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Supplemental Condensed Consolidated Financial Information
6 Months Ended
Jun. 30, 2018
Supplemental Condensed Consolidated Financial Information [Abstract]  
Condensed Consolidated Financial Statements
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

We have no significant assets or operations other than our investments in our subsidiaries. Our wholly owned subsidiaries are the guarantors of our Notes. On April 3, 2018, we sold 50% of the ownership interest in our mid-stream segment, Superior and that company and its subsidiaries are no longer guarantors of the Notes. Instead of providing separate financial statements for each subsidiary issuer and guarantor, we have included the accompanying unaudited condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X.

For purposes of the following footnote:

•
we are referred to as "Parent",
•
the direct subsidiaries are 100% owned by the Parent and the guarantee is full and unconditional and joint and several and referred to as "Combined Guarantor Subsidiaries", and
•
Superior and its subsidiaries and the Operator are referred to as "Non-Guarantor Subsidiaries."

The following unaudited supplemental condensed consolidating financial information reflects the Parent's separate accounts, the combined accounts of the Combined Guarantor Subsidiaries', the combined accounts of the Non-Guarantor Subsidiaries', the combined consolidating adjustments and eliminations, and the Parent's consolidated amounts for the periods indicated.
Condensed Consolidating Balance Sheets (Unaudited)
 
June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
97,052

 
$
254

 
$
7,002

 
$
—

 
$
104,308

Accounts receivable, net of allowance for doubtful accounts of $2,450
885

 
84,851

 
27,641

 
—

 
113,377

Materials and supplies
—

 
501

 
—

 
—

 
501

Current derivative asset
127

 
—

 
—

 
—

 
127

Prepaid expenses and other
2,643

 
3,079

 
3,009

 
—

 
8,731

Total current assets
100,707

 
88,685

 
37,652

 
—

 
227,044

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties on the full cost method:
 
 
 
 
 
 
 
 
 
Proved properties
—

 
5,809,850

 
—

 
—

 
5,809,850

Unproved properties not being amortized
—

 
325,595

 
—

 
—

 
325,595

Drilling equipment
—

 
1,612,817

 
—

 
—

 
1,612,817

Gas gathering and processing equipment
—

 
—

 
736,488

 
—

 
736,488

Saltwater disposal systems
—

 
65,218

 
—

 
—

 
65,218

Corporate land and building
—

 
59,081

 
—

 
—

 
59,081

Transportation equipment
9,244

 
17,572

 
3,102

 
—

 
29,918

Other
28,246

 
28,135

 
—

 
—

 
56,381

 
37,490

 
7,918,268

 
739,590

 
—

 
8,695,348

Less accumulated depreciation, depletion, amortization, and impairment
24,335

 
5,896,900

 
342,269

 
—

 
6,263,504

Net property and equipment
13,155

 
2,021,368

 
397,321

 
—

 
2,431,844

Intercompany receivable
877,823

 
—

 
—

 
(877,823
)
 
—

Goodwill
—

 
62,808

 
—

 
—

 
62,808

Investments
1,216,959

 
1,500

 
—

 
(1,216,959
)
 
1,500

Other assets
5,472

 
6,225

 
14,916

 
—

 
26,613

Total assets
$
2,214,116

 
$
2,180,586

 
$
449,889

 
$
(2,094,782
)
 
$
2,749,809


 
June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
9,669

 
$
81,827

 
$
22,915

 
$
—

 
$
114,411

Accrued liabilities
21,618

 
24,880

 
2,566

 
—

 
49,064

Income taxes payable
4,648

 
—

 
—

 
—

 
4,648

Current derivative liability
18,555

 
—

 
—

 
—

 
18,555

Current portion of other long-term liabilities
615

 
6,625

 
6,796

 
—

 
14,036

Total current liabilities
55,105

 
113,332

 
32,277

 
—

 
200,714

Intercompany debt
—

 
876,277

 
1,546

 
(877,823
)
 
—

Bonds payable less debt issuance costs
643,371

 
—

 
—

 
—

 
643,371

Non-current derivative liabilities
910

 
—

 
—

 
—

 
910

Other long-term liabilities
12,613

 
72,459

 
17,856

 
—

 
102,928

Deferred income taxes
57,802

 
100,430

 
—

 
—

 
158,232

Shareholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued
—

 
—

 
—

 
—

 
—

Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued
10,414

 
—

 
—

 
—

 
10,414

Capital in excess of par value
622,120

 
45,921

 
197,042

 
(242,963
)
 
