Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PHII | |
Entity Registrant Name | PHI INC | |
Entity Central Index Key | 350,403 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,905,757 | |
Non-Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,893,895 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 2,991 | $ 2,596 |
Short-term investments | 204,036 | 289,806 |
Accounts receivable – net | ||
Trade | 140,434 | 128,662 |
Other | 12,303 | 9,603 |
Inventories of spare parts – net | 79,245 | 70,402 |
Prepaid expenses | 12,006 | 9,259 |
Deferred income taxes | 10,798 | 10,798 |
Income taxes receivable | 509 | 540 |
Total current assets | 462,322 | 521,666 |
Property and equipment – net | 910,327 | 903,977 |
Restricted cash and investments | 12,396 | 13,038 |
Other assets | 9,032 | 9,759 |
Total assets | 1,394,077 | 1,448,440 |
Current Liabilities: | ||
Accounts payable | 30,607 | 28,704 |
Accrued and other current liabilities | 33,703 | 28,346 |
Total current liabilities | 64,310 | 57,050 |
Long-term debt: | ||
Revolving credit facility | 100,000 | 134,000 |
Senior Notes issued March 17, 2014, net of debt issuance costs of $1,818 and $2,753, respectively | 498,182 | 497,247 |
Deferred income taxes | 141,420 | 151,713 |
Other long-term liabilities | 8,104 | 8,652 |
Commitments and contingencies (Note 9) | ||
Shareholders’ Equity: | ||
Additional paid-in capital | 307,054 | 304,246 |
Accumulated other comprehensive loss | (244) | (478) |
Retained earnings | 273,671 | 294,441 |
Total shareholders’ equity | 582,061 | 599,778 |
Total liabilities and shareholders’ equity | 1,394,077 | 1,448,440 |
Voting Common Stock [Member] | ||
Shareholders’ Equity: | ||
Common stock | 291 | 291 |
Non-Voting Common Stock [Member] | ||
Shareholders’ Equity: | ||
Common stock | 1,289 | 1,278 |
Total shareholders’ equity | $ 1,289 | $ 1,278 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt issuance costs | $ 1,818 | $ 2,753 |
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) | 12,893,895 | 12,779,646 |
Common stock, shares outstanding (shares) | 12,893,895 | 12,779,646 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Operating revenues, net | $ 150,167 | $ 158,093 | $ 431,209 | $ 489,245 |
Expenses: | ||||
Direct expenses | 136,786 | 144,938 | 400,250 | 449,909 |
Selling, general and administrative expenses | 11,401 | 13,381 | 38,691 | 36,832 |
Total operating expenses | 148,187 | 158,319 | 438,941 | 486,741 |
Gain (loss) on disposal of assets | (4) | 85 | 3 | (3,854) |
Equity in (earnings) loss of unconsolidated affiliates, net | (438) | 198 | 1,556 | 274 |
Operating income (loss) | 2,422 | (509) | (9,291) | 6,084 |
Interest expense | 8,027 | 7,719 | 24,305 | 22,792 |
Other income – net | (706) | (462) | (2,474) | (1,571) |
Total expenses | 7,321 | 7,257 | 21,831 | 21,221 |
Loss before income taxes | (4,899) | (7,766) | (31,122) | (15,137) |
Income tax benefit | (1,622) | (2,799) | (9,324) | (5,515) |
Net loss | $ (3,277) | $ (4,967) | $ (21,798) | $ (9,622) |
Weighted average shares outstanding: | ||||
Basic (shares) | 15,799 | 15,683 | 15,750 | 15,655 |
Diluted (shares) | 15,799 | 15,683 | 15,750 | 15,655 |
Net loss per share: | ||||
Basic (in USD per share) | $ (0.21) | $ (0.32) | $ (1.38) | $ (0.61) |
Diluted (in USD per share) | $ (0.21) | $ (0.32) | $ (1.38) | $ (0.61) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) earnings | $ (3,277) | $ (4,967) | $ (21,798) | $ (9,622) |
Unrealized gain (loss) on short-term investments | 41 | (494) | 370 | 523 |
Changes in pension plan assets and benefit obligations | (24) | 1 | (2) | 3 |
Tax effect of the above-listed adjustments | (8) | 178 | (134) | (229) |
Total comprehensive (loss) income | $ (3,268) | $ (5,282) | $ (21,564) | $ (9,325) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Non-Voting Common Stock [Member] | Voting Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2015 | $ 626,998 | $ 1,269 | $ 291 | $ 304,884 | $ (567) | $ 321,121 |
Balance, Shares at Dec. 31, 2015 | 12,685 | 2,906 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (9,622) | (9,622) | ||||
Unrealized gain on short-term investments | 294 | 294 | ||||
Changes in pension plan assets and benefit obligations | 2 | 2 | ||||
Amortization of unearned stock-based compensation | 4,334 | 4,334 | ||||
Issuance of non-voting common stock (upon vesting of restricted stock units) | 12 | $ 12 | ||||
Issuance of non-voting common stock (upon vesting of restricted stock units), shares | 128 | |||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | (531) | $ (3) | (528) | |||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares | (28) | |||||
Retirement of treasury stock, shares | (8) | |||||
Balance at Sep. 30, 2016 | 621,487 | $ 1,278 | $ 291 | 308,690 | (271) | 311,499 |
Balance, Shares at Sep. 30, 2016 | 12,777 | 2,906 | ||||
Balance at Dec. 31, 2016 | 599,778 | $ 1,278 | $ 291 | 304,246 | (478) | 294,441 |
Balance, Shares at Dec. 31, 2016 | 12,779 | 2,906 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (21,798) | (21,798) | ||||
Unrealized gain on short-term investments | 235 | 235 | ||||
Changes in pension plan assets and benefit obligations | (1) | (1) | ||||
Amortization of unearned stock-based compensation | 3,074 | 3,074 | ||||
Issuance of non-voting common stock (upon vesting of restricted stock units) | 3 | $ 13 | (10) | |||
Issuance of non-voting common stock (upon vesting of restricted stock units), shares | 136 | |||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | (258) | $ (2) | (256) | |||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares | (22) | |||||
Cumulative effect adjustment of unrecognized tax benefits | 1,028 | 1,028 | ||||
Balance at Sep. 30, 2017 | $ 582,061 | $ 1,289 | $ 291 | $ 307,054 | $ (244) | $ 273,671 |
Balance, Shares at Sep. 30, 2017 | 12,893 | 2,906 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net loss | $ (21,798) | $ (9,622) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 50,593 | 53,054 |
Deferred income taxes | (9,416) | (6,775) |
Loss (gain) on asset dispositions | 3 | (3,854) |
Equity in loss of unconsolidated affiliate, net | 1,556 | 274 |
Inventory valuation reserves | (3) | 3,766 |
Changes in operating assets and liabilities | (22,803) | (43,991) |
Net cash (used in) provided by operating activities | (1,868) | (7,148) |
Investing activities: | ||
Purchase of property and equipment | (49,227) | (74,950) |
Proceeds from asset dispositions | 21 | 13,233 |
Purchase of short-term investments | (268,525) | (263,204) |
Proceeds from sale of short-term investments | 354,250 | 259,322 |
Payment of deposits on aircraft | 0 | (197) |
Loan to unconsolidated affiliate | 0 | (1,200) |
Net cash provided by (used in) investing activities | 36,519 | (66,996) |
Financing activities: | ||
Proceeds from line of credit | 99,150 | 213,900 |
Payments on line of credit | (133,150) | (139,000) |
Repurchase of common stock | (256) | (524) |
Net cash (used in) provided by financing activities | (34,256) | 74,376 |
Decrease in cash | 395 | 232 |
Cash, beginning of period | 2,596 | 2,407 |
Cash, end of period | 2,991 | 2,639 |
Cash paid during the period for: | ||
Interest | 29,536 | 28,258 |
Income taxes | 1,213 | 2,856 |
Noncash investing activities: | ||
Other current liabilities and accrued payables related to purchase of property and equipment | $ 21 | $ 3,717 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of PHI, Inc. and its subsidiaries (“PHI” or the “Company” or “we” or “our”). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting of only normal, recurring adjustments, necessary to present fairly the financial results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Our financial results, particularly as they relate to our Oil and Gas segment, are influenced by seasonal fluctuations as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . 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. Recently Adopted Accounting Pronouncements - Effective January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was issued by the Financial Accounting Standards Board (“FASB”) in March 2016 . This new standard requires that excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises be recognized in the income statement. Previously, these amounts were recognized in additional paid-in capital. As a result, during the first quarter of 2017 we recorded a cumulative-effect adjustment of $1.0 million increasing retained earnings and decreasing deferred tax liability on our balance sheet dated September 30, 2017 . Accordingly, we recorded income tax expense of $1.6 million in our consolidated statement of income for the nine months ended September 30, 2017 , in recognition of excess tax deficiencies related to equity compensation. Under this new standard, the corresponding cash flows are now reflected in cash provided by operating activities instead of financing activities, as was previously required. ASU 2016-09 also allows an employer with a statutory income tax withholding obligation to withhold shares with a fair value up to the amount of tax owed using the maximum statutory tax rate in the employee’s applicable jurisdiction. We have elected to continue to withhold the minimum statutory withholding obligation for outstanding awards. We have also elected to continue to estimate equity award forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. New Accounting Pronouncements - In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The new standard will be effective for the Company beginning on January 1, 2018. Revenues from our Oil and Gas segment and Air Medical segment hospital contracts are primarily comprised of a fixed monthly fee for a particular model of aircraft, plus a variable component based on flight time. Under the independent provider programs of our Air Medical segment, our revenues are based on a flat rate plus a variable charge per patient-loaded mile, and are recorded net of contractual allowances. We also generate revenue on a cost-plus basis in our Technical Services segment. Based on our initial assessment, we do not expect the adoption of this ASU to have a material impact on our condensed consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. We plan to adopt this standard on January 1, 2018 utilizing the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance on leasing transactions in ASC 840 to require recognition of the assets and liabilities for the rights and obligations created by those leases on the balance sheet. We are currently evaluating the effects of this standard, and expect the adoption of this standard will result in a material change to our consolidated assets and liabilities based on our lease portfolio as of September 30, 2017 . We plan to adopt this standard beginning January 1, 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory , which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard is expected to result in fewer acquisitions of properties qualifying as acquisitions of businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the current two-step goodwill impairment test by eliminating the second step of the test. The new standard requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this ASU to have a material impact on our consolidated financial statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 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 September 30, 2017 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 5,278 $ — $ — $ 5,278 Commercial paper 9,423 — (10 ) 9,413 U.S. Government agencies 13,505 — (14 ) 13,491 Corporate bonds and notes 188,515 3 (283 ) 188,235 Subtotal 216,721 3 (307 ) 216,417 Deferred compensation plan assets included in other assets 2,630 — — 2,630 Total $ 219,351 $ 3 $ (307 ) $ 219,047 Investments consisted of the following as of December 31, 2016 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ — $ — $ 18,118 Commercial paper 27,906 — (39 ) 27,867 U.S. government agencies 13,295 — (32 ) 13,263 Corporate bonds and notes 244,202 2 (622 ) 243,582 Subtotal 303,521 2 (693 ) 302,830 Deferred compensation plan assets included in other assets 2,394 — — 2,394 Total $ 305,915 $ 2 $ (693 ) $ 305,224 At September 30, 2017 and December 31, 2016 , we classified $12.4 million and $ 13.0 million respectively, 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 and a bond relating to foreign operations. The following table presents the cost and fair value of our debt investments based on maturities as of: September 30, 2017 December 31, 2016 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 133,633 $ 133,481 $ 184,587 $ 184,334 Due within two years 77,810 77,658 100,816 100,378 Total $ 211,443 $ 211,139 $ 285,403 $ 284,712 The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: September 30, 2017 December 31, 2016 Average Average Average Average Commercial paper 1.236 228 1.001 184 U.S. Government agencies 1.213 325 0.970 400 Corporate bonds and notes 1.715 295 1.745 318 The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of: September 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 9,413 $ (10 ) $ 27,867 $ (39 ) U.S. Government agencies 9,495 (10 ) 13,263 (32 ) Corporate bonds and notes 102,767 (173 ) 210,836 (602 ) Total $ 121,675 $ (193 ) $ 251,966 $ (673 ) The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of: September 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 3,996 $ (4 ) $ — $ — Corporate bonds and notes 77,187 (110 ) 24,196 (20 ) Total $ 81,183 $ (114 ) $ 24,196 $ (20 ) From time to time over the periods covered in our financial statements included herein (and as illustrated in the foregoing tables), our investments have experienced net unrealized losses. We consider these declines in market value to be due to customary market fluctuations, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at September 30, 2017 or December 31, 2016 . We have also determined that we did not have any other than temporary impairments relating to credit losses on debt securities for the quarter ended September 30, 2017 . For additional information regarding our criteria for making these assessments, see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 . |
