Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
9 Months Ended |
Sep. 30, 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)
|
|
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|
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|
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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: |
|
|
|
|
|
|
|
|
|
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 |
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
54,042 |
|
|
$ |
13,684 |
|
|
$ |
35,887 |
|
|
$ |
— |
|
|
$ |
103,613 |
|
Accounts and notes receivable, net |
— |
|
|
15,637 |
|
|
114,979 |
|
|
— |
|
|
130,616 |
|
Rig materials and supplies |
— |
|
|
(6,210 |
) |
|
38,891 |
|
|
— |
|
|
32,681 |
|
Other current assets |
— |
|
|
7,142 |
|
|
15,372 |
|
|
— |
|
|
22,514 |
|
Total current assets |
54,042 |
|
|
30,253 |
|
|
205,129 |
|
|
— |
|
|
289,424 |
|
Property, plant and equipment, net |
(19 |
) |
|
483,513 |
|
|
234,760 |
|
|
— |
|
|
718,254 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
10,010 |
|
|
650 |
|
|
— |
|
|
10,660 |
|
Investment in subsidiaries and intercompany advances |
3,016,378 |
|
|
2,917,336 |
|
|
3,605,766 |
|
|
(9,539,480 |
) |
|
— |
|
Other noncurrent assets |
(137,690 |
) |
|
191,518 |
|
|
551,820 |
|
|
(480,812 |
) |
|
124,836 |
|
Total assets |
$ |
2,932,711 |
|
|
$ |
3,639,338 |
|
|
$ |
4,598,125 |
|
|
$ |
(10,020,292 |
) |
|
$ |
1,149,882 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
103,855 |
|
|
$ |
33,848 |
|
|
$ |
565,881 |
|
|
$ |
(617,477 |
) |
|
$ |
86,107 |
|
Accrued income taxes |
43,043 |
|
|
(24,909 |
) |
|
(10,948 |
) |
|
— |
|
|
7,186 |
|
Total current liabilities |
146,898 |
|
|
8,939 |
|
|
554,933 |
|
|
(617,477 |
) |
|
93,293 |
|
Long-term debt, net |
575,935 |
|
|
— |
|
|
— |
|
|
— |
|
|
575,935 |
|
Other long-term liabilities |
2,867 |
|
|
8,418 |
|
|
4,876 |
|
|
— |
|
|
16,161 |
|
Deferred tax liability |
(29 |
) |
|
80,545 |
|
|
(1,623 |
) |
|
— |
|
|
78,893 |
|
Intercompany payables |
1,818,320 |
|
|
1,425,349 |
|
|
2,112,278 |
|
|
(5,355,947 |
) |
|
— |
|
Total liabilities |
2,543,991 |
|
|
1,523,251 |
|
|
2,670,464 |
|
|
(5,973,424 |
) |
|
764,282 |
|
Total equity |
388,720 |
|
|
2,116,087 |
|
|
1,927,661 |
|
|
(4,046,868 |
) |
|
385,600 |
|
Total liabilities and stockholders’ equity |
$ |
2,932,711 |
|
|
$ |
3,639,338 |
|
|
$ |
4,598,125 |
|
|
$ |
(10,020,292 |
) |
|
$ |
1,149,882 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
25,399 |
|
|
$ |
96,663 |
|
|
$ |
(24,873 |
) |
|
$ |
97,189 |
|
Operating expenses |
— |
|
|
25,505 |
|
|
84,048 |
|
|
(24,873 |
) |
|
84,680 |
|
Depreciation and amortization |
— |
|
|
22,300 |
|
|
12,174 |
|
|
— |
|
|
34,474 |
|
Total operating gross margin (loss) |
— |
|
|
(22,406 |
) |
|
441 |
|
|
— |
|
|
(21,965 |
) |
General and administration expense (1)
|
(92 |
) |
|
(2,759 |
) |
|
(4,573 |
) |
|
— |
|
|
(7,424 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gain (loss) on disposition of assets, net |
— |
|
|
(12 |
) |
|
(175 |
) |
|
— |
|
|
(187 |
) |
Total operating income (loss) |
(92 |
) |
|
(25,177 |
) |
|
(4,307 |
) |
|
— |
|
|
(29,576 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,700 |
) |
|
(56 |
) |
|
504 |
|
|
237 |
|
|
(11,015 |
) |
Interest income |
189 |
|
|
157 |
|
|
(100 |
) |
|
(237 |
) |
|
9 |
|
Other |
— |
|
|
15 |
|
|
(366 |
) |
|
— |
|
|
(351 |
) |
Equity in net earnings of subsidiaries |
(24,887 |
) |
|
— |
|
|
— |
|
|
24,887 |
|
|
— |
|
Total other income (expense) |
(36,398 |
) |
|
116 |
|
|
38 |
|
|
24,887 |
|
|
(11,357 |
) |
Income (loss) before income taxes |
(36,490 |
) |
|
(25,061 |
) |
|
(4,269 |
) |
|
24,887 |
|
|
(40,933 |
) |
Total income tax expense (benefit) |
9,738 |
|
|
(6,652 |
) |
|
2,209 |
|
|
— |
|
|
5,295 |
|
Net income (loss) attributable to controlling interest |
$ |
(46,228 |
) |
|
$ |
(18,409 |
) |
|
$ |
(6,478 |
) |
|
$ |
24,887 |
|
|
$ |
(46,228 |
) |
(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 September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(46,228 |
) |
|
$ |
(18,409 |
) |
|
$ |
(6,478 |
) |
|
$ |
24,887 |
|
|
$ |
(46,228 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
116 |
|
|
— |
|
|
116 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(740 |
) |
|
— |
|
|
