Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

v2.4.0.8
Supplemental Guarantor Information (Tables)
9 Months Ended
Sep. 30, 2014
Supplemental Guarantor Information [Abstract]  
Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

17,220

 

 

$

 

 

$

 

 

$

17,220

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

52,332

 

 

 

45,356

 

 

 

 

 

 

97,688

 

Joint interest and other

 

32,785

 

 

 

 

 

 

 

 

 

32,785

 

Income taxes

 

136,389

 

 

 

 

 

 

(136,269

)

 

 

120

 

Total receivables

 

221,506

 

 

 

45,356

 

 

 

(136,269

)

 

 

130,593

 

Prepaid expenses and other assets

 

29,364

 

 

 

3,191

 

 

 

 

 

 

32,555

 

Total current assets

 

268,090

 

 

 

48,547

 

 

 

(136,269

)

 

 

180,368

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

5,970,031

 

 

 

1,895,671

 

 

 

 

 

 

7,865,702

 

Furniture, fixtures and other

 

22,128

 

 

 

 

 

 

 

 

 

22,128

 

Total property and equipment

 

5,992,159

 

 

 

1,895,671

 

 

 

 

 

 

7,887,830

 

Less accumulated depreciation, depletion and

   amortization

 

4,366,703

 

 

 

1,082,842

 

 

 

 

 

 

5,449,545

 

Net property and equipment

 

1,625,456

 

 

 

812,829

 

 

 

 

 

 

2,438,285

 

Restricted deposits for asset retirement obligations

 

15,382

 

 

 

 

 

 

 

 

 

15,382

 

Other assets

 

979,751

 

 

 

439,882

 

 

 

(1,401,644

)

 

 

17,989

 

Total assets

$

2,888,679

 

 

$

1,301,258

 

 

$

(1,537,913

)

 

$

2,652,024

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

153,928

 

 

$

5,693

 

 

$

 

 

$

159,621

 

Undistributed oil and natural gas proceeds

 

37,501

 

 

 

320

 

 

 

 

 

 

37,821

 

Asset retirement obligations

 

109,223

 

 

 

6,499

 

 

 

 

 

 

115,722

 

Accrued liabilities

 

39,313

 

 

 

135,986

 

 

 

(136,269

)

 

 

39,030

 

Total current liabilities

 

339,965

 

 

 

148,498

 

 

 

(136,269

)

 

 

352,194

 

Long-term debt, less current maturities

 

1,260,665

 

 

 

 

 

 

 

 

 

1,260,665

 

Asset retirement obligations, less current portion

 

175,135

 

 

 

113,145

 

 

 

 

 

 

288,280

 

Deferred income taxes

 

94,042

 

 

 

93,015

 

 

 

 

 

 

187,057

 

Other liabilities

 

468,678

 

 

 

 

 

 

(455,044

)

 

 

13,634

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

414,430

 

 

 

699,815

 

 

 

(699,815

)

 

 

414,430

 

Retained earnings

 

159,930

 

 

 

246,785

 

 

 

(246,785

)

 

 

159,930

 

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

550,194

 

 

 

946,600

 

 

 

(946,600

)

 

 

550,194

 

Total liabilities and shareholders’ equity

$

2,888,679

 

 

$

1,301,258

 

 

$

(1,537,913

)

 

$

2,652,024

 

 

 

Condensed Consolidating Balance Sheet as of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

15,800

 

 

$

 

 

$

 

 

$

15,800

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

61,373

 

 

 

35,379

 

 

 

 

 

 

96,752

 

Joint interest and other

 

27,984

 

 

 

 

 

 

 

 

 

27,984

 

Income taxes

 

95,611

 

 

 

 

 

 

(92,491

)

 

 

3,120

 

Total receivables

 

184,968

 

 

 

35,379

 

 

 

(92,491

)

 

 

127,856

 

Prepaid expenses and other assets

 

23,674

 

 

 

