|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,728 |
|
|
$ |
13,546 |
|
|
$ |
58,182 |
|
|
$ |
— |
|
|
$ |
108,456 |
|
Accounts and notes receivable, net |
(33 |
) |
|
96,100 |
|
|
174,885 |
|
|
— |
|
|
270,952 |
|
Rig materials and supplies |
— |
|
|
(1,473 |
) |
|
49,416 |
|
|
— |
|
|
47,943 |
|
Deferred costs |
— |
|
|
— |
|
|
5,673 |
|
|
— |
|
|
5,673 |
|
Deferred income taxes |
— |
|
|
6,131 |
|
|
1,345 |
|
|
— |
|
|
7,476 |
|
Other tax assets |
19,885 |
|
|
(18,273 |
) |
|
9,111 |
|
|
— |
|
|
10,723 |
|
Other current assets |
— |
|
|
7,999 |
|
|
10,557 |
|
|
— |
|
|
18,556 |
|
Total current assets |
56,580 |
|
|
104,030 |
|
|
309,169 |
|
|
— |
|
|
469,779 |
|
Property, plant and equipment, net |
(19 |
) |
|
589,055 |
|
|
306,904 |
|
|
— |
|
|
895,940 |
|
Investment in subsidiaries and intercompany advances |
3,060,867 |
|
|
2,441,527 |
|
|
2,464,502 |
|
|
(7,966,896 |
) |
|
— |
|
Other noncurrent assets |
(440,918 |
) |
|
490,597 |
|
|
272,823 |
|
|
(167,562 |
) |
|
154,940 |
|
Total assets |
$ |
2,676,510 |
|
|
$ |
3,625,209 |
|
|
$ |
3,353,398 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
77,603 |
|
|
71,645 |
|
|
309,344 |
|
|
(304,113 |
) |
|
154,479 |
|
Accrued income taxes |
(4,061 |
) |
|
10,109 |
|
|
8,138 |
|
|
— |
|
|
14,186 |
|
Total current liabilities |
83,542 |
|
|
81,754 |
|
|
317,482 |
|
|
(304,113 |
) |
|
178,665 |
|
Long-term debt |
605,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
605,000 |
|
Other long-term liabilities |
2,867 |
|
|
7,135 |
|
|
8,663 |
|
|
— |
|
|
18,665 |
|
Long-term deferred tax liability |
— |
|
|
56,105 |
|
|
(3,990 |
) |
|
— |
|
|
52,115 |
|
Intercompany payables |
1,322,172 |
|
|
1,311,405 |
|
|
1,204,768 |
|
|
(3,838,345 |
) |
|
— |
|
Total liabilities |
2,013,581 |
|
|
1,456,399 |
|
|
1,526,923 |
|
|
(4,142,458 |
) |
|
854,445 |
|
Total equity |
662,929 |
|
|
2,168,810 |
|
|
1,826,475 |
|
|
(3,992,000 |
) |
|
666,214 |
|
Total liabilities and stockholders’ equity |
$ |
2,676,510 |
|
|
$ |
3,625,209 |
|
|
$ |
3,353,398 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
31,704 |
|
|
$ |
10,944 |
|
|
$ |
70,551 |
|
|
$ |
— |
|
|
$ |
113,199 |
|
Accounts and notes receivable, net |
(52 |
) |
|
110,172 |
|
|
169,300 |
|
|
— |
|
|
279,420 |
|
Rig materials and supplies |
— |
|
|
(3,551 |
) |
|
53,887 |
|
|
— |
|
|
50,336 |
|
Deferred costs |
— |
|
|
— |
|
|
6,432 |
|
|
— |
|
|
6,432 |
|
Deferred income taxes |
— |
|
|
3,963 |
|
|
1,685 |
|
|
— |
|
|
5,648 |
|
Other tax assets |
— |
|
|
270 |
|
|
8,930 |
|
|
— |
|
|
9,200 |
|
Other current assets |
— |
|
|
5,762 |
|
|
13,256 |
|
|
— |
|
|
19,018 |
|
Total current assets |
31,652 |
|
|
127,560 |
|
|
324,041 |
|
|
— |
|
|
483,253 |
|
Property, plant and equipment, net |
(19 |
) |
|
587,126 |
|
|
298,126 |
|
|
— |
|
|
885,233 |
|
Investment in subsidiaries and intercompany advances |
3,126,778 |
|
|
2,520,407 |
|
|
2,691,390 |
|
|
(8,338,575 |
) |
|
— |
