolidated affiliate (1,200 ) — — (1,200 ) Net cash used in investing activities (66,693 ) (303 ) — (66,996 ) Financing activities: Proceeds from line of credit 213,900 — — 213,900 Payments on line of credit (139,000 ) — — (139,000 ) Repurchase of common stock (524 ) — — (524 ) Due to/from affiliate, net 24,774 (24,774 ) — — Net cash provided by (used in) financing activities 99,150 (24,774 ) — 74,376 (Decrease) increase in cash (10 ) 242 — 232 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 36 $ 2,603 $ — $ 2,639 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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 Company Only (issuer) 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 guarantor subsidiaries’ amounts.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements— Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718); Improvements to Employee Share-Based Payment Accounting. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Components of Investments	Investments consisted of the following as of September 30, 2016: Cost Basis Unrealized Unrealized Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 17,608 $ — $ — $ 17,608 Commercial paper 32,820 — (75 ) 32,745 U.S. Government agencies 16,296 5 (3 ) 16,298 Corporate bonds and notes 236,215 33 (355 ) 235,893 Subtotal 302,939 38 (433 ) 302,544 Deferred compensation plan assets included in other assets 2,392 — — 2,392 Total $ 305,331 $ 38 $ (433 ) $ 304,936 Investments consisted of the following as of December 31, 2015: Cost Basis Unrealized Unrealized Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,181 $ — $ — $ 18,181 Commercial paper 5,986 — (5 ) 5,981 U.S. Government agencies 11,499 — (30 ) 11,469 Corporate bonds and notes 265,069 — (841 ) 264,228 Subtotal 300,735 — (876 ) 299,859 Deferred compensation plan assets included in other assets 2,294 — — 2,294 Total $ 303,029 $ — $ (876 ) $ 302,153
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, 2016 December 31, 2015 Amortized Fair Amortized Fair Costs Value Costs Value (Thousands of dollars) Due in one year or less $ 171,336 $ 171,152 $ 152,444 $ 152,212 Due within two years 113,995 113,784 130,110 129,466 Total $ 285,331 $ 284,936 $ 282,554 $ 281,678
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, 2016 December 31, 2015 Average Average Average Average Coupon Days To Coupon Days To Rate (%) Maturity Rate (%) Maturity Commercial paper 0.978 253 0.553 154 U.S. Government agencies 0.979 512 0.865 599 Corporate bonds and notes 1.643 330 1.757 331
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, 2016 December 31, 2015 Unrealized Unrealized Fair Value Losses Fair Value Losses (Thousands of dollars) Commercial paper $ 31,753 $ (75 ) $ 5,981 $ (5 ) U.S. Government agencies 7,001 (2 ) 8,969 (30 ) Corporate bonds and notes 169,833 (320 ) 232,347 (793 ) Total $ 208,587 $ (397 ) $ 247,297 $ (828 )
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, 2016 December 31, 2015 Unrealized Unrealized Fair Value Losses Fair Value Losses (Thousands of dollars) Corporate bonds and notes $ 34,002 $ (36 ) $ 28,866 $ (48 ) Total $ 34,002 $ (36 ) $ 28,866 $ (48 )

Revenue Recognition and Valua23

Revenue Recognition and Valuation Accounts (Tables)	9 Months Ended
	Sep. 30, 2016
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 60 % 56 % Allowance for Uncompensated Care 18 % 23 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 17,608 $ 17,608 $ — Commercial paper 32,745 — 32,745 U.S. Government agencies 16,298 — 16,298 Corporate bonds and notes 235,893 — 235,893 302,544 17,608 284,936 Deferred compensation plan assets 2,392 2,392 — Total $ 304,936 $ 20,000 $ 284,936 December 31, 2015 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,181 $ 18,181 $ — Commercial paper 5,981 — 5,981 U.S. Government agencies 11,469 — 11,469 Corporate bonds and notes 264,228 — 264,228 299,859 18,181 281,678 Deferred compensation plan assets 2,294 2,294 — Total $ 302,153 $ 20,475 $ 281,678

Long Term Debt (Tables)

Long Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 3,064 $ 500,000 $ 3,999 Revolving Credit Facility due October 1, 2017 with a group of commercial banks, interest payable at variable rates 132,400 — 57,500 — Total long-term debt $ 632,400 $ 3,064 $ 557,500 $ 3,999

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share for the quarter and nine months ended September 30, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended 2016 2015 2016 2015 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,683 15,587 15,655 15,558 Dilutive effect of unvested restricted stock units — 65 — 82 Weighted average outstanding shares of common stock, diluted (1) 15,683 15,652 15,655 15,640 (1) For the three months ended September 30, 2016, 52,126 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, as they were anti-dilutive to earnings per share. For the nine months ended September 30, 2016, 22,221 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, as they were anti-dilutive to earnings per share.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 and 2015. Quarter Ended Nine Months Ended 2016 2015 2016 2015 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 631 $ 619 $ 1,847 $ 1,827 Performance-based restricted stock units 823 1,081 2,502 3,232 Total stock-based compensation expense $ 1,454 $ 1,700 $ 4,349 $ 5,059