6,272

 

 

 

 

 

 

29,946

 

Total current assets

 

224,442

 

 

 

41,651

 

 

 

(92,491

)

 

 

173,602

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

5,667,389

 

 

 

1,671,708

 

 

 

 

 

 

7,339,097

 

Furniture, fixtures and other

 

21,431

 

 

 

 

 

 

 

 

 

21,431

 

Total property and equipment

 

5,688,820

 

 

 

1,671,708

 

 

 

 

 

 

7,360,528

 

Less accumulated depreciation, depletion and amortization

 

4,166,359

 

 

 

918,345

 

 

 

 

 

 

5,084,704

 

Net property and equipment

 

1,522,461

 

 

 

753,363

 

 

 

 

 

 

2,275,824

 

Restricted deposits for asset retirement obligations

 

37,421

 

 

 

 

 

 

 

 

 

37,421

 

Other assets

 

951,203

 

 

 

479,820

 

 

 

(1,410,568

)

 

 

20,455

 

Total assets

$

2,735,527

 

 

$

1,274,834

 

 

$

(1,503,059

)

 

$

2,507,302

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

144,492

 

 

$

720

 

 

$

 

 

$

145,212

 

Undistributed oil and natural gas proceeds

 

41,735

 

 

 

372

 

 

 

 

 

 

42,107

 

Asset retirement obligations

 

65,329

 

 

 

12,456

 

 

 

 

 

 

77,785

 

Accrued liabilities

 

28,000

 

 

 

92,491

 

 

 

(92,491

)

 

 

28,000

 

Total current liabilities

 

279,556

 

 

 

106,039

 

 

 

(92,491

)

 

 

293,104

 

Long-term debt, less current maturities

 

1,205,421

 

 

 

 

 

 

 

 

 

1,205,421

 

Asset retirement obligations, less current portion

 

189,507

 

 

 

87,130

 

 

 

 

 

 

276,637

 

Deferred income taxes

 

79,424

 

 

 

98,718

 

 

 

 

 

 

178,142

 

Other liabilities

 

441,009

 

 

 

 

 

 

(427,621

)

 

 

13,388

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

403,564

 

 

 

784,104

 

 

 

(784,104

)

 

 

403,564

 

Retained earnings

 

161,212

 

 

 

198,843

 

 

 

(198,843

)

 

 

161,212

 

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

540,610

 

 

 

982,947

 

 

 

(982,947

)

 

 

540,610

 

Total liabilities and shareholders’ equity

$

2,735,527

 

 

$

1,274,834

 

 

$

(1,503,059

)

 

$

2,507,302

 

 

 

Condensed Consolidating Statement of Income

 

Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

155,109

 

 

$

79,412

 

 

$

 

 

$

234,521

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

46,698

 

 

 

25,034

 

 

 

 

 

 

71,732

 

Production taxes

 

1,794

 

 

 

 

 

 

 

 

 

1,794

 

Gathering and transportation

 

2,831

 

 

 

1,284

 

 

 

 

 

 

4,115

 

Depreciation, depletion, amortization and accretion

 

74,512

 

 

 

54,159

 

 

 

 

 

 

128,671

 

General and administrative expenses

 

12,083

 

 

 

8,924

 

 

 

 

 

 

21,007

 

Derivative (gain)

 

(13,781

)

 

 

 

 

 

 

 

 

(13,781

)

Total costs and expenses

 

124,137

 

 

 

89,401

 

 

 

 

 

 

213,538

 

Operating income (loss)

 

30,972

 

 

 

(9,989

)

 

 

 

 

 

20,983

 

Earnings of affiliates

 

(9,652

)

 

 

 

 

 

9,652

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

20,932

 

 

 

851

 

 

 

 

 

 

21,783

 

Capitalized

 

(1,340

)

 

 

(851

)

 

 

 

 

 

(2,191

)

Other income

 

197

 

 

 

 

 

 

 

