PHI (PHIG) 10-Q9 May 192019 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 01, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PHII
Entity Registrant Name	PHI INC
Entity Central Index Key	0000350403
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,905,757
Non-Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,919,681

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 15,884	$ 50,874
Short-term investments	73,336	14,232
Accounts receivable – net
Trade	167,561	168,459
Other	11,252	14,006
Inventories of spare parts – net	52,988	56,698
Prepaid expenses	13,944	11,419
Income taxes receivable	942	950
Total current assets	335,907	316,638
Property and equipment – net	896,436	902,485
Right of use assets	144,198
Restricted cash and investments	19,789	19,781
Other assets	18,981	18,378
Deferred income taxes	4,521	4,944
Total assets	1,419,832	1,262,226
Current Liabilities:
Senior Notes issued March 17, 2014, net of debt issuance cost of $260	0	499,740
Accounts payable	38,854	50,289
Accrued and other current liabilities	31,208	45,292
Current portion of operating lease liabilities	26,544
Current maturities of long term debt	875	500,000
Total current liabilities	97,481	595,321
Long-term debt:
Term loan issued March 13, 2019, net of debt issuance costs of $5,609	63,516	0
Related party term loan issued September 28, 2018, net of debt issuance costs of $656 and $765, respectively	129,344	129,235
Deferred income taxes	55,098	59,178
Other long-term liabilities	3,324	5,059
Long-term operating lease liabilities	118,436
Total liabilities not subject to compromise	467,199	788,793
Liabilities subject to compromise	513,125
Total liabilities	980,324	788,793
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Additional paid-in capital	314,818	314,316
Accumulated other comprehensive income (loss)	(3,138)	(3,952)
Retained earnings	126,246	161,487
Total shareholders’ equity	439,508	473,433
Total liabilities and shareholders’ equity	1,419,832	1,262,226
Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	291	291
Non-Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	1,291	1,291
Total shareholders’ equity	$ 1,291	$ 1,291

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	12,500,000	12,500,000
Common stock, shares issued (shares)	2,905,757	2,905,757
Common stock, shares outstanding (shares)	2,905,757	2,905,757
Non-Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	37,500,000	37,500,000
Common stock, shares issued (shares)	12,919,681	12,919,681
Common stock, shares outstanding (shares)	12,919,681	12,919,681
Term Loan [Member]
Debt issuance costs	$ 5,609	$ 260
Note Payable, Related Party [Member]
Debt issuance costs	$ 656	$ 765

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Operating revenues, net	$ 151,890	$ 160,370
Expenses:
Direct expenses	156,874	156,226
Selling, general and administrative expenses	24,869	15,459
Total operating expenses	181,743	171,685
Loss on disposal of assets	51	879
Equity in (income) loss of unconsolidated affiliates, net	(1,361)	37
Operating loss	(28,543)	(12,231)
Interest expense	8,166	8,197
Reorganization items, net	1,600	0
Other income – net	40	1,045
Total expenses	9,806	9,242
Loss before income taxes	(38,349)	(21,473)
Income tax benefit	(3,108)	(4,490)
Net loss	$ (35,241)	$ (16,983)
Weighted average shares outstanding:
Basic (shares)	15,825	15,806
Diluted (shares)	15,825	15,806
Net loss per share:
Basic (in USD per share)	$ (2.23)	$ (1.07)
Diluted (in USD per share)	$ (2.23)	$ (1.07)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (35,241)	$ (16,983)
Unrealized gain on short-term investments	0	471
Currency translation adjustments	806	467
Changes in pension plan assets and benefit obligations	0	(9)
Tax effect of the above-listed adjustments	8	(185)
Total comprehensive loss	$ (34,427)	$ (16,239)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2017	$ 612,654	$ 1,289	$ 291	$ 308,353	$ (280)	$ 303,001
Balance, Shares at Dec. 31, 2017		12,897	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,983)					(16,983)
Unrealized gain on short-term investments	282				282
Changes in pension plan assets and benefit obligations	(5)				(5)
Amortization of unearned stock-based compensation	1,319			1,319
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	467				467
Issuance of non-voting common stock (upon vesting of restricted stock units)	1	$ 1		0
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		11
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	0
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares		(3)
Balance at Mar. 31, 2018	597,735	$ 1,290	$ 291	309,672	464	286,018
Balance, Shares at Mar. 31, 2018		12,905	2,906
Balance at Dec. 31, 2018	473,433	$ 1,291	$ 291	314,316	(3,952)	161,487
Balance, Shares at Dec. 31, 2018		12,919	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(35,241)					(35,241)
Amortization of unearned stock-based compensation	1,315			1,315
Cash payment of Performance Based stock units	(813)			(813)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	814				814
Balance at Mar. 31, 2019	$ 439,508	$ 1,291	$ 291	$ 314,818	$ (3,138)	$ 126,246
Balance, Shares at Mar. 31, 2019		12,919	2,906

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net loss	$ (35,241)	$ (16,983)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,444	19,467
Deferred income taxes	(3,656)	(5,113)
Loss (gain) on asset dispositions	51	879
Equity in (income) loss of unconsolidated affiliate, net	(1,361)	37
Inventory valuation reserves	741	1,042
Changes in operating assets and liabilities	(11,877)	(761)
Net cash used in operating activities	(32,899)	(1,432)
Investing activities:
Purchase of property and equipment	(6,947)	(6,665)
Proceeds from asset dispositions	12	842
Purchase of short-term investments	(139,616)	(134,319)
Proceeds from sale of short-term investments	80,512	136,259
Refund of Deposit on Aircraft	503	0
Loan to unconsolidated affiliate		(274)
Net cash used in investing activities	(65,536)	(4,157)
Financing activities:
Debt issuance cost	(5,668)	0
Proceeds from line of credit	0	33,750
Payments on line of credit	0	(29,500)
Proceeds from Term Loan	70,000	0
Net cash provided by financing activities	64,332	4,250
Effect of exchange rate changes on cash	(864)	0
Decrease in cash, cash equivalents and restricted cash	(34,967)	(1,339)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	23,597	7,431
Cash paid during the period for:
Reorganization items, net	1,600	0
Interest	2,058	14,328
Income taxes	655	320
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 73	$ 82

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2019
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 and the accompanying notes should be read in conjunction with the consolidated financial statements and the accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Our financial results, particularly as they relate to our Oil and Gas segment, are influenced by seasonal fluctuations as discussed in our Annual Report on Form 10-K for the year ended December 31, 2018 . For this and other reasons, the results of operations for interim periods are not necessarily indicative of the operating results that may be expected for a full fiscal year. Going Concern - The financial statements accompanying this Quarterly Report have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplates our continuation as a going concern. As discussed further in Note 2 below, our operations are currently subject to the jurisdiction of the Bankruptcy Code. The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared assuming that PHI will continue as a going concern and contemplates continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. Our ability to continue as a going concern is contingent upon our ability to comply with the financial and other covenants contained in the Blue Torch term loan described in Note 6, and our ability to successfully develop and, subject to the Bankruptcy Court's approval, implement, a restructuring plan, among other factors. We have significant indebtedness. As a result, our financial condition and the risks and uncertainties surrounding our Chapter 11 proceedings raise substantial doubt as to our ability to continue as a going concern. Under the absolute priority scheme established by the Bankruptcy Code, unless our creditors agree otherwise, all of our pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock may receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or shareholders, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. We can give no assurance that any recovery or distribution of any amount will be made to any of our creditors or shareholders. Our plan of reorganization could result in any of the holders of our liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. Moreover, a plan of reorganization can be confirmed, under the Bankruptcy Code, even if the holders of our common stock vote against the plan of reorganization and even if the plan of reorganization provides that the holders of our common stock receive no distribution on account of their equity interests. The accompanying Unaudited Condensed Consolidated Financial Statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the filing of the Chapter 11 Cases. See Note 2 for additional information. Supplemental Cash Flow Information - The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Cash Flows (in thousands): March 31, December 31, March 31, December 31, 2019 2018 2018 2017 Cash and Cash Equivalents $ 15,884 $ 50,874 $ 7,431 $ 8,770 Restricted Cash 7,713 7,690 — — Total Cash, Cash Equivalents and Restricted Cash $ 23,597 $ 58,564 $ 7,431 $ 8,770 Recently adopted accounting principles In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASC 842). ASC 842 replaces the existing guidance on leasing transactions in ASC 840 and requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASC 842 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The Company adopted the new standard effective January 1, 2019. The Company elected the transition methodology provided by ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, whereby it applied the requirements of ASC 842 on a prospective basis as of the adoption date of January 1, 2019, without retrospectively adjusting prior periods. The Company elected to adopt the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. The Company elected to keep leases with an initial term of 12 months or less off of the balance sheet. The Company intends to recognize those lease payments in the consolidated statement of operations on a straight-line basis over the lease term. The Company also elected to combined lease and non-lease components in the computations of lease obligations and right-of-use assets. During our evaluation of ASU 2016-02, we concluded that certain of our helicopter service contracts contain a lease component. Our typical helicopter service contracts qualify for a practical expedient, which is available to lessors under certain circumstances, to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. We have applied this practical expedient and intend to combine the lease and service components of our revenue contracts and continue to account for the combined component under Topic 606, Revenue from Contracts with Customers . The Company completed the implementation of an information technology system to track and account for its leases and updated its accounting policies to support the accounting for leases under ASC 842. The Company completed its lease inventory and determined its most significant leases involve aircraft and facilities. In the first quarter 2019, the Company's adoption of ASC 842 resulted in recording on its Condensed Consolidated Balance Sheet lease liabilities of approximately $152.9 million and right-of-use assets of approximately $152.1 million with no material impact on the Company's consolidated statement of operations and consolidated cash flow statement. For additional information, see Note 13.

Bankruptcy Filing

Bankruptcy Filing	3 Months Ended
Bankruptcy Filing	Mar. 31, 2019
Reorganizations [Abstract]
Bankruptcy Filing	BANKRUPTCY FILING Chapter 11 Proceedings On March 14, 2019 (the "Petition Date"), PHI and certain of its four subsidiaries (collectively, the "Debtors") each filed a voluntary petitions (the "Chapter 11 Cases") in the United States Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court") for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code"). The Chapter 11 Cases are being jointly administered under the caption "In re PHI, Inc., et al., Case No. 19-30923." The Debtors are currently operating their businesses and managing their properties as "debtors in possession" in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Certain subsidiaries of PHI (collectively, the "Non-Filing Entities") are not part of the Chapter 11 Cases. The Non-Filing Entities will continue to operate their businesses in the normal course and their results are included in our interim Unaudited Condensed Consolidated Financial Statements. On April 1, 2019, the Debtors filed with the Bankruptcy Court the Debtors’ Joint Chapter 11 Plan of Reorganization (the “Plan”) and the Disclosure Statement related thereto, the Debtors filed with the Bankruptcy Court the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. The Plan is subject to confirmation by the Bankruptcy Court and acceptance by the Debtors’ creditors (as and to the extent required under the Bankruptcy Code). The Plan provides for, among other things, the issuance of shares of new common stock to holders of certain classes of secured and unsecured claims. The Plan contemplates that the Company’s existing equity holders would receive no recovery on account of such equity interests and that the existing voting and non-voting common stock would be cancelled as of the effective date. The Debtors remain in negotiations with the Company's various stakeholders regarding the terms and conditions of the Plan. Documents filed on the docket of and other information related to the Chapter 11 Cases are available free of charge online at https://cases.primeclerk.com/PHI. Documents and other information available on such website are not part of this document and shall not be deemed incorporated by reference in this document. Significant Bankruptcy Court Actions Following the Petition Date, the Bankruptcy Court entered certain interim and final orders facilitating the Debtors' operational transition into Chapter 11. These orders authorized the Debtors to, among other things, pay employee wages and benefits, and pay vendors and suppliers in the ordinary course for all goods and services provided after the Petition Date. Executive Compensation Plans In connection with the Chapter 11 Cases, the Compensation Committee of the Board of Directors of the Company has adopted on behalf of the Company a Key Employee Incentive Plan (the "KEIP") and a Key Employee Retention Plan ("KERP"), each subject to the approval of the Bankruptcy Court. The KEIP is designed to incentivize seven of the Company's senior executives by providing a total potential cash award pool of approximately $4.2 million at Threshold, $5.6 million at plan and $7.0 million for exceeding plan, and is contingent upon emergence from Chapter 11, achievement of certain financial targets and achievement of certain safety metrics. After certain modifications announced on the record at the hearing on April 29, 2019, the Bankruptcy Court approved the KEIP, as modified, and subject to the parties agreeing to the final definition of the terms and conditions of the plan. The KERP is designed to enhance retention of up to 61 other non-insider employees and provides a total award pool of approximately $3.5 million cash. The Bankruptcy Court approved the KERP on April 16, 2019. Financial Reporting in Reorganization Effective on the Petition Date, the Company began to apply accounting standards applicable to reorganizations, which are applicable to companies under Chapter 11 bankruptcy protection. They require the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Expenses, realized gains and losses, and provisions for losses that are directly associated with reorganization proceedings must be reported separately as reorganization items, net in the Unaudited Condensed Consolidated Statements of Operations. In addition, the balance sheet must distinguish pre-petition liabilities subject to compromise ("LSTC") of the Debtors from pre-petition liabilities that are not subject to compromise, post-petition liabilities, and liabilities of non-Debtor entities in the accompanying Unaudited Condensed Consolidated Balance Sheets. LSTC are pre-petition obligations that are not fully secured and have at least a possibility of not being repaid at the full claim amount. Where there is uncertainty about whether a secured claim will be paid or impaired pursuant to the Chapter 11 Cases, the Company has classified the entire amount of the claim as an outstanding liability. Furthermore, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in- possession, certain claims against the Debtors in existence before the filing of the petitions for relief under the federal bankruptcy laws are stayed while the Debtors continue business operations as debtors in possession. These claims are reflected in the unaudited Condensed Consolidated Balance Sheets at March 31, 2019 as LSTC. Additional LSTC may arise after the filing date resulting from rejection of executory contracts, including leases, and from the determination by the Bankruptcy Court (or agreed to by parties in interest) of allowed claims for contingencies and other disputed amounts. Claims secured against the Debtors' assets (secured claims) also are stayed, although the holders of such claims have the right to move the Bankruptcy Court for relief from the stay. The Company's secured claims are secured primarily by liens on certain of the Debtors’ receivables, inventory and spare parts and certain of their specified aircraft. Liabilities Subject to Compromise As a result of the commencement of the Chapter 11 Cases, the payment of pre-petition liabilities is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-petition liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Debtors authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Debtors' business and assets. Among other things, the Bankruptcy Court authorized, but did not require, the Debtors to pay certain pre-petition claims relating to employee wages and benefits, taxes, and certain critical vendors. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for different amounts. The amounts classified as LSTC may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, the determination of secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims, or other events. See Note 7 - “Liabilities Subject to Compromise” for a specific discussion on balances subject to compromise. Process for Plan of Reorganization As noted above, on April 1, 2019, the Debtors filed the Plan, which if confirmed by the Bankruptcy Court, would, among other things, resolve the Debtors’ prepetition obligations and issue equity for the reorganized Company and establish the reorganized Company’s corporate governance subsequent to exit from bankruptcy. In addition to being voted on by holders of impaired claims, the Plan must satisfy certain requirements of the Bankruptcy Code and must be approved, or confirmed, by the Bankruptcy Court in order to become effective. The Plan will be accepted by a class of holders of claims against the Debtors if at least one-half in number and two-thirds in dollar amount of claims actually voting in each class of claims impaired by the Plan have voted to accept the Plan. A class of claims or equity interests that does not receive or retain any property under the Plan on account of such claims or interests is deemed to have voted to reject the Plan. Under certain circumstances set forth in Section 1129(b) of the Bankruptcy Code, the Bankruptcy Court may confirm the Plan even if the Plan has not been accepted by all impaired classes of claims and equity interests. The precise requirements and evidentiary showing for confirming the Plan notwithstanding its rejection by one or more impaired classes of claims or equity interests depends upon a number of factors, including the status and seniority of the claims or equity interests in the rejecting class (i.e., unsecured or secured claims, subordinated or senior claims). Although the Plan provides that the Debtors will emerge from bankruptcy as a going concern, there can be no assurance at this time that the Debtors will be able to successfully confirm and consummate the Plan or any other alternative restructuring transaction, including a sale of all or substantially all of the Debtors’ assets, that satisfies the conditions of the Bankruptcy Code and is confirmed by the Bankruptcy Court, or that the Plan will be implemented successfully. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Reorganization Items, Net Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of professional fees for the period from March 15, 2019 through March 31, 2019.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2019
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 March 31, 2019 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 85,412 $ — $ — $ 85,412 Deferred compensation plan assets included in other assets 856 — — 856 Total $ 86,268 $ — $ — $ 86,268 Investments consisted of the following as of December 31, 2018 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ — $ — $ 26,308 Deferred compensation plan assets included in other assets 772 — — 772 Total $ 27,080 $ — $ — $ 27,080 At March 31, 2019 and December 31, 2018 , we classified $19.8 million of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as restricted cash and investments, as they are securing outstanding letters of credit with maturities beyond one year.