Revenue Recognition and Valuati
Revenue Recognition and Valuation Accounts | 9 Months Ended |
Sep. 30, 2017 | |
Revenue Recognition And Valuation Accounts [Abstract] | |
Revenue Recognition and Valuation Accounts | REVENUE RECOGNITION AND VALUATION ACCOUNTS We establish the amount of our allowance for doubtful accounts based upon factors relating to the credit risk of specific customers, current market conditions, and other information. Our allowance for doubtful accounts was approximately $6.1 million and $6.0 million at September 30, 2017 , and December 31, 2016 , 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 $129.2 million and $111.9 million as of September 30, 2017 and December 31, 2016 , respectively. The allowance for uncompensated care was $47.7 million and $46.3 million as of September 30, 2017 and December 31, 2016 , 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 $1.3 million and $2.2 million for the quarters ended September 30, 2017 and 2016 , respectively. The value of these services was $5.7 million and $6.9 million for the nine months ended September 30, 2017 and 2016 , respectively. The estimated cost of providing charity services was $0.3 million for the quarter ended September 30, 2017 and $0.5 million for the quarter ended September 30, 2016 . The estimated cost of providing charity services was $1.3 million and $ 1.8 million for the nine months ended September 30, 2017 and 2016 , 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: September 30, 2017 December 31, 2016 Allowance for Contractual Discounts 58 % 56 % Allowance for Uncompensated Care 21 % 23 % Under a three-year contract that commenced on September 29, 2012, our Air Medical affiliate provided multiple services to a customer in the Middle East, including helicopter leasing, emergency medical helicopter flight services, aircraft maintenance, provision of spare parts, insurance coverage for the customer-owned aircraft, training services, and base construction. Each of the major services mentioned above qualified as separate units of accounting under the accounting guidance for such arrangements. The selling price for each specific service was determined based upon third-party evidence and estimates. As discussed in greater detail in our Form 10-K for the year ended December 31, 2016 and elsewhere herein, this contract, after being extended one year, lapsed on September 30, 2016 . We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $18.4 million and $17.3 million at September 30, 2017 and December 31, 2016 , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Accounting standards require that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: September 30, 2017 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 5,278 $ 5,278 $ — Commercial paper 9,413 — 9,413 U.S. Government agencies 13,491 — 13,491 Corporate bonds and notes 188,235 — 188,235 216,417 5,278 211,139 Deferred compensation plan assets 2,630 2,630 — Total $ 219,047 $ 7,908 $ 211,139 December 31, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ 18,118 $ — Commercial paper 27,867 — 27,867 U.S. government agencies 13,263 — 13,263 Corporate bonds and notes 243,582 — 243,582 302,830 18,118 284,712 Deferred compensation plan assets 2,394 2,394 — Total $ 305,224 $ 20,512 $ 284,712 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 3 investments. Investments reflected on our balance sheets as Other Assets, which we hold to fund liabilities under our Officers’ Deferred Compensation Plan, consist mainly of multiple investment funds that are highly liquid and diversified. Cash, accounts receivable, accounts payable and accrued liabilities, and our revolving credit facility debt all had fair values approximating their carrying amounts at September 30, 2017 and December 31, 2016 . Our determination of the estimated fair value of our 5.25% Senior Notes due 2019 and our revolving credit facility debt is derived using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our 5.25% Senior Notes due 2019, based on quoted market prices, was $489.2 million and $474.4 million at September 30, 2017 and December 31, 2016 , respectively. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long Term Debt | LONG-TERM DEBT The components of long-term debt as of the dates indicated below were as follows: September 30, 2017 December 31, 2016 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 1,818 $ 500,000 $ 2,753 Revolving Credit Facility due October 1, 2018 with a group of commercial banks, interest payable at variable rates 100,000 — 134,000 — Total long-term debt $ 600,000 $ 1,818 $ 634,000 $ 2,753 Our 5.25% Senior Notes (the “2019 Notes”) will mature on March 15, 2019 , are unconditionally guaranteed on a senior basis by each of PHI, Inc.’s wholly-owned domestic subsidiaries, and are the general, unsecured obligations of PHI, Inc. and the guarantors. Interest is payable semi-annually on March 15 and September 15 of each year. PHI has the option to redeem some or all of the 2019 Notes at any time on or after March 15, 2016 at specified redemption prices. The indenture governing the 2019 Notes (the “2019 Indenture”) contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI’s ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments. Upon the occurrence of a “Change in Control Repurchase Event” (as defined in the 2019 Indenture), PHI will be required, unless it has previously elected to redeem the 2019 Notes as described above, to make an offer to purchase the 2019 Notes for a cash price equal to 101% of their principal amount. Revolving Credit Facility – We have an amended and restated revolving credit facility (our “credit facility”) that matures on October 1, 2018 . Under this facility, we can borrow up to $150.0 million at floating interest rates based on either the London Interbank Offered Rate plus 225 basis points or the prime rate (each as defined in our credit facility), at our option. Our credit facility includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the credit facility is conditioned upon our continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in certain other transactions or activities and (ii) financial covenants that stipulate that PHI will maintain a consolidated working capital ratio of at least 2 to 1, a net funded debt to consolidated net worth ratio not greater than 1.5 to 1, a fixed charge coverage ratio of at least 1.1 to 1 if our short term investments fall below $150.0 million , and consolidated net worth of at least $450.0 million (with all such terms or amounts as defined in or determined under our credit facility). As of September 30, 2017 , we believe we were in compliance with these covenants. Letter of Credit Facility - We maintain a separate letter of credit facility that had $12.3 million and $13.0 million in letters of credit outstanding at September 30, 2017 and December 31, 2016 respectively. We have letters of credit securing our workers compensation policies, a traditional provider contract, and a bond relating to foreign operations. We also have outstanding a letter of credit for $7.8 million issued under our $150.0 million credit facility that reduces the amount we can borrow under that facility. The letter of credit was issued to guaranty our performance under an international contract that was awarded in late 2016 . Other - Cash paid to fund interest expense under our outstanding indebtedness was $14.3 million for the quarter ended September 30, 2017 and $13.9 million for the quarter ended September 30, 2016 . Cash paid to fund interest expense under our outstanding indebtedness was $29.5 million for the nine months ended September 30, 2017 and $28.3 million for the nine months ended September 30, 2016 . 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 generally accepted accounting principles, are eliminated in consolidation and therefore not recognized on our consolidated balance sheets. For additional information, see Note 13. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and nine months ended September 30, 2017 and 2016 are as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,799 15,683 15,750 15,655 Dilutive effect of unvested restricted stock units — — — — Weighted average outstanding shares of common stock, diluted (1) 15,799 15,683 15,750 15,655 (1) For the three months ended September 30, 2017 and 2016 , 0 and 52,126 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share. For the nine months ended September 30, 2017 and 2016, 0 and 22,221 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We recognize the cost of employee compensation received in the form of equity instruments based on the grant date fair value of those awards. The table below sets forth the total amount of stock-based compensation expense for the nine months and quarter ended September 30, 2017 and 2016 . Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 582 $ 631 $ 1,678 $ 1,847 Performance-based restricted stock units 689 823 1,396 2,502 Total stock-based compensation expense $ 1,271 $ 1,454 $ 3,074 $ 4,349 During the quarter and nine months ended September 30, 2017 , 26,296 and 472,913 time-based restricted units, respectively, and 4,646 and 371,045 performance-based restricted units were awarded to managerial employees. During the quarter and nine months ended September 30, 2016 , 10,992 and 25,280 time-based restricted units, respectively, and 2,318 and 310,481 performance-based restricted units were awarded to managerial employees, respectively. |
Asset Disposals
