PHI (PHIG) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	PHII
Entity Registrant Name	PHI INC
Entity Central Index Key	0000350403
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Address, State or Province	Louisiana
Entity File Number	0-9827
Entity Tax Identification Number	720395707
Entity Address, Address Line One	2001 SE Evangeline Thruway
Entity Address, City or Town	Lafayette
Entity Address, Postal Zip Code	70508
City Area Code	(337)
Local Phone Number	235-2452
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		12,919,681

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 21,882	$ 50,874
Short-term investments	76,141	14,232
Accounts receivable – net
Trade	174,499	168,459
Other	8,845	14,006
Inventories of spare parts – net	54,242	56,698
Prepaid expenses	13,072	11,419
Income taxes receivable	509	950
Total current assets	349,190	316,638
Property and equipment – net	885,669	902,485
Right of use assets	144,944
Restricted cash and investments	19,739	19,781
Other assets	20,937	18,378
Deferred income taxes	5,137	4,944
Total assets	1,425,616	1,262,226
Current Liabilities:
Senior Notes issued March 17, 2014, net of debt issuance cost of $260		499,740
Accounts payable	70,615	50,289
Accrued and other current liabilities	38,483	45,292
Current portion of operating lease liabilities	27,535
Current maturities of long term debt	1,750	500,000
Total current liabilities	138,383	595,321
Long-term debt:
Term loan issued March 13, 2019, net of debt issuance costs of $5,254	62,996
Related party term loan issued September 28, 2018, net of debt issuance costs of $546 and $765, respectively	129,454	129,235
Deferred income taxes	51,964	59,178
Other long-term liabilities	3,673	5,059
Long-term operating lease liabilities	118,167
Total liabilities not subject to compromise	504,637	788,793
Liabilities subject to compromise	513,125
Total liabilities	1,017,762	788,793
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Additional paid-in capital	316,143	314,316
Accumulated other comprehensive income (loss)	(4,040)	(3,952)
Retained earnings	94,169	161,487
Total shareholders’ equity	407,854	473,433
Total liabilities and shareholders’ equity	1,425,616	1,262,226
Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	291	291
Non-Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	1,291	1,291
Total shareholders’ equity	$ 1,291	$ 1,291

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	12,500,000	12,500,000
Common stock, shares issued (shares)	2,905,757	2,905,757
Common stock, shares outstanding (shares)	2,905,757	2,905,757
Non-Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	37,500,000	37,500,000
Common stock, shares issued (shares)	12,919,681	12,919,681
Common stock, shares outstanding (shares)	12,919,681	12,919,681
Term Loan [Member]
Debt issuance costs	$ 5,254	$ 260
Note Payable, Related Party [Member]
Debt issuance costs	$ 546	$ 765

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Operating revenues, net	$ 165,172	$ 169,243	$ 317,062	$ 329,607
Expenses:
Direct expenses	153,514	155,083	310,390	311,309
Selling, general and administrative expenses	17,591	14,485	42,458	29,944
Total operating expenses	171,105	169,568	352,848	341,253
(Gain) loss on disposal of assets	(95)	(171)	(44)	708
Equity in income of unconsolidated affiliate	(1,039)	(81)	(2,400)	(45)
Operating loss	(4,799)	(73)	(33,342)	(12,309)
Interest expense	3,927	8,340	12,093	16,537
Reorganization items, net	26,503		28,103
Other income, net	(333)	364	(293)	1,404
Total expenses	30,097	8,704	39,903	17,941
Loss before income taxes	(34,896)	(8,777)	(73,245)	(30,250)
Income tax (benefit) expense	(2,819)	(1,684)	(5,927)	(6,175)
Net loss	$ (32,077)	$ (7,093)	$ (67,318)	$ (24,075)
Weighted average shares outstanding:
Basic	15,825	15,806	15,825	15,806
Diluted	15,825	15,806	15,825	15,806
Net loss per share:
Basic	$ (2.03)	$ (0.45)	$ (4.25)	$ (1.52)
Diluted	$ (2.03)	$ (0.45)	$ (4.25)	$ (1.52)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (32,077)	$ (7,093)	$ (67,318)	$ (24,075)
Unrealized (loss) gain on short-term investments		(107)		363
Currency translation adjustments	(928)	160	(121)	627
Changes in pension plan assets and benefit obligations		7		(1)
Tax effect of the above-listed adjustments	25	100	33	(85)
Total comprehensive loss	$ (32,980)	$ (6,933)	$ (67,406)	$ (23,171)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2017	$ 612,654	$ 1,289	$ 291	$ 308,353	$ (280)	$ 303,001
Balance, Shares at Dec. 31, 2017		12,897	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,075)					(24,075)
Unrealized gain on short-term investments	278				278
Changes in pension plan assets and benefit obligations	(1)				(1)
Amortization of unearned stock-based compensation	2,132			2,132
Currency translation adjustment	627				627
Issuance of non-voting common stock (upon vesting of restricted stock units)		$ 2		(2)
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		9
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(50)			(50)
Balance at Jun. 30, 2018	591,565	$ 1,291	$ 291	310,433	624	278,926
Balance, Shares at Jun. 30, 2018		12,906	2,906
Balance at Mar. 31, 2018	597,735	$ 1,290	$ 291	309,672	464	286,018
Balance, Shares at Mar. 31, 2018		12,905	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,092)					(7,092)
Unrealized gain on short-term investments	(4)				(4)
Changes in pension plan assets and benefit obligations	4				4
Amortization of unearned stock-based compensation	813			813
Currency translation adjustment	160				160
Issuance of non-voting common stock (upon vesting of restricted stock units)	(1)	$ 1		(2)
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		(2)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(50)			(50)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares		3
Balance at Jun. 30, 2018	591,565	$ 1,291	$ 291	310,433	624	278,926
Balance, Shares at Jun. 30, 2018		12,906	2,906
Balance at Dec. 31, 2018	473,433	$ 1,291	$ 291	314,316	(3,952)	161,487
Balance, Shares at Dec. 31, 2018		12,919	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(67,318)					(67,318)
Amortization of unearned stock-based compensation	2,640			2,640
Cash payment of Performance Based stock units	(813)			(813)
Currency translation adjustment	(88)				(88)
Balance at Jun. 30, 2019	407,854	$ 1,291	$ 291	316,143	(4,040)	94,169
Balance, Shares at Jun. 30, 2019		12,919	2,906
Balance at Mar. 31, 2019	439,508	$ 1,291	$ 291	314,818	(3,138)	126,246
Balance, Shares at Mar. 31, 2019		12,919	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32,077)					(32,077)
Amortization of unearned stock-based compensation	1,325			1,325
Currency translation adjustment	(902)				(902)
Balance at Jun. 30, 2019	$ 407,854	$ 1,291	$ 291	$ 316,143	$ (4,040)	$ 94,169
Balance, Shares at Jun. 30, 2019		12,919	2,906

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net loss	$ (67,318)	$ (24,075)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	38,775	38,598
Deferred income taxes	(7,407)	(7,446)
(Gain) loss on asset dispositions	(44)	708
Equity in (income) loss of unconsolidated affiliate, net	(2,400)	(45)
Inventory valuation reserves	1,416	3,308
Changes in operating assets and liabilities	13,301	(5,638)
Net cash (used in) provided by operating activities	(23,677)	5,410
Investing activities:
Purchase of property and equipment	(8,970)	(18,098)
Proceeds from asset dispositions	1,235	1,453
Purchase of short-term investments	(183,421)	(260,996)
Proceeds from sale of short-term investments	121,512	264,918
Payment of deposit on aircraft	(50)	0
Refund of deposit on aircraft	503	0
Loan to unconsolidated affiliate		(274)
Net cash used in investing activities	(69,191)	(12,997)
Financing activities:
Debt issuance cost	(5,668)	0
Proceeds from line of credit		34,295
Payments on line of credit		(29,575)
Repurchase of common stock		(51)
Proceeds from Term Loan	70,000	0
Net cash provided by financing activities	64,332	4,669
Effect of exchange rate changes on cash	(483)	0
Decrease in cash, cash equivalents and restricted cash	(29,019)	(2,918)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	29,545	5,852
Cash paid during the period for:
Reorganization items, net	6,204	0
Interest	3,599	15,755
Income taxes	1,688	813
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 96	$ 272

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 and the accompanying notes should be read in conjunction with the consolidated financial statements and the accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Our financial results, particularly as they relate to our Oil and Gas segment, are influenced by seasonal fluctuations as discussed in our Annual Report on Form 10-K for the year ended December 31, 2018. 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. Going Concern - The financial statements accompanying this Quarterly Report have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplates our continuation as a going concern. As discussed further in Note 2 below, our operations are currently subject to the jurisdiction of the Bankruptcy Code. The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared assuming that PHI will continue as a going concern and contemplates continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. Our ability to continue as a going concern is contingent upon our ability to successfully implement our plan of reorganization approved by the Bankruptcy Court on August 2, 2019, among other factors. The risks and uncertainties surrounding our Chapter 11 proceedings raise substantial doubt as to our ability to continue as a going concern. Under the absolute priority scheme established by the Bankruptcy Code, unless our creditors agree otherwise, all of our pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock may receive any distribution or retain any property under a plan of reorganization. Although Note 2 describes the general terms of our confirmed plan of reorganization, the ultimate recovery to creditors and shareholders will not be fully determined unless and until we can fully implement such plan. The accompanying Unaudited Condensed Consolidated Financial Statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the filing of the Chapter 11 Cases. See Note 2 for additional information. Supplemental Cash Flow Information - The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Cash Flows (in thousands): June 30, December 31, June 30, December 31, 2019 2018 2018 2017 Cash and Cash Equivalents $ 21,882 $ 50,874 $ 5,852 $ 8,770 Restricted Cash 7,663 7,690 — — Total Cash, Cash Equivalents and Restricted Cash $ 29,545 $ 58,564 $ 5,852 $ 8,770 Recently adopted accounting principles In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASC 842). ASC 842 replaces the existing guidance on leasing transactions in ASC 840 and requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASC 842 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The Company adopted the new standard effective January 1, 2019. The Company elected the transition methodology provided by ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, whereby it applied the requirements of ASC 842 on a prospective basis as of the adoption date of January 1, 2019, without retrospectively adjusting prior periods. The Company elected to adopt the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. The Company elected to keep leases with an initial term of 12 months or less off of the balance sheet. The Company intends to recognize those lease payments in the consolidated statement of operations on a straight-line basis over the lease term. The Company also elected to combined lease and non-lease components in the computations of lease obligations and right-of-use assets. During our evaluation of ASU 2016-02, we concluded that certain of our helicopter service contracts contain a lease component. Our typical helicopter service contracts qualify for a practical expedient, which is available to lessors under certain circumstances, to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. We have applied this practical expedient and intend to combine the lease and service components of our revenue contracts and continue to account for the combined component under Topic 606, Revenue from Contracts with Customers. The Company completed the implementation of an information technology system to track and account for its leases and updated its accounting policies to support the accounting for leases under ASC 842. The Company completed its lease inventory and determined its most significant leases involve aircraft and facilities. For additional information, see Note 13.

Bankruptcy Filing

Bankruptcy Filing	6 Months Ended
	Jun. 30, 2019
Reorganizations [Abstract]
Bankruptcy Filing	2. BANKRUPTCY FILING Initiation of Chapter 11 Proceedings On March 14, 2019 (the "Petition Date"), PHI and four of its domestic subsidiaries (collectively, the "Debtors") filed voluntary petitions (the "Chapter 11 Cases") in the United States Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court") for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code"). The Chapter 11 Cases are being jointly administered under the caption "In re PHI, Inc., et al., Case No. 19-30923." Shortly following the Petition Date, the Bankruptcy Court entered certain orders facilitating the Debtors' operational transition into Chapter 11. These orders authorized the Debtors to, among other things, pay employee wages and benefits, and pay vendors and suppliers in the ordinary course for all goods and services provided after the Petition Date. The Debtors are currently operating their businesses and managing their properties as "debtors in possession" in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Certain subsidiaries of PHI (collectively, the "Non-Filing Entities") are not part of the Chapter 11 Cases. The Non-Filing Entities will continue to operate their businesses in the normal course and their results are included in our interim Unaudited Condensed Consolidated Financial Statements. Significant Bankruptcy Court Actions Development of Reorganization Plan. On April 1, 2019, the Debtors filed with the Bankruptcy Court their initial plan of reorganization under the Bankruptcy Code. Following such filing, the Debtors remained in discussions with various stakeholders in an attempt to obtain additional input about maximizing the value of the enterprise. Following mediation in late May 2019, on June 5, 2019, the Company entered into a settlement plan term sheet (the “Term Sheet”) with the Official Committee of Unsecured Creditors (the “UCC”) and certain other key stakeholders that resolved the UCC’s key objections and motions, subject to satisfaction of certain conditions contained within the Term Sheet. Among other things, the Term Sheet provides that, upon our emergence from bankruptcy, our current secured lenders will be repaid and our current unsecured creditors will, subject to various exceptions and limitations, receive equity in a newly-reorganized parent company issuer. The Term Sheet further provides that, contingent upon the effectiveness of the Company’s plan of reorganization, Mr. Al A. Gonsoulin, who currently serves as the Company’s Chairman and Chief Executive Officer, will retire from all positions held with the Company and its subsidiaries, including as a member of the Board of Directors, effective upon the date of the Company’s emergence from the Chapter 11 Cases (the “Emergence Date”). The Term Sheet further provides that Mr. Lance F. Bospflug, who currently serves as President, Chief Operating Officer and a director of the Company, will be appointed to succeed Mr. Gonsoulin as Chief Executive Officer of the Company on the Emergence Date and will continue to serve as a member of the Board. On June 13, 2019, the Debtors filed their second amended joint plan of organization and related disclosure statement, which, among other things, reflected restructuring terms agreed upon in the Term Sheet. On June 18, 2019, the Debtors entered into a term sheet reflecting a settlement with the Official Committee of Equity Security Holders. Subject to certain exceptions, this settlement contemplates issuing to our current equity holders three-year warrants entitling the holders to acquire under certain specified terms and conditions up to an aggregate of 5% of the reorganized parent’s equity interests issued and outstanding as of our emergence from bankruptcy, subject to dilution in connection with future equity issuances. On June 18, 2019, the Debtors filed their third amended joint plan of reorganization (the “Third Amended Plan”) and related disclosure statement (the “Disclosure Statement”). On June 19, 2019, the Bankruptcy Court approved the Disclosure Statement and authorized the Debtors to commence solicitation of approval of the Plan under the Bankruptcy Code. Equity Commitment Agreement. In connection with the Chapter 11 Cases, on July 11, 2019, the Debtors entered into an Equity Commitment Agreement (the “Commitment Agreement”) with certain of the Company’s unsecured creditors (each a “Commitment Party” and collectively, the “Commitment Parties”). The Commitment Agreement is a component of the settlement plan agreed upon between the Company and certain creditors under the Term Sheet. Subject to the terms and conditions of the Commitment Agreement, the Commitment Parties have agreed, in the aggregate, to provide up to $75 million cash (the “Equity Commitment”) in exchange for shares of common stock in the reorganized parent company. Under the Commitment Agreement, the shares would be issued at a discount of 25% to the value assigned to such shares in the Plan (as defined below). In addition, each of the Commitment Parties would be paid their pro rata share of an overall commitment fee of $15 million. The commitment fee would be paid on the Emergence Date in the form of additional shares of common stock of the reorganized parent company. Under the Commitment Agreement, the Company also agreed to enter into a registration rights agreement with certain Commitment Parties entitling such Commitment Parties under certain circumstances to request that the Company register their equity securities in the Company for sale under the rules of the U.S. Securities and Exchange Commission (the “SEC”). The Commitment Agreement prohibits the Company from soliciting alternative financing or restructuring proposals, although the Company’s board of directors (the “Board”) can respond to an unsolicited alternative proposal if doing so would be required by its fiduciary duties. The obligations of each Commitment Party to consummate the transactions contemplated by the Commitment Agreement are subject to specified conditions including, but not limited to, the Debtors’ compliance in all material respects with the terms of the Plan, the absence of a material adverse change in our business, our attainment of certain specified funding and liquidity thresholds, and the absence at the closing of any material breach of the representations, warranties and covenants made by the Debtors in the Commitment Agreement. The Commitment Agreement may be terminated in a number of circumstances. We will be required to pay (i) a $3.75 million termination fee if we terminate the Commitment Agreement in connection with the Board’s exercise of its fiduciary duties and certain other conditions are met, including entering into an agreement to effect an alternative transaction within 12 months, or (ii) a higher termination fee if the Commitment Parties terminate the Commitment Agreement in certain other limited circumstances. Term Loan Commitments. The Debtors have received binding commitments from lenders to fund on the Emergence Date the full amount of a $225 million first lien senior secured term loan that would mature in five years, subject to the satisfaction of certain conditions summarized herein. This term loan facility is a component of the reorganization plan agreed upon between the Debtors and certain of their creditors in the Term Sheet. The definitive documentation that is expected to govern this term loan facility has not yet been finalized or executed. Accordingly, we cannot assure you that the term loan facility will be completed as contemplated, or at all. For additional information, see Note 6. Plan Supplementation. On June 23, 2019, the Debtors filed a supplement to their Third Amended Plan (the “Plan Supplement” and, collectively with the Third Amended Plan, the “Plan”) which included various documentation related to the Plan, including a partial list of the directors expected to be named to the new parent company and updated disclosure regarding our equity value. Prior to the hearing to confirm the Plan held on July 30, 2019, the Debtors filed additional documentation, including drafts of organizational documents of the new parent company and additional information about our post-emergence management incentive program. Plan Confirmation. At a hearing held on July 30, 2019, the Bankruptcy Court confirmed the Plan, and on August 2, 2019, the Bankruptcy Court issued a written order to this effect. Implementation of the Plan is subject to the satisfaction or due waiver of several conditions, including without limitation (i) consummation of the debt and equity transactions contemplated by the Term Sheet and described herein, (ii) the payment in full of our secured lenders, (iii) certain minimum liquidity levels, (iv) the finalization of various documentation, (v) compliance with various regulatory requirements, (vi) the payment of various expenses and (vii) the implementation of the restructuring in a manner consistent with the Plan and certain stipulations contained therein. Other. The description of our Chapter 11 Cases in this Note 2 and elsewhere in this report does not purport to be complete and is qualified in its entirety by reference to (i) our filings with the Bankruptcy Court, all of which are publicly available in the manner described elsewhere herein, and (ii) the exhibits to this report. Executive Compensation Plans In connection with the Chapter 11 Cases, the Compensation Committee of the Board of Directors of the Company has adopted on behalf of the Company a Key Employee Incentive Plan (the "KEIP") and a Key Employee Retention Plan ("KERP"). The KEIP is designed to incentivize seven of the Company's senior executives by providing a total potential cash award pool of approximately $4.2 million for performance at threshold levels, $5.6 million at plan target levels and $7.0 million for performance exceeding plan, target levels. Payouts under the KEIP are contingent upon emergence from Chapter 11, achievement of certain financial targets and achievement of certain safety metrics. The KERP is designed to enhance retention of up to 61 other non-insider employees and provides a total award pool of approximately $3.5 million cash. The Bankruptcy Court has approved both the KEIP and the KERP. Financial Reporting in Reorganization Effective on the Petition Date, the Company began to apply accounting standards applicable to reorganizations, which are applicable to companies under Chapter 11 bankruptcy protection. They require the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Expenses, realized gains and losses, and provisions for losses that are directly associated with reorganization proceedings must be reported separately as reorganization items, net in the Unaudited Condensed Consolidated Statements of Operations. In addition, the balance sheet must distinguish pre-petition liabilities subject to compromise ("LSTC") of the Debtors from pre-petition liabilities that are not subject to compromise, post-petition liabilities, and liabilities of non-Debtor entities in the accompanying Unaudited Condensed Consolidated Balance Sheets. LSTC are pre-petition obligations that are not fully secured and have at least a possibility of not being repaid at the full claim amount. Where there is uncertainty about whether a secured claim will be paid or impaired pursuant to the Chapter 11 Cases, the Company has classified the entire amount of the claim as an outstanding liability. Furthermore, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in- possession, certain claims against the Debtors in existence before the filing of the petitions for relief under the federal bankruptcy laws are stayed while the Debtors continue business operations as debtors in possession. These claims are reflected in the unaudited Condensed Consolidated Balance Sheets at June 30, 2019 as LSTC. Additional LSTC may arise after the filing date resulting from rejection of executory contracts, including leases, and from the determination by the Bankruptcy Court (or agreed to by parties in interest) of allowed claims for contingencies and other disputed amounts. Claims secured against the Debtors' assets (secured claims) also are stayed, although the holders of such claims have the right to move the Bankruptcy Court for relief from the stay. The Company's secured claims are secured primarily by liens on certain of the Debtors’ receivables, inventory and spare parts and certain of their specified aircraft. Liabilities Subject to Compromise As a result of the commencement of the Chapter 11 Cases, the payment of pre-petition liabilities is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-petition liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Debtors authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Debtors' business and assets. Among other things, the Bankruptcy Court authorized, but did not require, the Debtors to pay certain pre-petition claims relating to employee wages and benefits, taxes, and certain critical vendors. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for different amounts. The amounts classified as LSTC may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, the determination of secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims, or other events. See Note 7 - “Liabilities Subject to Compromise” for a specific discussion on balances subject to compromise. Process for Implementation of Plan of Reorganization Although the Plan provides that the Debtors will emerge from bankruptcy as a going concern, there can be no assurance at this time that the Debtors will be able to successfully consummate the Plan or any other alternative restructuring transaction that satisfies the conditions of the Bankruptcy Code and is confirmed by the Bankruptcy Court, or that the Plan will be implemented successfully. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Reorganization Items, Net Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of professional and other bankruptcy-related fees for the period from March 15, 2019 through June 30, 2019. See Note 19.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Investments	3. INVESTMENTS We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss, 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 June 30, 2019: Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 88,217 $ — $ — $ 88,217 Deferred compensation plan assets included in other assets 889 — — 889 Total $ 89,106 $ — $ — $ 89,106 Investments consisted of the following as of December 31, 2018: Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ — $ — $ 26,308 Deferred compensation plan assets included in other assets 772 — — 772 Total $ 27,080 $ — $ — $ 27,080 At June 30, 2019 and December 31, 2018, we classified $12.1 million of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as restricted cash and investments, as they are securing outstanding letters of credit with maturities beyond one year.

