ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1455213 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
818 Town & Country Blvd., Suite 200 | ||
Houston, Texas | 77024 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ý | Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Part I. | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | |||
Item 1A. | |||
Item 2. | |||
Item 6. |
ITEM 1. | FINANCIAL STATEMENTS |
ERA GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share amounts) | |||||||
June 30, 2016 | December 31, 2015(1) | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 39,160 | $ | 14,370 | |||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 and $2,103 in 2016 and 2015, respectively | 36,830 | 48,639 | |||||
Tax receivables | 6,011 | 6,085 | |||||
Other | 3,641 | 3,305 | |||||
Inventories, net | 27,764 | 27,994 | |||||
Prepaid expenses | 2,563 | 1,963 | |||||
Other current assets | 191 | 191 | |||||
Total current assets | 116,160 | 102,547 | |||||
Property and equipment | 1,172,242 | 1,175,909 | |||||
Accumulated depreciation | (336,722 | ) | (316,693 | ) | |||
Property and equipment, net | 835,520 | 859,216 | |||||
Equity investments and advances | 29,299 | 28,898 | |||||
Intangible assets | 1,148 | 1,158 | |||||
Other assets | 12,719 | 12,532 | |||||
Total assets | $ | 994,846 | $ | 1,004,351 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 15,473 | $ | 12,000 | |||
Accrued wages and benefits | 9,565 | 9,012 | |||||
Accrued interest | 612 | 562 | |||||
Accrued other taxes | 2,515 | 2,520 | |||||
Accrued contingencies | 1,280 | 2,410 | |||||
Current portion of long-term debt | 1,569 | 3,278 | |||||
Other current liabilities | 2,184 | 2,300 | |||||
Total current liabilities | 33,198 | 32,082 | |||||
Long-term debt | 252,940 | 263,698 | |||||
Deferred income taxes | 227,933 | 229,848 | |||||
Other liabilities | 4,418 | 2,616 | |||||
Total liabilities | 518,489 | 528,244 | |||||
Commitments and contingencies (see Note 9) | |||||||
Redeemable noncontrolling interest | 4,573 | 4,804 | |||||
Equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 211 | 207 | |||||
Additional paid-in capital | 435,714 | 433,175 | |||||
Retained earnings | 38,622 | 40,502 | |||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | (2,855 | ) | (2,673 | ) | |||
Accumulated other comprehensive income, net of tax | 92 | 92 | |||||
Total equity | 471,784 | 471,303 | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 994,846 | $ | 1,004,351 |
(1) | Adjusted for the adoption of Accounting Standards Update (“ASU”) 2015-03 whereby $2,740 of debt issuance costs previously included in other assets is now included in long-term debt. |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating revenues | $ | 63,351 | $ | 70,738 | $ | 125,933 | $ | 138,153 | |||||||
Costs and expenses: | |||||||||||||||
Operating | 47,396 | 39,784 | 91,703 | 83,389 | |||||||||||
Administrative and general | 8,140 | 10,779 | 17,367 | 20,522 | |||||||||||
Depreciation and amortization | 12,691 | 11,398 | 25,457 | 23,000 | |||||||||||
Total costs and expenses | 68,227 | 61,961 | 134,527 | 126,911 | |||||||||||
Gains (losses) on asset dispositions, net | 1,367 | (242 | ) | 4,280 | 3,146 | ||||||||||
Operating income (loss) | (3,509 | ) | 8,535 | (4,314 | ) | 14,388 | |||||||||
Other income (expense): | |||||||||||||||
Interest income | 403 | 317 | 704 | 568 | |||||||||||
Interest expense | (4,130 | ) | (2,881 | ) | (8,878 | ) | (6,426 | ) | |||||||
Derivative losses, net | — | (10 | ) | — | (22 | ) | |||||||||
Foreign currency gains (losses), net | 329 | 543 | 610 | (2,417 | ) | ||||||||||
Gain on debt extinguishment | 518 | — | 518 | 264 | |||||||||||
Gain on sale of FBO (see Note 5) | — | 12,946 | — | 12,946 | |||||||||||
Other, net | 46 | (9 | ) | 29 | (9 | ) | |||||||||
Total other income (expense) | (2,834 | ) | 10,906 | (7,017 | ) | 4,904 | |||||||||
Income (loss) before income taxes and equity earnings | (6,343 | ) | 19,441 | (11,331 | ) | 19,292 | |||||||||
Income tax expense (benefit) | (1,232 | ) | 8,138 | (2,246 | ) | 8,083 | |||||||||
Income (loss) before equity earnings | (5,111 | ) | 11,303 | (9,085 | ) | 11,209 | |||||||||
Equity earnings (losses), net of tax | 601 | (198 | ) | 625 | (343 | ) | |||||||||
Net income (loss) | (4,510 | ) | 11,105 | (8,460 | ) | 10,866 | |||||||||
Net loss attributable to noncontrolling interest in subsidiary | 6,448 | 228 | 6,580 | 425 | |||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 1,938 | $ | 11,333 | $ | (1,880 | ) | $ | 11,291 | ||||||
Loss per common share: | |||||||||||||||
Basic | $ | 0.09 | $ | 0.55 | $ | (0.09 | ) | $ | 0.55 | ||||||
Diluted | $ | 0.09 | $ | 0.55 | $ | (0.09 | ) | $ | 0.55 | ||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 20,361,533 | 20,273,780 | 20,290,735 | 20,235,082 | |||||||||||
Diluted | 20,364,382 | 20,332,657 | 20,290,735 | 20,295,498 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited, in thousands) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income (loss) | $ | (4,510 | ) | $ | 11,105 | $ | (8,460 | ) | $ | 10,866 | ||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | — | (137 | ) | — | (140 | ) | ||||||||||
Income tax benefit | — | — | — | 1 | ||||||||||||
Total other comprehensive income (loss) | — | (137 | ) | — | (139 | ) | ||||||||||
Comprehensive income (loss) | (4,510 | ) | 10,968 | (8,460 | ) | 10,727 | ||||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiary | 6,448 | 228 | 6,580 | 425 | ||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | 1,938 | $ | 11,196 | $ | (1,880 | ) | $ | 11,152 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (unaudited, in thousands) | |||||||||||||||||||||||||||||
Era Group Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income | Total Equity | |||||||||||||||||||||||
December 31, 2015 | $ | 4,804 | $ | 207 | $ | 433,175 | $ | 40,502 | $ | (2,673 | ) | $ | 92 | $ | 471,303 | ||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||
Restricted stock grants | — | 3 | (3 | ) | — | — | — | — | |||||||||||||||||||||
Employee Stock Purchase Plan | — | 1 | 476 | — | — | — | 477 | ||||||||||||||||||||||
Tax deficit from share award plans | — | — | (216 | ) | — | — | — | (216 | ) | ||||||||||||||||||||
Share award amortization | — | — | 2,261 | — | — | — | 2,261 | ||||||||||||||||||||||
Cancellation of restricted stock | — | — | 21 | — | (21 | ) | — | — | |||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | (161 | ) | — | (161 | ) | ||||||||||||||||||||
Net loss | — | — | — | (8,460 | ) | — | — | (8,460 | ) | ||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (231 | ) | — | — | 231 | — | — | 231 | |||||||||||||||||||||
Contribution of capital from joint venture partner | 6,349 | — | — | — | — | — | — | ||||||||||||||||||||||
Adjustment to carrying value of redeemable noncontrolling interest | (6,349 | ) | — | — | 6,349 | — | — | 6,349 | |||||||||||||||||||||
June 30, 2016 | $ | 4,573 | $ | 211 | $ | 435,714 | $ | 38,622 | $ | (2,855 | ) | $ | 92 | $ | 471,784 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) | |||||||
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (8,460 | ) | $ | 10,866 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 25,457 | 23,000 | |||||
Share-based compensation | 2,261 | 1,601 | |||||
Bad debt expense, net | 123 | (149 | ) | ||||
Gains on asset dispositions, net | (4,280 | ) | (3,146 | ) | |||
Debt discount amortization | 79 | 129 | |||||
Amortization of deferred financing costs | 439 | 516 | |||||
Derivative losses, net | — | 22 | |||||
Foreign currency losses (gains), net | (912 | ) | 2,725 | ||||
Cash settlements on derivative transactions, net | — | (186 | ) | ||||
Gain on debt extinguishment, net | (518 | ) | (264 | ) | |||
Gain on sale of FBO | — | (12,946 | ) | ||||
Deferred income tax benefit | (2,492 | ) | (1,235 | ) | |||
Equity losses (earnings), net of tax | (625 | ) | 343 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (increase) in receivables | 11,833 | (7,234 | ) | ||||
Decrease (increase) in prepaid expenses and other assets | (993 | ) | 891 | ||||
Increase in accounts payable, accrued expenses and other liabilities | 6,649 | 5,794 | |||||
Net cash provided by operating activities | 28,561 | 20,727 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (5,106 | ) | (39,663 | ) | |||
Proceeds from disposition of property and equipment | 5,910 | 8,384 | |||||
Cash settlements on forward contracts, net | — | (1,103 | ) | ||||
Return of helicopter deposits | 544 | — | |||||
Business acquisitions, net of cash acquired | — | (3,165 | ) | ||||
Proceeds from sale of FBO | — | 14,252 | |||||
Principal payments on notes due from equity investees | 357 | 340 | |||||
Principal payments on third party notes receivable | 136 | 25 | |||||
Escrow deposits, net | — | (500 | ) | ||||
Escrow deposits on like-kind exchanges, net | — | (6,174 | ) | ||||
Net cash provided by (used in) investing activities | 1,841 | (27,604 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from Revolving Credit Facility | 7,000 | 25,000 | |||||
Payments on long-term debt | (9,093 | ) | (31,320 | ) | |||
Extinguishment of long-term debt | (4,331 | ) | (9,297 | ) | |||
Proceeds from share award plans | 477 | 612 | |||||
Purchase of treasury shares | (161 | ) | — | ||||
Net cash used in financing activities | (6,108 | ) | (15,005 | ) | |||
Effects of exchange rate changes on cash and cash equivalents | 496 | (1,983 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 24,790 | (23,865 | ) | ||||
Cash and cash equivalents, beginning of period | 14,370 | 40,867 | |||||
Cash and cash equivalents, end of period | $ | 39,160 | $ | 17,002 | |||
Supplemental cash flow information: | |||||||
Cash paid for interest | $ | 7,894 | $ | 9,548 | |||
Cash paid for income taxes | 5 | (20 | ) | ||||
Supplemental disclosure of non-cash financing activities: | |||||||
Notes payable contributed to subsidiary | 6,349 | — |
1. | BASIS OF PRESENTATION AND ACCOUNTING POLICY |
Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | ||||||
Balance at beginning of period | $ | 32,666 | $ | 31,047 | |||
Revenues deferred during the period | 12,321 | 20,150 | |||||
Revenues recognized during the period | (7,903 | ) | (14,113 | ) | |||
Balance at end of period | $ | 37,084 | $ | 37,084 |
2. | FAIR VALUE MEASUREMENTS |
Carrying Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
June 30, 2016 | |||||||||||||||
LIABILITIES | |||||||||||||||
Long-term debt, including current portion | $ | 254,509 | $ | — | $ | 236,663 | $ | — | |||||||
December 31, 2015 | |||||||||||||||
LIABILITIES | |||||||||||||||
Long-term debt, including current portion | $ | 266,976 | $ | — | $ | 243,817 | $ | — |
3. | DERIVATIVE INSTRUMENTS |
4. | ESCROW DEPOSITS |
5. | ACQUISITIONS AND DISPOSITIONS |
6. | VARIABLE INTEREST ENTITIES |
June 30, 2016 | December 31, 2015 | |||||||
Cash | $ | 1,090 | $ | 3,192 | ||||
Receivables - trade (net of allowance for doubtful accounts of $834 and $1,418 in 2016 and 2015, respectively) | 7,746 | 8,240 | ||||||
Receivables - other | 731 | 179 | ||||||
Inventories, net | 726 | 2,240 | ||||||
Other current assets | 128 | — | ||||||
Property and equipment, net | 768 | 696 | ||||||
Intangible assets | 3 | 4 | ||||||
Other assets | 4,723 | 3,367 | ||||||
Accounts payable and accrued expenses | 952 | 1,709 | ||||||
Accrued wages and benefits | 2,633 | 2,108 | ||||||
Accrued other taxes | 1,210 | 1,701 | ||||||
Accrued contingencies | 1,280 | 2,410 | ||||||
Current portion of long-term debt | — | 1,524 | ||||||
Other current liabilities | 8 | 450 | ||||||
Long-term debt | — | 5,259 | ||||||
Other liabilities | 3,171 | 729 |
Historical Results | Pro Forma Adjustments | Pro Forma Results | |||||||||
Three Months Ended June 30, 2015 | |||||||||||
Operating revenues | $ | 70,738 | $ | 11,266 | $ | 82,004 | |||||
Net income attributable to Era Group Inc. | 11,333 | (2,410 | ) | 8,923 | |||||||
Six Months Ended June 30, 2015 | |||||||||||
Operating revenues | $ | 138,153 | $ | 22,591 | $ | 160,744 | |||||
Net income attributable to Era Group Inc. | 11,291 | (4,033 | ) | 7,258 |
7. | INCOME TAXES |
8. | LONG-TERM DEBT |
June 30, 2016 | December 31, 2015 | |||||||
7.750% Senior Notes (excluding unamortized discount) | $ | 144,828 | $ | 149,828 | ||||
Senior secured revolving credit facility | 90,000 | 90,000 | ||||||
Promissory notes | 23,998 | 24,968 | ||||||
Other | 45 | 9,509 | ||||||
258,871 | 274,305 | |||||||
Less: portion due within one year | (1,569 | ) | (3,278 | ) | ||||
Less: debt discount, net | (1,813 | ) | (4,589 | ) | ||||
Less: unamortized debt issuance costs | (2,549 | ) | (2,740 | ) | ||||
Total long-term debt | $ | 252,940 | $ | 263,698 |
9. | COMMITMENTS AND CONTINGENCIES |
10. | EARNINGS (LOSS) PER COMMON SHARE |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income (loss) attributable to Era Group Inc.(1) | $ | 1,890 | $ | 11,163 | $ | (1,880 | ) | $ | 11,148 | |||||||
Shares: | ||||||||||||||||
Weighted average common shares outstanding - basic | 20,361,533 | 20,273,780 | 20,290,735 | 20,235,082 | ||||||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(2) | 2,849 | 58,877 | — | 60,416 | ||||||||||||
Weighted average common shares outstanding - diluted | 20,364,382 | 20,332,657 | 20,290,735 | 20,295,498 | ||||||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic | $ | 0.09 | $ | 0.55 | $ | (0.09 | ) | $ | 0.55 | |||||||
Diluted | $ | 0.09 | $ | 0.55 | $ | (0.09 | ) | $ | 0.55 |
(1) | Excludes net income of $48 and $170 attributable to unvested common shares for the three months ended June 30, 2016 and 2015, respectively, and $0 and $143 for the six months ended June 30, 2016 and 2015, respectively. |
(2) | Excludes weighted average common shares of 283,764 and 105,000 for the three months ended June 30, 2016 and 2015, respectively, and 292,840 and 79,000 for the six months ended June 30, 2016 and 2015, respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
11. | RELATED PARTY TRANSACTIONS |
12. | SHARE-BASED COMPENSATION |
Number of Shares | Weighted Average Grant Price | |||||
Non-vested as of December 31, 2015 | 311,372 | $ | 22.58 | |||
Restricted stock awards granted: | ||||||
Non-employee directors | 40,663 | $ | 10.59 | |||
Employees | 299,250 | $ | 10.59 | |||
Vested | (132,527 | ) | $ | 22.58 | ||
Forfeited | (2,120 | ) | $ | 24.23 | ||
Non-vested as of June 30, 2016 | 516,638 | $ | 14.68 |
13. | GUARANTORS OF SECURITIES |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands, except share data) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 36,030 | $ | 1,768 | $ | 1,362 | $ | — | $ | 39,160 | |||||||||
Receivables: | |||||||||||||||||||
Trade, net of allowance for doubtful accounts of $1,036 | 39 | 28,906 | 7,885 | — | 36,830 | ||||||||||||||
Tax receivable | 6,000 | 11 | — | — | 6,011 | ||||||||||||||
Other | — | 2,825 | 816 | — | 3,641 | ||||||||||||||
Inventories, net | — | 26,838 | 926 | — | 27,764 | ||||||||||||||
Prepaid expenses | 565 | 1,858 | 140 | — | 2,563 | ||||||||||||||
Other current assets | 190 | 1 | — | — | 191 | ||||||||||||||
Total current assets | 42,824 | 62,207 | 11,129 | — | 116,160 | ||||||||||||||
Property and equipment | — | 1,155,702 | 16,540 | — | 1,172,242 | ||||||||||||||
Accumulated depreciation | — | (335,631 | ) | (1,091 | ) | — | (336,722 | ) | |||||||||||
Property and equipment, net | — | 820,071 | 15,449 | — | 835,520 | ||||||||||||||
Equity investments and advances | — | 29,299 | — | — | 29,299 | ||||||||||||||
Investments in consolidated subsidiaries | 178,291 | — | — | (178,291 | ) | — | |||||||||||||
Intangible assets | — | — | 1,148 | — | 1,148 | ||||||||||||||
Deferred taxes | 5,876 | — | — | (5,876 | ) | — | |||||||||||||
Intercompany receivables | 474,859 | — | — | (474,859 | ) | — | |||||||||||||
Other assets | 1,828 | 6,169 | 4,722 | — | 12,719 | ||||||||||||||
Total assets | $ | 703,678 | $ | 917,746 | $ | 32,448 | $ | (659,026 | ) | $ | 994,846 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 410 | $ | 13,793 | $ | 1,270 | $ | — | $ | 15,473 | |||||||||
Accrued wages and benefits | — | 6,906 | 2,659 | — | 9,565 | ||||||||||||||
Accrued interest | 612 | — | — | — | 612 | ||||||||||||||
Accrued other taxes | 30 | 1,275 | 1,210 | — | 2,515 | ||||||||||||||
Accrued contingencies | — | — | 1,280 | — | 1,280 | ||||||||||||||
Current portion of long-term debt | — | 1,524 | 45 | — | 1,569 | ||||||||||||||
Other current liabilities | 468 | 1,685 | 31 | — | 2,184 | ||||||||||||||
Total current liabilities | 1,520 | 25,183 | 6,495 | — | 33,198 | ||||||||||||||
Long-term debt | 230,466 | 22,474 | — | — | 252,940 | ||||||||||||||
Deferred income taxes | — | 233,132 | 677 | (5,876 | ) | 227,933 | |||||||||||||
Intercompany payables | — | 444,054 | 30,805 | (474,859 | ) | — | |||||||||||||
Other liabilities | — | 1,301 | 3,117 | — | 4,418 | ||||||||||||||
Total liabilities | 231,986 | 726,144 | 41,094 | (480,735 | ) | 518,489 | |||||||||||||
Redeemable noncontrolling interest | — | 4 | 4,569 | — | 4,573 | ||||||||||||||
Equity: | |||||||||||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 outstanding, exclusive of treasury shares | 211 | — | — | — | 211 | ||||||||||||||
Additional paid-in capital | 435,714 | 100,306 | 4,562 | (104,868 | ) | 435,714 | |||||||||||||
Retained earnings | 38,622 | 91,200 | (17,777 | ) | (73,423 | ) | 38,622 | ||||||||||||
Treasury shares, at cost, 171,614 shares | (2,855 | ) | — | — | — | (2,855 | ) | ||||||||||||
Accumulated other comprehensive income, net of tax | — | 92 | — | — | 92 | ||||||||||||||
Total equity | 471,692 | 191,598 | (13,215 | ) | (178,291 | ) | 471,784 | ||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 703,678 | $ | 917,746 | $ | 32,448 | $ | (659,026 | ) | $ | 994,846 |
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 | ||||||||||||||
Other current assets | 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 INTREST 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 | 1,615 | — | 3,278 | ||||||||||||||
Accrued other taxes | 30 | 789 | 1,701 | — | 2,520 | ||||||||||||||
Accrued contingencies | — | — | 2,410 | — | 2,410 | ||||||||||||||
Other current liabilities | 534 | 1,311 | 455 | — | 2,300 | ||||||||||||||
Total current liabilities | 1,499 | 20,286 | 10,297 | — | 32,082 | ||||||||||||||