Valuation Accounts

Valuation Accounts	3 Months Ended
Valuation Accounts	Mar. 31, 2019
Revenue Recognition And Valuation Accounts [Abstract]
Revenue Recognition and Valuation Accounts	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 at March 31, 2019 , and December 31, 2018 , respectively. Revenues related to flights generated by our Air Medical segment are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care when the services are provided. The allowance for contractual discounts was $116.5 million and $123.8 million as of March 31, 2019 and December 31, 2018 , respectively. The allowance for uncompensated care was $51.6 million and $51.9 million as of March 31, 2019 and December 31, 2018 , respectively. Included in the allowance for uncompensated care listed above is the value of services to patients who are unable to pay when it is determined that they qualify for charity care. The value of these services was $1.9 million and $1.5 million for the quarters ended March 31, 2019 and 2018 , respectively. The estimated cost of providing charity services was $0.5 million and $0.4 million for the quarters ended March 31, 2019 and 2018, respectively. The estimated costs of providing charity services are based on a calculation that applies a ratio of costs to the charges for uncompensated charity care. The ratio of costs to charges is based on our Air Medical segment’s total expenses divided by gross patient service revenue. The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) as of the dates listed below was as follows: March 31, 2019 December 31, 2018 Allowance for Contractual Discounts 50% 51% Allowance for Uncompensated Care 22% 22% We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $18.4 million and $17.9 million at March 31, 2019 and December 31, 2018 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2019
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: March 31, 2019 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 85,412 $ 85,412 $ — Deferred compensation plan assets 856 856 — Total $ 86,268 $ 86,268 $ — December 31, 2018 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ 26,308 $ — Deferred compensation plan assets 772 772 — Total $ 27,080 $ 27,080 $ — We hold our short-term investments in an investment fund consisting of high quality money market instruments of governmental and private issuers, which is classified as a short-term investment. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. These items are traded with sufficient frequency and volume to provide pricing on an ongoing basis. The fair values of the investments in these funds are based on observable market prices, and therefore, have been categorized in Level 1 in the fair value hierarchy. Level 2 inputs reflect quoted prices for identical assets or liabilities that are not actively traded. These items may not be traded daily; examples include commercial paper, corporate bonds and U.S. government agencies debt. There have been no reclassifications of assets between Level 1 and Level 2 investments during the periods covered by the financial statements included in this report. We hold no Level 2 or Level 3 investments. Cash, accounts receivable, accounts payable and accrued liabilities, and term loan debt all had fair values approximating their carrying amounts at March 31, 2019 and December 31, 2018 . We determine the estimated fair value of our 5.25% Senior Notes due 2019 (the "Senior Notes") using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our 5.25% Senior Notes due 2019, based on quoted market prices, was $313.2 million and $344.2 million at March 31, 2019 and December 31, 2018 , respectively. We provide no assurances, however, that the ultimate recovery of the holders of these notes pursuant to the Chapter 11 Cases will correspond to these fair values as of these prior dates.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	DEBT Listed below is information regarding our indebtedness. All indebtedness owed under our Senior Notes as of March 31, 2019 is classified as subject to compromise, and as of December 31, 2018 was classified as short-term debt on our balance sheet. The Thirty-Two, LLC and Blue Torch term loans are classified as long-term debt as of March 31, 2019, except for the amount due within the next twelve months. March 31, 2019 December 31, 2018 Principal Unamortized Principal Unamortized Unsecured (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 $ — $ 500,000 $ 260 Secured Term Loan - Blue Torch Finance, LLC, interest payable quarterly at LIBOR plus 6%, maturing March 13, 2023 70,000 5,609 — — Related Party Term Loan - Thirty Two L.L.C., interest payable quarterly at 6%, due September 28, 2020 130,000 656 130,000 765 Total indebtedness 700,000 6,265 630,000 1,025 Less: Current maturities (875 ) — (500,000 ) — $ 699,125 $ 6,265 $ 130,000 $ 1,025 Senior Notes - Subject to the automatic stay of the Bankruptcy Code, our 5.25% Senior Notes (the “Senior Notes”) matured on March 15, 2019 . These notes are unconditionally guaranteed on a senior basis by each of PHI, Inc.’s wholly-owned domestic subsidiaries. These notes and related guarantees are the general, unsecured obligations of PHI, Inc. and the guarantors. For more information regarding the impact of our bankruptcy proceedings on the Senior Notes, see Note 2. Blue Torch Term Loan Agreement - On March 13, 2019, we entered into a Loan Agreement, dated the same date (the “Term Loan Agreement”), by and among the Company, as borrower, certain of our subsidiaries as guarantors party thereto, the lenders from time to time party thereto, and Blue Torch Finance, LLC, as administrative agent and collateral agent, for a first lien term loan of up to $70 million (the “Term Loan”). Immediately upon entering into the Term Loan Agreement, and prior to the filing of the Chapter 11 Cases, we borrowed $70 million thereunder, the net proceeds of which (after the payment of transaction expenses and fees thereunder) are expected to be used to continue to fund the working capital and liquidity requirements of the Company during the pendency of the Chapter 11 Cases and thereafter. For additional information regarding our Chapter 11 Cases, see Notes 2 and 7 herein and Notes 1 and 19 on our filed 2018 10-K. The full principal amount of the Term Loan is due March 13, 2023. At our election, borrowings under the Term Loan bear interest at either the LIBOR Rate (as defined in the Term Loan Agreement) plus 6% or the Base Rate (as defined in the Term Loan Agreement) plus 5% . The Term Loan is secured by a first lien on 91 aircraft registered and located in Antarctica, Australia, Canada, and the United States (which are currently deployed primarily in our oil and gas and technical services operations), the related spare parts for such aircraft, and certain other non-working capital assets, as well as a second lien on all working capital assets (second in priority to the liens granted under our below-described term loan agreement, dated as of September 28, 2018, with Thirty Two, L.L.C.). The Term Loan Agreement contains customary pre-payment requirements. In addition, we paid on March 13, 2019 a funding fee, which is subject to forgiveness based on certain future events. The Term Loan Agreement contains certain customary negative covenants that, among other things, restrict, subject to certain exceptions, the Company’s and each guarantor’s incurrence of additional indebtedness or liens, mergers, dispositions of assets, investments, restricted payments, modifications to material agreements, sale and leasebacks, transactions with affiliates, fundamental changes, locations of certain aircraft and acquisitions of assets. In addition, the financial covenants under the Term Loan Agreement require us to maintain (a) minimum liquidity of the Company, the guarantors and their respective subsidiaries, as of the last day of any calendar month, of at least $20 million of unrestricted cash and cash equivalents (provided that at least $10 million of such cash and cash equivalents shall, as of any date of determination, be held solely by the Company and the guarantors); (b) a minimum fixed charge coverage ratio, as of the last day of the following test periods, commencing with the first full fiscal quarter following the effective date of the plan of reorganization in the Chapter 11 Cases, of at least (i) 0.0000 :1.00 for quarters ending on or prior to March 31, 2020, (ii) 0.1875 :1.00 for quarters ending from June 30, 2020 through September 30, 2020, (iii) 0.3750 :1.00 for quarters ending from December 31, 2020 through March 31, 2021, (iv) 0.9125 :1.00 for quarters ending from June 30, 2021 through September 30, 2021, and (v) 1.2000 :1.00 for quarters ending on December 31, 2021 and thereafter; (c) a secured leverage ratio, as of the last day of each of the following test periods, commencing with the first full fiscal quarter ending following the effective date of the plan of reorganization in the Chapter 11 Cases (as defined below), of no greater than (i) 4.50 :1.00 on or prior to September 30, 2020, (ii) 4.25 :1.00 from December 31, 2020 through September 30, 2021, (iii) 4.00 :1.00 from December 31, 2021 through December 30, 2022 and (iv) 3.75 :1.00 on December 31, 2022 and thereafter; and (d) a total appraisal ratio of the aircraft collateral (less dispositions permitted under the Term Loan Agreement) to borrowings outstanding under the Term Loan, as of the last day of any calendar month, of at least 4.00 :1.00. The Term Loan Agreement also contains customary affirmative covenants and customary representations and warranties. As of the date of these financial statements, we are in compliance with these covenants. The Term Loan Agreement specifies certain customary events of default, including, among others, failure to pay principal or interest on the Term Loan when due, the breach of representations or warranties in any material respect, non-performance of other covenants and obligations, judgments in excess of $2.5 million , the occurrence of certain ERISA events resulting in liability in excess of $2.5 million , impairments of more than $2.5 million of the collateral securing the Term Loan, and certain change of control events. The filings of the Chapter 11 Cases neither constituted an event of default nor accelerated payment of the Company’s indebtedness under the Term Loan Agreement. Related Party Term Loan - On September 28, 2018, we entered into a term loan agreement with Thirty Two L.L.C., which provided us with a term loan of $130 million maturing on September 28, 2020. This loan bears interest at an annual fixed rate of 6% payable quarterly, with all principal due on maturity. Thirty Two L.L.C., an entity wholly-owned by our CEO and controlling shareholder, is a related party. Contemporaneously with borrowing $130.0 million under the term loan, we applied approximately $122.7 million of the loan proceeds to repay principal and accrued interest under our senior secured revolving credit facility, which was terminated in connection with such repayment, and applied the remainder of the proceeds to cash to collateralize certain outstanding letters of credit. Obligations under the term loan are guaranteed by PHI Air Medical, L.L.C. and PHI Tech Services, Inc., both of which are wholly-owned by us. Our obligations and the guarantors’ obligations are secured by all of their respective inventory, spare parts and accounts receivable located in the U.S. The related party term loan agreement contains customary restrictive covenants that, subject to certain exceptions and limitations, limit or restrict our ability to, among other things, (i) purchase, retire or redeem any shares of our capital stock; (ii) incur indebtedness; (iii) mortgage or encumber our assets; (iv) make loans to, or guarantee the indebtedness of, any individual or entity; (v) effect a change of control of PHI; (vi) consolidate with or merge into any other corporation, or permit any other corporation to merge into us; (vii) sell or lease all or substantially all of our assets; or (viii) acquire all or a substantial part of the assets or capital stock of another entity. The term loan agreement contains no financial covenants. The term loan agreement contains customary representations and warranties, affirmative covenants and events of default. Letter of Credit - At March 31, 2019, we had $19.8 million of outstanding letters of credit secured by a like amount of restricted cash, $12.2 million of which secured certain domestic operations or insurance policies and $7.6 million of which guaranteed our performance under an international contract. At December 31, 2018, we had $19.8 million of outstanding letters of credit issued for the same purposes. Other - PHI, Inc. has cash management arrangements with certain of its principal subsidiaries, in which substantial portions of the subsidiaries’ cash is regularly advanced to PHI, Inc. Although PHI, Inc. periodically repays these advances to fund the subsidiaries’ cash requirements throughout the year, at any given point in time PHI, Inc. may owe a substantial sum to its subsidiaries under these advances, which, in accordance with GAAP, are eliminated in consolidation and therefore not recognized on our consolidated balance sheets. For additional information, see Note 15. Acceleration of Certain Debt Obligations - The commencement of the Chapter 11 Cases constituted an event of default that accelerated the obligations under the indenture governing our 5.25% Senior Notes due 2019 and our term loan agreement with Thirty Two, L.L.C. Any efforts to enforce payment of such financial obligations under such instruments and agreements are automatically stayed as a result of the Chapter 11 Cases and the holders’ rights of enforcement in respect of such financial obligations are subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

Liabilities Subject to Compromi

Liabilities Subject to Compromise	3 Months Ended
Liabilities Subject to Compromise	Mar. 31, 2019
Reorganizations [Abstract]
Liabilities Subject to Compromise	LIABILITIES SUBJECT TO COMPROMISE As a result of the filing of the Chapter 11 Cases on March 14, 2019, we have classified unsecured pre-petition liabilities that are expected to be impaired pursuant to the Plan as liabilities subject to compromise in our Condensed Consolidated Balance Sheet at March 31, 2019. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. If there was uncertainty at the time of determination about whether a secured claim was under-secured or would be impaired under the Plan, we reflected the entire amount of the claim as an outstanding liability. The amounts classified at March 31, 2019 as liabilities subject to compromise represent the Company’s estimate as of the filing date of this report of claims as of March 31, 2019 expected to be allowed under the Plan. The Company’s obligations under the Senior Notes have been affected by the bankruptcy filing. As such, the outstanding balance of these Senior Notes and related accrued pre-petition interest have been classified as liabilities subject to compromise in the condensed consolidated balance sheet as of March 31, 2019. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities have been stayed during the pendency of the Chapter 11 Cases. Although payment of pre-petition claims is generally not permitted, the Bankruptcy Court approved the Debtors’ “first day” motions allowing, among other things, the Company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business. As a result of this approval, the Company continues to pay certain pre-petition claims in designated categories and subject to certain terms and conditions in the ordinary course of business, and we have not classified these liabilities as subject to compromise in the Condensed Consolidated Balance Sheet as of March 31, 2019. With respect to pre-petition claims, the Company notified all known claimants of the deadline to file a proof of claim with the Court. The Company has been paying and intends to continue to pay post-petition claims in the ordinary course of business. The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheet as of March 31, 2019. See Note 6 - “Debt” for further information on our Senior Notes and related balances subject to compromise: March 31, 2019 (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 Accrued interest payable 13,125 Total liabilities subject to compromise $ 513,125

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and three months ended March 31, 2019 and 2018 are as follows: Quarter Ended 2019 2018 (Thousands of shares) Weighted average outstanding shares of common stock, basic 15,825 15,806 Dilutive effect of unvested restricted stock units — — Weighted average outstanding shares of common stock, diluted (1) 15,825 15,806 (1) For the quarters ended March 31, 2019 and 2018, 1,343,753 and 490,843 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	3 Months Ended
Stock-Based Compensation	Mar. 31, 2019
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 quarters ended March 31, 2019 and 2018. Quarter Ended 2019 2018 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 840 $ 642 Performance-based restricted stock units 475 677 Total stock-based compensation expense $ 1,315 $ 1,319 During the quarter ended March 31, 2019, no time-based restricted units or performance units were awarded to managerial employees. On February 20, 2019, the PHI Compensation Committee approved the vesting of the 2017 performance RSUs based on the Company’s financial results exceeding the pre-determined business performance metrics set in 2017 for the two year performance period (January 1, 2017 - December 31, 2018). The PHI Compensation Committee decided to settle these vested RSU awards in cash based upon the closing market price on February 20, 2019, the date of the committee's certification that the performance metrics were met ( $2.21 per share). The total amount of cash paid was $0.8 million . On February 20, 2019, the Compensation Committee certified that the performance metrics for performance-based restricted stock units granted in 2016 had not been met, which resulted in the forfeiture of 667,238 of such RSUs.