Valuation Accounts

Valuation Accounts	6 Months Ended
	Jun. 30, 2019
Revenue Recognition And Valuation Accounts [Abstract]
Valuation Accounts	4. 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 $6.3 million and $6.1 million at June 30, 2019, and December 31, 2018, respectively. Revenues related to flights generated by our Air Medical segment are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care when the services are provided. The allowance for contractual discounts was $140.5 million and $123.8 million as of June 30, 2019 and December 31, 2018, respectively. The allowance for uncompensated care was $45.5 million and $51.9 million as of June 30, 2019 and December 31, 2018, 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 $1.6 million and $1.7 million for the quarters ended June 30, 2019 and 2018, respectively. The value of these services was $3.5 million and $3.3 million for the six months ended June 30, 2019 and 2018, respectively. The estimated cost of providing charity services was $0.3 million and $0.4 million for the quarters ended June 30, 2019 and 2018, respectively. The estimated cost of providing charity services was $0.8 million for the six months ended June 30, 2019 and 2018, 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) as of the dates listed below was as follows: June 30, 2019 December 31, 2018 Allowance for Contractual Discounts 55% 51% Allowance for Uncompensated Care 18% 22% We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $19.4 million and $17.9 million at June 30, 2019 and December 31, 2018, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. FAIR VALUE MEASUREMENTS Accounting standards require that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2019 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 88,217 $ 88,217 $ — Deferred compensation plan assets 889 889 — Total $ 89,106 $ 89,106 $ — December 31, 2018 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ 26,308 $ — Deferred compensation plan assets 772 772 — Total $ 27,080 $ 27,080 $ — 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 investments in 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 commercial paper, 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 2 or Level 3 investments. Cash, accounts receivable, accounts payable and accrued liabilities, and term loan debt all had fair values approximating their carrying amounts at June 30, 2019 and December 31, 2018. We determine the estimated fair value of our 5.25% Senior Notes due 2019 (the "Senior Notes") using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our 5.25% Senior Notes due 2019, based on quoted market prices, was $245.0 million and $344.2 million at June 30, 2019 and December 31, 2018, respectively. We provide no assurances, however, that the ultimate recovery of the holders of these notes pursuant to the Chapter 11 Cases will correspond to these fair values as of these prior dates.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	6. DEBT Listed below is information regarding our indebtedness. All indebtedness owed under our Senior Notes as of June 30, 2019 is classified as subject to compromise, and as of December 31, 2018 was classified as short-term debt on our balance sheet. The Thirty-Two, LLC and Blue Torch term loans are classified as long-term debt as of June 30, 2019, except for the amount due within the next twelve months. June 30, 2019 December 31, 2018 Principal Unamortized Debt Issuance Debt Cost Principal Unamortized Debt Issuance Debt Cost Unsecured (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 $ — $ 500,000 $ 260 Secured Term Loan - Blue Torch Finance, LLC, interest payable quarterly at LIBOR plus 6%, maturing March 13, 2023 70,000 5,254 — — Related Party Term Loan - Thirty Two L.L.C., interest payable quarterly at 6%, due September 28, 2020 130,000 546 130,000 765 Total indebtedness 700,000 5,800 630,000 1,025 Less: Current maturities (1,750 ) — (500,000 ) — $ 698,250 $ 5,800 $ 130,000 $ 1,025 Senior Notes - Subject to the automatic stay of the Bankruptcy Code, our 5.25% Senior Notes (the “Senior Notes”) matured on March 15, 2019. These notes are unconditionally guaranteed on a senior basis by each of PHI, Inc.’s wholly-owned domestic subsidiaries. These notes and related guarantees are the general, unsecured obligations of PHI, Inc. and the guarantors. For more information regarding the impact of our bankruptcy proceedings on the Senior Notes, see Note 2. Blue Torch Loan Agreement - On March 13, 2019, we entered into a Loan Agreement, dated the same date (the “Blue Torch Agreement”), by and among the Company, as borrower, certain of our subsidiaries as guarantors party thereto, the lenders from time to time party thereto, and Blue Torch Finance, LLC, as administrative agent and collateral agent, for a first lien term loan of up to $70.0 million (the “Blue Torch Loan”). Immediately upon entering into the Blue Torch Agreement, and prior to the filing of the Chapter 11 Cases, we borrowed $70.0 million thereunder, the net proceeds of which (after the payment of transaction expenses and fees thereunder) we have used to continue to fund our working capital and liquidity requirements during the pendency of the Chapter 11 Cases. For additional information regarding our Chapter 11 Cases, see Notes 2 and 7 herein and Notes 1 and 19 to our filed 2018 10-K. The remaining principal amount of the Blue Torch Loan is due March 13, 2023. At our election, borrowings under the Blue Torch Loan bear interest at either the LIBOR Rate (as defined in the Blue Torch Agreement) plus 6% or the Base Rate (as defined in the Blue Torch Agreement) plus 5%. The Blue Torch Loan is secured by a first lien on 91 aircraft registered and located in Australia, Canada, and the United States (which are currently deployed primarily in our oil and gas and technical services operations), the related spare parts for such aircraft, and certain other non-working capital assets, as well as a second lien on all working capital assets (second in priority to the liens granted under our below-described term loan agreement, dated as of September 28, 2018, with Thirty Two, L.L.C.). The Blue Torch Agreement contains customary pre-payment requirements. In addition, we paid on March 13, 2019 a funding fee, which is subject to forgiveness based on certain future events. The Blue Torch Agreement contains certain customary negative covenants that, among other things, restrict, subject to certain exceptions, the Company’s and each guarantor’s incurrence of additional indebtedness or liens, mergers, dispositions of assets, investments, restricted payments, modifications to material agreements, sale and leasebacks, transactions with affiliates, fundamental changes, locations of certain aircraft and acquisitions of assets. In addition, the financial covenants under the Blue Torch Agreement require us to maintain certain specified minimum levels of liquidity, fixed charge coverage and appraised collateral values, and certain specified maximum levels of secured leverage, all of which are explained in greater detail of our prior SEC reports. The Blue Torch Agreement also contains customary affirmative covenants and customary representations and warranties. As of the date of the financial statements, included in this report, we believe we were in compliance with these covenants. The Blue Torch Agreement specifies certain customary events of default, including, among others, certain change of control events. The filings of the Chapter 11 Cases neither constituted an event of default nor accelerated payment of the Company’s indebtedness under the Blue Torch Agreement. As noted in Note 2, we plan to repay the Blue Torch Loan in full upon emergence from bankruptcy, assuming we consummate our Plan on the terms confirmed by order of the Bankruptcy Court on August 2, 2019. Related Party Term Loan - On September 28, 2018, we entered into a term loan agreement with Thirty Two L.L.C., which provided us with a term loan of $130.0 million maturing on September 28, 2020. This loan bears interest at an annual fixed rate of 6% payable quarterly, with all principal due on maturity. Thirty Two L.L.C., an entity wholly-owned by our current CEO and controlling shareholder, is a related party. Obligations under the term loan are guaranteed by PHI Air Medical, L.L.C. and PHI Tech Services, Inc., both of which are wholly-owned by us. Our obligations and the guarantors’ obligations are secured primarily by all of their respective inventory, spare parts and accounts receivable located in the U.S. The related party term loan agreement contains customary restrictive covenants that, subject to certain exceptions and limitations, limit or restrict our ability to, among other things, (i) purchase, retire or redeem any shares of our capital stock; (ii) incur indebtedness; (iii) mortgage or encumber our assets; (iv) make loans to, or guarantee the indebtedness of, any individual or entity; (v) effect a change of control of PHI; (vi) consolidate with or merge into any other corporation, or permit any other corporation to merge into us; (vii) sell or lease all or substantially all of our assets; or (viii) acquire all or a substantial part of the assets or capital stock of another entity. The term loan agreement contains no financial covenants. The term loan agreement contains customary representations and warranties, affirmative covenants and events of default. As noted in Note 2, we plan to repay all of the principal and a portion of the accrued and unpaid interest under the related party term loan in full upon emergence from bankruptcy, assuming we consummate our Plan on the terms confirmed by order of the Bankruptcy Court on August 2, 2019. Letter of Credit - At June 30, 2019, we had $19.7 million of outstanding letters of credit secured by a like amount of restricted cash, $12.1 million of which secured certain domestic operations or insurance policies and $7.6 million of which guaranteed our performance under an international contract. At December 31, 2018, we had $19.8 million of outstanding letters of credit issued for the same purposes. Other - PHI, Inc. has cash management arrangements with certain of its principal subsidiaries, in which substantial portions of the subsidiaries’ cash is regularly advanced to PHI, Inc. Although PHI, Inc. periodically repays these advances to fund the subsidiaries’ cash requirements throughout the year, at any given point in time PHI, Inc. may owe a substantial sum to its subsidiaries under these advances, which, in accordance with GAAP, are eliminated in consolidation and therefore not recognized on our consolidated balance sheets. For additional information, see Note 15. Acceleration of Certain Debt Obligations - The commencement of the Chapter 11 Cases constituted an event of default that accelerated the obligations under the indenture governing our 5.25% Senior Notes due 2019 and our term loan agreement with Thirty Two, L.L.C. Any efforts to enforce payment of such financial obligations under such instruments and agreements are automatically stayed as a result of the Chapter 11 Cases and the holders’ rights of enforcement in respect of such financial obligations are subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court Subsequent Event As described in greater detail in Note 2, we have received binding commitments from lenders to fund on the Emergence Date the full amount of a $225 million first lien senior secured term loan that would mature in five years (the “Exit Term Loan”), subject to the finalization, execution and delivery of definitive documentation and the satisfaction of various other conditions described below in this Note 6. The following description of the terms of the Exit Term Loan is only a summary, does not purport to be complete and is qualified in its entirety by reference to the form of term loan credit agreement that we filed with the SEC as an exhibit to our Current Report on Form 8-K dated July 22, 2019. Borrower. All borrowings under the Exit Term Loan are expected to be incurred by a new parent holding company (the “Borrower”) to be formed under the Debtors’ plan of reorganization, which is expected to own directly or indirectly all of the outstanding equity interests of the Debtors upon their emergence from the bankruptcy proceedings. Maturity. The Exit Term Loan would mature five years after the closing of the Exit Term Loan. Guarantees and Security. The Borrower’s obligations under the Exit Term Loan are expected to be guaranteed, subject to certain exceptions, by all of its existing and future material domestic subsidiaries. The Exit Term Loan is expected to be secured by a first-priority security interest on substantially all of assets of the Borrower and the guarantors party to the Exit Term Loan, excluding certain assets reserved to potentially collateralize a future asset-backed revolving credit facility. Use of Proceeds. The borrowings under the Exit Term Loan would be used (i) to pay in full and discharge all of the Company’s indebtedness under debt agreements with Thirty Two, L.L.C. and Blue Torch Finance L.L.C., (ii) to pay various transaction expenses, and (iii) for general corporate purposes. Interest Rates and Fees. Borrowings under the Exit Term Loan are expected to be subject to a 2.0% original issuance discount The Exit Term Loan will bear interest on the unpaid principal amount at a rate equal to, at our option, either: • a base rate determined by reference to the highest of (i) the prime rate in effect for such day as determined by Credit Suisse as its prime rate in effect at its principal office in New York City, (ii) the federal funds effective rate plus 0.5% and (iii) one-month LIBOR, adjusted for statutory reserve requirements, plus 1.0%, in each case, plus an applicable margin; or • A LIBOR rate determined by reference to the London interbank offered rate for U.S. dollars for the relevant interest period, adjusted for statutory reserve requirements, plus the applicable margin. The LIBOR rate will be subject to a 1.00% floor. The applicable margin for borrowings under the Exit Term Loan would be 6.0% with respect to the base rate borrowings and 7.0% with respect to LIBOR borrowings. We will pay customary fees and expenses in connection with obtaining funding commitments, including certain additional fees if the term loan is not funded by the end of August 30, 2019. Prepayments. Amounts borrowed under the Exit Term Loan would amortize quarterly at an annual rate of 2.50% in the first and second years of the facility, 5.00% in the third year, and 7.50% thereafter, with the balance payable on the maturity date of the Exit Term Loan The Borrower would be required to prepay the Exit Term Loan, subject to exceptions and limitations, with: • 100% of the net cash proceeds from any issuance or incurrence of indebtedness (other than indebtedness to be permitted by the Exit Term Loan); • The net cash proceeds of certain asset sales, subject to certain exceptions and limitations; and • The net cash proceeds from the sale of our Air Medical segment of the business. Beginning with the fiscal year ending December 31, 2020, the Borrower will be required to prepay the Exit Term Loan in an amount equal to a certain percentage of its excess cash flow for each fiscal year, which percentage is based on the Borrower’s consolidated net total leverage ratio for the applicable fiscal year. The Borrower may voluntarily prepay loans outstanding under the Exit Term Loan, in whole or in part, without premium or penalty (except as described below) in minimum amounts to be determined, at any time, subject to customary “breakage” costs with respect to LIBOR rate loans. The Borrower would be required to pay a “prepayment premium” in connection with certain prepayments of the Exit Term Loan equal to a percentage of the principal amount so prepaid as follows: • during the first year following the closing date of the Exit Term Loan • during the second year following the closing date of the Exit Term Loan • during the third year following the closing date of the Exit Term Loan • during the fourth year following the closing date of the Exit Term Loan and thereafter Covenants and Events of Default. The Exit Term Loan will contain customary restrictive covenants that, subject to certain exceptions and limitations, will limit or restrict the ability of the Borrower and its restricted subsidiaries (as defined in the Exit Term Loan) to, among other things, (i) purchase, retire or redeem any shares of their capital stock; (ii) incur indebtedness; (iii) mortgage or encumber their assets; (iv) make loans to, or guarantee the indebtedness of, any individual or entity; (v) effect a change of control; (vi) consolidate with or merge into any other corporation, or permit any other corporation to merge into the Borrower or the restricted subsidiaries; (vii) sell or lease all or substantially all of the assets of the Borrower or its restricted subsidiaries; or (viii) acquire all or a substantial part of the assets or capital stock of another entity. The Exit Term Loan will also contain a $20.0 million minimum liquidity financial covenant In addition, the Exit Term Loan will contain customary representations and warranties, affirmative covenants and events of default. Upon an event of default, the lenders (as defined in the Exit Term Loan) are entitled, subject to certain limitations, to declare the term loan, any other loans and all other obligations of the Borrower or its subsidiaries to the lenders immediately due and payable and to take all actions permitted to be taken by a secured creditor. Conditions to Term Loan Facility. The obligations of the initial lenders to provide the Exit Term Loan is subject to certain conditions, including without limitation, the absence at the closing of any material breach of the representations, warranties and covenants made by the Borrower and its restricted subsidiaries.

