Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| 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, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
73,985 |
|
|
$ |
13,854 |
|
|
$ |
46,455 |
|
|
$ |
— |
|
|
$ |
134,294 |
|
Accounts and notes receivable, net |
— |
|
|
42,261 |
|
|
132,844 |
|
|
— |
|
|
175,105 |
|
Rig materials and supplies |
— |
|
|
(4,744 |
) |
|
39,681 |
|
|
— |
|
|
34,937 |
|
Other current assets |
— |
|
|
5,982 |
|
|
16,423 |
|
|
— |
|
|
22,405 |
|
Total current assets |
73,985 |
|
|
57,353 |
|
|
235,403 |
|
|
— |
|
|
366,741 |
|
Property, plant and equipment, net |
(19 |
) |
|
543,346 |
|
|
262,514 |
|
|
— |
|
|
805,841 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
11,740 |
|
|
1,637 |
|
|
— |
|
|
13,377 |
|
Investment in subsidiaries and intercompany advances |
3,057,220 |
|
|
2,770,501 |
|
|
3,319,702 |
|
|
(9,147,423 |
) |
|
— |
|
Other noncurrent assets |
(234,786 |
) |
|
312,790 |
|
|
265,995 |
|
|
(169,964 |
) |
|
174,035 |
|
Total assets |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
84,456 |
|
|
56,382 |
|
|
295,439 |
|
|
(306,574 |
) |
|
129,703 |
|
Accrued income taxes |
9,900 |
|
|
2,111 |
|
|
(5,593 |
) |
|
— |
|
|
6,418 |
|
Total current liabilities |
94,356 |
|
|
58,493 |
|
|
289,846 |
|
|
(306,574 |
) |
|
136,121 |
|
Long-term debt, net |
574,798 |
|
|
— |
|
|
— |
|
|
— |
|
|
574,798 |
|
Other long-term liabilities |
2,868 |
|
|
7,446 |
|
|
8,303 |
|
|
— |
|
|
18,617 |
|
Long-term deferred tax liability |
(29 |
) |
|
69,679 |
|
|
(996 |
) |
|
— |
|
|
68,654 |
|
Intercompany payables |
1,656,968 |
|
|
1,401,510 |
|
|
1,864,671 |
|
|
(4,923,149 |
) |
|
— |
|
Total liabilities |
2,328,961 |
|
|
1,537,128 |
|
|
2,161,824 |
|
|
(5,229,723 |
) |
|
798,190 |
|
Total equity |
567,439 |
|
|
2,165,310 |
|
|
1,923,427 |
|
|
(4,087,664 |
) |
|
568,512 |
|
Total liabilities and stockholders’ equity |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
45,822 |
|
|
$ |
13,242 |
|
|
$ |
49,363 |
|
|
$ |
— |
|
|
$ |
108,427 |
|
Accounts and notes receivable, net |
— |
|
|
48,785 |
|
|
126,597 |
|
|
— |
|
|
175,382 |
|
Rig materials and supplies |
— |
|
|
(3,788 |
) |
|
40,296 |
|
|
— |
|
|
36,508 |
|
Other current assets |
— |
|
|
5,124 |
|
|
19,314 |
|
|
— |
|
|
24,438 |
|
Total current assets |
45,822 |
|
|
63,363 |
|
|
235,570 |
|
|
— |
|
|
344,755 |
|
Property, plant and equipment, net |
(19 |
) |
|
521,959 |
|
|
254,972 |
|
|
— |
|
|
776,912 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
11,164 |
|
|
1,056 |
|
|
— |
|
|
12,220 |
|
Investment in subsidiaries and intercompany advances |
3,049,008 |
|
|
2,810,676 |
|
|
3,439,433 |
|
|
(9,299,117 |
) |
|
— |
|
Other noncurrent assets |
(225,185 |
) |
|
277,015 |
|
|
543,011 |
|
|
(480,787 |
) |
|
114,054 |
|
Total assets |
$ |
2,869,626 |
|
|
$ |
3,690,885 |
|
|
$ |
4,474,042 |
|
|
$ |
(9,779,904 |
) |
|
$ |
1,254,649 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
104,789 |
|
|
$ |
55,216 |
|
|
$ |
572,465 |
|
|
$ |
(617,477 |
) |
|
$ |
114,993 |
|
Accrued income taxes |
20,216 |
|
|
(6,430 |
) |
|
(7,806 |
) |
|
— |
|
|
5,980 |
|
Total current liabilities |
125,005 |
|
|
48,786 |
|
|
564,659 |
|
|
(617,477 |
) |
|
120,973 |
|
Long-term debt, net |
575,171 |
|
|
— |
|
|
— |
|
|
— |
|
|
575,171 |
|
Other long-term liabilities |
2,868 |
|
|
5,867 |
|
|
5,020 |
|
|
— |
|
|
13,755 |
|
Long-term deferred tax liability |