Asset Disposals | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Asset Disposals | ASSET DISPOSALS During the third quarter of 2017 , we disposed of one medium aircraft and related parts inventory utilized in the Oil and Gas segment. This aircraft no longer met our strategic needs. During the first two quarters of 2017 , we disposed of five medium aircraft and related parts inventory in the Oil & Gas segment. These aircraft no longer met our strategic needs. During the third quarter of 2016 , we sold four light aircraft previously utilized in the Oil and Gas segment. Cash proceeds totaled $2.2 million , resulting in a $0.1 million loss on the sale of these assets. In the first two quarters of 2016 we sold five light and three medium aircraft and related parts inventory utilized in the Oil and Gas segment. Cash proceeds totaled $11.0 million , resulting in a gain on the sale of these assets of $3.9 million . These aircraft no longer met our strategic needs. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments – We currently have no aircraft purchase commitments. Total aircraft deposits of $0.5 million were included in Other Assets as of September 30, 2017 . This amount represents a deposit on a future lease buyout option. In the event we do not exercise the buyout option, the deposit will be applied against lease payments. As of September 30, 2017 , we had options to purchase aircraft under leases, with such purchase options becoming exercisable in 2018 through 2020. The aggregate option purchase prices are $127.0 million in 2018 , $129.0 million in 2019 , and $22.7 million in 2020 . Under current conditions, we believe it is unlikely that we will exercise the 2018 purchase options, unless opportunistic conditions arise. Environmental Matters – PHI has recorded an estimated liability of $0.15 million as of September 30, 2017 for environmental response costs. Previously, PHI conducted environmental surveys of its former Lafayette Facility located at the Lafayette Regional Airport, which we vacated in 2001, PHI has 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, PHI has 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, PHI provided groundwater sample results semi-annually to the LDEQ for both parcels from 2005 to 2015. LDEQ approved a reduction in the sampling program from semi-annual to annual groundwater monitoring in 2015. Based on PHI’s working relationship and agreements with the LDEQ, and the results of ongoing former facility parcel monitoring, PHI believes that ultimate remediation costs for the subject parcels will not be material to PHI’s consolidated financial position, operations or cash flows. Legal Matters – On September 25, 2017, we brought a suit in the U.S. District Court for the Western District of Louisiana against Office & Professional Employees International Union and Office & Professional Employees International Union, Local 108 (Civil Action No. 6:17 cv 01216), which collectively represent our domestic pilot workforce. In this suit, we seek declaratory relief and other remedies under federal law to confirm that we can increase the wages of most of our unionized pilots and provide enhanced benefits of employment without negotiating these proposed changes with the defendants. We are in the early stages of this proceeding. 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. Operating Leases – 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. All aircraft leases contain purchase options exercisable by us at certain dates in the lease agreements. At September 30, 2017 , we had approximately $194.9 million in aggregate commitments under operating leases of which approximately $10.7 million is payable through the fourth quarter of 2017. The total lease commitments include $182.0 million for aircraft and $12.9 million for facility lease commitments. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 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. A portion of our total selling, general and administrative expenses is charged directly to each segment, and a small portion is allocated to that segment. 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. 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. Our customers include Shell Oil Company, BP America Production Company, ExxonMobil Production Company, and ConocoPhillips Company, with whom we have worked for 30 or more years, and ENI Petroleum, with whom we have worked for more than 15 years. At September 30, 2017 , we had available for use 126 aircraft in this segment. Operating revenue from our Oil and Gas segment is derived mainly from contracts that include a fixed monthly rate for a particular model of aircraft, plus a variable payments based on the amount of flight time. A small portion of our Oil and Gas segment revenue is derived from providing services on an "ad-hoc" basis. Operating costs for the Oil and Gas segment are primarily aircraft operation costs, including costs for pilots and maintenance personnel. Total fuel cost is included in direct expense and any reimbursement of a portion of these costs above a contracted amount is included in revenue. We typically operate under fixed-term contracts with our customers, a substantial portion of which are competitively bid. Our fixed-term contracts have terms of one to seven years (subject to provisions permitting early termination by the customers), with payment in U.S. dollars. For the quarters September 30, 2017 and 2016 , respectively, approximately 50% and 49% of our total operating revenues were generated by our Oil and Gas segment, with approximately 89% and 92% of these revenues from fixed-term customer contracts. For the nine months ended September 30, 2017 and 2016 , respectively, approximately 51% of our total operating revenues were generated by our Oil and Gas segment, with approximately 90% and 92% of these revenues from fixed-term customer contracts. The remaining 10% and 8% 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 September 30, 2017 , our Air Medical segment operated approximately 105 aircraft in 18 states at 72 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 quarter ended September 30, 2017 and 2016 , approximately 47% and 47% of our total operating revenues were generated by our Air Medical segment, respectively. For the nine months ended September 30, 2017 and 2016 , approximately 45% of our total operating revenues were generated by our Air Medical segment. As an independent provider, we bill for our services on the basis of a flat rate plus a variable charge per patient-loaded mile, regardless of aircraft model, and are typically compensated by private insurance, Medicaid or Medicare, or directly by transported patients who self-pay. As further described in Note 3, revenues are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care at the time the services are provided. Contractual allowances and uncompensated care are estimated based on historical collection experience by payor category (consisting mainly of insurance, Medicaid, Medicare, and self-pay). Estimates regarding the payor mix and changes in reimbursement rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts fully closed, by category. Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 Provision for contractual discounts 65 % 65 % 66 % 67 % Provision for uncompensated care 6 % 9 % 7 % 6 % These percentages are affected by various factors, including rate increases and changes in the number of transports by payor mix. Net reimbursement per transport from commercial payors generally increases when a rate increase is implemented. Net reimbursement from certain commercial payors, as well as Medicare and Medicaid, generally does not increase proportionately with rate increases. Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay (expressed as a percentage of net Air Medical revenues) were as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 Insurance 73 % 75 % 72 % 72 % Medicare 17 % 17 % 18 % 18 % Medicaid 9 % 8 % 9 % 9 % Self-Pay 1 % — % 1 % 1 % 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 27% of the segment’s revenues for the quarters ended September 30, 2017 and 2016 , respectively. For the nine months ended September 30, 2017 and 2016 , these contracts generated approximately 17% and 29% of the segment's revenues, respectively. 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. We also periodically provide flight services to governmental customers under this segment, including our agreement to operate six aircraft for the National Science Foundation in Antarctica, typically in the first and fourth quarters each year. 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 the quarter ended September 30, 2017 and 2016 , approximately 3% and 4% , respectively, of our total operating revenues were generated by our Technical Services segment. For the nine months ended September 30, 2017 and 2016 , approximately 4% , respectively, of our total operating revenues were generated by our Technical Services segment. Summarized financial information concerning our reportable operating segments for the three and nine months ended September 30, 2017 and 2016 is as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment operating revenues, net Oil and Gas $ 75,700 $ 77,551 $ 222,098 $ 249,173 Air Medical 70,280 74,482 192,840 220,089 Technical Services 4,187 6,060 16,271 19,983 Total operating revenues, net 150,167 158,093 431,209 489,245 Segment direct expenses (1) Oil and Gas (2) 81,467 82,832 236,878 262,148 Air Medical 51,120 56,562 152,363 172,603 Technical Services 3,761 5,742 12,565 15,432 Total segment direct expenses 136,348 145,136 401,806 450,183 Segment selling, general and administrative expenses Oil and Gas 1,148 1,705 4,501 4,838 Air Medical 3,136 3,056 9,280 8,293 Technical Services 338 266 1,032 763 Total segment selling, general and administrative expenses 4,622 5,027 14,813 13,894 Total segment expenses 140,970 150,163 416,619 464,077 Net segment (loss) profit Oil and Gas (6,915 ) (6,986 ) (19,281 ) (17,813 ) Air Medical 16,024 14,864 31,197 39,193 Technical Services 88 52 2,674 3,788 Total net segment profit 9,197 7,930 14,590 25,168 Other, net (3) 710 377 2,471 5,425 Unallocated selling, general and administrative costs (1) (6,779 ) (8,354 ) (23,878 ) (22,938 ) Interest expense (8,027 ) (7,719 ) (24,305 ) (22,792 ) (Loss) earnings before income taxes $ (4,899 ) $ (7,766 ) $ (31,122 ) $ (15,137 ) (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: Depreciation and Amortization Expense Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 9,615 $ 10,616 $ 29,301 $ 30,558 Air Medical 4,885 5,267 15,581 14,654 Technical Services 146 141 440 426 Total $ 14,646 $ 16,024 $ 45,322 $ 45,638 Unallocated SG&A $ 1,936 $ 2,269 $ 5,271 $ 7,416 (2) Includes Equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income. |
Investment in Variable Interest
Investment in Variable Interest Entity and Other Investments and Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Investment in Variable Interest Entity and Other Investments and Affiliates [Abstract] | |
Investment in Variable Interest Entity and Other Investments and Affiliates | INVESTMENT IN VARIABLE INTEREST ENTITY AND OTHER INVESTMENTS AND AFFILIATES We account for our investment in certain international operations as variable interest entities, 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. PHI Century Limited - As of September 30, 2017 , we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011 , PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended September 30, 2017 , we recorded income in equity of this unconsolidated affiliate of $0.1 million compared to a loss of $0.2 million for the quarter ended September 30, 2016 relative to our 49% equity ownership. For the nine months ended September 30, 2017 and 2016 , we recorded a loss in equity of this unconsolidated affiliate of $1.0 million and $0.3 million relative to our 49% equity ownership, respectively. We had $3.6 million and $2.0 million of trade receivables as of September 30, 2017 and December 31, 2016 , respectively, from PHIC. Our investment in the common stock of PHIC is included in Other Assets on our Condensed Consolidated Balance Sheets and was $0.4 million and $0.2 million at September 30, 2017 and December 31, 2016 , respectively. PHI-HNZ Australia Ltd - In the fourth quarter of 2016, the Company and HNZ Group, Inc. ("HNZ") jointly formed PHI-HNZ Australia Pty Ltd. ("PHI-HNZ"), a legal entity held 50% by PHI, Inc. and 50% by HNZ, to provide helicopter transportation services in support of a gas development project offshore of western Australia. PHI-HNZ began operations in April, 2017. For the quarter ended September 30, 2017 , we recorded $0.5 million of income in equity of this unconsolidated affiliate. For the nine months ended September 30, 2017 , we recorded a loss in equity of unconsolidated affiliate of $0.5 million , primarily related to startup costs associated with the contract. We had $5.9 million of trade receivables as of September 30, 2017 from PHI-HNZ. Our investment in common stock of PHI-HNZ is included in other long-term liabilities on our Consolidated Balance Sheets and was $(0.5) million at September 30, 2017 . |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | OTHER COMPREHENSIVE INCOME Amounts reclassified from Accumulated other comprehensive income are not material and, therefore, not presented separately in the Condensed Consolidated Statements of Comprehensive Income. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 5, 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 (except for periods ending on or before December 31, 2016 , in which case such information for the guarantor and non-guarantor subsidiaries is presented together). 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. Due to the growth of our international affiliates in Trinidad and Australia which no longer qualify as minor subsidiaries under regulation S-X 210.3-10(h)6, we began reporting all of our non-guarantors subs in a separate column beginning with the quarter ended June 30, 2017. