Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (tables)

v2.4.1.9
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (tables)
3 Months Ended
Mar. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Supplemental Condensed Consolidating Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
14,964

 
$
16,528

 
$
2,199

 
$
—

 
$
33,691

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $1,926
39

 
38,910

 
—

 
—

 
38,949

Other, net of allowance for doubtful accounts of $437
66

 
2,501

 
—

 
—

 
2,567

Inventories, net
—

 
26,189

 
—

 
—

 
26,189

Deferred income taxes
7,986

 
—

 
—

 
(5,819
)
 
2,167

Prepaid expenses and other
739

 
3,342

 
—

 
—

 
4,081

Escrow deposits
—

 
2,800

 
—

 
—

 
2,800

Total current assets
23,794

 
90,270

 
2,199

 
(5,819
)
 
110,444

Property and equipment
—

 
1,161,611

 
9,937

 
—

 
1,171,548

Accumulated depreciation
—

 
(313,122
)
 
(2,277
)
 
—

 
(315,399
)
Net property and equipment
—

 
848,489

 
7,660

 
—

 
856,149

Equity investments and advances
—

 
31,397

 
—

 
—

 
31,397

Investments in consolidated subsidiaries
184,685

 
—

 
—

 
(184,685
)
 
—

Goodwill
—

 
352

 
—

 
—

 
352

Intercompany receivables
627,077

 
12,420

 
1,391

 
(640,888
)
 
—

Other assets
6,445

 
8,711

 
—

 
—

 
15,156

Total assets
$
842,001

 
$
991,639

 
$
11,250

 
$
(831,392
)
 
$
1,013,498

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
144

 
$
13,672

 
$
88

 
$
—

 
$
13,904

Accrued wages and benefits
—

 
6,822

 
—

 
—

 
6,822

Accrued interest
4,772

 
19

 
—

 
—

 
4,791

Current portion of long-term debt
—

 
26,729

 
—

 
—

 
26,729

Derivative instruments
—

 
275

 
—

 
—

 
275

Accrued income taxes
—

 
37

 
—

 
—

 
37

Other current liabilities
610

 
2,511

 
—

 
—

 
3,121

Total current liabilities
5,526

 
50,065

 
88

 
—

 
55,679

Long-term debt
277,424

 
—

 
—

 
—

 
277,424

Deferred income taxes
—

 
223,019

 
—

 
(5,819
)
 
217,200

Intercompany payables
97,399

 
531,069

 
12,420

 
(640,888
)
 
—

Other liabilities
—

 
1,937

 
—

 
—

 
1,937

Total liabilities
380,349

 
806,090

 
12,508

 
(646,707
)
 
552,240

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,582,841 outstanding, exclusive of treasury shares
206

 
—

 
—

 
—

 
206

Additional paid-in capital
430,251

 
99,845

 
496

 
(100,341
)
 
430,251

Retained earnings
31,755

 
86,098

 
(1,754
)
 
(84,344
)
 
31,755

Treasury shares, at cost, 19,059 shares
(560
)
 
—

 
—

 
—

 
(560
)
Accumulated other comprehensive income, net of tax
—

 
93

 
—

 
—

 
93

Total Era Group Inc. stockholders’ equity
461,652

 
186,036

 
(1,258
)
 
(184,685
)
 
461,745

Noncontrolling interest in subsidiary
—

 
(487
)
 
—

 
—

 
(487
)
Total equity
461,652

 
185,549

 
(1,258
)
 
(184,685
)
 
461,258

Total liabilities and stockholders’ equity
$
842,001

 
$
991,639

 
$
11,250

 
$
(831,392
)
 
$
1,013,498

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
16,481

 
$
22,188

 
$
2,198

 
$
—

 
$
40,867

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $1,955
39

 
33,351

 
—

 
—

 
33,390

Other, net of allowance for doubtful accounts of $437
65

 
1,997

 
—

 
—

 
2,062

Inventories, net
—

 
26,869

 
—

 
—

 
26,869

Deferred income taxes
4,083

 
—

 
—

 
(2,087
)
 
