Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PHII | |
Entity Registrant Name | PHI INC | |
Entity Central Index Key | 350403 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,905,757 | |
Non-Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,674,653 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash | $3,623 | $6,270 |
Short-term investments | 189,480 | 185,244 |
Accounts receivable - net | ||
Trade | 157,857 | 178,833 |
Other | 2,370 | 1,928 |
Inventories of spare parts - net | 71,452 | 73,793 |
Prepaid expenses | 11,075 | 9,314 |
Deferred income taxes | 9,914 | 9,915 |
Income taxes receivable | 1,226 | 1,227 |
Total current assets | 446,997 | 466,524 |
Property and equipment - net | 917,342 | 877,818 |
Restricted investments | 15,485 | 15,485 |
Other assets | 15,095 | 16,253 |
Total assets | 1,394,919 | 1,376,080 |
Current Liabilities: | ||
Accounts payable | 56,214 | 27,700 |
Accrued and other current liabilities | 30,085 | 52,812 |
Total current liabilities | 86,299 | 80,512 |
Long-term debt | 539,640 | 543,000 |
Deferred income taxes | 146,865 | 140,532 |
Other long-term liabilities | 15,064 | 14,968 |
Commitments and contingencies (Note 9) | ||
Shareholders' Equity: | ||
Additional paid-in capital | 301,170 | 301,533 |
Treasury stock | -135 | |
Accumulated other comprehensive loss | -102 | -211 |
Retained earnings | 304,560 | 294,197 |
Total shareholders' equity | 607,051 | 597,068 |
Total liabilities and shareholders' equity | 1,394,919 | 1,376,080 |
Voting Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 291 | 291 |
Total shareholders' equity | 291 | 291 |
Non-Voting Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 1,267 | 1,258 |
Total shareholders' equity | $1,267 | $1,258 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Voting Common Stock [Member] | ||
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares issued | 2,905,757 | 2,905,757 |
Common stock, shares outstanding | 2,905,757 | 2,905,757 |
Non-Voting Common Stock [Member] | ||
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 12,674,653 | 12,576,916 |
Common stock, shares outstanding | 12,674,653 | 12,576,916 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Operating revenues, net | $204,197 | $197,071 |
Expenses: | ||
Direct expenses | 169,207 | 158,653 |
Selling, general and administrative expenses | 11,237 | 9,328 |
Total operating expenses | 180,444 | 167,981 |
(Gain) loss on asset dispositions | -7 | 1,073 |
Equity in loss of unconsolidated affiliate | 68 | 41 |
Operating income | 23,692 | 27,976 |
Interest expense | 7,170 | 7,364 |
Loss on debt extinguishment | 29,216 | |
Other income, net | -462 | -91 |
Total expenses | 6,708 | 36,489 |
Earnings (loss) before income taxes | 16,984 | -8,513 |
Income tax expense (benefit) | 6,621 | -3,192 |
Net earnings (loss) | $10,363 | ($5,321) |
Weighted average shares outstanding: | ||
Basic | 15,579 | 15,480 |
Diluted | 15,662 | 15,480 |
Net earnings (loss) per share: | ||
Basic | $0.67 | ($0.34) |
Diluted | $0.66 | ($0.34) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $10,363 | ($5,321) |
Unrealized gain on short-term investments | 139 | 14 |
Other unrealized gain | 24 | |
Changes in pension plan assets and benefit obligations | -1 | |
Tax effect of preceding losses, gains or changes | -55 | -5 |
Total comprehensive income (loss) | $10,471 | ($5,313) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Non-Voting Common Stock [Member] | Voting Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2013 | $559,965 | $1,257 | $291 | $296,932 | ($24) | $261,509 | |
Balance, Shares at Dec. 31, 2013 | 12,568 | 2,906 | |||||
Net earnings (loss) | -5,321 | -5,321 | |||||
Unrealized gain on short-term investments | 8 | 8 | |||||
Amortization of unearned stock-based compensation | 688 | 688 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units) | 1 | 1 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units), shares | 11 | ||||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | -176 | -176 | |||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares | -4 | ||||||
Balance at Mar. 31, 2014 | 555,165 | 1,258 | 291 | 297,444 | -16 | 256,188 | |
Balance, Shares at Mar. 31, 2014 | 12,575 | 2,906 | |||||
Balance at Dec. 31, 2014 | 597,068 | 1,258 | 291 | 301,533 | -211 | 294,197 | |
Balance, Shares at Dec. 31, 2014 | 12,576 | 2,906 | |||||
Net earnings (loss) | 10,363 | 10,363 | |||||
Unrealized gain on short-term investments | 85 | 85 | |||||
Amortization of unearned stock-based compensation | 1,719 | 1,719 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units) | 16 | 16 | |||||
Issuance of non-voting common stock (upon vesting of restricted stock units), shares | 164 | ||||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares | -2,089 | -7 | -2,082 | ||||
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, shares | -66 | ||||||
Purchase of treasury stock | -135 | -135 | |||||
Other | 24 | 24 | |||||
Balance at Mar. 31, 2015 | $607,051 | $1,267 | $291 | $301,170 | ($135) | ($102) | $304,560 |
Balance, Shares at Mar. 31, 2015 | 12,674 | 2,906 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net earnings (loss) | $10,363 | ($5,321) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 18,151 | 11,363 |
Deferred income taxes | 6,279 | -4,559 |
(Gain) loss on asset dispositions | -7 | 1,073 |
Equity in loss of unconsolidated affiliate | 68 | 41 |
Loss on debt extinguishment | 29,216 | |
Inventory valuation reserves | 562 | |
Changes in operating assets and liabilities | -5,498 | -25,691 |
Net cash provided by operating activities | 29,918 | 6,122 |
Investing activities: | ||
Purchase of property and equipment | -22,115 | -38,746 |
Proceeds from asset dispositions | 2,994 | |
Purchase of short-term investments | -190,243 | -140,551 |
Proceeds from sale of short-term investments | 185,426 | 84,692 |
Refund on deposits on aircraft | 3,926 | |
Payments of deposits on aircraft | -66 | -6,499 |
Net cash used in investing activities | -26,998 | -94,184 |
Financing activities: | ||
Proceeds from issuance of Senior Notes due 2019 | 500,000 | |
Repayment of Senior Notes due 2018 | -292,571 | |
Premium and costs to retire debt early | -26,132 | |
Debt issuance costs | -5,657 | |
Proceeds from line of credit | 77,740 | 95,500 |
Payments on line of credit | -81,100 | -174,500 |
Repurchase of common stock | -2,207 | -176 |
Net cash (used in) provided by financing activities | -5,567 | 96,464 |
(Decrease) increase in cash | -2,647 | 8,402 |
Cash, beginning of period | 6,270 | 934 |
Cash, end of period | 3,623 | 9,336 |
Cash paid during the period for: | ||
Interest | 13,453 | 11,280 |
Income taxes | 3,061 | 13 |
Noncash investing activities: | ||
Other current liabilities and accrued payables related to purchase of property and equipment | $28,994 | $24,717 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated financial statements include the accounts of PHI, Inc. and its subsidiaries (“PHI” or the “Company” or “we” or “our”). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting of only normal, recurring adjustments, necessary to present fairly the financial results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and the accompanying notes. | |
The Company’s financial results, particularly as they relate to the Company’s Oil and Gas segment, are influenced by seasonal fluctuations as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. For this and other reasons, the results of operations for interim periods are not necessarily indicative of the operating results that may be expected for a full fiscal year. | |
Accounting Policies—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. However, the FASB has tentatively decided to defer the effective date of this new revenue standard to reporting periods beginning after December 31, 2017. The effects of this standard on our financial position, results of operations and cash flows are not yet known. |
Investments
Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investments | 2. INVESTMENTS | ||||||||||||||||
We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss (income), which is a separate component of shareholders’ equity in our Condensed Consolidated Balance Sheets. These unrealized gains and losses are also reflected in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Shareholders’ Equity. Cost, gains, and losses are determined using the specific identification method. | |||||||||||||||||
Investments consisted of the following as of March 31, 2015: | |||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost Basis | Gains | Losses | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Investments: | |||||||||||||||||
Money market mutual funds | $ | 18,055 | $ | — | $ | — | $ | 18,055 | |||||||||
U.S. Government agencies | 8,007 | 6 | (1 | ) | 8,012 | ||||||||||||
Municipal bonds and notes | 1,500 | 1 | — | 1,501 | |||||||||||||
Corporate bonds and notes | 177,511 | 23 | (137 | ) | 177,397 | ||||||||||||
Subtotal | 205,073 | 30 | (138 | ) | 204,965 | ||||||||||||
Deferred compensation plan assets included in other assets | 2,475 | — | — | 2,475 | |||||||||||||
Total | $ | 207,548 | $ | 30 | $ | (138 | ) | $ | 207,440 | ||||||||
Investments consisted of the following as of December 31, 2014: | |||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost Basis | Gains | Losses | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Investments: | |||||||||||||||||
Money market mutual funds | $ | 68,612 | $ | — | $ | — | $ | 68,612 | |||||||||
Municipal bonds and notes | 1,500 | 2 | — | 1,502 | |||||||||||||
Corporate bonds and notes | 130,864 | 19 | (268 | ) | 130,615 | ||||||||||||
Subtotal | 200,976 | 21 | (268 | ) | 200,729 | ||||||||||||
Deferred compensation plan assets included in other assets | 2,386 | — | — | 2,386 | |||||||||||||
Total | $ | 203,362 | $ | 21 | $ | (268 | ) | $ | 203,115 | ||||||||
At March 31, 2015 and December 31, 2014, we classified $15.5 million of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as Restricted investments, as they are securing outstanding letters of credit with maturities beyond one year. | |||||||||||||||||
The following table presents the cost and fair value of our debt investments based on maturities as of: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Costs | Value | Costs | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Due in one year or less | $ | 95,682 | $ | 95,667 | $ | 70,180 | $ | 70,169 | |||||||||
Due within two years | 91,336 | 91,243 | 62,184 | 61,948 | |||||||||||||
Total | $ | 187,018 | $ | 186,910 | $ | 132,364 | $ | 132,117 | |||||||||
The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Average | Average | Average | Average | ||||||||||||||
Coupon | Days To | Coupon | Days To | ||||||||||||||
Rate (%) | Maturity | Rate (%) | Maturity | ||||||||||||||
U.S. Government agencies | 0.528 | 44 | 0 | 0 | |||||||||||||
Municipal bonds and notes | 0.869 | 700 | 0.528 | 134 | |||||||||||||
Corporate bonds and notes | 1.814 | 350 | 1.828 | 348 | |||||||||||||
The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
U.S. Government agencies | $ | 1,999 | $ | (1 | ) | $ | — | $ | — | ||||||||
Corporate bonds and notes | 130,231 | (136 | ) | 30,332 | (30 | ) | |||||||||||
Total | $ | 132,230 | $ | (137 | ) | $ | 30,332 | $ | (30 | ) | |||||||
The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Corporate bonds and notes | $ | 1,503 | $ | (1 | ) | $ | — | $ | — | ||||||||
Total | $ | 1,503 | $ | (1 | ) | $ | — | $ | — | ||||||||
From time to time over the periods covered in our financial statements included herein, our investments have experienced net unrealized losses. We consider these declines in market value to be due to market conditions, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at March 31, 2015 or December 31, 2014. We have also determined that we did not have any other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2015. For additional information regarding our criteria for making these assessments, see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Revenue_Recognition_and_Valuat
Revenue Recognition and Valuation Accounts | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Revenue Recognition and Valuation Accounts | 3. REVENUE RECOGNITION AND VALUATION ACCOUNTS | ||||||||
We have established an 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 $1.4 million at March 31, 2015 and December 31, 2014. | |||||||||
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 $98.3 million and $96.6 million as of March 31, 2015 and December 31, 2014, respectively. The allowance for uncompensated care was $36.3 million and $41.9 million as of as March 31, 2015 and December 31, 2014, respectively. | |||||||||