Long-term debt | 235,134 | 23,305 | 5,259 | — | 263,698 | ||||||||||||||
Deferred income taxes | — | 232,994 | 677 | (3,823 | ) | 229,848 | |||||||||||||
Intercompany payables | — | 501,512 | 13,743 | (515,255 | ) | — | |||||||||||||
Other liabilities | — | 1,887 | 729 | — | 2,616 | ||||||||||||||
Total liabilities | 236,633 | 779,984 | 30,705 | (519,078 | ) | 528,244 | |||||||||||||
Redeemable noncontrolling interest | — | 4 | 4,800 | — | 4,804 | ||||||||||||||
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 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Operating revenues | $ | — | $ | 57,392 | $ | 17,788 | $ | (11,829 | ) | $ | 63,351 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating | — | 38,760 | 20,465 | (11,829 | ) | 47,396 | |||||||||||||
Administrative and general | 871 | 6,875 | 394 | — | 8,140 | ||||||||||||||
Depreciation | — | 12,414 | 277 | — | 12,691 | ||||||||||||||
Total costs and expenses | 871 | 58,049 | 21,136 | (11,829 | ) | 68,227 | |||||||||||||
Gains on asset dispositions, net | — | 1,367 | — | — | 1,367 | ||||||||||||||
Operating income (loss) | (871 | ) | 710 | (3,348 | ) | — | (3,509 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 9 | 119 | 275 | — | 403 | ||||||||||||||
Interest expense | (3,841 | ) | (136 | ) | (153 | ) | — | (4,130 | ) | ||||||||||
Foreign currency gains (losses), net | (52 | ) | (110 | ) | 491 | — | 329 | ||||||||||||
Gain on debt extinguishment | 518 | — | — | — | 518 | ||||||||||||||
Other, net | — | 1 | 45 | — | 46 | ||||||||||||||
Total other income (expense) | (3,366 | ) | (126 | ) | 658 | — | (2,834 | ) | |||||||||||
Income (loss) before income taxes and equity earnings | (4,237 | ) | 584 | (2,690 | ) | — | (6,343 | ) | |||||||||||
Income tax expense (benefit) | (490 | ) | (742 | ) | — | — | (1,232 | ) | |||||||||||
Income (loss) before equity earnings | (3,747 | ) | 1,326 | (2,690 | ) | — | (5,111 | ) | |||||||||||
Equity earnings, net of tax | — | 601 | — | — | 601 | ||||||||||||||
Equity in earnings (losses) of subsidiaries | 5,685 | — | — | (5,685 | ) | — | |||||||||||||
Net income (loss) | 1,938 | 1,927 | (2,690 | ) | (5,685 | ) | (4,510 | ) | |||||||||||
Net loss attributable to noncontrolling interest in subsidiary | — | 6,349 | 99 | — | 6,448 | ||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 1,938 | $ | 8,276 | $ | (2,591 | ) | $ | (5,685 | ) | $ | 1,938 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Operating revenues | $ | — | $ | 70,550 | $ | 431 | $ | (243 | ) | $ | 70,738 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating | — | 39,463 | 564 | (243 | ) | 39,784 | |||||||||||||
Administrative and general | 1,742 | 8,885 | 152 | — | 10,779 | ||||||||||||||
Depreciation | — | 11,212 | 186 | — | 11,398 | ||||||||||||||
Total costs and expenses | 1,742 | 59,560 | 902 | (243 | ) | 61,961 | |||||||||||||
Gains on asset dispositions, net | — | 2,363 | (2,605 | ) | — | (242 | ) | ||||||||||||
Operating income | (1,742 | ) | 13,353 | (3,076 | ) | — | 8,535 | ||||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 4 | 312 | 1 | — | 317 | ||||||||||||||
Interest expense | (2,756 | ) | (114 | ) | (11 | ) | — | (2,881 | ) | ||||||||||
Derivative losses, net | — | (10 | ) | — | — | (10 | ) | ||||||||||||
Foreign currency gains (losses), net | 74 | 469 | — | — | 543 | ||||||||||||||
Gain on sale of FBO | 12,946 | — | — | — | 12,946 | ||||||||||||||
Other, net | — | — | (9 | ) | — | (9 | ) | ||||||||||||
Total other income (expense) | 10,268 | 657 | (19 | ) | — | 10,906 | |||||||||||||
Income (loss) before income taxes and equity earnings | 8,526 | 14,010 | (3,095 | ) | — | 19,441 | |||||||||||||
Income tax expense (benefit) | (2,078 | ) | 10,216 | — | — | 8,138 | |||||||||||||
Income (loss) before equity earnings | 10,604 | 3,794 | (3,095 | ) | — | 11,303 | |||||||||||||
Equity losses, net of tax | — | (198 | ) | — | — | (198 | ) | ||||||||||||
Equity in earnings (losses) of subsidiaries | 729 | — | — | (729 | ) | — | |||||||||||||
Net income (loss) | 11,333 | 3,596 | (3,095 | ) | (729 | ) | 11,105 | ||||||||||||
Net loss attributable to noncontrolling interest in subsidiary | — | 130 | 98 | — | 228 | ||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 11,333 | $ | 3,726 | $ | (2,997 | ) | $ | (729 | ) | $ | 11,333 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Operating revenues | $ | — | $ | 116,477 | $ | 31,883 | $ | (22,427 | ) | $ | 125,933 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating | — | 75,368 | 38,762 | (22,427 | ) | 91,703 | |||||||||||||
Administrative and general | 1,919 | 13,959 | 1,489 | — | 17,367 | ||||||||||||||
Depreciation | — | 24,900 | 557 | — | 25,457 | ||||||||||||||
Total costs and expenses | 1,919 | 114,227 | 40,808 | (22,427 | ) | 134,527 | |||||||||||||
Gains on asset dispositions, net | — | 4,280 | — | — | 4,280 | ||||||||||||||
Operating income (loss) | (1,919 | ) | 6,530 | (8,925 | ) | — | (4,314 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 13 | 242 | 449 | — | 704 | ||||||||||||||
Interest expense | (8,184 | ) | (284 | ) | (410 | ) | — | (8,878 | ) | ||||||||||
Foreign currency gains (losses), net | 17 | (224 | ) | 817 | — | 610 | |||||||||||||
Gain on debt extinguishment | 518 | — | — | — | 518 | ||||||||||||||
Other, net | — | 1 | 28 | — | 29 | ||||||||||||||
Total other income (expense) | (7,636 | ) | (265 | ) | 884 | — | (7,017 | ) | |||||||||||
Income (loss) before income taxes and equity earnings | (9,555 | ) | 6,265 | (8,041 | ) | — | (11,331 | ) | |||||||||||
Income tax expense (benefit) | (1,719 | ) | (527 | ) | — | — | (2,246 | ) | |||||||||||
Income (loss) before equity earnings | (7,836 | ) | 6,792 | (8,041 | ) | — | (9,085 | ) | |||||||||||
Equity earnings, net of tax | — | 625 | — | — | 625 | ||||||||||||||
Equity in earnings (losses) of subsidiaries | 5,956 | — | — | (5,956 | ) | — | |||||||||||||
Net income (loss) | (1,880 | ) | 7,417 | (8,041 | ) | (5,956 | ) | (8,460 | ) | ||||||||||
Net loss attributable to noncontrolling interest in subsidiary | — | 6,349 | 231 | — | 6,580 | ||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | (1,880 | ) | $ | 13,766 | $ | (7,810 | ) | $ | (5,956 | ) | $ | (1,880 | ) |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Operating revenues | $ | — | $ | 138,059 | $ | 431 | $ | (337 | ) | $ | 138,153 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating | — | 83,074 | 652 | (337 | ) | 83,389 | |||||||||||||
Administrative and general | 3,116 | 17,254 | 152 | — | 20,522 | ||||||||||||||
Depreciation | — | 22,668 | 332 | — | 23,000 | ||||||||||||||
Total costs and expenses | 3,116 | 122,996 | 1,136 | (337 | ) | 126,911 | |||||||||||||
Gains on asset dispositions, net | — | 5,751 | (2,605 | ) | — | 3,146 | |||||||||||||
Operating income | (3,116 | ) | 20,814 | (3,310 | ) | — | 14,388 | ||||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | 9 | 557 | 2 | — | 568 | ||||||||||||||
Interest expense | (6,108 | ) | (307 | ) | (11 | ) | — | (6,426 | ) | ||||||||||
Derivative losses, net | — | (22 | ) | — | — | (22 | ) | ||||||||||||
Foreign currency gains (losses), net | 616 | (3,033 | ) | — | — | (2,417 | ) | ||||||||||||
Gain on debt extinguishment | 264 | — | — | — | 264 | ||||||||||||||
Gain on sale of FBO | 12,946 | — | — | — | 12,946 | ||||||||||||||
Other, net | — | — | (9 | ) | — | (9 | ) | ||||||||||||
Total other income (expense) | 7,727 | (2,805 | ) | (18 | ) | — | 4,904 | ||||||||||||
Income (loss) before income taxes and equity earnings | 4,611 | 18,009 | (3,328 | ) | — | 19,292 | |||||||||||||
Income tax expense (benefit) | (3,560 | ) | 11,643 | — | — | 8,083 | |||||||||||||
Income (loss) before equity earnings | 8,171 | 6,366 | (3,328 | ) | — | 11,209 | |||||||||||||
Equity losses, net of tax | — | (343 | ) | — | — | (343 | ) | ||||||||||||
Equity in earnings (losses) of subsidiaries | 3,120 | — | — | (3,120 | ) | — | |||||||||||||
Net income (loss) | 11,291 | 6,023 | (3,328 | ) | (3,120 | ) | 10,866 | ||||||||||||
Net loss attributable to noncontrolling interest in subsidiary | — | 327 | 98 | — | 425 | ||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 11,291 | $ | 6,350 | $ | (3,230 | ) | $ | (3,120 | ) | $ | 11,291 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 1,938 | $ | 1,927 | $ | (2,690 | ) | $ | (5,685 | ) | $ | (4,510 | ) | ||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ||||||||||||||
Income tax benefit | — | — | — | — | — | ||||||||||||||
Total other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||
Comprehensive income (loss) | 1,938 | 1,927 | (2,690 | ) | (5,685 | ) | (4,510 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiary | — | 6,349 | 99 | — | 6,448 | ||||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | 1,938 | $ | 8,276 | $ | (2,591 | ) | $ | (5,685 | ) | $ | 1,938 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 11,333 | $ | 3,596 | $ | (3,095 | ) | $ | (729 | ) | $ | 11,105 | |||||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | (137 | ) | — | (137 | ) | ||||||||||||
Income tax benefit | — | — | — | — | — | ||||||||||||||
Total other comprehensive loss | — | — | (137 | ) | — | (137 | ) | ||||||||||||
Comprehensive income (loss) | 11,333 | 3,596 | (3,232 | ) | (729 | ) | 10,968 | ||||||||||||
Comprehensive income attributable to noncontrolling interest in subsidiary | — | 130 | 98 | — | 228 | ||||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | 11,333 | $ | 3,726 | $ | (3,134 | ) | $ | (729 | ) | $ | 11,196 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | (1,880 | ) | $ | 7,417 | $ | (8,041 | ) | $ | (5,956 | ) | $ | (8,460 | ) | |||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ||||||||||||||
Income tax benefit | — | — | — | — | — | ||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ||||||||||||||
Comprehensive income (loss) | (1,880 | ) | 7,417 | (8,041 | ) | (5,956 | ) | (8,460 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiary | — | 6,349 | 231 | — | 6,580 | ||||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | (1,880 | ) | $ | 13,766 | $ | (7,810 | ) | $ | (5,956 | ) | $ | (1,880 | ) |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net income (loss) | $ | 11,291 | $ | 6,023 | $ | (3,328 | ) | $ | (3,120 | ) | $ | 10,866 | |||||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | (3 | ) | (137 | ) | — | (140 | ) | |||||||||||
Income tax benefit | — | 1 | — | — | 1 | ||||||||||||||
Total other comprehensive loss | — | (2 | ) | (137 | ) | — | (139 | ) | |||||||||||
Comprehensive income (loss) | 11,291 | 6,021 | (3,465 | ) | (3,120 | ) | 10,727 | ||||||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiary | — | 327 | 98 | — | 425 | ||||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | 11,291 | $ | 6,348 | $ | (3,367 | ) | $ | (3,120 | ) | $ | 11,152 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 28,465 | $ | 1,126 | $ | (1,030 | ) | $ | — | $ | 28,561 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | — | (4,974 | ) | (132 | ) | — | (5,106 | ) | |||||||||||
Proceeds from disposition of property and equipment | — | 5,910 | — | — | 5,910 | ||||||||||||||
Return of helicopter deposit | — | 544 | — | — | 544 | ||||||||||||||
Principal payments on notes due from equity investees | — | 357 | — | — | 357 | ||||||||||||||
Principal payments on third party notes receivable | — | 136 | — | — | 136 | ||||||||||||||
Net cash provided by (used in) investing activities | — | 1,973 | (132 | ) | — | 1,841 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments on long-term debt | — | (970 | ) | (1,123 | ) | (7,000 | ) | (9,093 | ) | ||||||||||
Proceeds from Revolving Credit Facility | — | — | — | 7,000 | 7,000 | ||||||||||||||
Extinguishment of long-term debt | — | — | — | (4,331 | ) | (4,331 | ) | ||||||||||||
Proceeds from share award plans | — | — | — | 477 | 477 | ||||||||||||||
Purchase of treasury shares | — | — | — | (161 | ) | (161 | ) | ||||||||||||
Borrowings and repayments of intercompany debt | — | (4,015 | ) | — | 4,015 | — | |||||||||||||
Net cash used in financing activities | — | (4,985 | ) | (1,123 | ) | — | (6,108 | ) | |||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | 320 | 176 | — | 496 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 28,465 | (1,566 | ) | (2,109 | ) | — | 24,790 | ||||||||||||
Cash and cash equivalents, beginning of period | 7,565 | 3,334 | 3,471 | — | 14,370 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 36,030 | $ | 1,768 | $ | 1,362 | $ | — | $ | 39,160 |
Parent | Guarantors | Non-guarantors | Eliminations | Consolidated | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (12,627 | ) | $ | 18,030 | $ | 15,324 | $ | — | $ | 20,727 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | — | (39,663 | ) | (11,770 | ) | 11,770 | (39,663 | ) | |||||||||||
Proceeds from disposition of property and equipment | — | 20,154 | — | (11,770 | ) | 8,384 | |||||||||||||
Cash settlements on forward contracts, net | — | — | — | (1,103 | ) | (1,103 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (3,165 | ) | — | (3,165 | ) | ||||||||||||
Proceeds from sale of FBO | — | 14,252 | — | — | 14,252 | ||||||||||||||
Principal payments on notes due from equity investees | — | 340 | — | — | 340 | ||||||||||||||
Principal payments on third party notes receivable | — | 25 | — | — | 25 | ||||||||||||||
Escrow deposits, net | — | (150 | ) | — | (350 | ) | (500 | ) | |||||||||||
Escrow deposits on like-kind exchanges, net | — | (6,174 | ) | — | — | (6,174 | ) | ||||||||||||
Borrowings and repayments of intercompany debt | — | (1,453 | ) | — | 1,453 | — | |||||||||||||
Net cash used in investing activities | — | (12,669 | ) | (14,935 | ) | — | (27,604 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payments on long-term debt | — | (1,296 | ) | (24 | ) | (30,000 | ) | (31,320 | ) | ||||||||||
Proceeds from Revolving Credit Facility | — | — | — | 25,000 | 25,000 | ||||||||||||||
Extinguishment of long-term debt | — | — | — | (9,297 | ) | (9,297 | ) | ||||||||||||
Proceeds from share award plans | — | — | — | 612 | 612 | ||||||||||||||
Borrowings and repayments of intercompany debt | — | (13,685 | ) | — | 13,685 | — | |||||||||||||
Net cash used in financing activities | — | (14,981 | ) | (24 | ) | — | (15,005 | ) | |||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | (1,991 | ) | 8 | — | (1,983 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (12,627 | ) | (11,611 | ) | 373 | — | (23,865 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 16,481 | 22,188 | 2,198 | — | 40,867 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 3,854 | $ | 10,577 | $ | 2,571 | $ | — | $ | 17,002 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the Company’s dependence on, and the cyclical and volatile nature of, offshore oil and gas exploration, development and production activity, and the impact of general economic conditions and fluctuations in worldwide prices of and demand for oil and natural gas on such activity levels; |
• | the Company’s reliance on a small number of customers and the reduction of its customer base resulting from consolidation; |
• | cost savings initiatives implemented by the Company’s customers; |
• | risks inherent in operating helicopters; |
• | the Company’s ability to maintain an acceptable safety record; |
• | the Company’s ability to successfully expand into other geographic and helicopter service markets; |
• | the impact of increased United States (“U.S.”) and foreign government regulation and legislation, including potential government implemented moratoriums on drilling activities; |
• | risks of engaging in competitive processes or expending significant resources, with no guaranty of recoupment; |
• | risks of a grounding of all or a portion of the Company’s fleet for extended periods of time or indefinitely; |
• | risks that the Company’s customers reduce or cancel contracted services or tender processes; |
• | the Company’s reliance on a small number of helicopter manufacturers and suppliers; |
• | risks associated with political instability, governmental action, war, acts of terrorism and changes in the economic condition in any foreign country where the Company does business, which may result in expropriation, nationalization, confiscation or deprivation of the Company’s assets or result in claims of a force majeure situation; |
• | the impact of declines in the global economy and financial markets; |
• | the impact of fluctuations in foreign currency exchange rates on the Company’s cost to purchase helicopters, spare parts and related services and on asset values; |
• | the Company’s credit risk exposure; |
• | the Company’s ongoing need to replace aging helicopters; |
• | the Company’s reliance on the secondary helicopter market to dispose of older helicopters and related equipment; |
• | the Company’s reliance on information technology; |
• | the impact of allocation of risk between the Company and its customers; |
• | the liability, legal fees and costs in connection with providing emergency response services; |
• | risks associated with the Company’s debt structure; |
• | the impact of operational and financial difficulties of the Company’s joint ventures and partners; |
• | conflict with the other owners of the Company’s non-wholly owned subsidiaries and other equity investees; |
• | adverse results of legal proceedings; |
• | adverse weather conditions and seasonality; |
• | the Company’s ability to obtain insurance coverage and the adequacy and availability of such coverage; |
• | the possibility of labor problems; |
• | the attraction and retention of qualified personnel; |
• | restrictions on the amount of foreign ownership of the Company’s common stock; and |
• | various other matters and factors, many of which are beyond the Company’s control. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
(in thousands) | % | (in thousands) | % | (in thousands) | % | (in thousands) | % | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||||||
United States | $ | 43,676 | 69 | $ | 58,458 | 83 | 88,396 | 70 | 113,917 | 82 | |||||||||||||||||
Foreign | 19,675 | 31 | 12,280 | 17 | 37,537 | 30 | 24,236 | 18 | |||||||||||||||||||
Total operating revenues | 63,351 | 100 | 70,738 | 100 | 125,933 | 100 | 138,153 | 100 | |||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||||