|
Other noncurrent assets |
(438,614 |
) |
|
524,232 |
|
|
268,297 |
|
|
(182,086 |
) |
|
171,829 |
|
Total assets |
$ |
2,719,797 |
|
|
$ |
3,759,325 |
|
|
$ |
3,581,854 |
|
|
$ |
(8,520,661 |
) |
|
$ |
1,540,315 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
67,054 |
|
|
119,414 |
|
|
326,166 |
|
|
(318,702 |
) |
|
193,932 |
|
Accrued income taxes |
(16,195 |
) |
|
25,438 |
|
|
6,224 |
|
|
— |
|
|
15,467 |
|
Total current liabilities |
50,859 |
|
|
144,852 |
|
|
332,390 |
|
|
(318,702 |
) |
|
209,399 |
|
Long-term debt |
585,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
585,000 |
|
Other long-term liabilities |
2,869 |
|
|
5,864 |
|
|
9,826 |
|
|
— |
|
|
18,559 |
|
Long-term deferred tax liability |
— |
|
|
62,296 |
|
|
(3,984 |
) |
|
— |
|
|
58,312 |
|
Intercompany payables |
1,413,346 |
|
|
1,375,184 |
|
|
1,412,566 |
|
|
(4,201,096 |
) |
|
— |
|
Total liabilities |
2,052,074 |
|
|
1,588,196 |
|
|
1,750,798 |
|
|
(4,519,798 |
) |
|
871,270 |
|
Total equity |
667,723 |
|
|
2,171,129 |
|
|
1,831,056 |
|
|
(4,000,863 |
) |
|
669,045 |
|
Total liabilities and stockholders’ equity |
$ |
2,719,797 |
|
|
$ |
3,759,325 |
|
|
$ |
3,581,854 |
|
|
$ |
(8,520,661 |
) |
|
$ |
1,540,315 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
— |
|
|
$ |
79,395 |
|
|
$ |
150,931 |
|
|
$ |
(26,250 |
) |
|
$ |
204,076 |
|
Operating expenses |
— |
|
|
44,145 |
|
|
121,375 |
|
|
(26,250 |
) |
|
139,270 |
|
Depreciation and amortization |
— |
|
|
23,311 |
|
|
17,228 |
|
|
— |
|
|
40,539 |
|
Total operating gross margin |
— |
|
|
11,939 |
|
|
12,328 |
|
|
— |
|
|
24,267 |
|
General and administration expense (1)
|
(112 |
) |
|
(10,115 |
) |
|
(610 |
) |
|
— |
|
|
(10,837 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
52 |
|
|
2,389 |
|
|
— |
|
|
2,441 |
|
Total operating income (loss) |
(112 |
) |
|
1,876 |
|
|
14,107 |
|
|
— |
|
|
15,871 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,059 |
) |
|
(17 |
) |
|
(328 |
) |
|
326 |
|
|
(11,078 |
) |
Interest income |
417 |
|
|
3 |
|
|
89 |
|
|
(326 |
) |
|
183 |
|
Other |
— |
|
|
10 |
|
|
(1,390 |
) |
|
— |
|
|
(1,380 |
) |
Equity in net earnings of subsidiaries |
8,988 |
|
|
— |
|
|
— |
|
|
(8,988 |
) |
|
— |
|
Total other income (expense) |
(1,654 |
) |
|
(4 |
) |
|
(1,629 |
) |
|
(8,988 |
) |
|
(12,275 |
) |
Income (benefit) before income taxes |
(1,766 |
) |
|
1,872 |
|
|
12,478 |
|
|
(8,988 |
) |
|
3,596 |
|
Total income tax expense (benefit) |
(4,988 |
) |
|
(447 |
) |
|
5,253 |
|
|
— |
|
|
(182 |
) |
Net income (loss) |
3,222 |
|
|
2,319 |
|
|
7,225 |
|
|
(8,988 |
) |
|
3,778 |
|
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
556 |
|
|
— |
|
|
556 |
|
Net income (loss) attributable to controlling interest |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
6,669 |
|
|
$ |
(8,988 |
) |
|
$ |
3,222 |
|
(1) General and administration expenses for field operations are included in operating expenses.