Liabilities Subject to Compromi

Liabilities Subject to Compromise	6 Months Ended
	Jun. 30, 2019
Reorganizations [Abstract]
Liabilities Subject to Compromise	7. LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Chapter 11 Cases on March 14, 2019, we have classified unsecured pre-petition liabilities that are expected to be impaired pursuant to the Plan as liabilities subject to compromise in our Condensed Consolidated Balance Sheet at June 30, 2019. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. If there was uncertainty at the time of determination about whether a secured claim was under-secured or would be impaired under the Plan, we reflected the entire amount of the claim as an outstanding liability. The amounts classified at June 30, 2019 as liabilities subject to compromise represent the Company’s estimate as of the filing date of this report of claims as of June 30, 2019 expected to be allowed under the Plan. The Company’s obligations under the Senior Notes have been affected by the bankruptcy filing. As such, the outstanding balance of these Senior Notes and related accrued pre-petition interest have been classified as liabilities subject to compromise in the condensed consolidated balance sheet as of June 30, 2019. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities have been stayed during the pendency of the Chapter 11 Cases. Although payment of pre-petition claims is generally not permitted, the Bankruptcy Court approved the Debtors’ “first day” motions allowing, among other things, the Company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business. As a result of this approval, the Company continues to pay certain pre-petition claims in designated categories and subject to certain terms and conditions in the ordinary course of business, and we have not classified these liabilities as subject to compromise in the Condensed Consolidated Balance Sheet as of June 30, 2019. With respect to pre-petition claims, the Company notified all known claimants of the deadline to file a proof of claim with the Court. The Company has been paying and intends to continue to pay post-petition claims in the ordinary course of business. The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheet as of June 30, 2019. See Note 6 - “Debt” for further information on our Senior Notes and related balances subject to compromise: June 30, 2019 (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 Accrued interest payable 13,125 Total liabilities subject to compromise $ 513,125

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	8. EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2019 and 2018 are as follows: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,825 15,806 15,825 15,806 Dilutive effect of unvested restricted stock units — — — — Weighted average outstanding shares of common stock, diluted (1) 15,825 15,806 15,825 15,806 (1)

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	9. 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 quarter and six months ended June 30, 2019 and 2018. Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 845 $ 435 $ 1,685 $ 1,077 Performance-based restricted stock units 480 378 955 1,055 Total stock-based compensation expense $ 1,325 $ 813 $ 2,640 $ 2,132 During the quarter and six months ended June 30, 2019, no time-based restricted units or performance units were awarded to managerial employees. During the quarter and six months ended June 30, 2018, 321,831 time-based restricted units and 448,012 performance-based restricted units were awarded to managerial employees. On February 20, 2019, the PHI Compensation Committee approved the vesting of the 2017 performance RSUs based on the Company’s financial results exceeding the pre-determined business performance metrics set in 2017 for the two year performance period (January 1, 2017 - December 31, 2018). The PHI Compensation Committee decided to settle these vested RSU awards in cash based upon the closing market price on February 20, 2019, the date of the committee's certification that the performance metrics were met ($2.21 per share). The total amount of cash paid was $0.8 million. On February 20, 2019, the Compensation Committee certified that the performance metrics for performance-based restricted stock units granted in 2016 had not been met, which resulted in the forfeiture of 667,238 of such RSUs.

Asset Disposals

Asset Disposals	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Asset Disposals	10. ASSET DISPOSALS During the first quarter of 2019, there were no sales or disposals of aircraft. During the second quarter of 2019, we disposed of two light aircraft previously utilized in the Technical Services segment. The contract was terminated and these aircraft no longer met our strategic needs. Cash proceeds totaled $1.2 million, resulting in a gain of $0.2 million on the disposal of these assets . This gain was offset partially by a net loss on other assets disposals. During the first quarter of 2018, we disposed of one light aircraft previously utilized in the Air Medical segment and donated to a charitable organization one aircraft previously used in our Oil and Gas segment. During the second quarter of 2018, we disposed of one medium and one light aircraft previously utilized in the Oil & Gas segment. These aircraft no longer met our strategic needs. Cash proceeds totaled $1.5 million, resulting in a $0.7 million loss on the disposal of these assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES Commitments – We currently have no aircraft purchase commitments. Environmental Matters – We have recorded an estimated liability of $0.15 million as of June 30, 2019 for environmental response costs. Previously, we conducted environmental surveys of our former Lafayette Facility located at the Lafayette Regional Airport, which we vacated in 2001, and determined that limited soil and groundwater contamination exist at two parcels of land at the former facility. An Assessment Report for both parcels was submitted in 2003 (and updated in 2006) to the Louisiana Department of Environmental Quality ("LDEQ") and the Louisiana Department of Natural Resources ("LDNR"). Approvals for the Assessment Report were received from the LDEQ and LDNR in 2010 and 2011, respectively. Since that time, we have performed groundwater sampling of the required groundwater monitor well installations at both parcels and submitted these sampling reports to the LDEQ. Pursuant to an agreement with the LDEQ, we provided groundwater sample results semi-annually to the LDEQ for both parcels from 2005 to 2015. The LDEQ approved a reduction in the sampling program from semi-annual to annual groundwater monitoring in 2015. Based on our working relationship and agreements with the LDEQ, and the results of ongoing former facility parcel monitoring, we believe that ultimate remediation costs for the subject parcels will not be material to our consolidated financial position, operations or cash flows. Legal Matters – From time to time, we are involved in various legal actions incidental to our business, including actions relating to employee claims, medical malpractice claims, tax issues, grievance hearings before labor regulatory agencies, and miscellaneous third party tort actions. The outcome of these proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of our presently pending proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows. Notwithstanding the foregoing, any litigation pending against us or any of the Debtors as of the Petition Date and any claims that could be asserted against us or an of the Debtors that arose prior to the Petition Date are automatically stayed as a result of the commencement of the Chapter 11 Cases pursuant to the section 362(2) of the Bankruptcy Code, subject to certain statutory exceptions. These matters will be subject to resolution in accordance with the Bankruptcy Code and applicable orders of the Bankruptcy Court.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	12. REVENUE RECOGNITION In 2014, the Financial Accounting Standard Board ("the FASB") issued ASC 606, Revenue from Contracts with Customers (“ASC 606”), replacing the existing accounting standard and industry specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 became effective on January 1, 2018 and we adopted it using the modified retrospective method applied to open contracts and only to the version of the contracts in effect as of January 1, 2018. There was no impact on the condensed consolidated financial statements and no cumulative effect adjustment was recognized. In general, under ASC 606, we recognize revenue when a service or good is sold to a customer and a contract exists. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services has been transferred to the customer, the transaction price has been determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. Taxes billed to and collected from customers and remitted to governmental authorities are reported as revenue on a net basis in our financial statements. Thus, we exclude taxes billed to the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Oil & Gas Revenue Recognition - We provide helicopter services to oil and gas customers operating in the Gulf of Mexico and a number of foreign countries. Revenues are recognized when performance obligations are satisfied over time in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services rendered. Air Medical Revenue Recognition - We provide helicopter services to hospitals and emergency service providers in several U.S. states, or to individual patients in the U.S. in which case we are paid by either a commercial insurance company, federal or state agency, or the patient. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Revenues related to the independent provider model services are recorded in the period in which we satisfy our performance obligations under contracts by providing our services to our customers based upon established billing rates net of contractual allowances under agreements with third party payors and net of uncompensated care allowances. These amounts are due from patients, third-party payors (including health insurers and government programs), and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients and third-party payors several days after the services are performed. Revenues generated under the traditional provider model are recognized as performance obligations are satisfied over time in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled in exchange for services rendered. Oil & Gas Performance Obligations - A performance obligation arises under contracts with customers to render services and is the unit of account under ASC 606. Operating revenue from our Oil and Gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which are competitively bid. A small portion of our Oil and Gas segment revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one to seven years (subject to provisions permitting early termination on relatively short notice by the customers). We account for services rendered separately if they are distinct and the services are separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. The nature of our variable charges within our flight services contracts are not effective until a customer-initiated flight order and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated before hand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. The majority of our revenue is recognized as performance obligations satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis with the term between invoicing and when the payment is due typically being between 30 and 60 days. Air Medical Performance Obligations - Performance obligations are determined based upon the nature of the services provided. Under the independent provider model, we measure the performance obligation from the moment the patient is loaded into the aircraft until it reaches its destination. Under this 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. These contracts are typically awarded or renewed through competitive bidding and typically permit early termination by the customer on relatively short notice. As a traditional provider, we typically bill a fixed monthly rate for aircraft availability and an hourly rate for flight time. For each of these types of helicopter services, we have determined that each has a single distinct performance obligation. Traditional provider models services include fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. The variable charges within such contracts are not effective until the customer initiates a flight order and the actual hours flown are determined; therefore, the associated revenue generally cannot be reasonably and reliably estimated beforehand. For the traditional provider model, we determine the transaction price based upon standard charges for goods and services provided. 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. We recognize revenues for performance obligations satisfied at a point in time, which generally relate to patients receiving air medical services when: (1) services are provided; and (2) we do not believe the patient requires additional services. For the independent provider model, we determine the transaction price based upon gross charges for services provided reduced by contractual adjustments provided to third-party payors, discounts provided to uninsured patients in accordance with Company policy, and/or implicit price concessions provided to uninsured patients. We determine estimates of contractual adjustments and discounts based upon contractual agreements, our discount policy, and historical experience. We determine our estimate of implicit price concessions based upon our historical collection experience with these classes of patients using a portfolio approach as a practical expedient to account for patient contracts as collective groups, rather than individually. The financial statement effects of using this practical expedient are not materially different from an individual contract approach. We estimate contractual allowances and uncompensated care based on historical collection experience by payor category. The main payor categories are Medicaid, Medicare, private insurance, and self-pay. Changes in payor mix, reimbursement rates and uncompensated care rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts by category. The allowance percentages calculated are applied to the payor categories, and the necessary adjustments are made to the revenue allowance. In our Air Medical Segment, the allowance for contractual discounts against outstanding accounts receivable was $140.5 million, and $123.8 million as of June 30, 2019, and December 31, 2018, respectively, and the allowance for uncompensated care against outstanding accounts receivable was $45.5 million, and $51.9 million as of June 30, 2019 and December 31, 2018, respectively. Included in the allowance for uncompensated care above is the value of services to patients who are unable to pay when it is determined that they qualify as charity care. The value of these services was $1.6 million, and $1.7 million for the quarter ended on June 30, 2019 and 2018, respectively. The value of these services was $3.5 million and $3.3 million for the six months ended June 30, 2019 and 2018, respectively. The estimated cost of providing charity services was $0.3 million and $0.4 million for the quarters ended June 30, 2019 and 2018, respectively. The estimated cost of providing charity services was $0.8 million for the six months ended June 30, 2019 and 2018, 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 the Air Medical independent provider model’s total expenses divided by gross patient service revenue. In determining the allowance estimates for our Air Medical segment’s billing, receivables and revenue, we utilize the prior twelve months’ payment history and current trends in payor behavior by each separate payor group, which we evaluate on a state by state basis. A percentage of amounts collected compared to the total invoice is determined from this process and applied to the current month’s billings and receivables. If a receivable related to the self-pay category is outstanding twelve months or greater, we record a reserve equal to 100% of the receivable. Receivables related to other payor categories are scrutinized when they are outstanding for nine months or longer and additional allowances are recorded if warranted. As of June 30, 2019 and December 31, 2018, net receivables related to our (i) Oil and Gas segment were $86.2 million and $74.1 million, (ii) Air Medical segment were $95.8 million and $90.2 million and (iii) Technical Services segment were $1.3 million and $4.1 million, respectively. We generally have a right to consideration in an amount that corresponds directly with the value to the customer of the entity's performance completed to date and may recognize revenue in the amount to which the entity has a right to invoice. We have elected to use the invoice practical expedient for revenue recognized when performance obligations are satisfied over time. In addition, payment for goods and services rendered is typically due in the subsequent month following satisfaction of our performance obligation. Our contracts typically include termination clauses that allow both parties to terminate existing contracts with a 30 to 180 day notice period. Our Technical Services segment - provides helicopter flight services and helicopter repair and overhaul services for existing flight operations customers that own their own aircraft. Under this segment, we periodically provide certain services to governmental customers, including our agreement to operate six aircraft for the National Science Foundation in Antarctica. Under this segment, we also offer certain software as a service to our Oil and Gas customers. Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered. For these helicopter services, we determined that each has a single distinct performance obligation. The following table presents the Company’s revenues by segment disaggregated by type (in thousands): For the Quarter Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Service Revenue Oil & Gas $ 90,023 $ 97,068 $ 174,969 $ 192,702 Air Medical 69,507 67,151 126,153 124,139 Technical Services 5,642 5,024 15,940 12,766 Total Services $ 165,172 $ 169,243 $ 317,062 $ 329,607 Air Medical Revenue Traditional provider model $ 12,401 $ 12,085 $ 24,378 $ 23,956 Independent provider model 57,106 55,066 101,775 100,183 Total Air Medical Revenues $ 69,507 $ 67,151 $ 126,153 $ 124,139

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	13. LEASES The Company adopted ASU 2016-02 standard on a prospective basis on January 1, 2019 and used the effective date as the date of initial application. Therefore, prior period financial information has not been adjusted and continues to be reflected in accordance with the Company’s historical accounting policy. The standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company elected to adopt the "package of practical expedients" under ASU No. 2018-11, which allows the Company to carry forward its historical assessments of whether existing agreements contain a lease, classification of existing lease agreements, and treatment of initial direct lease costs. The Company also elected to exclude short-term leases (those with terms of 12 months or less) from the balance sheet presentation and accounts for non-lease and lease components as a single lease component for all asset classes. The adoption of ASU 2016-02 had the effects specified in Note 1. Accounting Policy for Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are operating leases and are included in ROU assets, accounts payable and operating lease liabilities in the Company's Condensed Consolidated Balance Sheet at June 30, 2019. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease. The lease term includes options to extend when we are reasonably certain to exercise the option. We are not, however, reasonably certain that we will exercise any of the options to extend and as such, they have not been included in the remaining lease terms. Overview We lease certain aircraft, facilities, and equipment used in our operations. The related lease agreements, which include both non-cancelable and month-to-month terms, generally provide for fixed monthly rentals, and certain real estate leases also include renewal options. We generally pay all insurance, taxes, and maintenance expenses associated with these leases, and these costs are not included in the lease liability and are recognized in the period in which they are incurred. Total operating lease expense was $11.4 million and $12.1 million for the three months ended June 30, 2019 and 2018, respectively. For the three months ended June 30, 2019, a portion of the total operating lease expense relating to short-term leases was $1.6 million. The operating lease expense was $22.6 million and $23.8 million for the six months ended June 30, 2019 and 2018, respectively. For the six months ended June 30, 2019, a portion of the total operating lease expense relating to short-term was $3.0 million. Operating leases at June 30, 2019 were as follows (in thousands):  June 30, 2019 (Thousands of dollars) Operating lease right-of-use-assets $ 144,944 Current portion of operating lease liabilities 27,535 Operating lease liabilities 118,167 Total operating lease liabilities $ 145,702 Cash paid for operating leases 21,475 ROU assets obtained in exchange for lease obligations 9,402 Weighted average remaining lease term 5 years Weighted average discount rate 8.25 % Maturities of operating lease liabilities at June 30, 2019 are as follows (in thousands):  Operating Six Months Ending June 30, Leases Thousands of dollars Remainder of 2019 $ 19,615 2020 37,140 2021 36,297 2022 34,254 2023 23,872 Thereafter 33,975 Total lease payments 185,153 Less imputed interest (39,451 ) Total $ 145,702 As of December 31, 2018, future total rentals on our non-cancellable operating leases were $160 million in the aggregate, which consisted of the following: $36 million in 2019; $33 million in 2020; $31 million in 2021; $29 million in 2022; $20 million in 2023; and $11 million thereafter. We are currently in the process of renegotiating certain of our leases in connection with the Chapter 11 Cases. These negotiations, if successfully completed, will likely impact our obligation under our outstanding leases.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	14. 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. A segment’s operating profit or loss is its operating revenues less its direct expenses and selling, general and administrative expenses. Each segment has a portion of selling, general and administrative expenses that is charged directly to the segment, and a small portion that is allocated. Direct charges represent the vast majority of segment selling, general and administrative expenses. Allocated selling, general and administrative expenses are based primarily on total segment costs as a percentage of total operating costs. A significant portion of our selling, general and administrative expenses are neither charged nor allocated to our segments. Oil and Gas Segment - Our Oil and Gas segment, headquartered in Lafayette, Louisiana, provides helicopter services primarily for the major integrated and independent oil and gas production companies transporting personnel or equipment to offshore platforms in the Gulf of Mexico and a number of foreign countries. Our customers include Shell Oil Company, BP America Production Company, ExxonMobil Production Company, and ConocoPhillips Company, with whom we have worked for 35 or more years, and ENI Petroleum, with whom we have worked for more than 20 years. At June 30, 2019, we had available for use 121 aircraft in this segment. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination upon short notice by the customers), with payment in U.S. dollars. For the quarters ended June 30, 2019 and 2018, respectively, approximately 55% and 57% of our total operating revenues were generated by our Oil and Gas segment, with approximately 85% and 87% of these revenues from fixed-term customer contracts. For the six months ended June 30, 2019 and 2018, respectively, approximately 55% and 58% of our total operating revenues were generated by our Oil and Gas segment, with approximately 85% and 87% of these revenues from fixed-term customer contracts. The remaining 15% of these revenues were attributable to work in the spot market and ad hoc flights for contracted customers. Air Medical Segment - The operations of our Air Medical segment are headquartered in Phoenix, Arizona, where we maintain significant separate facilities and administrative staff dedicated to this segment. We provide Air Medical transportation services for hospitals and emergency service agencies throughout the U.S. As of June 30, 2019, our Air Medical segment operated approximately 111 aircraft in 18 states at 81 separate locations. 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 or renewed through competitive bidding. For the quarters ended June 30, 2019 and 2018, approximately 42% and 40% of our total operating revenues were generated by our Air Medical segment. For the six months ended June 30, 2019 and 2018, approximately 40% and 38% of our total operating revenues were generated by our Air Medical segment. 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 for the periods listed below: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for contractual discounts 70 % 67 % 68 % 66 % Provision for uncompensated care 8 % 7 % 9 % 8 % 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 for the periods listed below: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Insurance 67 % 72 % 67 % 72 % Medicare 23 % 19 % 23 % 20 % Medicaid 9 % 8 % 8 % 8 % Self-Pay 1 % 1 % 2 % — % We also have a limited number of contracts with hospitals under which we receive a fixed fee component for aircraft availability and a variable fee component for flight time. Most of our contracts with hospitals contain provisions permitting early termination by the hospital, typically with 180 days’ notice for any reason and generally with penalty. Those contracts generated approximately 15% and 16% of the segment’s revenues for the quarters ended June 30, 2019 and 2018, respectively. Those contracts generated approximately 17% and 18% of the segment’s revenues for the six months ended June 30, 2019 and 2018, respectively. We also derive a small portion of the segment’s revenues from providing services under our patient navigation business. Technical Services Segment - Our Technical Services segment provides helicopter repair and overhaul services for flight operations customers that own their aircraft. Costs associated with these services are primarily labor, and customers are generally billed at a percentage above our service costs. In the past, we also periodically provided flight services to governmental customers under this segment, including operating six aircraft for the National Science Foundation in Antarctica under a contract that lapsed on April 30, 2019. We sold two light aircraft during the quarter that were assigned to this contract, leaving four aircraft remaining in this segment. Also included in this segment are our proprietary Helipass operations, which provide software as a service to certain of our Oil and Gas customers for the purpose of passenger check-in and compliance verification. For each of the quarters ended June 30, 2019 and 2018, approximately and 3% of our total operating revenues were generated by our Technical Services segment, respectively. For each of the six month periods ended June 30, 2019 and 2018, approximately 5% and 4% of our total operating revenues were generated by our Technical Services segment, respectively. Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2019 and 2018 is as follows: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 90,023 $ 97,068 $ 174,969 $ 192,702 Air Medical 69,507 67,151 126,153 124,139 Technical Services 5,642 5,024 15,940 12,766 Total operating revenues, net 165,172 169,243 317,062 329,607 Segment direct expenses Oil and Gas (1) 89,061 94,442 179,031 190,985 Air Medical 59,310 56,776 116,391 110,608 Technical Services 4,104 3,784 12,568 9,671 Total direct expenses 152,475 155,002 307,990 311,264 Segment selling, general and administrative expenses Oil and Gas 4,672 4,400 9,432 9,321 Air Medical 4,141 3,254 7,433 6,421 Technical Services 152 340 300 710 Total selling, general and administrative expenses 8,965 7,994 17,165 16,452 Total segment direct and selling, general and administrative expenses 161,440 162,996 325,155 327,716 Net segment (loss) profit Oil and Gas (3,710 ) (1,774 ) (13,494 ) (7,604 ) Air Medical 6,056 7,121 2,329 7,110 Technical Services 1,386 900 3,072 2,385 Total net segment profit 3,732 6,247 (8,093 ) 1,891 Other, net (3) 428 (193 ) 337 (2,112 ) Unallocated selling, general and administrative costs (1) (4) (8,626 ) (6,491 ) (25,293 ) (13,492 ) Reorganization items, net (26,503 ) — (28,103 ) — Interest expense (3,927 ) (8,340 ) (12,093 ) (16,537 ) (Loss) earnings before income taxes $ (34,896 ) $ (8,777 ) $ (73,245 ) $ (30,250 ) (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: Depreciation and Amortization Expense Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 11,618 $ 11,486 $ 22,896 $ 23,269 Air Medical 5,485 6,091 10,771 11,715 Technical Services 133 142 204 287 Total $ 17,236 $ 17,719 $ 33,871 $ 35,271 Unallocated SG&A $ 3,095 $ 1,412 $ 4,904 $ 3,327 (2) Includes equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income. (4) Represents corporate overhead expenses not allocable to segments.