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 50 $ 1,071 $ 1,870 $ — $ 2,991 Short-term investments 204,036 — — — 204,036 Accounts receivable – net 77,061 71,727 14,721 (10,772 ) 152,737 Intercompany receivable — 120,376 — (120,376 ) — Inventories of spare parts – net 70,617 8,628 — — 79,245 Prepaid expenses 9,916 1,948 142 — 12,006 Deferred income taxes 10,798 — — — 10,798 Income taxes receivable 500 9 — — 509 Total current assets 372,978 203,759 16,733 (131,148 ) 462,322 Investment in subsidiaries 390,840 — — (390,840 ) — Property and equipment – net 621,885 287,841 601 — 910,327 Restricted cash and investments 12,381 — 15 — 12,396 Other assets 8,076 956 — — 9,032 Total assets $ 1,406,160 $ 492,556 $ 17,349 $ (521,988 ) $ 1,394,077 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 26,587 $ 3,557 $ 11,235 $ (10,772 ) $ 30,607 Accrued and other current liabilities 22,198 9,961 1,544 — 33,703 Intercompany payable 112,015 — 8,361 (120,376 ) — Total current liabilities 160,800 13,518 21,140 (131,148 ) 64,310 Long-term debt 598,182 — — — 598,182 Deferred income taxes and other long-term liabilities 65,117 83,891 516 — 149,524 Shareholders’ Equity: Common stock and paid-in capital 308,634 77,951 1,375 (79,326 ) 308,634 Accumulated other comprehensive loss (244 ) — — — (244 ) Retained earnings 273,671 317,196 (5,682 ) (311,514 ) 273,671 Total shareholders’ equity 582,061 395,147 (4,307 ) (390,840 ) 582,061 Total liabilities and shareholders’ equity $ 1,406,160 $ 492,556 $ 17,349 $ (521,988 ) $ 1,394,077 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2016 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,560 $ — $ 2,596 Short-term investments 289,806 — — 289,806 Accounts receivable – net 71,458 66,807 — 138,265 Intercompany receivable — 57,904 (57,904 ) — Inventories of spare parts – net 61,834 8,568 — 70,402 Prepaid expenses 6,990 2,269 — 9,259 Deferred income taxes 10,798 — — 10,798 Income taxes receivable 558 (18 ) — 540 Total current assets 441,480 138,090 (57,904 ) 521,666 Investment in subsidiaries and others 353,160 — (353,160 ) — Property and equipment – net 589,104 314,873 — 903,977 Restricted investments 13,023 15 — 13,038 Other assets 8,660 1,099 — 9,759 Total assets $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,744 $ 5,960 $ — $ 28,704 Accrued and other current liabilities 18,725 9,621 — 28,346 Intercompany payable 57,904 — (57,904 ) — Total current liabilities 99,373 15,581 (57,904 ) 57,050 Long-term debt 631,247 — — 631,247 Deferred income taxes and other long-term liabilities 75,029 85,336 — 160,365 Shareholders’ Equity: Common stock and paid-in capital 305,815 79,191 (79,191 ) 305,815 Accumulated other comprehensive loss (478 ) — — (478 ) Retained earnings 294,441 273,969 (273,969 ) 294,441 Total shareholders’ equity 599,778 353,160 (353,160 ) 599,778 Total liabilities and shareholders’ equity $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 79,644 $ 70,692 $ 7,784 $ (7,953 ) $ 150,167 Expenses: Direct expenses 83,727 51,247 9,765 (7,953 ) 136,786 Selling, general and administrative expenses 8,240 3,141 24 (4 ) 11,401 Total operating expenses 91,967 54,388 9,789 (7,957 ) 148,187 (Gain) Loss on disposal of assets, net (4 ) — — — (4 ) Equity in (income) loss of unconsolidated affiliates, net 112 — (550 ) — (438 ) Operating (loss) income (12,431 ) 16,304 (1,455 ) 4 2,422 Equity in net income of consolidated subsidiaries (14,850 ) — — 14,850 — Interest expense 8,027 — — — 8,027 Other income, net (709 ) (1 ) — 4 (706 ) (7,532 ) (1 ) — 14,854 7,321 (Loss) earnings before income taxes (4,899 ) 16,305 (1,455 ) (14,850 ) (4,899 ) Income tax (benefit) expense (1,622 ) — — — (1,622 ) Net (loss) earnings $ (3,277 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,277 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 79,532 $ 78,561 $ — $ 158,093 Expenses: Direct expenses 83,188 61,750 — 144,938 Selling, general and administrative expenses 10,639 3,092 (350 ) 13,381 Total operating expenses 93,827 64,842 (350 ) 158,319 Loss on disposal of assets, net 85 — — 85 Equity in loss of consolidated affiliate 198 — — 198 Operating (loss) income (14,578 ) 13,719 350 (509 ) Equity in net income of consolidated subsidiaries (8,372 ) — 8,372 — Interest expense 7,716 3 — 7,719 Other income, net (812 ) — 350 (462 ) (1,468 ) 3 8,722 7,257 (Loss) earnings before income taxes (13,110 ) 13,716 (8,372 ) (7,766 ) Income tax (benefit) expense (8,143 ) 5,344 — (2,799 ) Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 228,973 $ 197,022 $ 15,987 $ (10,773 ) $ 431,209 Expenses: Direct expenses 238,669 155,434 16,920 (10,773 ) 400,250 Selling, general and administrative expenses 29,265 9,296 144 (14 ) 38,691 Total operating expenses 267,934 164,730 17,064 (10,787 ) 438,941 Loss (gain) on disposal of assets, net 4 (1 ) — — 3 Equity in loss (income) of unconsolidated affiliates, net 1,040 — 516 — 1,556 Operating (loss) income (40,005 ) 32,293 (1,593 ) 14 (9,291 ) Equity in net income of consolidated subsidiaries (32,093 ) — — 32,093 — Interest expense 24,283 22 — — 24,305 Other income, net (2,486 ) (2 ) — 14 (2,474 ) (10,296 ) 20 — 32,107 21,831 (Loss) earnings before income taxes (29,709 ) 32,273 (1,593 ) (32,093 ) (31,122 ) Income tax (benefit) expense (7,911 ) (1,413 ) — — (9,324 ) Net (loss) earnings $ (21,798 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,798 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Nine Months Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 260,766 $ 228,479 $ — $ 489,245 Expenses: Direct expenses 264,761 185,148 — 449,909 Selling, general and administrative expenses 28,914 8,766 (848 ) 36,832 Total operating expenses 293,675 193,914 (848 ) 486,741 Gain on disposal of assets, net (3,854 ) — — (3,854 ) Equity in loss of unconsolidated affiliate 274 — — 274 Operating (loss) income (29,329 ) 34,565 848 6,084 Equity in net income of consolidated subsidiaries (20,462 ) — 20,462 — Interest expense 22,762 30 — 22,792 Other income, net (2,415 ) (4 ) 848 (1,571 ) (115 ) 26 21,310 21,221 (Loss) earnings before income taxes (29,214 ) 34,539 (20,462 ) (15,137 ) Income tax (benefit) expense (19,592 ) 14,077 — (5,515 ) Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Quarter Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (3,277 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,277 ) Unrealized gain on short-term investments 41 — — — 41 Changes in pension plan asset and benefit obligation (24 ) — — — (24 ) Tax effect of the above-listed adjustments (8 ) — — — (8 ) Total comprehensive (loss) income $ (3,268 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,268 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) Unrealized gain on short-term investments (494 ) — — (494 ) Changes in pension plan asset and benefit obligations 1 — — 1 Tax effect of the above-listed adjustments 178 — — 178 Total comprehensive (loss) income $ (5,282 ) $ 8,372 $ (8,372 ) $ (5,282 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (21,798 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,798 ) Unrealized gain on short-term investments 370 — — — 370 Changes in pension plan asset and benefit obligation (2 ) — — — (2 ) Tax effect of the above-listed adjustments (134 ) — — — (134 ) Total comprehensive (loss) income $ (21,564 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,564 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) Unrealized gain on short-term investments 523 — — 523 Changes in pension plan asset and benefit obligations 3 — — 3 Tax effect of the above-listed adjustments (229 ) — — (229 ) Total comprehensive (loss) income $ (9,325 ) $ 20,462 $ (20,462 ) $ (9,325 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (43,328 ) $ 33,670 $ 7,790 $ — $ (1,868 ) Investing activities: Purchase of property and equipment (49,227 ) — — — (49,227 ) Proceeds from asset dispositions 21 — — — 21 Purchase of short-term investments (268,525 ) — — — (268,525 ) Proceeds from sale of short-term investments 354,250 — — — 354,250 Net cash provided by (used in) investing activities 36,519 — — — 36,519 Financing activities: Proceeds from line of credit 99,150 — — — 99,150 Payments on line of credit (133,150 ) — — — (133,150 ) Repurchase of common stock (256 ) — — — (256 ) Due to/from affiliate, net 41,079 (34,699 ) (6,380 ) — — Net cash provided by (used in) financing activities 6,823 (34,699 ) (6,380 ) — (34,256 ) Increase (decrease) in cash 14 (1,029 ) 1,410 — 395 Cash, beginning of period 36 2,100 460 — 2,596 Cash, end of period $ 50 $ 1,071 $ 1,870 $ — $ 2,991 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the Nine Months Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (32,467 ) $ 25,319 $ — $ (7,148 ) Investing activities: Purchase of property and equipment (74,647 ) (303 ) — (74,950 ) Proceeds from asset dispositions 13,233 — — 13,233 Purchase of short-term investments (263,204 ) — — (263,204 ) Proceeds from sale of short-term investments 259,322 — — 259,322 Payments of deposits on aircraft (197 ) — — (197 ) Loan to unconsolidated affiliate (1,200 ) — — (1,200 ) Net cash used in investing activities (66,693 ) (303 ) — (66,996 ) Financing activities: Proceeds from line of credit 213,900 — — 213,900 Payments on line of credit (139,000 ) — — (139,000 ) Repurchase of common stock (524 ) — — (524 ) Due to/from affiliate, net 24,774 (24,774 ) — — Net cash provided by (used in) financing activities 99,150 (24,774 ) — 74,376 (Decrease) increase in cash (10 ) 242 — 232 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 36 $ 2,603 $ — $ 2,639 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On October 30, 2017, we entered into an arrangement agreement with HNZ Group Inc. (“HNZ”), 2075568 Alberta ULC (the "Canadian Purchaser”), and Don E. Wall. Under this agreement, the Canadian Purchaser had agreed to (i) acquire 100% of the capital stock of HNZ, with a portion of the purchase price funded with the proceeds of CAN $167.5 million of term loans from us (collectively, the “PHI Loan”), and (ii) sell to us HNZ’s offshore aviation services business in New Zealand, Australia, the Philippines and Papua New Guinea (the “Offshore Business”) as payment of most of the amount owed under the PHI Loan. The balance of the PHI Loan is expected to be repaid on or prior to December 31, 2019 or at such other time as mutually agreed between us and the Canadian Purchaser. Completion of the transactions contemplated under the arrangement agreement is subject to various closing conditions, including receipt of HNZ shareholder approval and certain court approvals. Subject to these conditions, we currently anticipate acquiring the Offshore Business by the end of January 2018. If the arrangement agreement is terminated under certain circumstances, HNZ may be obligated to make certain termination payments, including a termination fee of CAN $6.5 million payable to us. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements - Effective January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was issued by the Financial Accounting Standards Board (“FASB”) in March 2016 . This new standard requires that excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises be recognized in the income statement. Previously, these amounts were recognized in additional paid-in capital. As a result, during the first quarter of 2017 we recorded a cumulative-effect adjustment of $1.0 million increasing retained earnings and decreasing deferred tax liability on our balance sheet dated September 30, 2017 . Accordingly, we recorded income tax expense of $1.6 million in our consolidated statement of income for the nine months ended September 30, 2017 , in recognition of excess tax deficiencies related to equity compensation. Under this new standard, the corresponding cash flows are now reflected in cash provided by operating activities instead of financing activities, as was previously required. ASU 2016-09 also allows an employer with a statutory income tax withholding obligation to withhold shares with a fair value up to the amount of tax owed using the maximum statutory tax rate in the employee’s applicable jurisdiction. We have elected to continue to withhold the minimum statutory withholding obligation for outstanding awards. We have also elected to continue to estimate equity award forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. New Accounting Pronouncements - In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The new standard will be effective for the Company beginning on January 1, 2018. Revenues from our Oil and Gas segment and Air Medical segment hospital contracts are primarily comprised of a fixed monthly fee for a particular model of aircraft, plus a variable component based on flight time. Under the independent provider programs of our Air Medical segment, our revenues are based on a flat rate plus a variable charge per patient-loaded mile, and are recorded net of contractual allowances. We also generate revenue on a cost-plus basis in our Technical Services segment. Based on our initial assessment, we do not expect the adoption of this ASU to have a material impact on our condensed consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. We plan to adopt this standard on January 1, 2018 utilizing the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance on leasing transactions in ASC 840 to require recognition of the assets and liabilities for the rights and obligations created by those leases on the balance sheet. We are currently evaluating the effects of this standard, and expect the adoption of this standard will result in a material change to our consolidated assets and liabilities based on our lease portfolio as of September 30, 2017 . We plan to adopt this standard beginning January 1, 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory , which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard is expected to result in fewer acquisitions of properties qualifying as acquisitions of businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the current two-step goodwill impairment test by eliminating the second step of the test. The new standard requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this ASU to have a material impact on our consolidated financial statements. