Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents (including $1,745 from VIEs in 2018) $ 117,366 $ 50,753
Receivables:    
Trade, operating, net of allowance for doubtful accounts of $261 in 2018 (including $5,565 from VIEs in 2018) 32,730 33,306
Trade, dry-leasing 5,234 3,803
Tax receivables (including $3,187 from VIEs in 2018) 2,860 3,187
Other (including $340 from VIEs in 2018) 15,421 2,343
Inventories, net (including $40 from VIEs in 2018) 20,066 20,673
Prepaid expenses (including $10 from VIEs in 2018) 2,184 1,807
Total current assets 195,861 115,872
Property and equipment:    
Helicopters 788,623 805,453
Machinery, equipment and spares (including $750 from VIEs in 2018) 38,057 37,487
Construction in progress 6,970 7,086
Buildings and leasehold improvements (including $154 from VIEs in 2018) 39,112 45,303
Furniture, fixtures, vehicles and other (including $471 from VIEs in 2018) 22,301 21,832
Property and equipment, at cost 895,063 917,161
Accumulated depreciation (including $485 from VIEs in 2018) (338,164) (317,967)
Property and equipment, net 556,899 599,194
Operating lease right-of-use 9,468 0
Equity investments and advances 0 27,112
Intangible assets 96 1,107
Other assets (including $96 from VIEs in 2018) 2,191 21,578
Total assets 764,515 764,863
Current liabilities:    
Accounts payable and accrued expenses (including $1,522 from VIEs in 2018) 12,923 13,161
Accrued wages and benefits (including $1,429 from VIEs in 2018) 10,554 9,267
Accrued interest 520 569
Accrued income taxes 3,612 973
Accrued other taxes (including $500 from VIEs in 2018) 937 1,268
Accrued contingencies (including $630 from VIEs in 2018) 598 630
Current portion of long-term debt (including $395 from VIEs in 2018) 18,317 2,058
Other current liabilities 3,315 878
Total current liabilities 50,776 28,804
Long-term debt 141,832 160,217
Deferred income taxes 103,793 108,357
Operating lease liabilities 7,815 0
Deferred gains and other liabilities 745 747
Total liabilities 304,961 298,125
Commitments and contingencies (see Note 8)
Redeemable noncontrolling interest 2,812 3,302
Equity:    
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,285,613 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares 224 219
Additional paid-in capital 452,009 447,298
Retained earnings 14,692 18,285
Treasury shares, at cost, 1,152,826 and 156,737 shares in 2019 and 2018, respectively (10,183) (2,476)
Accumulated other comprehensive income, net of tax 0 110
Total equity 456,742 463,436
Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 764,515 $ 764,863