Personnel | 18,717 | 30 | 15,975 | 23 | 35,852 | 28 | 33,311 | 24 | |||||||||||||||||||
Repairs and maintenance | 14,562 | 23 | 12,399 | 17 | 28,829 | 23 | 25,572 | 18 | |||||||||||||||||||
Insurance and loss reserves | 1,680 | 3 | 1,991 | 3 | 3,071 | 2 | 4,124 | 3 | |||||||||||||||||||
Fuel | 3,347 | 5 | 2,916 | 4 | 6,040 | 5 | 6,399 | 5 | |||||||||||||||||||
Leased-in equipment | 250 | — | 263 | — | 520 | — | 492 | — | |||||||||||||||||||
Other | 8,840 | 14 | 6,240 | 9 | 17,391 | 14 | 13,491 | 10 | |||||||||||||||||||
Total operating expenses | 47,396 | 75 | 39,784 | 56 | 91,703 | 72 | 83,389 | 60 | |||||||||||||||||||
Administrative and general | 8,140 | 13 | 10,779 | 15 | 17,367 | 14 | 20,522 | 15 | |||||||||||||||||||
Depreciation and amortization | 12,691 | 20 | 11,398 | 16 | 25,457 | 20 | 23,000 | 17 | |||||||||||||||||||
Total costs and expenses | 68,227 | 108 | 61,961 | 87 | 134,527 | 106 | 126,911 | 92 | |||||||||||||||||||
Gains (losses) on asset dispositions, net | 1,367 | 2 | (242 | ) | — | 4,280 | 3 | 3,146 | 2 | ||||||||||||||||||
Operating income (loss) | (3,509 | ) | (6 | ) | 8,535 | 13 | (4,314 | ) | (3 | ) | 14,388 | 10 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||
Interest income | 403 | 1 | 317 | — | 704 | 1 | 568 | 1 | |||||||||||||||||||
Interest expense | (4,130 | ) | (6 | ) | (2,881 | ) | (4 | ) | (8,878 | ) | (7 | ) | (6,426 | ) | (5 | ) | |||||||||||
Derivative losses, net | — | — | (10 | ) | — | — | — | (22 | ) | — | |||||||||||||||||
Foreign currency gains (losses), net | 329 | — | 543 | 1 | 610 | — | (2,417 | ) | (2 | ) | |||||||||||||||||
Gain on debt extinguishment | 518 | 1 | — | — | 518 | — | 264 | — | |||||||||||||||||||
Gain on sale of FBO | — | — | 12,946 | 18 | — | — | 12,946 | 9 | |||||||||||||||||||
Other, net | 46 | — | (9 | ) | — | 29 | — | (9 | ) | — | |||||||||||||||||
Total other income (expense) | (2,834 | ) | (4 | ) | 10,906 | 15 | (7,017 | ) | (6 | ) | 4,904 | 3 | |||||||||||||||
Income (loss) before income taxes and equity earnings | (6,343 | ) | (10 | ) | 19,441 | 28 | (11,331 | ) | (9 | ) | 19,292 | 13 | |||||||||||||||
Income tax expense (benefit) | (1,232 | ) | (2 | ) | 8,138 | 12 | (2,246 | ) | (2 | ) | 8,083 | 5 | |||||||||||||||
Income (loss) before equity earnings | (5,111 | ) | (8 | ) | 11,303 | 16 | (9,085 | ) | (7 | ) | 11,209 | 8 | |||||||||||||||
Equity earnings (losses), net of tax | 601 | 1 | (198 | ) | — | 625 | — | (343 | ) | — | |||||||||||||||||
Net income (loss) | (4,510 | ) | (7 | ) | 11,105 | 16 | (8,460 | ) | (7 | ) | 10,866 | 8 | |||||||||||||||
Net loss attributable to noncontrolling interest in subsidiary | 6,448 | 10 | 228 | — | 6,580 | 5 | 425 | — | |||||||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 1,938 | 3 | $ | 11,333 | 16 | $ | (1,880 | ) | (2 | ) | $ | 11,291 | 8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
(in thousands) | % | (in thousands) | % | (in thousands) | % | (in thousands) | % | ||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Oil and gas: (1) | |||||||||||||||||||||||
U.S. Gulf of Mexico | $ | 33,312 | 53 | $ | 41,821 | 59 | 70,124 | 56 | 83,734 | 61 | |||||||||||||
Alaska | 1,273 | 2 | 6,009 | 9 | 2,205 | 2 | 9,810 | 7 | |||||||||||||||
International | 16,848 | 27 | 47 | — | 30,902 | 24 | 47 | — | |||||||||||||||
Total oil and gas | 51,433 | 82 | 47,877 | 68 | 103,231 | 82 | 93,591 | 68 | |||||||||||||||
Dry-leasing | 2,827 | 4 | 12,233 | 17 | 6,822 | 5 | 24,189 | 18 | |||||||||||||||
Search and rescue | 4,590 | 7 | 4,989 | 7 | 9,481 | 8 | 10,227 | 7 | |||||||||||||||
Air medical services | 2,007 | 3 | 1,914 | 3 | 3,905 | 3 | 4,281 | 3 | |||||||||||||||
Flightseeing | 2,494 | 4 | 3,118 | 4 | 2,494 | 2 | 3,118 | 2 | |||||||||||||||
Fixed base operations (“FBO”) | — | — | 614 | 1 | — | — | 2,760 | 2 | |||||||||||||||
Eliminations | — | — | (7 | ) | — | — | — | (13 | ) | — | |||||||||||||
$ | 63,351 | 100 | $ | 70,738 | 100 | 125,933 | 100 | 138,153 | 100 |
(1) | Primarily oil and gas services, but also includes revenues from activities such as firefighting and utility support. |
Owned | Leased-in | Managed | Total | Max. Pass.(1) | Cruise Speed (mph) | Approx. Range (miles) | Average Age(2) (years) | |||||||||||||||||
Heavy: | ||||||||||||||||||||||||
H225 | 9 | — | — | 9 | 19 | 162 | 582 | 6 | ||||||||||||||||
S92 | 2 | — | — | 2 | 19 | 175 | 620 | 1 | ||||||||||||||||
AW189 | 2 | — | — | 2 | 16 | 173 | 490 | 1 | ||||||||||||||||
13 | — | — | 13 | |||||||||||||||||||||
Medium: | ||||||||||||||||||||||||
AW139 | 38 | — | — | 38 | 12 | 173 | 426 | 6 | ||||||||||||||||
S76 C+/C++ | 5 | — | 1 | 6 | 12 | 161 | 348 | 9 | ||||||||||||||||
B212 | 7 | — | — | 7 | 11 | 115 | 299 | 37 | ||||||||||||||||
B412 | 1 | — | — | 1 | 11 | 138 | 352 | 35 | ||||||||||||||||
51 | — | 1 | 52 | |||||||||||||||||||||
Light—twin engine: | ||||||||||||||||||||||||
A109 | 7 | — | — | 7 | 7 | 161 | 405 | 10 | ||||||||||||||||
EC135 | 14 | 2 | 1 | 17 | 7 | 138 | 288 | 8 | ||||||||||||||||
EC145 | 3 | — | 2 | 5 | 9 | 150 | 336 | 8 | ||||||||||||||||
BK117 | — | 2 | 1 | 3 | 9 | 150 | 336 | N/A | ||||||||||||||||
BO105 | 3 | — | — | 3 | 4 | 138 | 276 | 27 | ||||||||||||||||
27 | 4 | 4 | 35 | |||||||||||||||||||||
Light—single engine: | ||||||||||||||||||||||||
A119 | 14 | — | — | 14 | 7 | 161 | 270 | 9 | ||||||||||||||||
AS350 | 28 | — | — | 28 | 5 | 138 | 361 | 20 | ||||||||||||||||
42 | — | — | 42 | |||||||||||||||||||||
Total Fleet | 133 | 4 | 5 | 142 | 12 |
(1) | In typical configuration for our operations. |
(2) | Reflects the average age of helicopters that are owned by us. |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Cash flows provided by or (used in): | |||||||
Operating activities | $ | 28,561 | $ | 20,727 | |||
Investing activities | 1,841 | (27,604 | ) | ||||
Financing activities | (6,108 | ) | (15,005 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 496 | (1,983 | ) | ||||
Net increase (decrease) in cash and cash equivalents | $ | 24,790 | $ | (23,865 | ) |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating income before depreciation and gains on asset dispositions, net | $ | 16,863 | $ | 34,242 | |||
Changes in operating assets and liabilities before interest and income taxes | 16,982 | (9,505 | ) | ||||
Interest paid, net of capitalized interest of $0 and $3,631 in 2016 and 2015, respectively | (7,894 | ) | (5,917 | ) | |||
Income taxes | (5 | ) | 20 | ||||
Other | 2,615 | 1,887 | |||||
Total cash flows provided by operating activities | $ | 28,561 | $ | 20,727 |
• | Proceeds from the disposition of property and equipment were $5.9 million. |
• | Capital expenditures were $5.1 million, which consisted primarily of building improvements and the purchase of spare helicopter parts and equipment. |
• | Returns of helicopter deposits were $0.5 million. |
• | Net principal payments received from equity investees and third parties were $0.5 million. |
• | Capital expenditures were $39.7 million, which consisted primarily of a base expansion project and deposits on future helicopter deliveries. |
• | Proceeds from the sale of the FBO were $14.3 million. |
• | Proceeds from the disposition of property and equipment were $8.4 million. |
• | Deposits into escrow accounts, including for like-kind exchanges, were $6.7 million. |
• | Cash outflows for business acquisitions, net of cash acquired, were $3.2 million. |
• | Net cash outflows for the settlement of derivative transactions were $1.1 million. |
• | Net principal payments received from equity investees and third parties were $0.4 million. |
• | Principal payments on long-term debt were $9.1 million. |
• | Proceeds from additional borrowings under our Revolving Credit Facility were $7.0 million. |
• | Cash used for the repurchase of a portion of our 7.750% Senior Notes was $4.3 million. |
• | Proceeds from share award plans were $0.5 million. |
• | Cash used for the repurchase of treasury shares was $0.2 million. |
• | Principal payments on long-term debt were $31.3 million. |
• | Proceeds from additional borrowings under our Revolving Credit Facility were $25.0 million. |
• | Cash used for the repurchase of a portion of our 7.750% Senior Notes was $9.3 million. |
• | Proceeds from share award plans were $0.6 million. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
Total Number of Shares Repurchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||
April 1, 2016 - April 30, 2016 | — | $ | — | — | $ | 22,934,076 | |||||||
May 1, 2016 - May 31, 2016 | — | $ | — | — | $ | 22,934,076 | |||||||
June 1, 2016 - June 30, 2016 | — | $ | — | — | $ | 22,934,076 |
ITEM 6. | EXHIBITS |
Era Group Inc. (Registrant) | |||||
DATE: | August 2, 2016 | By: | /s/ Andrew L. Puhala | ||
Andrew L. Puhala, Senior Vice President, Chief Financial Officer | |||||
DATE: | August 2, 2016 | By: | /s/ Jennifer Whalen | ||
Jennifer Whalen, Vice President, Chief Accounting Officer | |||||
31.1 | Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act. | |
31.2 | Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act. | |
32.1 | Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
1. | I have reviewed this quarterly report on Form 10−Q of Era Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a−15(e) and 15d−15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 2, 2016 | |
/s/ Christopher S. Bradshaw | ||
Name: | Christopher S. Bradshaw | |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10−Q of Era Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a−15(e) and 15d−15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 2, 2016 | |
/s/ Andrew L. Puhala | ||
Name: | Andrew L. Puhala | |
Title: | Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
Date: | August 2, 2016 | |
/s/ Christopher S. Bradshaw | ||
Name: | Christopher S. Bradshaw | |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
Date: | August 2, 2016 | |
/s/ Andrew L. Puhala | ||
Name: | Andrew L. Puhala | |
Title: | Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jul. 29, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ERA GROUP INC. | |
Entity Central Index Key | 0001525221 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 20,879,283 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for doubtful accounts, trade receivables | $ 1,036 | $ 2,103 | [1] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | [1] | ||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | [1] | ||
Common stock, shares outstanding (in shares) | 20,879,283 | 20,495,694 | [1] | ||
Treasury shares (in shares) | 171,614 | 154,549 | [1] | ||
Debt issuance cost | $ 2,549 | $ 2,740 | |||
Accounting Standards Update 2015-03 | Long-term debt | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt issuance cost | 2,500 | 2,740 | |||
Accounting Standards Update 2015-03 | Other assets | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt issuance cost | $ (2,500) | $ (2,740) | |||
|
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Statement [Abstract] | ||||
Operating revenues | $ 63,351 | $ 70,738 | $ 125,933 | $ 138,153 |
Costs and expenses: | ||||
Operating | 47,396 | 39,784 | 91,703 | 83,389 |
Administrative and general | 8,140 | 10,779 | 17,367 | 20,522 |
Depreciation and amortization | 12,691 | 11,398 | 25,457 | 23,000 |
Total costs and expenses | 68,227 | 61,961 | 134,527 | 126,911 |
Gains (losses) on asset dispositions, net | 1,367 | (242) | 4,280 | 3,146 |
Operating income (loss) | (3,509) | 8,535 | (4,314) | 14,388 |
Other income (expense): | ||||
Interest income | 403 | 317 | 704 | 568 |
Interest expense | (4,130) | (2,881) | (8,878) | (6,426) |
Derivative losses, net | 0 | (10) | 0 | (22) |
Gain on sale of FBO | 0 | 12,946 | 0 | 12,946 |
Foreign currency gains (losses), net | 329 | 543 | 610 | (2,417) |
Gain on debt extinguishment | 518 | 0 | 518 | 264 |
Other, net | 46 | (9) | 29 | (9) |
Total other income (expense) | (2,834) | 10,906 | (7,017) | 4,904 |
Income (loss) before income taxes and equity earnings | (6,343) | 19,441 | (11,331) | 19,292 |
Income tax expense (benefit) | (1,232) | 8,138 | (2,246) | 8,083 |
Income (loss) before equity earnings | (5,111) | 11,303 | (9,085) | 11,209 |
Equity earnings (losses), net of tax | 601 | (198) | 625 | (343) |
Net income (loss) | (4,510) | 11,105 | (8,460) | 10,866 |
Net loss attributable to noncontrolling interest in subsidiary | 6,448 | 228 | 6,580 | 425 |
Net income (loss) attributable to Era Group Inc. | $ 1,938 | $ 11,333 | $ (1,880) | $ 11,291 |
Loss per common share: | ||||
Loss per common share, basic (in dollars per share) | $ 0.09 | $ 0.55 | $ (0.09) | $ 0.55 |
Loss per common share, diluted (in dollars per share) | $ 0.09 | $ 0.55 | $ (0.09) | $ 0.55 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic (in shares) | 20,361,533 | 20,273,780 | 20,290,735 | 20,235,082 |
Weighted average common shares outstanding, diluted (in shares) | 20,364,382 | 20,332,657 | 20,290,735 | 20,295,498 |
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (4,510) | $ 11,105 | $ (8,460) | $ 10,866 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | (137) | 0 | (140) |
Income tax benefit | 0 | 0 | 0 | 1 |
Total other comprehensive income (loss) | 0 | (137) | 0 | (139) |
Comprehensive income (loss) | (4,510) | 10,968 | (8,460) | 10,727 |
Comprehensive loss attributable to non-controlling interest in subsidiary | 6,448 | 228 | 6,580 | 425 |
Comprehensive income (loss) attributable to Era Group Inc. | $ 1,938 | $ 11,196 | $ (1,880) | $ 11,152 |
Condensed Consolidated Statement Of Changes In Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Shares |
Accumulated Other Comprehensive Income |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 471,303 | [1] | $ 207 | $ 433,175 | $ 40,502 | $ (2,673) | $ 92 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock grants | 3 | (3) | |||||||
Employee Stock Purchase Plan | 477 | 1 | 476 | ||||||
Tax deficit from share award plans | (216) | (216) | |||||||
Share award amortization | 2,261 | 2,261 | |||||||
Cancellation of restricted stock | 0 | 21 | (21) | ||||||
Purchase of treasury shares | (161) | (161) | |||||||
Net income (loss) | (8,460) | (8,460) | |||||||
Net loss attributable to redeemable noncontrolling interest | 231 | 231 | |||||||
Adjustment to carrying value of redeemable noncontrolling interest | 6,349 | 6,349 | |||||||
Ending Balance at Jun. 30, 2016 | 471,784 | $ 211 | $ 435,714 | 38,622 | $ (2,855) | $ 92 | |||
Beginning Balance at Dec. 31, 2015 | [1] | 4,804 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net loss attributable to redeemable noncontrolling interest | (231) | ||||||||
Contribution of capital from joint venture partner | 6,349 | ||||||||
Adjustment to carrying value of redeemable noncontrolling interest | (6,349) | $ (6,349) | |||||||
Ending Balance at Jun. 30, 2016 | $ 4,573 | ||||||||
|
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Cash flows from operating activities: | |||||
Net income (loss) | $ (8,460) | $ 10,866 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 25,457 | 23,000 | |||
Share-based compensation | 2,261 | 1,601 | |||
Bad debt expense, net | 123 | (149) | |||
Gains on asset dispositions, net | (4,280) | (3,146) | |||
Debt discount amortization | 79 | 129 | |||
Amortization of deferred financing costs | 439 | 516 | |||
Derivative losses, net | 0 | 22 | |||
Foreign currency losses (gains), net | (912) | 2,725 | |||
Cash settlements on derivative transactions, net | 0 | (186) | |||
Gain on debt extinguishment, net | (518) | (264) | |||
Gain on sale of FBO | 0 | (12,946) | |||
Deferred income tax benefit | (2,492) | (1,235) | |||
Equity losses (earnings), net of tax | (625) | 343 | |||
Changes in operating assets and liabilities: | |||||
Decrease (increase) in receivables | 11,833 | (7,234) | |||
Decrease (increase) in prepaid expenses and other assets | (993) | 891 | |||
Increase in accounts payable, accrued expenses and other liabilities | 6,649 | 5,794 | |||
Net cash provided by operating activities | 28,561 | 20,727 | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | (5,106) | (39,663) | |||
Proceeds from disposition of property and equipment | 5,910 | 8,384 | |||
Cash settlements on forward contracts, net | 0 | (1,103) | |||
Return of helicopter deposits | 544 | 0 | |||
Business acquisitions, net of cash acquired | 0 | 3,165 | |||
Proceeds from sale of FBO | 0 | 14,252 | |||
Principal payments on notes due from equity investees | 357 | 340 | |||
Principal payments on third party notes receivable | 136 | 25 | |||
Escrow deposits, net | 0 | 500 | |||
Escrow deposits on like-kind exchanges, net | 0 | (6,174) | |||
Net cash provided by (used in) investing activities | 1,841 | (27,604) | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 7,000 | 25,000 | |||
Payments on long-term debt | (9,093) | (31,320) | |||
Extinguishment of long-term debt | (4,331) | (9,297) | |||
Proceeds from share award plans | 477 | 612 | |||
Purchase of treasury shares | (161) | 0 | |||
Net cash used in financing activities | (6,108) | (15,005) | |||
Effects of exchange rate changes on cash and cash equivalents | 496 | (1,983) | |||
Net increase (decrease) in cash and cash equivalents | 24,790 | (23,865) | |||
Cash and cash equivalents, beginning of period | 14,370 | [1] | 40,867 | ||
Cash and cash equivalents, end of period | 39,160 | 17,002 | |||
Supplemental cash flow information: | |||||
Cash paid for interest | 7,894 | 9,548 | |||
Cash paid for income taxes | 5 | (20) | |||
Supplemental disclosure of non-cash financing activities: | |||||
Notes payable contributed to subsidiary | $ 6,349 | $ 0 | |||