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
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 Ended September 30, September 30, 2016 2015 2016 2015 Provision for contractual discounts 65 % 63 % 67 % 65 % Provision for uncompensated care 9 % 11 % 6 % 9 %
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 September 30, September 30, 2016 2015 2016 2015 Insurance 75 % 74 % 72 % 74 % Medicare 17 % 17 % 18 % 17 % Medicaid 8 % 8 % 9 % 8 % Self-Pay 0 % 1 % 1 % 1 %
Schedule of Financial Information Concerning Reportable Operating Segments	Summarized financial information concerning our reportable operating segments for the quarters and nine months ended September 30, 2016 and 2015 is as follows: Quarter Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Thousands of dollars) (Thousands of dollars) Segment operating revenues, net Oil and Gas $ 77,551 $ 121,190 $ 249,173 $ 354,425 Air Medical 74,482 85,516 220,089 239,543 Technical Services 6,060 8,027 19,983 23,509 Total operating revenues, net 158,093 214,733 489,245 617,477 Segment direct expenses (1) Oil and Gas (2) 82,832 109,500 262,148 310,093 Air Medical 56,562 65,474 172,603 189,089 Technical Services 5,742 7,165 15,432 21,166 Total direct expenses 145,136 182,139 450,183 520,348 Segment selling, general and administrative expenses Oil and Gas 1,705 1,397 4,838 3,831 Air Medical 3,056 2,302 8,293 7,458 Technical Services 266 230 763 552 Total segment selling, general and administrative expenses 5,027 3,929 13,894 11,841 Total segment expenses 150,163 186,068 464,077 532,189 Net segment (loss) profit Oil and Gas (6,986 ) 10,293 (17,813 ) 40,501 Air Medical 14,864 17,740 39,193 42,996 Technical Services 52 632 3,788 1,791 Total 7,930 28,665 25,168 85,288 Other, net (3) 377 637 5,425 1,739 Unallocated selling, general and administrative costs (1) (8,354 ) (7,646 ) (22,938 ) (23,018 ) Interest expense (7,719 ) (7,366 ) (22,792 ) (21,691 ) (Loss) earnings before income taxes $ (7,766 ) $ 14,290 $ (15,137 ) $ 42,318
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs	Depreciation and Amortization Expense Quarter Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Segment Direct Expense: Oil and Gas $ 10,616 $ 11,194 $ 30,558 $ 32,797 Air Medical 5,267 4,100 14,654 12,948 Technical Services 141 130 426 390 Total $ 16,024 $ 15,424 $ 45,638 $ 46,135 Unallocated SG&A $ 2,269 $ 2,376 $ 7,416 $ 8,177