Asset Disposals

Asset Disposals	3 Months Ended
Asset Disposals	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Asset Disposals	ASSET DISPOSALS There were no sales or disposals of aircraft during the first quarter of 2019. We had an immaterial amount of non-aircraft disposals during the first quarter of 2019. During the first quarter of 2018, we disposed of one light aircraft previously utilized in the Air Medical segment and donated to a charitable organization one aircraft previously used in our Oil and Gas segment. These aircraft no longer met our strategic needs. Cash proceeds from the sale totaled $0.8 million , resulting in a $0.9 million loss on the disposal of these assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments – We currently have no aircraft purchase commitments. Environmental Matters – We have recorded an estimated liability of $0.15 million as of March 31, 2019 for environmental response costs. Previously, we conducted environmental surveys of our former Lafayette Facility located at the Lafayette Regional Airport, which we vacated in 2001, and determined that limited soil and groundwater contamination exist at two parcels of land at the former facility. An Assessment Report for both parcels was submitted in 2003 (and updated in 2006) to the Louisiana Department of Environmental Quality ("LDEQ") and the Louisiana Department of Natural Resources ("LDNR"). Approvals for the Assessment Report were received from the LDEQ and LDNR in 2010 and 2011, respectively. Since that time, we have performed groundwater sampling of the required groundwater monitor well installations at both parcels and submitted these sampling reports to the LDEQ. Pursuant to an agreement with the LDEQ, we provided groundwater sample results semi-annually to the LDEQ for both parcels from 2005 to 2015. The LDEQ approved a reduction in the sampling program from semi-annual to annual groundwater monitoring in 2015. Based on our working relationship and agreements with the LDEQ, and the results of ongoing former facility parcel monitoring, we believe that ultimate remediation costs for the subject parcels will not be material to our consolidated financial position, operations or cash flows. Legal Matters – From time to time, we are involved in various legal actions incidental to our business, including actions relating to employee claims, medical malpractice claims, tax issues, grievance hearings before labor regulatory agencies, and miscellaneous third party tort actions. The outcome of these proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of our presently pending proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows. Notwithstanding the foregoing, any litigation pending against us or any of the Debtors as of the Petition Date and any claims that could be asserted against us or an of the Debtors that arose prior to the Petition Date are automatically stayed as a result of the commencement of the Chapter 11 Cases pursuant to the section 362(2) of the Bankruptcy Code, subject to certain statutory exceptions. These matters will be subject to resolution in accordance with the Bankruptcy Code and applicable orders of the Bankruptcy Court.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION In 2014, the Financial Accounting Standard Board ("the FASB") issued ASC 606, Revenue from Contracts with Customers (“ASC 606”), replacing the existing accounting standard and industry specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 became effective on January 1, 2018 and we adopted it using the modified retrospective method applied to open contracts and only to the version of the contracts in effect as of January 1, 2018. There was no impact on the condensed consolidated financial statements and no cumulative effect adjustment was recognized. In general, under ASC 606, we recognize revenue when a service or good is sold to a customer and a contract exists. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services has been transferred to the customer, the transaction price has been determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. Taxes billed to and collected from customers and remitted to governmental authorities are reported as revenue on a net basis in our financial statements. Thus, we exclude taxes billed to the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Oil & Gas Revenue Recognition - We provide helicopter services to oil and gas customers operating in the Gulf of Mexico and a number of foreign countries. Revenues are recognized when performance obligations are satisfied over time in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services rendered. Air Medical Revenue Recognition - We provide helicopter services to hospitals and emergency service providers in several U.S. states, or to individual patients in the U.S. in which case we are paid by either a commercial insurance company, federal or state agency, or the patient. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Revenues related to the independent provider model services are recorded in the period in which we satisfy our performance obligations under contracts by providing our services to our customers based upon established billing rates net of contractual allowances under agreements with third party payors and net of uncompensated care allowances. These amounts are due from patients, third-party payors (including health insurers and government programs), and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients and third-party payors several days after the services are performed. Revenues generated under the traditional provider model are recognized as performance obligations are satisfied over time in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled in exchange for services rendered. Oil & Gas Performance Obligations - A performance obligation arises under contracts with customers to render services and is the unit of account under ASC 606. Operating revenue from our Oil and Gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which are competitively bid. A small portion of our Oil and Gas segment revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one to seven years (subject to provisions permitting early termination on relatively short notice by the customers). We account for services rendered separately if they are distinct and the services are separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. The nature of our variable charges within our flight services contracts are not effective until a customer-initiated flight order and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated before hand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. The majority of our revenue is recognized as performance obligations satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis with the term between invoicing and when the payment is due typically being between 30 and 60 days. Air Medical Performance Obligations - Performance obligations are determined based upon the nature of the services provided. Under the independent provider model, we measure the performance obligation from the moment the patient is loaded into the aircraft until it reaches its destination. Under this model, we have no fixed revenue stream and compete for transport referrals on a daily basis with other independent operators in the area. Under the traditional provider model, we contract directly with the customer to provide their transportation services. These contracts are typically awarded or renewed through competitive bidding and typically permit early termination by the customer on relatively short notice. As a traditional provider, we typically bill a fixed monthly rate for aircraft availability and an hourly rate for flight time. For each of these types of helicopter services, we have determined that each has a single distinct performance obligation. Traditional provider models services include fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. The variable charges within such contracts are not effective until the customer initiates a flight order and the actual hours flown are determined; therefore, the associated revenue generally cannot be reasonably and reliably estimated beforehand. For the traditional provider model, we determine the transaction price based upon standard charges for goods and services provided. As an independent provider, we bill for our services on the basis of a flat rate plus a variable charge per patient-loaded mile, regardless of aircraft model, and are typically compensated by private insurance, Medicaid or Medicare, or directly by transported patients who self-pay. We recognize revenues for performance obligations satisfied at a point in time, which generally relate to patients receiving air medical services when: (1) services are provided; and (2) we do not believe the patient requires additional services. For the independent provider model, we determine the transaction price based upon gross charges for services provided reduced by contractual adjustments provided to third-party payors, discounts provided to uninsured patients in accordance with Company policy, and/or implicit price concessions provided to uninsured patients. We determine estimates of contractual adjustments and discounts based upon contractual agreements, our discount policy, and historical experience. We determine our estimate of implicit price concessions based upon our historical collection experience with these classes of patients using a portfolio approach as a practical expedient to account for patient contracts as collective groups, rather than individually. The financial statement effects of using this practical expedient are not materially different from an individual contract approach. We estimate contractual allowances and uncompensated care based on historical collection experience by payor category. The main payor categories are Medicaid, Medicare, private insurance, and self-pay. Changes in payor mix, reimbursement rates and uncompensated care rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts by category. The allowance percentages calculated are applied to the payor categories, and the necessary adjustments are made to the revenue allowance. In our Air Medical Segment, the allowance for contractual discounts against outstanding accounts receivable was $116.5 million , and $123.8 million as of March 31, 2019, and December 31, 2018, respectively, and the allowance for uncompensated care against outstanding accounts receivable was $51.6 million , and $51.9 million as of March 31, 2019 and December 31, 2018, respectively. Included in the allowance for uncompensated care above is the value of services to patients who are unable to pay when it is determined that they qualify as charity care. The value of these services was $1.9 million , and $1.5 million for the quarter ended on March 31, 2019 and 2018, respectively. The estimated cost of providing charity services was $0.5 million , and $0.4 million for the quarter ended March 31, 2019, and 2018, respectively. The estimated costs of providing charity services are based on a calculation that applies a ratio of costs to the charges for uncompensated charity care. The ratio of costs to charges is based on the Air Medical independent provider model’s total expenses divided by gross patient service revenue. In determining the allowance estimates for our Air Medical segment’s billing, receivables and revenue, we utilize the prior twelve months’ payment history and current trends in payor behavior by each separate payor group, which we evaluate on a state by state basis. A percentage of amounts collected compared to the total invoice is determined from this process and applied to the current month’s billings and receivables. If a receivable related to the self-pay category is outstanding twelve months or greater, we record a reserve equal to 100% of the receivable. Receivables related to other payor categories are scrutinized when they are outstanding for nine months or longer and additional allowances are recorded if warranted. As of March 31, 2019 and December 31, 2018, net receivables related to our (i) Oil and Gas segment were $75.8 million and $74.1 million , (ii) Air Medical segment were $90.4 million and $90.2 million and (iii) Technical Services segment were $3.1 million and $4.1 million , respectively. We generally have a right to consideration in an amount that corresponds directly with the value to the customer of the entity's performance completed to date and may recognize revenue in the amount to which the entity has a right to invoice. We have elected to use the invoice practical expedient for revenue recognized when performance obligations are satisfied over time. In addition, payment for goods and services rendered is typically due in the subsequent month following satisfaction of our performance obligation. Our contracts typically include termination clauses that allow both parties to terminate existing contracts with a 30 to 180 day notice period. Our Technical Services segment - provides helicopter flight services and helicopter repair and overhaul services for existing flight operations customers that own their own aircraft. Under this segment, we periodically provide certain services to governmental customers, including our agreement to operate six aircraft for the National Science Foundation in Antarctica. Under this segment, we also offer certain software as a service to our Oil and Gas customers. Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered. For these helicopter services, we determined that each has a single distinct performance obligation. The following table presents the Company’s revenues by segment disaggregated by type (in thousands): For the Quarter Ended March 31, 2019 2018 Service Revenue Oil & Gas $ 84,946 $ 95,640 Air Medical 56,646 56,988 Technical Services 10,298 7,742 Total Services $ 151,890 $ 160,370 Air Medical Revenue Traditional provider model $ 11,018 $ 11,106 Independent provider model 45,628 45,882 Total Air Medicals Revenues $ 56,646 $ 56,988

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2019
Leases [Abstract]
Leases	LEASES The Company adopted ASU 2016-02 standard on a prospective basis on January 1, 2019 and used the effective date as the date of initial application. Therefore, prior period financial information has not been adjusted and continues to be reflected in accordance with the Company’s historical accounting policy. The standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company elected to adopt the "package of practical expedients" under ASU No. 2018-11, which allows the Company to carry forward its historical assessments of whether existing agreements contain a lease, classification of existing lease agreements, and treatment of initial direct lease costs. The Company also elected to exclude short-term leases (those with terms of 12 months or less) from the balance sheet presentation and accounts for non-lease and lease components as a single lease component for all asset classes. The adoption of ASU 2016-02 had the effects specified in Note 1. Accounting Policy for Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are operating leases and are included in ROU assets, accounts payable and operating lease liabilities in the Company's Condensed Consolidated Balance Sheet at March 31, 2019. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease. The lease term includes options to extend when we are reasonably certain to exercise the option. We are not, however, reasonably certain that we will exercise any of the options to extend and as such, they have not been included in the remaining lease terms. Overview We lease certain aircraft, facilities, and equipment used in our operations. The related lease agreements, which include both non-cancelable and month-to-month terms, generally provide for fixed monthly rentals, and certain real estate leases also include renewal options. We generally pay all insurance, taxes, and maintenance expenses associated with these leases, and these costs are not included in the lease liability and are recognized in the period in which they are incurred. Total operating lease expense was $10.5 million and $11.8 million for the three months ended March 31, 2019 and 2018, respectively. For the three months ended March 31, 2019, a portion of the total operating lease expense relating to short-term leases was $1.5 million . Operating leases at March 31, 2019 were as follows (in thousands): March 31, 2019 (Thousands of dollars) Operating lease right-of-use-assets $ 144,198 Current portion of operating lease liabilities 26,544 Operating lease liabilities 118,436 Total operating lease liabilities $ 144,980 Cash paid for operating leases 10,535 ROU assets obtained in exchange for lease obligations 645 Weighted average remaining lease term 5 years Weighted average discount rate 8.25% Maturities of operating lease liabilities at March 31, 2019 are as follows (in thousands): Operating Three Months Ending March 31, Leases Thousands of dollars Remainder of 2019 $ 28,457 2020 35,020 2021 34,243 2022 32,272 2023 22,003 Thereafter 33,525 Total lease payments 185,520 Less imputed interest (40,540 ) Total $ 144,980