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BASIS OF PRESENTATION AND ACCOUNTING POLICY |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND ACCOUNTING POLICY | BASIS OF PRESENTATION AND ACCOUNTING POLICY The condensed consolidated financial statements include the accounts of Era Group Inc. and its consolidated subsidiaries (collectively referred to as the “Company”). The condensed consolidated financial information for the three and six months ended June 30, 2016 and 2015 has been prepared by the Company and has not been audited by its independent registered public accounting firm. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of June 30, 2016, its results of operations for the three and six months ended June 30, 2016 and 2015, its comprehensive income for the three and six months ended June 30, 2016 and 2015, its changes in equity for the six months ended June 30, 2016, and its cash flows for the six months ended June 30, 2016 and 2015. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2015. Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to Era Group Inc. and its consolidated subsidiaries and any reference in this Quarterly Report on Form 10-Q to “Era Group” refers to Era Group Inc. without its subsidiaries. Certain of the Company’s operations are subject to seasonal factors. Operations in the U.S. Gulf of Mexico are often at their highest levels from April to September, as daylight hours increase, and are at their lowest levels from November to February, as daylight hours decrease. The Company’s Alaskan operations also see an increase during May to September, as its firefighting and flightseeing operations occur during this time and daylight hours are significantly longer. Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Aeróleo Taxi Aereo S/A (“Aeróleo”) is a VIE of which the Company is the primary beneficiary. Reclassifications. Certain amounts reported for prior years in the consolidated financial statements have been reclassified to conform with the current year's presentation. Revenue Recognition. The Company recognizes revenues when they are realized or realizable and earned. Revenues are realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenues that do not meet these criteria are deferred until the criteria are met. The unrecognized revenues and related activity were as follows (in thousands):
The deferred revenues noted above originated from Aeróleo, which became a consolidated entity on October 1, 2015, and for which subsequent collections of these deferred amounts are recorded as a settlement of an intercompany receivable and eliminated in consolidation. Receivables. Customers are primarily major integrated and independent exploration and production companies, national oil companies, hospitals, international helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Receivables are deemed uncollectible and removed from receivables and the allowance for doubtful accounts when collection efforts have been exhausted. Business Combinations. The Company recognizes, with certain exceptions, 100% of the acquisition-date fair value of assets acquired, liabilities assumed, and noncontrolling interests in a business combination when the acquisition constitutes a change in control of the acquired entity. All non-cash consideration, including contingent consideration arrangements and pre-acquisition loss and gain contingencies, are measured and recorded at their acquisition-date fair value. Any goodwill resulting from the acquisition is measured as the difference between the consideration given and the recognized bases of the identifiable net assets acquired. Subsequent changes to the fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred and any changes in the acquiring entity’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of income from the date of acquisition. Operating profits and losses of consolidated subsidiaries that are less than 100% owned are allocated to the owners based on their equity interests, or another method if the ownership documents prescribe such a method. Generally, noncontrolling interests are carried at fair value with any deficits resulting from accumulated losses of a subsidiary allocated to the Company. Subsequent profits recorded by the subsidiary are allocated to the Company to the extent that any losses attributable to noncontrolling interests were previously allocated to the Company. New Accounting Standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 - Revenue From Contracts With Customers, which will base revenue recognition on the contract between a vendor and customer and will require reporting entities to allocate the transaction price to various performance obligations in a contract and recognize revenues when those performance obligations are satisfied. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts With Customers, in April 2016, the FASB issued ASU 2016-10 - Revenue from Contracts With Customers, and in May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts With Customers, all of which provide guidance on the application of certain principles in ASU 2014-09. Each of ASU 2014-09, 2016-08, 2016-10 and 2016-12 will be effective for annual reporting periods beginning after December 15, 2017 and any interim periods within that period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and any interim periods within that period. The Company is currently evaluating the potential impact and the method of the adoption of each of ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 - Presentation of Financial Statements - Going Concern, which modifies existing guidance on when and how to disclose going-concern uncertainties in the financial statements and requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within a year of the date the financial statements are issued. ASU 2014-15 is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The Company has not adopted ASU 2014-15 and believes such adoption will not have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02 - Consolidation, which amends the guidance for evaluating whether certain entities should be consolidated, particularly for general partner and limited partner relationships and VIEs that have fee arrangements or related party relationships with a reporting entity. The Company adopted ASU 2015-02 effective January 1, 2016, and such adoption did not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 - Interest - Imputation of Interest, which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct reduction of the carrying amount of that liability. The recognition and measurement guidance for debt issuance costs is not affected by this ASU. In September 2015, the FASB issued ASU 2015-15 - Interest - Imputation of Interest, which amends ASU 2015-03 to allow issuers to continue to recognize debt issuance costs related to line-of-credit arrangements as an asset and amortize that asset over the term of the credit agreement. The Company adopted ASU 2015-03 and ASU 2015-15 effective on January 1, 2016. As of June 30, 2016 and December 31, 2015, the Company had debt issuance costs of $2.5 million and $2.7 million, respectively, exclusive of debt issuance costs associated with its amended and restated senior secured revolving credit facility (the “Revolving Credit Facility”). The adoption of ASU 2015-03 and ASU 2015-15 reduced other assets and long-term debt by these amounts for both condensed consolidated balance sheets presented. In July 2015, the FASB issued ASU 2015-11 - Inventory, which is intended to simplify the way reporting entities account for inventory by requiring it to be valued at the lower of cost and net realizable value unless that entity uses the last-in, first-out or the retail inventory valuation method. ASU 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and any interim periods within that period, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company has not adopted ASU 2015-11 and believes adoption will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is still evaluating the potential impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07 - Investments - Equity Method and Joint Ventures, which eliminates the requirement to retroactively apply the equity method of accounting for an investment when an increase in the level of ownership or degree of influence causes the investment to qualify for equity method treatment and instead requires the entity to add the cost (if any) of acquiring the additional ownership or degree of influence to the current basis of the investment and apply equity method accounting as of the date the investment qualifies for such treatment. ASU 2016-07 is effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company has not adopted ASU 2016-07 and believes adoption will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation, which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016 including interim periods within that period. Early adoption is permitted as of the beginning of an interim or annual period provided that all adjustments are applied as of the beginning of the annual period in which the statement is adopted. The Company has not adopted ASU 2016-09 and believes such adoption will not have a material impact on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. As of June 30, 2016 and December 31, 2015, the Company did not have any assets or liabilities that are measured at fair value on a recurring basis. The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
The carrying values of cash and cash equivalents, receivables, notes receivable from other business ventures and accounts payable approximate fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analyses based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
DERIVATIVE INSTRUMENTS |
6 Months Ended |
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Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS In 2011, the Company entered into two interest rate swap agreements that matured in December 2015 and called for the Company to pay fixed interest rates of 1.29% and 1.76% on an aggregate notional value equal to the principal balance on the underlying promissory notes and receive a variable interest rate based on LIBOR on these notional values. The general purpose of these interest rate swap agreements was to provide protection against increases in interest rates and higher interest costs for the Company. The interest rate swaps were not renewed upon maturity. The Company recognized gains of $0.1 million and $0.2 million for the three and six months ended June 30, 2015, respectively, which are included in derivative losses, net on the condensed consolidated statements of operations. The Company had no interest rate swap agreements in place as of June 30, 2016 or December 31, 2015. From time to time, the Company enters into forward exchange option contracts to hedge against foreign currency payment commitments and anticipated transaction exposures. All derivatives are recognized as assets or liabilities and marked to fair value each period. The Company does not use financial instruments for trading or speculative purposes. None of the Company’s derivative instruments contain credit-risk-related contingent features, and counterparties to the derivative contracts are high credit quality financial institutions. The Company entered into forward contracts during the second quarter of 2014 to mitigate its exposure to exchange rate fluctuations on euro-denominated aircraft purchase commitments. The Company did not designate these contracts as hedges for accounting purposes. The Company recorded a loss of $0 and $0.3 million on these derivative instruments during the three and six months ended June 30, 2015, respectively. This loss is recorded in foreign currency gains (losses), net in the condensed consolidated statements of operations. The Company had no open forward contracts as of June 30, 2016 or December 31, 2015. |
ESCROW DEPOSITS |
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Jun. 30, 2016 | |
Escrow Deposits [Abstract] | |
ESCROW DEPOSITS | ESCROW DEPOSITS From time to time, the Company enters into Qualified Exchange Accommodation Agreements with third parties to meet the like-kind exchange requirements of Section 1031 of the Internal Revenue Code (“IRC”) and the provisions of Revenue Procedure 2000-37. In accordance with these provisions, the Company is permitted to deposit proceeds from the sale of assets into escrow accounts for the purpose of acquiring other assets and qualifying for the temporary deferral of realized taxable gains. Consequently, the Company establishes escrow accounts with financial institutions for the deposit of funds received on sales of equipment, which are designated for replacement property within a specified period of time. As of June 30, 2016 and December 31, 2015, the Company had no deposits in like-kind exchange escrow accounts. During the six months ended June 30, 2015, the Company sold one EC135 light twin helicopter for cash proceeds of $2.8 million, net of fees. The sale transaction was treated as a tax-free like-kind exchange for tax purposes under Section 1031 of the IRC whereby proceeds are held by a qualified intermediary until qualified assets are delivered. The Company was unable to purchase a qualifying asset prior to the expiration of the 180-day period subsequent to the closing date of the sale. As a result, the proceeds of $2.8 million were returned to the Company during the third quarter of 2015, and the sale was treated as a taxable event. Also during the six months ended June 30, 2015, the Company transferred title of one AW139 medium helicopter to Hauser Investments Limited (“Hauser”) in connection with its acquisition of Hauser (see Note 5). This transfer was also treated as a tax-free like-kind exchange whereby Hauser deposited $11.8 million into an escrow account with a qualified intermediary for the benefit of the Company. The Company used these funds to purchase a qualifying asset in 2015. |
ACQUISITIONS AND DISPOSITIONS |
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Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Sicher Helicopters SAS (“Sicher”). On April 9, 2015, the Company contributed $3.2 million in cash for a 75% interest in Hauser, which owns 100% of Sicher, a Colombian entity. In connection with the acquisition, the Company also transferred title of an AW139 helicopter to Hauser to be used in Sicher’s operations. The Company recorded all identifiable assets acquired and liabilities assumed at the estimated acquisition date fair value in accordance with Accounting Standards Codification 805 - Business Combinations (“ASC 805”). This acquisition did not represent a material business combination under ASC 805. The acquisition of the 75% interest in Hauser resulted in the recognition of intangible assets, comprised primarily of a Colombian air operator certificate, of $1.4 million. The fair value of the noncontrolling interest was determined using a discounted cash flow analysis. The noncontrolling interest partner has a right to put its interest to the Company, and the Company has a right to call its partner’s 25% ownership interest, each upon the occurrence of certain events and at fair value at the time of exercise as determined by an independent accounting firm. As a result of this put right, the noncontrolling interest related to Hauser is recorded in the mezzanine section of the condensed consolidated balance sheet as it does not meet the definition of a liability or equity under U.S. GAAP. Capital Expenditures. During the six months ended June 30, 2016, capital expenditures were $5.1 million and consisted primarily of spare helicopter parts, equipment and building improvements. In connection with the deferral of helicopter deliveries, the Company ceased capitalizing interest on helicopter deposits in the fourth quarter of 2015. During the three and six months ended June 30, 2015, the Company capitalized interest of $1.9 million and $3.6 million, respectively. As of June 30, 2016 and December 31, 2015, construction in progress, which is a component of property and equipment, included capitalized interest of $4.5 million and $4.7 million, respectively. A summary of changes to our operating helicopter fleet is as follows: Equipment Additions - The Company had no helicopter acquisitions during the six months ended June 30, 2016. The Company acquired three BO105 light twin helicopters and one AS350 single engine helicopter in connection with the acquisition of Hauser during the six months ended June 30, 2015. Equipment Dispositions - During the six months ended June 30, 2016, the Company sold or otherwise disposed of property and equipment for proceeds of $5.9 million and recognized gains of $4.3 million. During the six months ended June 30, 2015, the Company sold or otherwise disposed of property and equipment for proceeds of $8.4 million and recognized gains of $1.9 million. Additionally, a dry-leasing customer exercised a purchase option for three helicopters from which the Company recognized a gain of $1.2 million and an investment in sales-type lease of $2.3 million. Subsequent to June 30, 2015, the customer opted for an early buy-out of the sales-type leases. Fixed Base Operations (“FBO”) Sale. On May 1, 2015, the Company sold its FBO business at Ted Stevens Anchorage International Airport to Piedmont Hawthorne Aviation, LLC. Pursuant to a membership interests purchase agreement, Piedmont Hawthorne Aviation, LLC acquired 100% of Era Group’s wholly-owned subsidiary, Era FBO LLC, for cash proceeds of $14.3 million. The Company recognized a pre-tax gain of $12.9 million on the sale. |
VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Aeróleo. In certain jurisdictions, local statutory requirements limit the amount of foreign ownership in aviation companies. To satisfy Brazilian ownership requirements, the Company acquired a 50% economic and 20% voting interest in Aeróleo in 2011. As a result of liquidity issues experienced by Aeróleo, it is unable to adequately finance its activities without additional financial support from the Company, making it a VIE. On October 1, 2015, the Company’s partner in Aeróleo transfered its 50% economic and 80% voting interest in Aeróleo to a third party. Following this transaction, the Company has the ability to direct the activities that most significantly affect Aeróleo’s financial performance, making the Company the primary beneficiary. The condensed consolidated balance sheets at June 30, 2016 and December 31, 2015 include assets of Aeróleo totaling $15.9 million and $17.9 million, respectively. In addition, the condensed consolidated balance sheets at June 30, 2016 and December 31, 2015 include liabilities of $9.3 million and $15.9 million, respectively. The table below represents the assets of Aeróleo which have restrictions on the ability to be distributed to the Company and the liabilities of Aeróleo for which creditors do not have recourse to the Company at June 30, 2016 and December 31, 2015 (in thousands):