622,120

Accumulated other comprehensive loss
—

 
(65
)
 
—

 
—

 
(65
)
Retained earnings
811,781

 
972,232

 
1,764

 
(973,996
)
 
811,781

Total shareholders’ equity attributable to Unit Corporation
1,444,315

 
1,018,088

 
198,806

 
(1,216,959
)
 
1,444,250

Non-controlling interests in consolidated subsidiaries
—

 
—

 
199,404

 
—

 
199,404

Total shareholders' equity
1,444,315

 
1,018,088

 
398,210

 
(1,216,959
)
 
1,643,654

Total liabilities and shareholders’ equity
$
2,214,116

 
$
2,180,586

 
$
449,889

 
$
(2,094,782
)
 
$
2,749,809


 
December 31, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
510

 
$
191

 
$
—

 
$
—

 
$
701

Accounts receivable, net of allowance for doubtful accounts of $2,450
154

 
83,442

 
27,916

 
—

 
111,512

Materials and supplies
—

 
505

 
—

 
—

 
505

Current derivative asset
721

 
—

 
—

 
—

 
721

Prepaid expenses and other
2,986

 
2,370

 
877

 
—

 
6,233

Total current assets
4,371

 
86,508

 
28,793

 
—

 
119,672

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties on the full cost method:
 
 
 
 
 
 
 
 
 
Proved properties
—

 
5,712,813

 
—

 
—

 
5,712,813

Unproved properties not being amortized
—

 
296,764

 
—

 
—

 
296,764

Drilling equipment
—

 
1,593,611

 
—

 
—

 
1,593,611

Gas gathering and processing equipment
—

 
—

 
726,236

 
—

 
726,236

Saltwater disposal systems
—

 
62,618

 
—

 
—

 
62,618

Corporate land and building
—

 
59,080

 
—

 
—

 
59,080

Transportation equipment
9,270

 
17,423

 
2,938

 
—

 
29,631

Other
28,039

 
25,400

 
—

 
—

 
53,439

 
37,309

 
7,767,709

 
729,174

 
—

 
8,534,192

Less accumulated depreciation, depletion, amortization, and impairment
21,268

 
5,807,757

 
322,425

 
—

 
6,151,450

Net property and equipment
16,041

 
1,959,952

 
406,749

 
—

 
2,382,742

Intercompany receivable
1,155,725

 
—

 
—

 
(1,155,725
)
 
—

Goodwill
—

 
62,808

 
—

 
—

 
62,808

Investments
1,044,709

 
1,500

 
—

 
(1,044,709
)
 
1,500

Other assets
5,373

 
6,328

 
3,029

 
—

 
14,730

Total assets
$
2,226,219

 
$
2,117,096

 
$
438,571

 
$
(2,200,434
)
 
$
2,581,452


 
December 31, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
13,124

 
$
81,334

 
$
18,190

 
$
—

 
$
112,648

Accrued liabilities
26,165

 
19,134

 
3,224

 
—

 
48,523

Current derivative liability
7,763

 
—

 
—

 
—

 
7,763

Current portion of other long-term liabilities
657

 
8,501

 
3,844

 
—

 
13,002

Total current liabilities
47,709

 
108,969

 
25,258

 
—

 
181,936

Intercompany debt
—

 
870,582

 
285,143

 
(1,155,725
)
 
—

Long-term debt
178,000

 
—

 
—

 
—

 
178,000

Bonds payable less debt issuance costs
642,276

 
—

 
—

 
—

 
642,276

Other long-term liabilities
11,257

 
77,566

 
11,380

 
—

 
100,203

Deferred income taxes
1,480

 
85,443

 
46,554

 
—

 
133,477

Shareholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued
—

 
—

 
—

 
—

 
—

Common stock, $.20 par value, 175,000,000 shares authorized, 52,880,134 shares issued
10,280

 
—

 
—

 
—

 
10,280

Capital in excess of par value
535,815

 
45,921

 
15,549

 
(61,470
)
 
535,815

Accumulated other comprehensive income
—

 
63

 
—

 
—

 
63

Retained earnings
799,402

 
928,552

 
54,687

 
(983,239
)
 