Condensed Consolidating Finan29

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,603 $ — $ 2,639 Short-term investments 289,520 — — 289,520 Accounts receivable – net 64,564 77,911 — 142,475 Intercompany receivable — 41,796 (41,796 ) — Inventories of spare parts – net 60,416 8,993 — 69,409 Prepaid expenses 4,412 2,564 — 6,976 Deferred income taxes 10,379 — — 10,379 Income taxes receivable 950 (87 ) — 863 Total current assets 430,277 133,780 (41,796 ) 522,261 Investment in subsidiaries 351,440 — (351,440 ) — Property and equipment – net 602,296 314,264 — 916,560 Restricted cash and investments 13,023 15 — 13,038 Other assets 6,181 1,153 — 7,334 Total assets $ 1,403,217 $ 449,212 $ (393,236 ) $ 1,459,193 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 17,232 $ 3,611 $ — $ 20,843 Accrued and other current liabilities 21,894 10,284 — 32,178 Intercompany payable 41,796 — (41,796 ) — Total current liabilities 80,922 13,895 (41,796 ) 53,021 Long-term debt: Revolving credit facility 132,400 — — 132,400 Senior Notes dated March 17, 2014, net of debt issuance costs of $3,064 496,936 — — 496,936 Deferred income taxes and other long-term liabilities 71,472 83,877 — 155,349 Shareholders’ Equity: Common stock and paid-in capital 310,259 79,191 (79,191 ) 310,259 Accumulated other comprehensive income (271 ) — — (271 ) Retained earnings 311,499 272,249 (272,249 ) 311,499 Total shareholders’ equity 621,487 351,440 (351,440 ) 621,487 Total liabilities and shareholders’ equity $ 1,403,217 $ 449,212 $ (393,236 ) $ 1,459,193 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) December 31, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 46 $ 2,361 $ — $ 2,407 Short-term investments 284,523 — — 284,523 Accounts receivable – net 70,336 74,442 — 144,778 Intercompany receivable — 90,943 (90,943 ) — Inventories of spare parts – net 60,060 9,431 — 69,491 Prepaid expenses 7,162 1,789 — 8,951 Deferred income taxes 10,379 — — 10,379 Income taxes receivable 1,002 (241 ) — 761 Total current assets 433,508 178,725 (90,943 ) 521,290 Investment in subsidiaries 330,848 — (330,848 ) — Property and equipment – net 632,759 250,770 — 883,529 Restricted investments 15,336 — — 15,336 Other assets 5,975 203 — 6,178 Total assets $ 1,418,426 $ 429,698 $ (421,791 ) $ 1,426,333 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 25,512 $ 5,861 $ — $ 31,373 Accrued liabilities 29,138 15,621 — 44,759 Intercompany payable 90,943 — (90,943 ) — Total current liabilities 145,593 21,482 (90,943 ) 76,132 Long-term debt: Revolving credit facility 57,500 — — 57,500 Senior Notes dated March 17, 2014, net of debt issuance costs of $3,999 496,001 — — 496,001 Deferred income taxes and other long-term liabilities 92,334 77,368 — 169,702 Shareholders’ Equity: Common stock and paid-in capital 306,444 79,061 (79,061 ) 306,444 Accumulated other comprehensive loss (567 ) — — (567 ) Retained earnings 321,121 251,787 (251,787 ) 321,121 Total shareholders’ equity 626,998 330,848 (330,848 ) 626,998 Total liabilities and shareholders’ equity $ 1,418,426 $ 429,698 $ (421,791 ) $ 1,426,333 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Operating revenues, net $ 79,532 $ 78,561 $ — $ 158,093 Expenses: Direct expenses 83,188 61,750 — 144,938 Selling, general and administrative expenses 10,639 3,092 (350 ) 13,381 Total operating expenses 93,827 64,842 (350 ) 158,319 Loss on disposal of assets, net 85 — — 85 Equity in loss of unconsolidated affiliate 198 — — 198 Operating income (14,578 ) 13,719 350 (509 ) Equity in net income of consolidated subsidiaries (8,372 ) — 8,372 — Interest expense 7,716 3 — 7,719 Other income, net (812 ) — 350 (462 ) (1,468 ) 3 8,722 7,257 (Loss) earnings before income taxes (13,110 ) 13,716 (8,372 ) (7,766 ) Income tax (benefit) expense (8,143 ) 5,344 — (2,799 ) Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) For the quarter ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Operating revenues, net $ 260,766 $ 228,479 $ — $ 489,245 Expenses: Direct expenses 264,761 185,148 — 449,909 Selling, general and administrative expenses 28,914 8,766 (848 ) 36,832 Total operating expenses 293,675 193,914 (848 ) 486,741 Gain on disposal of assets, net (3,854 ) — — (3,854 ) Equity in loss of unconsolidated affiliate 274 — — 274 Operating income (29,329 ) 34,565 848 6,084 Equity in net income of consolidated subsidiaries (20,462 ) — 20,462 — Interest expense 22,762 30 — 22,792 Other income, net (2,415 ) (4 ) 848 (1,571 ) (115 ) 26 21,310 21,221 (Loss) earnings before income taxes (29,214 ) 34,539 (20,462 ) (15,137 ) Income tax (benefit) expense (19,592 ) 14,077 — (5,515 ) Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) For the nine months ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) Unrealized loss on short-term investments (494 ) — — (494 ) Changes in pension plan assets and benefit obligations 1 — — 1 Tax effect 178 — — 178 Total comprehensive (loss) income $ (5,282 ) $ 8,372 $ (8,372 ) $ (5,282 ) For the quarter ended September 30, 2015 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 7,669 $ 10,682 $ (10,682 ) $ 7,669 Unrealized gain 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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries’ amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the nine months ended September 30, 2016 Parent Company Guarantor Only (issuer) Subsidiaries (1) Eliminations Consolidated Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) Unrealized gain on short-term investments 523 — — 523 Changes in pension plan assets and benefit obligations 3 — — 3 Tax effect (229 ) — — (229 ) Total comprehensive (loss) income $ (9,325 ) $ 20,462 $ (20,462 ) $ (9,325 ) For the nine months ended September 30, 2015 Parent Company Guarantor Only (issuer) Subsidiaries (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 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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, 2016 Parent Company Only (issuer) Guarantor Subsidiaries (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (32,467 ) $ 25,319 $ — $ (7,148 ) Investing activities: Purchase of property and equipment (74,647 ) (303 ) — (74,950 ) Proceeds from asset dispositions 13,233 — — 13,233 Purchase of short-term investments (263,204 ) — — (263,204 ) Proceeds from sale of short-term investments 259,322 — — 259,322 Payments of deposits on aircraft (197 ) — — (197 ) Loan to unconsolidated affiliate (1,200 ) — — (1,200 ) Net cash used in investing activities (66,693 ) (303 ) — (66,996 ) Financing activities: Proceeds from line of credit 213,900 — — 213,900 Payments on line of credit (139,000 ) — — (139,000 ) Repurchase of common stock (524 ) — — (524 ) Due to/from affiliate, net 24,774 (24,774 ) — — Net cash provided by (used in) financing activities 99,150 (24,774 ) — 74,376 (Decrease) increase in cash (10 ) 242 — 232 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 36 $ 2,603 $ — $ 2,639 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantor 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 Company Only (issuer) 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 guarantor subsidiaries’ amounts.