The condensed consolidated statements of operations for the three and six months ended June 30, 2016 include operating revenues of $6.5 million and $14.0 million, respectively, and net loss of $1.4 million and $2.1 million, respectively, as a result of the consolidation of Aeróleo, including the effects of intercompany eliminations. The table below represents the Company’s pro forma results of operations for the three and six months ended June 30, 2015 assuming the consolidation of Aeróleo began on January 1, 2015 (in thousands):
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INCOME TAXES |
6 Months Ended |
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Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES During the three months ended June 30, 2016 and 2015, the Company recorded income tax benefit of $1.2 million and expense of $8.1 million, respectively, resulting in effective tax rates of 19.4% and 41.9%, respectively. During the six months ended June 30, 2016 and 2015, the Company recorded income tax benefit of $2.2 million and expense of $8.1 million, respectively, resulting in effective tax rates of 19.8% and 41.9%, respectively. The decrease in tax rates is primarily due to losses at the Company’s foreign affiliates. Amounts accrued for interest and penalties associated with unrecognized income tax benefits are included in other expense on the condensed consolidated statements of operations. As of June 30, 2016 and December 31, 2015, the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $0.3 million and $0.6 million, respectively. |
LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT The Company’s borrowings as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
7.750% Senior Notes. On December 7, 2012, Era Group issued $200.0 million aggregate principal amount of its 7.750% senior unsecured notes due December 15, 2022 (the “7.750% Senior Notes”) and received net proceeds of $191.9 million. Interest on the 7.750% Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year. During the six months ended June 30, 2016, the Company repurchased $5.0 million of the 7.750% Senior Notes and recognized a gain on extinguishment of $0.5 million. During the six months ended June 30, 2015, the Company repurchased $9.9 million of the 7.750% Senior Notes and recognized a gain on extinguishment of $0.3 million. Amended and Restated Senior Secured Revolving Credit Facility. On March 31, 2014, Era Group entered into the Revolving Credit Facility that matures in March 2019. The Revolving Credit Facility provides Era Group with the ability to borrow up to $300.0 million, with a sub-limit of up to $50.0 million for letters of credit. Subject to the satisfaction of certain conditions precedent and the agreement by the lenders, the Revolving Credit Facility includes an “accordion” feature which, if exercised, will increase total commitments by up to $100.0 million. Era Group’s availability under the Revolving Credit Facility may be limited by the terms of the 7.750% Senior Notes. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at Era Group’s election, either a base rate or LIBOR, each as defined, plus an applicable margin. The applicable margin is based on the Company’s ratio of funded debt to EBITDA, as defined, and ranges from 75 to 200 basis points on the base rate margin and 175 to 300 basis points on the LIBOR margin. The applicable margin as of June 30, 2016 was 100 basis points on the base rate margin and 200 basis points on the LIBOR margin. In addition, the Company is required to pay a quarterly commitment fee based on the average unfunded portion of the committed amount at a rate based on the Company’s ratio of funded debt to EBITDA, as defined, that ranges from 37.5 to 50 basis points. As of June 30, 2016, the commitment fee was 37.5 basis points. The obligations under the Revolving Credit Facility are secured by a portion of the Company’s helicopter fleet and the Company’s other tangible and intangible assets and are guaranteed by Era Group’s wholly owned U.S. subsidiaries. The Revolving Credit Facility contains various restrictive covenants including interest coverage, funded debt to EBITDA, and fair market value of mortgaged helicopters plus accounts receivable and inventory to funded debt, as well as other customary covenants including certain restrictions on the Company’s ability to enter into certain transactions, including those that could result in the incurrence of additional indebtedness and liens, the making of loans, guarantees or investments, sales of assets, payments of dividends or repurchases of capital stock, and entering into transactions with affiliates. As of June 30, 2016, Era Group had $90.0 million of outstanding borrowings under the Revolving Credit Facility and issued letters of credit of $1.1 million. In connection with the amendment of the Revolving Credit Facility in 2014, Era Group incurred debt issuance costs of $2.4 million. Such costs are included in other assets on the condensed consolidated balance sheets and are amortized to interest expense in the condensed consolidated statements of operations over the life of the Revolving Credit Facility. Aeróleo Debt. During the six months ended June 30, 2016, the Company prepaid a $1.0 million loan due to a third party in Brazil. Also during the six months ended June 30, 2016, the Company and its partner in Aeróleo each contributed notes payable to them by Aeróleo as a contribution of additional capital into Aeróleo. As a result, $6.3 million of debt due to the Company’s partner in Aeróleo was recorded in net loss attributable to noncontrolling interest in subsidiary on the condensed consolidated statements of operations. Promissory Notes. During the six months ended June 30, 2016, the Company made scheduled payments on other long-term debt of $1.0 million. |
COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Fleet. The Company’s unfunded capital commitments as of June 30, 2016 consisted primarily of agreements to purchase helicopters and totaled $152.7 million, of which $39.4 million is payable during the remainder of 2016 with the balance payable through 2018. The Company also had $1.4 million of deposits paid on options not yet exercised. The Company may terminate $125.8 million of its total commitments (inclusive of deposits paid on options not yet exercised) without further liability other than aggregate liquidated damages of $3.0 million. Included in these commitments are orders to purchase seven AW189 heavy helicopters, two S92 heavy helicopters and five AW169 light twin helicopters. The AW189 and S92 helicopters are scheduled to be delivered in 2016 through 2018. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company had outstanding options to purchase up to an additional ten AW189 helicopters and one S92 helicopter. If these options are exercised, the helicopters would be scheduled for delivery beginning in 2017 through 2018. Brazilian Tax Disputes. The Company is disputing assessments of approximately $7.1 million in taxes, penalties and interest levied by the municipal authorities of Rio de Janeiro (for the period between 2000 to 2005) and Macae (for the period between 2001 to 2006) (collectively, the “Municipal Assessments”). The Company believes that, based on its interpretation of tax legislation supported by clarifying guidance provided by the Supreme Court of Brazil with respect to the issue in a 2006 ruling, it is in compliance with all applicable tax legislation, has paid all applicable taxes, penalties and interest and plans to defend these claims vigorously at the administrative levels in each jurisdiction. In the event the Municipal Assessments are upheld at the last administrative level, it may be necessary for the Company to deposit the amounts at issue as security to pursue further appeals. The Company received a final, unfavorable ruling with respect to a similar assessment levied by the Rio de Janeiro State Treasury for the periods between 1994 to 1998 (the “1998 Assessments”). The 1998 Assessments were upheld without taking into consideration the benefit of the clarifying guidance issued by the Supreme Court following the assertion of the claims. The final adjudication of the 1998 Assessments requires payment of amounts that are within the established accruals, will be paid in multiple installments over time and are not expected to have a material effect on our financial position or results of operations. At June 30, 2016, it is not possible to determine the outcome of the Municipal Assessments, but the Company does not expect that it would have a material effect on its business, financial position or results of operations. In addition, it is not possible to reasonably estimate the likelihood or potential amount of assessments that may be issued for any subsequent periods. The Company is also disputing challenges raised by the Brazilian tax authorities with respect to certain tax credits applied by Aeróleo between 1995 to 2009. The tax authorities are seeking $2.2 million in additional taxes, interest and penalties. The Company believes that, based on its interpretation of tax legislation, it is in compliance with all applicable tax legislation and plans to defend this claim vigorously. At June 30, 2016, it is not possible to determine the outcome of this matter, but the Company does not expect that it would have a material effect on its business, financial position or results of operations. The Company is disputing responsibility for $2.5 million of employer social security contributions required to have been remitted by one of its customers relating to the period from 1995 to 1998. Although the Company may be deemed co-responsible for such remittances under the local regulatory regime, the customer’s payments to the Company against presented invoices were made net of the specific remittances required to have been made by the customer and at issue in the claim. As such, the Company plans to defend this claim vigorously. At June 30, 2016, it is not possible to determine the outcome of this matter, but the Company does not expect that it would have a material effect on its business, financial position or results of operations. The Company is disputing certain penalties that are being assessed by the State of Rio de Janeiro in respect of the Company’s alleged failure to submit accurate documentation and to fully comply with filing requirements with respect to certain value-added taxes. The Company elected to make payment of $0.2 million in installments over time to satisfy a portion of these penalties. Upon confirming with the asserting authority that the originally proposed penalties of $1.8 million with respect to the balance of the assessments were calculated based on amounts containing a typographical error, the aggregate penalties that remain in dispute total $0.4 million. At June 30, 2016, it is not possible to determine the outcome of this matter. The Company is also disputing claims from the Brazilian tax authorities with respect to federal customs taxes levied upon the helicopters leased by the Company and imported into Brazil under a temporary regime and subject to re-export. In order to dispute such assessments and pursue its available legal remedies within the judicial system, the Company deposited the amounts at issue into an escrow account that serves as security and with the presiding judge in the matter controlling the release of such funds. The Company believes that, based on its interpretation of tax legislation and well established aviation industry practice, it is not required to pay such taxes and plans to defend this claim vigorously. At June 30, 2016, it is not possible to determine the outcome of this matter, but the Company does not expect that it would have a material effect on its business, financial position or results of operations. As it relates to the specific cases referred to above, the Company currently anticipates that any administrative fine or penalty ultimately would not have a material effect on its financial position or results of operations. The Company has deposited $7.1 million into escrow accounts controlled by the court with respect to certain of the cases described above and has fully reserved such amounts subject to final determination and the judicial release of such escrow deposits. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s intentions and experience. Other. In the normal course of its business, the Company becomes involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management uses estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates related to such exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on its consolidated financial position, results of operations or cash flows. In April 2014, the Company entered into a settlement agreement with Airbus Helicopters (formerly Eurocopter), a division of Airbus Group (formerly European Aeronautic Defense and Space Company), with respect to the extended suspension of operations of H225 heavy helicopters in 2012 and 2013. The settlement agreement provided for certain service and product credit discounts available to the Company to be applied against support services available from Airbus Helicopters covering spare parts, repair and overhaul, service bulletins, technical assistance or other services. During the three and six months ended June 30, 2016, the Company utilized credits in the amount of $0.5 million and $1.7 million, respectively. During the three and six months ended June 30, 2015, the Company utilized credits in the amount of $1.2 million and $2.5 million, respectively. As of June 30, 2016, the Company has utilized all credits available under the agreement. |
EARNINGS (LOSS) PER COMMON SHARE |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER COMMON SHARE | EARNINGS (LOSS) PER COMMON SHARE Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assume all common shares have been issued pursuant to the exercise of outstanding stock options. Computations of basic and diluted earnings per common share of the Company for the three and six months ended June 30, 2016 and 2015 were as follows (in thousands, except share and per share data):
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RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company terminated its Amended and Restated Transition Services Agreement (“TSA”) with SEACOR Holdings Inc. (“SEACOR”) effective June 30, 2015. The Company incurred no costs under the TSA during the three or six months ended June 30, 2016 and costs of $0.2 million and $0.6 million during the three and six months ended June 30, 2015, respectively. Such costs are classified as administrative and general expenses in the condensed consolidated statements of operations. As of June 30, 2016 and December 31, 2015, the Company had a payable due to SEACOR of $0.2 million and less than $0.1 million, respectively. The Company purchased products from its Dart Holding Company Ltd. (“Dart”) joint venture totaling $0.6 million during each of the three months ended June 30, 2016 and 2015 and $1.1 million and $1.2 million during the six months ended June 30, 2016 and 2015, respectively. The Company also has a note receivable from Dart which had a balance of $3.4 million and $3.6 million as of June 30, 2016 and December 31, 2015, respectively. During the three months ended June 30, 2016 and 2015, the Company incurred fees of $0.2 million and $0.1 million, respectively, for simulator services from its Era Training Center, LLC (“ETC”) joint venture and provided helicopter, management and other services to ETC totaling less than $0.1 million and $0.1 million, respectively. During each of the six months ended June 30, 2016 and 2015, the Company incurred fees of $0.3 million for simulator services from ETC, and during the six months ended June 30, 2016 and 2015, the Company provided helicopter, management and other services to ETC totaling $0.2 million and $0.3 million, respectively. The Company also has a note receivable from ETC which had a balance of $4.2 million and $4.4 million as of June 30, 2016 and December 31, 2015, respectively. During the six months ended June 30, 2016, the Company and its partner in Aeróleo each contributed notes payable to them by Aeróleo as a contribution of additional capital into Aeróleo. In connection with the contributions, the Company recorded $6.3 million to net loss attributable to noncontrolling interest in subsidiary on the condensed consolidated statements of operations, representing the carrying value of the note contributed by its partner in Aeróleo. |
SHARE BASED COMPENSATION |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE BASED COMPENSATION | SHARE-BASED COMPENSATION Restricted Stock Awards. The number of shares and weighted average grant price of restricted stock awards during the six months ended June 30, 2016 were as follows:
The total fair value of shares vested during the six months ended June 30, 2016 and 2015 was $3.0 million and $1.7 million, respectively. Stock Options. The Company did not grant any stock options during the six months ended June 30, 2016. Employee Stock Purchase Plan (“ESPP”). During the six months ended June 30, 2016, the Company issued 60,740 shares under the ESPP. As of June 30, 2016, 119,900 shares remain available for issuance under the ESPP. Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $2.3 million and $1.6 million for the six months ended June 30, 2016 and 2015, respectively. |
GUARANTORS OF SECURITIES |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTORS OF SECURITIES | GUARANTORS OF SECURITIES On December 7, 2012, Era Group issued the 7.750% Senior Notes. Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several. As a result of the agreement by these subsidiaries to guarantee the 7.750% Senior Notes, the Company is presenting the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the unaudited condensed consolidated financial statements of the Company. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements. Supplemental Condensed Consolidating Balance Sheet as of June 30, 2016
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2015
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2015