799,402

Total shareholders’ equity attributable to Unit Corporation
1,345,497

 
974,536

 
70,236

 
(1,044,709
)
 
1,345,560

Non-controlling interests in consolidated subsidiaries
—

 
—

 
—

 
—

 
—

Total shareholders' equity
1,345,497

 
974,536

 
70,236

 
(1,044,709
)
 
1,345,560

Total liabilities and shareholders’ equity
$
2,226,219

 
$
2,117,096

 
$
438,571

 
$
(2,200,434
)
 
$
2,581,452


Condensed Consolidating Statements of Income (Unaudited)
 
Three Months Ended June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Revenues
$
—

 
$
155,085

 
$
75,406

 
$
(27,188
)
 
$
203,303

Expenses:
 
 
 
 
 
 
 
 
 
Operating costs
—

 
70,603

 
59,786

 
(26,374
)
 
104,015

Depreciation, depletion, and amortization
1,918

 
45,280

 
11,175

 
—

 
58,373

General and administrative
—

 
8,655

 
57

 
—

 
8,712

Gain on disposition of assets
—

 
(116
)
 
(45
)
 
—

 
(161
)
Total operating costs
1,918

 
124,422

 
70,973

 
(26,374
)
 
170,939

Income from operations
(1,918
)
 
30,663

 
4,433

 
(814
)
 
32,364

Interest, net
(7,425
)
 
—

 
(304
)
 
—

 
(7,729
)
Loss on derivatives
(14,461
)
 
—

 
—

 
—

 
(14,461
)
Other, net
5

 
—

 
—

 
—

 
5

Income before income taxes
(23,799
)
 
30,663

 
4,129

 
(814
)
 
10,179

Income tax expense (benefit)
(6,029
)
 
7,803

 
255

 
—

 
2,029

Equity in net earnings from investment in subsidiaries, net of taxes
23,558

 
—

 
—

 
(23,558
)
 
—

Net income
5,788

 
22,860

 
3,874

 
(24,372
)
 
8,150

Less: net income attributable to non-controlling interest
—

 
—

 
2,362

 
—

 
2,362

Net income attributable to Unit Corporation
$
5,788

 
$
22,860

 
$
1,512

 
$
(24,372
)
 
$
5,788

 
Three Months Ended June 30, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Revenues
$
—

 
$
128,017

 
$
63,111

 
$
(20,547
)
 
$
170,581

Expenses:
 
 
 
 
 
 
 
 
 
Operating costs
—

 
66,393

 
49,817

 
(20,171
)
 
96,039

Depreciation, depletion, and amortization
1,904

 
37,327

 
10,849

 
—

 
50,080

General and administrative
—

 
6,899

 
1,814

 
—

 
8,713

Gain on disposition of assets
(5
)
 
(199
)
 
(44
)
 
—

 
(248
)
Total operating costs
1,899

 
110,420

 
62,436

 
(20,171
)
 
154,584

Income from operations
(1,899
)
 
17,597

 
675

 
(376
)
 
15,997

Interest, net
(9,290
)
 
—

 
(177
)
 
—

 
(9,467
)
Gain on derivatives
8,902

 
—

 
—

 
—

 
8,902

Other, net
6

 
(1
)
 
1

 
—

 
6

Income (loss) before income taxes
(2,281
)
 
17,596

 
499

 
(376
)
 
15,438

Income tax expense (benefit)
(1,002
)
 
7,054

 
327

 
—

 
6,379

Equity in net earnings from investment in subsidiaries, net of taxes
10,338

 
—

 
—

 
(10,338
)
 
—

Net income
9,059

 
10,542

 
172

 
(10,714
)
 
9,059

Less: net income attributable to non-controlling interest
—

 
—

 
—

 
—

 
—

Net income attributable to Unit Corporation
$
9,059

 
$
10,542

 
$
172

 
$
(10,714
)
 
$
9,059

    
 
Six Months Ended June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Revenues
$
—

 
$
308,894

 
$
150,056

 
$
(50,515
)
 
$
408,435

Expenses:
 
 
 
 
 
 
 
 
 
Operating costs
—

 
143,709

 
118,806

 
(49,267
)
 
213,248

Depreciation, depletion, and amortization
3,836

 
89,375

 
22,228

 
—

 
115,439

General and administrative
—

 
16,884

 
2,590

 
—

 
19,474

Gain on disposition of assets
(30
)
 
(213
)
 