1,996

Prepaid expenses and other
424

 
2,237

 
—

 
—

 
2,661

Escrow deposits
—

 
—

 
—

 
—

 
—

Total current assets
21,092

 
86,642

 
2,198

 
(2,087
)
 
107,845

Property and equipment
—

 
1,161,330

 
9,937

 
—

 
1,171,267

Accumulated depreciation
—

 
(306,010
)
 
(2,131
)
 
—

 
(308,141
)
Net property and equipment
—

 
855,320

 
7,806

 
—

 
863,126

Equity investments and advances
—

 
31,753

 
—

 
—

 
31,753

Investments in consolidated subsidiaries
182,294

 
—

 
—

 
(182,294
)
 
—

Goodwill
—

 
352

 
—

 
—

 
352

Intercompany receivables
616,932

 
12,258

 
1,395

 
(630,585
)
 
—

Other assets
6,914

 
7,184

 
—

 
—

 
14,098

Total assets
$
827,232

 
$
993,509

 
$
11,399

 
$
(814,966
)
 
$
1,017,174

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
299

 
$
14,817

 
$
4

 
$
—

 
$
15,120

Accrued wages and benefits
—

 
7,521

 
—

 
—

 
7,521

Accrued interest
930

 
19

 
—

 
—

 
949

Current portion of long-term debt
—

 
27,426

 
—

 
—

 
27,426

Derivative instruments
784

 
325

 
—

 
—

 
1,109

Accrued income taxes
—

 
267

 
—

 
—

 
267

Other current liabilities
556

 
2,606

 
—

 
—

 
3,162

Total current liabilities
2,569

 
52,981

 
4

 
—

 
55,554

Long-term debt
282,118

 
—

 
—

 
—

 
282,118

Deferred income taxes
—

 
219,114

 
—

 
(2,087
)
 
217,027

Intercompany payables
81,986

 
536,341

 
12,258

 
(630,585
)
 
—

Other liabilities
—

 
2,111

 
—

 
—

 
2,111

Total liabilities
366,673

 
810,547

 
12,262

 
(632,672
)
 
556,810

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,371,672 outstanding, exclusive of treasury shares
204

 
—

 
—

 
—

 
204

Additional paid-in capital
429,109

 
99,845

 
496

 
(100,341
)
 
429,109

Retained earnings
31,797

 
83,312

 
(1,359
)
 
(81,953
)
 
31,797

Treasury shares, at cost, 18,609 shares
(551
)
 
—

 
—

 
—

 
(551
)
Accumulated other comprehensive income, net of tax
—

 
95

 
—

 
—

 
95

Total Era Group Inc. stockholders’ equity
460,559

 
183,252

 
(863
)
 
(182,294
)
 
460,654

Noncontrolling interest in subsidiary
—

 
(290
)
 
—

 
—

 
(290
)
Total equity
460,559

 
182,962

 
(863
)
 
(182,294
)
 
460,364

Total liabilities and stockholders’ equity
$
827,232

 
$
993,509

 
$
11,399

 
$
(814,966
)
 
$
1,017,174

Supplemental Condensed Consolidating Statements of Operations
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$
—

 
$
67,415

 
$
—

 
$
—

 
$
67,415

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating
—

 
43,517

 
88

 
—

 
43,605

Administrative and general
1,374

 
8,369

 
—

 
—

 
9,743

Depreciation
—

 
11,456

 
146

 
—

 
11,602

Total costs and expenses
1,374

 
63,342

 
234

 
—

 
64,950

Gains on asset dispositions, net
—

 
3,388

 
—

 
—

 
3,388

Operating income (loss)
(1,374
)
 
7,461

 
(234
)
 
—

 
5,853

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
5

 
245

 
1

 
—

 
251

Interest expense
(3,352
)
 
(193
)
 
—

 
—

 
(3,545
)
Intercompany interest income (expense)
—

 
162

 
(162
)
 