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2015
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2015
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BASIS OF PRESENTATION AND ACCOUNTING POLICY (Policy) |
6 Months Ended |
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Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Aeróleo Taxi Aereo S/A (“Aeróleo”) is a VIE of which the Company is the primary beneficiary. |
Reclassifications | Reclassifications. Certain amounts reported for prior years in the consolidated financial statements have been reclassified to conform with the current year's presentation. |
Revenue Recognition | Revenue Recognition. The Company recognizes revenues when they are realized or realizable and earned. Revenues are realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenues that do not meet these criteria are deferred until the criteria are met. |
Receivables | Receivables. Customers are primarily major integrated and independent exploration and production companies, national oil companies, hospitals, international helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Receivables are deemed uncollectible and removed from receivables and the allowance for doubtful accounts when collection efforts have been exhausted |
Business Combinations | Business Combinations. The Company recognizes, with certain exceptions, 100% of the acquisition-date fair value of assets acquired, liabilities assumed, and noncontrolling interests in a business combination when the acquisition constitutes a change in control of the acquired entity. All non-cash consideration, including contingent consideration arrangements and pre-acquisition loss and gain contingencies, are measured and recorded at their acquisition-date fair value. Any goodwill resulting from the acquisition is measured as the difference between the consideration given and the recognized bases of the identifiable net assets acquired. Subsequent changes to the fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred and any changes in the acquiring entity’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of income from the date of acquisition. Operating profits and losses of consolidated subsidiaries that are less than 100% owned are allocated to the owners based on their equity interests, or another method if the ownership documents prescribe such a method. Generally, noncontrolling interests are carried at fair value with any deficits resulting from accumulated losses of a subsidiary allocated to the Company. Subsequent profits recorded by the subsidiary are allocated to the Company to the extent that any losses attributable to noncontrolling interests were previously allocated to the Company. |
New Accounting Standards | New Accounting Standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 - Revenue From Contracts With Customers, which will base revenue recognition on the contract between a vendor and customer and will require reporting entities to allocate the transaction price to various performance obligations in a contract and recognize revenues when those performance obligations are satisfied. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts With Customers, in April 2016, the FASB issued ASU 2016-10 - Revenue from Contracts With Customers, and in May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts With Customers, all of which provide guidance on the application of certain principles in ASU 2014-09. Each of ASU 2014-09, 2016-08, 2016-10 and 2016-12 will be effective for annual reporting periods beginning after December 15, 2017 and any interim periods within that period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and any interim periods within that period. The Company is currently evaluating the potential impact and the method of the adoption of each of ASU 2014-09, ASU 2016-08, ASU 2016-10 and ASU 2016-12 on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 - Presentation of Financial Statements - Going Concern, which modifies existing guidance on when and how to disclose going-concern uncertainties in the financial statements and requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within a year of the date the financial statements are issued. ASU 2014-15 is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The Company has not adopted ASU 2014-15 and believes such adoption will not have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02 - Consolidation, which amends the guidance for evaluating whether certain entities should be consolidated, particularly for general partner and limited partner relationships and VIEs that have fee arrangements or related party relationships with a reporting entity. The Company adopted ASU 2015-02 effective January 1, 2016, and such adoption did not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 - Interest - Imputation of Interest, which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct reduction of the carrying amount of that liability. The recognition and measurement guidance for debt issuance costs is not affected by this ASU. In September 2015, the FASB issued ASU 2015-15 - Interest - Imputation of Interest, which amends ASU 2015-03 to allow issuers to continue to recognize debt issuance costs related to line-of-credit arrangements as an asset and amortize that asset over the term of the credit agreement. The Company adopted ASU 2015-03 and ASU 2015-15 effective on January 1, 2016. As of June 30, 2016 and December 31, 2015, the Company had debt issuance costs of $2.5 million and $2.7 million, respectively, exclusive of debt issuance costs associated with its amended and restated senior secured revolving credit facility (the “Revolving Credit Facility”). The adoption of ASU 2015-03 and ASU 2015-15 reduced other assets and long-term debt by these amounts for both condensed consolidated balance sheets presented. In July 2015, the FASB issued ASU 2015-11 - Inventory, which is intended to simplify the way reporting entities account for inventory by requiring it to be valued at the lower of cost and net realizable value unless that entity uses the last-in, first-out or the retail inventory valuation method. ASU 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and any interim periods within that period, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company has not adopted ASU 2015-11 and believes adoption will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is still evaluating the potential impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07 - Investments - Equity Method and Joint Ventures, which eliminates the requirement to retroactively apply the equity method of accounting for an investment when an increase in the level of ownership or degree of influence causes the investment to qualify for equity method treatment and instead requires the entity to add the cost (if any) of acquiring the additional ownership or degree of influence to the current basis of the investment and apply equity method accounting as of the date the investment qualifies for such treatment. ASU 2016-07 is effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company has not adopted ASU 2016-07 and believes adoption will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation, which simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016 including interim periods within that period. Early adoption is permitted as of the beginning of an interim or annual period provided that all adjustments are applied as of the beginning of the annual period in which the statement is adopted. The Company has not adopted ASU 2016-09 and believes such adoption will not have a material impact on its consolidated financial statements. |
BASIS OF PRESENTATION AND ACCOUNTING POLICY (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred revenues and related activity | The unrecognized revenues and related activity were as follows (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value Of Other Financial Assets And Liabilities | The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
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VARIABLE INTEREST ENTITIES (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The table below represents the assets of Aeróleo which have restrictions on the ability to be distributed to the Company and the liabilities of Aeróleo for which creditors do not have recourse to the Company at June 30, 2016 and December 31, 2015 (in thousands):
The table below represents the Company’s pro forma results of operations for the three and six months ended June 30, 2015 assuming the consolidation of Aeróleo began on January 1, 2015 (in thousands):
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LONG-TERM DEBT (Tables) |
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Schedule of Debt | The Company’s borrowings as of June 30, 2016 and December 31, 2015 were as follows (in thousands):
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EARNINGS (LOSS) PER COMMON SHARE (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per common share | Computations of basic and diluted earnings per common share of the Company for the three and six months ended June 30, 2016 and 2015 were as follows (in thousands, except share and per share data):
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SHARE BASED COMPENSATION (Tables) |
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Share Based Compensation Plans | The number of shares and weighted average grant price of restricted stock awards during the six months ended June 30, 2016 were as follows:
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GUARANTORS OF SECURITIES (Tables) |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | Supplemental Condensed Consolidating Balance Sheet as of June 30, 2016
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2015
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Condensed Income Statement | Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2015
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Condensed Statement of Comprehensive Income | Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2015
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Condensed Cash Flow Statement | Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2015
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BASIS OF PRESENTATION AND ACCOUNTING POLICY Deferred Revenues Included In Other Current Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2015 |
Jun. 30, 2015 |
|
Movement in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period | $ 32,666 | $ 31,047 |
Revenues deferred during the period | 12,321 | 20,150 |
Revenues recognized during the period | (7,903) | (14,113) |
Balance at end of period | $ 37,084 | $ 37,084 |
BASIS OF PRESENTATION AND ACCOUNTING POLICY Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Percentage of fair value recognized (as a percent) | 100.00% | |
Percentage of ownership based on equity interests (less than) (as a percent) | 100.00% | |
Debt issuance cost | $ 2,549 | $ 2,740 |
Other assets | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance cost | (2,500) | (2,740) |
Long-term debt | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance cost | $ 2,500 | $ 2,740 |
FAIR VALUE MEASUREMENTS Estimated Fair Value Of Other Financial Assets And Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion | $ 254,509 | $ 266,976 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion | 236,663 | 243,817 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current portion | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
forward_contract
interest_rate_derivative_held
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
forward_contract
interest_rate_derivative_held
|
Dec. 31, 2011
interest_rate_derivative_held
|
|
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of interest rate swaps held | interest_rate_derivative_held | 0 | 0 | 2 | ||
Recognized gain | $ 0.1 | $ 0.2 | |||
Foreign Exchange Forward | |||||
Derivative [Line Items] | |||||
Loss on derivative instrument | $ 0.0 | $ 0.3 | |||
Number of open forward contracts | forward_contract | 0 | 0 | |||
Interest Rate Swap Agreement 1 | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.29% | ||||
Interest Rate Swap Agreement 2 | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.76% |
ESCROW DEPOSITS Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
helicopter
|
Dec. 31, 2015
USD ($)
|
|
Significant Acquisitions and Disposals [Line Items] | ||||
Deposits in like-kind exchange escrow accounts | $ 0 | $ 0 | ||
Proceeds from disposition of property and equipment | $ 5,910,000 | $ 8,384,000 | ||
Light Twin Helicopter | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Deposits in like-kind exchange escrow accounts | $ 2,800,000 | |||
Number of disposals | helicopter | 1 | |||
Proceeds from disposition of property and equipment | $ 2,800,000 | |||
Hauser | AW139 Helicopter | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Escrow deposit by Hauser | $ 11,800,000 |
ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 09, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
helicopter
|
Dec. 31, 2015
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||||
Cash contribution | $ 0 | $ 3,165 | ||||
Purchases of property and equipment | 5,106 | 39,663 | ||||
Capitalized interest payments | $ 1,900 | 3,600 | ||||
Proceeds from disposition of property and equipment | 5,910 | 8,384 | ||||
Gains (losses) on asset dispositions, net | $ 1,367 | (242) | 4,280 | 3,146 | ||
Proceeds from sale of FBO | 0 | 14,252 | ||||
Pre-tax gain on sale | 0 | 12,946 | 0 | 12,946 | ||
Construction in Progress | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Interest capitalized in property and equipment | $ 4,500 | $ 4,500 | $ 4,700 | |||
Other Types of Properties and Equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from disposition of property and equipment | 8,400 | |||||
Gains (losses) on asset dispositions, net | 1,900 | |||||
Equipment Leased to Other Party | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gains (losses) on asset dispositions, net | $ 1,200 | |||||
Number of disposals from purchase option | helicopter | 3 | |||||
Investment in lease asset | $ 2,300 | $ 2,300 | ||||
Hauser | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash contribution | $ 3,200 | |||||
Percentage of business acquired | 75.00% | |||||
Other intangible assets | $ 1,400 | |||||
Partner's percent of ownership interest | 25.00% | |||||
Sicher Helicopters SAS | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage of business acquired | 100.00% | |||||
Era FBO LLC. | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage of subsidiary sold | 100.00% | 100.00% | ||||
Proceeds from sale of FBO | $ 14,300 | |||||
Pre-tax gain on sale | $ 12,946 |
VARIABLE INTEREST ENTITIES Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Oct. 01, 2015 |
Dec. 31, 2011 |
|
Variable Interest Entity [Line Items] | |||||||
Operating revenues | $ 63,351 | $ 70,738 | $ 125,933 | $ 138,153 | |||
Aeroleo | |||||||
Variable Interest Entity [Line Items] | |||||||
Economic interest percent | 50.00% | ||||||
Voting interest percent | 20.00% | ||||||
Aeroleo | Variable Interest Entity, Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Economic interest transferred, percent | 50.00% | ||||||
Variable interest transferred, percent | 80.00% | ||||||
Assets | 15,900 | 15,900 | $ 17,900 | ||||
Liabilities | 9,300 | 9,300 | $ 15,900 | ||||
Operating revenues | 6,500 | 14,000 | |||||
Net gain (loss) from consolidation | $ 1,400 | $ 2,100 | |||||
Pro Forma | |||||||
Variable Interest Entity [Line Items] | |||||||
Operating revenues | 82,004 | 160,744 | |||||
Pro Forma | Aeroleo | Variable Interest Entity, Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Operating revenues | $ 11,266 | $ 22,591 |
VARIABLE INTEREST ENTITIES Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Variable Interest Entity [Line Items] | |||||
Operating revenues | $ 63,351 | $ 70,738 | $ 125,933 | $ 138,153 | |
Net income attributable to Era Group Inc. | 1,938 | 11,333 | (1,880) | 11,291 | |
Pro Forma | |||||
Variable Interest Entity [Line Items] | |||||
Operating revenues | 82,004 | 160,744 | |||
Net income attributable to Era Group Inc. | 8,923 | 7,258 | |||
Variable Interest Entity, Primary Beneficiary | Aeroleo | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 15,900 | 15,900 | $ 17,900 | ||
Liabilities | 9,300 | 9,300 | 15,900 | ||
Operating revenues | 6,500 | 14,000 | |||
Variable Interest Entity, Primary Beneficiary | Aeroleo | Pro Forma | |||||
Variable Interest Entity [Line Items] | |||||
Operating revenues | 11,266 | 22,591 | |||
Net income attributable to Era Group Inc. | $ (2,410) | $ (4,033) | |||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Cash | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 1,090 | 1,090 | 3,192 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Receivables - trade (net of allowance for doubtful accounts of $834 and $1,418 in 2016 and 2015, respectively) | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 7,746 | 7,746 | 8,240 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Receivables - other | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 731 | 731 | 179 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Allowance for Doubtful Accounts | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 834 | 834 | 1,418 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Inventories, net | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 726 | 726 | 2,240 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Other current assets | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 128 | 128 | 0 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Property and equipment, net | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 768 | 768 | 696 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Intangible assets | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 3 | 3 | 4 | ||