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Investments | Investments consisted of the following as of September 30, 2017 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 5,278 $ — $ — $ 5,278 Commercial paper 9,423 — (10 ) 9,413 U.S. Government agencies 13,505 — (14 ) 13,491 Corporate bonds and notes 188,515 3 (283 ) 188,235 Subtotal 216,721 3 (307 ) 216,417 Deferred compensation plan assets included in other assets 2,630 — — 2,630 Total $ 219,351 $ 3 $ (307 ) $ 219,047 Investments consisted of the following as of December 31, 2016 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ — $ — $ 18,118 Commercial paper 27,906 — (39 ) 27,867 U.S. government agencies 13,295 — (32 ) 13,263 Corporate bonds and notes 244,202 2 (622 ) 243,582 Subtotal 303,521 2 (693 ) 302,830 Deferred compensation plan assets included in other assets 2,394 — — 2,394 Total $ 305,915 $ 2 $ (693 ) $ 305,224 |
Cost and Fair Value of Debt Investments Based on Maturities | The following table presents the cost and fair value of our debt investments based on maturities as of: September 30, 2017 December 31, 2016 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 133,633 $ 133,481 $ 184,587 $ 184,334 Due within two years 77,810 77,658 100,816 100,378 Total $ 211,443 $ 211,139 $ 285,403 $ 284,712 |
Average Coupon Rate Percentage and Average Days to Maturity of Debt | The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: September 30, 2017 December 31, 2016 Average Average Average Average Commercial paper 1.236 228 1.001 184 U.S. Government agencies 1.213 325 0.970 400 Corporate bonds and notes 1.715 295 1.745 318 |
Investments in Continuous Unrealized Loss Position for Less Than Twelve Months | The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of: September 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 9,413 $ (10 ) $ 27,867 $ (39 ) U.S. Government agencies 9,495 (10 ) 13,263 (32 ) Corporate bonds and notes 102,767 (173 ) 210,836 (602 ) Total $ 121,675 $ (193 ) $ 251,966 $ (673 ) |
Investments in Continuous Unrealized Loss Position for More Than Twelve Months | The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of: September 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 3,996 $ (4 ) $ — $ — Corporate bonds and notes 77,187 (110 ) 24,196 (20 ) Total $ 81,183 $ (114 ) $ 24,196 $ (20 ) |
Revenue Recognition and Valua24
Revenue Recognition and Valuation Accounts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 December 31, 2016 Allowance for Contractual Discounts 58 % 56 % Allowance for Uncompensated Care 21 % 23 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of Investments and Financial Instruments Pricing Levels | The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: September 30, 2017 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 5,278 $ 5,278 $ — Commercial paper 9,413 — 9,413 U.S. Government agencies 13,491 — 13,491 Corporate bonds and notes 188,235 — 188,235 216,417 5,278 211,139 Deferred compensation plan assets 2,630 2,630 — Total $ 219,047 $ 7,908 $ 211,139 December 31, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ 18,118 $ — Commercial paper 27,867 — 27,867 U.S. government agencies 13,263 — 13,263 Corporate bonds and notes 243,582 — 243,582 302,830 18,118 284,712 Deferred compensation plan assets 2,394 2,394 — Total $ 305,224 $ 20,512 $ 284,712 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | The components of long-term debt as of the dates indicated below were as follows: September 30, 2017 December 31, 2016 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 1,818 $ 500,000 $ 2,753 Revolving Credit Facility due October 1, 2018 with a group of commercial banks, interest payable at variable rates 100,000 — 134,000 — Total long-term debt $ 600,000 $ 1,818 $ 634,000 $ 2,753 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share for the quarter and nine months ended September 30, 2017 and 2016 are as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,799 15,683 15,750 15,655 Dilutive effect of unvested restricted stock units — — — — Weighted average outstanding shares of common stock, diluted (1) 15,799 15,683 15,750 15,655 (1) For the three months ended September 30, 2017 and 2016 , 0 and 52,126 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share. For the nine months ended September 30, 2017 and 2016, 0 and 22,221 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Based Compensation Expense | The table below sets forth the total amount of stock-based compensation expense for the nine months and quarter ended September 30, 2017 and 2016 . Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 582 $ 631 $ 1,678 $ 1,847 Performance-based restricted stock units 689 823 1,396 2,502 Total stock-based compensation expense $ 1,271 $ 1,454 $ 3,074 $ 4,349 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: Quarter Ended Nine Months Ended 2017 2016 2017 2016 Provision for contractual discounts 65 % 65 % 66 % 67 % Provision for uncompensated care 6 % 9 % 7 % 6 % |
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: Quarter Ended Nine Months Ended 2017 2016 2017 2016 Insurance 73 % 75 % 72 % 72 % Medicare 17 % 17 % 18 % 18 % Medicaid 9 % 8 % 9 % 9 % Self-Pay 1 % — % 1 % 1 % |
Schedule of Financial Information Concerning Reportable Operating Segments | Summarized financial information concerning our reportable operating segments for the three and nine months ended September 30, 2017 and 2016 is as follows: Quarter Ended Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment operating revenues, net Oil and Gas $ 75,700 $ 77,551 $ 222,098 $ 249,173 Air Medical 70,280 74,482 192,840 220,089 Technical Services 4,187 6,060 16,271 19,983 Total operating revenues, net 150,167 158,093 431,209 489,245 Segment direct expenses (1) Oil and Gas (2) 81,467 82,832 236,878 262,148 Air Medical 51,120 56,562 152,363 172,603 Technical Services 3,761 5,742 12,565 15,432 Total segment direct expenses 136,348 145,136 401,806 450,183 Segment selling, general and administrative expenses Oil and Gas 1,148 1,705 4,501 4,838 Air Medical 3,136 3,056 9,280 8,293 Technical Services 338 266 1,032 763 Total segment selling, general and administrative expenses 4,622 5,027 14,813 13,894 Total segment expenses 140,970 150,163 416,619 464,077 Net segment (loss) profit Oil and Gas (6,915 ) (6,986 ) (19,281 ) (17,813 ) Air Medical 16,024 14,864 31,197 39,193 Technical Services 88 52 2,674 3,788 Total net segment profit 9,197 7,930 14,590 25,168 Other, net (3) 710 377 2,471 5,425 Unallocated selling, general and administrative costs (1) (6,779 ) (8,354 ) (23,878 ) (22,938 ) Interest expense (8,027 ) (7,719 ) (24,305 ) (22,792 ) (Loss) earnings before income taxes $ (4,899 ) $ (7,766 ) $ (31,122 ) $ (15,137 ) (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 Nine Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 9,615 $ 10,616 $ 29,301 $ 30,558 Air Medical 4,885 5,267 15,581 14,654 Technical Services 146 141 440 426 Total $ 14,646 $ 16,024 $ 45,322 $ 45,638 Unallocated SG&A $ 1,936 $ 2,269 $ 5,271 $ 7,416 (2) Includes Equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income |
Condensed Consolidating Finan30
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 50 $ 1,071 $ 1,870 $ — $ 2,991 Short-term investments 204,036 — — — 204,036 Accounts receivable – net 77,061 71,727 14,721 (10,772 ) 152,737 Intercompany receivable — 120,376 — (120,376 ) — Inventories of spare parts – net 70,617 8,628 — — 79,245 Prepaid expenses 9,916 1,948 142 — 12,006 Deferred income taxes 10,798 — — — 10,798 Income taxes receivable 500 9 — — 509 Total current assets 372,978 203,759 16,733 (131,148 ) 462,322 Investment in subsidiaries 390,840 — — (390,840 ) — Property and equipment – net 621,885 287,841 601 — 910,327 Restricted cash and investments 12,381 — 15 — 12,396 Other assets 8,076 956 — — 9,032 Total assets $ 1,406,160 $ 492,556 $ 17,349 $ (521,988 ) $ 1,394,077 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 26,587 $ 3,557 $ 11,235 $ (10,772 ) $ 30,607 Accrued and other current liabilities 22,198 9,961 1,544 — 33,703 Intercompany payable 112,015 — 8,361 (120,376 ) — Total current liabilities 160,800 13,518 21,140 (131,148 ) 64,310 Long-term debt 598,182 — — — 598,182 Deferred income taxes and other long-term liabilities 65,117 83,891 516 — 149,524 Shareholders’ Equity: Common stock and paid-in capital 308,634 77,951 1,375 (79,326 ) 308,634 Accumulated other comprehensive loss (244 ) — — — (244 ) Retained earnings 273,671 317,196 (5,682 ) (311,514 ) 273,671 Total shareholders’ equity 582,061 395,147 (4,307 ) (390,840 ) 582,061 Total liabilities and shareholders’ equity $ 1,406,160 $ 492,556 $ 17,349 $ (521,988 ) $ 1,394,077 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2016 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,560 $ — $ 2,596 Short-term investments 289,806 — — 289,806 Accounts receivable – net 71,458 66,807 — 138,265 Intercompany receivable — 57,904 (57,904 ) — Inventories of spare parts – net 61,834 8,568 — 70,402 Prepaid expenses 6,990 2,269 — 9,259 Deferred income taxes 10,798 — — 10,798 Income taxes receivable 558 (18 ) — 540 Total current assets 441,480 138,090 (57,904 ) 521,666 Investment in subsidiaries and others 353,160 — (353,160 ) — Property and equipment – net 589,104 314,873 — 903,977 Restricted investments 13,023 15 — 13,038 Other assets 8,660 1,099 — 9,759 Total assets $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,744 $ 5,960 $ — $ 28,704 Accrued and other current liabilities 18,725 9,621 — 28,346 Intercompany payable 57,904 — (57,904 ) — Total current liabilities 99,373 15,581 (57,904 ) 57,050 Long-term debt 631,247 — — 631,247 Deferred income taxes and other long-term liabilities 75,029 85,336 — 160,365 Shareholders’ Equity: Common stock and paid-in capital 305,815 79,191 (79,191 ) 305,815 Accumulated other comprehensive loss (478 ) — — (478 ) Retained earnings 294,441 273,969 (273,969 ) 294,441 Total shareholders’ equity 599,778 353,160 (353,160 ) 599,778 Total liabilities and shareholders’ equity $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Condensed Consolidating Statements of Operations | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 79,644 $ 70,692 $ 7,784 $ (7,953 ) $ 150,167 Expenses: Direct expenses 83,727 51,247 9,765 (7,953 ) 136,786 Selling, general and administrative expenses 8,240 3,141 24 (4 ) 11,401 Total operating expenses 91,967 54,388 9,789 (7,957 ) 148,187 (Gain) Loss on disposal of assets, net (4 ) — — — (4 ) Equity in (income) loss of unconsolidated affiliates, net 112 — (550 ) — (438 ) Operating (loss) income (12,431 ) 16,304 (1,455 ) 4 2,422 Equity in net income of consolidated subsidiaries (14,850 ) — — 14,850 — Interest expense 8,027 — — — 8,027 Other income, net (709 ) (1 ) — 4 (706 ) (7,532 ) (1 ) — 14,854 7,321 (Loss) earnings before income taxes (4,899 ) 16,305 (1,455 ) (14,850 ) (4,899 ) Income tax (benefit) expense (1,622 ) — — — (1,622 ) Net (loss) earnings $ (3,277 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,277 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 