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2019
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. Each segment has a portion of selling, general and administrative expenses that is charged directly to the segment, and a small portion that is allocated. Direct charges represent the vast majority of segment selling, general and administrative expenses. Allocated selling, general and administrative expenses are based primarily on total segment costs as a percentage of total operating costs. A significant portion of our selling, general and administrative expenses are neither charged nor allocated to our segments. Oil and Gas Segment - Our Oil and Gas segment, headquartered in Lafayette, Louisiana, provides helicopter services primarily for the major integrated and independent oil and gas production companies transporting personnel or equipment to offshore platforms in the Gulf of Mexico and a number of foreign countries. Our customers include Shell Oil Company, BP America Production Company, ExxonMobil Production Company, and ConocoPhillips Company, with whom we have worked for 35 or more years, and ENI Petroleum, with whom we have worked for more than 20 years. At March 31, 2019 , we had available for use 122 aircraft in this segment. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination upon relatively short notice by the customers), with payment in U.S. dollars. For the quarters ended March 31, 2019 and 2018, respectively, approximately 56% and 59% of our total operating revenues were generated by our Oil and Gas segment, with approximately 86% and 88% of these revenues from fixed-term customer contracts. The remaining 14% and 12% 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 March 31, 2019 , our Air Medical segment operated approximately 110 aircraft in 18 states at 80 separate locations. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Under the independent provider model, we have no fixed revenue stream and compete for transport referrals on a daily basis with other independent operators in the area. Under the traditional provider model, we contract directly with the customer to provide their transportation services, with the contracts typically awarded or renewed through competitive bidding. For the quarters ended March 31, 2019 and 2018, approximately 37% and 36% of our total operating revenues were generated by our Air Medical segment. Estimates regarding the payor mix and changes in reimbursement rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts fully closed, by category. Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows for the periods listed below: Quarter Ended 2019 2018 Provision for contractual discounts 67 % 69 % Provision for uncompensated care 11 % 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 for the periods listed below: Quarter Ended 2019 2018 Insurance 68 % 71 % Medicare 23 % 20 % Medicaid 7 % 9 % Self-Pay 2 % — % We also have a limited number of contracts with hospitals under which we receive a fixed fee component for aircraft availability and a variable fee component for flight time. Most of our contracts with hospitals contain provisions permitting early termination by the hospital, typically with 180 days’ notice for any reason and generally with penalty. Those contracts generated approximately 18% and 18% of the segment’s revenues for the quarters ended March 31, 2019 and 2018 , respectively. We also derive a small portion of the segment’s revenues from providing services under our patient navigation business. Technical Services Segment - Our Technical Services segment provides helicopter flight services and helicopter repair and overhaul services for existing flight operations customers that own their aircraft. Costs associated with these services are primarily labor, and customers are generally billed at a percentage above our service costs. In the past, we also have periodically provided flight services to governmental customers under this segment, including operating six aircraft for the National Science Foundation in Antarctica, under a contract that lapsed on April 30, 2019. Also included in this segment are our proprietary Helipass operations, which provide software as a service to certain of our Oil and Gas customers for the purpose of passenger check-in and compliance verification. For each of the quarters ended March 31, 2019 and 2018 , approximately 7% of our total operating revenues were generated by our Technical Services segment. Summarized financial information concerning our reportable operating segments for the quarters ended March 31, 2019 and 2018 is as follows: Quarter Ended 2019 2018 (Thousands of dollars) Segment operating revenues Oil and Gas $ 84,946 $ 95,640 Air Medical 56,646 56,988 Technical Services 10,298 7,742 Total operating revenues, net 151,890 160,370 Segment direct expenses (1) (2) Oil and Gas (1) 89,968 96,507 Air Medical 57,081 53,832 Technical Services 8,464 5,887 Total direct expenses 155,513 156,226 Segment selling, general and administrative expenses Oil and Gas 4,761 4,921 Air Medical 3,292 3,167 Technical Services 148 370 Total segment selling, general and administrative expenses 8,201 8,458 Total segment direct and selling, general and administrative expenses 163,714 164,684 Net segment (loss) profit Oil and Gas (9,783 ) (5,788 ) Air Medical (3,727 ) (11 ) Technical Services 1,686 1,485 Total net segment profit (11,824 ) (4,314 ) Other, net (3) (91 ) (1,961 ) Unallocated selling, general and administrative costs (1) (4) (18,268 ) (7,001 ) Interest expense (8,166 ) (8,197 ) (Loss) earnings before income taxes $ (38,349 ) $ (21,473 ) =========== (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 2019 2018 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 11,278 $ 11,783 Air Medical 5,286 5,624 Technical Services 71 145 Total $ 16,635 $ 17,552 Unallocated SG&A $ 1,809 $ 1,915 (2) Includes equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income. (4) Represents corporate overhead expenses not allocable to segments.

Investment in Variable Interest

Investment in Variable Interest Entity	3 Months Ended
Investment in Variable Interest Entity	Mar. 31, 2019
Investment in Variable Interest Entity and Other Investments and Affiliates [Abstract]
Investment in Variable Interest Entity	INVESTMENT IN VARIABLE INTEREST ENTITY We account for our investment in PHI Century Limited ("PHIC") as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of March 31, 2019 , we had a 49% investment in the common stock of PHIC, a Ghanaian entity. We acquired our 49% interest on May 26, 2011 , PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended March 31, 2019 , we recorded gain in equity of this unconsolidated affiliate of $1.4 million compared to loss in equity of less than $0.1 million for the quarter ended March 31, 2018 relative to our 49% equity ownership. We had $4.1 million and $4.8 million of trade receivables from PHIC as of March 31, 2019 and December 31, 2018 , respectively. In 2018 we loaned PHIC $0.4 million for operating purposes. This loan balance is included in Accounts receivable - other on our Condensed Consolidated Balance Sheets at March 31, 2019 . Our investment in the common stock of PHIC is included in Other Assets on our Condensed Consolidated Balance Sheets and was $1.9 million at March 31, 2019 and $0.5 million at December 31, 2018 .

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
Other Comprehensive Income	Mar. 31, 2019
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	3 Months Ended
Condensed Consolidating Financial Information	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 6, on March 17, 2014, PHI, Inc. issued $500.0 million aggregate principal amount of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of PHI, Inc.’s domestic subsidiaries. PHI, Inc. directly or indirectly owns 100% of all of its domestic subsidiaries. The supplemental condensed financial information on the following pages sets forth, on a consolidated basis, the balance sheet, statement of operations, statement of comprehensive income, and statement of cash flows information for PHI, Inc. (“Parent Company”) the guarantor subsidiaries and the non-guarantor subsidiaries, each under separate headings. The eliminating entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements have been prepared on the same basis as the consolidated financial statements of PHI, Inc. The equity method is followed by the Parent Company within the financial information presented below. The transactions reflected in “Due to/from affiliates, net” in the following condensed consolidated statements of cash flows primarily consist of centralized cash management activities between PHI, Inc. and its subsidiaries, pursuant to which cash earned by the guarantor subsidiaries is regularly transferred to PHI, Inc. to be centrally managed. Because these balances are treated as short-term borrowings of the Parent Company, serve as a financing and cash management tool to meet our short-term operating needs, turn over quickly and are payable to the guarantor subsidiaries on demand, we present borrowings and repayments with our affiliates on a net basis within the condensed consolidating statement of cash flows. Net receivables from our affiliates are considered advances and net payables to our affiliates are considered borrowings, and both changes are presented as financing activities in the following condensed consolidating statements of cash flows. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 1,335 $ 1,584 $ 12,965 $ — $ 15,884 Short-term investments 73,336 — — — 73,336 Accounts receivable – net 61,431 94,491 27,647 (4,756 ) 178,813 Intercompany receivable — 98,314 22,560 (120,874 ) — Inventories of spare parts – net 39,525 10,438 3,025 — 52,988 Prepaid expenses 9,605 2,881 1,458 — 13,944 Income taxes receivable 385 557 — — 942 Total current assets 185,617 208,265 67,655 (125,630 ) 335,907 Investment in subsidiaries 470,310 — — (470,310 ) — Property and equipment – net 567,578 289,267 39,591 — 896,436 Right of use assets 122,365 12,130 9,703 144,198 Restricted cash and investments 19,789 — — — 19,789 Other assets 17,207 1,150 624 — 18,981 Deferred income tax — — 4,521 — 4,521 Total assets $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 31,793 $ 6,065 $ 5,752 $ (4,756 ) $ 38,854 Accrued and other current liabilities 14,000 12,183 5,900 — 32,083 Current portion of operating lease liabilities 21,043 3,406 2,095 — 26,544 Intercompany payable 64,894 13,452 42,528 (120,874 ) — Total current liabilities 131,730 35,106 56,275 (125,630 ) 97,481 Long-term debt 192,860 — — — 192,860 Deferred income taxes and other long-term liabilities 475 57,787 160 — 58,422 Long-term operating lease liabilities 102,033 8,809 7,594 — 118,436 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 316,400 77,951 132,297 (210,248 ) 316,400 Accumulated other comprehensive loss (3 ) — (3,135 ) — (3,138 ) Retained earnings 126,246 331,159 (71,097 ) (260,062 ) 126,246 Total shareholders’ equity 442,643 409,110 58,065 (470,310 ) 439,508 Total liabilities and shareholders’ equity $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Goodwill — — — — — Intangible assets — — — — — Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 74,032 $ 59,302 $ 24,339 $ (5,783 ) $ 151,890 Expenses: Direct expenses 84,502 59,026 19,129 (5,783 ) 156,874 Selling, general and administrative expenses 18,050 3,437 3,386 (4 ) 24,869 Total operating expenses 102,552 62,463 22,515 (5,787 ) 181,743 Loss on disposal of assets, net 51 — — — 51 Equity in income of unconsolidated affiliates, net (1,361 ) — — — (1,361 ) Operating (loss) income (27,210 ) (3,161 ) 1,824 4 (28,543 ) Equity in net income of consolidated subsidiaries 1,127 — — (1,127 ) — Interest expense 8,162 4 — — 8,166 Reorganization items, net 1,600 — — — 1,600 Other income, net (188 ) — 224 4 40 10,701 4 224 (1,123 ) 9,806 (Loss) earnings before income taxes (37,911 ) (3,165 ) 1,600 1,127 (38,349 ) Income tax (benefit) expense (2,670 ) (935 ) 497 — (3,108 ) Net (loss) earnings $ (35,241 ) $ (2,230 ) $ 1,103 $ 1,127 $ (35,241 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 78,092 $ 58,709 $ 49,502 $ (25,933 ) $ 160,370 Expenses: Direct expenses 83,997 55,364 42,779 (25,914 ) 156,226 Selling, general and administrative expenses 8,747 3,167 3,549 (4 ) 15,459 Total operating expenses 92,744 58,531 46,328 (25,918 ) 171,685 Loss (gain) on disposal of assets, net 879 — — — 879 Equity in (income) loss of consolidated affiliate 37 — — — 37 Operating (loss) income (15,568 ) 178 3,174 (15 ) (12,231 ) Equity in net income of consolidated subsidiaries (2,099 ) — — 2,099 — Interest expense 8,195 1 543 (542 ) 8,197 Other income, net 305 — 213 527 1,045 6,401 1 756 2,084 9,242 (Loss) earnings before income taxes (21,969 ) 177 2,418 (2,099 ) (21,473 ) Income tax (benefit) expense (4,986 ) — 496 — (4,490 ) Net (loss) earnings $ (16,983 ) $ 177 $ 1,922 $ (2,099 ) $ (16,983 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (35,241 ) $ (2,230 ) $ 1,103 $ 1,127 $ (35,241 ) Unrealized gain on short-term investments — — — — — Currency translation adjustments — — 806 — 806 Tax effect of the above-listed adjustments — — 8 — 8 Total comprehensive (loss) income $ (35,241 ) $ (2,230 ) $ 1,917 $ 1,127 $ (34,427 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (16,983 ) $ 177 $ 1,922 $ (2,099 ) $ (16,983 ) Unrealized gain on short-term investments 471 — — — 471 Currency translation adjustments — — 467 467 Changes in pension plan asset and benefit obligations (9 ) — — — (9 ) Tax effect of the above-listed adjustments (185 ) — — — (185 ) Total comprehensive (loss) income $ (16,706 ) $ 177 $ 2,389 $ (2,099 ) $ (16,239 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash used in operating activities $ (32,855 ) $ (869 ) $ 825 $ — $ (32,899 ) Investing activities: Purchase of property and equipment (6,575 ) — (372 ) — (6,947 ) Proceeds from asset dispositions 12 — — — 12 Purchase of short-term investments (139,616 ) — — — (139,616 ) Proceeds from sale of short-term investments 80,512 — — — 80,512 Refund of deposit on aircraft 503 — — — 503 Net cash used in investing activities (65,164 ) — (372 ) — (65,536 ) Financing activities: Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 70,000 Due to/from affiliate, net (4,046 ) 1,194 2,852 — — Net cash provided by financing activities 60,286 1,194 2,852 — 64,332 Effect of exchange rate changes on cash — — (864 ) — (864 ) Increase (decrease) in cash, cash equivalents and restricted cash (37,733 ) 325 2,441 — (34,967 ) Cash, cash equivalents and restricted cash at the beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 9,048 $ 1,584 $ 12,965 $ — $ 23,597 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (9,764 ) $ 6,141 $ 2,191 $ — $ (1,432 ) Investing activities: Purchase of property and equipment (5,459 ) — (1,206 ) — (6,665 ) Proceeds from asset dispositions 842 — — — 842 Purchase of short-term investments (134,319 ) — — (134,319 ) Proceeds from sale of short-term investments 136,259 — — 136,259 Payments of deposits on aircraft (274 ) — — (274 ) Net cash provided by investing activities (2,951 ) — (1,206 ) — (4,157 ) Financing activities: Proceeds from line of credit 33,750 — — — 33,750 Payments on line of credit (29,500 ) — — — (29,500 ) Due to/from affiliate, net 8,472 (6,234 ) (2,238 ) — — Net cash provided by (used in) financing activities 12,722 (6,234 ) (2,238 ) — 4,250 Increase (decreased) in cash 7 (93 ) (1,253 ) — (1,339 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 54 $ 979 $ 6,398 $ — $ 7,431

Debtor in Possession

Debtor in Possession	3 Months Ended
Debtor in Possession	Mar. 31, 2019
Reorganizations [Abstract]
Debtor in Possession	DEBTOR IN POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed financial statements of the Debtors. The Debtors include PHI, Inc., PHI Air Medical, LLC, PHI Tech Services, Inc., PHI Helipass, LLC, and AM Equity Holdings, LLC. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the non–debtor subsidiaries have not been eliminated in the Debtors’ financial statements. PHI, INC. AND DEBTOR'S CONDENSED COMBINED BALANCE SHEETS (Thousands of dollars, except share data) (Unaudited) March 31, ASSETS Current Assets: Cash and cash equivalents $ 2,781 Short-term investments 73,336 Accounts receivable – net Trade 145,914 Other 5,229 Inventories of spare parts – net 49,963 Prepaid expenses 12,487 Income taxes receivable 942 Total current assets 290,652 Property and equipment – net 856,827 Right of use assets 133,722 Restricted cash and investments 19,789 Other assets 149,142 Total assets $ 1,450,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 33,766 Accrued and other current liabilities 44,903 Current portion of operating lease liabilities 4,750 Current maturities of long term debt 875 Total current liabilities 84,294 Long-term debt: Term loan issued March 13, 2019, net of debt issuance costs of $5,609 63,516 Related party term loan issued September 28, 2018, net of debt issuance costs of $656 129,344 Deferred income taxes 54,938 Other long-term liabilities 3,324 Long-term operating lease liabilities 109,232 Total liabilities not subject to compromise 360,354 Liabilities subject to compromise 513,125 Total liabilities 957,773 Shareholders’ Equity: Voting common stock – par value of $0.10; 12,500,000 shares authorized, 2,905,757 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 291 Non-voting common stock – par value of $0.10; 37,500,000 shares authorized, 12,919,681 issued and outstanding at March 31, 2019 and December 31, 2018, respectively 1,290 Additional paid-in capital 313,304 Accumulated other comprehensive income (loss) (3 ) Retained earnings 177,477 Total shareholders’ equity 492,359 Total liabilities and shareholders’ equity $ 1,450,132 PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) Quarter Ended 2019 Operating revenues, net $ 126,662 Expenses: Direct expenses 137,049 Selling, general and administrative expenses 21,482 Total operating expenses 158,531 Loss on disposal of assets 51 Equity in (income) loss of unconsolidated affiliates, net (1,361 ) Operating (loss) income (30,559 ) Interest expense 8,166 Reorganization items, net 1,600 Other income – net (184 ) 9,582 Loss before income taxes (40,141 ) Income tax benefit (3,605 ) Net loss $ (36,536 ) PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) Quarter Ended 2019 Operating activities: Net loss (36,536 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 14,739 Deferred income taxes (3,689 ) Loss (gain) on asset dispositions 51 Equity in (income) loss of unconsolidated affiliate, net (1,361 ) Inventory valuation reserves 586 Changes in operating assets and liabilities (10,378 ) Net cash used in operating activities (36,588 ) Investing activities: Purchase of property and equipment (6,526 ) Proceeds from asset dispositions 12 Purchase of short-term investments (139,616 ) Proceeds from sale of short-term investments 80,512 Refund of Deposit on Aircraft 503 Net cash used in investing activities (65,115 ) Financing activities: Debt issuance cost (5,668 ) Proceeds from Term Loan 70,000 Net cash provided by financing activities 64,332 Decrease in cash, cash equivalents and restricted cash (37,371 ) Cash, cash equivalents and restricted cash at the beginning of period 47,865 Cash, cash equivalents and restricted cash end of period $ 10,494