Included in the allowance for uncompensated care listed above is the value of services to patients who are unable to pay when it is determined that they qualify for charity care. The value of these services was $2.7 million and $2.4 million for the quarters ended March 31, 2015 and 2014, respectively. The estimated cost of providing charity services was $0.6 million for the quarters ended March 31, 2015 and 2014. The estimated costs of providing charity services are based on a calculation that applies a ratio of costs to the charges for uncompensated charity care. The ratio of costs to charges is based on our Air Medical segment’s total expenses divided by gross patient service revenue. | |||||||||
The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) was as follows: | |||||||||
Revenue | |||||||||
Quarter Ended | Year Ended | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Allowance for Contractual Discounts | 57 | % | 53 | % | |||||
Allowance for Uncompensated Care | 21 | % | 23 | % | |||||
Our contract in the Middle East requires us to provide multiple services, including helicopter leasing, flight services for helicopter emergency medical service operations, aircraft maintenance, provision of spare parts, insurance coverage for the customer-owned aircraft, training services, and base construction. All services are delivered and earned monthly over a three-year contractual period which began on September 29, 2012. The customer may terminate the contract prior to the end of the contract term by giving ninety days advance notice and paying an early termination fee of $13.5 million. Each of the major services mentioned above qualify as separate units of accounting under the accounting guidance for such arrangements. The selling price for each specific service was determined based upon third-party evidence and estimates. | |||||||||
We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $13.7 million and $13.5 million at March 31, 2015 and December 31, 2014, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS | ||||||||||||
Accounting standards require that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | |||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||
The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: | |||||||||||||
March 31, 2015 | |||||||||||||
Total | (Level 1) | (Level 2) | |||||||||||
(Thousands of dollars) | |||||||||||||
Investments: | |||||||||||||
Money market mutual funds | $ | 18,055 | $ | 18,055 | $ | — | |||||||
U.S. Government agencies | 8,012 | — | 8,012 | ||||||||||
Municipal bonds and notes | 1,501 | — | 1,501 | ||||||||||
Corporate bonds and notes | 177,397 | — | 177,397 | ||||||||||
204,965 | 18,055 | 186,910 | |||||||||||
Deferred compensation plan assets | 2,475 | 2,475 | — | ||||||||||
Total | $ | 207,440 | $ | 20,530 | $ | 186,910 | |||||||
December 31, 2014 | |||||||||||||
Total | (Level 1) | (Level 2) | |||||||||||
(Thousands of dollars) | |||||||||||||
Investments: | |||||||||||||
Money Market Mutual Funds | $ | 68,612 | $ | 68,612 | $ | — | |||||||
Municipal bonds and notes | 1,502 | — | 1,502 | ||||||||||
Corporate bonds and notes | 130,615 | — | 130,615 | ||||||||||
200,729 | 68,612 | 132,117 | |||||||||||
Deferred compensation plan assets | 2,386 | 2,386 | — | ||||||||||
Total | $ | 203,115 | $ | 70,998 | $ | 132,117 | |||||||
We hold our short-term investments in an investment fund consisting of high quality money market instruments of governmental and private issuers, which is classified as a short-term investment. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. These items are traded with sufficient frequency and volume to provide pricing on an ongoing basis. The fair values of the shares of these funds are based on observable market prices, and therefore, have been categorized in Level 1 in the fair value hierarchy. Level 2 inputs reflect quoted prices for identical assets or liabilities that are not actively traded. These items may not be traded daily; examples include corporate bonds and U.S. government agencies debt. There have been no reclassifications of assets between Level 1 and Level 2 investments during the periods covered by the financial statements included in this report. We hold no Level 3 investments. Investments included in other assets, which relate to our liability under the Officers’ Deferred Compensation Plan, consist mainly of multiple investment funds that are highly liquid and diversified. | |||||||||||||
Cash, accounts receivable, accounts payable and accrued liabilities, and our revolving credit facility debt all had fair values approximating their carrying amounts at March 31, 2015 and December 31, 2014. Our determination of the estimated fair value of our Senior Notes and our revolving credit facility debt is derived using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our Senior Notes, based on quoted market prices, was $464.7 million and $425.6 million at March 31, 2015 and December 31, 2014, respectively. |
Long_Term_Debt
Long Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long Term Debt | 5. LONG-TERM DEBT | ||||||||
The components of long-term debt as of the dates indicated below were as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Senior Notes dated March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 | $ | 500,000 | $ | 500,000 | |||||
Revolving Credit Facility due October 1, 2016 with a group of commercial banks, interest payable at variable rates | 39,640 | 43,000 | |||||||
Total long-term debt | $ | 539,640 | $ | 543,000 | |||||
Senior Notes - During the quarter ended March 31, 2014, we issued $500 million of 5.25% Senior Notes due March 2019. Proceeds were approximately $494 million, net of fees and expenses, and a portion of these proceeds were used to retire on March 17, 2014 $292.6 million of our $300 million previously outstanding 8.625% Senior Notes pursuant to a tender offer, at a total cost of $329.4 million including the tender premium and accrued interest. We redeemed the remaining $7.4 million of 8.625% Senior Notes on April 16, 2014, at a redemption price of 108.3% of the face amount plus accrued interest. As a result of our repurchase of 8.625% Senior Notes in March 2014, we recorded a pretax charge of $29.2 million in the quarter ended March 31, 2014, which consisted of a $26.1 million tender premium and $3.1 million of unamortized issuance costs. We recorded a pre-tax charge of $0.6 million in the second quarter of 2014 associated with our redemption on April 16, 2014 of the remaining 8.625% Senior Notes not previously tendered. Our repurchase of 8.625% Senior Notes in March 2014 and April 2014 resulted in deferred tax benefits of $11.6 million. | |||||||||
Our 5.25% Senior Notes (the “2019 Notes”) will mature on March 15, 2019, are unconditionally guaranteed on a senior basis by the each of PHI’s domestic subsidiaries, and are the general, unsecured obligations of PHI and the guarantors. Interest is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2014. PHI has the option to redeem some or all of the 2019 Notes at any time on or after March 15, 2016 at specified redemption prices. Prior to that time, PHI has the option to redeem some or all of the 2019 Notes pursuant to certain “make-whole” provisions or to redeem a portion of the 2019 Notes with the net proceeds of certain specified equity offerings. The indenture governing the 2019 Notes (the “2019 Indenture”) contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI’s ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments. Upon the occurrence of a “Change in Control Repurchase Event” (as defined in the 2019 Indenture), PHI will be required, unless it has previously elected to redeem the 2019 Notes as described above, to make an offer to purchase the 2019 Notes for a cash price equal to 101% of their principal amount. | |||||||||
Revolving Credit Facility – We have an amended and restated revolving credit facility that matures on October 1, 2016. Under this facility, we can borrow up to $150 million at floating interest rates based on either the London Interbank Offered Rate plus 225 basis points or the prime rate (each as defined in our amended and restated revolving credit facility), at our option. Our revolving credit facility includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the credit facility is conditioned upon our continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in certain other transactions or activities and (ii) financial covenants that stipulate that PHI will maintain a consolidated working capital ratio of at least 2 to 1, a funded debt to consolidated net worth ratio not greater than 1.5 to 1, a fixed charge coverage ratio of at least 1.1 to 1, and consolidated net worth of at least $450 million (with all such terms or amounts as defined in or determined under the amended and restated revolving credit facility). | |||||||||
Other—We maintain a separate letter of credit facility that had $15.5 million in letters of credit outstanding at March 31, 2015 and December 31, 2014. | |||||||||
Cash paid to fund interest expense was $13.5 million for the quarter ended March 31, 2015 and $11.3 million for the quarter ended March 31, 2014. Included in the 2014 interest expense was $10.7 million of accrued interest expense paid for the 8.625% Senior Notes that we purchased on March 17, 2014 and April 16, 2014 in the transactions described above. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 6. EARNINGS PER SHARE | ||||||||
The components of basic and diluted earnings per share for the quarter ended March 31, are as follows: | |||||||||
2015 | 2014 | ||||||||
(Thousands of shares) | |||||||||
Weighted average outstanding shares of common stock, basic | 15,579 | 15,480 | |||||||
Dilutive effect of restricted stock units | 83 | — | |||||||
Weighted average outstanding shares of common stock, diluted | 15,662 | 15,480 | |||||||
Restricted stock units were excluded from the “Weighted average outstanding shares of common stock, diluted” for the three months ended March 31, 2014 because the net loss with respect to such shares for such quarter is anti-dilutive. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation | 7. STOCK-BASED COMPENSATION | ||||||||
We recognize the cost of employee compensation received in the form of equity instruments based on the grant date fair value of those awards. The table below sets forth the total amount of stock-based compensation expense for the three months ended March 31, 2015 and 2014. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Stock-based compensation expense: | |||||||||
Time-based restricted stock units | $ | 637 | $ | 127 | |||||
Performance-based restricted stock units | 1,082 | 561 | |||||||
Total stock-based compensation expense | $ | 1,719 | $ | 688 | |||||
During the quarter ended March 31, 2015, we awarded 18,930 time-based and 151,566 performance-based restricted stock units to managerial employees. During the quarter ended March 31, 2014, we awarded 20,364 time-based restricted stock units to managerial employees. |
Asset_Disposals_and_Impairment
Asset Disposals and Impairments | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Asset Disposals and Impairments | 8. ASSET DISPOSALS AND IMPAIRMENTS |
There were no sales or disposals of aircraft during the first quarter of 2015, but we did transact minor sales and disposals of various ancillary equipment. | |
During the first quarter of 2014, we sold two light aircraft previously utilized in our Air Medical segment and two fixed wing aircraft utilized in our Oil and Gas segment. Cash proceeds totaled $3.0 million, resulting in a loss on the sale of these assets of $1.1 million. These aircraft no longer met our strategic needs. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES |
Commitments – In 2014, we exercised our option to purchase six additional new heavy helicopters for our Oil and Gas segment with deliveries scheduled in 2015 and 2016. One aircraft was delivered in the first quarter of 2015. | |
Total aircraft deposits of $7.4 million were included in Other Assets as of March 31, 2015. This amount represents deposits paid by us as required under aircraft purchase contracts. | |
On January 2, 2015, we purchased one heavy aircraft off lease pursuant to a purchase option in the lease contract for an aggregate purchase price of $17.7 million. | |