Investments - Components of Inv

Investments - Components of Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	$ 305,331	$ 303,029
Unrealized Gains	38
Unrealized Losses	(433)	(876)
Fair Value	304,936	302,153
Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	302,939	300,735
Unrealized Gains	38
Unrealized Losses	(433)	(876)
Fair Value	302,544	299,859
Investments [Member] | Money Market Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	17,608	18,181
Fair Value	17,608	18,181
Investments [Member] | Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	32,820	5,986
Unrealized Losses	(75)	(5)
Fair Value	32,745	5,981
Investments [Member] | US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	16,296	11,499
Unrealized Gains	5
Unrealized Losses	(3)	(30)
Fair Value	16,298	11,469
Investments [Member] | Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	236,215	265,069
Unrealized Gains	33
Unrealized Losses	(355)	(841)
Fair Value	235,893	264,228
Deferred Compensation Plan Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	2,392	2,294
Fair Value	$ 2,392	$ 2,294

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Restricted cash and investments	$ 13,038	$ 15,336

Investments - Cost and Fair Val

Investments - Cost and Fair Value of Debt Investments Based on Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Available-for-sale Securities, Debt Maturities [Abstract]
Due in one year or less, Amortized Costs	$ 171,336	$ 152,444
Due within two years, Amortized Costs	113,995	130,110
Total, Amortized Costs	285,331	282,554
Due in one year or less, Fair Value	171,152	152,212
Due within two years, Fair Value	113,784	129,466
Total, Fair Value	$ 284,936	$ 281,678

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, 2016	Dec. 31, 2015
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	0.978%	0.553%
Average Days To Maturity	253 days	154 days
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	0.979%	0.865%
Average Days To Maturity	512 days	599 days
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	1.643%	1.757%
Average Days To Maturity	330 days	331 days

Investments - Investments in Co

Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 208,587	$ 247,297
Unrealized Losses	(397)	(828)
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	31,753	5,981
Unrealized Losses	(75)	(5)
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	7,001	8,969
Unrealized Losses	(2)	(30)
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	169,833	232,347
Unrealized Losses	$ (320)	$ (793)

Investments - Investments in 35

Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 34,002	$ 28,866
Unrealized Losses	(36)	(48)
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	34,002	28,866
Unrealized Losses	$ (36)	$ (48)

Revenue Recognition and Valua36

Revenue Recognition and Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Allowance for doubtful accounts	$ 5.4		$ 5.4		$ 5.2
Allowance for contractual discounts	119.7		119.7		103.6
Allowance for uncompensated care	35.6		35.6		41.9
Value of uncompensated care to patients	2.2	$ 2.2	6.9	$ 7
Estimated cost of charity services	0.5	$ 0.4	1.8	$ 1.5
Inventory valuation reserves	$ 17.1		$ 17.1		$ 15.4

Revenue Recognition and Valua37

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, 2016	Dec. 31, 2015
Revenue Recognition And Valuation Accounts [Abstract]
Allowance for Contractual Discounts	60.00%	56.00%
Allowance for Uncompensated Care	18.00%	23.00%

Fair Value - Summary of Valuati

Fair Value - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 304,936	$ 302,153
Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	302,544	299,859
Investments [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	17,608	18,181
Investments [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,745	5,981
Investments [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,298	11,469
Investments [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	235,893	264,228
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,392	2,294
(Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	20,000	20,475
(Level 1) [Member] | Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	17,608	18,181
(Level 1) [Member] | Investments [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	17,608	18,181
(Level 1) [Member] | Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,392	2,294
(Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	284,936	281,678
(Level 2) [Member] | Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	284,936	281,678
(Level 2) [Member] | Investments [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,745	5,981
(Level 2) [Member] | Investments [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,298	11,469
(Level 2) [Member] | Investments [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 235,893	$ 264,228

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
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	485,600,000	403,100,000
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, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal	$ 632,400	$ 557,500
Unamortized debt issuance debt costs	3,064	3,999
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized debt issuance debt costs	3,064	3,999
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal	$ 132,400	$ 57,500

Long Term Debt - Components o41

Long Term Debt - Components of Long-term Debt (Parenthetical) (Detail) - 5.25% Senior Notes due March 15, 2019 [Member] - Senior Notes [Member]	9 Months Ended
	Sep. 30, 2016
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%
Senior Notes payable periods	Mar. 15, 2019

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Debt issuance costs	$ 3,064,000		$ 3,064,000		$ 3,999,000
Letters of credit outstanding under the facility	$ 13,000,000		$ 13,000,000		$ 15,300,000
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%		5.25%
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.
Debt instrument redemption date			On or after March 15, 2016
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.
Percentage of principal amount redeemed			101.00%
Interest Expense Fund [Member]
Debt Instrument [Line Items]
Periodic payment of debt interest	$ 13,900,000	$ 13,500,000	$ 28,300,000	$ 27,200,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date			Oct. 1, 2018
Maximum short term investment to test fixed charge coverage ratio	150,000,000		$ 150,000,000
Increased Borrowing capacity	$ 150,000,000		$ 150,000,000
Revolving Credit facility, Covenants, consolidated working capital ratio	200.00%		200.00%
Revolving Credit facility, Covenants, consolidated net worth ratio	150.00%		150.00%
Revolving Credit facility, Covenants, fixed coverage ratio	110.00%		110.00%
Revolving Credit facility, Covenants, consolidated net worth	$ 450,000,000		$ 450,000,000
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate on borrowed funds			225.00%