Investment in Variable Interest

Investment in Variable Interest Entity	6 Months Ended
	Jun. 30, 2019
Investment In Variable Interest Entity And Other Investments And Affiliates [Abstract]
Investment in Variable Interest Entity	15. INVESTMENT IN VARIABLE INTEREST ENTITY We account for our investment in PHI Century Limited ("PHIC") as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of June 30, 2019, we had a 49% investment in the common stock of 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 June 30, 2019, we recorded income in equity of this unconsolidated affiliate of $1.0 million compared to income in equity of less than $0.1 million for the quarter ended June 30, 2018 relative to our 49% equity ownership. For the six months ended June 30, 2019 and 2018, we recorded income in equity of this unconsolidated affiliate of $2.4 million and less than $0.1 million, respectively. We had $4.1 million and $4.8 million of trade receivables from PHIC as of June 30, 2019 and December 31, 2018, respectively. In 2018, we loaned PHIC $0.4 million for operating purposes. This loan balance is included in Accounts receivable - other on our Condensed Consolidated Balance Sheets at June 30, 2019. Our investment in the common stock of PHIC is included in Other Assets on our Condensed Consolidated Balance Sheets and was $2.9 million at June 30, 2019 and $0.5 million at December 31, 2018.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Other Comprehensive Income	16. OTHER COMPREHENSIVE INCOME Amounts reclassified from Accumulated other comprehensive income are not material and, therefore, not presented separately in the Condensed Consolidated Statements of Comprehensive Income.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Condensed Consolidating Financial Information	17. CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 6, on March 17, 2014, PHI, Inc. issued $500.0 million aggregate principal amount of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of PHI, Inc.’s 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”) the guarantor subsidiaries and the non-guarantor subsidiaries, each 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) June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 8,170 $ 2,223 $ 11,489 $ — $ 21,882 Short-term investments 76,141 — — — 76,141 Accounts receivable – net 64,467 101,381 23,676 (6,180 ) 183,344 Intercompany receivable — 98,616 22,116 (120,732 ) — Inventories of spare parts – net 29,871 20,929 3,442 — 54,242 Prepaid expenses 8,944 2,805 1,323 — 13,072 Income taxes receivable 7 502 — — 509 Total current assets 187,600 226,456 62,046 (126,912 ) 349,190 Investment in subsidiaries 475,391 — — (475,391 ) — Property and equipment – net 562,880 283,231 39,558 — 885,669 Right of use assets 116,918 11,652 16,374 — 144,944 Restricted cash and investments 19,739 — — — 19,739 Other assets 18,678 1,071 1,188 — 20,937 Deferred income tax — — 5,137 — 5,137 Total assets $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 64,526 $ 6,437 $ 5,832 $ (6,180 ) $ 70,615 Accrued and other current liabilities 19,667 13,500 5,316 — 38,483 Current portion of operating lease liabilities 20,823 3,404 3,308 — 27,535 Current maturities of long-term debt 1,750 — — — 1,750 Intercompany payable 63,263 17,125 40,344 (120,732 ) — Total current liabilities 170,029 40,466 54,800 (126,912 ) 138,383 Long-term Debt 192,450 — — — 192,450 Deferred income taxes and other long-term liabilities 93,711 67,234 12,859 — 173,804 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 317,725 77,951 132,426 (210,377 ) 317,725 Accumulated other comprehensive loss (3 ) — (4,037 ) — (4,040 ) Retained earnings 94,169 336,759 (71,745 ) (265,014 ) 94,169 Total shareholders’ equity 411,891 414,710 56,644 (475,391 ) 407,854 Total liabilities and shareholders’ equity $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 75,707 $ 72,628 $ 24,912 $ (8,075 ) $ 165,172 Expenses: Direct expenses 76,288 61,915 23,386 (8,075 ) 153,514 Selling, general and administrative expenses 10,459 4,293 2,843 (4 ) 17,591 Total operating expenses 86,747 66,208 26,229 (8,079 ) 171,105 Loss on disposal of assets, net (102 ) 9 (2 ) — (95 ) Equity in income of unconsolidated affiliates, net (1,039 ) — — — (1,039 ) Operating (loss) income (9,899 ) 6,411 (1,315 ) 4 (4,799 ) Equity in net income of consolidated subsidiaries (4,952 ) — — 4,952 — Interest expense 3,908 19 — — 3,927 Reorganization items, net 26,503 — — — 26,503 Other income, net (46 ) — (291 ) 4 (333 ) 25,413 19 (291 ) 4,956 30,097 (Loss) earnings before income taxes (35,312 ) 6,392 (1,024 ) (4,952 ) (34,896 ) Income tax (benefit) expense (3,235 ) 792 (376 ) — (2,819 ) Net (loss) earnings $ (32,077 ) $ 5,600 $ (648 ) $ (4,952 ) $ (32,077 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 79,857 $ 68,717 $ 51,404 $ (30,735 ) $ 169,243 Expenses: Direct expenses 78,955 58,263 48,658 (30,793 ) 155,083 Selling, general and administrative expenses 8,395 3,256 2,838 (4 ) 14,485 Total operating expenses 87,350 61,519 51,496 (30,797 ) 169,568 Gain on disposal of assets, net (150 ) — (21 ) — (171 ) Equity in income of unconsolidated affiliates, net (81 ) — — — (81 ) Operating (loss) income (7,262 ) 7,198 (71 ) 62 (73 ) Equity in net income of consolidated subsidiaries (6,064 ) — — 6,064 — Interest expense 8,337 — 542 (539 ) 8,340 Other income, net (365 ) — 128 601 364 1,908 — 670 6,126 8,704 (Loss) earnings before income taxes (9,170 ) 7,198 (741 ) (6,064 ) (8,777 ) Income tax (benefit) expense (2,077 ) — 393 — (1,684 ) Net (loss) earnings $ (7,093 ) $ 7,198 $ (1,134 ) $ (6,064 ) $ (7,093 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 149,740 $ 131,930 $ 49,251 $ (13,859 ) $ 317,062 Expenses: Direct expenses 160,793 120,941 42,515 (13,859 ) 310,390 Selling, general and administrative expenses 28,507 7,731 6,229 (9 ) 42,458 Total operating expenses 189,300 128,672 48,744 (13,868 ) 352,848 Loss (gain) on disposal of assets, net (51 ) 9 (2 ) — (44 ) Equity in income of unconsolidated affiliates, net (2,400 ) — — — (2,400 ) Operating (loss) income (37,109 ) 3,249 509 9 (33,342 ) Equity in net income of consolidated subsidiaries (3,825 ) — — 3,825 — Interest expense 12,070 23 — — 12,093 Regorganizations items, net 28,103 — — — 28,103 Other income, net (235 ) — (67 ) 9 (293 ) 36,113 23 (67 ) 3,834 39,903 (Loss) earnings before income taxes (73,222 ) 3,226 576 (3,825 ) (73,245 ) Income tax (benefit) expense (5,904 ) (144 ) 121 — (5,927 ) Net (loss) earnings $ (67,318 ) $ 3,370 $ 455 $ (3,825 ) $ (67,318 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 157,949 $ 127,426 $ 100,900 $ (56,668 ) $ 329,607 Expenses: Direct expenses 162,953 113,627 91,436 (56,707 ) 311,309 Selling, general and administrative expenses 17,143 6,423 6,388 (10 ) 29,944 Total operating expenses 180,096 120,050 97,824 (56,717 ) 341,253 Loss (gain) on disposal of assets, net 729 — (21 ) — 708 Equity in income of unconsolidated affiliates, net (45 ) — — — (45 ) Operating (loss) income (22,831 ) 7,376 3,097 49 (12,309 ) Equity in net income of consolidated subsidiaries (8,163 ) — — 8,163 — Interest expense 16,533 — 1,085 (1,081 ) 16,537 Other income, net (63 ) — 337 1,130 1,404 8,307 — 1,422 8,212 17,941 (Loss) earnings before income taxes (31,138 ) 7,376 1,675 (8,163 ) (30,250 ) Income tax (benefit) expense (7,063 ) — 888 — (6,175 ) Net (loss) earnings $ (24,075 ) $ 7,376 $ 787 $ (8,163 ) $ (24,075 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Quarter Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (32,077 ) $ 5,600 $ (648 ) $ (4,952 ) $ (32,077 ) Currency translation adjustments — — (928 ) — (928 ) Tax effect of the above-listed adjustments — — 25 — 25 Total comprehensive (loss) income $ (32,077 ) $ 5,600 $ (1,551 ) $ (4,952 ) $ (32,980 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (7,093 ) $ 7,198 $ (1,134 ) $ (6,064 ) $ (7,093 ) Unrealized gain on short-term investments (107 ) — — — (107 ) Currency translation adjustments — — 160 — 160 Changes in pension plan asset and benefit obligation 7 — — — 7 Tax effect of the above-listed adjustments 100 — — — 100 Total comprehensive (loss) income $ (7,093 ) $ 7,198 $ (974 ) $ (6,064 ) $ (6,933 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (67,318 ) $ 3,370 $ 455 $ (3,825 ) (67,318 ) Currency translation adjustment — — (121 ) — (121 ) Tax effect of the above-listed adjustments — — 33 — 33 Total comprehensive (loss) income $ (67,318 ) $ 3,370 $ 367 $ (3,825 ) $ (67,406 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (24,075 ) $ 7,376 $ 787 $ (8,163 ) (24,075 ) Unrealized gain on short-term investments 363 — — — 363 Currency translation adjustment — — 627 — 627 Changes in pension plan asset and benefit obligation (1 ) — — — (1 ) Tax effect of the above-listed adjustments (85 ) — — — (85 ) Total comprehensive (loss) income $ (23,798 ) $ 7,376 $ 1,414 $ (8,163 ) $ (23,171 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (20,773 ) $ (6,064 ) $ 3,160 $ — $ (23,677 ) Investing activities: — Purchase of property and equipment (5,956 ) — (3,014 ) — (8,970 ) Proceeds from asset dispositions 1,235 — — — 1,235 Purchase of short-term investments (183,421 ) — — — (183,421 ) Proceeds from sale of short-term investments 121,512 — — — 121,512 Payment of deposit on aircraft (50 ) (50 ) Refund of deposit on aircraft 503 — — — 503 Loan to unconsolidated affiliate — — — — — Net cash used in investing activities (66,177 ) — (3,014 ) — (69,191 ) Financing activities: — Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 — — 70,000 Due to/from affiliate, net (8,330 ) 7,028 1,302 — — Net cash provided by (used in) financing activities 56,002 7,028 1,302 — 64,332 Effect of exchange rate changes on cash — — (483 ) — (483 ) Increase (decrease) in cash (30,948 ) 964 965 — (29,019 ) Cash, cash equivalents and restricted cash at beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 15,833 $ 2,223 $ 11,489 $ — $ 29,545 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (506 ) $ 3,306 $ 2,610 $ — $ 5,410 Investing activities: Purchase of property and equipment (16,768 ) — (1,330 ) — (18,098 ) Proceeds from asset dispositions 1,453 — — — 1,453 Purchase of short-term investments (260,996 ) — — — (260,996 ) Proceeds from sale of short-term investments 264,918 — — — 264,918 Loan to unconsolidated affiliate (274 ) — — — (274 ) Net cash used in investing activities (11,667 ) — (1,330 ) — (12,997 ) Financing activities: Proceeds from line of credit 34,295 — — — 34,295 Payments on line of credit (29,575 ) — — — (29,575 ) Due to/from affiliate, net 7,510 (3,073 ) (4,437 ) — — Repurchase of common stock (51 ) — — — (51 ) Net cash provided by (used in) financing activities 12,179 (3,073 ) (4,437 ) — 4,669 Increase (decrease) in cash 6 233 (3,157 ) — (2,918 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 53 $ 1,305 $ 4,494 $ — $ 5,852

Debtor in Possession Financial

Debtor in Possession Financial Information	6 Months Ended
	Jun. 30, 2019
Reorganizations [Abstract]
Debtor in Possession Financial Information	18. DEBTOR IN POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed financial statements of the Debtors. The Debtors are PHI, Inc., PHI Air Medical, LLC, PHI Tech Services, Inc., PHI Helipass, LLC, and AM Equity Holdings, LLC. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the non–debtor subsidiaries have not been eliminated in the Debtors’ financial statements. PHI, INC. AND DEBTOR'S CONDENSED COMBINED BALANCE SHEETS (Thousands of dollars, except share data) (Unaudited) June 30, 2019 ASSETS Current Assets: Cash and cash equivalents $ 10,310 Short-term investments 76,141 Accounts receivable – net Trade 153,460 Other 6,120 Inventories of spare parts – net 50,800 Prepaid expenses 11,749 Income taxes receivable 509 Total current assets 309,089 Property and equipment – net 846,095 Right of use assets 127,821 Restricted cash and investments 19,739 Other assets 150,536 Total assets $ 1,453,280 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 66,187 Accrued and other current liabilities 33,168 Current portion of operating lease liabilities 24,125 Current maturities of long term debt 1,750 Total current liabilities 125,230 Long-term debt: Term loan issued March 13, 2019, net of debt issuance costs of $5,254 62,996 Related party term loan issued September 28, 2018, net of debt issuance costs of $546 129,454 Deferred income taxes 52,135 Other long-term liabilities 3,673 Long-term operating lease liabilities 104,491 Total liabilities not subject to compromise 477,979 Liabilities subject to compromise 513,125 Total liabilities 991,104 Shareholders’ Equity: Voting common stock – par value of $0.10; 12,500,000 shares authorized, 2,905,757 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 291 Non-voting common stock – par value of $0.10; 37,500,000 shares authorized, 12,919,681 issued and outstanding at June 30, 2019 and December 31, 2018, respectively 1,290 Additional paid-in capital 314,499 Accumulated other comprehensive income (loss) (3 ) Retained earnings 146,099 Total shareholders’ equity 462,176 Total liabilities and shareholders’ equity $ 1,453,280 PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) Quarter Six Months Ended June 30, 2019 Operating revenues, net $ 139,501 $ 266,164 Expenses: — — Direct expenses 129,319 266,368 Selling, general and administrative expenses 14,746 36,228 Total operating expenses 144,065 302,596 Loss on disposal of assets (93 ) (42 ) Equity in (income) loss of unconsolidated affiliates, net (1,039 ) (2,400 ) Operating (loss) income (3,432 ) (33,990 ) Interest expense 3,927 12,093 Reorganization items, net 26,503 28,103 Other income – net (42 ) (226 ) 30,388 39,970 Loss before income taxes (33,820 ) (73,960 ) Income tax benefit (2,443 ) (6,048 ) Net loss $ (31,377 ) $ (67,912 ) PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) Six Months Ended June 30, 2019 Operating activities: Net loss (67,912 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 29,799 Deferred income taxes (6,492 ) Loss (gain) on asset dispositions (42 ) Equity in (income) loss of unconsolidated affiliate, net (2,400 ) Inventory valuation reserves 1,110 Changes in operating assets and liabilities 19,751 Net cash used in operating activities (26,186 ) Investing activities: Purchase of property and equipment (7,817 ) Proceeds from asset dispositions 1,235 Purchase of short-term investments (183,421 ) Proceeds from sale of short-term investments 121,512 Payment of deposit on aircraft (50 ) Refund of deposit on aircraft 503 Net cash used in investing activities (68,038 ) Financing activities: Debt issuance cost (5,668 ) Proceeds from Term Loan 70,000 Net cash provided by financing activities 64,332 Decrease in cash, cash equivalents and restricted cash (29,892 ) Cash, cash equivalents and restricted cash at the beginning of period 47,865 Cash, cash equivalents and restricted cash end of period $ 17,973