As of March 31, 2015, we had options to purchase various aircraft that we currently operate under lease agreements with the aircraft owners. These options will become exercisable at various dates in 2016 through 2019. The aggregate option purchase prices are $67.8 million in 2016, $55.7 million in 2017, $127.0 million in 2018, and $150.4 million in 2019. Subject to market conditions and available cash, we currently intend to exercise these options as they become exercisable. | |
Environmental Matters – We have recorded an aggregate estimated probable liability of $0.2 million as of March 31, 2015 for environmental response costs. We have conducted environmental surveys of our former Lafayette facility located at the Lafayette Regional Airport, which we vacated in 2001, and have determined that limited soil and groundwater contamination exists at two parcels of land at the former facility. We submitted an assessment report for both sites in 2003, updated it in 2006, and received approvals of our remediation plan from the Louisiana Department of Environmental Quality (“LDEQ”) and Louisiana Department of Natural Resources in 2010 and 2011, respectively. Since such time, we have installed groundwater monitoring wells at these sites and furnished periodic reports on contamination levels to the LDEQ. Pursuant to our agreement with the LDEQ, we are currently providing samples twice a year for both sites. Based upon our working relationship and agreements with the LDEQ and the results of our ongoing site monitoring, we believe, based on current circumstances, that our ultimate remediation costs for these sites will not be material to our consolidated financial position, results of operations, or cash flows. | |
Legal Matters – We are named as a defendant in various legal actions that have arisen in the ordinary course of business and have not been finally adjudicated. In the opinion of management, after considering available defenses and any insurance coverage or indemnification rights, the amount of the liability with respect to these actions will not have a material effect on the Company’s consolidated financial position, results of operations, or cash flows. | |
Operating Leases – We lease certain aircraft, facilities, and equipment used in our operations. The related lease agreements, which include both non-cancelable and month-to-month terms, generally provide for fixed monthly rentals, and certain real estate leases also include renewal options. We generally pay all insurance, taxes, and maintenance expenses associated with these leases. All aircraft leases contain purchase options exercisable by us at certain dates in the lease agreements. | |
At March 31, 2015, we had approximately $305.6 million in aggregate commitments under operating leases of which approximately $38.3 million is payable through December 31, 2015. The total lease commitments include $290.8 million for aircraft and $14.8 million for facility lease commitments. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | 10. SEGMENT INFORMATION | ||||||||
PHI is primarily a provider of helicopter transport services, including helicopter maintenance and repair services. We use a combination of factors to identify reportable segments as required by Accounting Standards Codification 280, “Segment Reporting.” The overriding determination of our segments is based on how the chief operating decision-maker, our Chairman of the Board and Chief Executive Officer, evaluates our results of operations. The underlying factors include customer bases, types of service, operational management, physical locations, and underlying economic characteristics of the types of work we perform. | |||||||||
A segment’s operating profit is its operating revenues less its direct expenses and selling, general and administrative expenses. Each segment has a portion of our total selling, general and administrative expenses that is charged directly to the segment and a small portion that is allocated to that segment. Allocated selling, general and administrative expenses are based primarily on total segment direct expenses as a percentage of total direct expenses. Unallocated overhead consists primarily of corporate selling, general and administrative expenses that we do not allocate to the reportable segments. | |||||||||
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 and/or equipment to offshore platforms in the Gulf of Mexico. Our customers include Shell Oil Company, BP America Production Company, ExxonMobil Production Co., and ConocoPhillips Company, with whom we have worked for 30 or more years, and ENI Petroleum, with whom we have worked for more than 15 years. At March 31, 2015, we operated 168 aircraft in this segment. | |||||||||
Operating revenue from our Oil and Gas segment is derived mainly from contracts that include a fixed monthly rate for a particular model of aircraft, plus a variable rate for flight time. A small portion of our Oil and Gas segment revenue is derived from providing services on an “ad hoc” basis. Operating costs for our Oil and Gas segment are primarily aircraft operations costs, including costs for pilots and maintenance personnel. Total fuel cost is included in direct expense and any reimbursement of a portion of these costs above a contracted per-gallon amount is included in revenue. For the quarters ended March 31, 2015 and 2014, approximately 59% and 64% of our total operating revenues were generated by our Oil and Gas operations, respectively. | |||||||||
Air Medical Segment. Our Air Medical operations are headquartered in Phoenix, Arizona, where we maintain significant separate facilities and administrative staff dedicated to this segment. Those costs are charged directly to our Air Medical segment. | |||||||||
As of March 31, 2015, 100 aircraft were assigned to our Air Medical segment. At such date, we operated approximately 91 aircraft domestically, providing air medical transportation services for hospitals and emergency service agencies in 18 states at 70 separate locations. We also provide air medical transportation services for a customer overseas. For this program, we have deployed nine aircraft at five locations, with eight aircraft generating revenues as of March 31, 2015. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Under the independent provider model, we have no contracts and no fixed revenue stream and compete for transport referrals on a daily basis with other independent operators in the area. Under the traditional provider model, we contract directly with the customer to provide their transportation services, with the contracts typically awarded through competitive bidding. For the quarters ended March 31, 2015 and 2014, approximately 35% and 34% of our total operating revenues were generated by our Air Medical operations, respectively. | |||||||||
As an independent provider, we bill for our services on the basis of a flat rate plus a variable charge per patient-loaded mile, regardless of aircraft model, and are typically compensated by private insurance, Medicaid, or Medicare or directly by the transported patient. As further described in Note 3, revenues are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care at the time the services are provided. Contractual allowances and uncompensated care are estimated based on historical collection experience by payor category (consisting mainly of insurance, Medicaid, Medicare, and self-pay). Estimates regarding the payor mix and changes in reimbursement rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts fully closed, by category. | |||||||||
Provisions for contractual discounts and estimated uncompensated care for Air Medical operations as a percentage of gross segment billings for the following periods were as follows: | |||||||||
Revenue | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Gross Air Medical segment billings | 100 | % | 100 | % | |||||
Provision for contractual discounts | 74 | % | 69 | % | |||||
Provision for uncompensated care | 0 | % | 3 | % | |||||
These percentages are affected by 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, does not increase proportionately with rate increases. | |||||||||
Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay as a percentage of net Air Medical revenues are as follows: | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Insurance | 75 | % | 70 | % | |||||
Medicare | 17 | % | 20 | % | |||||
Medicaid | 8 | % | 8 | % | |||||
Self-Pay | 0 | % | 2 | % | |||||
We also have a limited number of contracts with hospitals under which we receive a fixed monthly rate for aircraft availability and an hourly rate for flight time. Those contracts generated approximately 42% of the segment’s revenues for the quarters ended March 31, 2015 and 2014. | |||||||||
Technical Services Segment. Our Technical Services operations provide maintenance and repairs for our existing customers that own their aircraft. These services are generally labor intensive with higher operating margins as compared to other segments. Depending on when we commence and complete special projects for customers, our results for this segment can vary significantly from period to period, although these variances typically have a limited impact on our consolidated operating results. The Technical Services segment also conducts flight operations for the National Science Foundation in Antarctica, which are typically conducted in the first and fourth quarters each year. | |||||||||
For the three months ended March 31, 2015 and 2014, approximately 6% and 2%, respectively, of our total operating revenues were generated by our Technical Services operations. | |||||||||
Summarized financial information concerning our reportable operating segments for the quarters ended March 31, 2015 and 2014 is as follows: | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Segment operating revenues | |||||||||
Oil and Gas | $ | 120,396 | $ | 125,975 | |||||
Air Medical | 72,385 | 67,952 | |||||||
Technical Services | 11,416 | 3,144 | |||||||
Total operating revenues | 204,197 | 197,071 | |||||||
Segment direct expenses (1) | |||||||||
Oil and Gas (2) | 100,331 | 97,374 | |||||||
Air Medical | 60,039 | 59,379 | |||||||
Technical Services | 8,905 | 1,941 | |||||||
Total segment direct expenses | 169,275 | 158,694 | |||||||
Segment selling, general and administrative expenses | |||||||||
Oil and Gas | 1,159 | 1,034 | |||||||
Air Medical | 2,629 | 2,153 | |||||||
Technical Services | 114 | 2 | |||||||
Total selling, general and administrative expenses | 3,902 | 3,189 | |||||||
Total direct and selling, general and administrative expenses | 173,177 | 161,883 | |||||||
Net segment profit | |||||||||
Oil and Gas | 18,906 | 27,567 | |||||||
Air Medical | 9,717 | 6,420 | |||||||
Technical Services | 2,397 | 1,201 | |||||||
Total net segment profit | 31,020 | 35,188 | |||||||
Other, net (3) | 469 | (982 | ) | ||||||
Unallocated selling, general and administrative costs (1) | (7,335 | ) | (6,139 | ) | |||||
Interest expense | (7,170 | ) | (7,364 | ) | |||||
Loss on debt extinguishment | — | (29,216 | ) | ||||||
Earnings (loss) before income taxes | $ | 16,984 | $ | (8,513 | ) | ||||
-1 | Included in segment direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: | ||||||||
Depreciation and | |||||||||
Amortization Expense | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Segment Direct Expense: | |||||||||
Oil and Gas | $ | 11,280 | $ | 6,853 | |||||
Air Medical | 4,097 | 3,076 | |||||||
Technical Services | 128 | 87 | |||||||
Total | $ | 15,505 | $ | 10,016 | |||||
Unallocated SG&A | $ | 2,646 | $ | 1,347 | |||||
-2 | Includes Equity in loss of unconsolidated affiliate. | ||||||||
-3 | Consists of gains on disposition of property and equipment, and other income. |
Investment_in_Variable_Interes
Investment in Variable Interest Entity | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment in Variable Interest Entity | 11. INVESTMENT IN VARIABLE INTEREST ENTITY |
We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of March 31, 2015, we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011, PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended March 31, 2015 and 2014, we recorded a loss in equity of unconsolidated affiliate less than $0.1 million, relative to our 49% equity ownership, respectively. In addition, we had $2.8 million of trade receivables and $1.0 million of accrued liabilities as of March 31, 2015 from PHIC. We had $2.8 million of trade receivables and a $0.9 million of accrued liabilities as of December 31, 2014. The trade receivables are included in Accounts receivable—trade on our Condensed Consolidated Balance Sheets. The accrued liabilities are included in Accrued and other current liabilities on our Condensed Consolidated Balance Sheets. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $-0- million at March 31, 2015 and December 31, 2014. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income | 12. OTHER COMPREHENSIVE INCOME |