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
Basis of Presentation Basis of Presentation (Tables)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Cash Flows (in thousands): March 31, December 31, March 31, December 31, 2019 2018 2018 2017 Cash and Cash Equivalents $ 15,884 $ 50,874 $ 7,431 $ 8,770 Restricted Cash 7,713 7,690 — — Total Cash, Cash Equivalents and Restricted Cash $ 23,597 $ 58,564 $ 7,431 $ 8,770

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Components of Investments	Investments consisted of the following as of March 31, 2019 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 85,412 $ — $ — $ 85,412 Deferred compensation plan assets included in other assets 856 — — 856 Total $ 86,268 $ — $ — $ 86,268 Investments consisted of the following as of December 31, 2018 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ — $ — $ 26,308 Deferred compensation plan assets included in other assets 772 — — 772 Total $ 27,080 $ — $ — $ 27,080

Valuation Accounts (Tables)

Valuation Accounts (Tables)	3 Months Ended
Valuation Accounts (Tables)	Mar. 31, 2019
Revenue Recognition And Valuation Accounts [Abstract]
Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable	The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) as of the dates listed below was as follows: March 31, 2019 December 31, 2018 Allowance for Contractual Discounts 50% 51% Allowance for Uncompensated Care 22% 22%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Financial Instruments Pricing Levels	The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: March 31, 2019 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 85,412 $ 85,412 $ — Deferred compensation plan assets 856 856 — Total $ 86,268 $ 86,268 $ — December 31, 2018 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 26,308 $ 26,308 $ — Deferred compensation plan assets 772 772 — Total $ 27,080 $ 27,080 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2019
Debt Disclosure [Abstract]
Components of Debt	Listed below is information regarding our indebtedness. All indebtedness owed under our Senior Notes as of March 31, 2019 is classified as subject to compromise, and as of December 31, 2018 was classified as short-term debt on our balance sheet. The Thirty-Two, LLC and Blue Torch term loans are classified as long-term debt as of March 31, 2019, except for the amount due within the next twelve months. March 31, 2019 December 31, 2018 Principal Unamortized Principal Unamortized Unsecured (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 $ — $ 500,000 $ 260 Secured Term Loan - Blue Torch Finance, LLC, interest payable quarterly at LIBOR plus 6%, maturing March 13, 2023 70,000 5,609 — — Related Party Term Loan - Thirty Two L.L.C., interest payable quarterly at 6%, due September 28, 2020 130,000 656 130,000 765 Total indebtedness 700,000 6,265 630,000 1,025 Less: Current maturities (875 ) — (500,000 ) — $ 699,125 $ 6,265 $ 130,000 $ 1,025

Liabilities Subject to Compro_2

Liabilities Subject to Compromise (Tables)	3 Months Ended
Liabilities Subject to Compromise (Tables)	Mar. 31, 2019
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table reflects pre-petition liabilities that are subject to compromise included in our Condensed Consolidated Balance Sheet as of March 31, 2019. See Note 6 - “Debt” for further information on our Senior Notes and related balances subject to compromise: March 31, 2019 (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, matured March 15, 2019 $ 500,000 Accrued interest payable 13,125 Total liabilities subject to compromise $ 513,125

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2019
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share for the quarter and three months ended March 31, 2019 and 2018 are as follows: Quarter Ended 2019 2018 (Thousands of shares) Weighted average outstanding shares of common stock, basic 15,825 15,806 Dilutive effect of unvested restricted stock units — — Weighted average outstanding shares of common stock, diluted (1) 15,825 15,806 (1) For the quarters ended March 31, 2019 and 2018, 1,343,753 and 490,843 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)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2019
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 quarters ended March 31, 2019 and 2018. Quarter Ended 2019 2018 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 840 $ 642 Performance-based restricted stock units 475 677 Total stock-based compensation expense $ 1,315 $ 1,319

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s revenues by segment disaggregated by type (in thousands): For the Quarter Ended March 31, 2019 2018 Service Revenue Oil & Gas $ 84,946 $ 95,640 Air Medical 56,646 56,988 Technical Services 10,298 7,742 Total Services $ 151,890 $ 160,370 Air Medical Revenue Traditional provider model $ 11,018 $ 11,106 Independent provider model 45,628 45,882 Total Air Medicals Revenues $ 56,646 $ 56,988

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2019
Leases [Abstract]
Operating Leases	Operating leases at March 31, 2019 were as follows (in thousands): March 31, 2019 (Thousands of dollars) Operating lease right-of-use-assets $ 144,198 Current portion of operating lease liabilities 26,544 Operating lease liabilities 118,436 Total operating lease liabilities $ 144,980 Cash paid for operating leases 10,535 ROU assets obtained in exchange for lease obligations 645 Weighted average remaining lease term 5 years Weighted average discount rate 8.25%
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities at March 31, 2019 are as follows (in thousands): Operating Three Months Ending March 31, Leases Thousands of dollars Remainder of 2019 $ 28,457 2020 35,020 2021 34,243 2022 32,272 2023 22,003 Thereafter 33,525 Total lease payments 185,520 Less imputed interest (40,540 ) Total $ 144,980

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings	Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows for the periods listed below: Quarter Ended 2019 2018 Provision for contractual discounts 67 % 69 % Provision for uncompensated care 11 % 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 for the periods listed below: Quarter Ended 2019 2018 Insurance 68 % 71 % Medicare 23 % 20 % Medicaid 7 % 9 % Self-Pay 2 % — %
Schedule of Financial Information Concerning Reportable Operating Segments	Summarized financial information concerning our reportable operating segments for the quarters ended March 31, 2019 and 2018 is as follows: Quarter Ended 2019 2018 (Thousands of dollars) Segment operating revenues Oil and Gas $ 84,946 $ 95,640 Air Medical 56,646 56,988 Technical Services 10,298 7,742 Total operating revenues, net 151,890 160,370 Segment direct expenses (1) (2) Oil and Gas (1) 89,968 96,507 Air Medical 57,081 53,832 Technical Services 8,464 5,887 Total direct expenses 155,513 156,226 Segment selling, general and administrative expenses Oil and Gas 4,761 4,921 Air Medical 3,292 3,167 Technical Services 148 370 Total segment selling, general and administrative expenses 8,201 8,458 Total segment direct and selling, general and administrative expenses 163,714 164,684 Net segment (loss) profit Oil and Gas (9,783 ) (5,788 ) Air Medical (3,727 ) (11 ) Technical Services 1,686 1,485 Total net segment profit (11,824 ) (4,314 ) Other, net (3) (91 ) (1,961 ) Unallocated selling, general and administrative costs (1) (4) (18,268 ) (7,001 ) Interest expense (8,166 ) (8,197 ) (Loss) earnings before income taxes $ (38,349 ) $ (21,473 ) =========== (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 2019 2018 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 11,278 $ 11,783 Air Medical 5,286 5,624 Technical Services 71 145 Total $ 16,635 $ 17,552 Unallocated SG&A $ 1,809 $ 1,915 (2) Includes equity in (earnings) of unconsolidated affiliates, net. (3) Consists of (gains) losses on disposition of property and equipment and other income. (4) Represents corporate overhead expenses not allocable to segments.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
Condensed Consolidating Financial Information (Tables)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 1,335 $ 1,584 $ 12,965 $ — $ 15,884 Short-term investments 73,336 — — — 73,336 Accounts receivable – net 61,431 94,491 27,647 (4,756 ) 178,813 Intercompany receivable — 98,314 22,560 (120,874 ) — Inventories of spare parts – net 39,525 10,438 3,025 — 52,988 Prepaid expenses 9,605 2,881 1,458 — 13,944 Income taxes receivable 385 557 — — 942 Total current assets 185,617 208,265 67,655 (125,630 ) 335,907 Investment in subsidiaries 470,310 — — (470,310 ) — Property and equipment – net 567,578 289,267 39,591 — 896,436 Right of use assets 122,365 12,130 9,703 144,198 Restricted cash and investments 19,789 — — — 19,789 Other assets 17,207 1,150 624 — 18,981 Deferred income tax — — 4,521 — 4,521 Total assets $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 31,793 $ 6,065 $ 5,752 $ (4,756 ) $ 38,854 Accrued and other current liabilities 14,000 12,183 5,900 — 32,083 Current portion of operating lease liabilities 21,043 3,406 2,095 — 26,544 Intercompany payable 64,894 13,452 42,528 (120,874 ) — Total current liabilities 131,730 35,106 56,275 (125,630 ) 97,481 Long-term debt 192,860 — — — 192,860 Deferred income taxes and other long-term liabilities 475 57,787 160 — 58,422 Long-term operating lease liabilities 102,033 8,809 7,594 — 118,436 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 316,400 77,951 132,297 (210,248 ) 316,400 Accumulated other comprehensive loss (3 ) — (3,135 ) — (3,138 ) Retained earnings 126,246 331,159 (71,097 ) (260,062 ) 126,246 Total shareholders’ equity 442,643 409,110 58,065 (470,310 ) 439,508 Total liabilities and shareholders’ equity $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Goodwill — — — — — Intangible assets — — — — — Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 74,032 $ 59,302 $ 24,339 $ (5,783 ) $ 151,890 Expenses: Direct expenses 84,502 59,026 19,129 (5,783 ) 156,874 Selling, general and administrative expenses 18,050 3,437 3,386 (4 ) 24,869 Total operating expenses 102,552 62,463 22,515 (5,787 ) 181,743 Loss on disposal of assets, net 51 — — — 51 Equity in income of unconsolidated affiliates, net (1,361 ) — — — (1,361 ) Operating (loss) income (27,210 ) (3,161 ) 1,824 4 (28,543 ) Equity in net income of consolidated subsidiaries 1,127 — — (1,127 ) — Interest expense 8,162 4 — — 8,166 Reorganization items, net 1,600 — — — 1,600 Other income, net (188 ) — 224 4 40 10,701 4 224 (1,123 ) 9,806 (Loss) earnings before income taxes (37,911 ) (3,165 ) 1,600 1,127 (38,349 ) Income tax (benefit) expense (2,670 ) (935 ) 497 — (3,108 ) Net (loss) earnings $ (35,241 ) $ (2,230 ) $ 1,103 $ 1,127 $ (35,241 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 78,092 $ 58,709 $ 49,502 $ (25,933 ) $ 160,370 Expenses: Direct expenses 83,997 55,364 42,779 (25,914 ) 156,226 Selling, general and administrative expenses 8,747 3,167 3,549 (4 ) 15,459 Total operating expenses 92,744 58,531 46,328 (25,918 ) 171,685 Loss (gain) on disposal of assets, net 879 — — — 879 Equity in (income) loss of consolidated affiliate 37 — — — 37 Operating (loss) income (15,568 ) 178 3,174 (15 ) (12,231 ) Equity in net income of consolidated subsidiaries (2,099 ) — — 2,099 — Interest expense 8,195 1 543 (542 ) 8,197 Other income, net 305 — 213 527 1,045 6,401 1 756 2,084 9,242 (Loss) earnings before income taxes (21,969 ) 177 2,418 (2,099 ) (21,473 ) Income tax (benefit) expense (4,986 ) — 496 — (4,490 ) Net (loss) earnings $ (16,983 ) $ 177 $ 1,922 $ (2,099 ) $ (16,983 )
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 March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (35,241 ) $ (2,230 ) $ 1,103 $ 1,127 $ (35,241 ) Unrealized gain on short-term investments — — — — — Currency translation adjustments — — 806 — 806 Tax effect of the above-listed adjustments — — 8 — 8 Total comprehensive (loss) income $ (35,241 ) $ (2,230 ) $ 1,917 $ 1,127 $ (34,427 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (16,983 ) $ 177 $ 1,922 $ (2,099 ) $ (16,983 ) Unrealized gain on short-term investments 471 — — — 471 Currency translation adjustments — — 467 467 Changes in pension plan asset and benefit obligations (9 ) — — — (9 ) Tax effect of the above-listed adjustments (185 ) — — — (185 ) Total comprehensive (loss) income $ (16,706 ) $ 177 $ 2,389 $ (2,099 ) $ (16,239 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash used in operating activities $ (32,855 ) $ (869 ) $ 825 $ — $ (32,899 ) Investing activities: Purchase of property and equipment (6,575 ) — (372 ) — (6,947 ) Proceeds from asset dispositions 12 — — — 12 Purchase of short-term investments (139,616 ) — — — (139,616 ) Proceeds from sale of short-term investments 80,512 — — — 80,512 Refund of deposit on aircraft 503 — — — 503 Net cash used in investing activities (65,164 ) — (372 ) — (65,536 ) Financing activities: Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 70,000 Due to/from affiliate, net (4,046 ) 1,194 2,852 — — Net cash provided by financing activities 60,286 1,194 2,852 — 64,332 Effect of exchange rate changes on cash — — (864 ) — (864 ) Increase (decrease) in cash, cash equivalents and restricted cash (37,733 ) 325 2,441 — (34,967 ) Cash, cash equivalents and restricted cash at the beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 9,048 $ 1,584 $ 12,965 $ — $ 23,597 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (9,764 ) $ 6,141 $ 2,191 $ — $ (1,432 ) Investing activities: Purchase of property and equipment (5,459 ) — (1,206 ) — (6,665 ) Proceeds from asset dispositions 842 — — — 842 Purchase of short-term investments (134,319 ) — — (134,319 ) Proceeds from sale of short-term investments 136,259 — — 136,259 Payments of deposits on aircraft (274 ) — — (274 ) Net cash provided by investing activities (2,951 ) — (1,206 ) — (4,157 ) Financing activities: Proceeds from line of credit 33,750 — — — 33,750 Payments on line of credit (29,500 ) — — — (29,500 ) Due to/from affiliate, net 8,472 (6,234 ) (2,238 ) — — Net cash provided by (used in) financing activities 12,722 (6,234 ) (2,238 ) — 4,250 Increase (decreased) in cash 7 (93 ) (1,253 ) — (1,339 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 54 $ 979 $ 6,398 $ — $ 7,431

Debtor in Possession (Tables)

