Annual report pursuant to Section 13 and 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.7.0.1
GUARANTORS OF SECURITIES (Tables)
12 Months Ended
Dec. 31, 2016
Guarantees [Abstract]  
Condensed Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
25,474

 
$

 
$
1,476

 
$

 
$
26,950

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,103
39

 
26,118

 
6,313

 

 
32,470

Tax receivables
9

 
4

 
3,448

 

 
3,461

Other

 
1,658

 
1,058

 

 
2,716

Inventories, net

 
25,156

 
261

 

 
25,417

Prepaid expenses
359

 
976

 
244

 

 
1,579

Escrow deposits

 
3,777

 

 

 
3,777

Total current assets
25,881

 
57,689

 
12,800

 

 
96,370

Property and equipment

 
1,138,020

 
16,008

 

 
1,154,028

Accumulated depreciation

 
(330,735
)
 
(1,484
)
 

 
(332,219
)
Net property and equipment

 
807,285

 
14,524

 

 
821,809

Equity investments and advances

 
29,266

 

 

 
29,266

Investments in consolidated subsidiaries
174,830

 

 

 
(174,830
)
 

Intangible assets

 

 
1,137

 

 
1,137

Deferred income taxes
12,262

 

 

 
(12,262
)
 

Intercompany receivables
460,623

 

 

 
(460,623
)
 

Other assets
1,820

 
4,723

 
48

 

 
6,591

Total assets
$
675,416

 
$
898,963

 
$
28,509

 
$
(647,715
)
 
$
955,173

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
322

 
$
6,273

 
$
2,281

 
$

 
$
8,876

Accrued wages and benefits

 
6,446

 
2,061

 

 
8,507

Accrued interest
529

 

 

 

 
529

Accrued income taxes

 
653

 
13

 

 
666

Current portion of long-term debt

 
1,524

 
615

 

 
2,139

Accrued other taxes
29

 
645

 
773

 

 
1,447

Accrued contingencies

 

 
1,237

 

 
1,237

Other current liabilities
481

 
1,525

 
216

 

 
2,222

Total current liabilities
1,361

 
17,066

 
7,196

 

 
25,623

Long-term debt
205,730

 
21,642

 
2,767

 

 
230,139

Deferred income taxes

 
237,067

 
667

 
(12,262
)
 
225,472

Intercompany payables

 
426,410

 
34,213

 
(460,623
)
 

Other liabilities

 
1,301

 

 

 
1,301

Total liabilities
207,091

 
703,486

 
44,843

 
(472,885
)
 
482,535

Redeemable noncontrolling interest

 
4

 
4,217

 

 
4,221

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares
211

 

 

 

 
211

Additional paid-in capital
438,489

 
100,306

 
4,562

 
(104,868
)
 
438,489

Retained earnings
32,524

 
95,075

 
(25,113
)
 
(69,962
)
 
32,524

Treasury shares, at cost, 175,350 shares
(2,899
)
 

 

 

 
(2,899
)
Accumulated other comprehensive income, net of tax

 
92

 

 

 
92

Total equity
468,325

 
195,473

 
(20,551
)
 
(174,830
)
 
468,417

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
675,416

 
$
898,963

 
$
28,509

 
$
(647,715
)
 
$
955,173

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7,565

 
$
3,334

 
$
3,471

 
$

 
$
14,370

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,103
39

 
40,345

 
8,255

 

 
48,639

Tax receivables
6,013

 
72

 

 

 
6,085

Other

 
3,089

 
216

 

 
3,305

Inventories, net

 
25,557

 
2,437

 

 
27,994

Prepaid expenses
458

 
1,411

 
94

 

 
1,963

Escrow deposits
190

 
1

 

 
 
 
191

Total current assets
14,265

 
73,809

 
14,473

 

 
102,547

Property and equipment

 
1,159,441

 
16,468

 

 
1,175,909

Accumulated depreciation

 
(316,090
)
 