(740 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(624 |
) |
|
— |
|
|
(624 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(46,228 |
) |
|
$ |
(18,409 |
) |
|
$ |
(7,102 |
) |
|
$ |
24,887 |
|
|
$ |
(46,852 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(48,620 |
) |
|
$ |
(4,119 |
) |
|
$ |
(25,656 |
) |
|
$ |
29,913 |
|
|
$ |
(48,482 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,285 |
) |
|
— |
|
|
(1,285 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
588 |
|
|
— |
|
|
588 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(697 |
) |
|
— |
|
|
(697 |
) |
Comprehensive income (loss) |
(48,620 |
) |
|
(4,119 |
) |
|
(26,353 |
) |
|
29,913 |
|
|
(49,179 |
) |
Comprehensive income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(82 |
) |
|
— |
|
|
(82 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(48,620 |
) |
|
$ |
(4,119 |
) |
|
$ |
(26,435 |
) |
|
$ |
29,913 |
|
|
$ |
(49,261 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(16,455 |
) |
|
$ |
65,679 |
|
|
$ |
(181,885 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
311 |
|
|
— |
|
|
311 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(4,506 |
) |
|
— |
|
|
(4,506 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(4,195 |
) |
|
— |
|
|
(4,195 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(20,650 |
) |
|
$ |
65,679 |
|
|
$ |
(186,080 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(19,543 |
) |
|
$ |
29,316 |
|
|
$ |
(58,638 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(2,308 |
) |
|
— |
|
|
(2,308 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,462 |
|
|
— |
|
|
1,462 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(846 |
) |
|
— |
|
|
(846 |
) |
Comprehensive income (loss) |
(59,427 |
) |
|
(8,984 |
) |
|
(20,389 |
) |
|
29,316 |
|
|
(59,484 |
) |
Comprehensive income (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(571 |
) |
|
— |
|
|
(571 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(20,960 |
) |
|
$ |
29,316 |
|
|
$ |
(60,055 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(16,455 |
) |
|
$ |
65,679 |
|
|
$ |
(181,885 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
68,739 |
|
|
37,866 |
|
|
— |
|
|
106,605 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
(141 |
) |
|
390 |
|
|
— |
|
|
249 |
|
Deferred income tax expense (benefit) |
46,773 |
|
|
12,693 |
|
|
1,733 |
|
|
— |
|
|
61,199 |
|
Expenses not requiring cash |
4,155 |
|
|
(505 |
) |
|
(7,681 |
) |
|
— |
|
|
(4,031 |
) |
Equity in net earnings of subsidiaries |
65,679 |
|
|
— |
|
|
— |
|
|
(65,679 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
26,956 |
|
|
17,843 |
|
|
— |
|
|
44,799 |
|
Other assets |
(113,372 |
) |
|
119,703 |
|
|
(3,049 |
) |
|
— |
|
|
3,282 |
|
Accounts payable and accrued liabilities |
(7,079 |
) |
|
(16,486 |
) |
|
(7,025 |
) |
|
— |
|
|
(30,590 |
) |
Accrued income taxes |
33,313 |
|
|
(27,191 |
) |
|
(8,114 |
) |
|
— |
|
|
(1,992 |
) |
Net cash provided by (used in) operating activities |
(151,328 |
) |
|
134,963 |
|
|
15,508 |
|
|
— |
|
|
(857 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(10,121 |
) |
|
(10,873 |
) |
|
— |
|
|
(20,994 |
) |
Proceeds from the sale of assets |
— |
|
|
435 |
|
|
1,861 |
|
|
— |
|
|
2,296 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(9,686 |
) |
|
(9,012 |
) |
|
— |
|
|
(18,698 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment for noncontrolling interest |
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Payment of contingent consideration |
— |
|
|
(6,000 |
) |
|
— |
|
|
— |
|
|
(6,000 |
) |
Excess tax benefit from stock-based compensation |
(1,751 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,751 |
) |
Intercompany advances, net |
136,511 |
|
|
(119,447 |
) |
|
(17,064 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
131,385 |
|
|
(125,447 |
) |
|
(17,064 |
) |
|
— |
|
|
(11,126 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(19,943 |
) |
|
(170 |
) |
|
(10,568 |
) |
|
— |
|
|
(30,681 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
54,042 |
|
|
$ |
13,684 |
|
|
$ |
35,887 |
|
|
$ |
— |
|
|
$ |
103,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(181,885 |
) |
|
$ |
(49,224 |
) |
|
$ |
(16,455 |
) |
|
$ |
65,679 |
|
|
$ |
(181,885 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