Debtor in Possession (Tables)	3 Months Ended
Debtor in Possession (Tables)	Mar. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 1,335 $ 1,584 $ 12,965 $ — $ 15,884 Short-term investments 73,336 — — — 73,336 Accounts receivable – net 61,431 94,491 27,647 (4,756 ) 178,813 Intercompany receivable — 98,314 22,560 (120,874 ) — Inventories of spare parts – net 39,525 10,438 3,025 — 52,988 Prepaid expenses 9,605 2,881 1,458 — 13,944 Income taxes receivable 385 557 — — 942 Total current assets 185,617 208,265 67,655 (125,630 ) 335,907 Investment in subsidiaries 470,310 — — (470,310 ) — Property and equipment – net 567,578 289,267 39,591 — 896,436 Right of use assets 122,365 12,130 9,703 144,198 Restricted cash and investments 19,789 — — — 19,789 Other assets 17,207 1,150 624 — 18,981 Deferred income tax — — 4,521 — 4,521 Total assets $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 31,793 $ 6,065 $ 5,752 $ (4,756 ) $ 38,854 Accrued and other current liabilities 14,000 12,183 5,900 — 32,083 Current portion of operating lease liabilities 21,043 3,406 2,095 — 26,544 Intercompany payable 64,894 13,452 42,528 (120,874 ) — Total current liabilities 131,730 35,106 56,275 (125,630 ) 97,481 Long-term debt 192,860 — — — 192,860 Deferred income taxes and other long-term liabilities 475 57,787 160 — 58,422 Long-term operating lease liabilities 102,033 8,809 7,594 — 118,436 Liabilities subject to compromise 513,125 — — — 513,125 Shareholders’ Equity: Common stock and paid-in capital 316,400 77,951 132,297 (210,248 ) 316,400 Accumulated other comprehensive loss (3 ) — (3,135 ) — (3,138 ) Retained earnings 126,246 331,159 (71,097 ) (260,062 ) 126,246 Total shareholders’ equity 442,643 409,110 58,065 (470,310 ) 439,508 Total liabilities and shareholders’ equity $ 1,382,866 $ 510,812 $ 122,094 $ (595,940 ) $ 1,419,832 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 39,091 $ 1,259 $ 10,524 $ — $ 50,874 Short-term investments 14,232 — — — 14,232 Accounts receivable – net 64,416 93,060 28,812 (3,823 ) 182,465 Intercompany receivable — 91,468 — (91,468 ) — Inventories of spare parts – net 43,933 9,577 3,188 — 56,698 Prepaid expenses 7,295 2,520 1,604 — 11,419 Income taxes receivable 394 556 — — 950 Total current assets 169,361 198,440 44,128 (95,291 ) 316,638 Investment in subsidiaries and others 471,790 — — (471,790 ) — Property and equipment – net 576,763 287,375 38,347 — 902,485 Restricted investments 19,781 — — — 19,781 Other assets 17,179 1,199 — — 18,378 Deferred income tax — — 4,944 — 4,944 Goodwill — — — — — Intangible assets — — — — — Total assets $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Senior Notes issued March 17, 2014 $ 499,740 $ — $ — $ — $ 499,740 Accounts payable 44,089 4,587 5,452 (3,839 ) 50,289 Accrued and other current liabilities 25,158 12,335 7,799 — 45,292 Intercompany payable 74,336 — 17,116 (91,452 ) — Total current liabilities 643,323 16,922 30,367 (95,291 ) 595,321 Long-term debt 129,235 — — — 129,235 Deferred income taxes and other long-term liabilities 4,934 58,752 551 — 64,237 Shareholders’ Equity: Common stock and paid-in capital 315,898 77,951 132,650 (210,601 ) 315,898 Accumulated other comprehensive loss (3 ) — (3,949 ) — (3,952 ) Retained earnings 161,487 333,389 (72,200 ) (261,189 ) 161,487 Total shareholders’ equity 477,382 411,340 56,501 (471,790 ) 473,433 Total liabilities and shareholders’ equity $ 1,254,874 $ 487,014 $ 87,419 $ (567,081 ) $ 1,262,226
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 74,032 $ 59,302 $ 24,339 $ (5,783 ) $ 151,890 Expenses: Direct expenses 84,502 59,026 19,129 (5,783 ) 156,874 Selling, general and administrative expenses 18,050 3,437 3,386 (4 ) 24,869 Total operating expenses 102,552 62,463 22,515 (5,787 ) 181,743 Loss on disposal of assets, net 51 — — — 51 Equity in income of unconsolidated affiliates, net (1,361 ) — — — (1,361 ) Operating (loss) income (27,210 ) (3,161 ) 1,824 4 (28,543 ) Equity in net income of consolidated subsidiaries 1,127 — — (1,127 ) — Interest expense 8,162 4 — — 8,166 Reorganization items, net 1,600 — — — 1,600 Other income, net (188 ) — 224 4 40 10,701 4 224 (1,123 ) 9,806 (Loss) earnings before income taxes (37,911 ) (3,165 ) 1,600 1,127 (38,349 ) Income tax (benefit) expense (2,670 ) (935 ) 497 — (3,108 ) Net (loss) earnings $ (35,241 ) $ (2,230 ) $ 1,103 $ 1,127 $ (35,241 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 78,092 $ 58,709 $ 49,502 $ (25,933 ) $ 160,370 Expenses: Direct expenses 83,997 55,364 42,779 (25,914 ) 156,226 Selling, general and administrative expenses 8,747 3,167 3,549 (4 ) 15,459 Total operating expenses 92,744 58,531 46,328 (25,918 ) 171,685 Loss (gain) on disposal of assets, net 879 — — — 879 Equity in (income) loss of consolidated affiliate 37 — — — 37 Operating (loss) income (15,568 ) 178 3,174 (15 ) (12,231 ) Equity in net income of consolidated subsidiaries (2,099 ) — — 2,099 — Interest expense 8,195 1 543 (542 ) 8,197 Other income, net 305 — 213 527 1,045 6,401 1 756 2,084 9,242 (Loss) earnings before income taxes (21,969 ) 177 2,418 (2,099 ) (21,473 ) Income tax (benefit) expense (4,986 ) — 496 — (4,490 ) Net (loss) earnings $ (16,983 ) $ 177 $ 1,922 $ (2,099 ) $ (16,983 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the Quarter Ended March 31, 2019 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash used in operating activities $ (32,855 ) $ (869 ) $ 825 $ — $ (32,899 ) Investing activities: Purchase of property and equipment (6,575 ) — (372 ) — (6,947 ) Proceeds from asset dispositions 12 — — — 12 Purchase of short-term investments (139,616 ) — — — (139,616 ) Proceeds from sale of short-term investments 80,512 — — — 80,512 Refund of deposit on aircraft 503 — — — 503 Net cash used in investing activities (65,164 ) — (372 ) — (65,536 ) Financing activities: Debt issuance costs (5,668 ) — — — (5,668 ) Proceeds from Term Loan 70,000 70,000 Due to/from affiliate, net (4,046 ) 1,194 2,852 — — Net cash provided by financing activities 60,286 1,194 2,852 — 64,332 Effect of exchange rate changes on cash — — (864 ) — (864 ) Increase (decrease) in cash, cash equivalents and restricted cash (37,733 ) 325 2,441 — (34,967 ) Cash, cash equivalents and restricted cash at the beginning of period 46,781 1,259 10,524 — 58,564 Cash, cash equivalents and restricted cash at end of period $ 9,048 $ 1,584 $ 12,965 $ — $ 23,597 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the Quarter Ended March 31, 2018 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (9,764 ) $ 6,141 $ 2,191 $ — $ (1,432 ) Investing activities: Purchase of property and equipment (5,459 ) — (1,206 ) — (6,665 ) Proceeds from asset dispositions 842 — — — 842 Purchase of short-term investments (134,319 ) — — (134,319 ) Proceeds from sale of short-term investments 136,259 — — 136,259 Payments of deposits on aircraft (274 ) — — (274 ) Net cash provided by investing activities (2,951 ) — (1,206 ) — (4,157 ) Financing activities: Proceeds from line of credit 33,750 — — — 33,750 Payments on line of credit (29,500 ) — — — (29,500 ) Due to/from affiliate, net 8,472 (6,234 ) (2,238 ) — — Net cash provided by (used in) financing activities 12,722 (6,234 ) (2,238 ) — 4,250 Increase (decreased) in cash 7 (93 ) (1,253 ) — (1,339 ) Cash, beginning of period 47 1,072 7,651 — 8,770 Cash, end of period $ 54 $ 979 $ 6,398 $ — $ 7,431
Phi, Inc. and Debtors [Member]
Condensed Financial Statements, Captions [Line Items]
Condensed Consolidating Balance Sheets	PHI, INC. AND DEBTOR'S CONDENSED COMBINED BALANCE SHEETS (Thousands of dollars, except share data) (Unaudited) March 31, ASSETS Current Assets: Cash and cash equivalents $ 2,781 Short-term investments 73,336 Accounts receivable – net Trade 145,914 Other 5,229 Inventories of spare parts – net 49,963 Prepaid expenses 12,487 Income taxes receivable 942 Total current assets 290,652 Property and equipment – net 856,827 Right of use assets 133,722 Restricted cash and investments 19,789 Other assets 149,142 Total assets $ 1,450,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 33,766 Accrued and other current liabilities 44,903 Current portion of operating lease liabilities 4,750 Current maturities of long term debt 875 Total current liabilities 84,294 Long-term debt: Term loan issued March 13, 2019, net of debt issuance costs of $5,609 63,516 Related party term loan issued September 28, 2018, net of debt issuance costs of $656 129,344 Deferred income taxes 54,938 Other long-term liabilities 3,324 Long-term operating lease liabilities 109,232 Total liabilities not subject to compromise 360,354 Liabilities subject to compromise 513,125 Total liabilities 957,773 Shareholders’ Equity: Voting common stock – par value of $0.10; 12,500,000 shares authorized, 2,905,757 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 291 Non-voting common stock – par value of $0.10; 37,500,000 shares authorized, 12,919,681 issued and outstanding at March 31, 2019 and December 31, 2018, respectively 1,290 Additional paid-in capital 313,304 Accumulated other comprehensive income (loss) (3 ) Retained earnings 177,477 Total shareholders’ equity 492,359 Total liabilities and shareholders’ equity $ 1,450,132
Condensed Consolidating Statements of Operations	PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) Quarter Ended 2019 Operating revenues, net $ 126,662 Expenses: Direct expenses 137,049 Selling, general and administrative expenses 21,482 Total operating expenses 158,531 Loss on disposal of assets 51 Equity in (income) loss of unconsolidated affiliates, net (1,361 ) Operating (loss) income (30,559 ) Interest expense 8,166 Reorganization items, net 1,600 Other income – net (184 ) 9,582 Loss before income taxes (40,141 ) Income tax benefit (3,605 ) Net loss $ (36,536 )
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND DEBTOR'S CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) Quarter Ended 2019 Operating activities: Net loss (36,536 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 14,739 Deferred income taxes (3,689 ) Loss (gain) on asset dispositions 51 Equity in (income) loss of unconsolidated affiliate, net (1,361 ) Inventory valuation reserves 586 Changes in operating assets and liabilities (10,378 ) Net cash used in operating activities (36,588 ) Investing activities: Purchase of property and equipment (6,526 ) Proceeds from asset dispositions 12 Purchase of short-term investments (139,616 ) Proceeds from sale of short-term investments 80,512 Refund of Deposit on Aircraft 503 Net cash used in investing activities (65,115 ) Financing activities: Debt issuance cost (5,668 ) Proceeds from Term Loan 70,000 Net cash provided by financing activities 64,332 Decrease in cash, cash equivalents and restricted cash (37,371 ) Cash, cash equivalents and restricted cash at the beginning of period 47,865 Cash, cash equivalents and restricted cash end of period $ 10,494

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 144,980	$ 166,000
Operating lease right-of-use-assets	$ 144,198
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		152,900
Operating lease right-of-use-assets		$ 152,100

Basis of Presentation - Supplem

Basis of Presentation - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 15,884	$ 50,874	$ 7,431	$ 8,770
Restricted Cash	7,713	7,690	0	0
Total Cash, Cash Equivalents and Restricted Cash	$ 23,597	$ 58,564	$ 7,431	$ 8,770

Bankruptcy Filing (Details)

Bankruptcy Filing (Details) $ in Millions	Mar. 31, 2019USD ($)	Mar. 18, 2019USD ($)employeeexecutive	Mar. 14, 2019subsidiary
Reorganizations [Abstract]
Number of subsidiaries \| subsidiary			4
Number of senior executives incentivized to stay under retention plan \| executive		7
Potential retention funds available to senior executives if milestone plan metrics reach Threshold	$ 4.2
Potential retention funds available to senior executives if certain milestone plan metrics are achieved		$ 5.6
Potential retention funds available to senior executives if milestone metrics exceed plan		$ 7
Number of non-insider employees incentivized to stay under retention plan \| employee		61
Potential retention funds available to non-insider employees		$ 3.5
Number of claim holders who must approve the plan of reorganization (percent)	50.00%
Dollar value of claim holders who must approve the plan of reorganization (percent)	33.30%

Investments - Components of Inv

Investments - Components of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost Basis	$ 86,268	$ 27,080
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	86,268	27,080
Money Market Mutual Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost Basis	85,412	26,308
Fair Value	85,412	26,308
Deferred Compensation Plan Assets [Member]
Debt Securities, Available-for-sale [Line Items]
Cost Basis	856	772
Fair Value	$ 856	$ 772

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Restricted cash and investments	$ 19,789	$ 19,781

Valuation Accounts - Additional

Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 6.1		$ 6.1
Allowance for contractual discounts against outstanding accounts receivable	116.5		123.8
Allowance for uncompensated care against outstanding accounts receivable	51.6		51.9
Value of services to patients who are unable to pay	1.9	$ 1.5
Estimated cost of providing charity services	0.5	$ 0.4
Valuation reserves related to obsolescence and slow moving inventory	18.4		17.9
Air Medical [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for contractual discounts against outstanding accounts receivable	116.5		123.8
Allowance for uncompensated care against outstanding accounts receivable	$ 51.6		$ 51.9

Valuation Accounts - Schedule o

Valuation Accounts - Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable (Detail) - Air Medical [Member] - Trade Accounts Receivable [Member]	Mar. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for Contractual Discounts	50.00%	51.00%
Allowance for Uncompensated Care	22.00%	22.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 86,268	$ 27,080
Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	85,412	26,308
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	856	772
(Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	86,268	27,080
(Level 1) [Member] \| Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	85,412	26,308
(Level 1) [Member] \| Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	856	772
(Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 17, 2014
Fair Value Measurements Disclosure [Line Items]
The fair value investments reclassification of assets between level 1 and level 2	$ 0	$ 0
The fair value of Senior Notes, based on quoted market prices	313,200,000	344,200,000
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%

Debt - Components of Long-term

Debt - Components of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 13, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal	$ 700,000		$ 630,000
Unamortized debt issuance debt costs	6,265		1,025
Long-term Debt, Current Maturities	(875)		(500,000)
Long-term debt	699,125		130,000
Term Loan [Member]
Debt Instrument [Line Items]
Principal		$ 70,000
5.25% Senior Notes due March 15, 2019 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Principal	500,000		500,000
Unamortized debt issuance debt costs	0		260
6% Blue Torch Finance, LLC Term Loan [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Principal	70,000		0
Unamortized debt issuance debt costs	5,609		0
6% Related Party Term Loan [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Principal	130,000		130,000
Unamortized debt issuance debt costs	$ 656		$ 765

Debt - Components of Long-ter_2

Debt - Components of Long-term Debt (Additional Information) (Detail) - 5.25% Senior Notes due March 15, 2019 [Member] - Senior Notes [Member]	3 Months Ended
	Mar. 31, 2019	Mar. 17, 2014
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%	5.25%
Senior Notes payable periods	Mar. 15, 2019

Debt - Additional Information (

Debt - Additional Information (Detail)

Mar. 13, 2019USD ($)Aircraft

Sep. 28, 2018USD ($)

Mar. 13, 2023

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Mar. 31, 2019USD ($)

Sep. 30, 2021

Dec. 30, 2022

Mar. 31, 2020

Mar. 13, 2023

Sep. 30, 2020

Dec. 31, 2018USD ($)

Mar. 17, 2014USD ($)

Debt Instrument [Line Items]

Letters of credit outstanding under the facility

$ 19,800,000

Long-term Debt, Gross

$ 700,000,000

630,000,000

Term Loan [Member]

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 70,000,000

Number of Aircraft Securing Debt Agreement | Aircraft

Debt covenant, minimum unrestricted cash requirement at the end of each calendar month

$ 20,000,000

Debt covenant, minimum cash and cash equivalents held solely by the Company and guarantors

$ 10,000,000

Debt covenant, appraisal ratio of aircraft collateral at quarter end

Event of default, judgments (in excess of)

$ 2,500,000

Event of default, ERISA event liabilities (in excess of)

2,500,000

Event of default, impairments of collateral (in excess of)

$ 2,500,000

5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]

Debt Instrument [Line Items]

Interest rate on debt

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 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.