(603
)
 

 
(316,693
)
Net property and equipment

 
843,351

 
15,865

 

 
859,216

Equity investments and advances

 
28,898

 

 

 
28,898

Investments in consolidated subsidiaries
172,335

 

 

 
(172,335
)
 

Intangible assets

 

 
1,158

 

 
1,158

Deferred income taxes
3,823

 

 

 
(3,823
)
 

Intercompany receivables
515,255

 

 

 
(515,255
)
 

Other assets
2,166

 
6,999

 
3,367

 

 
12,532

Total assets
$
707,844

 
$
953,057

 
$
34,863

 
$
(691,413
)
 
$
1,004,351

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
386

 
$
9,635

 
$
1,979

 
$

 
$
12,000

Accrued wages and benefits

 
6,875

 
2,137

 

 
9,012

Accrued interest
549

 
13

 

 

 
562

Current portion of long-term debt

 
1,663

 
1,723

 

 
3,386

Accrued other taxes
30

 
789

 
1,593

 

 
2,412

Accrued contingencies

 

 
2,358

 

 
2,358

Other current liabilities
534

 
1,311

 
455

 

 
2,300

Total current liabilities
1,499

 
20,286

 
10,245

 

 
32,030

Long-term debt
235,134

 
23,305

 
6,040

 

 
264,479

Deferred income taxes

 
232,994

 
677

 
(3,823
)
 
229,848

Intercompany payables

 
501,512

 
13,743

 
(515,255
)
 

Other liabilities

 
1,887

 

 

 
1,887

Total liabilities
236,633

 
779,984

 
30,705

 
(519,078
)
 
528,244

Redeemable noncontrolling interest

 
4

 
4,800

 

 
4,804

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares
207

 

 

 

 
207

Additional paid-in capital
433,175

 
95,543

 
9,325

 
(104,868
)
 
433,175

Retained earnings
40,502

 
77,434

 
(9,967
)
 
(67,467
)
 
40,502

Treasury shares, at cost, 154,549 shares
(2,673
)
 

 

 

 
(2,673
)
Accumulated other comprehensive income, net of tax

 
92

 

 

 
92

Total equity
471,211

 
173,069

 
(642
)
 
(172,335
)
 
471,303

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
707,844

 
$
953,057

 
$
34,863

 
$
(691,413
)
 
$
1,004,351


Condensed Income Statement
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
225,773

 
$
61,514

 
$
(40,059
)
 
$
247,228

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
138,350

 
71,572

 
(40,059
)
 
169,863

Administrative and general
3,744

 
27,834

 
4,628

 

 
36,206

Depreciation

 
48,248

 
1,067

 

 
49,315

Total costs and expenses
3,744

 
214,432

 
77,267

 
(40,059
)
 
255,384

Gains on asset dispositions, net

 
5,035

 
(248
)
 

 
4,787

Operating income (loss)
(3,744
)
 
16,376

 
(16,001
)
 

 
(3,369
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
56

 
472

 
213

 

 
741

Interest expense
(16,033
)
 
(809
)
 
(483
)
 

 
(17,325
)
Derivative losses, net

 

 

 

 

Foreign currency gains, net
(77
)
 
(879
)
 
963

 

 
7

Gain on debt extinguishment
518

 

 

 

 
518

Other, net

 
11

 
58

 

 
69

Total other income (expense)
(15,536
)
 
(1,205
)
 
751

 

 
(15,990
)
Income (loss) before income taxes and equity earnings
(19,280
)
 
15,171

 
(15,250
)
 

 
(19,359
)
Income tax expense (benefit)
(8,807
)
 
4,971

 
479

 

 
(3,357
)
Income (loss) before equity earnings
(10,473
)
 
10,200

 
(15,729
)
 

 
(16,002
)
Equity earnings, net of tax

 
1,092

 

 

 
1,092

Equity in earnings (losses) of subsidiaries
2,495

 