Reorganization Items

Reorganization Items	6 Months Ended
	Jun. 30, 2019
Reorganizations [Abstract]
Reorganization Items	19. REORGANIZATION ITEMS ASC 852 requires that transactions and events directly associated with our Chapter 11 reorganization be distinguished from the ongoing operations of the business. The Company refers to “Reorganization items” on its condensed consolidated statements of earnings (loss) to reflect the revenues, expenses, gains and losses that are the direct result of the reorganization of the business consist of professional fees of $1.6 million for the three months ended March 31, 2019 and $26.5 million for the three months ended June 30, 2019.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Supplemental Cash Flow Information	The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Cash Flows (in thousands): June 30, December 31, June 30, December 31, 2019 2018 2018 2017 Cash and Cash Equivalents $ 21,882 $ 50,874 $ 5,852 $ 8,770 Restricted Cash 7,663 7,690 — — Total Cash, Cash Equivalents and Restricted Cash $ 29,545 $ 58,564 $ 5,852 $ 8,770

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Components of Investments	Investments consisted of the following as of June 30, 2019: Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 88,217 $ — $ — $ 88,217 Deferred compensation plan assets included in other assets 889 — — 889 Total $ 89,106 $ — $ — $ 89,106 Investments consisted of the following as of December 31, 2018: Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ — $ — $ 26,308 Deferred compensation plan assets included in other assets 772 — — 772 Total $ 27,080 $ — $ — $ 27,080

Valuation Accounts (Tables)

Valuation Accounts (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue Recognition And Valuation Accounts [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) as of the dates listed below was as follows: June 30, 2019 December 31, 2018 Allowance for Contractual Discounts 55% 51% Allowance for Uncompensated Care 18% 22%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Financial Instruments Pricing Levels	The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2019 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 88,217 $ 88,217 $ — Deferred compensation plan assets 889 889 — Total $ 89,106 $ 89,106 $ — December 31, 2018 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ 26,308 $ — Deferred compensation plan assets 772 772 — Total $ 27,080 $ 27,080 $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Components of Debt	Listed below is information regarding our indebtedness. All indebtedness owed under our Senior Notes as of June 30, 2019 is classified as subject to compromise, and as of December 31, 2018 was classified as short-term debt on our balance sheet. The Thirty-Two, LLC and Blue Torch term loans are classified as long-term debt as of June 30, 2019, except for the amount due within the next twelve months. June 30, 2019 December 31, 2018 Principal Unamortized Debt Issuance Debt Cost Principal Unamortized Debt Issuance Debt Cost Unsecured (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 $ — $ 500,000 $ 260 Secured Term Loan - Blue Torch Finance, LLC, interest payable quarterly at LIBOR plus 6%, maturing March 13, 2023 70,000 5,254 — — Related Party Term Loan - Thirty Two L.L.C., interest payable quarterly at 6%, due September 28, 2020 130,000 546 130,000 765 Total indebtedness 700,000 5,800 630,000 1,025 Less: Current maturities (1,750 ) — (500,000 ) — $ 698,250 $ 5,800 $ 130,000 $ 1,025

Liabilities Subject to Compro_2

Liabilities Subject to Compromise (Tables)	6 Months Ended
	Jun. 30, 2019
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheet as of June 30, 2019. See Note 6 - “Debt” for further information on our Senior Notes and related balances subject to compromise: June 30, 2019 (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 Accrued interest payable 13,125 Total liabilities subject to compromise $ 513,125

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2019 and 2018 are as follows: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,825 15,806 15,825 15,806 Dilutive effect of unvested restricted stock units — — — — Weighted average outstanding shares of common stock, diluted (1) 15,825 15,806 15,825 15,806 (1)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Share Based Compensation Expense	The table below sets forth the total amount of stock-based compensation expense for the quarter and six months ended June 30, 2019 and 2018. Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 845 $ 435 $ 1,685 $ 1,077 Performance-based restricted stock units 480 378 955 1,055 Total stock-based compensation expense $ 1,325 $ 813 $ 2,640 $ 2,132

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s revenues by segment disaggregated by type (in thousands): For the Quarter Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Service Revenue Oil & Gas $ 90,023 $ 97,068 $ 174,969 $ 192,702 Air Medical 69,507 67,151 126,153 124,139 Technical Services 5,642 5,024 15,940 12,766 Total Services $ 165,172 $ 169,243 $ 317,062 $ 329,607 Air Medical Revenue Traditional provider model $ 12,401 $ 12,085 $ 24,378 $ 23,956 Independent provider model 57,106 55,066 101,775 100,183 Total Air Medical Revenues $ 69,507 $ 67,151 $ 126,153 $ 124,139

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Operating Leases	Operating leases at June 30, 2019 were as follows (in thousands):  June 30, 2019 (Thousands of dollars) Operating lease right-of-use-assets $ 144,944 Current portion of operating lease liabilities 27,535 Operating lease liabilities 118,167 Total operating lease liabilities $ 145,702 Cash paid for operating leases 21,475 ROU assets obtained in exchange for lease obligations 9,402 Weighted average remaining lease term 5 years Weighted average discount rate 8.25 %
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities at June 30, 2019 are as follows (in thousands):  Operating Six Months Ending June 30, Leases Thousands of dollars Remainder of 2019 $ 19,615 2020 37,140 2021 36,297 2022 34,254 2023 23,872 Thereafter 33,975 Total lease payments 185,153 Less imputed interest (39,451 ) Total $ 145,702

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
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 for the periods listed below: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for contractual discounts 70 % 67 % 68 % 66 % Provision for uncompensated care 8 % 7 % 9 % 8 %
Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as 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 for the periods listed below: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Insurance 67 % 72 % 67 % 72 % Medicare 23 % 19 % 23 % 20 % Medicaid 9 % 8 % 8 % 8 % Self-Pay 1 % 1 % 2 % — %
Schedule of Financial Information Concerning Reportable Operating Segments	Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2019 and 2018 is as follows: Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) (Thousands of dollars) Segment operating revenues Oil and Gas $ 90,023 $ 97,068 $ 174,969 $ 192,702 Air Medical 69,507 67,151 126,153 124,139 Technical Services 5,642 5,024 15,940 12,766 Total operating revenues, net 165,172 169,243 317,062 329,607 Segment direct expenses Oil and Gas (1) 89,061 94,442 179,031 190,985 Air Medical 59,310 56,776 116,391 110,608 Technical Services 4,104 3,784 12,568 9,671 Total direct expenses 152,475 155,002 307,990 311,264 Segment selling, general and administrative expenses Oil and Gas 4,672 4,400 9,432 9,321 Air Medical 4,141 3,254 7,433 6,421 Technical Services 152 340 300 710 Total selling, general and administrative expenses 8,965 7,994 17,165 16,452 Total segment direct and selling, general and administrative expenses 161,440 162,996 325,155 327,716 Net segment (loss) profit Oil and Gas (3,710 ) (1,774 ) (13,494 ) (7,604 ) Air Medical 6,056 7,121 2,329 7,110 Technical Services 1,386 900 3,072 2,385 Total net segment profit 3,732 6,247 (8,093 ) 1,891 Other, net (3) 428 (193 ) 337 (2,112 ) Unallocated selling, general and administrative costs (1) (4) (8,626 ) (6,491 ) (25,293 ) (13,492 ) Reorganization items, net (26,503 ) — (28,103 ) — Interest expense (3,927 ) (8,340 ) (12,093 ) (16,537 ) (Loss) earnings before income taxes $ (34,896 ) $ (8,777 ) $ (73,245 ) $ (30,250 ) (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below:
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs	Depreciation and Amortization Expense Quarter Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 11,618 $ 11,486 $ 22,896 $ 23,269 Air Medical 5,485 6,091 10,771 11,715 Technical Services 133 142 204 287 Total $ 17,236 $ 17,719 $ 33,871 $ 35,271 Unallocated SG&A $ 3,095 $ 1,412 $ 4,904 $ 3,327 (2) Includes equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income. (4) Represents corporate overhead expenses not allocable to segments.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 8,170 $ 2,223 $ 11,489 $ — $ 21,882 Short-term investments 76,141 — — — 76,141 Accounts receivable – net 64,467 101,381 23,676 (6,180 ) 183,344 Intercompany receivable — 98,616 22,116 (120,732 ) — Inventories of spare parts – net 29,871 20,929 3,442 — 54,242 Prepaid expenses 8,944 2,805 1,323 — 13,072 Income taxes receivable 7 502 — — 509 Total current assets 187,600 226,456 62,046 (126,912 ) 349,190 Investment in subsidiaries 475,391 — — (475,391 ) — Property and equipment – net 562,880 283,231 39,558 — 885,669 Right of use assets 116,918 11,652 16,374 — 144,944 Restricted cash and investments 19,739 — — — 19,739 Other assets 18,678 1,071 1,188 — 20,937 Deferred income tax — — 5,137 — 5,137 Total assets $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 64,526 $ 6,437 $ 5,832 $ (6,180 ) $ 70,615 Accrued and other current liabilities 19,667 13,500 5,316 — 38,483 Current portion of operating lease liabilities 20,823 3,404 3,308 — 27,535 Current maturities of long-term debt 1,750 — — — 1,750 Intercompany payable 63,263 17,125 40,344 (120,732 ) — Total current liabilities 170,029 40,466 54,800 (126,912 ) 138,383 Long-term Debt 192,450 — — — 192,450 Deferred income taxes and other long-term liabilities 93,711 67,234 12,859 — 173,804 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 317,725 77,951 132,426 (210,377 ) 317,725 Accumulated other comprehensive loss (3 ) — (4,037 ) — (4,040 ) Retained earnings 94,169 336,759 (71,745 ) (265,014 ) 94,169 Total shareholders’ equity 411,891 414,710 56,644 (475,391 ) 407,854 Total liabilities and shareholders’ equity $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 75,707 $ 72,628 $ 24,912 $ (8,075 ) $ 165,172 Expenses: Direct expenses 76,288 61,915 23,386 (8,075 ) 153,514 Selling, general and administrative expenses 10,459 4,293 2,843 (4 ) 17,591 Total operating expenses 86,747 66,208 26,229 (8,079 ) 171,105 Loss on disposal of assets, net (102 ) 9 (2 ) — (95 ) Equity in income of unconsolidated affiliates, net (1,039 ) — — — (1,039 ) Operating (loss) income (9,899 ) 6,411 (1,315 ) 4 (4,799 ) Equity in net income of consolidated subsidiaries (4,952 ) — — 4,952 — Interest expense 3,908 19 — — 3,927 Reorganization items, net 26,503 — — — 26,503 Other income, net (46 ) — (291 ) 4 (333 ) 25,413 19 (291 ) 4,956 30,097 (Loss) earnings before income taxes (35,312 ) 6,392 (1,024 ) (4,952 ) (34,896 ) Income tax (benefit) expense (3,235 ) 792 (376 ) — (2,819 ) Net (loss) earnings $ (32,077 ) $ 5,600 $ (648 ) $ (4,952 ) $ (32,077 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 79,857 $ 68,717 $ 51,404 $ (30,735 ) $ 169,243 Expenses: Direct expenses 78,955 58,263 48,658 (30,793 ) 155,083 Selling, general and administrative expenses 8,395 3,256 2,838 (4 ) 14,485 Total operating expenses 87,350 61,519 51,496 (30,797 ) 169,568 Gain on disposal of assets, net (150 ) — (21 ) — (171 ) Equity in income of unconsolidated affiliates, net (81 ) — — — (81 ) Operating (loss) income (7,262 ) 7,198 (71 ) 62 (73 ) Equity in net income of consolidated subsidiaries (6,064 ) — — 6,064 — Interest expense 8,337 — 542 (539 ) 8,340 Other income, net (365 ) — 128 601 364 1,908 — 670 6,126 8,704 (Loss) earnings before income taxes (9,170 ) 7,198 (741 ) (6,064 ) (8,777 ) Income tax (benefit) expense (2,077 ) — 393 — (1,684 ) Net (loss) earnings $ (7,093 ) $ 7,198 $ (1,134 ) $ (6,064 ) $ (7,093 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 149,740 $ 131,930 $ 49,251 $ (13,859 ) $ 317,062 Expenses: Direct expenses 160,793 120,941 42,515 (13,859 ) 310,390 Selling, general and administrative expenses 28,507 7,731 6,229 (9 ) 42,458 Total operating expenses 189,300 128,672 48,744 (13,868 ) 352,848 Loss (gain) on disposal of assets, net (51 ) 9 (2 ) — (44 ) Equity in income of unconsolidated affiliates, net (2,400 ) — — — (2,400 ) Operating (loss) income (37,109 ) 3,249 509 9 (33,342 ) Equity in net income of consolidated subsidiaries (3,825 ) — — 3,825 — Interest expense 12,070 23 — — 12,093 Regorganizations items, net 28,103 — — — 28,103 Other income, net (235 ) — (67 ) 9 (293 ) 36,113 23 (67 ) 3,834 39,903 (Loss) earnings before income taxes (73,222 ) 3,226 576 (3,825 ) (73,245 ) Income tax (benefit) expense (5,904 ) (144 ) 121 — (5,927 ) Net (loss) earnings $ (67,318 ) $ 3,370 $ 455 $ (3,825 ) $ (67,318 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 157,949 $ 127,426 $ 100,900 $ (56,668 ) $ 329,607 Expenses: Direct expenses 162,953 113,627 91,436 (56,707 ) 311,309 Selling, general and administrative expenses 17,143 6,423 6,388 (10 ) 29,944 Total operating expenses 180,096 120,050 97,824 (56,717 ) 341,253 Loss (gain) on disposal of assets, net 729 — (21 ) — 708 Equity in income of unconsolidated affiliates, net (45 ) — — — (45 ) Operating (loss) income (22,831 ) 7,376 3,097 49 (12,309 ) Equity in net income of consolidated subsidiaries (8,163 ) — — 8,163 — Interest expense 16,533 — 1,085 (1,081 ) 16,537 Other income, net (63 ) — 337 1,130 1,404 8,307 — 1,422 8,212 17,941 (Loss) earnings before income taxes (31,138 ) 7,376 1,675 (8,163 ) (30,250 ) Income tax (benefit) expense (7,063 ) — 888 — (6,175 ) Net (loss) earnings $ (24,075 ) $ 7,376 $ 787 $ (8,163 ) $ (24,075 )
Condensed Consolidated Statements of Comprehensive Income (Loss)	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Quarter Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (32,077 ) $ 5,600 $ (648 ) $ (4,952 ) $ (32,077 ) Currency translation adjustments — — (928 ) — (928 ) Tax effect of the above-listed adjustments — — 25 — 25 Total comprehensive (loss) income $ (32,077 ) $ 5,600 $ (1,551 ) $ (4,952 ) $ (32,980 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (7,093 ) $ 7,198 $ (1,134 ) $ (6,064 ) $ (7,093 ) Unrealized gain on short-term investments (107 ) — — — (107 ) Currency translation adjustments — — 160 — 160 Changes in pension plan asset and benefit obligation 7 — — — 7 Tax effect of the above-listed adjustments 100 — — — 100 Total comprehensive (loss) income $ (7,093 ) $ 7,198 $ (974 ) $ (6,064 ) $ (6,933 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (67,318 ) $ 3,370 $ 455 $ (3,825 ) (67,318 ) Currency translation adjustment — — (121 ) — (121 ) Tax effect of the above-listed adjustments — — 33 — 33 Total comprehensive (loss) income $ (67,318 ) $ 3,370 $ 367 $ (3,825 ) $ (67,406 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (24,075 ) $ 7,376 $ 787 $ (8,163 ) (24,075 ) Unrealized gain on short-term investments 363 — — — 363 Currency translation adjustment — — 627 — 627 Changes in pension plan asset and benefit obligation (1 ) — — — (1 ) Tax effect of the above-listed adjustments (85 ) — — — (85 ) Total comprehensive (loss) income $ (23,798 ) $ 7,376 $ 1,414 $ (8,163 ) $ (23,171 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (20,773 ) $ (6,064 ) $ 3,160 $ — $ (23,677 ) Investing activities: — Purchase of property and equipment (5,956 ) — (3,014 ) — (8,970 ) Proceeds from asset dispositions 1,235 — — — 1,235 Purchase of short-term investments (183,421 ) — — — (183,421 ) Proceeds from sale of short-term investments 121,512 — — — 121,512 Payment of deposit on aircraft (50 ) (50 ) Refund of deposit on aircraft 503 — — — 503 Loan to unconsolidated affiliate — — — — — Net cash used in investing activities (66,177 ) — (3,014 ) — (69,191 ) Financing activities: — Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 — — 70,000 Due to/from affiliate, net (8,330 ) 7,028 1,302 — — Net cash provided by (used in) financing activities 56,002 7,028 1,302 — 64,332 Effect of exchange rate changes on cash — — (483 ) — (483 ) Increase (decrease) in cash (30,948 ) 964 965 — (29,019 ) Cash, cash equivalents and restricted cash at beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 15,833 $ 2,223 $ 11,489 $ — $ 29,545 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (506 ) $ 3,306 $ 2,610 $ — $ 5,410 Investing activities: Purchase of property and equipment (16,768 ) — (1,330 ) — (18,098 ) Proceeds from asset dispositions 1,453 — — — 1,453 Purchase of short-term investments (260,996 ) — — — (260,996 ) Proceeds from sale of short-term investments 264,918 — — — 264,918 Loan to unconsolidated affiliate (274 ) — — — (274 ) Net cash used in investing activities (11,667 ) — (1,330 ) — (12,997 ) Financing activities: Proceeds from line of credit 34,295 — — — 34,295 Payments on line of credit (29,575 ) — — — (29,575 ) Due to/from affiliate, net 7,510 (3,073 ) (4,437 ) — — Repurchase of common stock (51 ) — — — (51 ) Net cash provided by (used in) financing activities 12,179 (3,073 ) (4,437 ) — 4,669 Increase (decrease) in cash 6 233 (3,157 ) — (2,918 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 53 $ 1,305 $ 4,494 $ — $ 5,852