Related party term loan, amount issued

$ 500,000,000

Long-term Debt, Gross

$ 500,000,000

500,000,000

6% Related Party Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Interest rate on debt

6.00%

Related party term loan, amount issued

$ 130,000,000

Proceeds from related party debt

130,000,000

Long-term Debt, Gross

$ 130,000,000

130,000,000

Letter of Credit to Secure workers Compensation Policies, Air Medical License, and a Traditional Provider Contract [Member]

Debt Instrument [Line Items]

Letters of credit outstanding under the facility

12,200,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Repayments of senior secured revolving credit facility, including accrued interest

$ 122,700,000

Letters of credit outstanding under the facility

$ 7,600,000

$ 70,000,000

London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

6.00%

Base Rate [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

5.00%

Scenario, Forecast [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt covenant, minimum fixed charge ratio at the end of each test period

0.9125

0.3750

0.1875

1.2000

Debt covenant, secured leverage ratio, at test period end

3.75

4.25

4.50

Liabilities Subject to Compro_3

Liabilities Subject to Compromise (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Total liabilities subject to compromise	$ 513,125
5.25% Senior Notes due March 15, 2019 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Total liabilities subject to compromise	500,000
Accrued Interest Payable [Member]
Debt Instrument [Line Items]
Total liabilities subject to compromise	$ 13,125

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average outstanding shares of common stock, basic	15,825	15,806
Dilutive effect of unvested restricted stock units	0	0
Weighted average outstanding shares of common stock, diluted	15,825	15,806

Earnings Per Share - Componen_2

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Additional Information) (Detail) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Anti-dilutive securities (in shares)	1,343,753	490,843

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 20, 2019	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation expense:
Total stock-based compensation expense		$ 1,315	$ 1,319
Time-based Restricted Stock Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense		$ 840	642
Grants to managerial employees		0
Performance-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense		$ 475	$ 677
Grants to managerial employees		0
Non Voting Performance Units [Member]
Stock-based compensation expense:
Performance period for performance RSUs	2 years
Share price (in USD per share)	$ 2.21
Cash settlement for performance awards	$ 800
2016 Grant [Member] \| Performance-based Restricted Units [Member]
Stock-based compensation expense:
Forfeited (shares)	667,238

Asset Disposals - Additional In

Asset Disposals - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)Aircraft
Assets Held For Sale And Impairments [Line Items]
Cash realized from sale of assets \| $	$ 0	$ 0.8
Gain (loss) on disposal of assets \| $		$ (0.9)
Air Medical [Member] \| Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold \| Aircraft		1
Oil and Gas [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft donated \| Aircraft		1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Land_Parcel
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment for aircraft	$ 0
Aggregate estimated probable liability environmental matters	$ 150,000
Number of parcels of land exists \| Land_Parcel	2

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue from External Customer [Line Items]
Typical contract length	30 days
Allowance for contractual discounts against outstanding accounts receivable	$ 116.5		$ 123.8
Allowance for uncompensated care against outstanding accounts receivable	51.6		51.9
Value of uncompensated care services qualified as charity care	1.9		1.5
Estimated cost of providing charity services	$ 0.5	$ 0.4
Percentage of reserve for receivables outstanding more than nine months (percent)	100.00%
Oil and Gas [Member]
Revenue from External Customer [Line Items]
Accounts receivable, net	$ 75.8		74.1
Air Medical [Member]
Revenue from External Customer [Line Items]
Allowance for contractual discounts against outstanding accounts receivable	116.5		123.8
Allowance for uncompensated care against outstanding accounts receivable	51.6		51.9
Accounts receivable, net	90.4		90.2
Technical Services [Member]
Revenue from External Customer [Line Items]
Accounts receivable, net	$ 3.1		$ 4.1
Minimum [Member]
Revenue from External Customer [Line Items]
Accounts receivable invoice term	30 days
Minimum [Member] \| Oil and Gas [Member]
Revenue from External Customer [Line Items]
Typical contract length	1 year
Maximum [Member]
Revenue from External Customer [Line Items]
Accounts receivable invoice term	60 days
Maximum [Member] \| Oil and Gas [Member]
Revenue from External Customer [Line Items]
Typical contract length	7 years

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total operating revenues, net	$ 151,890	$ 160,370
Reportable Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	151,890	160,370
Reportable Operating Segments [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	84,946	95,640
Reportable Operating Segments [Member] \| Air Medical [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	56,646	56,988
Reportable Operating Segments [Member] \| Air Medical [Member] \| Traditional Provider Model [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	11,018	11,106
Reportable Operating Segments [Member] \| Air Medical [Member] \| Independent Provider Model [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	45,628	45,882
Reportable Operating Segments [Member] \| Technical Services [Member]
Disaggregation of Revenue [Line Items]
Total operating revenues, net	$ 10,298	$ 7,742

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Leases [Abstract]
Operating lease assets	$ 144,198
Operating lease liabilities	144,980		$ 166,000
Operating lease expense	10,500	$ 11,800
Short-term lease expense	$ 1,500

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease right-of-use-assets	$ 144,198
Accrued and other current liabilities	26,544
Operating lease liabilities	118,436
Total operating lease liabilities	144,980	$ 166,000
Cash paid for operating leases	10,535
ROU assets obtained in exchange for lease obligations	$ 645
Weighted average remaining lease term	5 years
Weighted average discount rate (percent)	8.25%

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Remainder of 2019	$ 28,457
2020	35,020
2021	34,243
2022	32,272
2023	22,003
Thereafter	33,525
Total lease payments	185,520
Less imputed interest	(40,540)
Total	$ 144,980	$ 166,000
Future Lease Payments under ASC 840 [Abstract]
2019			$ 36,000
2020			33,000
2021			31,000
2022			29,000
2023			20,000
Thereafter			11,000
Operating leases, future minimum payments			$ 160,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2019StatesAircraftLocationSegment	Mar. 31, 2018
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
Fixed Term Customer Contract [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	86.00%	88.00%
Spot Market and Ad Hoc Flight Customer Contracts [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	14.00%	12.00%
Hospitals Contracts [Member]
Segment Reporting Information [Line Items]
Contract termination notice period	180 days
Segment revenue (percent)	18.00%	18.00%
Minimum [Member]
Segment Reporting Information [Line Items]
Term of contract	1 year
Maximum [Member]
Segment Reporting Information [Line Items]
Term of contract	7 years
Oil and Gas [Member]
Segment Reporting Information [Line Items]
Number of aircraft available for use	122
Segment revenue (percent)	56.00%	59.00%
Oil and Gas [Member] \| Minimum [Member] \| Major Customer [Member]
Segment Reporting Information [Line Items]
Working period with major customers	35 years
Oil and Gas [Member] \| Minimum [Member] \| ENI Petroleum [Member]
Segment Reporting Information [Line Items]
Working period with major customers	20 years
Air Medical [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	37.00%	36.00%
Number of aircraft assigned	110
Number of states in which company operates aircrafts \| States	18
Locations in which company operates Aircrafts \| Location	80
Technical Services [Member]
Segment Reporting Information [Line Items]
Segment revenue (percent)	7.00%	7.00%

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
	Mar. 31, 2019	Mar. 31, 2018
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items]
Provision for contractual discounts	67.00%	69.00%
Provision for uncompensated care	11.00%	6.00%

Segment Information - Schedul_2

Segment Information - Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as Percentage of Net Air Medical Revenues (Detail) - Air Medical [Member]	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Self-Pay [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	2.00%	0.00%
Medicaid [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	7.00%	9.00%
Medicare [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	23.00%	20.00%
Insurance [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	68.00%	71.00%

Segment Information - Schedul_3

Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total operating revenues, net	$ 151,890	$ 160,370
Total direct expenses	156,874	156,226
Total segment selling, general and administrative expenses	24,869	15,459
Total net segment profit	(28,543)	(12,231)
Interest expense	(8,166)	(8,197)
Loss before income taxes	(38,349)	(21,473)
Reportable Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	151,890	160,370
Total direct expenses	155,513	156,226
Total segment selling, general and administrative expenses	8,201	8,458
Total segment direct and selling, general and administrative expenses	163,714	164,684
Total net segment profit	(11,824)	(4,314)
Reportable Operating Segments [Member] \| Oil and Gas [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	84,946	95,640
Total direct expenses	89,968	96,507
Total segment selling, general and administrative expenses	4,761	4,921
Total net segment profit	(9,783)	(5,788)
Reportable Operating Segments [Member] \| Air Medical [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	56,646	56,988
Total direct expenses	57,081	53,832
Total segment selling, general and administrative expenses	3,292	3,167
Total net segment profit	(3,727)	(11)
Reportable Operating Segments [Member] \| Technical Services [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	10,298	7,742
Total direct expenses	8,464	5,887
Total segment selling, general and administrative expenses	148	370
Total net segment profit	1,686	1,485
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Other, net	(91)	(1,961)
Interest expense	(8,166)	(8,197)
Corporate [Member]
Segment Reporting Information [Line Items]
Unallocated selling, general and administrative costs	$ (18,268)	$ (7,001)

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
	Mar. 31, 2019	Mar. 31, 2018
Reportable Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 16,635	$ 17,552
Reportable Operating Segments [Member] \| Oil and Gas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	11,278	11,783
Reportable Operating Segments [Member] \| Air Medical [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	5,286	5,624
Reportable Operating Segments [Member] \| Technical Services [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	71	145
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 1,809	$ 1,915

Investment in Variable Intere_2

Investment in Variable Interest Entity and Other Investments and Affiliates - Additional Information (Detail) - PHI Century Limited [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investment in the common stock	49.00%
PHIC's date of incorporation	May 26, 2011
Earnings (loss) in equity of unconsolidated affiliate (less than $0.1 million for the quarter ended March 31, 2018)	$ (1.4)	$ (0.1)
Trade receivables	4.1		$ 4.8
Other assets	1.9		$ 0.5
Accounts Receivable - Other [Member]
Variable Interest Entity [Line Items]
Loan to affiliate	$ 0.4

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Mar. 17, 2014
5.25% Senior Notes due March 15, 2019 [Member] \| Senior Notes [Member]
Supplemental Guarantor Financial Information [Line Items]
Senior notes, amount issued		$ 500,000,000
Interest rate on Senior Notes	5.25%	5.25%
Domestic Subsidiaries [Member]
Supplemental Guarantor Financial Information [Line Items]
Ownership percentage in domestic subsidiaries	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 15,884	$ 50,874	$ 7,431	$ 8,770
Short-term investments	73,336	14,232
Accounts receivable - net	178,813	182,465
Inventories of spare parts – net	52,988	56,698
Prepaid expenses	13,944	11,419
Income taxes receivable	942	950
Total current assets	335,907	316,638
Investment in subsidiaries and others		0
Property and equipment – net	896,436	902,485
Right of use assets	144,198
Restricted cash and investments	19,789	19,781
Other assets	18,981	18,378
Deferred income tax	4,521	4,944
Goodwill		0
Intangibles		0
Total assets	1,419,832	1,262,226
Current Liabilities:
Senior Notes issued March 17, 2014, net of debt issuance cost of $260	0	499,740
Accounts payable	38,854	50,289
Accrued and other current liabilities	32,083
Accrued and other current liabilities	31,208	45,292
Current portion of operating lease liabilities	26,544
Total current liabilities	97,481	595,321
Long-term debt	192,860	129,235
Deferred income taxes and other long-term liabilities	58,422	64,237
Long-term operating lease liabilities	118,436
Liabilities subject to compromise	513,125
Shareholders’ Equity:
Common stock and paid-in capital	316,400	315,898
Accumulated other comprehensive income (loss)	(3,138)	(3,952)
Retained earnings	126,246	161,487
Total shareholders’ equity	439,508	473,433	$ 597,735	$ 612,654
Total liabilities and shareholders’ equity	1,419,832	1,262,226
Eliminations [Member]
Current Assets:
Accounts receivable - net	(4,756)	(3,823)
Intercompany receivable	(120,874)	(91,468)
Total current assets	(125,630)	(95,291)
Investment in subsidiaries and others	(470,310)	(471,790)
Total assets	(595,940)	(567,081)
Current Liabilities:
Accounts payable	(4,756)	(3,839)
Accrued and other current liabilities	0
Accrued and other current liabilities		0
Intercompany payable	(120,874)	(91,452)
Total current liabilities	(125,630)	(95,291)
Shareholders’ Equity:
Common stock and paid-in capital	(210,248)	(210,601)
Retained earnings	(260,062)	(261,189)
Total shareholders’ equity	(470,310)	(471,790)
Total liabilities and shareholders’ equity	(595,940)	(567,081)
Parent Company Only (issuer) [Member] \| Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	1,335	39,091
Short-term investments	73,336	14,232
Accounts receivable - net	61,431	64,416
Inventories of spare parts – net	39,525	43,933
Prepaid expenses	9,605	7,295
Income taxes receivable	385	394
Total current assets	185,617	169,361
Investment in subsidiaries and others	470,310	471,790
Property and equipment – net	567,578	576,763
Right of use assets	122,365
Restricted cash and investments	19,789	19,781
Other assets	17,207	17,179
Total assets	1,382,866	1,254,874
Current Liabilities:
Senior Notes issued March 17, 2014, net of debt issuance cost of $260		499,740
Accounts payable	31,793	44,089
Accrued and other current liabilities	14,000
Accrued and other current liabilities		25,158
Current portion of operating lease liabilities	21,043
Intercompany payable	64,894	74,336
Total current liabilities	131,730	643,323
Long-term debt	192,860	129,235
Deferred income taxes and other long-term liabilities	475	4,934
Long-term operating lease liabilities	102,033
Liabilities subject to compromise	513,125
Shareholders’ Equity:
Common stock and paid-in capital	316,400	315,898
Accumulated other comprehensive income (loss)	(3)	(3)
Retained earnings	126,246	161,487
Total shareholders’ equity	442,643	477,382
Total liabilities and shareholders’ equity	1,382,866	1,254,874
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	1,584	1,259
Accounts receivable - net	94,491	93,060
Intercompany receivable	98,314	91,468
Inventories of spare parts – net	10,438	9,577
Prepaid expenses	2,881	2,520
Income taxes receivable	557	556
Total current assets	208,265	198,440
Property and equipment – net	289,267	287,375
Right of use assets	12,130
Other assets	1,150	1,199
Total assets	510,812	487,014
Current Liabilities:
Accounts payable	6,065	4,587
Accrued and other current liabilities	12,183
Accrued and other current liabilities		12,335
Current portion of operating lease liabilities	3,406
Intercompany payable	13,452
Total current liabilities	35,106	16,922
Deferred income taxes and other long-term liabilities	57,787	58,752
Long-term operating lease liabilities	8,809
Shareholders’ Equity:
Common stock and paid-in capital	77,951	77,951
Retained earnings	331,159	333,389
Total shareholders’ equity	409,110	411,340
Total liabilities and shareholders’ equity	510,812	487,014
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current Assets:
Cash and cash equivalents	12,965	10,524
Accounts receivable - net	27,647	28,812
Intercompany receivable	22,560
Inventories of spare parts – net	3,025	3,188
Prepaid expenses	1,458	1,604
Income taxes receivable	0	0
Total current assets	67,655	44,128
Property and equipment – net	39,591	38,347
Right of use assets	9,703
Restricted cash and investments		0
Other assets	624	0
Deferred income tax	4,521	4,944
Goodwill		0
Intangibles		0
Total assets	122,094	87,419
Current Liabilities:
Accounts payable	5,752	5,452
Accrued and other current liabilities	5,900
Accrued and other current liabilities		7,799
Current portion of operating lease liabilities	2,095
Intercompany payable	42,528	17,116
Total current liabilities	56,275	30,367
Deferred income taxes and other long-term liabilities	160	551
Long-term operating lease liabilities	7,594
Shareholders’ Equity:
Common stock and paid-in capital	132,297	132,650
Accumulated other comprehensive income (loss)	(3,135)	(3,949)
Retained earnings	(71,097)	(72,200)
Total shareholders’ equity	58,065	56,501
Total liabilities and shareholders’ equity	$ 122,094	$ 87,419