—

 
—

Gain on debt extinguishment
264

 
—

 
—

 
—

 
264

Derivative losses, net
—

 
(12
)
 
—

 
—

 
(12
)
Foreign currency gains (losses), net
542

 
(3,502
)
 
—

 
—

 
(2,960
)
Total other income (expense)
(2,541
)
 
(3,300
)
 
(161
)
 
—

 
(6,002
)
Income (loss) before income taxes and equity earnings
(3,915
)
 
4,161

 
(395
)
 
—

 
(149
)
Income tax expense (benefit)
(1,482
)
 
1,427

 
—

 
—

 
(55
)
Income (loss) before equity earnings
(2,433
)
 
2,734

 
(395
)
 
—

 
(94
)
Equity losses, net of tax
—

 
(145
)
 
—

 
—

 
(145
)
Equity in earnings (losses) of subsidiaries
2,391

 
—

 
—

 
(2,391
)
 
—

Net income (loss)
(42
)
 
2,589

 
(395
)
 
(2,391
)
 
(239
)
Net loss attributable to non-controlling interest in subsidiary
—

 
197

 
—

 
—

 
197

Net income (loss) attributable to Era Group Inc.
$
(42
)
 
$
2,786

 
$
(395
)
 
$
(2,391
)
 
$
(42
)
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$
—

 
$
79,231

 
$
212

 
$
—

 
$
79,443

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating
—

 
49,583

 
57

 
—

 
49,640

Administrative and general
1,767

 
9,567

 
—

 
—

 
11,334

Depreciation
—

 
11,141

 
146

 
—

 
11,287

Total costs and expenses
1,767

 
70,291

 
203

 
—

 
72,261

Gains on asset dispositions, net
—

 
2,891

 
—

 
—

 
2,891

Operating income
(1,767
)
 
11,831

 
9

 
—

 
10,073

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
24

 
120

 
1

 
—

 
145

Interest expense
(3,541
)
 
(212
)
 
—

 
—

 
(3,753
)
Intercompany interest income (expense)
—

 
153

 
(153
)
 
—

 
—

Derivative losses, net
—

 
(30
)
 
—

 
—

 
(30
)
Foreign currency losses, net
—

 
(57
)
 
—

 
—

 
(57
)
Total other income (expense)
(3,517
)
 
(26
)
 
(152
)
 
—

 
(3,695
)
Income (loss) before income taxes and equity earnings
(5,284
)
 
11,805

 
(143
)
 
—

 
6,378

Income tax expense (benefit)
(2,057
)
 
4,560

 
—

 
—

 
2,503

Income (loss) before equity earnings
(3,227
)
 
7,245

 
(143
)
 
—

 
3,875

Equity earnings, net of tax
—

 
499

 
—

 
—

 
499

Equity in earnings (losses) of subsidiaries
7,672

 
—

 
—

 
(7,672
)
 
—

Net income (loss)
4,445

 
7,744

 
(143
)
 
(7,672
)
 
4,374

Net loss attributable to non-controlling interest in subsidiary
—

 
71

 
—

 
—

 
71

Net income (loss) attributable to Era Group Inc.
$
4,445

 
$
7,815

 
$
(143
)
 
$
(7,672
)
 
$
4,445

Supplemental Condensed Consolidating Statements of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
(42
)
 
2,589

 
(395
)
 
(2,391
)
 
$
(239
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
(3
)
 
—

 
—

 
(3
)
Income tax benefit
—

 
1

 
—

 
—

 
1

Total other comprehensive loss
—

 
(2
)
 
—

 
—

 
(2
)
Comprehensive income (loss)
(42
)
 
2,587

 
(395
)
 
(2,391
)
 
(241
)
Comprehensive loss attributable to non-controlling interest in subsidiary
—

 
197

 
—

 
—

 
197

Comprehensive income (loss) attributable to Era Group Inc.
$
(42
)
 
$
2,784

 
$
(395
)
 
$
(2,391
)
 
$
(44
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
4,445

 
7,744

 
(143
)
 
(7,672
)
 
$
4,374

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
(2
)
 