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average outstanding shares of common stock, basic	15,683	15,587	15,655	15,558
Dilutive effect of unvested restricted stock units		65		82
Weighted average outstanding shares of common stock, diluted	15,683	15,652	15,655	15,640

Earnings Per Share - Componen44

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Anti-dilutive securities	52,126	22,221

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation expense:
Total stock-based compensation expense	$ 1,454	$ 1,700	$ 4,349	$ 5,059
Time-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	631	619	1,847	1,827
Performance-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	$ 823	$ 1,081	$ 2,502	$ 3,232

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Time-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted units awarded to managers	10,992	13,545	25,280	33,593
Performance-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted units awarded to managers	2,318	765	310,481	152,331

Asset Disposals - Additional In

Asset Disposals - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2016USD ($)Aircraft	Sep. 30, 2015USD ($)Aircraft	Jun. 30, 2016USD ($)Aircraft
Assets Held For Sale And Impairments [Line Items]
Cash realized from sale of assets | $	$ 2.2	$ 2.3	$ 11
Gain (loss) on disposal of assets | $	$ (0.1)	$ 0.2	$ 3.9
Oil and Gas [Member] | Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold | Aircraft	4	6	5
Oil and Gas [Member] | Medium Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold | Aircraft			3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Oct. 01, 2016USD ($)Aircraft	Sep. 30, 2016USD ($)Aircraft	Sep. 30, 2016USD ($)Land_Parcel	Dec. 31, 2015Aircraft	Dec. 31, 2014Aircraft
Long-term Purchase Commitment [Line Items]
Number of aircrafts delivered | Aircraft				1
Total aircraft deposits		$ 2.8	$ 2.8
Aggregate estimated probable liability environmental matters		0.2	$ 0.2
Number of parcels of land exists | Land_Parcel			2
Aggregate commitments under operating leases		239	$ 239
Operational lease payable		12	12
Lease commitment for aircraft		226.2	226.2
Facility lease commitments		12.8	12.8
2016 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft			50.3
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
2020 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft			$ 22.7
Heavy Aircraft [Member]
Long-term Purchase Commitment [Line Items]
Option to purchase additional number of aircrafts | Aircraft					6
Number of aircraft orders cancelled previously scheduled for delivery | Aircraft				4
Aggregate purchase price for aircraft		$ 26.7
Number of aircraft purchased | Aircraft		1
Medium Aircraft [Member] | Subsequent Event [Member] | Oil and Gas [Member]
Long-term Purchase Commitment [Line Items]
Number of aircrafts acquired under contract | Aircraft	2
Purchase commitment for aircraft	$ 19.9

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016USD ($)EmployeesPilot	Sep. 30, 2015	Sep. 30, 2016AircraftSegmentLocationStatesEntity	Sep. 30, 2015
Segment Reporting Information [Line Items]
Number of reportable segments | Segment				3
Hospitals Contracts [Member]
Segment Reporting Information [Line Items]
Segment revenue	27.00%		34.00%	29.00%	37.00%
Voluntary Employee Retirement Package [Member]
Segment Reporting Information [Line Items]
Qualifying age				64 years
Number of employees accepted VERP | Employees		15
Severance costs | $		$ 1.6
Voluntary Furlough Program to Oil and Gas Pilots [Member]
Segment Reporting Information [Line Items]
Severance costs | $		$ 0.4
Number of employees accepted furlough program | Pilot		26
Guaranteed period to recall under program		12 months
Oil and Gas [Member]
Segment Reporting Information [Line Items]
Number of aircraft available for use				139
Segment revenue	49.00%		56.00%	51.00%	57.00%
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
Technical Services [Member]
Segment Reporting Information [Line Items]
Segment revenue	4.00%		4.00%	4.00%	4.00%
Air Medical [Member]
Segment Reporting Information [Line Items]
Segment revenue	47.00%		40.00%	45.00%	37.00%
Number of aircraft assigned				104
Number of aircraft operated				97
Number of states in which company operates aircrafts | States				18
Locations in which company operates Aircrafts | Location				72
Fixed revenue streams | Entity				0
Air Medical [Member] | Middle East [Member]
Segment Reporting Information [Line Items]
Number of aircraft operated				8
Locations in which company operates Aircrafts | Location				3
Number of revenue generating aircrafts				4

Segment Information - Schedule

Segment Information - Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings (Detail) - Air Medical [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items]
Provision for contractual discounts	65.00%	63.00%	67.00%	65.00%
Provision for uncompensated care	9.00%	11.00%	6.00%	9.00%