79,532 $ 78,561 $ — $ 158,093 Expenses: Direct expenses 83,188 61,750 — 144,938 Selling, general and administrative expenses 10,639 3,092 (350 ) 13,381 Total operating expenses 93,827 64,842 (350 ) 158,319 Loss on disposal of assets, net 85 — — 85 Equity in loss of consolidated affiliate 198 — — 198 Operating (loss) income (14,578 ) 13,719 350 (509 ) Equity in net income of consolidated subsidiaries (8,372 ) — 8,372 — Interest expense 7,716 3 — 7,719 Other income, net (812 ) — 350 (462 ) (1,468 ) 3 8,722 7,257 (Loss) earnings before income taxes (13,110 ) 13,716 (8,372 ) (7,766 ) Income tax (benefit) expense (8,143 ) 5,344 — (2,799 ) Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 228,973 $ 197,022 $ 15,987 $ (10,773 ) $ 431,209 Expenses: Direct expenses 238,669 155,434 16,920 (10,773 ) 400,250 Selling, general and administrative expenses 29,265 9,296 144 (14 ) 38,691 Total operating expenses 267,934 164,730 17,064 (10,787 ) 438,941 Loss (gain) on disposal of assets, net 4 (1 ) — — 3 Equity in loss (income) of unconsolidated affiliates, net 1,040 — 516 — 1,556 Operating (loss) income (40,005 ) 32,293 (1,593 ) 14 (9,291 ) Equity in net income of consolidated subsidiaries (32,093 ) — — 32,093 — Interest expense 24,283 22 — — 24,305 Other income, net (2,486 ) (2 ) — 14 (2,474 ) (10,296 ) 20 — 32,107 21,831 (Loss) earnings before income taxes (29,709 ) 32,273 (1,593 ) (32,093 ) (31,122 ) Income tax (benefit) expense (7,911 ) (1,413 ) — — (9,324 ) Net (loss) earnings $ (21,798 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,798 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Nine Months Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 260,766 $ 228,479 $ — $ 489,245 Expenses: Direct expenses 264,761 185,148 — 449,909 Selling, general and administrative expenses 28,914 8,766 (848 ) 36,832 Total operating expenses 293,675 193,914 (848 ) 486,741 Gain on disposal of assets, net (3,854 ) — — (3,854 ) Equity in loss of unconsolidated affiliate 274 — — 274 Operating (loss) income (29,329 ) 34,565 848 6,084 Equity in net income of consolidated subsidiaries (20,462 ) — 20,462 — Interest expense 22,762 30 — 22,792 Other income, net (2,415 ) (4 ) 848 (1,571 ) (115 ) 26 21,310 21,221 (Loss) earnings before income taxes (29,214 ) 34,539 (20,462 ) (15,137 ) Income tax (benefit) expense (19,592 ) 14,077 — (5,515 ) Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Condensed Consolidated Statements of Comprehensive Income (Loss) | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Quarter Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (3,277 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,277 ) Unrealized gain on short-term investments 41 — — — 41 Changes in pension plan asset and benefit obligation (24 ) — — — (24 ) Tax effect of the above-listed adjustments (8 ) — — — (8 ) Total comprehensive (loss) income $ (3,268 ) $ 16,305 $ (1,455 ) $ (14,850 ) $ (3,268 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,967 ) $ 8,372 $ (8,372 ) $ (4,967 ) Unrealized gain on short-term investments (494 ) — — (494 ) Changes in pension plan asset and benefit obligations 1 — — 1 Tax effect of the above-listed adjustments 178 — — 178 Total comprehensive (loss) income $ (5,282 ) $ 8,372 $ (8,372 ) $ (5,282 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (21,798 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,798 ) Unrealized gain on short-term investments 370 — — — 370 Changes in pension plan asset and benefit obligation (2 ) — — — (2 ) Tax effect of the above-listed adjustments (134 ) — — — (134 ) Total comprehensive (loss) income $ (21,564 ) $ 33,686 $ (1,593 ) $ (32,093 ) $ (21,564 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (9,622 ) $ 20,462 $ (20,462 ) $ (9,622 ) Unrealized gain on short-term investments 523 — — 523 Changes in pension plan asset and benefit obligations 3 — — 3 Tax effect of the above-listed adjustments (229 ) — — (229 ) Total comprehensive (loss) income $ (9,325 ) $ 20,462 $ (20,462 ) $ (9,325 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Condensed Consolidating Statements of Cash Flows | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (43,328 ) $ 33,670 $ 7,790 $ — $ (1,868 ) Investing activities: Purchase of property and equipment (49,227 ) — — — (49,227 ) Proceeds from asset dispositions 21 — — — 21 Purchase of short-term investments (268,525 ) — — — (268,525 ) Proceeds from sale of short-term investments 354,250 — — — 354,250 Net cash provided by (used in) investing activities 36,519 — — — 36,519 Financing activities: Proceeds from line of credit 99,150 — — — 99,150 Payments on line of credit (133,150 ) — — — (133,150 ) Repurchase of common stock (256 ) — — — (256 ) Due to/from affiliate, net 41,079 (34,699 ) (6,380 ) — — Net cash provided by (used in) financing activities 6,823 (34,699 ) (6,380 ) — (34,256 ) Increase (decrease) in cash 14 (1,029 ) 1,410 — 395 Cash, beginning of period 36 2,100 460 — 2,596 Cash, end of period $ 50 $ 1,071 $ 1,870 $ — $ 2,991 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the Nine Months Ended September 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (32,467 ) $ 25,319 $ — $ (7,148 ) Investing activities: Purchase of property and equipment (74,647 ) (303 ) — (74,950 ) Proceeds from asset dispositions 13,233 — — 13,233 Purchase of short-term investments (263,204 ) — — (263,204 ) Proceeds from sale of short-term investments 259,322 — — 259,322 Payments of deposits on aircraft (197 ) — — (197 ) Loan to unconsolidated affiliate (1,200 ) — — (1,200 ) Net cash used in investing activities (66,693 ) (303 ) — (66,996 ) Financing activities: Proceeds from line of credit 213,900 — — 213,900 Payments on line of credit (139,000 ) — — (139,000 ) Repurchase of common stock (524 ) — — (524 ) Due to/from affiliate, net 24,774 (24,774 ) — — Net cash provided by (used in) financing activities 99,150 (24,774 ) — 74,376 (Decrease) increase in cash (10 ) 242 — 232 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 36 $ 2,603 $ — $ 2,639 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax expense | $ (1,622) | $ (2,799) | $ (9,324) | $ (5,515) |
Accounting Standards Update 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred tax liability | 1,000 | 1,000 | ||
Income tax expense | 1,600 | |||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | $ 1,000 | $ 1,000 |
Investments - Components of Inv
Investments - Components of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 219,351 | $ 305,915 |
Unrealized Gains | 3 | 2 |
Unrealized Losses | (307) | (693) |
Fair Value | 219,047 | 305,224 |
Investment Type [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 216,721 | 303,521 |
Unrealized Gains | 3 | 2 |
Unrealized Losses | (307) | (693) |
Fair Value | 216,417 | 302,830 |
Investment Type [Member] | Money Market Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 5,278 | 18,118 |
Fair Value | 5,278 | 18,118 |
Investment Type [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 9,423 | 27,906 |
Unrealized Losses | (10) | (39) |
Fair Value | 9,413 | 27,867 |
Investment Type [Member] | US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 13,505 | 13,295 |
Unrealized Losses | (14) | (32) |
Fair Value | 13,491 | 13,263 |
Investment Type [Member] | Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 188,515 | 244,202 |
Unrealized Gains | 3 | 2 |
Unrealized Losses | (283) | (622) |
Fair Value | 188,235 | 243,582 |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 2,630 | 2,394 |
Fair Value | $ 2,630 | $ 2,394 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Restricted cash and investments | $ 12,396 | $ 13,038 |
Investments - Cost and Fair Val
Investments - Cost and Fair Value of Debt Investments Based on Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Costs | $ 133,633 | $ 184,587 |
Due within two years, Amortized Costs | 77,810 | 100,816 |
Total, Amortized Costs | 211,443 | 285,403 |
Due in one year or less, Fair Value | 133,481 | 184,334 |
Due within two years, Fair Value | 77,658 | 100,378 |
Total, Fair Value | $ 211,139 | $ 284,712 |
Investments - Average Coupon Ra
Investments - Average Coupon Rate Percentage and the Average Days to Maturity of Debt (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 123.60% | 100.10% |
Average Days To Maturity | 228 days | 184 days |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 121.30% | 97.00% |
Average Days To Maturity | 325 days | 400 days |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 171.50% | 174.50% |
Average Days To Maturity | 295 days | 318 days |
Investments - Investments in Co
Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 121,675 | $ 251,966 |
Unrealized Losses | (193) | (673) |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 9,413 | 27,867 |
Unrealized Losses | (10) | (39) |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 9,495 | 13,263 |
Unrealized Losses | (10) | (32) |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 102,767 | 210,836 |
Unrealized Losses | $ (173) | $ (602) |
Investments - Investments in 37
Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 81,183 | $ 24,196 |
Unrealized Losses | (114) | (20) |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 3,996 | 0 |
Unrealized Losses | (4) | 0 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 77,187 | 24,196 |
Unrealized Losses | $ (110) | $ (20) |
Revenue Recognition and Valua38
Revenue Recognition and Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Allowance for doubtful accounts | $ 6.1 | $ 6.1 | $ 6 | ||
Value of services to patients who are unable to pay | 1.3 | $ 2.2 | 5.7 | $ 6.9 | |
Estimated cost of providing charity services | 0.3 | $ 0.5 | 1.3 | $ 1.8 | |
Valuation reserves related to obsolescence and slow moving inventory | 18.4 | 18.4 | 17.3 | ||
Air Medical [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Allowance for contractual discounts against outstanding accounts receivable | 129.2 | 129.2 | 111.9 | ||
Allowance for uncompensated care against outstanding accounts receivable | $ 47.7 | $ 47.7 | $ 46.3 |
Revenue Recognition and Valua39
Revenue Recognition and 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] | Sep. 30, 2017 | Dec. 31, 2016 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Allowance for Contractual Discounts | 58.00% | 56.00% |
Allowance for Uncompensated Care | 21.00% | 23.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 219,047 | $ 305,224 |
Investment Type [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 216,417 | 302,830 |
Investment Type [Member] | Money Market Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,278 | 18,118 |
Investment Type [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 9,413 | 27,867 |
Investment Type [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,491 | 13,263 |
Investment Type [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 188,235 | 243,582 |
Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,630 | 2,394 |
(Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 7,908 | 20,512 |
(Level 1) [Member] | Investment Type [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,278 | 18,118 |
(Level 1) [Member] | Investment Type [Member] | Money Market Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,278 | 18,118 |
(Level 1) [Member] | Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,630 | 2,394 |
(Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 211,139 | 284,712 |
(Level 2) [Member] | Investment Type [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 211,139 | 284,712 |
(Level 2) [Member] | Investment Type [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 9,413 | 27,867 |
(Level 2) [Member] | Investment Type [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,491 | 13,263 |
(Level 2) [Member] | Investment Type [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 188,235 | $ 243,582 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | 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 | 489,200,000 | 474,400,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Level 3 investments | $ 0 | $ 0 | |
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% |
Long Term Debt - Components of
Long Term Debt - Components of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Principal | $ 600,000 | $ 634,000 |
Unamortized debt issuance debt costs | 1,818 | 2,753 |
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 | 1,818 | 2,753 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 100,000 | $ 134,000 |
Long Term Debt - Components o43
Long Term Debt - Components of Long-term Debt (Additional Information) (Detail) - 5.25% Senior Notes due March 15, 2019 [Member] - Senior Notes [Member] | 9 Months Ended | |