(29 |
) |
|
72,948 |
|
|
(1,021 |
) |
|
— |
|
|
71,898 |
|
Intercompany payables |
1,693,797 |
|
|
1,412,285 |
|
|
1,962,772 |
|
|
(5,068,854 |
) |
|
— |
|
Total liabilities |
2,396,812 |
|
|
1,539,886 |
|
|
2,531,430 |
|
|
(5,686,331 |
) |
|
781,797 |
|
Total equity |
472,814 |
|
|
2,150,999 |
|
|
1,942,612 |
|
|
(4,093,573 |
) |
|
472,852 |
|
Total liabilities and stockholders’ equity |
$ |
2,869,626 |
|
|
$ |
3,690,885 |
|
|
$ |
4,474,042 |
|
|
$ |
(9,779,904 |
) |
|
$ |
1,254,649 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
47,382 |
|
|
$ |
106,477 |
|
|
$ |
(23,356 |
) |
|
$ |
130,503 |
|
Operating expenses |
— |
|
|
32,835 |
|
|
98,638 |
|
|
(23,356 |
) |
|
108,117 |
|
Depreciation and amortization |
— |
|
|
23,125 |
|
|
12,689 |
|
|
— |
|
|
35,814 |
|
Total operating gross margin |
— |
|
|
(8,578 |
) |
|
(4,850 |
) |
|
— |
|
|
(13,428 |
) |
General and administration expense (1)
|
(87 |
) |
|
(9,613 |
) |
|
(81 |
) |
|
— |
|
|
(9,781 |
) |
(Loss) on disposition of assets, net |
— |
|
|
(56 |
) |
|
(4 |
) |
|
— |
|
|
(60 |
) |
Total operating income (loss) |
(87 |
) |
|
(18,247 |
) |
|
(4,935 |
) |
|
— |
|
|
(23,269 |
) |
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,857 |
) |
|
(437 |
) |
|
(2,859 |
) |
|
3,591 |
|
|
(11,562 |
) |
Interest income |
204 |
|
|
179 |
|
|
3,215 |
|
|
(3,591 |
) |
|
7 |
|
Other |
— |
|
|
485 |
|
|
2,000 |
|
|
— |
|
|
2,485 |
|
Equity in net earnings of subsidiaries |
(16,225 |
) |
|
— |
|
|
— |
|
|
16,225 |
|
|
— |
|
Total other income (expense) |
(27,878 |
) |
|
227 |
|
|
2,356 |
|
|
16,225 |
|
|
(9,070 |
) |
Income (loss) before income taxes |
(27,965 |
) |
|
(18,020 |
) |
|
(2,579 |
) |
|
16,225 |
|
|
(32,339 |
) |
Total income tax expense (benefit) |
67,870 |
|
|
(3,707 |
) |
|
(667 |
) |
|
— |
|
|
63,496 |
|
Net income (loss) |
(95,835 |
) |
|
(14,313 |
) |
|
(1,912 |
) |
|
16,225 |
|
|
(95,835 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to controlling interest |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
(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, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
502 |
|
|
— |
|
|
502 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(1,538 |
) |
|
— |
|
|
(1,538 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(1,036 |
) |
|
— |
|
|
(1,036 |
) |
Comprehensive income (loss) |
(95,835 |
) |
|
(14,313 |
) |
|
(2,948 |
) |
|
16,225 |
|
|
(96,871 |
) |
Comprehensive (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(2,948 |
) |
|
$ |
16,225 |
|
|
$ |
(96,871 |
) |
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 (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(394 |
) |
|
— |
|
|
(394 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
3,222 |
|
|
$ |
2,319 |
|
|
$ |
4,312 |
|
|
$ |
(8,988 |
) |
|
$ |
865 |
|
|
| 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, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
23,125 |
|
|
12,689 |
|
|
— |
|
|
35,814 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
Gain on disposition of assets |
— |
|
|
56 |
|
|
4 |
|
|
— |
|
|
60 |
|
Deferred income tax expense |
57,677 |
|
|
5,185 |
|
|
549 |
|
|
— |
|
|
63,411 |
|
Expenses not requiring cash |
1,740 |
|
|
33 |
|
|
(2,199 |
) |
|
— |
|
|
(426 |
) |
Equity in net earnings of subsidiaries |
16,225 |
|
|
— |
|
|
— |
|
|
(16,225 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(6,637 |