Debtor in Possession Financia_2

Debtor in Possession Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Statements Captions [Line Items]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 8,170 $ 2,223 $ 11,489 $ — $ 21,882 Short-term investments 76,141 — — — 76,141 Accounts receivable – net 64,467 101,381 23,676 (6,180 ) 183,344 Intercompany receivable — 98,616 22,116 (120,732 ) — Inventories of spare parts – net 29,871 20,929 3,442 — 54,242 Prepaid expenses 8,944 2,805 1,323 — 13,072 Income taxes receivable 7 502 — — 509 Total current assets 187,600 226,456 62,046 (126,912 ) 349,190 Investment in subsidiaries 475,391 — — (475,391 ) — Property and equipment – net 562,880 283,231 39,558 — 885,669 Right of use assets 116,918 11,652 16,374 — 144,944 Restricted cash and investments 19,739 — — — 19,739 Other assets 18,678 1,071 1,188 — 20,937 Deferred income tax — — 5,137 — 5,137 Total assets $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 64,526 $ 6,437 $ 5,832 $ (6,180 ) $ 70,615 Accrued and other current liabilities 19,667 13,500 5,316 — 38,483 Current portion of operating lease liabilities 20,823 3,404 3,308 — 27,535 Current maturities of long-term debt 1,750 — — — 1,750 Intercompany payable 63,263 17,125 40,344 (120,732 ) — Total current liabilities 170,029 40,466 54,800 (126,912 ) 138,383 Long-term Debt 192,450 — — — 192,450 Deferred income taxes and other long-term liabilities 93,711 67,234 12,859 — 173,804 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 317,725 77,951 132,426 (210,377 ) 317,725 Accumulated other comprehensive loss (3 ) — (4,037 ) — (4,040 ) Retained earnings 94,169 336,759 (71,745 ) (265,014 ) 94,169 Total shareholders’ equity 411,891 414,710 56,644 (475,391 ) 407,854 Total liabilities and shareholders’ equity $ 1,381,206 $ 522,410 $ 124,303 $ (602,303 ) $ 1,425,616 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 75,707 $ 72,628 $ 24,912 $ (8,075 ) $ 165,172 Expenses: Direct expenses 76,288 61,915 23,386 (8,075 ) 153,514 Selling, general and administrative expenses 10,459 4,293 2,843 (4 ) 17,591 Total operating expenses 86,747 66,208 26,229 (8,079 ) 171,105 Loss on disposal of assets, net (102 ) 9 (2 ) — (95 ) Equity in income of unconsolidated affiliates, net (1,039 ) — — — (1,039 ) Operating (loss) income (9,899 ) 6,411 (1,315 ) 4 (4,799 ) Equity in net income of consolidated subsidiaries (4,952 ) — — 4,952 — Interest expense 3,908 19 — — 3,927 Reorganization items, net 26,503 — — — 26,503 Other income, net (46 ) — (291 ) 4 (333 ) 25,413 19 (291 ) 4,956 30,097 (Loss) earnings before income taxes (35,312 ) 6,392 (1,024 ) (4,952 ) (34,896 ) Income tax (benefit) expense (3,235 ) 792 (376 ) — (2,819 ) Net (loss) earnings $ (32,077 ) $ 5,600 $ (648 ) $ (4,952 ) $ (32,077 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 79,857 $ 68,717 $ 51,404 $ (30,735 ) $ 169,243 Expenses: Direct expenses 78,955 58,263 48,658 (30,793 ) 155,083 Selling, general and administrative expenses 8,395 3,256 2,838 (4 ) 14,485 Total operating expenses 87,350 61,519 51,496 (30,797 ) 169,568 Gain on disposal of assets, net (150 ) — (21 ) — (171 ) Equity in income of unconsolidated affiliates, net (81 ) — — — (81 ) Operating (loss) income (7,262 ) 7,198 (71 ) 62 (73 ) Equity in net income of consolidated subsidiaries (6,064 ) — — 6,064 — Interest expense 8,337 — 542 (539 ) 8,340 Other income, net (365 ) — 128 601 364 1,908 — 670 6,126 8,704 (Loss) earnings before income taxes (9,170 ) 7,198 (741 ) (6,064 ) (8,777 ) Income tax (benefit) expense (2,077 ) — 393 — (1,684 ) Net (loss) earnings $ (7,093 ) $ 7,198 $ (1,134 ) $ (6,064 ) $ (7,093 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 149,740 $ 131,930 $ 49,251 $ (13,859 ) $ 317,062 Expenses: Direct expenses 160,793 120,941 42,515 (13,859 ) 310,390 Selling, general and administrative expenses 28,507 7,731 6,229 (9 ) 42,458 Total operating expenses 189,300 128,672 48,744 (13,868 ) 352,848 Loss (gain) on disposal of assets, net (51 ) 9 (2 ) — (44 ) Equity in income of unconsolidated affiliates, net (2,400 ) — — — (2,400 ) Operating (loss) income (37,109 ) 3,249 509 9 (33,342 ) Equity in net income of consolidated subsidiaries (3,825 ) — — 3,825 — Interest expense 12,070 23 — — 12,093 Regorganizations items, net 28,103 — — — 28,103 Other income, net (235 ) — (67 ) 9 (293 ) 36,113 23 (67 ) 3,834 39,903 (Loss) earnings before income taxes (73,222 ) 3,226 576 (3,825 ) (73,245 ) Income tax (benefit) expense (5,904 ) (144 ) 121 — (5,927 ) Net (loss) earnings $ (67,318 ) $ 3,370 $ 455 $ (3,825 ) $ (67,318 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 157,949 $ 127,426 $ 100,900 $ (56,668 ) $ 329,607 Expenses: Direct expenses 162,953 113,627 91,436 (56,707 ) 311,309 Selling, general and administrative expenses 17,143 6,423 6,388 (10 ) 29,944 Total operating expenses 180,096 120,050 97,824 (56,717 ) 341,253 Loss (gain) on disposal of assets, net 729 — (21 ) — 708 Equity in income of unconsolidated affiliates, net (45 ) — — — (45 ) Operating (loss) income (22,831 ) 7,376 3,097 49 (12,309 ) Equity in net income of consolidated subsidiaries (8,163 ) — — 8,163 — Interest expense 16,533 — 1,085 (1,081 ) 16,537 Other income, net (63 ) — 337 1,130 1,404 8,307 — 1,422 8,212 17,941 (Loss) earnings before income taxes (31,138 ) 7,376 1,675 (8,163 ) (30,250 ) Income tax (benefit) expense (7,063 ) — 888 — (6,175 ) Net (loss) earnings $ (24,075 ) $ 7,376 $ 787 $ (8,163 ) $ (24,075 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2019 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (20,773 ) $ (6,064 ) $ 3,160 $ — $ (23,677 ) Investing activities: — Purchase of property and equipment (5,956 ) — (3,014 ) — (8,970 ) Proceeds from asset dispositions 1,235 — — — 1,235 Purchase of short-term investments (183,421 ) — — — (183,421 ) Proceeds from sale of short-term investments 121,512 — — — 121,512 Payment of deposit on aircraft (50 ) (50 ) Refund of deposit on aircraft 503 — — — 503 Loan to unconsolidated affiliate — — — — — Net cash used in investing activities (66,177 ) — (3,014 ) — (69,191 ) Financing activities: — Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 — — 70,000 Due to/from affiliate, net (8,330 ) 7,028 1,302 — — Net cash provided by (used in) financing activities 56,002 7,028 1,302 — 64,332 Effect of exchange rate changes on cash — — (483 ) — (483 ) Increase (decrease) in cash (30,948 ) 964 965 — (29,019 ) Cash, cash equivalents and restricted cash at beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 15,833 $ 2,223 $ 11,489 $ — $ 29,545 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Six Months Ended June 30, 2018 Parent Company Only (issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (506 ) $ 3,306 $ 2,610 $ — $ 5,410 Investing activities: Purchase of property and equipment (16,768 ) — (1,330 ) — (18,098 ) Proceeds from asset dispositions 1,453 — — — 1,453 Purchase of short-term investments (260,996 ) — — — (260,996 ) Proceeds from sale of short-term investments 264,918 — — — 264,918 Loan to unconsolidated affiliate (274 ) — — — (274 ) Net cash used in investing activities (11,667 ) — (1,330 ) — (12,997 ) Financing activities: Proceeds from line of credit 34,295 — — — 34,295 Payments on line of credit (29,575 ) — — — (29,575 ) Due to/from affiliate, net 7,510 (3,073 ) (4,437 ) — — Repurchase of common stock (51 ) — — — (51 ) Net cash provided by (used in) financing activities 12,179 (3,073 ) (4,437 ) — 4,669 Increase (decrease) in cash 6 233 (3,157 ) — (2,918 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 53 $ 1,305 $ 4,494 $ — $ 5,852
Phi, Inc. and Debtors [Member]
Condensed Financial Statements Captions [Line Items]
Condensed Consolidating Balance Sheets	PHI, INC. AND DEBTOR'S CONDENSED COMBINED BALANCE SHEETS (Thousands of dollars, except share data) (Unaudited) June 30, 2019 ASSETS Current Assets: Cash and cash equivalents $ 10,310 Short-term investments 76,141 Accounts receivable – net Trade 153,460 Other 6,120 Inventories of spare parts – net 50,800 Prepaid expenses 11,749 Income taxes receivable 509 Total current assets 309,089 Property and equipment – net 846,095 Right of use assets 127,821 Restricted cash and investments 19,739 Other assets 150,536 Total assets $ 1,453,280 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 66,187 Accrued and other current liabilities 33,168 Current portion of operating lease liabilities 24,125 Current maturities of long term debt 1,750 Total current liabilities 125,230 Long-term debt: Term loan issued March 13, 2019, net of debt issuance costs of $5,254 62,996 Related party term loan issued September 28, 2018, net of debt issuance costs of $546 129,454 Deferred income taxes 52,135 Other long-term liabilities 3,673 Long-term operating lease liabilities 104,491 Total liabilities not subject to compromise 477,979 Liabilities subject to compromise 513,125 Total liabilities 991,104 Shareholders’ Equity: Voting common stock – par value of $0.10; 12,500,000 shares authorized, 2,905,757 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 291 Non-voting common stock – par value of $0.10; 37,500,000 shares authorized, 12,919,681 issued and outstanding at June 30, 2019 and December 31, 2018, respectively 1,290 Additional paid-in capital 314,499 Accumulated other comprehensive income (loss) (3 ) Retained earnings 146,099 Total shareholders’ equity 462,176 Total liabilities and shareholders’ equity $ 1,453,280
Condensed Consolidating Statements of Operations	PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) Quarter Six Months Ended June 30, 2019 Operating revenues, net $ 139,501 $ 266,164 Expenses: — — Direct expenses 129,319 266,368 Selling, general and administrative expenses 14,746 36,228 Total operating expenses 144,065 302,596 Loss on disposal of assets (93 ) (42 ) Equity in (income) loss of unconsolidated affiliates, net (1,039 ) (2,400 ) Operating (loss) income (3,432 ) (33,990 ) Interest expense 3,927 12,093 Reorganization items, net 26,503 28,103 Other income – net (42 ) (226 ) 30,388 39,970 Loss before income taxes (33,820 ) (73,960 ) Income tax benefit (2,443 ) (6,048 ) Net loss $ (31,377 ) $ (67,912 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) Six Months Ended June 30, 2019 Operating activities: Net loss (67,912 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 29,799 Deferred income taxes (6,492 ) Loss (gain) on asset dispositions (42 ) Equity in (income) loss of unconsolidated affiliate, net (2,400 ) Inventory valuation reserves 1,110 Changes in operating assets and liabilities 19,751 Net cash used in operating activities (26,186 ) Investing activities: Purchase of property and equipment (7,817 ) Proceeds from asset dispositions 1,235 Purchase of short-term investments (183,421 ) Proceeds from sale of short-term investments 121,512 Payment of deposit on aircraft (50 ) Refund of deposit on aircraft 503 Net cash used in investing activities (68,038 ) Financing activities: Debt issuance cost (5,668 ) Proceeds from Term Loan 70,000 Net cash provided by financing activities 64,332 Decrease in cash, cash equivalents and restricted cash (29,892 ) Cash, cash equivalents and restricted cash at the beginning of period 47,865 Cash, cash equivalents and restricted cash end of period $ 17,973

Basis of Presentation - Supplem

Basis of Presentation - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash and Cash Equivalents	$ 21,882	$ 50,874	$ 5,852	$ 8,770
Restricted Cash	7,663	7,690	0	0
Total Cash, Cash Equivalents and Restricted Cash	$ 29,545	$ 58,564	$ 5,852	$ 8,770

Bankruptcy Filing - Additional

Bankruptcy Filing - Additional Information (Details) $ in Thousands	Aug. 02, 2019USD ($)	Jun. 18, 2019	Jun. 30, 2019USD ($)	Jul. 11, 2019USD ($)	Mar. 18, 2019USD ($)executiveemployee	Mar. 14, 2019subsidiary
Reorganizations [Line Items]
Number of domestic subsidiaries | subsidiary						4
Reorganization plan, description			Subject to certain exceptions, this settlement contemplates issuing to our current equity holders three-year warrants entitling the holders to acquire under certain specified terms and conditions up to an aggregate of 5% of the reorganized parent’s equity interests issued and outstanding as of our emergence from bankruptcy, subject to dilution in connection with future equity issuances.
Reorganization plan, term of warrants issued or to be issued		3 years
Number of senior executives incentivized to stay under retention plan | executive					7
Potential retention funds available to senior executives if milestone plan metrics reach Threshold			$ 4,200
Potential retention funds available to senior executives if certain milestone plan metrics are achieved					$ 5,600
Potential retention funds available to senior executives if milestone metrics exceed plan					$ 7,000
Number of non-insider employees incentivized to stay under retention plan | employee					61
Potential retention funds available to non-insider employees					$ 3,500
Subsequent Event [Member] | First Lien Senior Secured Term Loan [Member]
Reorganizations [Line Items]
Term loan commitments from lenders	$ 225,000
Term loan commitments, maturity term	5 years
Commitment Agreement [Member]
Reorganizations [Line Items]
Debtor-in-possession financing arrangement, description			Subject to the terms and conditions of the Commitment Agreement, the Commitment Parties have agreed, in the aggregate, to provide up to $75 million cash (the “Equity Commitment”) in exchange for shares of common stock in the reorganized parent company. Under the Commitment Agreement, the shares would be issued at a discount of 25% to the value assigned to such shares in the Plan (as defined below). In addition, each of the Commitment Parties would be paid their pro rata share of an overall commitment fee of $15 million. The commitment fee would be paid on the Emergence Date in the form of additional shares of common stock of the reorganized parent company.
Debtor-in-possession financing, termination description			The Commitment Agreement may be terminated in a number of circumstances. We will be required to pay (i) a $3.75 million termination fee if we terminate the Commitment Agreement in connection with the Board’s exercise of its fiduciary duties and certain other conditions are met, including entering into an agreement to effect an alternative transaction within 12 months, or (ii) a higher termination fee if the Commitment Parties terminate the Commitment Agreement in certain other limited circumstances.
Commitment Agreement [Member] | Subsequent Event [Member]
Reorganizations [Line Items]
Percentage of discount on shares to be issued to commitment parties				25.00%
Overall commitment fee payable to commitment parties				$ 15,000
Termination fee payable to commitment parties, subject to conditions				3,750
Maximum [Member]
Reorganizations [Line Items]
Reorganization plan, ownership percentage of equity interests on emergence from bankruptcy		5.00%
Maximum [Member] | Commitment Agreement [Member] | Subsequent Event [Member]
Reorganizations [Line Items]
Debtor-in-possession financing, amount arranged				$ 75,000

Investments - Components of Inv

Investments - Components of Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost Basis	$ 89,106	$ 27,080
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	89,106	27,080
Money Market Mutual Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost Basis	88,217	26,308
Fair Value	88,217	26,308
Deferred Compensation Plan Assets [Member]
Debt Securities, Available-for-sale [Line Items]
Cost Basis	889	772
Fair Value	$ 889	$ 772

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash and Investments [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Long-term investments	$ 12.1	$ 12.1

Valuation Accounts - Additional

Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 6.3		$ 6.3		$ 6.1
Value of services to patients who are unable to pay	1.6	$ 1.7	3.5	$ 3.3
Estimated cost of providing charity services	0.3	$ 0.4	0.8	$ 0.8
Valuation reserves related to obsolescence and slow moving inventory	19.4		19.4		17.9
Air Medical [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for contractual discounts against outstanding accounts receivable	140.5		140.5		123.8
Allowance for uncompensated care against outstanding accounts receivable	$ 45.5		$ 45.5		$ 51.9

Valuation Accounts - Schedule o

Valuation Accounts - Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable (Detail) - Air Medical [Member] - Trade Accounts Receivable [Member]	Jun. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for Contractual Discounts	55.00%	51.00%
Allowance for Uncompensated Care	18.00%	22.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 89,106	$ 27,080
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	889	772
Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	88,217	26,308
(Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	89,106	27,080
(Level 1) [Member] | Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	889	772
(Level 1) [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 88,217	$ 26,308

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Mar. 17, 2014
Fair Value Measurements Disclosure [Line Items]
The fair value investments reclassification of assets between level 1 and level 2	$ 0	$ 0
The fair value of Senior Notes, based on quoted market prices	$ 245,000,000	$ 344,200,000
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Fair Value Measurements Disclosure [Line Items]
Interest rate on Senior Notes	5.25%	5.25%	5.25%
(Level 2) [Member]
Fair Value Measurements Disclosure [Line Items]
Investments	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Disclosure [Line Items]
Investments	$ 0	$ 0