Sep. 30, 2017 | Mar. 17, 2014 | |
Debt Instrument [Line Items] | ||
Interest rate on Senior Notes | 5.25% | 5.25% |
Senior Notes payable periods | Mar. 15, 2019 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Mar. 17, 2014 | |
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding under the facility | $ 12,300,000 | $ 12,300,000 | $ 13,000,000 | |||
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on Senior Notes | 5.25% | 5.25% | 5.25% | |||
Maturity date of Senior notes payable | Mar. 15, 2019 | |||||
Debt instrument interest rate term | Interest is payable semi-annually on March 15 and September 15 of each year. | |||||
Debt instrument redemption date | On or after March 15, 2016 | |||||
Debt instrument restrictive covenants | The indenture governing the 2019 Notes (the “2019 Indenture”) contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI’s ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments. | |||||
Percentage of principal amount redeemed | 101.00% | |||||
Interest Expense Fund [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic payment of debt interest | $ 14,300,000 | $ 13,900,000 | $ 29,500,000 | $ 28,300,000 | ||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility, maturity date | Oct. 1, 2018 | |||||
Increased Borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||
Revolving Credit facility, Covenants, consolidated working capital ratio | 200.00% | 200.00% | ||||
Revolving Credit facility, Covenants, consolidated net worth ratio | 150.00% | 150.00% | ||||
Revolving Credit facility, Covenants, fixed coverage ratio | 110.00% | 110.00% | ||||
Revolving Credit facility, Covenants, consolidated net worth | $ 450,000,000 | $ 450,000,000 | ||||
Letters of credit outstanding under the facility | $ 7,800,000 | $ 7,800,000 | ||||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate on borrowed funds | 2.25% |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average outstanding shares of common stock, basic | 15,799 | 15,683 | 15,750 | 15,655 |
Dilutive effect of unvested restricted stock units | 0 | 0 | 0 | 0 |
Weighted average outstanding shares of common stock, diluted | 15,799 | 15,683 | 15,750 | 15,655 |
Earnings Per Share - Componen46
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Additional Information) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Anti-dilutive securities | 0 | 52,126 | 0 | 22,221 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense: | ||||
Total stock-based compensation expense | $ 1,271 | $ 1,454 | $ 3,074 | $ 4,349 |
Time-based Restricted Units [Member] | ||||
Stock-based compensation expense: | ||||
Total stock-based compensation expense | 582 | 631 | 1,678 | 1,847 |
Performance-based Restricted Units [Member] | ||||
Stock-based compensation expense: | ||||
Total stock-based compensation expense | $ 689 | $ 823 | $ 1,396 | $ 2,502 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Time-based Restricted Units [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Restricted units awarded to managers (shares) | 26,296 | 10,992 | 472,913 | 25,280 |
Performance-based Restricted Units [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Restricted units awarded to managers (shares) | 4,646 | 2,318 | 371,045 | 310,481 |
Asset Disposals - Additional In
Asset Disposals - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017Aircraft | Sep. 30, 2016USD ($)Aircraft | Jun. 30, 2017Aircraft | Jun. 30, 2016USD ($)Aircraft | |
Assets Held For Sale And Impairments [Line Items] | ||||
Cash realized from sale of assets | $ 11 | |||
Gain (loss) on disposal of assets | $ 3.9 | |||
Light Aircraft [Member] | ||||
Assets Held For Sale And Impairments [Line Items] | ||||
Number of aircraft sold | Aircraft | 4 | 5 | ||
Cash realized from sale of assets | $ 2.2 | |||
Gain (loss) on disposal of assets | $ 0.1 | |||
Oil and Gas [Member] | Medium Aircraft [Member] | ||||
Assets Held For Sale And Impairments [Line Items] | ||||
Number of aircraft sold | Aircraft | 1 | 5 | 3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017USD ($)Land_Parcel | |
Long-term Purchase Commitment [Line Items] | |
Purchase commitment for aircraft | $ 0 |
Total aircraft deposits | 500,000 |
Aggregate estimated probable liability environmental matters | $ 150,000 |
Number of parcels of land exists | Land_Parcel | 2 |
Aggregate commitments under operating leases | $ 194,900,000 |
Operational lease payable | 10,700,000 |
Lease commitment for aircraft | 182,000,000 |
Facility lease commitments | 12,900,000 |
2018 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Aggregate purchase price for aircraft | 127,000,000 |
2019 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Aggregate purchase price for aircraft | 129,000,000 |
2020 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Aggregate purchase price for aircraft | $ 22,700,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017StatesAircraftLocationSegment | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
National Science Foundation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of aircraft assigned | 6 | |||
Hospitals Contracts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 15.00% | 27.00% | 17.00% | 29.00% |
Fixed Term Customer Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 89.00% | 92.00% | 90.00% | 92.00% |
Contracted Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 10.00% | 8.00% | ||
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 | 126 | |||
Segment revenue | 50.00% | 49.00% | 51.00% | 51.00% |
Oil and Gas [Member] | Minimum [Member] | Major Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Working period with major customers | 30 years | |||
Oil and Gas [Member] | Minimum [Member] | ENI Petroleum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Working period with major customers | 15 years | |||
Air Medical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 47.00% | 47.00% | 45.00% | 45.00% |
Number of aircraft assigned | 105 | |||
Number of states in which company operates aircrafts | States | 18 | |||
Locations in which company operates Aircrafts | Location | 72 | |||
Technical Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 3.00% | 4.00% | 4.00% | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items] | ||||
Provision for contractual discounts | 65.00% | 65.00% | 66.00% | 67.00% |
Provision for uncompensated care | 6.00% | 9.00% | 7.00% | 6.00% |
Segment Information - Schedul53
Segment Information - Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as Percentage of Net Air Medical Revenues (Detail) - Air Medical [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 73.00% | 75.00% | 72.00% | 72.00% |
Medicare [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 17.00% | 17.00% | 18.00% | 18.00% |
Medicaid [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 9.00% | 8.00% | 9.00% | 9.00% |
Self Pay [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net Air Medical revenues | 1.00% | 0.00% | 1.00% | 1.00% |
Segment Information - Schedul54
Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total operating revenues, net | $ 150,167 | $ 158,093 | $ 431,209 | $ 489,245 |
Total segment direct expenses | 136,786 | 144,938 | 400,250 | 449,909 |
Total segment selling, general and administrative expenses | 11,401 | 13,381 | 38,691 | 36,832 |
Total net segment profit | 2,422 | (509) | (9,291) | 6,084 |
Interest expense | (8,027) | (7,719) | (24,305) | (22,792) |
Loss before income taxes | (4,899) | (7,766) | (31,122) | (15,137) |
Reportable Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues, net | 150,167 | 158,093 | 431,209 | 489,245 |
Total segment direct expenses | 136,348 | 145,136 | 401,806 | 450,183 |
Total segment selling, general and administrative expenses | 4,622 | 5,027 | 14,813 | 13,894 |
Total segment expenses | 140,970 | 150,163 | 416,619 | 464,077 |
Total net segment profit | 9,197 | 7,930 | 14,590 | 25,168 |
Reportable Operating Segments [Member] | Oil and Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues, net | 75,700 | 77,551 | 222,098 | 249,173 |
Total segment direct expenses | 81,467 | 82,832 | 236,878 | 262,148 |
Total segment selling, general and administrative expenses | 1,148 | 1,705 | 4,501 | 4,838 |
Total net segment profit | (6,915) | (6,986) | (19,281) | (17,813) |
Reportable Operating Segments [Member] | Air Medical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues, net | 70,280 | 74,482 | 192,840 | 220,089 |
Total segment direct expenses | 51,120 | 56,562 | 152,363 | 172,603 |
Total segment selling, general and administrative expenses | 3,136 | 3,056 | 9,280 | 8,293 |
Total net segment profit | 16,024 | 14,864 | 31,197 | 39,193 |
Reportable Operating Segments [Member] | Technical Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues, net | 4,187 | 6,060 | 16,271 | 19,983 |
Total segment direct expenses | 3,761 | 5,742 | 12,565 | 15,432 |
Total segment selling, general and administrative expenses | 338 | 266 | 1,032 | 763 |
Total net segment profit | 88 | 52 | 2,674 | 3,788 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other, net | 710 | 377 | 2,471 | 5,425 |
Interest expense | (8,027) | (7,719) | (24,305) | (22,792) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated selling, general and administrative costs | $ (6,779) | $ (8,354) | $ (23,878) | $ (22,938) |
Segment Information - Depreciat
Segment Information - Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reportable Operating Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | $ 14,646 | $ 16,024 | $ 45,322 | $ 45,638 |
Reportable Operating Segments [Member] | Oil and Gas [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 9,615 | 10,616 | 29,301 | 30,558 |
Reportable Operating Segments [Member] | Air Medical [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 4,885 | 5,267 | 15,581 | 14,654 |
Reportable Operating Segments [Member] | Technical Services [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | 146 | 141 | 440 | 426 |
Corporate [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and Amortization Expenses | $ 1,936 | $ 2,269 | $ 5,271 | $ 7,416 |
Investment in Variable Intere56
Investment in Variable Interest Entity and Other Investments and Affiliates - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
PHI Century Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in the common stock | 49.00% | 49.00% | 49.00% | ||
PHIC's date of incorporation | May 26, 2011 | ||||
Earnings (loss) in equity of unconsolidated affiliate | $ 0.1 | $ (0.2) | $ 1 | $ 0.3 | |
Trade receivables | 3.6 | $ 2 | 3.6 | ||
Other assets | 0.4 | $ 0.2 | 0.4 | ||
PHI-HNZ Australia Ltd [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in the common stock | 50.00% | ||||
Earnings (loss) in equity of unconsolidated affiliate | 0.5 | (0.5) | |||
Trade receivables | 5.9 | 5.9 | |||
Other assets | $ (0.5) | $ (0.5) | |||
HNZ Group, Inc. [Member] | PHI-HNZ Australia Ltd [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in the common stock | 50.00% |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Mar. 17, 2014 |
Supplemental Guarantor Financial Information [Line Items] | ||
Ownership percentage in domestic subsidiaries | 100.00% | |
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Senior notes, amount issued | $ 500,000,000 | |
Interest rate on Senior Notes | 5.25% | 5.25% |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||||
Cash | $ 2,991 | $ 2,596 | $ 2,639 | $ 2,407 |
Short-term investments | 204,036 | 289,806 | ||
Accounts receivable - net | 152,737 | 138,265 | ||
Inventories of spare parts – net | 79,245 | 70,402 | ||
Prepaid expenses | 12,006 | 9,259 | ||
Deferred income taxes | 10,798 | 10,798 | ||
Income taxes receivable | 509 | 540 | ||
Total current assets | 462,322 | 521,666 | ||
Property and equipment – net | 910,327 | 903,977 | ||
Restricted cash and investments | 12,396 | 13,038 | ||
Other assets | 9,032 | 9,759 | ||
Total assets | 1,394,077 | 1,448,440 | ||
Current Liabilities: | ||||
Accounts payable | 30,607 | 28,704 | ||
Accrued and other current liabilities | 33,703 | 28,346 | ||
Total current liabilities | 64,310 | 57,050 | ||
Long-term debt | 598,182 | 631,247 | ||
Deferred income taxes and other long-term liabilities | 149,524 | 160,365 | ||
Shareholders’ Equity: | ||||
Common stock and paid-in capital | 308,634 | 305,815 | ||
Accumulated other comprehensive loss | (244) | (478) | ||
Retained earnings | 273,671 | 294,441 | ||
Total shareholders’ equity | 582,061 | 599,778 | 621,487 | 626,998 |
Total liabilities and shareholders’ equity | 1,394,077 | 1,448,440 | ||