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
7,225 |
|
|
$ |
(8,988 |
) |
|
$ |
3,778 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,670 |
) |
|
— |
|
|
(1,670 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(849 |
) |
|
— |
|
|
(849 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(2,519 |
) |
|
— |
|
|
(2,519 |
) |
Comprehensive income (loss) |
3,222 |
|
|
2,319 |
|
|
4,706 |
|
|
(8,988 |
) |
|
1,259 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(394 |
) |
|
— |
|
|
(394 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
4,312 |
|
|
$ |
(8,988 |
) |
|
$ |
865 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,394 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,392 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(804 |
) |
|
— |
|
|
(804 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
699 |
|
|
— |
|
|
$ |
699 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(105 |
) |
|
— |
|
|
(105 |
) |
Comprehensive income (loss) |
(12,549 |
) |
|
12,040 |
|
|
(1,499 |
) |
|
(10,489 |
) |
|
(12,497 |
) |
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(154 |
) |
|
— |
|
|
(154 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,653 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,651 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
7,225 |
|
|
$ |
(8,988 |
) |
|
$ |
3,778 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
23,311 |
|
|
17,228 |
|
|
— |
|
|
40,539 |
|
Gain on disposition of assets |
— |
|
|
(52 |
) |
|
(2,389 |
) |
|
— |
|
|
(2,441 |
) |
Deferred income tax expense |
(7,932 |
) |
|
3,117 |
|
|
(1,489 |
) |
|
— |
|
|
(6,304 |
) |
Expenses not requiring cash |
2,443 |
|
|
436 |
|
|
(1,142 |
) |
|
— |
|
|
1,737 |
|
Equity in net earnings of subsidiaries |
(8,988 |
) |
|
— |
|
|
— |
|
|
8,988 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
19 |
|
|
(12,289 |
) |
|
5,620 |
|
|
— |
|
|
(6,650 |
) |
Other assets |
25,016 |
|
|
(41,216 |
) |
|
(3,887 |
) |
|
— |
|
|
(20,087 |
) |
Accounts payable and accrued liabilities |
(10,549 |
) |
|
47,058 |
|
|
17,536 |
|
|
— |
|
|
54,045 |
|
Accrued income taxes |
(10,727 |
) |
|
13,922 |
|
|
(581 |
) |
|
— |
|
|
2,614 |
|
Net cash provided by (used in) operating activities |
(7,496 |
) |
|
36,606 |
|
|
38,121 |
|
|
— |
|
|
67,231 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(24,418 |
) |
|
(9,037 |
) |
|
— |
|
|
(33,455 |
) |
Proceeds from the sale of assets |
— |
|
|
50 |
|
|
196 |
|
|
— |
|
|
246 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Net cash (used in) investing activities |
— |
|
|
(24,368 |
) |
|
(6,341 |
) |
|
— |
|
|
(30,709 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,359 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,359 |
) |
Excess tax benefit from stock-based compensation |
(420 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(420 |
) |
Intercompany advances, net |
34,251 |
|
|
(14,840 |
) |
|
(19,411 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
2,472 |
|
|
(14,840 |
) |
|
(19,411 |
) |
|
— |
|
|
(31,779 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(5,024 |
) |
|
(2,602 |
) |
|
12,369 |
|
|
— |
|
|
4,743 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
31,704 |
|
|
$ |
10,944 |
|
|
$ |
70,551 |
|
|
$ |
— |
|
|
$ |
113,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
7,225 |
|
|
$ |
(8,988 |
) |
|
$ |
3,778 |
|
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
23,311 |
|
|
17,228 |
|
|
— |
|
|
40,539 |
|
Gain on disposition of assets |
— |
|
|
(52 |
) |
|
(2,389 |
) |
|
— |
|
|
(2,441 |
) |
Deferred income tax expense |
(7,932 |
) |
|
3,117 |
|
|
(1,489 |
) |
|
— |
|
|
(6,304 |
) |
Expenses not requiring cash |
2,443 |
|
|
436 |
|
|
(1,142 |
) |
|
— |
|
|
1,737 |
|
Equity in net earnings of subsidiaries |
(8,988 |
) |