Segment Information - Schedul51

Segment Information - Schedule of Net Revenue Attributable to Medicaid, Medicare, Private Insurance and Self Pay as Percentage of Net Air Medical Revenues (Detail) - Air Medical [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Insurance [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	75.00%	74.00%	72.00%	74.00%
Medicare [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	17.00%	17.00%	18.00%	17.00%
Medicaid [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	8.00%	8.00%	9.00%	8.00%
Self Pay [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	0.00%	1.00%	1.00%	1.00%

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total operating revenues, net		$ 158,093	$ 214,733	$ 489,245	$ 617,477
Total direct expenses		144,938	182,064	449,909	520,099
Total segment selling, general and administrative expenses		13,381	11,575	36,832	34,859
Total		(509)	21,184	6,084	62,508
Interest expense		(7,719)	(7,366)	(22,792)	(21,691)
(Loss) earnings before income taxes		(7,766)	14,290	(15,137)	42,318
Reportable Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		158,093	214,733	489,245	617,477
Total direct expenses	[1]	145,136	182,139	450,183	520,348
Total segment selling, general and administrative expenses		5,027	3,929	13,894	11,841
Total segment expenses		150,163	186,068	464,077	532,189
Total		7,930	28,665	25,168	85,288
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		74,482	85,516	220,089	239,543
Total direct expenses	[1]	56,562	65,474	172,603	189,089
Total segment selling, general and administrative expenses		3,056	2,302	8,293	7,458
Total		14,864	17,740	39,193	42,996
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		77,551	121,190	249,173	354,425
Total direct expenses	[1],[2]	82,832	109,500	262,148	310,093
Total segment selling, general and administrative expenses		1,705	1,397	4,838	3,831
Total		(6,986)	10,293	(17,813)	40,501
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net		6,060	8,027	19,983	23,509
Total direct expenses	[1]	5,742	7,165	15,432	21,166
Total segment selling, general and administrative expenses		266	230	763	552
Total		52	632	3,788	1,791
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Other, net	[3]	377	637	5,425	1,739
Interest expense		(7,719)	(7,366)	(22,792)	(21,691)
Unallocated Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Unallocated selling, general and administrative costs	[1]	$ (8,354)	$ (7,646)	$ (22,938)	$ (23,018)
[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 September 30, September 30, 2016 2015 2016 2015 Segment Direct Expense: Oil and Gas $ 10,616 $ 11,194 $ 30,558 $ 32,797 Air Medical 5,267 4,100 14,654 12,948 Technical Services 141 130 426 390 Total $ 16,024 $ 15,424 $ 45,638 $ 46,135 Unallocated SG&A $ 2,269 $ 2,376 $ 7,416 $ 8,177
[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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reportable Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 16,024	$ 15,424	$ 45,638	$ 46,135
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	10,616	11,194	30,558	32,797
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	5,267	4,100	14,654	12,948
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	141	130	426	390
Unallocated Selling, General and Administrative Expenses [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 2,269	$ 2,376	$ 7,416	$ 8,177

Investment in Variable Intere54

Investment in Variable Interest Entity - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 30, 2015
Variable Interest Entity [Line Items]
Earnings (loss) in equity of unconsolidated affiliate	$ (0.2)	$ (0.1)	$ (0.3)	$ (0.2)
Trade receivables	0		0
Other assets	$ 0.9		$ 0.9		$ 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%
Allowance for Trade Receivables [Member]
Variable Interest Entity [Line Items]
Allowance for bad debts against trade receivables					$ 1.5

Condensed Consolidating Finan55

Condensed Consolidating Financial Information - Additional Information (Detail)	Sep. 30, 2016USD ($)
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
Interest rate on Senior Notes	5.25%