Amounts reclassified from Accumulated other comprehensive income are not material and, therefore, not presented separately in the Condensed Consolidated Statements of Comprehensive Income. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Condensed Consolidating Financial Information | 13. CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ||||||||||||||||
As discussed further in Note 5, on March 17, 2014, PHI, Inc. issued $500 million of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of our domestic subsidiaries. All of our domestic subsidiaries are 100% owned. | |||||||||||||||||
The following supplemental condensed financial information on the following pages sets forth, on a consolidated basis, the balance sheet, statement of operations, statement of comprehensive income, and statement of cash flows information for PHI, Inc. (“Parent Company Only”) and the guarantor subsidiaries. The eliminating entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements have been prepared on the same basis as the consolidated financial statements of PHI, Inc. The equity method is followed by the parent company within the financial information presented below. | |||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 51 | $ | 3,572 | $ | — | $ | 3,623 | |||||||||
Short-term investments | 189,480 | — | — | 189,480 | |||||||||||||
Accounts receivable—net | 100,167 | 60,060 | — | 160,227 | |||||||||||||
Intercompany receivable | — | 95,103 | (95,103 | ) | — | ||||||||||||
Inventories of spare parts—net | 62,954 | 8,498 | — | 71,452 | |||||||||||||
Prepaid expenses | 8,475 | 2,600 | — | 11,075 | |||||||||||||
Deferred income taxes | 9,914 | — | — | 9,914 | |||||||||||||
Income taxes receivable | 1,067 | 159 | — | 1,226 | |||||||||||||
Total current assets | 372,108 | 169,992 | (95,103 | ) | 446,997 | ||||||||||||
Investment in subsidiaries | 336,676 | — | (336,676 | ) | — | ||||||||||||
Property and equipment—net | 680,419 | 236,923 | — | 917,342 | |||||||||||||
Restricted investments | 15,485 | — | — | 15,485 | |||||||||||||
Other assets | 14,891 | 204 | — | 15,095 | |||||||||||||
Total assets | $ | 1,419,579 | $ | 407,119 | $ | (431,779 | ) | $ | 1,394,919 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 51,344 | $ | 4,870 | $ | — | $ | 56,214 | |||||||||
Accrued and other current liabilities | 21,233 | 8,852 | — | 30,085 | |||||||||||||
Intercompany payable | 95,103 | — | (95,103 | ) | — | ||||||||||||
Total current liabilities | 167,680 | 13,722 | (95,103 | ) | 86,299 | ||||||||||||
Long-term debt | 539,640 | — | — | 539,640 | |||||||||||||
Deferred income taxes and other long-term liabilities | 105,208 | 56,721 | — | 161,929 | |||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock and paid-in capital | 302,593 | 109,982 | (109,982 | ) | 302,593 | ||||||||||||
Accumulated other comprehensive loss | (102 | ) | — | — | (102 | ) | |||||||||||
Retained earnings | 304,560 | 226,694 | (226,694 | ) | 304,560 | ||||||||||||
Total shareholders’ equity | 607,051 | 336,676 | (336,676 | ) | 607,051 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,419,579 | $ | 407,119 | $ | (431,779 | ) | $ | 1,394,919 | ||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 51 | $ | 6,219 | $ | — | $ | 6,270 | |||||||||
Short-term investments | 185,244 | — | — | 185,244 | |||||||||||||
Accounts receivable—net | 98,001 | 82,760 | — | 180,761 | |||||||||||||
Intercompany receivable | — | 95,399 | (95,399 | ) | — | ||||||||||||
Inventories of spare parts—net | 65,341 | 8,452 | — | 73,793 | |||||||||||||
Prepaid expenses | 7,610 | 1,704 | — | 9,314 | |||||||||||||
Deferred income taxes | 9,915 | — | — | 9,915 | |||||||||||||
Income taxes receivable | 1,068 | 159 | — | 1,227 | |||||||||||||
Total current assets | 367,230 | 194,693 | (95,399 | ) | 466,524 | ||||||||||||
Investment in subsidiaries and others | 358,080 | — | (358,080 | ) | — | ||||||||||||
Property and equipment, net | 638,437 | 239,381 | — | 877,818 | |||||||||||||
Restricted investments | 15,485 | — | — | 15,485 | |||||||||||||
Other assets | 16,055 | 198 | — | 16,253 | |||||||||||||
Total assets | $ | 1,395,287 | $ | 434,272 | $ | (453,479 | ) | $ | 1,376,080 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 22,578 | $ | 5,122 | $ | — | $ | 27,700 | |||||||||
Accrued and other current liabilities | 34,477 | 18,335 | — | 52,812 | |||||||||||||
Intercompany payable | 95,270 | — | (95,270 | ) | — | ||||||||||||
Total current liabilities | 152,325 | 23,457 | (95,270 | ) | 80,512 | ||||||||||||
Long-term debt | 543,000 | — | — | 543,000 | |||||||||||||
Deferred income taxes and other long-term liabilities | 102,894 | 52,606 | — | 155,500 | |||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock and paid-in capital | 303,082 | 137,647 | (137,647 | ) | 303,082 | ||||||||||||
Accumulated other comprehensive loss | (211 | ) | — | — | (211 | ) | |||||||||||
Retained earnings | 294,197 | 220,562 | (220,562 | ) | 294,197 | ||||||||||||
Total shareholders’ equity | 597,068 | 358,209 | (358,209 | ) | 597,068 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,395,287 | $ | 434,272 | $ | (453,479 | ) | $ | 1,376,080 | ||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the quarter ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Operating revenues, net | $ | 128,658 | $ | 75,539 | $ | — | $ | 204,197 | |||||||||
Expenses: | |||||||||||||||||
Direct expenses | 106,481 | 62,730 | (4 | ) | 169,207 | ||||||||||||
Selling, general and administrative expenses | 8,508 | 2,729 | — | 11,237 | |||||||||||||
Total operating expenses | 114,989 | 65,459 | (4 | ) | 180,444 | ||||||||||||
Gain on disposal of assets, net | (7 | ) | — | — | (7 | ) | |||||||||||
Equity in loss of unconsolidated affiliate | 68 | — | — | 68 | |||||||||||||
Operating income | 13,608 | 10,080 | (4 | ) | 23,692 | ||||||||||||
Equity in net income of consolidated subsidiaries | (6,131 | ) | — | 6,131 | — | ||||||||||||
Interest expense | 7,170 | — | — | 7,170 | |||||||||||||
Other income, net | (462 | ) | (4 | ) | 4 | (462 | ) | ||||||||||
577 | (4 | ) | 6,135 | 6,708 | |||||||||||||
Earnings before income taxes | 13,031 | 10,084 | (6,131 | ) | 16,984 | ||||||||||||
Income tax expense | 2,668 | 3,953 | — | 6,621 | |||||||||||||
Net earnings | $ | 10,363 | $ | 6,131 | $ | (6,131 | ) | $ | 10,363 | ||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Operating revenues, net | $ | 124,354 | $ | 72,717 | $ | — | $ | 197,071 | |||||||||
Expenses: | |||||||||||||||||
Direct expenses | 96,426 | 62,227 | — | 158,653 | |||||||||||||
Selling, general and administrative expenses | 7,081 | 2,247 | — | 9,328 | |||||||||||||
Management fees | (2,909 | ) | 2,909 | — | — | ||||||||||||
Total operating expenses | 100,598 | 67,383 | — | 167,981 | |||||||||||||
Loss on disposal of assets, net | 115 | 958 | — | 1,073 | |||||||||||||
Equity in loss of unconsolidated affiliate | 41 | — | — | 41 | |||||||||||||
Operating income | 23,600 | 4,376 | — | 27,976 | |||||||||||||
Equity in net income of consolidated subsidiaries | (2,735 | ) | — | 2,735 | — | ||||||||||||
Interest expense | 7,364 | — | — | 7,364 | |||||||||||||
Loss on debt extinguishment | 29,216 | — | — | 29,216 | |||||||||||||
Other income, net | (91 | ) | — | — | (91 | ) | |||||||||||
33,754 | — | 2,735 | 36,489 | ||||||||||||||
(Loss) earnings before income taxes | (10,154 | ) | 4,376 | (2,735 | ) | (8,513 | ) | ||||||||||
Income tax (benefit) expense | (4,833 | ) | 1,641 | — | (3,192 | ) | |||||||||||
Net (loss) earnings | $ | (5,321 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,321 | ) | ||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the quarter ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net earnings | $ | 10,363 | $ | 6,131 | $ | (6,131 | ) | $ | 10,363 | ||||||||
Unrealized gain on short-term investments | 139 | — | — | 139 | |||||||||||||
Other unrealized gain | 24 | — | — | 24 | |||||||||||||
Tax effect of preceding gains, losses or changes | (55 | ) | — | — | (55 | ) | |||||||||||
$ | 10,471 | $ | 6,131 | $ | (6,131 | ) | $ | 10,471 | |||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net (loss) earnings | $ | (5,321 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,321 | ) | ||||||
Unrealized gain on short-term investments | 14 | — | — | 14 | |||||||||||||
Changes in pension plan assets and benefit obligations | (1 | ) | — | — | (1 | ) | |||||||||||
Tax effect of preceding gains, losses or changes | (5 | ) | — | — | (5 | ) | |||||||||||
$ | (5,313 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,313 | ) | |||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net cash provided by operating activities | $ | 4,637 | $ | 25,281 | $ | — | $ | 29,918 | |||||||||
Investing activities: | |||||||||||||||||
Purchase of property and equipment | (22,115 | ) | — | — | (22,115 | ) | |||||||||||
Purchase of short-term investments | (190,243 | ) | — | — | (190,243 | ) | |||||||||||
Proceeds from sale of short-term investments | 185,426 | — | — | 185,426 | |||||||||||||
Payments of deposits on aircraft | (66 | ) | — | — | (66 | ) | |||||||||||
Net cash used in investing activities | (26,998 | ) | — | — | (26,998 | ) | |||||||||||
Financing activities: | |||||||||||||||||
Proceeds from line of credit | 77,740 | — | — | 77,740 | |||||||||||||
Payments on line of credit | (81,100 | ) | — | — | (81,100 | ) | |||||||||||
Repurchase of common stock | (2,207 | ) | (2,207 | ) | |||||||||||||
Due to/from affiliate, net | 27,928 | (27,928 | ) | — | — | ||||||||||||
Net cash provided by (used in) financing activities | 22,361 | (27,928 | ) | — | 5,567 | ||||||||||||
Decrease in cash | — | (2,647 | ) | — | (2,647 | ) | |||||||||||
Cash, beginning of period | 51 | 6,219 | — | 6,270 | |||||||||||||
Cash, end of period | $ | 51 | $ | 3,572 | $ | — | $ | 3,623 | |||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1)(2) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net cash provided by operating activities | $ | (4,368 | ) | $ | 10,490 | $ | — | $ | 6,122 | ||||||||
Investing activities: | |||||||||||||||||
Purchase of property and equipment | (38,746 | ) | — | — | (38,746 | ) | |||||||||||
Proceeds from asset dispositions | 2,994 | — | — | 2,994 | |||||||||||||
Purchase of short-term investments | (140,551 | ) | — | — | (140,551 | ) | |||||||||||
Proceeds from sale of short-term investments | 84,692 | — | — | 84,692 | |||||||||||||
Refund of deposits on aircraft | 3,926 | — | — | 3,926 | |||||||||||||
Payments of deposits on aircraft | (6,499 | ) | — | — | (6,499 | ) | |||||||||||
Net cash used in investing activities | (94,184 | ) | — | — | (94,184 | ) | |||||||||||
Financing activities: | |||||||||||||||||
Proceeds from issuance of Senior Notes due 2019 | 500,000 | — | — | 500,000 | |||||||||||||
Premium and costs to retire debt early | (26,132 | ) | — | — | (26,132 | ) | |||||||||||
Repayment of Senior Notes due 2018 | (292,571 | ) | — | — | (292,571 | ) | |||||||||||
Debt issuance costs | (5,657 | ) | — | — | (5,657 | ) | |||||||||||
Proceeds from line of credit | 95,500 | — | — | 95,500 | |||||||||||||
Payments on line of credit | (174,500 | ) | — | — | (174,500 | ) | |||||||||||
Repurchase of common stock for payroll tax withholding requirements | (176 | ) | — | — | (176 | ) | |||||||||||
Due to/from affiliate | 9,415 | (9,415 | ) | — | — | ||||||||||||
Net cash provided by financing activities | 105,879 | (9,415 | ) | — | 96,464 | ||||||||||||
Increase in cash | 7,327 | 1,075 | — | 8,402 | |||||||||||||
Cash, beginning of period | 52 | 882 | — | 934 | |||||||||||||
Cash, end of period | $ | 7,379 | $ | 1,957 | $ | — | $ | 9,336 | |||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
-2 | Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company’s centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. However, the FASB has tentatively decided to defer the effective date of this new revenue standard to reporting periods beginning after December 31, 2017. The effects of this standard on our financial position, results of operations and cash flows are not yet known. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Components of Investments | Investments consisted of the following as of March 31, 2015: | ||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost Basis | Gains | Losses | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Investments: | |||||||||||||||||