Eliminations [Member] | ||||
Current Assets: | ||||
Accounts receivable - net | (10,772) | |||
Intercompany receivable | (120,376) | (57,904) | ||
Total current assets | (131,148) | (57,904) | ||
Investment in subsidiaries and others | (390,840) | (353,160) | ||
Total assets | (521,988) | (411,064) | ||
Current Liabilities: | ||||
Accounts payable | (10,772) | |||
Intercompany payable | (120,376) | (57,904) | ||
Total current liabilities | (131,148) | (57,904) | ||
Shareholders’ Equity: | ||||
Common stock and paid-in capital | (79,326) | (79,191) | ||
Retained earnings | (311,514) | (273,969) | ||
Total shareholders’ equity | (390,840) | (353,160) | ||
Total liabilities and shareholders’ equity | (521,988) | (411,064) | ||
Parent Company Only (issuer) [Member] | ||||
Current Assets: | ||||
Cash | 50 | 36 | 36 | 46 |
Short-term investments | 204,036 | 289,806 | ||
Accounts receivable - net | 77,061 | 71,458 | ||
Inventories of spare parts – net | 70,617 | 61,834 | ||
Prepaid expenses | 9,916 | 6,990 | ||
Deferred income taxes | 10,798 | 10,798 | ||
Income taxes receivable | 500 | 558 | ||
Total current assets | 372,978 | 441,480 | ||
Investment in subsidiaries and others | 390,840 | 353,160 | ||
Property and equipment – net | 621,885 | 589,104 | ||
Restricted cash and investments | 12,381 | 13,023 | ||
Other assets | 8,076 | 8,660 | ||
Total assets | 1,406,160 | 1,405,427 | ||
Current Liabilities: | ||||
Accounts payable | 26,587 | 22,744 | ||
Accrued and other current liabilities | 22,198 | 18,725 | ||
Intercompany payable | 112,015 | 57,904 | ||
Total current liabilities | 160,800 | 99,373 | ||
Long-term debt | 598,182 | 631,247 | ||
Deferred income taxes and other long-term liabilities | 65,117 | 75,029 | ||
Shareholders’ Equity: | ||||
Common stock and paid-in capital | 308,634 | 305,815 | ||
Accumulated other comprehensive loss | (244) | (478) | ||
Retained earnings | 273,671 | 294,441 | ||
Total shareholders’ equity | 582,061 | 599,778 | ||
Total liabilities and shareholders’ equity | 1,406,160 | 1,405,427 | ||
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash | 1,071 | 2,100 | $ 2,603 | $ 2,361 |
Accounts receivable - net | 71,727 | 66,807 | ||
Intercompany receivable | 120,376 | 57,904 | ||
Inventories of spare parts – net | 8,628 | 8,568 | ||
Prepaid expenses | 1,948 | 2,269 | ||
Income taxes receivable | 9 | (18) | ||
Total current assets | 203,759 | 138,090 | ||
Property and equipment – net | 287,841 | 314,873 | ||
Restricted cash and investments | 0 | 15 | ||
Other assets | 956 | 1,099 | ||
Total assets | 492,556 | 454,077 | ||
Current Liabilities: | ||||
Accounts payable | 3,557 | 5,960 | ||
Accrued and other current liabilities | 9,961 | 9,621 | ||
Total current liabilities | 13,518 | 15,581 | ||
Deferred income taxes and other long-term liabilities | 83,891 | 85,336 | ||
Shareholders’ Equity: | ||||
Common stock and paid-in capital | 77,951 | 79,191 | ||
Retained earnings | 317,196 | 273,969 | ||
Total shareholders’ equity | 395,147 | 353,160 | ||
Total liabilities and shareholders’ equity | 492,556 | 454,077 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash | 1,870 | 460 | ||
Accounts receivable - net | 14,721 | |||
Prepaid expenses | 142 | |||
Income taxes receivable | 0 | |||
Total current assets | 16,733 | |||
Property and equipment – net | 601 | |||
Restricted cash and investments | 15 | |||
Total assets | 17,349 | |||
Current Liabilities: | ||||
Accounts payable | 11,235 | |||
Accrued and other current liabilities | 1,544 | |||
Intercompany payable | 8,361 | |||
Total current liabilities | 21,140 | |||
Deferred income taxes and other long-term liabilities | 516 | |||
Shareholders’ Equity: | ||||
Common stock and paid-in capital | 1,375 | |||
Retained earnings | (5,682) | |||
Total shareholders’ equity | (4,307) | |||
Total liabilities and shareholders’ equity | $ 17,349 | |||
Guarantor and Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash | $ 2,560 |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | $ 150,167 | $ 158,093 | $ 431,209 | $ 489,245 |
Expenses: | ||||
Direct expenses | 136,786 | 144,938 | 400,250 | 449,909 |
Selling, general and administrative expenses | 11,401 | 13,381 | 38,691 | 36,832 |
Total operating expenses | 148,187 | 158,319 | 438,941 | 486,741 |
Gain (loss) on disposal of assets | (4) | 85 | 3 | (3,854) |
Equity in loss of unconsolidated affiliate, net | (438) | 198 | 1,556 | 274 |
Operating (loss) income | 2,422 | (509) | (9,291) | 6,084 |
Equity in net income of consolidated subsidiaries | 0 | |||
Interest expense | 8,027 | 7,719 | 24,305 | 22,792 |
Other income, net | (706) | (462) | (2,474) | (1,571) |
Total expenses | 7,321 | 7,257 | 21,831 | 21,221 |
(Loss) earnings before income taxes | (4,899) | (7,766) | (31,122) | (15,137) |
Income tax benefit | (1,622) | (2,799) | (9,324) | (5,515) |
Net (loss) earnings | (3,277) | (4,967) | (21,798) | (9,622) |
Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | (7,953) | (10,773) | ||
Expenses: | ||||
Direct expenses | (7,953) | (10,773) | 0 | |
Selling, general and administrative expenses | (4) | (350) | (14) | (848) |
Total operating expenses | (7,957) | (350) | (10,787) | (848) |
Equity in loss of unconsolidated affiliate, net | 0 | 0 | ||
Operating (loss) income | 4 | 350 | 14 | 848 |
Equity in net income of consolidated subsidiaries | 14,850 | 8,372 | 32,093 | 20,462 |
Interest expense | 0 | |||
Other income, net | 4 | 350 | 14 | 848 |
Total expenses | 14,854 | 8,722 | 32,107 | 21,310 |
(Loss) earnings before income taxes | (14,850) | (8,372) | (32,093) | (20,462) |
Income tax benefit | 0 | |||
Net (loss) earnings | (14,850) | (8,372) | (32,093) | (20,462) |
Parent Company Only (issuer) [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | 79,644 | 79,532 | 228,973 | 260,766 |
Expenses: | ||||
Direct expenses | 83,727 | 83,188 | 238,669 | 264,761 |
Selling, general and administrative expenses | 8,240 | 10,639 | 29,265 | 28,914 |
Total operating expenses | 91,967 | 93,827 | 267,934 | 293,675 |
Gain (loss) on disposal of assets | (4) | 85 | 4 | (3,854) |
Equity in loss of unconsolidated affiliate, net | 112 | 198 | 1,040 | 274 |
Operating (loss) income | (12,431) | (14,578) | (40,005) | (29,329) |
Equity in net income of consolidated subsidiaries | (14,850) | (8,372) | (32,093) | (20,462) |
Interest expense | 8,027 | 7,716 | 24,283 | 22,762 |
Other income, net | (709) | (812) | (2,486) | (2,415) |
Total expenses | (7,532) | (1,468) | (10,296) | (115) |
(Loss) earnings before income taxes | (4,899) | (13,110) | (29,709) | (29,214) |
Income tax benefit | (1,622) | (8,143) | (7,911) | (19,592) |
Net (loss) earnings | (3,277) | (4,967) | (21,798) | (9,622) |
Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | 70,692 | 78,561 | 197,022 | 228,479 |
Expenses: | ||||
Direct expenses | 51,247 | 61,750 | 155,434 | 185,148 |
Selling, general and administrative expenses | 3,141 | 3,092 | 9,296 | 8,766 |
Total operating expenses | 54,388 | 64,842 | 164,730 | 193,914 |
Gain (loss) on disposal of assets | 0 | (1) | ||
Equity in loss of unconsolidated affiliate, net | 0 | 0 | ||
Operating (loss) income | 16,304 | 13,719 | 32,293 | 34,565 |
Interest expense | 0 | 3 | 22 | 30 |
Other income, net | (1) | 0 | (2) | (4) |
Total expenses | (1) | 3 | 20 | 26 |
(Loss) earnings before income taxes | 16,305 | 13,716 | 32,273 | 34,539 |
Income tax benefit | 0 | 5,344 | (1,413) | 14,077 |
Net (loss) earnings | 16,305 | $ 8,372 | 33,686 | $ 20,462 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | 7,784 | 15,987 | ||
Expenses: | ||||
Direct expenses | 9,765 | 16,920 | ||
Selling, general and administrative expenses | 24 | 144 | ||
Total operating expenses | 9,789 | 17,064 | ||
Gain (loss) on disposal of assets | 0 | 0 | ||
Equity in loss of unconsolidated affiliate, net | (550) | 516 | ||
Operating (loss) income | (1,455) | (1,593) | ||
Interest expense | 0 | 0 | ||
Other income, net | 0 | 0 | ||
Total expenses | 0 | 0 | ||
(Loss) earnings before income taxes | (1,455) | (1,593) | ||
Income tax benefit | 0 | |||
Net (loss) earnings | $ (1,455) | $ (1,593) |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net (loss) earnings | $ (3,277) | $ (4,967) | $ (21,798) | $ (9,622) |
Unrealized gain (loss) on short-term investments | 41 | (494) | 370 | 523 |
Changes in pension plan asset and benefit obligation | (24) | 1 | (2) | 3 |
Tax effect of the above-listed adjustments | (8) | 178 | (134) | (229) |
Total comprehensive (loss) income | (3,268) | (5,282) | (21,564) | (9,325) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net (loss) earnings | (14,850) | (8,372) | (32,093) | (20,462) |
Total comprehensive (loss) income | (14,850) | (8,372) | (32,093) | (20,462) |
Parent Company Only (issuer) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net (loss) earnings | (3,277) | (4,967) | (21,798) | (9,622) |
Unrealized gain (loss) on short-term investments | 41 | (494) | 370 | 523 |
Changes in pension plan asset and benefit obligation | (24) | 1 | (2) | 3 |
Tax effect of the above-listed adjustments | (8) | 178 | (134) | (229) |
Total comprehensive (loss) income | (3,268) | (5,282) | (21,564) | (9,325) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net (loss) earnings | 16,305 | 8,372 | 33,686 | 20,462 |
Total comprehensive (loss) income | 16,305 | $ 8,372 | 33,686 | $ 20,462 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net (loss) earnings | (1,455) | (1,593) | ||
Total comprehensive (loss) income | $ (1,455) | $ (1,593) |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ (1,868) | $ (7,148) |
Investing activities: | ||
Purchase of property and equipment | (49,227) | (74,950) |
Proceeds from asset dispositions | 21 | 13,233 |
Purchase of short-term investments | (268,525) | (263,204) |
Proceeds from sale of short-term investments | 354,250 | 259,322 |
Payments of deposits on aircraft | 0 | (197) |
Loan to unconsolidated affiliate | 0 | (1,200) |
Net cash provided by (used in) investing activities | 36,519 | (66,996) |
Financing activities: | ||
Proceeds from line of credit | 99,150 | 213,900 |
Payments on line of credit | (133,150) | (139,000) |
Repurchase of common stock | (256) | (524) |
Net cash (used in) provided by financing activities | (34,256) | 74,376 |
Increase (decrease) in cash | 395 | 232 |
Cash, beginning of period | 2,596 | 2,407 |
Cash, end of period | 2,991 | 2,639 |
Parent Company Only (issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (43,328) | (32,467) |
Investing activities: | ||
Purchase of property and equipment | (49,227) | (74,647) |
Proceeds from asset dispositions | 21 | 13,233 |
Purchase of short-term investments | (268,525) | (263,204) |
Proceeds from sale of short-term investments | 354,250 | 259,322 |
Payments of deposits on aircraft | (197) | |
Loan to unconsolidated affiliate | (1,200) | |
Net cash provided by (used in) investing activities | 36,519 | (66,693) |
Financing activities: | ||
Proceeds from line of credit | 99,150 | 213,900 |
Payments on line of credit | (133,150) | (139,000) |
Repurchase of common stock | (256) | (524) |
Due to/from affiliate, net | 41,079 | 24,774 |
Net cash (used in) provided by financing activities | 6,823 | 99,150 |
Increase (decrease) in cash | 14 | (10) |
Cash, beginning of period | 36 | 46 |
Cash, end of period | 50 | 36 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 33,670 | 25,319 |
Investing activities: | ||
Purchase of property and equipment | 0 | (303) |
Net cash provided by (used in) investing activities | 0 | (303) |
Financing activities: | ||
Due to/from affiliate, net | (34,699) | (24,774) |
Net cash (used in) provided by financing activities | (34,699) | (24,774) |
Increase (decrease) in cash | (1,029) | 242 |
Cash, beginning of period | 2,100 | 2,361 |
Cash, end of period | 1,071 | $ 2,603 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 7,790 | |
Investing activities: | ||
Net cash provided by (used in) investing activities | 0 | |
Financing activities: | ||
Due to/from affiliate, net | (6,380) | |
Net cash (used in) provided by financing activities | (6,380) | |
Increase (decrease) in cash | 1,410 | |
Cash, beginning of period | 460 | |
Cash, end of period | $ 1,870 |
Subsequent Event (Details)
Subsequent Event (Details) | Oct. 30, 2017CAD |
Purchaser [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Loan receivable | CAD 167,500,000 |
Purchaser [Member] | HNZ Group, Inc. [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Voting interest acquired (percent) | 100.00% |
Scenario, Forecast [Member] | HNZ Group, Inc. [Member] | |
Subsequent Event [Line Items] | |
Fee to be received if agreement is terminated | CAD 6,500,000 |