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	$ 151,890	$ 160,370
Expenses:
Direct expenses	156,874	156,226
Selling, general and administrative expenses	24,869	15,459
Total operating expenses	181,743	171,685
Loss on disposal of assets	51	879
Equity in (income) loss of unconsolidated affiliate, net	(1,361)	37
Operating (loss) income	(28,543)	(12,231)
Interest expense	8,166	8,197
Reorganization items, net	1,600	0
Other income, net	40	1,045
Total expenses	9,806	9,242
(Loss) earnings before income taxes	(38,349)	(21,473)
Income tax benefit	(3,108)	(4,490)
Net loss	(35,241)	(16,983)
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	(5,783)	(25,933)
Expenses:
Direct expenses	(5,783)	(25,914)
Selling, general and administrative expenses	(4)	(4)
Total operating expenses	(5,787)	(25,918)
Operating (loss) income	4	(15)
Equity in net income of consolidated subsidiaries	(1,127)	2,099
Interest expense	0	(542)
Other income, net	4	527
Total expenses	(1,123)	2,084
(Loss) earnings before income taxes	1,127	(2,099)
Net loss	1,127	(2,099)
Parent Company Only (issuer) [Member] \| Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	74,032	78,092
Expenses:
Direct expenses	84,502	83,997
Selling, general and administrative expenses	18,050	8,747
Total operating expenses	102,552	92,744
Loss on disposal of assets	51	879
Equity in (income) loss of unconsolidated affiliate, net	(1,361)	37
Operating (loss) income	(27,210)	(15,568)
Equity in net income of consolidated subsidiaries	1,127	(2,099)
Interest expense	8,162	8,195
Reorganization items, net	1,600
Other income, net	(188)	305
Total expenses	10,701	6,401
(Loss) earnings before income taxes	(37,911)	(21,969)
Income tax benefit	(2,670)	(4,986)
Net loss	(35,241)	(16,983)
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	59,302	58,709
Expenses:
Direct expenses	59,026	55,364
Selling, general and administrative expenses	3,437	3,167
Total operating expenses	62,463	58,531
Loss on disposal of assets		0
Operating (loss) income	(3,161)	178
Interest expense	4	1
Other income, net		0
Total expenses	4	1
(Loss) earnings before income taxes	(3,165)	177
Income tax benefit	(935)	0
Net loss	(2,230)	177
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	24,339	49,502
Expenses:
Direct expenses	19,129	42,779
Selling, general and administrative expenses	3,386	3,549
Total operating expenses	22,515	46,328
Loss on disposal of assets	0
Equity in (income) loss of unconsolidated affiliate, net		0
Operating (loss) income	1,824	3,174
Interest expense	0	543
Other income, net	224	213
Total expenses	224	756
(Loss) earnings before income taxes	1,600	2,418
Income tax benefit	497	496
Net loss	$ 1,103	$ 1,922

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net loss	$ (35,241)	$ (16,983)
Unrealized gain (loss) on short-term investments	0	471
Currency translation adjustments	806	467
Changes in pension plan asset and benefit obligation	0	(9)
Tax effect of the above-listed adjustments	8	(185)
Total comprehensive (loss) income	(34,427)	(16,239)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net loss	1,127	(2,099)
Total comprehensive (loss) income	1,127	(2,099)
Parent Company Only (issuer) [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net loss	(35,241)	(16,983)
Unrealized gain (loss) on short-term investments	0	471
Currency translation adjustments	0
Changes in pension plan asset and benefit obligation		(9)
Tax effect of the above-listed adjustments	0	(185)
Total comprehensive (loss) income	(35,241)	(16,706)
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net loss	(2,230)	177
Total comprehensive (loss) income	(2,230)	177
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net loss	1,103	1,922
Currency translation adjustments	806	467
Tax effect of the above-listed adjustments	8
Total comprehensive (loss) income	$ 1,917	$ 2,389

Condensed Consolidating Finan_7

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (32,899)	$ (1,432)
Investing activities:
Purchase of property and equipment	(6,947)	(6,665)
Proceeds from asset dispositions	12	842
Purchase of short-term investments	(139,616)	(134,319)
Proceeds from sale of short-term investments	80,512	136,259
Payments of deposits on aircraft		(274)
Refund of Deposit on Aircraft	503	0
Net cash used in investing activities	(65,536)	(4,157)
Financing activities:
Debt issuance cost	(5,668)	0
Proceeds from line of credit	0	33,750
Payments on line of credit	0	(29,500)
Proceeds from Term Loan	70,000	0
Net cash provided by financing activities	64,332	4,250
Effect of exchange rate changes on cash	(864)	0
Increase (decreased) in cash	(34,967)	(1,339)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	23,597	7,431
Reportable Legal Entities [Member] \| Parent Company Only (issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(32,855)	(9,764)
Investing activities:
Purchase of property and equipment	(6,575)	(5,459)
Proceeds from asset dispositions	12	842
Purchase of short-term investments	(139,616)	(134,319)
Proceeds from sale of short-term investments	80,512	136,259
Payments of deposits on aircraft		(274)
Refund of Deposit on Aircraft	503
Net cash used in investing activities	(65,164)	(2,951)
Financing activities:
Debt issuance cost	(5,668)
Proceeds from line of credit		33,750
Payments on line of credit		(29,500)
Proceeds from Term Loan	70,000
Due to/from affiliate, net	(4,046)	8,472
Net cash provided by financing activities	60,286	12,722
Effect of exchange rate changes on cash	0
Increase (decreased) in cash	(37,733)	7
Cash, cash equivalents and restricted cash at the beginning of period	46,781	47
Cash, cash equivalents and restricted cash at end of period	9,048	54
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(869)	6,141
Investing activities:
Purchase of property and equipment		0
Net cash used in investing activities	0	0
Financing activities:
Due to/from affiliate, net	1,194	(6,234)
Net cash provided by financing activities	1,194	(6,234)
Effect of exchange rate changes on cash	0
Increase (decreased) in cash	325	(93)
Cash, cash equivalents and restricted cash at the beginning of period	1,259	1,072
Cash, cash equivalents and restricted cash at end of period	1,584	979
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	825	2,191
Investing activities:
Purchase of property and equipment	(372)	(1,206)
Net cash used in investing activities	(372)	(1,206)
Financing activities:
Due to/from affiliate, net	2,852	(2,238)
Net cash provided by financing activities	2,852	(2,238)
Effect of exchange rate changes on cash	(864)
Increase (decreased) in cash	2,441	(1,253)
Cash, cash equivalents and restricted cash at the beginning of period	10,524	7,651
Cash, cash equivalents and restricted cash at end of period	$ 12,965	$ 6,398

Debtor in Possession - Condense

Debtor in Possession - Condensed Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 15,884	$ 50,874	$ 7,431	$ 8,770
Short-term investments	73,336	14,232
Trade	167,561	168,459
Other	11,252	14,006
Inventories of spare parts – net	52,988	56,698
Prepaid expenses	13,944	11,419
Income taxes receivable	942	950
Total current assets	335,907	316,638
Property and equipment – net	896,436	902,485
Right of use assets	144,198
Restricted cash and investments	19,789	19,781
Other assets	18,981	18,378
Total assets	1,419,832	1,262,226
Accounts payable	38,854	50,289
Accrued and other current liabilities	31,208	45,292
Accrued and other current liabilities	26,544
Current maturities of long term debt	875	500,000
Total current liabilities	97,481	595,321
Term loan issued March 13, 2019, net of debt issuance costs of $5,609	63,516	0
Related party term loan issued September 28, 2018, net of debt issuance costs of $656 and $765, respectively	129,344	129,235
Deferred income taxes	55,098	59,178
Other long-term liabilities	3,324	5,059
Long-term operating lease liabilities	118,436
Total liabilities not subject to compromise	467,199	788,793
Liabilities subject to compromise	513,125
Total liabilities	980,324	788,793
Additional paid-in capital	314,818	314,316
Accumulated other comprehensive income (loss)	(3,138)	(3,952)
Retained earnings	126,246	161,487
Total shareholders’ equity	439,508	473,433	597,735	612,654
Total liabilities and shareholders’ equity	1,419,832	1,262,226
Voting Common Stock [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	$ 291	$ 291
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	12,500,000	12,500,000
Common stock, shares issued (shares)	2,905,757	2,905,757
Common stock, shares outstanding (shares)	2,905,757	2,905,757
Non-Voting Common Stock [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	$ 1,291	$ 1,291
Total shareholders’ equity	$ 1,291	$ 1,291	$ 1,290	$ 1,289
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	37,500,000	37,500,000
Common stock, shares issued (shares)	12,919,681	12,919,681
Common stock, shares outstanding (shares)	12,919,681	12,919,681
Phi, Inc. and Debtors [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,781
Short-term investments	73,336
Trade	145,914
Other	5,229
Inventories of spare parts – net	49,963
Prepaid expenses	12,487
Income taxes receivable	942
Total current assets	290,652
Property and equipment – net	856,827
Right of use assets	133,722
Restricted cash and investments	19,789
Other assets	149,142
Total assets	1,450,132
Accounts payable	33,766
Accrued and other current liabilities	44,903
Accrued and other current liabilities	4,750
Current maturities of long term debt	875
Total current liabilities	84,294
Term loan issued March 13, 2019, net of debt issuance costs of $5,609	63,516
Related party term loan issued September 28, 2018, net of debt issuance costs of $656 and $765, respectively	129,344
Deferred income taxes	54,938
Other long-term liabilities	3,324
Long-term operating lease liabilities	109,232
Total liabilities not subject to compromise	360,354
Liabilities subject to compromise	513,125
Total liabilities	957,773
Additional paid-in capital	313,304
Accumulated other comprehensive income (loss)	(3)
Retained earnings	177,477
Total shareholders’ equity	492,359
Total liabilities and shareholders’ equity	1,450,132
Phi, Inc. and Debtors [Member] \| Voting Common Stock [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	$ 291
Common stock, par value (in USD per share)	$ 0.10
Common stock, shares authorized (shares)	12,500,000
Common stock, shares issued (shares)	2,905,757
Common stock, shares outstanding (shares)	2,905,757
Phi, Inc. and Debtors [Member] \| Non-Voting Common Stock [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	$ 1,290
Common stock, par value (in USD per share)	$ 0.10
Common stock, shares authorized (shares)	37,500,000
Common stock, shares issued (shares)	12,919,681
Common stock, shares outstanding (shares)	12,919,681
Term Loan [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Debt issuance costs	$ 5,609	$ 260
Term Loan [Member] \| Phi, Inc. and Debtors [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Debt issuance costs	5,609
Note Payable, Related Party [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Debt issuance costs	656	$ 765
Note Payable, Related Party [Member] \| Phi, Inc. and Debtors [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Debt issuance costs	$ 656

Debtor in Possession - Conden_2

Debtor in Possession - Condensed Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	$ 151,890	$ 160,370
Direct expenses	156,874	156,226
Selling, general and administrative expenses	24,869	15,459
Total operating expenses	181,743	171,685
Loss on disposal of assets	51	879
Equity in (income) loss of unconsolidated affiliates, net	(1,361)	37
Operating (loss) income	(28,543)	(12,231)
Interest expense	8,166	8,197
Reorganization items, net	1,600	0
Other income – net	40	1,045
Total expenses	9,806	9,242
Loss before income taxes	(38,349)	(21,473)
Income tax benefit	(3,108)	(4,490)
Net loss	(35,241)	$ (16,983)
Phi, Inc. and Debtors [Member]
Condensed Income Statements, Captions [Line Items]
Total operating revenues, net	126,662
Direct expenses	137,049
Selling, general and administrative expenses	21,482
Total operating expenses	158,531
Loss on disposal of assets	51
Equity in (income) loss of unconsolidated affiliates, net	(1,361)
Operating (loss) income	(30,559)
Interest expense	8,166
Reorganization items, net	1,600
Other income – net	(184)
Total expenses	9,582
Loss before income taxes	(40,141)
Income tax benefit	(3,605)
Net loss	$ (36,536)

Debtor in Possession - Conden_3

Debtor in Possession - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net loss	$ (35,241)	$ (16,983)
Depreciation and amortization	18,444	19,467
Deferred income taxes	(3,656)	(5,113)
Loss (gain) on asset dispositions	51	879
Equity in (income) loss of unconsolidated affiliates, net	(1,361)	37
Inventory valuation reserves	741	1,042
Changes in operating assets and liabilities	(11,877)	(761)
Net cash used in operating activities	(32,899)	(1,432)
Purchase of property and equipment	(6,947)	(6,665)
Proceeds from asset dispositions	12	842
Purchase of short-term investments	(139,616)	(134,319)
Proceeds from sale of short-term investments	80,512	136,259
Refund of Deposit on Aircraft	503	0
Net cash used in investing activities	(65,536)	(4,157)
Debt issuance cost	(5,668)	0
Proceeds from Term Loan	70,000	0
Net cash provided by financing activities	64,332	4,250
Decrease in cash, cash equivalents and restricted cash	(34,967)	(1,339)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	23,597	$ 7,431
Phi, Inc. and Debtors [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net loss	(36,536)
Depreciation and amortization	14,739
Deferred income taxes	(3,689)
Loss (gain) on asset dispositions	51
Equity in (income) loss of unconsolidated affiliates, net	(1,361)
Inventory valuation reserves	586
Changes in operating assets and liabilities	(10,378)
Net cash used in operating activities	(36,588)
Purchase of property and equipment	(6,526)
Proceeds from asset dispositions	12
Purchase of short-term investments	(139,616)
Proceeds from sale of short-term investments	80,512
Refund of Deposit on Aircraft	503
Net cash used in investing activities	(65,115)
Debt issuance cost	(5,668)
Proceeds from Term Loan	70,000
Net cash provided by financing activities	64,332
Decrease in cash, cash equivalents and restricted cash	(37,371)
Cash, cash equivalents and restricted cash at the beginning of period	47,865
Cash, cash equivalents and restricted cash at end of period	$ 10,494