Money market mutual funds | $ | 18,055 | $ | — | $ | — | $ | 18,055 | |||||||||
U.S. Government agencies | 8,007 | 6 | (1 | ) | 8,012 | ||||||||||||
Municipal bonds and notes | 1,500 | 1 | — | 1,501 | |||||||||||||
Corporate bonds and notes | 177,511 | 23 | (137 | ) | 177,397 | ||||||||||||
Subtotal | 205,073 | 30 | (138 | ) | 204,965 | ||||||||||||
Deferred compensation plan assets included in other assets | 2,475 | — | — | 2,475 | |||||||||||||
Total | $ | 207,548 | $ | 30 | $ | (138 | ) | $ | 207,440 | ||||||||
Investments consisted of the following as of December 31, 2014: | |||||||||||||||||
Unrealized | Unrealized | Fair | |||||||||||||||
Cost Basis | Gains | Losses | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Investments: | |||||||||||||||||
Money market mutual funds | $ | 68,612 | $ | — | $ | — | $ | 68,612 | |||||||||
Municipal bonds and notes | 1,500 | 2 | — | 1,502 | |||||||||||||
Corporate bonds and notes | 130,864 | 19 | (268 | ) | 130,615 | ||||||||||||
Subtotal | 200,976 | 21 | (268 | ) | 200,729 | ||||||||||||
Deferred compensation plan assets included in other assets | 2,386 | — | — | 2,386 | |||||||||||||
Total | $ | 203,362 | $ | 21 | $ | (268 | ) | $ | 203,115 | ||||||||
Cost and Fair Value of Debt Investments Based on Maturities | The following table presents the cost and fair value of our debt investments based on maturities as of: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Costs | Value | Costs | Value | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Due in one year or less | $ | 95,682 | $ | 95,667 | $ | 70,180 | $ | 70,169 | |||||||||
Due within two years | 91,336 | 91,243 | 62,184 | 61,948 | |||||||||||||
Total | $ | 187,018 | $ | 186,910 | $ | 132,364 | $ | 132,117 | |||||||||
Average Coupon Rate Percentage and Average Days to Maturity of Debt | The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Average | Average | Average | Average | ||||||||||||||
Coupon | Days To | Coupon | Days To | ||||||||||||||
Rate (%) | Maturity | Rate (%) | Maturity | ||||||||||||||
U.S. Government agencies | 0.528 | 44 | 0 | 0 | |||||||||||||
Municipal bonds and notes | 0.869 | 700 | 0.528 | 134 | |||||||||||||
Corporate bonds and notes | 1.814 | 350 | 1.828 | 348 | |||||||||||||
Investments in Continuous Unrealized Loss Position for Less Than Twelve Months | The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
U.S. Government agencies | $ | 1,999 | $ | (1 | ) | $ | — | $ | — | ||||||||
Corporate bonds and notes | 130,231 | (136 | ) | 30,332 | (30 | ) | |||||||||||
Total | $ | 132,230 | $ | (137 | ) | $ | 30,332 | $ | (30 | ) | |||||||
Investments in Continuous Unrealized Loss Position for More Than Twelve Months | The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Thousands of dollars) | |||||||||||||||||
Corporate bonds and notes | $ | 1,503 | $ | (1 | ) | $ | — | $ | — | ||||||||
Total | $ | 1,503 | $ | (1 | ) | $ | — | $ | — | ||||||||
Revenue_Recognition_and_Valuat1
Revenue Recognition and Valuation Accounts (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable | The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) was as follows: | ||||||||
Revenue | |||||||||
Quarter Ended | Year Ended | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Allowance for Contractual Discounts | 57 | % | 53 | % | |||||
Allowance for Uncompensated Care | 21 | % | 23 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Summary of Valuation of Investments and Financial Instruments Pricing Levels | The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: | ||||||||||||
March 31, 2015 | |||||||||||||
Total | (Level 1) | (Level 2) | |||||||||||
(Thousands of dollars) | |||||||||||||
Investments: | |||||||||||||
Money market mutual funds | $ | 18,055 | $ | 18,055 | $ | — | |||||||
U.S. Government agencies | 8,012 | — | 8,012 | ||||||||||
Municipal bonds and notes | 1,501 | — | 1,501 | ||||||||||
Corporate bonds and notes | 177,397 | — | 177,397 | ||||||||||
204,965 | 18,055 | 186,910 | |||||||||||
Deferred compensation plan assets | 2,475 | 2,475 | — | ||||||||||
Total | $ | 207,440 | $ | 20,530 | $ | 186,910 | |||||||
December 31, 2014 | |||||||||||||
Total | (Level 1) | (Level 2) | |||||||||||
(Thousands of dollars) | |||||||||||||
Investments: | |||||||||||||
Money Market Mutual Funds | $ | 68,612 | $ | 68,612 | $ | — | |||||||
Municipal bonds and notes | 1,502 | — | 1,502 | ||||||||||
Corporate bonds and notes | 130,615 | — | 130,615 | ||||||||||
200,729 | 68,612 | 132,117 | |||||||||||
Deferred compensation plan assets | 2,386 | 2,386 | — | ||||||||||
Total | $ | 203,115 | $ | 70,998 | $ | 132,117 | |||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long-term Debt | The components of long-term debt as of the dates indicated below were as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Senior Notes dated March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 | $ | 500,000 | $ | 500,000 | |||||
Revolving Credit Facility due October 1, 2016 with a group of commercial banks, interest payable at variable rates | 39,640 | 43,000 | |||||||
Total long-term debt | $ | 539,640 | $ | 543,000 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share for the quarter ended March 31, are as follows: | ||||||||
2015 | 2014 | ||||||||
(Thousands of shares) | |||||||||
Weighted average outstanding shares of common stock, basic | 15,579 | 15,480 | |||||||
Dilutive effect of restricted stock units | 83 | — | |||||||
Weighted average outstanding shares of common stock, diluted | 15,662 | 15,480 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Summary of Share Based Compensation Expense | The table below sets forth the total amount of stock-based compensation expense for the three months ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Stock-based compensation expense: | |||||||||
Time-based restricted stock units | $ | 637 | $ | 127 | |||||
Performance-based restricted stock units | 1,082 | 561 | |||||||
Total stock-based compensation expense | $ | 1,719 | $ | 688 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings | Provisions for contractual discounts and estimated uncompensated care for Air Medical operations as a percentage of gross segment billings for the following periods were as follows: | ||||||||
Revenue | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Gross Air Medical segment billings | 100 | % | 100 | % | |||||
Provision for contractual discounts | 74 | % | 69 | % | |||||
Provision for uncompensated care | 0 | % | 3 | % | |||||
Schedule of Net Revenue Attributable to Medicaid, Medicare, Insurance, and Self-Pay as a Percentage of Net Air Medical Revenues | Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay as a percentage of net Air Medical revenues are as follows: | ||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Insurance | 75 | % | 70 | % | |||||
Medicare | 17 | % | 20 | % | |||||
Medicaid | 8 | % | 8 | % | |||||
Self-Pay | 0 | % | 2 | % | |||||
Schedule of Financial Information Concerning Reportable Operating Segments | Summarized financial information concerning our reportable operating segments for the quarters ended March 31, 2015 and 2014 is as follows: | ||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(Thousands of dollars) | |||||||||
Segment operating revenues | |||||||||
Oil and Gas | $ | 120,396 | $ | 125,975 | |||||
Air Medical | 72,385 | 67,952 | |||||||
Technical Services | 11,416 | 3,144 | |||||||
Total operating revenues | 204,197 | 197,071 | |||||||
Segment direct expenses (1) | |||||||||
Oil and Gas (2) | 100,331 | 97,374 | |||||||
Air Medical | 60,039 | 59,379 | |||||||
Technical Services | 8,905 | 1,941 | |||||||
Total segment direct expenses | 169,275 | 158,694 | |||||||
Segment selling, general and administrative expenses | |||||||||
Oil and Gas | 1,159 | 1,034 | |||||||
Air Medical | 2,629 | 2,153 | |||||||
Technical Services | 114 | 2 | |||||||
Total selling, general and administrative expenses | 3,902 | 3,189 | |||||||
Total direct and selling, general and administrative expenses | 173,177 | 161,883 | |||||||
Net segment profit | |||||||||
Oil and Gas | 18,906 | 27,567 | |||||||
Air Medical | 9,717 | 6,420 | |||||||
Technical Services | 2,397 | 1,201 | |||||||
Total net segment profit | 31,020 | 35,188 | |||||||
Other, net (3) | 469 | (982 | ) | ||||||
Unallocated selling, general and administrative costs (1) | (7,335 | ) | (6,139 | ) | |||||
Interest expense | (7,170 | ) | (7,364 | ) | |||||
Loss on debt extinguishment | — | (29,216 | ) | ||||||
Earnings (loss) before income taxes | $ | 16,984 | $ | (8,513 | ) | ||||
-1 | Included in segment direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: | ||||||||
-2 | Includes Equity in loss of unconsolidated affiliate. | ||||||||
-3 | Consists of gains on disposition of property and equipment, and other income. | ||||||||
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs | |||||||||
Depreciation and | |||||||||
Amortization Expense | |||||||||
Quarter Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Segment Direct Expense: | |||||||||
Oil and Gas | $ | 11,280 | $ | 6,853 | |||||
Air Medical | 4,097 | 3,076 | |||||||
Technical Services | 128 | 87 | |||||||
Total | $ | 15,505 | $ | 10,016 | |||||
Unallocated SG&A | $ | 2,646 | $ | 1,347 | |||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Condensed Consolidating Balance Sheets | PHI, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 51 | $ | 3,572 | $ | — | $ | 3,623 | |||||||||
Short-term investments | 189,480 | — | — | 189,480 | |||||||||||||
Accounts receivable—net | 100,167 | 60,060 | — | 160,227 | |||||||||||||
Intercompany receivable | — | 95,103 | (95,103 | ) | — | ||||||||||||
Inventories of spare parts—net | 62,954 | 8,498 | — | 71,452 | |||||||||||||
Prepaid expenses | 8,475 | 2,600 | — | 11,075 | |||||||||||||
Deferred income taxes | 9,914 | — | — | 9,914 | |||||||||||||
Income taxes receivable | 1,067 | 159 | — | 1,226 | |||||||||||||
Total current assets | 372,108 | 169,992 | (95,103 | ) | 446,997 | ||||||||||||
Investment in subsidiaries | 336,676 | — | (336,676 | ) | — | ||||||||||||
Property and equipment—net | 680,419 | 236,923 | — | 917,342 | |||||||||||||
Restricted investments | 15,485 | — | — | 15,485 | |||||||||||||
Other assets | 14,891 | 204 | — | 15,095 | |||||||||||||
Total assets | $ | 1,419,579 | $ | 407,119 | $ | (431,779 | ) | $ | 1,394,919 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 51,344 | $ | 4,870 | $ | — | $ | 56,214 | |||||||||
Accrued and other current liabilities | 21,233 | 8,852 | — | 30,085 | |||||||||||||
Intercompany payable | 95,103 | — | (95,103 | ) | — | ||||||||||||
Total current liabilities | 167,680 | 13,722 | (95,103 | ) | 86,299 | ||||||||||||
Long-term debt | 539,640 | — | — | 539,640 | |||||||||||||
Deferred income taxes and other long-term liabilities | 105,208 | 56,721 | — | 161,929 | |||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock and paid-in capital | 302,593 | 109,982 | (109,982 | ) | 302,593 | ||||||||||||
Accumulated other comprehensive loss | (102 | ) | — | — | (102 | ) | |||||||||||
Retained earnings | 304,560 | 226,694 | (226,694 | ) | 304,560 | ||||||||||||
Total shareholders’ equity | 607,051 | 336,676 | (336,676 | ) | 607,051 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,419,579 | $ | 407,119 | $ | (431,779 | ) | $ | 1,394,919 | ||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 51 | $ | 6,219 | $ | — | $ | 6,270 | |||||||||
Short-term investments | 185,244 | — | — | 185,244 | |||||||||||||
Accounts receivable—net | 98,001 | 82,760 | — | 180,761 | |||||||||||||
Intercompany receivable | — | 95,399 | (95,399 | ) | — | ||||||||||||
Inventories of spare parts—net | 65,341 | 8,452 | — | 73,793 | |||||||||||||
Prepaid expenses | 7,610 | 1,704 | — | 9,314 | |||||||||||||
Deferred income taxes | 9,915 | — | — | 9,915 | |||||||||||||
Income taxes receivable | 1,068 | 159 | — | 1,227 | |||||||||||||
Total current assets | 367,230 | 194,693 | (95,399 | ) | 466,524 | ||||||||||||
Investment in subsidiaries and others | 358,080 | — | (358,080 | ) | — | ||||||||||||
Property and equipment, net | 638,437 | 239,381 | — | 877,818 | |||||||||||||
Restricted investments | 15,485 | — | — | 15,485 | |||||||||||||
Other assets | 16,055 | 198 | — | 16,253 | |||||||||||||
Total assets | $ | 1,395,287 | $ | 434,272 | $ | (453,479 | ) | $ | 1,376,080 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 22,578 | $ | 5,122 | $ | — | $ | 27,700 | |||||||||
