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SEC Filings

10-Q
BRISTOW GROUP INC filed this Form 10-Q on 08/03/2017
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)

Supplemental Condensed Consolidating Balance Sheet
As of March 31, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
3,382

 
$
299

 
$
92,975

 
$

 
$
96,656

Accounts receivable
 
76,383

 
288,235

 
212,900

 
(370,603
)
 
206,915

Inventories
 

 
34,721

 
90,190

 

 
124,911

Assets held for sale
 

 
30,716

 
7,530

 

 
38,246

Prepaid expenses and other current assets
 
3,237

 
4,501

 
43,856

 
(10,451
)
 
41,143

Total current assets
 
83,002

 
358,472

 
447,451

 
(381,054
)
 
507,871

Intercompany investment
 
2,491,631

 
104,435

 
126,296

 
(2,722,362
)
 

Investment in unconsolidated affiliates
 

 

 
210,162

 

 
210,162

Intercompany notes receivable
 
306,641

 
37,633

 
39,706

 
(383,980
)
 

Property and equipment—at cost:
 
 
 
 
 
 
 
 
 
 
Land and buildings
 
4,806

 
62,114

 
164,528

 

 
231,448

Aircraft and equipment
 
151,005

 
1,199,073

 
1,272,623

 

 
2,622,701

 
 
155,811

 
1,261,187

 
1,437,151

 

 
2,854,149

Less: Accumulated depreciation and amortization
 
(29,099
)
 
(258,225
)
 
(312,461
)
 

 
(599,785
)
 
 
126,712

 
1,002,962

 
1,124,690

 

 
2,254,364

Goodwill
 

 

 
19,798

 

 
19,798

Other assets
 
18,770

 
2,139

 
100,743

 

 
121,652

Total assets
 
$
3,026,756

 
$
1,505,641

 
$
2,068,846

 
$
(3,487,396
)
 
$
3,113,847

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
231,841

 
$
70,434

 
$
151,382

 
$
(355,442
)
 
$
98,215

Accrued liabilities
 
61,791

 
17,379

 
132,704

 
(25,628
)
 
186,246

Current deferred taxes
 
(1,272
)
 
2,102

 

 

 
830

Short-term borrowings and current maturities of long-term debt
 
79,053

 
17,432

 
34,578

 

 
131,063

Total current liabilities
 
371,413

 
107,347

 
318,664

 
(381,070
)
 
416,354

Long-term debt, less current maturities
 
763,325

 
284,710

 
102,921

 

 
1,150,956

Intercompany notes payable
 
70,689

 
226,091

 
87,200

 
(383,980
)
 

Accrued pension liabilities
 

 

 
61,647

 

 
61,647

Other liabilities and deferred credits
 
11,597

 
6,229

 
11,073

 

 
28,899

Deferred taxes
 
112,716

 
40,344

 
1,813

 

 
154,873

Redeemable noncontrolling interest
 

 

 
6,886

 

 
6,886

Stockholders’ investment:
 
 
 
 
 
 
 
 
 
 
Common stock
 
379

 
20,028

 
115,317

 
(135,345
)
 
379

Additional paid-in-capital
 
809,995

 
29,387

 
284,048

 
(313,435
)
 
809,995

Retained earnings
 
991,906

 
791,117

 
819,987

 
(1,611,104
)
 
991,906

Accumulated other comprehensive loss
 
78,306

 
388

 
255,491

 
(662,462
)
 
(328,277
)
Treasury shares
 
(184,796
)
 

 

 

 
(184,796
)
Total Bristow Group stockholders’ investment
 
1,695,790

 
840,920

 
1,474,843

 
(2,722,346
)
 
1,289,207

Noncontrolling interests
 
1,226

 

 
3,799

 

 
5,025

Total stockholders’ investment
 
1,697,016

 
840,920

 
1,478,642

 
(2,722,346
)
 
1,294,232

Total liabilities, redeemable noncontrolling interest and stockholders’ investment
 
$
3,026,756

 
$
1,505,641

 
$
2,068,846

 
$
(3,487,396
)
 
$
3,113,847


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