(79
)
 
—

 
(322
)
Total operating costs
3,806

 
249,755

 
143,545

 
(49,267
)
 
347,839

Income from operations
(3,806
)
 
59,139

 
6,511

 
(1,248
)
 
60,596

Interest, net
(17,280
)
 
—

 
(453
)
 
—

 
(17,733
)
Loss on derivatives
(21,223
)
 
—

 
—

 
—

 
(21,223
)
Other, net
11

 
1

 
(1
)
 
—

 
11

Income (loss) before income taxes
(42,298
)
 
59,140

 
6,057

 
(1,248
)
 
21,651

Income tax expense (benefit)
(10,668
)
 
15,460

 
844

 
—

 
5,636

Equity in net earnings from investment in subsidiaries, net of tax
45,283

 
—

 
—

 
(45,283
)
 
—

Net income
13,653

 
43,680

 
5,213

 
(46,531
)
 
16,015

Less: net income attributable to non-controlling interest
—

 
—

 
2,362

 
—

 
2,362

Net income attributable to Unit Corporation
$
13,653

 
$
43,680

 
$
2,851

 
$
(46,531
)
 
$
13,653

 
Six Months Ended June 30, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Revenues
$
—

 
$
252,800

 
$
129,575

 
$
(36,070
)
 
$
346,305

Expenses:
 
 
 
 
 
 
 
 
 
Operating costs
—

 
125,946

 
101,922

 
(35,694
)
 
192,174

Depreciation, depletion, and amortization
3,645

 
71,700

 
21,667

 
—

 
97,012

General and administrative
—

 
13,797

 
3,870

 
—

 
17,667

Gain on disposition of assets
(813
)
 
(215
)
 
(44
)
 
—

 
(1,072
)
Total operating costs
2,832

 
211,228

 
127,415

 
(35,694
)
 
305,781

Income (loss) from operations
(2,832
)
 
41,572

 
2,160

 
(376
)
 
40,524

Interest, net
(18,500
)
 
—

 
(363
)
 
—

 
(18,863
)
Gain on derivatives
23,633

 
—

 
—

 
—

 
23,633

Other, net
9

 
—

 
—

 
—

 
9

Income (loss) before income taxes
2,310

 
41,572

 
1,797

 
(376
)
 
45,303

Income tax expense (benefit)
731

 
18,354

 
1,230

 
—

 
20,315

Equity in net earnings from investment in subsidiaries, net of tax
23,409

 
—

 
—

 
(23,409
)
 
—

Net income
24,988

 
23,218

 
567

 
(23,785
)
 
24,988

Less: net income attributable to non-controlling interest
—

 
—

 
—

 
—

 
—

Net income attributable to Unit Corporation
$
24,988

 
$
23,218

 
$
567

 
$
(23,785
)
 
$
24,988

                                
Condensed Consolidating Statements of Comprehensive Income (Unaudited)
 
Three Months Ended June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Net income
$
5,788

 
$
22,860

 
$
3,874

 
$
(24,372
)
 
$
8,150

Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
 
 
Unrealized gain on securities, net of tax $11
—

 
35

 
—

 
—

 
35

Comprehensive income
5,788

 
22,895

 
3,874

 
(24,372
)
 
8,185

Less: Comprehensive income attributable to non-controlling interests
—

 
—

 
2,362

 
—

 
2,362

Comprehensive income attributable to Unit Corporation
$
5,788

 
$
22,895

 
$
1,512

 
$
(24,372
)
 
$
5,823

 
Three Months Ended June 30, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Net income (loss)
$
9,059

 
$
10,542

 
$
172

 
$
(10,714
)
 
$
9,059

Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
 
 
Unrealized gain on securities, net of tax of $12
—

 
20

 
—

 
—

 
20

Comprehensive income (loss)
9,059

 
10,562

 
172

 
(10,714
)
 
9,079

Less: Comprehensive income attributable to non-controlling interests
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to Unit Corporation
$
9,059

 
$
10,562

 
$
172

 
$
(10,714
)
 
$
9,079

 
Six Months Ended June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Net income
$
13,653

 
$
43,680

 
$
5,213

 
$
(46,531
)
 
$
16,015

Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
 
 
Unrealized loss on securities, net of tax of ($47)
—

 
(141
)
 
—

 
—

 
(141
)
Comprehensive income
13,653

 
43,539

 
5,213

 
(46,531
)
 