 

 

197

 

Income (loss) before income tax expense

 

1,925

 

 

 

(9,989

)

 

 

9,652

 

 

 

1,588

 

Income tax expense (benefit)

 

1,241

 

 

 

(337

)

 

 

 

 

 

904

 

Net income (loss)

$

684

 

 

$

(9,652

)

 

$

9,652

 

 

$

684

 

 

Condensed Consolidating Statement of Income for the Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

461,167

 

 

$

290,864

 

 

$

 

 

$

752,031

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

126,423

 

 

 

62,693

 

 

 

 

 

 

189,116

 

Production taxes

 

5,628

 

 

 

 

 

 

 

 

 

5,628

 

Gathering and transportation

 

8,387

 

 

 

5,009

 

 

 

 

 

 

13,396

 

Depreciation, depletion, amortization and accretion

 

208,271

 

 

 

171,942

 

 

 

 

 

 

380,213

 

General and administrative expenses

 

34,165

 

 

 

30,112

 

 

 

 

 

 

64,277

 

Derivative loss

 

6,790

 

 

 

 

 

 

 

 

 

6,790

 

Total costs and expenses

 

389,664

 

 

 

269,756

 

 

 

 

 

 

659,420

 

Operating income

 

71,503

 

 

 

21,108

 

 

 

 

 

 

92,611

 

Earnings of affiliates

 

10,738

 

 

 

 

 

 

(10,738

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

63,078

 

 

 

1,625

 

 

 

 

 

 

64,703

 

Capitalized

 

(4,797

)

 

 

(1,625

)

 

 

 

 

 

(6,422

)

Other income

 

205

 

 

 

 

 

 

 

 

 

205

 

Income before income tax expense

 

24,165

 

 

 

21,108

 

 

 

(10,738

)

 

 

34,535

 

Income tax expense

 

2,455

 

 

 

10,370

 

 

 

 

 

 

12,825

 

Net income

$

21,710

 

 

$

10,738

 

 

$

(10,738

)

 

$

21,710

 

 

 

 

Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

161,927

 

 

$

82,628

 

 

$

 

 

$

244,555

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

51,028

 

 

 

16,318

 

 

 

 

 

 

67,346

 

Production taxes

 

1,807

 

 

 

 

 

 

 

 

 

1,807

 

Gathering and transportation

 

1,479

 

 

 

2,132

 

 

 

 

 

 

3,611

 

Depreciation, depletion, amortization and accretion

 

58,014

 

 

 

46,129

 

 

 

 

 

 

104,143

 

General and administrative expenses

 

11,337

 

 

 

8,687

 

 

 

 

 

 

20,024

 

Derivative loss

 

15,659

 

 

 

 

 

 

 

 

 

15,659

 

Total costs and expenses

 

139,324

 

 

 

73,266

 

 

 

 

 

 

212,590

 

Operating income

 

22,603

 

 

 

9,362

 

 

 

 

 

 

31,965

 

Earnings of affiliates

 

6,171

 

 

 

 

 

 

(6,171

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

20,611

 

 

 

762

 

 

 

 

 

 

21,373

 

Capitalized

 

(1,811

)

 

 

(762

)

 

 

 

 

 

(2,573

)

Other income

 

9,062

 

 

 

 

 

 

 

 

 

9,062

 

Income before income tax expense

 

19,036

 

 

 

9,362

 

 

 

(6,171

)

 

 

22,227

 

Income tax expense

 

4,842

 

 

 

3,191

 

 

 

 

 

 

8,033

 

Net income

$

14,194

 

 

$

6,171

 

 

$

(6,171

)

 

$

14,194

 

 

Condensed Consolidating Statement of Income for the Nine Months Ended September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

479,537

 

 

$

259,623

 

 

$

 

 

$

739,160

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

145,703

 

 

 

49,232

 

 

 

 

 

 

194,935

 

Production taxes

 

5,375

 

 