 

 
(2,495
)
 

Net income (loss)
(7,978
)
 
11,292

 
(15,729
)
 
(2,495
)
 
(14,910
)
Net loss attributable to non-controlling interest in subsidiary

 
6,349

 
583

 

 
6,932

Net income (loss) attributable to Era Group Inc.
$
(7,978
)
 
$
17,641

 
$
(15,146
)
 
$
(2,495
)
 
$
(7,978
)
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
262,898

 
$
18,952

 
$
(13
)
 
$
281,837

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
149,702

 
21,792

 
(13
)
 
171,481

Administrative and general
6,484

 
33,326

 
3,002

 

 
42,812

Depreciation

 
46,722

 
615

 

 
47,337

Total costs and expenses
6,484

 
229,750

 
25,409

 
(13
)
 
261,630

Gains on asset dispositions, net

 
8,582

 
(2,629
)
 

 
5,953

Goodwill impairment

 
(352
)
 
(1,514
)
 
 
 
(1,866
)
Operating income
(6,484
)
 
41,378

 
(10,600
)
 

 
24,294

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
16

 
900

 
275

 

 
1,191

Interest expense
(12,479
)
 
(773
)
 
(274
)
 

 
(13,526
)
Derivative losses, net

 
(18
)
 

 

 
(18
)
Foreign currency gains (losses), net
569

 
(3,119
)
 
(40
)
 

 
(2,590
)
Gain on debt extinguishment
1,617

 

 

 

 
1,617

Gain on sale of FBO
12,946

 

 

 

 
12,946

Other, net
(3
)
 
63

 
(15
)
 

 
45

Total other income (expense)
2,666

 
(2,947
)
 
(54
)
 

 
(335
)
Income (loss) before income taxes and equity earnings
(3,818
)
 
38,431

 
(10,654
)
 

 
23,959

Income tax expense (benefit)
(3,368
)
 
17,625

 
(140
)
 

 
14,117

Income (loss) before equity earnings
(450
)
 
20,806

 
(10,514
)
 

 
9,842

Equity earnings, net of tax

 
(1,943
)
 

 

 
(1,943
)
Equity in earnings (losses) of subsidiaries
9,155

 

 

 
(9,155
)
 

Net income (loss)
8,705

 
18,863

 
(10,514
)
 
(9,155
)
 
7,899

Net income attributable to non-controlling interest in subsidiary

 
376

 
430

 

 
806

Net income (loss) attributable to Era Group Inc.
$
8,705

 
$
19,239

 
$
(10,084
)
 
$
(9,155
)
 
$
8,705

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
330,393

 
$
1,227

 
$
(398
)
 
$
331,222

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
204,271

 
213

 
(111
)
 
204,373

Administrative and general
7,132

 
37,139

 
3

 
(287
)
 
43,987

Depreciation

 
45,772

 
540

 

 
46,312

Total costs and expenses
7,132

 
287,182

 
756

 
(398
)
 
294,672

Gains on asset dispositions, net

 
6,101

 

 

 
6,101

Operating income (loss)
(7,132
)
 
49,312

 
471

 

 
42,651

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
75

 
460

 
5

 

 
540

Interest expense
(13,957
)
 
(821
)
 

 

 
(14,778
)
Derivative losses, net
(785
)
 
(159
)
 

 

 
(944
)
Foreign currency gains (losses), net
2,163

 
(4,540
)
 

 

 
(2,377
)
Note receivable impairment
(2,457
)
 

 

 

 
(2,457
)
Other, net
10

 
(14
)
 

 

 
(4
)
Total other income (expense)
(14,951
)
 
(5,074
)
 
5

 

 
(20,020
)
Income (loss) before income taxes and equity earnings
(22,083
)
 
44,238

 
476

 

 
22,631

Income tax expense (benefit)
(8,081
)
 
16,192

 
174

 