15,874

Less: Comprehensive income attributable to non-controlling interests
—

 
—

 
2,362

 
—

 
2,362

Comprehensive income attributable to Unit Corporation
$
13,653

 
$
43,539

 
$
2,851

 
$
(46,531
)
 
$
13,512

 
Six Months Ended June 30, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
Net income (loss)
$
24,988

 
$
23,218

 
$
567

 
$
(23,785
)
 
$
24,988

Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
 
 
Unrealized gain on securities, net of tax of $12
—

 
20

 
—

 
—

 
20

Comprehensive income (loss)
24,988

 
23,238

 
567

 
(23,785
)
 
25,008

Less: Comprehensive income attributable to non-controlling interests
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to Unit Corporation
$
24,988

 
$
23,238

 
$
567

 
$
(23,785
)
 
$
25,008


Condensed Consolidating Statements of Cash Flows (Unaudited)
 
Six Months Ended June 30, 2018
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
(102,500
)
 
145,000

 
(14,800
)
 
126,993

 
154,693

INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Capital expenditures
(13
)
 
(173,097
)
 
(16,806
)
 
—

 
(189,916
)
Producing properties and other acquisitions
—

 
(962
)
 
—

 
—

 
(962
)
Proceeds from disposition of assets
30

 
23,427

 
71

 
—

 
23,528

Net cash provided by (used in) investing activities
17

 
(150,632
)
 
(16,735
)
 
—

 
(167,350
)
FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Borrowings under credit agreement
71,200

 
—

 
—

 
—

 
71,200

Payments under credit agreement
(249,200
)
 
—

 
—

 
—

 
(249,200
)
Intercompany borrowings (advances), net
277,902

 
5,695

 
(156,604
)
 
(126,993
)
 
—

Payments on capitalized leases
—

 
—

 
(1,901
)
 
—

 
(1,901
)
Proceeds from investments of non-controlling interest
102,958

 
—

 
197,042

 
—

 
300,000

Transaction costs associated with sale of non-controlling interest
(2,254
)
 
—

 
—

 
—

 
(2,254
)
Book overdrafts
(1,581
)
 
—

 
—

 
—

 
(1,581
)
Net cash provided by (used in) financing activities
199,025

 
5,695

 
38,537

 
(126,993
)
 
116,264

Net increase in cash and cash equivalents
96,542

 
63

 
7,002

 
—

 
103,607

Cash and cash equivalents, beginning of period
510

 
191

 
—

 
—

 
701

Cash and cash equivalents, end of period
$
97,052

 
$
254

 
$
7,002

 
$
—

 
$
104,308

 
Six Months Ended June 30, 2017
 
Parent
 
Combined Guarantor Subsidiaries
 
Combined Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
 
(In thousands)
OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
(13,497
)
 
106,718

 
23,834

 
—

 
117,055

INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Capital expenditures
(3,380
)
 
(97,337
)
 
(7,216
)
 
—

 
(107,933
)
Producing properties and other acquisitions
—

 
(52,956
)
 
—

 
—

 
(52,956
)
Proceeds from disposition of assets
955

 
18,557

 
44

 
—

 
19,556

Other
—

 
(1,500
)
 
—

 
—

 
(1,500
)
Net cash provided by (used in) investing activities
(2,425
)
 
(133,236
)
 
(7,172
)
 
—

 
(142,833
)
FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Borrowings under credit agreement
160,600

 
—

 
—

 
—

 
160,600

Payments under credit agreement
(156,500
)
 
—

 
—

 
—

 
(156,500
)
Intercompany borrowings (advances), net
(11,708
)
 
26,469

 
(14,761
)
 
—

 
—

Payments on capitalized leases
—

 
—

 
(1,901
)
 
—

 
(1,901
)
Proceeds from common stock issued, net of issue costs
18,623

 
—

 
—

 
—

 
18,623

Book overdrafts
4,912

 
—

 
—

 
—

 
4,912

Net cash provided by (used in) financing activities
15,927

 
26,469

 
(16,662
)
 
—

 
25,734

Net increase (decrease) in cash and cash equivalents
5

 
(49
)
 
—

 
—

 
(44
)
Cash and cash equivalents, beginning of period
517

 
376

 
—

 
—

 
893

Cash and cash equivalents, end of period
$
522

 
$
327

 
$
—

 
$
—

 
$
849