 

 

 

 

 

 

 

5,375

 

Gathering and transportation

 

6,590

 

 

 

6,073

 

 

 

 

 

 

12,663

 

Depreciation, depletion, amortization and accretion

 

176,922

 

 

 

135,989

 

 

 

 

 

 

312,911

 

General and administrative expenses

 

35,222

 

 

 

25,757

 

 

 

 

 

 

60,979

 

Derivative loss

 

6,186

 

 

 

 

 

 

 

 

 

6,186

 

Total costs and expenses

 

375,998

 

 

 

217,051

 

 

 

 

 

 

593,049

 

Operating income

 

103,539

 

 

 

42,572

 

 

 

 

 

 

146,111

 

Earnings of affiliates

 

27,812

 

 

 

 

 

 

(27,812

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

61,932

 

 

 

2,225

 

 

 

 

 

 

64,157

 

Capitalized

 

(5,312

)

 

 

(2,225

)

 

 

 

 

 

(7,537

)

Other income

 

9,075

 

 

 

 

 

 

 

 

 

9,075

 

Income before income tax expense

 

83,806

 

 

 

42,572

 

 

 

(27,812

)

 

 

98,566

 

Income tax expense

 

20,598

 

 

 

14,760

 

 

 

 

 

 

35,358

 

Net income

$

63,208

 

 

$

27,812

 

 

$

(27,812

)

 

$

63,208

 

 

Condensed Consolidating Statement of Cash Flows

 

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

21,710

 

 

$

10,738

 

 

$

(10,738

)

 

$

21,710

 

Adjustments to reconcile net income to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

208,271

 

 

 

171,942

 

 

 

 

 

 

380,213

 

Amortization of debt issuance costs and premium

 

537

 

 

 

 

 

 

 

 

 

537

 

Share-based compensation

 

11,398

 

 

 

 

 

 

 

 

 

11,398

 

Derivative loss

 

6,790

 

 

 

 

 

 

 

 

 

6,790

 

Cash payments on derivative settlements

 

(18,543

)

 

 

 

 

 

 

 

 

(18,543

)

Deferred income taxes

 

17,621

 

 

 

(4,796

)

 

 

 

 

 

12,825

 

Earnings of affiliates

 

(10,738

)

 

 

 

 

 

10,738

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

9,041

 

 

 

(9,977

)

 

 

 

 

 

(936

)

Joint interest and other receivables

 

1,890

 

 

 

 

 

 

 

 

 

1,890

 

Income taxes

 

(12,283

)

 

 

15,167

 

 

 

 

 

 

2,884

 

Prepaid expenses and other assets

 

35,223

 

 

 

(41,419

)

 

 

27,424

 

 

 

21,228

 

Asset retirement obligations settlements

 

(28,492

)

 

 

(13,519

)

 

 

 

 

 

(42,011

)

Accounts payable, accrued liabilities  and other

 

49,463

 

 

 

4,921

 

 

 

(27,424

)

 

 

26,960

 

Net cash provided by operating activities

 

291,888

 

 

 

133,057

 

 

 

 

 

 

424,945

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property interest in oil and natural gas properties

 

(18,152

)

 

 

(53,363

)

 

 

 

 

 

(71,515

)

Investment in oil and natural gas properties and equipment

 

(245,561

)

 

 

(138,392

)

 

 

 

 

 

(383,953

)

Net proceeds from sales of properties and equipment

 

 

 

 

 

 

 

 

 

 

 

Change in restricted cash

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiary

 

(58,698

)

 

 

 

 

 

58,698

 

 

 

 

Purchases of furniture, fixtures and other

 

(2,181

)

 

 

 

 

 

 

 

 

(2,181

)

Net cash used in investing activities

 

(324,592

)

 

 

(191,755

)

 

 

58,698

 

 

 

(457,649

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

378,000

 

 

 

 

 

 

 

 

 

378,000

 