|
— |
|
|
— |
|
|
8,988 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
19 |
|
|
(12,289 |
) |
|
5,620 |
|
|
— |
|
|
(6,650 |
) |
Other assets |
25,016 |
|
|
(41,216 |
) |
|
(3,887 |
) |
|
— |
|
|
(20,087 |
) |
Accounts payable and accrued liabilities |
(10,549 |
) |
|
47,058 |
|
|
17,536 |
|
|
— |
|
|
54,045 |
|
Accrued income taxes |
(10,727 |
) |
|
13,922 |
|
|
(581 |
) |
|
— |
|
|
2,614 |
|
Net cash provided by (used in) operating activities |
(7,496 |
) |
|
36,606 |
|
|
38,121 |
|
|
— |
|
|
67,231 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(24,418 |
) |
|
(9,037 |
) |
|
— |
|
|
(33,455 |
) |
Proceeds from the sale of assets |
— |
|
|
50 |
|
|
196 |
|
|
— |
|
|
246 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Net cash (used in) investing activities |
— |
|
|
(24,368 |
) |
|
(6,341 |
) |
|
— |
|
|
(30,709 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,359 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,359 |
) |
Excess tax benefit from stock-based compensation |
(420 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(420 |
) |
Intercompany advances, net |
34,251 |
|
|
(14,840 |
) |
|
(19,411 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
2,472 |
|
|
(14,840 |
) |
|
(19,411 |
) |
|
— |
|
|
(31,779 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(5,024 |
) |
|
(2,602 |
) |
|
12,369 |
|
|
— |
|
|
4,743 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
31,704 |
|
|
$ |
10,944 |
|
|
$ |
70,551 |
|
|
$ |
— |
|
|
$ |
113,199 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12,549 |
) |
|
$ |
12,040 |
|
|
$ |
(1,394 |
) |
|
$ |
(10,489 |
) |
|
$ |
(12,392 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
20,168 |
|
|
14,169 |
|
|
— |
|
|
34,337 |
|
Loss on extinguishment of debt |
29,673 |
|
|
— |
|
|
— |
|
|
— |
|
|
29,673 |
|
Gain on disposition of assets |
79 |
|
|
81 |
|
|
(31 |
) |
|
— |
|
|
129 |
|
Deferred income tax expense |
(17,472 |
) |
|
3,891 |
|
|
1,289 |
|
|
— |
|
|
(12,292 |
) |
Expenses not requiring cash |
4,180 |
|
|
129 |
|
|
2,535 |
|
|
— |
|
|
6,844 |
|
Equity in net earnings of subsidiaries |
(10,489 |
) |
|
— |
|
|
— |
|
|
10,489 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
11 |
|
|
(18,803 |
) |
|
12,566 |
|
|
— |
|
|
(6,226 |
) |
Other assets |
12,746 |
|
|
(14,180 |
) |
|
1,040 |
|
|
— |
|
|
(394 |
) |
Accounts payable and accrued liabilities |
(8,476 |
) |
|
(34 |
) |
|
305 |
|
|
— |
|
|
(8,205 |
) |
Accrued income taxes |
(4,420 |
) |
|
7,206 |
|
|
(2,636 |
) |
|
— |
|
|
150 |
|
Net cash provided by (used in) operating activities |
(6,717 |
) |
|
10,498 |
|
|
27,843 |
|
|
— |
|
|
31,624 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(25,523 |
) |
|
(11,922 |
) |
|
— |
|
|
(37,445 |
) |
Proceeds from the sale of assets |
— |
|
|
472 |
|
|
1,154 |
|
|
— |
|
|
1,626 |
|
Net cash (used in) investing activities |
— |
|
|
(25,051 |
) |
|
(10,768 |
) |
|
— |
|
|
(35,819 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long-term debt |
(418,699 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(418,699 |
) |
Payment of debt issuance costs |
(7,273 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,273 |
) |
Payment of debt extinguishment costs |
(25,796 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(25,796 |
) |
Excess tax benefit from stock-based compensation |
335 |
|
|
— |
|
|
— |
|
|
— |
|
|
335 |
|
Intercompany advances, net |
102 |
|
|
22,159 |
|
|
(22,261 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(51,331 |
) |
|
22,159 |
|
|
(22,261 |
) |
|
— |
|
|
(51,433 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(58,048 |
) |
|
7,606 |
|
|
(5,186 |
) |
|
— |
|
|
(55,628 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
30,649 |
|
|
$ |
15,916 |
|
|
$ |
46,496 |
|
|
$ |
— |
|
|
$ |
93,061 |
|
|