Condensed Consolidating Finan56

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash		$ 2,639	$ 2,407	$ 5,552	$ 6,270
Short-term investments		289,520	284,523
Accounts receivable - net		142,475	144,778
Inventories of spare parts - net		69,409	69,491
Prepaid expenses		6,976	8,951
Deferred income taxes		10,379	10,379
Income taxes receivable		863	761
Total current assets		522,261	521,290
Property and equipment - net		916,560	883,529
Restricted cash and investments		13,038	15,336
Other assets		7,334	6,178
Total assets		1,459,193	1,426,333
Current Liabilities:
Accounts payable		20,843	31,373
Accrued and other current liabilities		32,178	44,759
Total current liabilities		53,021	76,132
Long-term debt:
Revolving credit facility		132,400	57,500
Senior Notes dated March 17, 2014, net of debt issuance costs of $3,064		496,936	496,001
Deferred income taxes and other long-term liabilities		155,349	169,702
Shareholders' Equity:
Common stock and paid-in capital		310,259	306,444
Accumulated other comprehensive income (loss)		(271)	(567)
Retained earnings		311,499	321,121
Total shareholders' equity		621,487	626,998	624,195	597,068
Total liabilities and shareholders' equity		1,459,193	1,426,333
Parent Company Only (issuer) [Member]
Current Assets:
Cash		36	46	1,460	51
Short-term investments		289,520	284,523
Accounts receivable - net		64,564	70,336
Inventories of spare parts - net		60,416	60,060
Prepaid expenses		4,412	7,162
Deferred income taxes		10,379	10,379
Income taxes receivable		950	1,002
Total current assets		430,277	433,508
Investment in subsidiaries		351,440	330,848
Property and equipment - net		602,296	632,759
Restricted cash and investments		13,023	15,336
Other assets		6,181	5,975
Total assets		1,403,217	1,418,426
Current Liabilities:
Accounts payable		17,232	25,512
Accrued and other current liabilities		21,894	29,138
Intercompany payable		41,796	90,943
Total current liabilities		80,922	145,593
Long-term debt:
Revolving credit facility		132,400	57,500
Senior Notes dated March 17, 2014, net of debt issuance costs of $3,064		496,936	496,001
Deferred income taxes and other long-term liabilities		71,472	92,334
Shareholders' Equity:
Common stock and paid-in capital		310,259	306,444
Accumulated other comprehensive income (loss)		(271)	(567)
Retained earnings		311,499	321,121
Total shareholders' equity		621,487	626,998
Total liabilities and shareholders' equity		1,403,217	1,418,426
Guarantor Subsidiaries [Member]
Current Assets:
Cash	[1]	2,603	2,361	$ 4,092	$ 6,219
Accounts receivable - net	[1]	77,911	74,442
Intercompany receivable	[1]	41,796	90,943
Inventories of spare parts - net	[1]	8,993	9,431
Prepaid expenses	[1]	2,564	1,789
Income taxes receivable	[1]	(87)	(241)
Total current assets	[1]	133,780	178,725
Property and equipment - net	[1]	314,264	250,770
Restricted cash and investments	[1]	15
Other assets	[1]	1,153	203
Total assets	[1]	449,212	429,698
Current Liabilities:
Accounts payable	[1]	3,611	5,861
Accrued and other current liabilities	[1]	10,284	15,621
Total current liabilities	[1]	13,895	21,482
Long-term debt:
Deferred income taxes and other long-term liabilities	[1]	83,877	77,368
Shareholders' Equity:
Common stock and paid-in capital	[1]	79,191	79,061
Retained earnings	[1]	272,249	251,787
Total shareholders' equity	[1]	351,440	330,848
Total liabilities and shareholders' equity	[1]	449,212	429,698
Eliminations [Member]
Current Assets:
Intercompany receivable		(41,796)	(90,943)
Total current assets		(41,796)	(90,943)
Investment in subsidiaries		(351,440)	(330,848)
Total assets		(393,236)	(421,791)
Current Liabilities:
Intercompany payable		(41,796)	(90,943)
Total current liabilities		(41,796)	(90,943)
Shareholders' Equity:
Common stock and paid-in capital		(79,191)	(79,061)
Retained earnings		(272,249)	(251,787)
Total shareholders' equity		(351,440)	(330,848)
Total liabilities and shareholders' equity		$ (393,236)	$ (421,791)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries' amounts.

Condensed Consolidating Finan57

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Debt issuance costs	$ 3,064	$ 3,999

Condensed Consolidating Finan58

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Income Statements, Captions [Line Items]
Operating revenues, net		$ 158,093	$ 214,733	$ 489,245	$ 617,477
Expenses:
Direct expenses		144,938	182,064	449,909	520,099
Selling, general and administrative expenses		13,381	11,575	36,832	34,859
Total operating expenses		158,319	193,639	486,741	554,958
Loss (gain) on disposal of assets, net		85	(165)	(3,854)	(238)
Equity in loss of unconsolidated affiliate		198	75	274	249
Operating income		(509)	21,184	6,084	62,508
Interest expense		7,719	7,366	22,792	21,691
Other income, net		(462)	(472)	(1,571)	(1,501)
Total expenses		7,257	6,894	21,221	20,190
(Loss) earnings before income taxes		(7,766)	14,290	(15,137)	42,318
Income tax (benefit) expense		(2,799)	6,621	(5,515)	17,832
Net (loss) earnings		(4,967)	7,669	(9,622)	24,486
Parent Company Only (issuer) [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net		79,532	124,505	260,766	368,202
Expenses:
Direct expenses		83,188	111,876	264,761	321,841
Selling, general and administrative expenses		10,639	9,219	28,914	27,198
Total operating expenses		93,827	121,095	293,675	349,039
Loss (gain) on disposal of assets, net		85	(165)	(3,854)	(238)
Equity in loss of unconsolidated affiliate		198	75	274	249
Operating income		(14,578)	3,500	(29,329)	19,152
Equity in net income of consolidated subsidiaries		(8,372)	(10,682)	(20,462)	(26,044)
Interest expense		7,716	7,274	22,762	21,599
Other income, net		(812)	(474)	(2,415)	(1,508)
Total expenses		(1,468)	(3,882)	(115)	(5,953)
(Loss) earnings before income taxes		(13,110)	7,382	(29,214)	25,105
Income tax (benefit) expense		(8,143)	(287)	(19,592)	619
Net (loss) earnings		(4,967)	7,669	(9,622)	24,486
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	[1]	78,561	90,228	228,479	249,275
Expenses:
Direct expenses	[1]	61,750	70,192	185,148	198,271
Selling, general and administrative expenses	[1]	3,092	2,356	8,766	7,661
Total operating expenses	[1]	64,842	72,548	193,914	205,932
Operating income	[1]	13,719	17,680	34,565	43,343
Interest expense	[1]	3	92	30	92
Other income, net	[1]		(2)	(4)	(6)
Total expenses	[1]	3	90	26	86
(Loss) earnings before income taxes	[1]	13,716	17,590	34,539	43,257
Income tax (benefit) expense	[1]	5,344	6,908	14,077	17,213
Net (loss) earnings	[1]	8,372	10,682	20,462	26,044
Eliminations [Member]
Expenses:
Direct expenses			(4)		(13)
Selling, general and administrative expenses		(350)		(848)
Total operating expenses		(350)	(4)	(848)	(13)
Operating income		350	4	848	13
Equity in net income of consolidated subsidiaries		8,372	10,682	20,462	26,044
Other income, net		350	4	848	13
Total expenses		8,722	10,686	21,310	26,057
(Loss) earnings before income taxes		(8,372)	(10,682)	(20,462)	(26,044)
Net (loss) earnings		$ (8,372)	$ (10,682)	$ (20,462)	$ (26,044)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries' amounts.