Accrued and other current liabilities | 34,477 | 18,335 | — | 52,812 | |||||||||||||
Intercompany payable | 95,270 | — | (95,270 | ) | — | ||||||||||||
Total current liabilities | 152,325 | 23,457 | (95,270 | ) | 80,512 | ||||||||||||
Long-term debt | 543,000 | — | — | 543,000 | |||||||||||||
Deferred income taxes and other long-term liabilities | 102,894 | 52,606 | — | 155,500 | |||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock and paid-in capital | 303,082 | 137,647 | (137,647 | ) | 303,082 | ||||||||||||
Accumulated other comprehensive loss | (211 | ) | — | — | (211 | ) | |||||||||||
Retained earnings | 294,197 | 220,562 | (220,562 | ) | 294,197 | ||||||||||||
Total shareholders’ equity | 597,068 | 358,209 | (358,209 | ) | 597,068 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,395,287 | $ | 434,272 | $ | (453,479 | ) | $ | 1,376,080 | ||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
Condensed Consolidating Statements of Operations | PHI, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the quarter ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Operating revenues, net | $ | 128,658 | $ | 75,539 | $ | — | $ | 204,197 | |||||||||
Expenses: | |||||||||||||||||
Direct expenses | 106,481 | 62,730 | (4 | ) | 169,207 | ||||||||||||
Selling, general and administrative expenses | 8,508 | 2,729 | — | 11,237 | |||||||||||||
Total operating expenses | 114,989 | 65,459 | (4 | ) | 180,444 | ||||||||||||
Gain on disposal of assets, net | (7 | ) | — | — | (7 | ) | |||||||||||
Equity in loss of unconsolidated affiliate | 68 | — | — | 68 | |||||||||||||
Operating income | 13,608 | 10,080 | 4 | 23,692 | |||||||||||||
Equity in net income of consolidated subsidiaries | (6,131 | ) | — | 6,131 | — | ||||||||||||
Interest expense | 7,170 | — | — | 7,170 | |||||||||||||
Other income, net | (462 | ) | (4 | ) | 4 | (462 | ) | ||||||||||
577 | (4 | ) | 6,135 | 6,708 | |||||||||||||
Earnings before income taxes | 13,031 | 10,084 | (6,131 | ) | 16,984 | ||||||||||||
Income tax expense | 2,668 | 3,953 | — | 6,621 | |||||||||||||
Net earnings | $ | 10,363 | $ | 6,131 | $ | (6,131 | ) | $ | 10,363 | ||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Operating revenues, net | $ | 124,354 | $ | 72,717 | $ | — | $ | 197,071 | |||||||||
Expenses: | |||||||||||||||||
Direct expenses | 96,426 | 62,227 | — | 158,653 | |||||||||||||
Selling, general and administrative expenses | 7,081 | 2,247 | — | 9,328 | |||||||||||||
Management fees | (2,909 | ) | 2,909 | — | — | ||||||||||||
Total operating expenses | 100,598 | 67,383 | — | 167,981 | |||||||||||||
Loss on disposal of assets, net | 115 | 958 | — | 1,073 | |||||||||||||
Equity in loss of unconsolidated affiliate | 41 | — | — | 41 | |||||||||||||
Operating income | 23,600 | 4,376 | — | 27,976 | |||||||||||||
Equity in net income of consolidated subsidiaries | (2,735 | ) | — | 2,735 | — | ||||||||||||
Interest expense | 7,364 | — | — | 7,364 | |||||||||||||
Loss on debt extinguishment | 29,216 | — | — | 29,216 | |||||||||||||
Other income, net | (91 | ) | — | — | (91 | ) | |||||||||||
33,754 | — | 2,735 | 36,489 | ||||||||||||||
(Loss) earnings before income taxes | (10,154 | ) | 4,376 | (2,735 | ) | (8,513 | ) | ||||||||||
Income tax (benefit) expense | (4,833 | ) | 1,641 | — | (3,192 | ) | |||||||||||
Net (loss) earnings | $ | (5,321 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,321 | ) | ||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | PHI, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the quarter ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net earnings | $ | 10,363 | $ | 6,131 | $ | (6,131 | ) | $ | 10,363 | ||||||||
Unrealized gain on short-term investments | 139 | — | — | 139 | |||||||||||||
Other unrealized gain | 24 | — | — | 24 | |||||||||||||
Tax effect of preceding gains, losses or changes | (55 | ) | — | — | (55 | ) | |||||||||||
$ | 10,471 | $ | 6,131 | $ | (6,131 | ) | $ | 10,471 | |||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net (loss) earnings | $ | (5,321 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,321 | ) | ||||||
Unrealized gain on short-term investments | 14 | — | — | 14 | |||||||||||||
Changes in pension plan assets and benefit obligations | (1 | ) | — | — | (1 | ) | |||||||||||
Tax effect of preceding gains, losses or changes | (5 | ) | — | — | (5 | ) | |||||||||||
$ | (5,313 | ) | $ | 2,735 | $ | (2,735 | ) | $ | (5,313 | ) | |||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows | PHI, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net cash provided by operating activities | $ | 4,637 | $ | 25,281 | $ | — | $ | 29,918 | |||||||||
Investing activities: | |||||||||||||||||
Purchase of property and equipment | (22,115 | ) | — | — | (22,115 | ) | |||||||||||
Purchase of short-term investments | (190,243 | ) | — | — | (190,243 | ) | |||||||||||
Proceeds from sale of short-term investments | 185,426 | — | — | 185,426 | |||||||||||||
Payments of deposits on aircraft | (66 | ) | — | — | (66 | ) | |||||||||||
Net cash used in investing activities | (26,998 | ) | — | — | (26,998 | ) | |||||||||||
Financing activities: | |||||||||||||||||
Proceeds from line of credit | 77,740 | — | — | 77,740 | |||||||||||||
Payments on line of credit | (81,100 | ) | — | — | (81,100 | ) | |||||||||||
Repurchase of common stock | (2,207 | ) | (2,207 | ) | |||||||||||||
Due to/from affiliate, net | 27,928 | (27,928 | ) | — | — | ||||||||||||
Net cash provided by (used in) financing activities | 22,361 | (27,928 | ) | — | (5,567 | ) | |||||||||||
Decrease in cash | — | (2,647 | ) | — | (2,647 | ) | |||||||||||
Cash, beginning of period | 51 | 6,219 | — | 6,270 | |||||||||||||
Cash, end of period | $ | 51 | $ | 3,572 | $ | — | $ | 3,623 | |||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
PHI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
(Thousands of dollars) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Company | Subsidiaries (1)(2) | ||||||||||||||||
Only (issuer) | |||||||||||||||||
Net cash provided by operating activities | $ | (4,368 | ) | $ | 10,490 | $ | — | $ | 6,122 | ||||||||
Investing activities: | |||||||||||||||||
Purchase of property and equipment | (38,746 | ) | — | — | (38,746 | ) | |||||||||||
Proceeds from asset dispositions | 2,994 | — | — | 2,994 | |||||||||||||
Purchase of short-term investments | (140,551 | ) | — | — | (140,551 | ) | |||||||||||
Proceeds from sale of short-term investments | 84,692 | — | — | 84,692 | |||||||||||||
Refund of deposits on aircraft | 3,926 | — | — | 3,926 | |||||||||||||
Payments of deposits on aircraft | (6,499 | ) | — | — | (6,499 | ) | |||||||||||
Net cash used in investing activities | (94,184 | ) | — | — | (94,184 | ) | |||||||||||
Financing activities: | |||||||||||||||||
Proceeds from issuance of Senior Notes due 2019 | 500,000 | — | — | 500,000 | |||||||||||||
Premium and costs to retire debt early | (26,132 | ) | — | — | (26,132 | ) | |||||||||||
Repayment of Senior Notes due 2018 | (292,571 | ) | — | — | (292,571 | ) | |||||||||||
Debt issuance costs | (5,657 | ) | — | — | (5,657 | ) | |||||||||||
Proceeds from line of credit | 95,500 | — | — | 95,500 | |||||||||||||
Payments on line of credit | (174,500 | ) | — | — | (174,500 | ) | |||||||||||
Repurchase of common stock for payroll tax withholding requirements | (176 | ) | — | — | (176 | ) | |||||||||||
Due to/from affiliate | 9,415 | (9,415 | ) | — | — | ||||||||||||
Net cash provided by financing activities | 105,879 | (9,415 | ) | — | 96,464 | ||||||||||||
Increase in cash | 7,327 | 1,075 | — | 8,402 | |||||||||||||
Cash, beginning of period | 52 | 882 | — | 934 | |||||||||||||
Cash, end of period | $ | 7,379 | $ | 1,957 | $ | — | $ | 9,336 | |||||||||
-1 | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries’ amounts. | ||||||||||||||||
-2 | Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company’s centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities. |
Investments_Components_of_Inve
Investments - Components of Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $207,548 | $203,362 |
Unrealized Gains | 30 | 21 |
Unrealized Losses | -138 | -268 |
Fair Value | 207,440 | 203,115 |
Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 205,073 | 200,976 |
Unrealized Gains | 30 | 21 |
Unrealized Losses | -138 | -268 |
Fair Value | 204,965 | 200,729 |
Investments [Member] | Money Market Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 18,055 | 68,612 |
Fair Value | 18,055 | 68,612 |
Investments [Member] | Municipal bonds and notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 1,500 | 1,500 |
Unrealized Gains | 1 | 2 |
Fair Value | 1,501 | 1,502 |
Investments [Member] | Corporate bonds and notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 177,511 | 130,864 |
Unrealized Gains | 23 | 19 |
Unrealized Losses | -137 | -268 |
Fair Value | 177,397 | 130,615 |
Investments [Member] | US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 8,007 | |
Unrealized Gains | 6 | |
Unrealized Losses | -1 | |
Fair Value | 8,012 | |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 2,475 | 2,386 |
Fair Value | $2,475 | $2,386 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Restricted investments | $15,485 | $15,485 |
Investments_Cost_and_Fair_Valu
Investments - Cost and Fair Value of Debt Investments Based on Maturities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Costs | $95,682 | $70,180 |
Due within two years, Amortized Costs | 91,336 | 62,184 |
Total, Amortized Costs | 187,018 | 132,364 |
Due in one year or less, Fair Value | 95,667 | 70,169 |
Due within two years, Fair Value | 91,243 | 61,948 |
Total, Fair Value | $186,910 | $132,117 |
Investments_Average_Coupon_Rat
Investments - Average Coupon Rate Percentage and the Average Days to Maturity of Debt (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 0.53% | 0.00% |
Average Days To Maturity | 44 days | 0 days |
Municipal bonds and notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 0.87% | 0.53% |
Average Days To Maturity | 700 days | 134 days |
Corporate bonds and notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average Coupon Rate | 1.81% | 1.83% |
Average Days To Maturity | 350 days | 348 days |
Investments_Investments_in_Con
Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $132,230 | $30,332 |
Unrealized Losses | -137 | -30 |
US Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 1,999 | |
Unrealized Losses | -1 | |
Corporate bonds and notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 130,231 | 30,332 |
Unrealized Losses | ($136) | ($30) |
Investments_Investments_in_Con1
Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | $1,503 |
Unrealized Losses | -1 |
Corporate bonds and notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 1,503 |
Unrealized Losses | ($1) |
Revenue_Recognition_and_Valuat2
Revenue Recognition and Valuation Accounts - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Valuation and Qualifying Accounts [Abstract] | |||
Allowance for doubtful accounts | $1.40 | $1.40 | |
Allowance for contractual discounts | 98.3 | 96.6 | |
Allowance for uncompensated care | 36.3 | 41.9 | |
Value of uncompensated care to patients | 2.7 | 2.4 | |
Estimated cost of charity services | 0.6 | 0.6 | |
Contractual period of services | 3 years | ||
Contract termination period | 90 days | ||
Termination fee | 13.5 | ||
Inventory valuation reserves | $13.70 | $13.50 |
Revenue_Recognition_and_Valuat3
Revenue Recognition and Valuation Accounts - Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Revenue Recognition And Valuation Accounts [Abstract] | ||
Allowance for Contractual Discounts | 57.00% | 53.00% |
Allowance for Uncompensated Care | 21.00% | 23.00% |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $207,440 | $203,115 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 204,965 | 200,729 |
Investments [Member] | Money Market Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 18,055 | 68,612 |
Investments [Member] | Municipal bonds and notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,501 | 1,502 |
Investments [Member] | Corporate bonds and notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 177,397 | 130,615 |
Investments [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 8,012 | |
Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,475 | 2,386 |
(Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 20,530 | 70,998 |
(Level 1) [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 18,055 | 68,612 |
(Level 1) [Member] | Investments [Member] | Money Market Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 18,055 | 68,612 |