Repayments of long-term debt – revolving bank credit facility

 

(321,000

)

 

 

 

 

 

 

 

 

(321,000

)

Dividends to shareholders

 

(22,695

)

 

 

 

 

 

 

 

 

(22,695

)

Other

 

(181

)

 

 

 

 

 

 

 

 

(181

)

Investment from parent

 

 

 

 

58,698

 

 

 

(58,698

)

 

 

 

Net cash provided in financing activities

 

34,124

 

 

 

58,698

 

 

 

(58,698

)

 

 

34,124

 

Increase in cash and cash equivalents

 

1,420

 

 

 

 

 

 

 

 

 

1,420

 

Cash and cash equivalents, beginning of period

 

15,800

 

 

 

 

 

 

 

 

 

15,800

 

Cash and cash equivalents, end of period

$

17,220

 

 

$

 

 

$

 

 

$

17,220

 

 


 

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

63,208

 

 

$

27,812

 

 

$

(27,812

)

 

$

63,208

 

Adjustments to reconcile net income to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

176,922

 

 

 

135,989

 

 

 

 

 

 

312,911

 

Amortization of debt issuance costs and premium

 

1,366

 

 

 

 

 

 

 

 

 

1,366

 

Share-based compensation

 

8,457

 

 

 

 

 

 

 

 

 

8,457

 

Derivative gain

 

6,186

 

 

 

 

 

 

 

 

 

6,186

 

Cash payments on derivative settlements

 

(6,855

)

 

 

 

 

 

 

 

 

(6,855

)

Deferred income taxes

 

13,451

 

 

 

18,130

 

 

 

 

 

 

31,581

 

Earnings of affiliates

 

(27,812

)

 

 

 

 

 

27,812

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

13,260

 

 

 

(749

)

 

 

 

 

 

12,511

 

Joint interest and other receivables

 

30,064

 

 

 

 

 

 

 

 

 

30,064

 

Income taxes

 

56,802

 

 

 

(3,369

)

 

 

 

 

 

53,433

 

Prepaid expenses and other assets

 

(6,823

)

 

 

(52,400

)

 

 

48,408

 

 

 

(10,815

)

Asset retirement obligations

 

(48,098

)

 

 

(11,090

)

 

 

 

 

 

(59,188

)

Accounts payable, accrued liabilities  and other

 

58,051

 

 

 

23,331

 

 

 

(48,408

)

 

 

32,974

 

Net cash provided by operating activities

 

338,179

 

 

 

137,654

 

 

 

 

 

 

475,833

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(285,438

)

 

 

(137,654

)

 

 

 

 

 

(423,092

)

Net proceeds from sales of properties and equipment

 

21,011

 

 

 

 

 

 

 

 

 

21,011

 

Change in restricted cash

 

(16,459

)

 

 

 

 

 

 

 

 

(16,459

)

Purchases of furniture, fixtures and other

 

(1,327

)

 

 

 

 

 

 

 

 

(1,327

)

Net cash used in investing activities

 

(282,213

)

 

 

(137,654

)

 

 

 

 

 

(419,867

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

335,000

 

 

 

 

 

 

 

 

 

335,000

 

Repayments of long-term debt – revolving bank credit facility

 

(368,000

)

 

 

 

 

 

 

 

 

(368,000

)

Dividends to shareholders

 

(19,570

)

 

 

 

 

 

 

 

 

(19,570

)

Other

 

(414

)

 

 

 

 

 

 

 

 

(414

)

Net cash used in financing activities

 

(52,984

)

 

 

 

 

 

 

 

 

(52,984

)

Increase in cash and cash equivalents

 

2,982

 

 

 

 

 

 

 

 

 

2,982

 

Cash and cash equivalents, beginning of period

 

12,245

 

 

 

 

 

 

 

 

 

12,245

 

Cash and cash equivalents, end of period

$

15,227

 

 

$

 

 

$

 

 

$

15,227