) |
|
6,256 |
|
|
— |
|
|
(381 |
) |
Other assets |
(37,191 |
) |
|
33,904 |
|
|
2,983 |
|
|
— |
|
|
(304 |
) |
Accounts payable and accrued liabilities |
(9,521 |
) |
|
(799 |
) |
|
(4,117 |
) |
|
— |
|
|
(14,437 |
) |
Accrued income taxes |
10,680 |
|
|
(8,905 |
) |
|
(5,375 |
) |
|
— |
|
|
(3,600 |
) |
Net cash provided by (used in) operating activities |
(56,225 |
) |
|
32,068 |
|
|
8,878 |
|
|
— |
|
|
(15,279 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(3,521 |
) |
|
(4,368 |
) |
|
— |
|
|
(7,889 |
) |
Proceeds from the sale of assets |
— |
|
|
28 |
|
|
26 |
|
|
— |
|
|
54 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(3,493 |
) |
|
(4,342 |
) |
|
— |
|
|
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment of contingent consideration |
— |
|
|
(2,000 |
) |
|
— |
|
|
— |
|
|
(2,000 |
) |
Excess tax benefit from stock-based compensation |
(753 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(753 |
) |
Intercompany advances, net |
28,815 |
|
|
(27,187 |
) |
|
(1,628 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
28,062 |
|
|
(29,187 |
) |
|
(1,628 |
) |
|
— |
|
|
(2,753 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(28,163 |
) |
|
(612 |
) |
|
2,908 |
|
|
— |
|
|
(25,867 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
45,822 |
|
|
$ |
13,242 |
|
|
$ |
49,363 |
|
|
$ |
— |
|
|
$ |
108,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
23,125 |
|
|
12,689 |
|
|
— |
|
|
35,814 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
Gain on disposition of assets |
— |
|
|
56 |
|
|
4 |
|
|
— |
|
|
60 |
|
Deferred income tax expense |
57,677 |
|
|
5,185 |
|
|
549 |
|
|
— |
|
|
63,411 |
|
Expenses not requiring cash |
1,740 |
|
|
33 |
|
|
(2,199 |
) |
|
— |
|
|
(426 |
) |
Equity in net earnings of subsidiaries |
16,225 |
|
|
— |
|
|
— |
|
|
(16,225 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(6,637 |
) |
|
6,256 |
|
|
— |
|
|
(381 |
) |
Other assets |
(37,191 |
) |
|
33,904 |
|
|
2,983 |
|
|
— |
|
|
(304 |
) |
Accounts payable and accrued liabilities |
(9,521 |
) |
|
(799 |
) |
|
(4,117 |
) |
|
— |
|
|
(14,437 |
) |
Accrued income taxes |
10,680 |
|
|
(8,905 |
) |
|
(5,375 |
) |
|
— |
|
|
(3,600 |
) |
Net cash provided by (used in) operating activities |
(56,225 |
) |
|
32,068 |
|
|
8,878 |
|
|
— |
|
|
(15,279 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(3,521 |
) |
|
(4,368 |
) |
|
— |
|
|
(7,889 |
) |
Proceeds from the sale of assets |
— |
|
|
28 |
|
|
26 |
|
|
— |
|
|
54 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(3,493 |
) |
|
(4,342 |
) |
|
— |
|
|
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment of contingent consideration |
— |
|
|
(2,000 |
) |
|
— |
|
|
— |
|
|
(2,000 |
) |
Excess tax benefit from stock-based compensation |
(753 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(753 |
) |
Intercompany advances, net |
28,815 |
|
|
(27,187 |
) |
|
(1,628 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
28,062 |
|
|
(29,187 |
) |
|
(1,628 |
) |
|
— |
|
|
(2,753 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(28,163 |
) |
|
(612 |
) |
|
2,908 |
|
|
— |
|
|
(25,867 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
45,822 |
|
|
$ |
13,242 |
|
|
$ |
49,363 |
|
|
$ |
— |
|
|
$ |
108,427 |
|
PARKER 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 provided by (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 |
|
|