Restricted Assets | Variable Interest Entity, Primary Beneficiary | Aeroleo | Other assets | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 4,723 | 4,723 | 3,367 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Accounts payable and accrued expenses | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 952 | 952 | 1,709 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Accrued wages and benefits | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 2,633 | 2,633 | 2,108 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Accrued other taxes | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 1,210 | 1,210 | 1,701 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Accrued contingencies | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 1,280 | 1,280 | 2,410 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Current portion of long-term debt | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 0 | 0 | 1,524 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Other current liabilities | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 8 | 8 | 450 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Long-term debt | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | 0 | 0 | 5,259 | ||
Non-Recourse Liability | Variable Interest Entity, Primary Beneficiary | Aeroleo | Other liabilities | |||||
Variable Interest Entity [Line Items] | |||||
Liabilities | $ 3,171 | $ 3,171 | $ 729 |
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ (1,232) | $ 8,138 | $ (2,246) | $ 8,083 | |
Effective tax rate | 19.40% | 41.90% | 19.80% | 41.90% | |
Unrecognized tax benefits | $ 300 | $ 300 | $ 600 |
LONG-TERM DEBT Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Long-term debt | $ 258,871 | $ 274,305 | |||
Less: portion due within one year | (1,569) | (3,278) | [1] | ||
Less: debt discount, net | (1,813) | (4,589) | |||
Less: unamortized debt issuance costs | (2,549) | (2,740) | |||
Total long-term debt | 252,940 | 263,698 | [1] | ||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
7.750% Senior Notes (excluding unamortized discount) | 144,828 | 149,828 | |||
Senior secured revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 90,000 | 90,000 | |||
Promissory notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 23,998 | 24,968 | |||
Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 45 | $ 9,509 | |||
|
LONG-TERM DEBT Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 07, 2012 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2014 |
|
Debt Instrument [Line Items] | ||||||||
Gain on debt extinguishment | $ 518,000 | $ 0 | $ 518,000 | $ 264,000 | ||||
Debt issuance cost | 2,549,000 | 2,549,000 | $ 2,740,000 | |||||
Contribution of capital from joint venture partner | 6,349,000 | |||||||
Senior Notes | Senior Unsecured Notes Due December 15, 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 200,000,000.0 | |||||||
Stated interest rate | 7.75% | |||||||
Proceeds from issuance of long-term debt | $ 191,900,000 | |||||||
Repurchase amount | 5,000,000 | 9,900,000 | ||||||
Gain on debt extinguishment | 500,000 | $ 300,000 | ||||||
Promissory notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on other long-term debt | $ (1,000,000) | |||||||
Senior secured revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing amount | $ 300,000,000.0 | |||||||
Increase in commitments due to accordion feature | 100,000,000.0 | |||||||
Commitment fee basis point | 0.375% | |||||||
Outstanding borrowings | 90,000,000 | $ 90,000,000 | ||||||
Letters of credit outstanding | $ 1,100,000 | $ 1,100,000 | ||||||
Debt issuance cost | $ 2,400,000 | |||||||
Senior secured revolving credit facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee basis point | 0.375% | |||||||
Senior secured revolving credit facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee basis point | 0.50% | |||||||
Senior secured revolving credit facility | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Senior secured revolving credit facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
Senior secured revolving credit facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing amount | $ 50,000,000.0 | |||||||
Aeroleo | ||||||||
Debt Instrument [Line Items] | ||||||||
Contribution of capital from joint venture partner | $ 6,300,000 | |||||||
Aeroleo | Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan payment | $ (1,000,000) |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 180 Months Ended | ||
---|---|---|---|---|---|---|
Oct. 31, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
helicopter
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
helicopter
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2009
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||
Unfunded capital commitments | $ 152.7 | $ 152.7 | ||||
Unfunded capital commitments payable | 39.4 | 39.4 | ||||
Deposits paid | 1.4 | 1.4 | ||||
Commitments eligible for termination | 125.8 | 125.8 | ||||
Liquidated damages | 3.0 | 3.0 | ||||
Utilized credits | $ 0.5 | $ 1.2 | $ 1.7 | $ 2.5 | ||
AW189 Heavy Helicopters | ||||||
Loss Contingencies [Line Items] | ||||||
Number of helicopters | helicopter | 7 | 7 | ||||
Number of additional helicopters | helicopter | 10 | 10 | ||||
S92 Heavy Helicopters | ||||||
Loss Contingencies [Line Items] | ||||||
Number of helicopters | helicopter | 2 | 2 | ||||
Number of additional helicopters | helicopter | 1 | 1 | ||||
AW169 Light Twin Helicopters | ||||||
Loss Contingencies [Line Items] | ||||||
Number of helicopters | helicopter | 5 | 5 | ||||
Foreign Tax Authority | Municipal Tax Authorities of Rio de Janeiro and Macae | Aeroleo | ||||||
Loss Contingencies [Line Items] | ||||||
Taxes, penalties and interest | $ 7.1 | |||||
Foreign Tax Authority | Foreign Tax Authority | Aeroleo | Brazilian Tax Dispute with Respect to Employer Social Security Contributions | ||||||
Loss Contingencies [Line Items] | ||||||
Taxes, penalties and interest | 2.5 | |||||
Foreign Tax Authority | Foreign Tax Authority | Aeroleo | Other Litigation Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Other current assets | $ 7.1 | 7.1 | ||||
Foreign Tax Authority | State of Rio de Janeiro | Aeroleo | ||||||
Loss Contingencies [Line Items] | ||||||
Taxes, penalties and interest | 0.4 | $ 2.2 | ||||
Installment payments | $ 0.2 | |||||
Damages dismissed | $ 1.8 |
EARNINGS (LOSS) PER COMMON SHARE Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net loss attributable to Era Group Inc. | $ 1,890 | $ 11,163 | $ (1,880) | $ 11,148 | ||||
Weighted average common shares outstanding, basic (in shares) | 20,361,533 | 20,273,780 | 20,290,735 | 20,235,082 | ||||
Weighted average common shares outstanding, diluted (in shares) | 20,364,382 | 20,332,657 | 20,290,735 | 20,295,498 | ||||
Loss per common share, basic (in dollars per share) | $ 0.09 | $ 0.55 | $ (0.09) | $ 0.55 | ||||
Loss per common share, diluted (in dollars per share) | $ 0.09 | $ 0.55 | $ (0.09) | $ 0.55 | ||||
Restricted Stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net income attributable to common shares | $ 48 | $ 170 | $ 0 | $ 143 | ||||
Stock Options and Restricted Stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (in shares) | 2,849 | 58,877 | 0 | [1] | 60,416 | [1] | ||
Unvested restricted common shares (in shares) | 283,764 | 105,000 | 292,840 | 79,000 | ||||
|
RELATED PARTY TRANSACTIONS (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | |||||
Gain on debt extinguishment | $ 518,000 | $ 0 | $ 518,000 | $ 264,000 | |
SEACOR | |||||
Related Party Transaction [Line Items] | |||||
Payable due to Seacor (less than $0.1 million in 2015) | 200,000 | 200,000 | $ 100,000 | ||
Dart | |||||
Related Party Transaction [Line Items] | |||||
Amount of purchased products | 600,000 | 600,000 | 1,100,000 | 1,200,000 | |
Note receivable | 3,400,000 | 3,400,000 | 3,600,000 | ||
Amended and Restated Transition Services Agreement | SEACOR | |||||
Related Party Transaction [Line Items] | |||||
Incurred costs under the TSA | 200,000 | 0 | 600,000 | ||
Training Services | Era Training Center, LLC | |||||
Related Party Transaction [Line Items] | |||||
Note receivable | 4,200,000 | 4,200,000 | $ 4,400,000 | ||
Payments for services | 200,000 | 100,000 | 300,000 | 300,000 | |
Era Training Center | Helicopter, Management and Other Services | Era Training Center, LLC | |||||
Related Party Transaction [Line Items] | |||||
Incurred costs under the TSA | $ 100,000 | $ 100,000 | $ 200,000 | $ 300,000 |
SHARE BASED COMPENSATION (Details) - Restricted Stock |
6 Months Ended |
---|---|
Jun. 30, 2016
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning balance, shares | shares | 311,372 |
Vested, shares | shares | (132,527) |
Forfeited, shares | shares | (2,120) |
Non-vested, ending balance, shares | shares | 516,638 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested, beginning balance, Weighted Average Grant Price (USD per share) | $ / shares | $ 22.58 |
Vested, Weighted Average Grant Price (USD per shares) | $ / shares | 22.58 |
Forfeited, Weighted Average Grant Price (USD per share) | $ / shares | 24.23 |
Non-vested, ending balance, Weighted Average Grant Price (USD per share) | $ / shares | $ 14.68 |
Non-employee directors | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock awards granted, shares | shares | 40,663 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Restricted stock awards granted Weighted Average Grant Price (USD per share) | $ / shares | $ 10.59 |
Employees | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock awards granted, shares | shares | 299,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Restricted stock awards granted Weighted Average Grant Price (USD per share) | $ / shares | $ 10.59 |
SHARE BASED COMPENSATION Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 0 | |
Share-based compensation | $ 2,261 | $ 1,601 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of shares vested | $ 3,000 | 1,700 |
2013 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issued under ESPP (in shares) | 60,740 | |
Number of shares available for grant (in shares) | 119,900 | |
Share-based compensation | $ 2,300 | $ 1,600 |
GUARANTORS OF SECURITIES (Narrative) (Details) |
Dec. 07, 2012 |
---|---|
Senior Unsecured Notes Due December 15, 2022 | Senior Notes | |
Debt Instrument [Line Items] | |
Stated interest rate | 7.75% |
GUARANTORS OF SECURITIES (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|---|---|
Current assets: | |||||||
Cash and cash equivalents | $ 39,160 | $ 14,370 | [1] | $ 17,002 | $ 40,867 | ||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 | 36,830 | 48,639 | [1] | ||||
Tax receivables | 6,011 | 6,085 | [1] | ||||
Other | 3,641 | 3,305 | [1] | ||||
Inventories, net | 27,764 | 27,994 | [1] | ||||
Prepaid expenses | 2,563 | 1,963 | [1] | ||||
Other current assets | 191 | 191 | [1] | ||||
Total current assets | 116,160 | 102,547 | [1] | ||||
Property and equipment | 1,172,242 | 1,175,909 | [1] | ||||
Accumulated depreciation | (336,722) | (316,693) | [1] | ||||
Property and equipment, net | 835,520 | 859,216 | [1] | ||||
Equity investments and advances | 29,299 | 28,898 | [1] | ||||
Investments in consolidated subsidiaries | 0 | 0 | |||||
Intangible assets | 1,148 | 1,158 | [1] | ||||
Deferred taxes | 0 | 0 | |||||
Intercompany receivables | 0 | 0 | |||||
Other assets | 12,719 | 12,532 | [1] | ||||
Total assets | 994,846 | 1,004,351 | [1] | ||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | 15,473 | 12,000 | [1] | ||||
Accrued wages and benefits | 9,565 | 9,012 | [1] | ||||
Accrued interest | 612 | 562 | [1] | ||||
Accrued other taxes | 2,515 | 2,520 | [1] | ||||
Accrued contingencies | 1,280 | 2,410 | [1] | ||||
Current portion of long-term debt | 1,569 | 3,278 | [1] | ||||
Other current liabilities | 2,184 | 2,300 | [1] | ||||
Total current liabilities | 33,198 | 32,082 | [1] | ||||
Long-term debt | 252,940 | 263,698 | [1] | ||||
Deferred income taxes | 227,933 | 229,848 | [1] | ||||
Intercompany payables | 0 | 0 | |||||
Other liabilities | 4,418 | 2,616 | [1] | ||||
Total liabilities | 518,489 | 528,244 | [1] | ||||
Redeemable noncontrolling interest | 4,573 | 4,804 | [1] | ||||
Era Group Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 211 | 207 | [1] | ||||
Additional paid-in capital | 435,714 | 433,175 | [1] | ||||
Retained earnings | 38,622 | 40,502 | [1] | ||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | (2,855) | (2,673) | [1] | ||||
Accumulated other comprehensive income, net of tax | 92 | 92 | [1] | ||||
Total equity | 471,784 | 471,303 | [1] | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 994,846 | 1,004,351 | [1] | ||||
Parent | |||||||
Current assets: | |||||||
Cash and cash equivalents | 36,030 | 7,565 | 3,854 | 16,481 | |||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 | 39 | 39 | |||||
Tax receivables | 6,000 | 6,013 | |||||
Other | 0 | 0 | |||||
Inventories, net | 0 | 0 | |||||
Prepaid expenses | 565 | 458 | |||||
Other current assets | 190 | 190 | |||||
Total current assets | 42,824 | 14,265 | |||||
Property and equipment | 0 | 0 | |||||
Accumulated depreciation | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Equity investments and advances | 0 | 0 | |||||
Investments in consolidated subsidiaries | 178,291 | 172,335 | |||||
Intangible assets | 0 | 0 | |||||
Deferred taxes | 5,876 | 3,823 | |||||
Intercompany receivables | 474,859 | 515,255 | |||||
Other assets | 1,828 | 2,166 | |||||
Total assets | 703,678 | 707,844 | |||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | 410 | 386 | |||||
Accrued wages and benefits | 0 | 0 | |||||
Accrued interest | 612 | 549 | |||||
Accrued other taxes | 30 | 30 | |||||
Accrued contingencies | 0 | 0 | |||||
Current portion of long-term debt | 0 | 0 | |||||
Other current liabilities | 468 | 534 | |||||
Total current liabilities | 1,520 | 1,499 | |||||
Long-term debt | 230,466 | 235,134 | |||||
Deferred income taxes | 0 | 0 | |||||
Intercompany payables | 0 | 0 | |||||
Other liabilities | 0 | 0 | |||||
Total liabilities | 231,986 | 236,633 | |||||
Redeemable noncontrolling interest | 0 | 0 | |||||
Era Group Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 211 | 207 | |||||
Additional paid-in capital | 435,714 | 433,175 | |||||
Retained earnings | 38,622 | 40,502 | |||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | (2,855) | (2,673) | |||||
Accumulated other comprehensive income, net of tax | 0 | 0 | |||||
Total equity | 471,692 | 471,211 | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 703,678 | 707,844 | |||||
Guarantors | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,768 | 3,334 | 10,577 | 22,188 | |||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 | 28,906 | 40,345 | |||||
Tax receivables | 11 | 72 | |||||
Other | 2,825 | 3,089 | |||||
Inventories, net | 26,838 | 25,557 | |||||
Prepaid expenses | 1,858 | 1,411 | |||||
Other current assets | 1 | 1 | |||||
Total current assets | 62,207 | 73,809 | |||||
Property and equipment | 1,155,702 | 1,159,441 | |||||
Accumulated depreciation | (335,631) | (316,090) | |||||
Property and equipment, net | 820,071 | 843,351 | |||||
Equity investments and advances | 29,299 | 28,898 | |||||
Investments in consolidated subsidiaries | 0 | 0 | |||||
Intangible assets | 0 | 0 | |||||
Deferred taxes | 0 | 0 | |||||
Intercompany receivables | 0 | 0 | |||||
Other assets | 6,169 | 6,999 | |||||
Total assets | 917,746 | 953,057 | |||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | 13,793 | 9,635 | |||||
Accrued wages and benefits | 6,906 | 6,875 | |||||
Accrued interest | 0 | 13 | |||||
Accrued other taxes | 1,275 | 789 | |||||
Accrued contingencies | 0 | 0 | |||||
Current portion of long-term debt | 1,524 | 1,663 | |||||
Other current liabilities | 1,685 | 1,311 | |||||
Total current liabilities | 25,183 | 20,286 | |||||
Long-term debt | 22,474 | 23,305 | |||||
Deferred income taxes | 233,132 | 232,994 | |||||
Intercompany payables | 444,054 | 501,512 | |||||
Other liabilities | 1,301 | 1,887 | |||||
Total liabilities | 726,144 | 779,984 | |||||
Redeemable noncontrolling interest | 4 | 4 | |||||
Era Group Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 0 | 0 | |||||
Additional paid-in capital | 100,306 | 95,543 | |||||
Retained earnings | 91,200 | 77,434 | |||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | 0 | 0 | |||||
Accumulated other comprehensive income, net of tax | 92 | 92 | |||||
Total equity | 191,598 | 173,069 | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 917,746 | 953,057 | |||||
Non-guarantors | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,362 | 3,471 | 2,571 | 2,198 | |||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 | 7,885 | 8,255 | |||||
Tax receivables | 0 | 0 | |||||
Other | 816 | 216 | |||||
Inventories, net | 926 | 2,437 | |||||
Prepaid expenses | 140 | 94 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | 11,129 | 14,473 | |||||
Property and equipment | 16,540 | 16,468 | |||||
Accumulated depreciation | (1,091) | (603) | |||||
Property and equipment, net | 15,449 | 15,865 | |||||
Equity investments and advances | 0 | 0 | |||||
Investments in consolidated subsidiaries | 0 | 0 | |||||
Intangible assets | 1,148 | 1,158 | |||||
Deferred taxes | 0 | 0 | |||||
Intercompany receivables | 0 | 0 | |||||
Other assets | 4,722 | 3,367 | |||||
Total assets | 32,448 | 34,863 | |||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | 1,270 | 1,979 | |||||
Accrued wages and benefits | 2,659 | 2,137 | |||||
Accrued interest | 0 | 0 | |||||
Accrued other taxes | 1,210 | 1,701 | |||||
Accrued contingencies | 1,280 | 2,410 | |||||
Current portion of long-term debt | 45 | 1,615 | |||||
Other current liabilities | 31 | 455 | |||||
Total current liabilities | 6,495 | 10,297 | |||||
Long-term debt | 0 | 5,259 | |||||
Deferred income taxes | 677 | 677 | |||||
Intercompany payables | 30,805 | 13,743 | |||||
Other liabilities | 3,117 | 729 | |||||
Total liabilities | 41,094 | 30,705 | |||||
Redeemable noncontrolling interest | 4,569 | 4,800 | |||||
Era Group Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 0 | 0 | |||||
Additional paid-in capital | 4,562 | 9,325 | |||||
Retained earnings | (17,777) | (9,967) | |||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | 0 | 0 | |||||
Accumulated other comprehensive income, net of tax | 0 | 0 | |||||
Total equity | (13,215) | (642) | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 32,448 | 34,863 | |||||
Eliminations | |||||||
Current assets: | |||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $1,036 | 0 | 0 | |||||