 
8,285

Income (loss) before equity earnings
(14,002
)
 
28,046

 
302

 

 
14,346

Equity losses, net of tax

 
2,675

 

 

 
2,675

Equity in earnings (losses) of subsidiaries
31,119

 

 

 
(31,119
)
 

Net income (loss)
17,117

 
30,721

 
302

 
(31,119
)
 
17,021

Net loss attributable to non-controlling interest in subsidiary

 
96

 

 

 
96

Net income (loss) attributable to Era Group Inc.
$
17,117

 
$
30,817

 
$
302

 
$
(31,119
)
 
$
17,117

Condensed Statement of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(7,978
)
 
$
11,292

 
$
(15,729
)
 
$
(2,495
)
 
$
(14,910
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Income tax benefit

 

 

 

 

Total other comprehensive income (loss)

 

 

 

 

Comprehensive income (loss)
(7,978
)
 
11,292

 
(15,729
)
 
(2,495
)
 
(14,910
)
Comprehensive loss attributable to non-controlling interest in subsidiary

 
6,349

 
583

 

 
6,932

Comprehensive income (loss) attributable to Era Group Inc.
$
(7,978
)
 
$
17,641

 
$
(15,146
)
 
$
(2,495
)
 
$
(7,978
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
8,705

 
$
18,863

 
$
(10,514
)
 
$
(9,155
)
 
$
7,899

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(4
)
 

 

 
(4
)
Income tax benefit

 
1

 

 

 
1

Total other comprehensive loss

 
(3
)
 

 

 
(3
)
Comprehensive income (loss)
8,705

 
18,860

 
(10,514
)
 
(9,155
)
 
7,896

Comprehensive loss attributable to non-controlling interest in subsidiary

 
376

 
430

 

 
806

Comprehensive income (loss) attributable to Era Group Inc.
$
8,705

 
$
19,236

 
$
(10,084
)
 
$
(9,155
)
 
$
8,702


Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
17,117

 
$
30,721

 
$
302

 
$
(31,119
)
 
$
17,021

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(123
)
 

 

 
(123
)
Income tax benefit

 
42

 

 

 
42

Total other comprehensive loss

 
(81
)
 

 

 
(81
)
Comprehensive income (loss)
17,117

 
30,640

 
302

 
(31,119
)
 
16,940

Comprehensive loss attributable to non-controlling interest in subsidiary

 
96

 

 

 
96

Comprehensive income (loss) attributable to Era Group Inc.
$
17,117

 
$
30,736

 
$
302

 
$
(31,119
)
 
$
17,036

Condensed Cash Flow Statement
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
17,909

 
$
41,239

 
$
(644
)
 
$

 
$
58,504

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(39,020
)
 
(180
)
 

 
(39,200
)
Proceeds from disposition of property and equipment

 
28,381

 
228

 

 
28,609

Return of helicopter deposits

 
544

 

 

 
544

Principal payments on notes due from equity investees

 
723

 

 

 
723

Principal payments on third party notes receivable

 
208

 

 

 
208

Escrow deposits, net

 
(3,848
)
 

 
190

 
(3,658
)
Repayment of intercompany debt

 
190

 

 
(190
)
 

Net cash used in investing activities

 
(12,822
)
 
48

 

 
(12,774
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility

 

 

 
12,000

 
12,000

Long-term debt issuance costs

 

 

 
(886
)
 
(886
)
Payments on long-term debt

 
(1,803
)
 
(1,641
)
 
(37,000
)
 
(40,444
)
Extinguishment of long-term debt

 

 

 
(4,331
)
 
(4,331
)
Proceeds from share award plans

 

 

 
836

 
836

Purchase of treasury shares

 

 

 
(161
)
 
(161
)
Repayment of intercompany debt

 
(29,542
)
 

 
29,542

 

Net cash used in financing activities

 
(31,345
)
 
(1,641
)
 