Condensed Consolidating Finan59

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings		$ (4,967)	$ 7,669	$ (9,622)	$ 24,486
Unrealized (loss) gain on short-term investments		(494)	12	523	(7)
Unrealized realized gain					24
Changes in pension plan assets and benefit obligations		1	4	3	4
Tax effect		178	(6)	(229)	3
Total comprehensive (loss) income		(5,282)	7,679	(9,325)	24,510
Parent Company Only (issuer) [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings		(4,967)	7,669	(9,622)	24,486
Unrealized (loss) gain on short-term investments		(494)	12	523	(7)
Unrealized realized gain					24
Changes in pension plan assets and benefit obligations		1	4	3	4
Tax effect		178	(6)	(229)	3
Total comprehensive (loss) income		(5,282)	7,679	(9,325)	24,510
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	[1]	8,372	10,682	20,462	26,044
Total comprehensive (loss) income	[1]	8,372	10,682	20,462	26,044
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings		(8,372)	(10,682)	(20,462)	(26,044)
Total comprehensive (loss) income		$ (8,372)	$ (10,682)	$ (20,462)	$ (26,044)
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries' amounts.

Condensed Consolidating Finan60

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		$ (7,148)	$ 108,155
Investing activities:
Purchase of property and equipment		(74,950)	(48,244)
Proceeds from asset dispositions		13,233	3,469
Purchase of short-term investments		(263,204)	(560,148)
Proceeds from sale of short-term investments		259,322	458,468
Refund of deposits on aircraft			6,010
Payments of deposits on aircraft		(197)	(1,207)
Loan to unconsolidated affiliate		(1,200)
Net cash used in investing activities		(66,996)	(141,652)
Financing activities:
Proceeds from line of credit		213,900	206,660
Payments on line of credit		(139,000)	(171,440)
Repurchase of common stock for payroll tax withholding requirements		(524)	(2,441)
Net cash provided by (used in) financing activities		74,376	32,779
Increase (decrease) in cash		232	(718)
Cash, beginning of period		2,407	6,270
Cash, end of period		2,639	5,552
Parent Company Only (issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		(32,467)	39,490
Investing activities:
Purchase of property and equipment		(74,647)	(48,244)
Proceeds from asset dispositions		13,233	3,469
Purchase of short-term investments		(263,204)	(560,148)
Proceeds from sale of short-term investments		259,322	458,468
Refund of deposits on aircraft			6,010
Payments of deposits on aircraft		(197)	(1,207)
Loan to unconsolidated affiliate		(1,200)
Net cash used in investing activities		(66,693)	(141,652)
Financing activities:
Proceeds from line of credit		213,900	206,660
Payments on line of credit		(139,000)	(171,440)
Repurchase of common stock for payroll tax withholding requirements		(524)	(2,441)
Due to/from affiliate, net		24,774	70,792
Net cash provided by (used in) financing activities		99,150	103,571
Increase (decrease) in cash		(10)	1,409
Cash, beginning of period		46	51
Cash, end of period		36	1,460
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	[1]	25,319	68,665
Investing activities:
Purchase of property and equipment	[1]	(303)
Net cash used in investing activities	[1]	(303)
Financing activities:
Due to/from affiliate, net	[1]	(24,774)	(70,792)
Net cash provided by (used in) financing activities	[1]	(24,774)	(70,792)
Increase (decrease) in cash	[1]	242	(2,127)
Cash, beginning of period	[1]	2,361	6,219
Cash, end of period	[1]	$ 2,603	$ 4,092
[1]	Foreign subsidiaries represent minor subsidiaries and are included in the guarantor subsidiaries' amounts.