(Level 1) [Member] | Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,475 | 2,386 |
(Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 186,910 | 132,117 |
(Level 2) [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 186,910 | 132,117 |
(Level 2) [Member] | Investments [Member] | Municipal bonds and notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,501 | 1,502 |
(Level 2) [Member] | Investments [Member] | Corporate bonds and notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 177,397 | 130,615 |
(Level 2) [Member] | Investments [Member] | US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $8,012 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements Disclosure [Line Items] | ||
The fair value investments reclassification of assets between level 1 and level 2 | $0 | $0 |
The fair value of Senior Notes, based on quoted market prices | 464,700,000 | 425,600,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Level 3 investments | $0 | $0 |
Long_Term_Debt_Components_of_L
Long Term Debt - Components of Long-term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $539,640 | $543,000 |
5.25% Senior Notes due March 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 500,000 | 500,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $39,640 | $43,000 |
Long_Term_Debt_Components_of_L1
Long Term Debt - Components of Long-term Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Interest rate on Senior Notes | 5.25% | |
5.25% Senior Notes due March 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on Senior Notes | 5.25% | 5.25% |
Senior Notes payable periods | 15-Mar-19 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 16, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Sep. 18, 2013 | |
Debt Instrument [Line Items] | ||||||
Senior notes, amount issued | $500,000,000 | |||||
Interest rate on Senior Notes | 5.25% | |||||
Proceeds from issuance of senior notes | 500,000,000 | |||||
Repayment of Senior Notes | 292,571,000 | |||||
Total long-term debt | 539,640,000 | 543,000,000 | ||||
Pretax charge related to early redemption of senior notes | -29,216,000 | |||||
Letters of credit outstanding under the facility | 15,500,000 | 15,500,000 | ||||
Periodic payment of debt interest | 13,500,000 | 11,300,000 | ||||
Accrued interest expense paid | 13,453,000 | 11,280,000 | ||||
5.25% Senior Notes due March 15, 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, amount issued | 500,000,000 | |||||
Interest rate on Senior Notes | 5.25% | 5.25% | ||||
5.25% Senior notes payable periods | 2019-03 | |||||
Proceeds from issuance of senior notes | 494,000,000 | |||||
Total long-term debt | 500,000,000 | 500,000,000 | ||||
5.25% Senior Notes payable periods | 15-Mar-19 | |||||
Debt instrument interest rate term | Interest is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2014. | |||||
Percentage of principal amount redeemed | 101.00% | |||||
Debt instrument restrictive covenants | The indenture governing the 2019 Notes (the "2019 Indenture") contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI's ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments. | |||||
8.625% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on Senior Notes | 8.63% | |||||
Repayment of Senior Notes | 292,600,000 | |||||
Total long-term debt | 300,000,000 | |||||
Cost of debt repayment | 329,400,000 | |||||
Senior notes redemption date | 17-Mar-14 | 16-Apr-14 | ||||
Amount of senior notes redeemed | 7,400,000 | |||||
Senior notes, redemption price, percentage | 108.30% | |||||
Pretax charge related to early redemption of senior notes | 29,200,000 | 600,000 | ||||
Premium on early redemption of senior notes | 26,100,000 | |||||
Write off of unamortized financing costs | 3,100,000 | |||||
Tax benefit related to redemption | 11,600,000 | |||||
Accrued interest expense paid | 10,700,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 39,640,000 | 43,000,000 | ||||
Increased Borrowing capacity | 150,000,000 | |||||
Revolving credit facility, maturity date | 1-Oct-16 | |||||
Revolving Credit facility, Covenants, consolidated working capital ratio | 200.00% | |||||
Revolving Credit facility, Covenants, consolidated net worth ratio | 150.00% | |||||
Revolving Credit facility, Covenants, fixed coverage ratio | 110.00% | |||||
Revolving Credit facility, Covenants, consolidated net worth | $450,000,000 | |||||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate on borrowed funds | 225.00% |
Earnings_Per_Share_Components_
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average outstanding shares of common stock, basic | 15,579 | 15,480 |
Dilutive effect of restricted stock units | 83 | |
Weighted average outstanding shares of common stock, diluted | 15,662 | 15,480 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-based compensation expense: | ||
Total stock-based compensation expense | $1,719 | $688 |
Time-based Restricted Stock Units [Member] | ||
Stock-based compensation expense: | ||
Total stock-based compensation expense | 637 | 127 |
Performance-based Restricted Stock Units [Member] | ||
Stock-based compensation expense: | ||
Total stock-based compensation expense | $1,082 | $561 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Time-based Restricted Stock Units [Member] | ||
Stock Based Compensation [Line Items] | ||
Restricted stock units awarded to managers | 18,930 | 20,364 |
Performance-based Restricted Stock Units [Member] | ||
Stock Based Compensation [Line Items] | ||
Restricted stock units awarded to managers | 151,566 |
Asset_Disposals_and_Impairment1
Asset Disposals and Impairments - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Assets Held For Sale And Impairments [Line Items] | ||
Cash realized from sale of assets | $0 | $3,000,000 |
Loss on disposal of assets | $0 | ($1,100,000) |
Air Medical [Member] | Light Aircraft [Member] | ||
Assets Held For Sale And Impairments [Line Items] | ||
Number of aircraft sold | 2 | |
Oil and Gas [Member] | Fixed Wing Aircraft [Member] | ||
Assets Held For Sale And Impairments [Line Items] | ||
Number of aircraft sold | 2 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 02, 2015 |
Land_Parcel | Aircraft | Aircraft | |
Long-term Purchase Commitment [Line Items] | |||
Total aircraft deposits | $7.40 | ||
Aggregate estimated probable liability environmental matters | 0.2 | ||
Number of parcels of land exists | 2 | ||
Aggregate commitments under operating leases | 305.6 | ||
Operational lease payable | 38.3 | ||
Lease commitment for aircraft | 290.8 | ||
Facility lease commitments | 14.8 | ||
2016 [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Aggregate purchase price for aircraft | 67.8 | ||
2017 [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Aggregate purchase price for aircraft | 55.7 | ||
2018 [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Aggregate purchase price for aircraft | 127 | ||
2019 [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Aggregate purchase price for aircraft | 150.4 | ||
Heavy Helicopters [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of aircraft purchased | 6 | ||
Number of aircrafts delivered | 1 | ||
Heavy Aircraft [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of aircraft purchased | 1 | ||
Aggregate purchase price for aircraft | $17.70 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Number of aircraft operated | 91 | |
Number of contracts | 0 | |
Fixed revenue streams | 0 | |
Hospitals Contracts [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 42.00% | 42.00% |
Oil and Gas [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of aircraft operated | 168 | |
Segment revenue | 59.00% | 64.00% |
Oil and Gas [Member] | Minimum [Member] | Major Customer [Member] | ||
Segment Reporting Information [Line Items] | ||
Working period with major customers | 30 years | |
Oil and Gas [Member] | Minimum [Member] | ENI Petroleum [Member] | ||
Segment Reporting Information [Line Items] | ||
Working period with major customers | 15 years | |
Air Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 35.00% | 34.00% |
Number of aircraft assigned | 100 | |
Number of states in which company operates aircrafts | 18 | |
Locations in which company operates Aircrafts | 70 | |
Air Medical [Member] | Middle East [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of aircraft operated | 9 | |
Locations in which company operates Aircrafts | 5 | |
Number of revenue generating aircrafts | 8 | |
Technical Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 6.00% | 2.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Total Segment Billings (Detail) (Air Medical [Member], Sales Revenue, Net [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Air Medical [Member] | Sales Revenue, Net [Member] | ||
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items] | ||
Gross Air Medical segment billings | 100.00% | 100.00% |
Provision for contractual discounts | 74.00% | 69.00% |
Provision for uncompensated care | 0.00% | 3.00% |
Segment_Information_Schedule_o1
Segment Information - Schedule of Net Revenue Attributable to Medicaid, Medicare, Insurance, and Self-Pay as a Percentage of Net Air Medical Revenues (Detail) (Air Medical [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of net Air Medical revenues | 75.00% | 70.00% |
Medicare [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of net Air Medical revenues | 17.00% | 20.00% |
Medicaid [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of net Air Medical revenues | 8.00% | 8.00% |
Self Pay [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of net Air Medical revenues | 0.00% | 2.00% |
Segment_Information_Schedule_o2
Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $204,197 | $197,071 | ||
Total segment selling, general and administrative expenses | 11,237 | 9,328 | ||
Total net segment profit | 23,692 | 27,976 | ||
Interest expense | -7,170 | -7,364 | ||
Loss on debt extinguishment | -29,216 | |||
Earnings (loss) before income taxes | 16,984 | -8,513 | ||
Reportable Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 204,197 | 197,071 | ||
Total segment direct expenses | 169,275 | [1] | 158,694 | [1] |
Total segment selling, general and administrative expenses | 3,902 | 3,189 | ||
Total direct and selling, general and administrative expenses | 173,177 | 161,883 | ||
Total net segment profit | 31,020 | 35,188 | ||
Reportable Operating Segments [Member] | Oil and Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 120,396 | 125,975 | ||
Total segment direct expenses | 100,331 | [1],[2] | 97,374 | [1],[2] |
Total segment selling, general and administrative expenses | 1,159 | 1,034 | ||
Total net segment profit | 18,906 | 27,567 | ||
Reportable Operating Segments [Member] | Air Medical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 72,385 | 67,952 | ||
Total segment direct expenses | 60,039 | [1] | 59,379 | [1] |
Total segment selling, general and administrative expenses | 2,629 | 2,153 | ||
Total net segment profit | 9,717 | 6,420 | ||
Reportable Operating Segments [Member] | Technical Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 11,416 | 3,144 | ||
Total segment direct expenses | 8,905 | [1] | 1,941 | [1] |
Total segment selling, general and administrative expenses | 114 | 2 | ||
Total net segment profit | 2,397 | 1,201 | ||
Other, net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other, net | 469 | [3] | -982 | [3] |
Unallocated Selling, General and Administrative Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated selling, general and administrative costs | ($7,335) | [1] | ($6,139) | [1] |
[1] | Included in segment direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: | |||
[2] | Includes Equity in loss of unconsolidated affiliate. | |||
[3] | Consists of gains on disposition of property and equipment, and other income. |
Segment_Information_Depreciati
Segment Information - Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reportable Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Depreciation and Amortization Expenses | $15,505 | $10,016 |
Reportable Operating Segments [Member] | Oil and Gas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Depreciation and Amortization Expenses | 11,280 | 6,853 |
Reportable Operating Segments [Member] | Air Medical [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Depreciation and Amortization Expenses | 4,097 | 3,076 |
Reportable Operating Segments [Member] | Technical Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Depreciation and Amortization Expenses | 128 | 87 |