Debt - Components of Long-term

Debt - Components of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 13, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal	$ 700,000		$ 630,000
Unamortized debt issuance debt costs	5,800		1,025
Long-term Debt, Current Maturities	(1,750)		(500,000)
Long-term debt	698,250		130,000
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			260
6% Blue Torch Finance, LLC Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Principal	70,000	$ 70,000
Unamortized debt issuance debt costs	5,254
6% Related Party Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Principal	130,000		130,000
Unamortized debt issuance debt costs	$ 546		$ 765

Debt - Components of Long-ter_2

Debt - Components of Long-term Debt (Additional Information) (Detail)	Mar. 13, 2019	Jun. 30, 2019	Dec. 31, 2018	Mar. 17, 2014
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	6.00%
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt		5.25%	5.25%	5.25%
Debt, maturity date		Mar. 15, 2019
6% Blue Torch Finance, LLC Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, maturity date		Mar. 13, 2023
6% Blue Torch Finance, LLC Term Loan [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		6.00%
6% Related Party Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Interest rate on debt		6.00%
Debt, maturity date		Sep. 28, 2020

Debt - Additional Information (

Debt - Additional Information (Detail)	Aug. 02, 2019USD ($)	Mar. 13, 2019USD ($)Air-craft	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 28, 2018USD ($)	Mar. 17, 2014USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 700,000,000	$ 630,000,000
Letters of credit outstanding under the facility			19,700,000	$ 19,800,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of credit outstanding under the facility			$ 7,600,000
Term Loan [Member]
Debt Instrument [Line Items]
Number of Aircraft Securing Debt Agreement | Air-craft		91
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		6.00%
Term Loan [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		5.00%
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt			5.25%	5.25%		5.25%
Debt, maturity date			Mar. 15, 2019
Long-term Debt, Gross			$ 500,000,000	$ 500,000,000
Related party term loan, amount issued						$ 500,000,000
6% Blue Torch Finance, LLC Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, maturity date			Mar. 13, 2023
Long-term Debt, Gross		$ 70,000,000	$ 70,000,000
Long-term debt, borrowed amount		$ 70,000,000
6% Blue Torch Finance, LLC Term Loan [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			6.00%
6% Related Party Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Interest rate on debt			6.00%
Debt, maturity date			Sep. 28, 2020
Long-term Debt, Gross			$ 130,000,000	$ 130,000,000
Related party term loan, amount issued					$ 130,000,000
Letter of Credit to Secure workers Compensation Policies, Air Medical License, and a Traditional Provider Contract [Member]
Debt Instrument [Line Items]
Letters of credit outstanding under the facility			$ 12,100,000
Exit Term Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 225,000,000
Debt Instrument, Basis Spread on Variable Rate	0.50%
Debt instrument maturity period	5 years
Interest rate on debt	2.00%
Debt instrument interest rate percentage amortization, year one	2.50%
Debt instrument interest rate percentage amortization, year two	2.50%
Debt instrument interest rate percentage amortization, year three	5.00%
Debt instrument interest rate percentage amortization, thereafter	7.50%
Percentage of required prepayment cash proceeds from debt issuance	100.00%
Percentage of principal amount prepaid	1.00%
Percentage of principal amount prepaid including accrued interest	2.00%
Percentage of principal amount prepaid second year	2.00%
Percentage of principal amount prepaid third year	1.00%
Percentage of principal amount prepaid fourth year and thereafter	0.00%
Financial covenant minimum liquidity	$ 20,000,000
Exit Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on debt	7.00%
Debt Instrument, Basis Spread on Variable Rate	1.00%
Exit Term Loan [Member] | Base Rate [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on debt	6.00%
Exit Term Loan [Member] | Federal Funds Effective Rate [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Exit Term Loan [Member] | Floor Rate [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%

Liabilities Subject to Compro_3

Liabilities Subject to Compromise (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Total liabilities subject to compromise	$ 513,125
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Total liabilities subject to compromise	500,000
Accrued Interest Payable [Member]
Debt Instrument [Line Items]
Total liabilities subject to compromise	$ 13,125

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average outstanding shares of common stock, basic	15,825	15,806	15,825	15,806
Dilutive effect of unvested restricted stock units		0		0
Weighted average outstanding shares of common stock, diluted	15,825	15,806	15,825	15,806

Earnings Per Share - Componen_2

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Additional Information) (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Anti-dilutive securities (in shares)	0	425,317	0	14,258

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 20, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation expense:
Total stock-based compensation expense		$ 1,325	$ 813	$ 2,640	$ 2,132
Non Voting Performance Units [Member]
Stock-based compensation expense:
Performance period for performance RSUs	2 years
Share price (in USD per share)	$ 2.21
Cash settlement for performance awards	$ 800
Time-based Restricted Stock Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense		845	$ 435	$ 1,685	$ 1,077
Grants to managerial employees			321,831	0	321,831
Performance-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense		$ 480	$ 378	$ 955	$ 1,055
Grants to managerial employees			448,012	0	448,012
Performance-based Restricted Units [Member] | 2016 Grant [Member]
Stock-based compensation expense:
Forfeited (shares)	667,238

Asset Disposals - Additional In

Asset Disposals - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019Air-craft	Mar. 31, 2018Air-craft	Jun. 30, 2019USD ($)Air-craft	Jun. 30, 2018USD ($)Air-craft
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold	0
Cash realized from sale of assets | $			$ 1.2	$ 1.5
Gain (loss) on disposal of assets | $			$ 0.2	$ (0.7)
Technical Services Segment [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold			2
Air Medical [Member] | Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold		1
Oil and Gas [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft donated		1
Oil and Gas [Member] | Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold				1
Oil and Gas [Member] | Medium Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold				1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019USD ($)Land_Parcel
Commitments And Contingencies Disclosure [Abstract]
Purchase commitment for aircraft	$ 0
Aggregate estimated probable liability environmental matters	$ 150,000
Number of parcels of land exists | Land_Parcel	2

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenue from External Customer [Line Items]
Value of uncompensated care services qualified as charity care	$ 1.6	$ 1.7	$ 3.5	$ 3.3
Estimated cost of providing charity services	0.3	$ 0.4	$ 0.8	$ 0.8
Percentage of reserve for receivables outstanding more than nine months (percent)			100.00%
Oil and Gas [Member]
Revenue from External Customer [Line Items]
Accounts receivable, net	86.2		$ 86.2		$ 74.1
Air Medical [Member]
Revenue from External Customer [Line Items]
Allowance for contractual discounts against outstanding accounts receivable	140.5		140.5		123.8
Allowance for uncompensated care against outstanding accounts receivable	45.5		45.5		51.9
Accounts receivable, net	95.8		95.8		90.2
Technical Services [Member]
Revenue from External Customer [Line Items]
Accounts receivable, net	$ 1.3		$ 1.3		$ 4.1
Minimum [Member]
Revenue from External Customer [Line Items]
Accounts receivable invoice term			30 days
Minimum [Member] | Oil and Gas [Member]
Revenue from External Customer [Line Items]
Typical contract length			1 year
Minimum [Member] | Air Medical [Member]
Revenue from External Customer [Line Items]
Contract termination notice period			30 days
Maximum [Member]
Revenue from External Customer [Line Items]
Performance obligations satisfaction period to recognize revenue			30 days
Accounts receivable invoice term			60 days
Maximum [Member] | Oil and Gas [Member]
Revenue from External Customer [Line Items]
Typical contract length			7 years
Maximum [Member] | Air Medical [Member]
Revenue from External Customer [Line Items]
Contract termination notice period			180 days

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 165,172	$ 169,243	$ 317,062	$ 329,607
Reportable Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	165,172	169,243	317,062	329,607
Reportable Operating Segments [Member] | Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	90,023	97,068	174,969	192,702
Reportable Operating Segments [Member] | Air Medical [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	69,507	67,151	126,153	124,139
Reportable Operating Segments [Member] | Air Medical [Member] | Traditional Provider Model [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	12,401	12,085	24,378	23,956
Reportable Operating Segments [Member] | Air Medical [Member] | Independent Provider Model [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	57,106	55,066	101,775	100,183
Reportable Operating Segments [Member] | Technical Services [Member]
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 5,642	$ 5,024	$ 15,940	$ 12,766

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Leases [Abstract]
Operating lease expense	$ 11.4	$ 12.1	$ 22.6	$ 23.8
Short-term lease expense	$ 1.6		$ 3

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Right of use assets	$ 144,944
Current portion of operating lease liabilities	27,535
Long-term operating lease liabilities	118,167
Total operating lease liabilities	145,702
Cash paid for operating leases	21,475
ROU assets obtained in exchange for lease obligations	$ 9,402
Weighted average remaining lease term	5 years
Weighted average discount rate (percent)	8.25%

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Remainder of 2019	$ 19,615
2020	37,140
2021	36,297
2022	34,254
2023	23,872
Thereafter	33,975
Total lease payments	185,153
Less imputed interest	(39,451)
Total	$ 145,702
Future Lease Payments under ASC 840 [Abstract]
2019		$ 36,000
2020		33,000
2021		31,000
2022		29,000
2023		20,000
Thereafter		11,000
Operating leases, future minimum payments		$ 160,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2019Air-craft	Jun. 30, 2018	Jun. 30, 2019Air-craftSegmentStateLocation	Jun. 30, 2018
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
Number of aircraft sold	0
National Science Foundation [Member]
Segment Reporting Information [Line Items]
Number of aircraft assigned			6
Number of aircraft sold			2
Number of remaining aircraft in segment			4
Fixed Term Customer Contract [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	85.00%	87.00%	85.00%	87.00%
Spot Market and Ad Hoc Flight Customer Contracts [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)			15.00%
Hospitals Contracts [Member]
Segment Reporting Information [Line Items]
Contract termination notice period			180 days
Hospitals Contracts [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	15.00%	16.00%	17.00%	18.00%
Minimum [Member]
Segment Reporting Information [Line Items]
Term of contract			1 year
Maximum [Member]
Segment Reporting Information [Line Items]
Term of contract			7 years
Oil and Gas [Member]
Segment Reporting Information [Line Items]
Number of aircraft available for use			121
Oil and Gas [Member] | Product Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	55.00%	57.00%	55.00%	58.00%
Oil and Gas [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Working period with major customers			35 years
Oil and Gas [Member] | Minimum [Member] | ENI Petroleum [Member]
Segment Reporting Information [Line Items]
Working period with major customers			20 years
Air Medical [Member]
Segment Reporting Information [Line Items]
Number of aircraft assigned			111
Number of states in which company operates aircrafts | State			18
Locations in which company operates Aircrafts | Location			81
Air Medical [Member] | Product Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	42.00%	40.00%	40.00%	38.00%
Air Medical [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Contract termination notice period			30 days
Air Medical [Member] | Maximum [Member]
Segment Reporting Information [Line Items]
Contract termination notice period			180 days
Technical Services [Member] | Product Concentration Risk [Member] | Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	3.00%	3.00%	5.00%	4.00%

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items]
Provision for contractual discounts	70.00%	67.00%	68.00%	66.00%
Provision for uncompensated care	8.00%	7.00%	9.00%	8.00%

Segment Information - Schedul_2

Segment Information - Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as Percentage of Net Air Medical Revenues (Detail) - Product Concentration Risk [Member] - Sales Revenue Net [Member] - Air Medical [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	42.00%	40.00%	40.00%	38.00%
Insurance [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	67.00%	72.00%	67.00%	72.00%
Medicare [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	23.00%	19.00%	23.00%	20.00%
Medicaid [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	9.00%	8.00%	8.00%	8.00%
Self-Pay [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	1.00%	1.00%	2.00%

Segment Information - Schedul_3

Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total operating revenues, net	$ 165,172		$ 169,243	$ 317,062	$ 329,607
Total direct expenses	153,514		155,083	310,390	311,309
Total selling, general and administrative expenses	17,591		14,485	42,458	29,944
Total net segment profit	(4,799)		(73)	(33,342)	(12,309)
Reorganization items, net	(26,503)	$ (1,600)		(28,103)
Interest expense	(3,927)		(8,340)	(12,093)	(16,537)
(Loss) earnings before income taxes	(34,896)		(8,777)	(73,245)	(30,250)
Reportable Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	165,172		169,243	317,062	329,607
Total direct expenses	152,475		155,002	307,990	311,264
Total selling, general and administrative expenses	8,965		7,994	17,165	16,452
Total segment direct and selling, general and administrative expenses	161,440		162,996	325,155	327,716
Total net segment profit	3,732		6,247	(8,093)	1,891
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	90,023		97,068	174,969	192,702
Total direct expenses	89,061		94,442	179,031	190,985
Total selling, general and administrative expenses	4,672		4,400	9,432	9,321
Total net segment profit	(3,710)		(1,774)	(13,494)	(7,604)
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	69,507		67,151	126,153	124,139
Total direct expenses	59,310		56,776	116,391	110,608
Total selling, general and administrative expenses	4,141		3,254	7,433	6,421
Total net segment profit	6,056		7,121	2,329	7,110
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	5,642		5,024	15,940	12,766
Total direct expenses	4,104		3,784	12,568	9,671
Total selling, general and administrative expenses	152		340	300	710
Total net segment profit	1,386		900	3,072	2,385
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Other, net	428		(193)	337	(2,112)
Reorganization items, net	(26,503)			(28,103)
Interest expense	(3,927)		(8,340)	(12,093)	(16,537)
Corporate [Member]
Segment Reporting Information [Line Items]
Unallocated selling, general and administrative costs	$ (8,626)		$ (6,491)	$ (25,293)	$ (13,492)

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reportable Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 17,236	$ 17,719	$ 33,871	$ 35,271
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	11,618	11,486	22,896	23,269
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	5,485	6,091	10,771	11,715
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	133	142	204	287
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 3,095	$ 1,412	$ 4,904	$ 3,327

Investment in Variable Intere_2

Investment in Variable Interest Entity and Other Investments and Affiliates - Additional Information (Detail) - PHI Century Limited [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investment in the common stock			49.00%
PHIC's date of incorporation			May 26, 2011
Earnings in equity of unconsolidated affiliate	$ 1		$ 2.4
Trade receivables	4.1		4.1		$ 4.8
Other assets	$ 2.9		$ 2.9		0.5
Accounts Receivable - Other [Member]
Variable Interest Entity [Line Items]
Loan to affiliate					$ 0.4
Maximum [Member]
Variable Interest Entity [Line Items]
Earnings in equity of unconsolidated affiliate		$ 0.1		$ 0.1

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Mar. 17, 2014
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%	5.25%	5.25%
Domestic Subsidiaries [Member]
Supplemental Guarantor Financial Information [Line Items]
Ownership percentage in domestic subsidiaries	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 21,882		$ 50,874	$ 5,852		$ 8,770
Short-term investments	76,141		14,232
Accounts receivable – net	183,344		182,465
Inventories of spare parts – net	54,242		56,698
Prepaid expenses	13,072		11,419
Income taxes receivable	509		950
Total current assets	349,190		316,638
Property and equipment – net	885,669		902,485
Right of use assets	144,944
Restricted cash and investments	19,739		19,781
Other assets	20,937		18,378
Deferred income taxes	5,137		4,944
Total assets	1,425,616		1,262,226
Current Liabilities:
Senior Notes issued March 17, 2014			499,740
Accounts payable	70,615		50,289
Accrued and other current liabilities	38,483		45,292
Current portion of operating lease liabilities	27,535
Current maturities of long term debt	1,750		500,000
Total current liabilities	138,383		595,321
Long-term Debt	192,450		129,235
Deferred income taxes and other long-term liabilities	173,804		64,237
Liabilities subject to compromise	513,125
Shareholders’ Equity:
Common stock and paid-in capital	317,725		315,898
Accumulated other comprehensive income (loss)	(4,040)		(3,952)
Retained earnings	94,169		161,487
Total shareholders’ equity	407,854	$ 439,508	473,433	$ 591,565	$ 597,735	$ 612,654
Total liabilities and shareholders’ equity	1,425,616		1,262,226
Eliminations [Member]
Current Assets:
Accounts receivable – net	(6,180)		(3,823)
Intercompany receivable	(120,732)		(91,468)
Total current assets	(126,912)		(95,291)
Investment in subsidiaries	(475,391)		(471,790)
Total assets	(602,303)		(567,081)
Current Liabilities:
Accounts payable	(6,180)		(3,839)
Intercompany payable	(120,732)		(91,452)
Total current liabilities	(126,912)		(95,291)
Shareholders’ Equity:
Common stock and paid-in capital	(210,377)		(210,601)
Retained earnings	(265,014)		(261,189)
Total shareholders’ equity	(475,391)		(471,790)
Total liabilities and shareholders’ equity	(602,303)		(567,081)
Parent Company Only (issuer) [Member] | Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	8,170		39,091
Short-term investments	76,141		14,232
Accounts receivable – net	64,467		64,416
Inventories of spare parts – net	29,871		43,933
Prepaid expenses	8,944		7,295
Income taxes receivable	7		394
Total current assets	187,600		169,361
Investment in subsidiaries	475,391		471,790
Property and equipment – net	562,880		576,763
Right of use assets	116,918
Restricted cash and investments	19,739		19,781
Other assets	18,678		17,179
Total assets	1,381,206		1,254,874
Current Liabilities:
Senior Notes issued March 17, 2014			499,740
Accounts payable	64,526		44,089
Accrued and other current liabilities	19,667		25,158
Current portion of operating lease liabilities	20,823
Current maturities of long term debt	1,750
Intercompany payable	63,263		74,336
Total current liabilities	170,029		643,323
Long-term Debt	192,450		129,235
Deferred income taxes and other long-term liabilities	93,711		4,934
Liabilities subject to compromise	513,125
Shareholders’ Equity:
Common stock and paid-in capital	317,725		315,898
Accumulated other comprehensive income (loss)	(3)		(3)
Retained earnings	94,169		161,487
Total shareholders’ equity	411,891		477,382
Total liabilities and shareholders’ equity	1,381,206		1,254,874
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	2,223		1,259
Accounts receivable – net	101,381		93,060
Intercompany receivable	98,616		91,468
Inventories of spare parts – net	20,929		9,577
Prepaid expenses	2,805		2,520
Income taxes receivable	502		556
Total current assets	226,456		198,440
Property and equipment – net	283,231		287,375
Right of use assets	11,652
Other assets	1,071		1,199
Total assets	522,410		487,014
Current Liabilities:
Accounts payable	6,437		4,587
Accrued and other current liabilities	13,500		12,335
Current portion of operating lease liabilities	3,404
Intercompany payable	17,125
Total current liabilities	40,466		16,922
Deferred income taxes and other long-term liabilities	67,234		58,752
Shareholders’ Equity:
Common stock and paid-in capital	77,951		77,951
Retained earnings	336,759		333,389
Total shareholders’ equity	414,710		411,340
Total liabilities and shareholders’ equity	522,410		487,014
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	11,489		10,524
Accounts receivable – net	23,676		28,812
Intercompany receivable	22,116
Inventories of spare parts – net	3,442		3,188
Prepaid expenses	1,323		1,604
Total current assets	62,046		44,128
Property and equipment – net	39,558		38,347
Right of use assets	16,374
Other assets	1,188
Deferred income taxes	5,137		4,944
Total assets	124,303		87,419
Current Liabilities:
Accounts payable	5,832		5,452
Accrued and other current liabilities	5,316		7,799
Current portion of operating lease liabilities	3,308
Intercompany payable	40,344		17,116
Total current liabilities	54,800		30,367
Deferred income taxes and other long-term liabilities	12,859		551
Shareholders’ Equity:
Common stock and paid-in capital	132,426		132,650
Accumulated other comprehensive income (loss)	(4,037)		(3,949)
Retained earnings	(71,745)		(72,200)
Total shareholders’ equity	56,644		56,501
Total liabilities and shareholders’ equity	$ 124,303		$ 87,419