68,739 |
|
|
37,866 |
|
|
— |
|
|
106,605 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
(141 |
) |
|
390 |
|
|
— |
|
|
249 |
|
Deferred income tax expense (benefit) |
46,773 |
|
|
12,693 |
|
|
1,733 |
|
|
— |
|
|
61,199 |
|
Expenses not requiring cash |
4,155 |
|
|
(505 |
) |
|
(7,681 |
) |
|
— |
|
|
(4,031 |
) |
Equity in net earnings of subsidiaries |
65,679 |
|
|
— |
|
|
— |
|
|
(65,679 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
26,956 |
|
|
17,843 |
|
|
— |
|
|
44,799 |
|
Other assets |
(113,372 |
) |
|
119,703 |
|
|
(3,049 |
) |
|
— |
|
|
3,282 |
|
Accounts payable and accrued liabilities |
(7,079 |
) |
|
(16,486 |
) |
|
(7,025 |
) |
|
— |
|
|
(30,590 |
) |
Accrued income taxes |
33,313 |
|
|
(27,191 |
) |
|
(8,114 |
) |
|
— |
|
|
(1,992 |
) |
Net cash provided by (used in) operating activities |
(151,328 |
) |
|
134,963 |
|
|
15,508 |
|
|
— |
|
|
(857 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(10,121 |
) |
|
(10,873 |
) |
|
— |
|
|
(20,994 |
) |
Proceeds from the sale of assets |
— |
|
|
435 |
|
|
1,861 |
|
|
— |
|
|
2,296 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(9,686 |
) |
|
(9,012 |
) |
|
— |
|
|
(18,698 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment for noncontrolling interest |
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Payment of contingent consideration |
— |
|
|
(6,000 |
) |
|
— |
|
|
— |
|
|
(6,000 |
) |
Excess tax benefit from stock-based compensation |
(1,751 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,751 |
) |
Intercompany advances, net |
136,511 |
|
|
(119,447 |
) |
|
(17,064 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
131,385 |
|
|
(125,447 |
) |
|
(17,064 |
) |
|
— |
|
|
(11,126 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(19,943 |
) |
|
(170 |
) |
|
(10,568 |
) |
|
— |
|
|
(30,681 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
54,042 |
|
|
$ |
13,684 |
|
|
$ |
35,887 |
|
|
$ |
— |
|
|
$ |
103,613 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(59,427 |
) |
|
$ |
(8,984 |
) |
|
$ |
(19,543 |
) |
|
$ |
29,316 |
|
|
$ |
(58,638 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
71,270 |
|
|
47,204 |
|
|
— |
|
|
118,474 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
547 |
|
|
— |
|
|
547 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
920 |
|
|
2,302 |
|
|
— |
|
|
3,222 |
|
(Gain) loss on disposition of assets |
— |
|
|
(452 |
) |
|
(2,234 |
) |
|
— |
|
|
(2,686 |
) |
Deferred income tax expense (benefit) |
(24,184 |
) |
|
10,032 |
|
|
24,411 |
|
|
— |
|
|
10,259 |
|
Expenses not requiring cash |
6,498 |
|
|
2,677 |
|
|
(1,146 |
) |
|
— |
|
|
8,029 |
|
Equity in net earnings of subsidiaries |
29,316 |
|
|
— |
|
|
— |
|
|
(29,316 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(33 |
) |
|
36,694 |
|
|
14,593 |
|
|
— |
|
|
51,254 |
|
Other assets |
(121,465 |
) |
|
110,017 |
|
|
12,934 |
|
|
— |
|
|
1,486 |
|
Accounts payable and accrued liabilities |
(10,480 |
) |
|
(168 |
) |
|
(5,142 |
) |
|
— |
|
|
(15,790 |
) |
Accrued income taxes |
6,481 |
|
|
(2,081 |
) |
|
(11,705 |
) |
|
— |
|
|
(7,305 |
) |
Net cash provided by (used in) operating activities |
(173,294 |
) |
|
219,925 |
|
|
62,221 |
|
|
— |
|
|
108,852 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(50,396 |
) |
|
(22,073 |
) |
|
— |
|
|
(72,469 |
) |
Proceeds from the sale of assets |
— |
|
|
489 |
|
|
242 |
|
|
— |
|
|
731 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisitions, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash provided by (used in) investing activities |
— |
|
|
(60,338 |
) |
|
(19,331 |
) |
|
— |
|
|
(79,669 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,996 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,996 |
) |
Excess tax benefit from stock-based compensation |
(992 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(992 |
) |
Intercompany advances, net |
216,082 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
183,094 |
|
|
(165,133 |
) |
|
(50,949 |
) |
|
— |
|
|
(32,988 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
9,800 |
|
|
(5,546 |
) |
|
(8,059 |
) |
|
— |
|
|
(3,805 |
) |
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
46,528 |
|
|
$ |
8,000 |
|
|
$ |
50,123 |
|
|
$ |
— |
|
|
$ |
104,651 |
|
|