 
(32,986
)
Effects of exchange rate changes on cash and cash equivalents

 
(406
)
 
242

 

 
(164
)
Net increase (decrease) in cash and cash equivalents
17,909

 
(3,334
)
 
(1,995
)
 

 
12,580

Cash and cash equivalents, beginning of period
7,565

 
3,334

 
3,471

 

 
14,370

Cash and cash equivalents, end of period
$
25,474

 
$

 
$
1,476

 
$

 
$
26,950


Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(8,916
)
 
$
38,111

 
$
15,261

 
$

 
$
44,456

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(60,046
)
 
(11,774
)
 
11,770

 
(60,050
)
Proceeds from disposition of property and equipment

 
37,098

 

 
(11,770
)
 
25,328

Cash settlements on forward contracts, net

 
(1,103
)
 

 

 
(1,103
)
Business acquisitions, net of cash acquired

 

 
(1,747
)
 
 
 
(1,747
)
Investments in and advances to equity investees

 
(36
)
 

 

 
(36
)
Proceeds from sale of FBO

 

 

 
14,252

 
14,252

Principal payments on notes due from equity investees

 
688

 

 

 
688

Principal payments on third party notes receivable

 
52

 

 

 
52

Escrow deposits, net

 
(1
)
 

 
(190
)
 
(191
)
Repayment of intercompany debt

 
14,062

 

 
(14,062
)
 

Net cash used in investing activities

 
(9,286
)
 
(13,521
)
 

 
(22,807
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility

 

 

 
60,000

 
60,000

Long-term debt issuance costs

 
(71
)
 

 

 
(71
)
Payments on long-term debt

 
(2,458
)
 
(467
)
 
(55,000
)
 
(57,925
)
Extinguishment of long-term debt

 

 

 
(46,920
)
 
(46,920
)
Proceeds from share award plans

 

 

 
1,096

 
1,096

Tax expense on vested restricted stock

 

 

 
(127
)
 
(127
)
Purchase of treasury shares

 

 

 
(2,079
)
 
(2,079
)
Repayment of intercompany debt

 
(43,030
)
 

 
43,030

 

Net cash provided by financing activities

 
(45,559
)
 
(467
)
 

 
(46,026
)
Effects of exchange rate changes on cash and cash equivalents

 
(2,120
)
 

 

 
(2,120
)
Net increase (decrease) in cash and cash equivalents
(8,916
)
 
(18,854
)
 
1,273

 

 
(26,497
)
Cash and cash equivalents, beginning of period
16,481

 
22,188

 
2,198

 

 
40,867

Cash and cash equivalents, end of period
$
7,565

 
$
3,334

 
$
3,471

 
$

 
$
14,370


Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by operating activities
$
(8,154
)
 
$
85,539

 
$
901

 
$

 
$
78,286

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(106,732
)
 

 

 
(106,732
)
Proceeds from disposition of property and equipment

 
7,051

 

 

 
7,051

Cash settlements on forward contracts, net

 
(1,545
)
 

 

 
(1,545
)
Investments in and advances to equity investees

 
(125
)
 

 

 
(125
)
Proceeds from sale of interest in equity investees

 
6,381

 

 

 
6,381

Principal payments on notes due from equity investees

 
638

 

 

 
638

Principal payments on third party notes receivable

 
460

 

 

 
460

Net cash used in investing activities

 
(93,872
)
 

 

 
(93,872
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(2,885
)
 

 

 
(2,885
)
Proceeds from Revolving Credit Facility

 

 

 
30,000

 
30,000

Long-term debt issuance costs

 

 

 
(2,446
)
 
(2,446
)
Proceeds and tax benefits from share award plans

 

 

 
1,458

 
1,458

Repayment of intercompany debt

 
29,012

 

 
(29,012
)
 

Net cash used in financing activities

 
26,127

 

 

 
26,127

Effects of exchange rate changes on cash and cash equivalents

 
(1,009
)