Tax receivables | 0 | 0 | |||||
Other | 0 | 0 | |||||
Inventories, net | 0 | 0 | |||||
Prepaid expenses | 0 | 0 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | 0 | 0 | |||||
Property and equipment | 0 | 0 | |||||
Accumulated depreciation | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Equity investments and advances | 0 | 0 | |||||
Investments in consolidated subsidiaries | (178,291) | (172,335) | |||||
Intangible assets | 0 | 0 | |||||
Deferred taxes | (5,876) | (3,823) | |||||
Intercompany receivables | (474,859) | (515,255) | |||||
Other assets | 0 | 0 | |||||
Total assets | (659,026) | (691,413) | |||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | 0 | 0 | |||||
Accrued wages and benefits | 0 | 0 | |||||
Accrued interest | 0 | 0 | |||||
Accrued other taxes | 0 | 0 | |||||
Accrued contingencies | 0 | 0 | |||||
Current portion of long-term debt | 0 | 0 | |||||
Other current liabilities | 0 | 0 | |||||
Total current liabilities | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Deferred income taxes | (5,876) | (3,823) | |||||
Intercompany payables | (474,859) | (515,255) | |||||
Other liabilities | 0 | 0 | |||||
Total liabilities | (480,735) | (519,078) | |||||
Redeemable noncontrolling interest | 0 | 0 | |||||
Era Group Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares | 0 | 0 | |||||
Additional paid-in capital | (104,868) | (104,868) | |||||
Retained earnings | (73,423) | (67,467) | |||||
Treasury shares, at cost, 171,614 and 154,549 shares in 2016 and 2015, respectively | 0 | 0 | |||||
Accumulated other comprehensive income, net of tax | 0 | 0 | |||||
Total equity | (178,291) | (172,335) | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ (659,026) | $ (691,413) | |||||
|
GUARANTORS OF SECURITIES (Condensed Balance Sheet) (Phantom) (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
[1] | ||
---|---|---|---|---|---|
Guarantees [Abstract] | |||||
Allowance for doubtful accounts, trade receivables | $ 1,036 | $ 2,103 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |||
Common stock, shares outstanding (in shares) | 20,879,283 | 20,495,694 | |||
Treasury shares (in shares) | 171,614 | 154,549 | |||
|
GUARANTORS OF SECURITIES (Condensed Income Statement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues | $ 63,351 | $ 70,738 | $ 125,933 | $ 138,153 |
Costs and expenses: | ||||
Operating | 47,396 | 39,784 | 91,703 | 83,389 |
Administrative and general | 8,140 | 10,779 | 17,367 | 20,522 |
Depreciation | 12,691 | 11,398 | 25,457 | 23,000 |
Total costs and expenses | 68,227 | 61,961 | 134,527 | 126,911 |
Gains (losses) on asset dispositions, net | 1,367 | (242) | 4,280 | 3,146 |
Operating income (loss) | (3,509) | 8,535 | (4,314) | 14,388 |
Other income (expense): | ||||
Interest income | 403 | 317 | 704 | 568 |
Interest expense | (4,130) | (2,881) | (8,878) | (6,426) |
Gain on debt extinguishment | 518 | 0 | 518 | 264 |
Derivative losses, net | 0 | (10) | 0 | (22) |
Foreign currency gains (losses), net | 329 | 543 | 610 | (2,417) |
Gain on sale of FBO | 0 | 12,946 | 0 | 12,946 |
Other, net | 46 | (9) | 29 | (9) |
Total other income (expense) | (2,834) | 10,906 | (7,017) | 4,904 |
Income (loss) before income taxes and equity earnings | (6,343) | 19,441 | (11,331) | 19,292 |
Income tax expense (benefit) | (1,232) | 8,138 | (2,246) | 8,083 |
Income (loss) before equity earnings | (5,111) | 11,303 | (9,085) | 11,209 |
Equity earnings (losses), net of tax | 601 | (198) | 625 | (343) |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (4,510) | 11,105 | (8,460) | 10,866 |
Net loss (income) attributable to non-controlling interest in subsidiary | 6,448 | 228 | 6,580 | 425 |
Net income (loss) attributable to Era Group Inc. | 1,938 | 11,333 | (1,880) | 11,291 |
Parent | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating | 0 | 0 | 0 | 0 |
Administrative and general | 871 | 1,742 | 1,919 | 3,116 |
Depreciation | 0 | 0 | 0 | 0 |
Total costs and expenses | 871 | 1,742 | 1,919 | 3,116 |
Gains (losses) on asset dispositions, net | 0 | 0 | 0 | 0 |
Operating income (loss) | (871) | (1,742) | (1,919) | (3,116) |
Other income (expense): | ||||
Interest income | 9 | 4 | 13 | 9 |
Interest expense | (3,841) | (2,756) | (8,184) | (6,108) |
Gain on debt extinguishment | 518 | 518 | 264 | |
Derivative losses, net | 0 | 0 | ||
Foreign currency gains (losses), net | (52) | 74 | 17 | 616 |
Gain on sale of FBO | 12,946 | 12,946 | ||
Other, net | 0 | 0 | 0 | 0 |
Total other income (expense) | (3,366) | 10,268 | (7,636) | 7,727 |
Income (loss) before income taxes and equity earnings | (4,237) | 8,526 | (9,555) | 4,611 |
Income tax expense (benefit) | (490) | (2,078) | (1,719) | (3,560) |
Income (loss) before equity earnings | (3,747) | 10,604 | (7,836) | 8,171 |
Equity earnings (losses), net of tax | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of subsidiaries | 5,685 | 729 | 5,956 | 3,120 |
Net income (loss) | 1,938 | 11,333 | (1,880) | 11,291 |
Net loss (income) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Era Group Inc. | 1,938 | 11,333 | (1,880) | 11,291 |
Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues | 57,392 | 70,550 | 116,477 | 138,059 |
Costs and expenses: | ||||
Operating | 38,760 | 39,463 | 75,368 | 83,074 |
Administrative and general | 6,875 | 8,885 | 13,959 | 17,254 |
Depreciation | 12,414 | 11,212 | 24,900 | 22,668 |
Total costs and expenses | 58,049 | 59,560 | 114,227 | 122,996 |
Gains (losses) on asset dispositions, net | 1,367 | 2,363 | 4,280 | 5,751 |
Operating income (loss) | 710 | 13,353 | 6,530 | 20,814 |
Other income (expense): | ||||
Interest income | 119 | 312 | 242 | 557 |
Interest expense | (136) | (114) | (284) | (307) |
Gain on debt extinguishment | 0 | 0 | 0 | |
Derivative losses, net | (10) | (22) | ||
Foreign currency gains (losses), net | (110) | 469 | (224) | (3,033) |
Gain on sale of FBO | 0 | 0 | ||
Other, net | 1 | 0 | 1 | 0 |
Total other income (expense) | (126) | 657 | (265) | (2,805) |
Income (loss) before income taxes and equity earnings | 584 | 14,010 | 6,265 | 18,009 |
Income tax expense (benefit) | (742) | 10,216 | (527) | 11,643 |
Income (loss) before equity earnings | 1,326 | 3,794 | 6,792 | 6,366 |
Equity earnings (losses), net of tax | 601 | (198) | 625 | (343) |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 1,927 | 3,596 | 7,417 | 6,023 |
Net loss (income) attributable to non-controlling interest in subsidiary | 6,349 | 130 | 6,349 | 327 |
Net income (loss) attributable to Era Group Inc. | 8,276 | 3,726 | 13,766 | 6,350 |
Non-guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues | 17,788 | 431 | 31,883 | 431 |
Costs and expenses: | ||||
Operating | 20,465 | 564 | 38,762 | 652 |
Administrative and general | 394 | 152 | 1,489 | 152 |
Depreciation | 277 | 186 | 557 | 332 |
Total costs and expenses | 21,136 | 902 | 40,808 | 1,136 |
Gains (losses) on asset dispositions, net | 0 | (2,605) | 0 | (2,605) |
Operating income (loss) | (3,348) | (3,076) | (8,925) | (3,310) |
Other income (expense): | ||||
Interest income | 275 | 1 | 449 | 2 |
Interest expense | (153) | (11) | (410) | (11) |
Gain on debt extinguishment | 0 | 0 | 0 | |
Derivative losses, net | 0 | 0 | ||
Foreign currency gains (losses), net | 491 | 0 | 817 | 0 |
Gain on sale of FBO | 0 | 0 | ||
Other, net | 45 | (9) | 28 | (9) |
Total other income (expense) | 658 | (19) | 884 | (18) |
Income (loss) before income taxes and equity earnings | (2,690) | (3,095) | (8,041) | (3,328) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) before equity earnings | (2,690) | (3,095) | (8,041) | (3,328) |
Equity earnings (losses), net of tax | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (2,690) | (3,095) | (8,041) | (3,328) |
Net loss (income) attributable to non-controlling interest in subsidiary | 99 | 98 | 231 | 98 |
Net income (loss) attributable to Era Group Inc. | (2,591) | (2,997) | (7,810) | (3,230) |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating revenues | (11,829) | (243) | (22,427) | (337) |
Costs and expenses: | ||||
Operating | (11,829) | (243) | (22,427) | (337) |
Administrative and general | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Total costs and expenses | (11,829) | (243) | (22,427) | (337) |
Gains (losses) on asset dispositions, net | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Gain on debt extinguishment | 0 | 0 | 0 | |
Derivative losses, net | 0 | 0 | ||
Foreign currency gains (losses), net | 0 | 0 | 0 | 0 |
Gain on sale of FBO | 0 | 0 | ||
Other, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before income taxes and equity earnings | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) before equity earnings | 0 | 0 | 0 | 0 |
Equity earnings (losses), net of tax | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of subsidiaries | (5,685) | (729) | (5,956) | (3,120) |
Net income (loss) | (5,685) | (729) | (5,956) | (3,120) |
Net loss (income) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Era Group Inc. | $ (5,685) | $ (729) | $ (5,956) | $ (3,120) |
GUARANTORS OF SECURITIES (Condensed Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | $ (4,510) | $ 11,105 | $ (8,460) | $ 10,866 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | (137) | 0 | (140) |
Income tax benefit | 0 | 0 | 0 | 1 |
Total other comprehensive income (loss) | 0 | (137) | 0 | (139) |
Comprehensive income (loss) | (4,510) | 10,968 | (8,460) | 10,727 |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 6,448 | 228 | 6,580 | 425 |
Comprehensive income (loss) attributable to Era Group Inc. | 1,938 | 11,196 | (1,880) | 11,152 |
Parent | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 1,938 | 11,333 | (1,880) | 11,291 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Income tax benefit | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 1,938 | 11,333 | (1,880) | 11,291 |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Era Group Inc. | 1,938 | 11,333 | (1,880) | 11,291 |
Guarantors | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 1,927 | 3,596 | 7,417 | 6,023 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | (3) |
Income tax benefit | 0 | 0 | 0 | 1 |
Total other comprehensive income (loss) | 0 | 0 | 0 | (2) |
Comprehensive income (loss) | 1,927 | 3,596 | 7,417 | 6,021 |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 6,349 | 130 | 6,349 | 327 |
Comprehensive income (loss) attributable to Era Group Inc. | 8,276 | 3,726 | 13,766 | 6,348 |
Non-guarantors | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (2,690) | (3,095) | (8,041) | (3,328) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | (137) | 0 | (137) |
Income tax benefit | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | (137) | 0 | (137) |
Comprehensive income (loss) | (2,690) | (3,232) | (8,041) | (3,465) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 99 | 98 | 231 | 98 |
Comprehensive income (loss) attributable to Era Group Inc. | (2,591) | (3,134) | (7,810) | (3,367) |
Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (5,685) | (729) | (5,956) | (3,120) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Income tax benefit | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (5,685) | (729) | (5,956) | (3,120) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Era Group Inc. | $ (5,685) | $ (729) | $ (5,956) | $ (3,120) |
GUARANTORS OF SECURITIES (Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $ 28,561 | $ 20,727 | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | (5,106) | (39,663) | |||
Proceeds from disposition of property and equipment | 5,910 | 8,384 | |||
Cash settlements on forward contracts, net | 0 | (1,103) | |||
Return of helicopter deposits | 544 | 0 | |||
Business acquisitions, net of cash acquired | 0 | (3,165) | |||
Proceeds from sale of FBO | 0 | 14,252 | |||
Principal payments on notes due from equity investees | 357 | 340 | |||
Principal payments on third party notes receivable | 136 | 25 | |||
Escrow deposits, net | 0 | (500) | |||
Escrow deposits on like-kind exchanges, net | 0 | (6,174) | |||
Repayment of intercompany debt | 0 | ||||
Net cash provided by (used in) investing activities | 1,841 | (27,604) | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 7,000 | 25,000 | |||
Payments on long-term debt | (9,093) | (31,320) | |||
Extinguishment of long-term debt | (4,331) | (9,297) | |||
Proceeds from share award plans | 477 | 612 | |||
Purchase of treasury shares | (161) | 0 | |||
Repayment of intercompany debt | 0 | 0 | |||
Net cash used in financing activities | (6,108) | (15,005) | |||
Effects of exchange rate changes on cash and cash equivalents | 496 | (1,983) | |||
Net increase (decrease) in cash and cash equivalents | 24,790 | (23,865) | |||
Cash and cash equivalents, beginning of period | 14,370 | [1] | 40,867 | ||
Cash and cash equivalents, end of period | 39,160 | 17,002 | |||
Parent | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 28,465 | (12,627) | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | 0 | 0 | |||
Proceeds from disposition of property and equipment | 0 | 0 | |||
Cash settlements on forward contracts, net | 0 | ||||
Return of helicopter deposits | 0 | ||||
Business acquisitions, net of cash acquired | 0 | ||||
Proceeds from sale of FBO | 0 | ||||
Principal payments on notes due from equity investees | 0 | 0 | |||
Principal payments on third party notes receivable | 0 | 0 | |||
Escrow deposits, net | 0 | ||||
Escrow deposits on like-kind exchanges, net | 0 | ||||
Repayment of intercompany debt | 0 | ||||
Net cash provided by (used in) investing activities | 0 | 0 | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 0 | 0 | |||
Payments on long-term debt | 0 | 0 | |||
Extinguishment of long-term debt | 0 | 0 | |||
Proceeds from share award plans | 0 | 0 | |||
Purchase of treasury shares | 0 | ||||
Repayment of intercompany debt | 0 | 0 | |||
Net cash used in financing activities | 0 | 0 | |||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 28,465 | (12,627) | |||
Cash and cash equivalents, beginning of period | 7,565 | 16,481 | |||
Cash and cash equivalents, end of period | 36,030 | 3,854 | |||
Guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 1,126 | 18,030 | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | (4,974) | (39,663) | |||
Proceeds from disposition of property and equipment | 5,910 | 20,154 | |||
Cash settlements on forward contracts, net | 0 | ||||
Return of helicopter deposits | 544 | ||||
Business acquisitions, net of cash acquired | 0 | ||||
Proceeds from sale of FBO | 14,252 | ||||
Principal payments on notes due from equity investees | 357 | 340 | |||
Principal payments on third party notes receivable | 136 | 25 | |||
Escrow deposits, net | (150) | ||||
Escrow deposits on like-kind exchanges, net | (6,174) | ||||
Repayment of intercompany debt | (1,453) | ||||
Net cash provided by (used in) investing activities | 1,973 | (12,669) | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 0 | 0 | |||
Payments on long-term debt | (970) | (1,296) | |||
Extinguishment of long-term debt | 0 | 0 | |||
Proceeds from share award plans | 0 | 0 | |||
Purchase of treasury shares | 0 | ||||
Repayment of intercompany debt | (4,015) | (13,685) | |||
Net cash used in financing activities | (4,985) | (14,981) | |||
Effects of exchange rate changes on cash and cash equivalents | 320 | (1,991) | |||
Net increase (decrease) in cash and cash equivalents | (1,566) | (11,611) | |||
Cash and cash equivalents, beginning of period | 3,334 | 22,188 | |||
Cash and cash equivalents, end of period | 1,768 | 10,577 | |||
Non-guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | (1,030) | 15,324 | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | (132) | (11,770) | |||
Proceeds from disposition of property and equipment | 0 | 0 | |||
Cash settlements on forward contracts, net | 0 | ||||
Return of helicopter deposits | 0 | ||||
Business acquisitions, net of cash acquired | (3,165) | ||||
Proceeds from sale of FBO | 0 | ||||
Principal payments on notes due from equity investees | 0 | 0 | |||
Principal payments on third party notes receivable | 0 | 0 | |||
Escrow deposits, net | 0 | ||||
Escrow deposits on like-kind exchanges, net | 0 | ||||
Repayment of intercompany debt | 0 | ||||
Net cash provided by (used in) investing activities | (132) | (14,935) | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 0 | 0 | |||
Payments on long-term debt | (1,123) | (24) | |||
Extinguishment of long-term debt | 0 | 0 | |||
Proceeds from share award plans | 0 | 0 | |||
Purchase of treasury shares | 0 | ||||
Repayment of intercompany debt | 0 | 0 | |||
Net cash used in financing activities | (1,123) | (24) | |||
Effects of exchange rate changes on cash and cash equivalents | 176 | 8 | |||
Net increase (decrease) in cash and cash equivalents | (2,109) | 373 | |||
Cash and cash equivalents, beginning of period | 3,471 | 2,198 | |||
Cash and cash equivalents, end of period | 1,362 | 2,571 | |||
Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 0 | 0 | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | 0 | 11,770 | |||
Proceeds from disposition of property and equipment | 0 | (11,770) | |||
Cash settlements on forward contracts, net | (1,103) | ||||
Return of helicopter deposits | 0 | ||||
Business acquisitions, net of cash acquired | 0 | ||||
Proceeds from sale of FBO | 0 | ||||
Principal payments on notes due from equity investees | 0 | 0 | |||
Principal payments on third party notes receivable | 0 | 0 | |||
Escrow deposits, net | (350) | ||||
Escrow deposits on like-kind exchanges, net | 0 | ||||
Repayment of intercompany debt | 1,453 | ||||
Net cash provided by (used in) investing activities | 0 | 0 | |||
Cash flows from financing activities: | |||||
Proceeds from Revolving Credit Facility | 7,000 | 25,000 | |||
Payments on long-term debt | (7,000) | (30,000) | |||
Extinguishment of long-term debt | (4,331) | (9,297) | |||
Proceeds from share award plans | 477 | 612 | |||
Purchase of treasury shares | (161) | ||||
Repayment of intercompany debt | 4,015 | 13,685 | |||
Net cash used in financing activities | 0 | 0 | |||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |||
Cash and cash equivalents, beginning of period | 0 | 0 | |||
Cash and cash equivalents, end of period | $ 0 | $ 0 | |||
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