—

 
—

 
(2
)
Income tax benefit
—

 
1

 
—

 
—

 
1

Total other comprehensive loss
—

 
(1
)
 
—

 
—

 
(1
)
Comprehensive income (loss)
4,445

 
7,743

 
(143
)
 
(7,672
)
 
4,373

Comprehensive loss attributable to non-controlling interest in subsidiary
—

 
71

 
—

 
—

 
71

Comprehensive income (loss) attributable to Era Group Inc.
$
4,445

 
$
7,814

 
$
(143
)
 
$
(7,672
)
 
$
4,444

Supplemental Condensed Consolidating Statements of Cash Flows
Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(1,517
)
 
$
8,304

 
$
1

 
$
—

 
$
6,788

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(8,866
)
 
—

 
—

 
(8,866
)
Proceeds from disposition of property and equipment
—

 
5,379

 
—

 
—

 
5,379

Cash settlements on forward contracts, net
—

 
—

 
—

 
(1,103
)
 
(1,103
)
Principal payments on notes due from equity investees
—

 
169

 
—

 
—

 
169

Principal payments on third party notes receivable
—

 
25

 
—

 
—

 
25

Escrow deposits, net
—

 
(2,800
)
 
—

 
—

 
(2,800
)
Repayment of intercompany debt
—

 
(1,103
)
 
—

 
1,103

 
—

Net cash used in investing activities
—

 
(7,196
)
 
—

 
—

 
(7,196
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt
—

 
(697
)
 
—

 
(15,000
)
 
(15,697
)
Proceeds from Revolving Credit Facility
—

 
—

 
—

 
20,000

 
20,000

Extinguishment of long-term debt
—

 
—

 
—

 
(9,297
)
 
(9,297
)
Proceeds from share award plans
—

 
—

 
—

 
612

 
612

Repayment of intercompany debt
—

 
(3,685
)
 
—

 
3,685

 
—

Net cash used in financing activities
—

 
(4,382
)
 
—

 
—

 
(4,382
)
Effects of exchange rate changes on cash and cash equivalents
—

 
(2,386
)
 
—

 
—

 
(2,386
)
Net increase (decrease) in cash and cash equivalents
(1,517
)
 
(5,660
)
 
1

 
—

 
(7,176
)
Cash and cash equivalents, beginning of period
16,481

 
22,188

 
2,198

 
—

 
40,867

Cash and cash equivalents, end of period
$
14,964

 
$
16,528

 
$
2,199

 
$
—

 
$
33,691


Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(5,717
)
 
$
16,806

 
$
188

 
$
—

 
$
11,277

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(18,751
)
 
—

 
—

 
(18,751
)
Proceeds from disposition of property and equipment
—

 
3,566

 
—

 
—

 
3,566

Principal payments on notes due from equity investees
—

 
161

 
—

 
—

 
161

Principal payments on third party notes receivable
—

 
36

 
—

 
—

 
36

Escrow deposits, net
—

 
(3,048
)
 
—

 
—

 
(3,048
)
Net cash used in investing activities
—

 
(18,036
)
 
—

 
—

 
(18,036
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt
—

 
(697
)
 
—

 
—

 
(697
)
Revolving Credit Facility issuance costs
—

 
—

 
—

 
(2,115
)
 
(2,115
)
Proceeds from share award plans
—

 
—

 
—

 
529

 
529

Repayment of intercompany debt
—

 
(1,586
)
 
—

 
1,586

 
—

Net cash used in financing activities
—

 
(2,283
)
 
—

 
—

 
(2,283
)
Effects of exchange rate changes on cash and cash equivalents
—

 
(3
)
 
—

 
—

 
(3
)
Net decrease in cash and cash equivalents
(5,717
)
 
(3,516
)
 
188

 
—

 
(9,045
)
Cash and cash equivalents, beginning of period
24,635

 
5,403

 
1,297

 
—

 
31,335

Cash and cash equivalents, end of period
$
18,918

 
$
1,887

 
$
1,485

 
$
—

 
$
22,290