Unallocated Selling, General and Administrative Expenses [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Depreciation and Amortization Expenses | $2,646 | $1,347 |
Investment_in_Variable_Interes1
Investment in Variable Interest Entity - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Earnings (loss) in equity of unconsolidated affiliate | ($100,000) | ($100,000) | |
Trade receivables | 2,800,000 | 2,800,000 | |
Accrued and other current liabilities | 30,085,000 | 52,812,000 | |
Other assets | 0 | 0 | |
PHIC's date of incorporation | 26-May-11 | ||
PHI Century Limited [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in the common stock | 49.00% | ||
Accrued and other current liabilities | $1,000,000 | $900,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Guarantor Information [Abstract] | |
Senior notes, amount issued | $500,000,000 |
Interest rate on Senior Notes | 5.25% |
Ownership percentage in domestic subsidiaries | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
In Thousands, unless otherwise specified | ||||||||
Current Assets: | ||||||||
Cash | $3,623 | $6,270 | $9,336 | $934 | ||||
Short-term investments | 189,480 | 185,244 | ||||||
Accounts receivable - net | 160,227 | 180,761 | ||||||
Inventories of spare parts - net | 71,452 | 73,793 | ||||||
Prepaid expenses | 11,075 | 9,314 | ||||||
Deferred income taxes | 9,914 | 9,915 | ||||||
Income taxes receivable | 1,226 | 1,227 | ||||||
Total current assets | 446,997 | 466,524 | ||||||
Property and equipment - net | 917,342 | 877,818 | ||||||
Restricted investments | 15,485 | 15,485 | ||||||
Other assets | 15,095 | 16,253 | ||||||
Total assets | 1,394,919 | 1,376,080 | ||||||
Current Liabilities: | ||||||||
Accounts payable | 56,214 | 27,700 | ||||||
Accrued and other current liabilities | 30,085 | 52,812 | ||||||
Total current liabilities | 86,299 | 80,512 | ||||||
Long-term debt | 539,640 | 543,000 | ||||||
Deferred income taxes and other long-term liabilities | 161,929 | 155,500 | ||||||
Shareholders' Equity: | ||||||||
Common stock and paid-in capital | 302,593 | 303,082 | ||||||
Accumulated other comprehensive loss | -102 | -211 | ||||||
Retained earnings | 304,560 | 294,197 | ||||||
Total shareholders' equity | 607,051 | 597,068 | 555,165 | 559,965 | ||||
Total liabilities and shareholders' equity | 1,394,919 | 1,376,080 | ||||||
Parent Company Only (issuer) [Member] | ||||||||
Current Assets: | ||||||||
Cash | 51 | 51 | 7,379 | 52 | ||||
Short-term investments | 189,480 | 185,244 | ||||||
Accounts receivable - net | 100,167 | 98,001 | ||||||
Inventories of spare parts - net | 62,954 | 65,341 | ||||||
Prepaid expenses | 8,475 | 7,610 | ||||||
Deferred income taxes | 9,914 | 9,915 | ||||||
Income taxes receivable | 1,067 | 1,068 | ||||||
Total current assets | 372,108 | 367,230 | ||||||
Investment in subsidiaries | 336,676 | 358,080 | ||||||
Property and equipment - net | 680,419 | 638,437 | ||||||
Restricted investments | 15,485 | 15,485 | ||||||
Other assets | 14,891 | 16,055 | ||||||
Total assets | 1,419,579 | 1,395,287 | ||||||
Current Liabilities: | ||||||||
Accounts payable | 51,344 | 22,578 | ||||||
Accrued and other current liabilities | 21,233 | 34,477 | ||||||
Intercompany payable | 95,103 | 95,270 | ||||||
Total current liabilities | 167,680 | 152,325 | ||||||
Long-term debt | 539,640 | 543,000 | ||||||
Deferred income taxes and other long-term liabilities | 105,208 | 102,894 | ||||||
Shareholders' Equity: | ||||||||
Common stock and paid-in capital | 302,593 | 303,082 | ||||||
Accumulated other comprehensive loss | -102 | -211 | ||||||
Retained earnings | 304,560 | 294,197 | ||||||
Total shareholders' equity | 607,051 | 597,068 | ||||||
Total liabilities and shareholders' equity | 1,419,579 | 1,395,287 | ||||||
Guarantor Subsidiaries [Member] | ||||||||
Current Assets: | ||||||||
Cash | 3,572 | [1] | 6,219 | [1] | 1,957 | [1],[2] | 882 | [1],[2] |
Accounts receivable - net | 60,060 | [1] | 82,760 | [1] | ||||
Intercompany receivable | 95,103 | [1] | 95,399 | [1] | ||||
Inventories of spare parts - net | 8,498 | [1] | 8,452 | [1] | ||||
Prepaid expenses | 2,600 | [1] | 1,704 | [1] | ||||
Income taxes receivable | 159 | [1] | 159 | [1] | ||||
Total current assets | 169,992 | [1] | 194,693 | [1] | ||||
Property and equipment - net | 236,923 | [1] | 239,381 | [1] | ||||
Other assets | 204 | [1] | 198 | [1] | ||||
Total assets | 407,119 | [1] | 434,272 | [1] | ||||
Current Liabilities: | ||||||||
Accounts payable | 4,870 | [1] | 5,122 | [1] | ||||
Accrued and other current liabilities | 8,852 | [1] | 18,335 | [1] | ||||
Total current liabilities | 13,722 | [1] | 23,457 | [1] | ||||
Deferred income taxes and other long-term liabilities | 56,721 | [1] | 52,606 | [1] | ||||
Shareholders' Equity: | ||||||||
Common stock and paid-in capital | 109,982 | [1] | 137,647 | [1] | ||||
Retained earnings | 226,694 | [1] | 220,562 | [1] | ||||
Total shareholders' equity | 336,676 | [1] | 358,209 | [1] | ||||
Total liabilities and shareholders' equity | 407,119 | [1] | 434,272 | [1] | ||||
Eliminations [Member] | ||||||||
Current Assets: | ||||||||
Intercompany receivable | -95,103 | -95,399 | ||||||
Total current assets | -95,103 | -95,399 | ||||||
Investment in subsidiaries | -336,676 | -358,080 | ||||||
Total assets | -431,779 | -453,479 | ||||||
Current Liabilities: | ||||||||
Intercompany payable | -95,103 | -95,270 | ||||||
Total current liabilities | -95,103 | -95,270 | ||||||
Shareholders' Equity: | ||||||||
Common stock and paid-in capital | -109,982 | -137,647 | ||||||
Retained earnings | -226,694 | -220,562 | ||||||
Total shareholders' equity | -336,676 | -358,209 | ||||||
Total liabilities and shareholders' equity | ($431,779) | ($453,479) | ||||||
[1] | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts. | |||||||
[2] | Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company's centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | $204,197 | $197,071 | ||
Expenses: | ||||
Direct expenses | 169,207 | 158,653 | ||
Selling, general and administrative expenses | 11,237 | 9,328 | ||
Total operating expenses | 180,444 | 167,981 | ||
Gain on disposal of assets, net | -7 | 1,073 | ||
Equity in loss of unconsolidated affiliate | 68 | 41 | ||
Operating income | 23,692 | 27,976 | ||
Interest expense | 7,170 | 7,364 | ||
Loss on debt extinguishment | 29,216 | |||
Other income, net | -462 | -91 | ||
Total expenses | 6,708 | 36,489 | ||
Earnings (loss) before income taxes | 16,984 | -8,513 | ||
Income tax expense (benefit) | 6,621 | -3,192 | ||
Net earnings (loss) | 10,363 | -5,321 | ||
Parent Company Only (issuer) [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | 128,658 | 124,354 | ||
Expenses: | ||||
Direct expenses | 106,481 | 96,426 | ||
Selling, general and administrative expenses | 8,508 | 7,081 | ||
Management fees | -2,909 | |||
Total operating expenses | 114,989 | 100,598 | ||
Gain on disposal of assets, net | -7 | 115 | ||
Equity in loss of unconsolidated affiliate | 68 | 41 | ||
Operating income | 13,608 | 23,600 | ||
Equity in net income of consolidated subsidiaries | -6,131 | -2,735 | ||
Interest expense | 7,170 | 7,364 | ||
Loss on debt extinguishment | 29,216 | |||
Other income, net | -462 | -91 | ||
Total expenses | 577 | 33,754 | ||
Earnings (loss) before income taxes | 13,031 | -10,154 | ||
Income tax expense (benefit) | 2,668 | -4,833 | ||
Net earnings (loss) | 10,363 | -5,321 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues, net | 75,539 | [1] | 72,717 | [1] |
Expenses: | ||||
Direct expenses | 62,730 | [1] | 62,227 | [1] |
Selling, general and administrative expenses | 2,729 | [1] | 2,247 | [1] |
Management fees | 2,909 | [1] | ||
Total operating expenses | 65,459 | [1] | 67,383 | [1] |
Gain on disposal of assets, net | 958 | [1] | ||
Operating income | 10,080 | [1] | 4,376 | [1] |
Other income, net | -4 | [1] | ||
Total expenses | -4 | [1] | ||
Earnings (loss) before income taxes | 10,084 | [1] | 4,376 | [1] |
Income tax expense (benefit) | 3,953 | [1] | 1,641 | [1] |
Net earnings (loss) | 6,131 | [1] | 2,735 | [1] |
Eliminations [Member] | ||||
Expenses: | ||||
Direct expenses | -4 | |||
Total operating expenses | -4 | |||
Operating income | 4 | |||
Equity in net income of consolidated subsidiaries | 6,131 | 2,735 | ||
Other income, net | 4 | |||
Total expenses | 6,135 | 2,735 | ||
Earnings (loss) before income taxes | -6,131 | -2,735 | ||
Net earnings (loss) | ($6,131) | ($2,735) | ||
[1] | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earning (loss) | $10,363 | ($5,321) | ||
Unrealized gain on short-term investments | 139 | 14 | ||
Other unrealized gain | 24 | |||
Changes in pension plan assets and benefit obligations | -1 | |||
Tax effect of preceding gains, losses or changes | -55 | -5 | ||
Total comprehensive income | 10,471 | -5,313 | ||
Parent Company Only (issuer) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earning (loss) | 10,363 | -5,321 | ||
Unrealized gain on short-term investments | 139 | 14 | ||
Other unrealized gain | 24 | |||
Changes in pension plan assets and benefit obligations | -1 | |||
Tax effect of preceding gains, losses or changes | -55 | -5 | ||
Total comprehensive income | 10,471 | -5,313 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earning (loss) | 6,131 | [1] | 2,735 | [1] |
Total comprehensive income | 6,131 | [1] | 2,735 | [1] |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earning (loss) | -6,131 | -2,735 | ||
Total comprehensive income | ($6,131) | ($2,735) | ||
[1] | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts. |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | $29,918 | $6,122 | ||
Investing activities: | ||||
Purchase of property and equipment | -22,115 | -38,746 | ||
Proceeds from asset dispositions | 2,994 | |||
Purchase of short-term investments | -190,243 | -140,551 | ||
Proceeds from sale of short-term investments | 185,426 | 84,692 | ||
Refund of deposits on aircraft | 3,926 | |||
Payments of deposits on aircraft | -66 | -6,499 | ||
Net cash used in investing activities | -26,998 | -94,184 | ||
Financing activities: | ||||
Proceeds from issuance of Senior Notes due 2019 | 500,000 | |||
Premium and costs to retire debt early | -26,132 | |||
Repayment of Senior Notes due 2018 | -292,571 | |||
Debt issuance costs | -5,657 | |||
Proceeds from line of credit | 77,740 | 95,500 | ||
Payments on line of credit | -81,100 | -174,500 | ||
Repurchase of common stock | -2,207 | -176 | ||
Net cash (used in) provided by financing activities | -5,567 | 96,464 | ||
Increase (decrease) in cash | -2,647 | 8,402 | ||
Cash, beginning of period | 6,270 | 934 | ||
Cash, end of period | 3,623 | 9,336 | ||
Parent Company Only (issuer) [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | 4,637 | -4,368 | ||
Investing activities: | ||||
Purchase of property and equipment | -22,115 | -38,746 | ||
Proceeds from asset dispositions | 2,994 | |||
Purchase of short-term investments | -190,243 | -140,551 | ||
Proceeds from sale of short-term investments | 185,426 | 84,692 | ||
Refund of deposits on aircraft | 3,926 | |||
Payments of deposits on aircraft | -66 | -6,499 | ||
Net cash used in investing activities | -26,998 | -94,184 | ||
Financing activities: | ||||
Proceeds from issuance of Senior Notes due 2019 | 500,000 | |||
Premium and costs to retire debt early | -26,132 | |||
Repayment of Senior Notes due 2018 | -292,571 | |||
Debt issuance costs | -5,657 | |||
Proceeds from line of credit | 77,740 | 95,500 | ||
Payments on line of credit | -81,100 | -174,500 | ||
Repurchase of common stock | -2,207 | -176 | ||
Due to/from affiliate | 27,928 | 9,415 | ||
Net cash (used in) provided by financing activities | 22,361 | 105,879 | ||
Increase (decrease) in cash | 7,327 | |||
Cash, beginning of period | 51 | 52 | ||
Cash, end of period | 51 | 7,379 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | 25,281 | [1] | 10,490 | [1],[2] |
Financing activities: | ||||
Due to/from affiliate | -27,928 | [1] | -9,415 | [1],[2] |
Net cash (used in) provided by financing activities | -27,928 | [1] | -9,415 | [1],[2] |
Increase (decrease) in cash | -2,647 | [1] | 1,075 | [1],[2] |
Cash, beginning of period | 6,219 | [1] | 882 | [1],[2] |
Cash, end of period | $3,572 | [1] | $1,957 | [1],[2] |
[1] | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors subsidiaries' amounts. | |||
[2] | Cash flows between the Parent Company and Guarantor Subsidiaries related to the Company's centralized cash management activities in 2014 have been adjusted to show the effects on net cash provided by operating and financing activities. |