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	$ 165,172		$ 169,243	$ 317,062	$ 329,607
Expenses:
Direct expenses	153,514		155,083	310,390	311,309
Selling, general and administrative expenses	17,591		14,485	42,458	29,944
Total operating expenses	171,105		169,568	352,848	341,253
(Gain) loss on asset dispositions	(95)		(171)	(44)	708
Equity in (income) loss of unconsolidated affiliate, net	(1,039)		(81)	(2,400)	(45)
Operating loss	(4,799)		(73)	(33,342)	(12,309)
Interest expense	3,927		8,340	12,093	16,537
Reorganization items, net	26,503	$ 1,600		28,103
Other income, net	(333)		364	(293)	1,404
Total expenses	30,097		8,704	39,903	17,941
Loss before income taxes	(34,896)		(8,777)	(73,245)	(30,250)
Income tax (benefit) expense	(2,819)		(1,684)	(5,927)	(6,175)
Net loss	(32,077)		(7,093)	(67,318)	(24,075)
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	(8,075)		(30,735)	(13,859)	(56,668)
Expenses:
Direct expenses	(8,075)		(30,793)	(13,859)	(56,707)
Selling, general and administrative expenses	(4)		(4)	(9)	(10)
Total operating expenses	(8,079)		(30,797)	(13,868)	(56,717)
Operating loss	4		62	9	49
Equity in net income of consolidated subsidiaries	4,952		6,064	3,825	8,163
Interest expense			(539)		(1,081)
Other income, net	4		601	9	1,130
Total expenses	4,956		6,126	3,834	8,212
Loss before income taxes	(4,952)		(6,064)	(3,825)	(8,163)
Net loss	(4,952)		(6,064)	(3,825)	(8,163)
Parent Company Only (issuer) [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	75,707		79,857	149,740	157,949
Expenses:
Direct expenses	76,288		78,955	160,793	162,953
Selling, general and administrative expenses	10,459		8,395	28,507	17,143
Total operating expenses	86,747		87,350	189,300	180,096
(Gain) loss on asset dispositions	(102)		(150)	(51)	729
Equity in (income) loss of unconsolidated affiliate, net	(1,039)		(81)	(2,400)	(45)
Operating loss	(9,899)		(7,262)	(37,109)	(22,831)
Equity in net income of consolidated subsidiaries	(4,952)		(6,064)	(3,825)	(8,163)
Interest expense	3,908		8,337	12,070	16,533
Reorganization items, net	26,503			28,103
Other income, net	(46)		(365)	(235)	(63)
Total expenses	25,413		1,908	36,113	8,307
Loss before income taxes	(35,312)		(9,170)	(73,222)	(31,138)
Income tax (benefit) expense	(3,235)		(2,077)	(5,904)	(7,063)
Net loss	(32,077)		(7,093)	(67,318)	(24,075)
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	72,628		68,717	131,930	127,426
Expenses:
Direct expenses	61,915		58,263	120,941	113,627
Selling, general and administrative expenses	4,293		3,256	7,731	6,423
Total operating expenses	66,208		61,519	128,672	120,050
(Gain) loss on asset dispositions	9			9
Operating loss	6,411		7,198	3,249	7,376
Interest expense	19			23
Total expenses	19			23
Loss before income taxes	6,392		7,198	3,226	7,376
Income tax (benefit) expense	792			(144)
Net loss	5,600		7,198	3,370	7,376
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	24,912		51,404	49,251	100,900
Expenses:
Direct expenses	23,386		48,658	42,515	91,436
Selling, general and administrative expenses	2,843		2,838	6,229	6,388
Total operating expenses	26,229		51,496	48,744	97,824
(Gain) loss on asset dispositions	(2)		(21)	(2)	(21)
Operating loss	(1,315)		(71)	509	3,097
Interest expense			542		1,085
Other income, net	(291)		128	(67)	337
Total expenses	(291)		670	(67)	1,422
Loss before income taxes	(1,024)		(741)	576	1,675
Income tax (benefit) expense	(376)		393	121	888
Net loss	$ (648)		$ (1,134)	$ 455	$ 787

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements Captions [Line Items]
Net (loss) earnings	$ (32,077)	$ (7,093)	$ (67,318)	$ (24,075)
Unrealized (loss) gain on short-term investments		(107)		363
Currency translation adjustments	(928)	160	(121)	627
Changes in pension plan assets and benefit obligations		7		(1)
Tax effect of the above-listed adjustments	25	100	33	(85)
Total comprehensive (loss) income	(32,980)	(6,933)	(67,406)	(23,171)
Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Net (loss) earnings	(4,952)	(6,064)	(3,825)	(8,163)
Total comprehensive (loss) income	(4,952)	(6,064)	(3,825)	(8,163)
Parent Company Only (issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net (loss) earnings	(32,077)	(7,093)	(67,318)	(24,075)
Unrealized (loss) gain on short-term investments		(107)		363
Changes in pension plan assets and benefit obligations		7		(1)
Tax effect of the above-listed adjustments		100		(85)
Total comprehensive (loss) income	(32,077)	(7,093)	(67,318)	(23,798)
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net (loss) earnings	5,600	7,198	3,370	7,376
Total comprehensive (loss) income	5,600	7,198	3,370	7,376
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net (loss) earnings	(648)	(1,134)	455	787
Currency translation adjustments	(928)	160	(121)	627
Tax effect of the above-listed adjustments	25		33
Total comprehensive (loss) income	$ (1,551)	$ (974)	$ 367	$ 1,414

Condensed Consolidating Finan_7

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (23,677)	$ 5,410
Investing activities:
Purchase of property and equipment	(8,970)	(18,098)
Proceeds from asset dispositions	1,235	1,453
Purchase of short-term investments	(183,421)	(260,996)
Proceeds from sale of short-term investments	121,512	264,918
Payment of deposit on aircraft	(50)	0
Refund of deposit on aircraft	503	0
Loan to unconsolidated affiliate		(274)
Net cash used in investing activities	(69,191)	(12,997)
Financing activities:
Debt issuance cost	(5,668)	0
Proceeds from Term Loan	70,000	0
Proceeds from line of credit		34,295
Payments on line of credit		(29,575)
Repurchase of common stock		(51)
Net cash provided by financing activities	64,332	4,669
Effect of exchange rate changes on cash	(483)	0
Decrease in cash, cash equivalents and restricted cash	(29,019)	(2,918)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	29,545	5,852
Reportable Legal Entities [Member] | Parent Company Only (issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(20,773)	(506)
Investing activities:
Purchase of property and equipment	(5,956)	(16,768)
Proceeds from asset dispositions	1,235	1,453
Purchase of short-term investments	(183,421)	(260,996)
Proceeds from sale of short-term investments	121,512	264,918
Payment of deposit on aircraft	(50)
Refund of deposit on aircraft	503
Loan to unconsolidated affiliate		(274)
Net cash used in investing activities	(66,177)	(11,667)
Financing activities:
Debt issuance cost	(5,668)
Proceeds from Term Loan	70,000
Proceeds from line of credit		34,295
Payments on line of credit		(29,575)
Due to/from affiliate, net	(8,330)	7,510
Repurchase of common stock		(51)
Net cash provided by financing activities	56,002	12,179
Decrease in cash, cash equivalents and restricted cash	(30,948)	6
Cash, cash equivalents and restricted cash at the beginning of period	46,781	47
Cash, cash equivalents and restricted cash at end of period	15,833	53
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(6,064)	3,306
Financing activities:
Due to/from affiliate, net	7,028	(3,073)
Net cash provided by financing activities	7,028	(3,073)
Decrease in cash, cash equivalents and restricted cash	964	233
Cash, cash equivalents and restricted cash at the beginning of period	1,259	1,072
Cash, cash equivalents and restricted cash at end of period	2,223	1,305
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	3,160	2,610
Investing activities:
Purchase of property and equipment	(3,014)	(1,330)
Net cash used in investing activities	(3,014)	(1,330)
Financing activities:
Due to/from affiliate, net	1,302	(4,437)
Net cash provided by financing activities	1,302	(4,437)
Effect of exchange rate changes on cash	(483)
Decrease in cash, cash equivalents and restricted cash	965	(3,157)
Cash, cash equivalents and restricted cash at the beginning of period	10,524	7,651
Cash, cash equivalents and restricted cash at end of period	$ 11,489	$ 4,494

Debtor in Possession - Condense

Debtor in Possession - Condensed Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	$ 21,882		$ 50,874	$ 5,852		$ 8,770
Short-term investments	76,141		14,232
Trade	174,499		168,459
Other	8,845		14,006
Inventories of spare parts – net	54,242		56,698
Prepaid expenses	13,072		11,419
Income taxes receivable	509		950
Total current assets	349,190		316,638
Property and equipment – net	885,669		902,485
Right of use assets	144,944
Restricted cash and investments	19,739		19,781
Other assets	20,937		18,378
Total assets	1,425,616		1,262,226
Accounts payable	70,615		50,289
Accrued and other current liabilities	38,483		45,292
Current portion of operating lease liabilities	27,535
Current maturities of long term debt	1,750		500,000
Total current liabilities	138,383		595,321
Term loan issued March 13, 2019, net of debt issuance costs of $5,254	62,996
Related party term loan issued September 28, 2018, net of debt issuance costs of $546 and $765, respectively	129,454		129,235
Deferred income taxes	51,964		59,178
Other long-term liabilities	3,673		5,059
Long-term operating lease liabilities	118,167
Total liabilities not subject to compromise	504,637		788,793
Liabilities subject to compromise	513,125
Total liabilities	1,017,762		788,793
Additional paid-in capital	316,143		314,316
Accumulated other comprehensive income (loss)	(4,040)		(3,952)
Retained earnings	94,169		161,487
Total shareholders’ equity	407,854	$ 439,508	473,433	591,565	$ 597,735	612,654
Total liabilities and shareholders’ equity	1,425,616		1,262,226
Note Payable, Related Party [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Debt issuance costs	546		765
Term Loan [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Debt issuance costs	5,254		260
Voting Common Stock [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock	$ 291		$ 291
Common stock, par value (in USD per share)	$ 0.10		$ 0.10
Common stock, shares authorized (shares)	12,500,000		12,500,000
Common stock, shares issued (shares)	2,905,757		2,905,757
Common stock, shares outstanding (shares)	2,905,757		2,905,757
Non-Voting Common Stock [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock	$ 1,291		$ 1,291
Total shareholders’ equity	$ 1,291	$ 1,291	$ 1,291	$ 1,291	$ 1,290	$ 1,289
Common stock, par value (in USD per share)	$ 0.10		$ 0.10
Common stock, shares authorized (shares)	37,500,000		37,500,000
Common stock, shares issued (shares)	12,919,681		12,919,681
Common stock, shares outstanding (shares)	12,919,681		12,919,681
Phi, Inc. and Debtors [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	$ 10,310
Short-term investments	76,141
Trade	153,460
Other	6,120
Inventories of spare parts – net	50,800
Prepaid expenses	11,749
Income taxes receivable	509
Total current assets	309,089
Property and equipment – net	846,095
Right of use assets	127,821
Restricted cash and investments	19,739
Other assets	150,536
Total assets	1,453,280
Accounts payable	66,187
Accrued and other current liabilities	33,168
Current portion of operating lease liabilities	24,125
Current maturities of long term debt	1,750
Total current liabilities	125,230
Term loan issued March 13, 2019, net of debt issuance costs of $5,254	62,996
Related party term loan issued September 28, 2018, net of debt issuance costs of $546 and $765, respectively	129,454
Deferred income taxes	52,135
Other long-term liabilities	3,673
Long-term operating lease liabilities	104,491
Total liabilities not subject to compromise	477,979
Liabilities subject to compromise	513,125
Total liabilities	991,104
Additional paid-in capital	314,499
Accumulated other comprehensive income (loss)	(3)
Retained earnings	146,099
Total shareholders’ equity	462,176
Total liabilities and shareholders’ equity	1,453,280
Phi, Inc. and Debtors [Member] | Note Payable, Related Party [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Debt issuance costs	546
Phi, Inc. and Debtors [Member] | Term Loan [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Debt issuance costs	5,254
Phi, Inc. and Debtors [Member] | Voting Common Stock [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock	$ 291
Common stock, par value (in USD per share)	$ 0.10
Common stock, shares authorized (shares)	12,500,000
Common stock, shares issued (shares)	2,905,757
Common stock, shares outstanding (shares)	2,905,757
Phi, Inc. and Debtors [Member] | Non-Voting Common Stock [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock	$ 1,290
Common stock, par value (in USD per share)	$ 0.10
Common stock, shares authorized (shares)	37,500,000
Common stock, shares issued (shares)	12,919,681
Common stock, shares outstanding (shares)	12,919,681

Debtor in Possession - Conden_2

Debtor in Possession - Condensed Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	$ 165,172		$ 169,243	$ 317,062	$ 329,607
Direct expenses	153,514		155,083	310,390	311,309
Selling, general and administrative expenses	17,591		14,485	42,458	29,944
Total operating expenses	171,105		169,568	352,848	341,253
(Gain) loss on disposal of assets	(95)		(171)	(44)	708
Equity in (income) loss of unconsolidated affiliate, net	(1,039)		(81)	(2,400)	(45)
Operating loss	(4,799)		(73)	(33,342)	(12,309)
Interest expense	3,927		8,340	12,093	16,537
Reorganization items, net	26,503	$ 1,600		28,103
Other income – net	(333)		364	(293)	1,404
Total expenses	30,097		8,704	39,903	17,941
Loss before income taxes	(34,896)		(8,777)	(73,245)	(30,250)
Income tax benefit	(2,819)		(1,684)	(5,927)	(6,175)
Net loss	(32,077)		$ (7,093)	(67,318)	$ (24,075)
Phi, Inc. and Debtors [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	139,501			266,164
Direct expenses	129,319			266,368
Selling, general and administrative expenses	14,746			36,228
Total operating expenses	144,065			302,596
(Gain) loss on disposal of assets	(93)			(42)
Equity in (income) loss of unconsolidated affiliate, net	(1,039)			(2,400)
Operating loss	(3,432)			(33,990)
Interest expense	3,927			12,093
Reorganization items, net	26,503			28,103
Other income – net	(42)			(226)
Total expenses	30,388			39,970
Loss before income taxes	(33,820)			(73,960)
Income tax benefit	(2,443)			(6,048)
Net loss	$ (31,377)			$ (67,912)

Debtor in Possession - Conden_3

Debtor in Possession - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net loss	$ (32,077)	$ (7,093)	$ (67,318)	$ (24,075)
Depreciation and amortization			38,775	38,598
Deferred income taxes			(7,407)	(7,446)
(Gain) loss on asset dispositions	(95)	(171)	(44)	708
Equity in (income) loss of unconsolidated affiliate, net	(1,039)	(81)	(2,400)	(45)
Inventory valuation reserves			1,416	3,308
Changes in operating assets and liabilities			13,301	(5,638)
Net cash (used in) provided by operating activities			(23,677)	5,410
Purchase of property and equipment			(8,970)	(18,098)
Proceeds from asset dispositions			1,235	1,453
Purchase of short-term investments			(183,421)	(260,996)
Proceeds from sale of short-term investments			121,512	264,918
Payment of deposit on aircraft			(50)	0
Refund of deposit on aircraft			503	0
Net cash used in investing activities			(69,191)	(12,997)
Debt issuance cost			(5,668)	0
Proceeds from Term Loan			70,000	0
Net cash provided by financing activities			64,332	4,669
Decrease in cash, cash equivalents and restricted cash			(29,019)	(2,918)
Cash, cash equivalents and restricted cash at the beginning of period			58,564	8,770
Cash, cash equivalents and restricted cash at end of period	29,545	$ 5,852	29,545	$ 5,852
Phi, Inc. and Debtors [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net loss	(31,377)		(67,912)
Depreciation and amortization			29,799
Deferred income taxes			(6,492)
(Gain) loss on asset dispositions	(93)		(42)
Equity in (income) loss of unconsolidated affiliate, net	(1,039)		(2,400)
Inventory valuation reserves			1,110
Changes in operating assets and liabilities			19,751
Net cash (used in) provided by operating activities			(26,186)
Purchase of property and equipment			(7,817)
Proceeds from asset dispositions			1,235
Purchase of short-term investments			(183,421)
Proceeds from sale of short-term investments			121,512
Payment of deposit on aircraft			(50)
Refund of deposit on aircraft			503
Net cash used in investing activities			(68,038)
Debt issuance cost			(5,668)
Proceeds from Term Loan			70,000
Net cash provided by financing activities			64,332
Decrease in cash, cash equivalents and restricted cash			(29,892)
Cash, cash equivalents and restricted cash at the beginning of period			47,865
Cash, cash equivalents and restricted cash at end of period	$ 17,973		$ 17,973

Reorganization Items - Addition

Reorganization Items - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019
Reorganizations [Abstract]
Reorganization items, net	$ 26,503	$ 1,600	$ 28,103