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, 2013
Condensed Consolidating Balance Sheet

 

Condensed Consolidating Balance Sheet as of September 30, 2013

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

  15,227

 

 

$

 

 

$

 

 

$

  15,227

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

  66,953

 

 

 

  18,301

 

 

 

(33

)

 

 

  85,221

 

Joint interest and other

 

  31,492

 

 

 

 

 

 

 

 

 

  31,492

 

Total receivables

 

  98,445

 

 

 

  18,301

 

 

 

(33

)

 

 

  116,713

 

Restricted cash and cash equivalents

 

  16,459

 

 

 

 

 

 

 

 

 

  16,459

 

Prepaid expenses and other assets

 

  152,739

 

 

 

  3,991

 

 

 

(123,880

)

 

 

  32,850

 

Total current assets

 

  282,870

 

 

 

  22,292

 

 

 

(123,913

)

 

 

  181,249

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

  6,703,175

 

 

 

  416,911

 

 

 

 

 

 

  7,120,086

 

Furniture, fixtures and other

 

  21,325

 

 

 

 

 

 

 

 

 

  21,325

 

Total property and equipment

 

  6,724,500

 

 

 

  416,911

 

 

 

 

 

 

  7,141,411

 

Less accumulated depreciation, depletion and amortization

 

  4,690,550

 

 

 

  260,218

 

 

 

 

 

 

  4,950,768

 

Net property and equipment

 

  2,033,950

 

 

 

  156,693

 

 

 

 

 

 

  2,190,643

 

Restricted deposits for asset retirement obligations

 

  34,966

 

 

 

 

 

 

 

 

 

  34,966

 

Deferred income taxes

 

 

 

 

  4,549

 

 

 

(4,549

)

 

 

 

Other assets

 

  481,029

 

 

 

  441,908

 

 

 

(906,095

)

 

 

  16,842

 

Total assets

$

  2,832,815

 

 

$

  625,442

 

 

$

(1,034,557

)

 

$

  2,423,700

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

  130,021

 

 

$

 

 

$

(33

)

 

$

  129,988

 

Undistributed oil and natural gas proceeds

 

  40,989

 

 

 

  289

 

 

 

 

 

 

  41,278

 

Asset retirement obligations

 

  95,014

 

 

 

 

 

 

 

 

 

  95,014

 

Accrued liabilities

 

  45,272

 

 

 

  129,656

 

 

 

(123,880

)

 

 

  51,048

 

Total current liabilities

 

  311,296

 

 

 

  129,945

 

 

 

(123,913

)

 

 

  317,328

 

Long-term debt

 

  1,052,984

 

 

 

 

 

 

 

 

 

  1,052,984

 

Asset retirement obligations, less current portion

 

  235,782

 

 

 

  31,311

 

 

 

 

 

 

  267,093

 

Deferred income taxes

 

  181,953

 

 

 

 

 

 

(4,549

)

 

 

  177,404

 

Other liabilities

 

  457,768

 

 

 

 

 

 

(441,909

)

 

 

  15,859

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

  1

 

 

 

 

 

 

 

 

 

  1

 

Additional paid-in capital

 

  404,604

 

 

 

  231,759

 

 

 

(231,759

)

 

 

  404,604

 

Retained earnings

 

  212,594

 

 

 

  232,427

 

 

 

(232,427

)

 

 

  212,594

 

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

  593,032

 

 

 

  464,186

 

 

 

(464,186

)

 

 

  593,032

 

Total liabilities and shareholders’ equity

$

  2,832,815

 

 

$

  625,442

 

 

$

(1,034,557

)

 

$

  2,423,700

 

 

 

Condensed Consolidating Balance Sheet as of December 31, 2012

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

  12,245

 

 

$

 

 

$

 

 

$

  12,245

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

  80,729

 

 

 

  17,004

 

 

 

 

 

 

  97,733

 

Joint interest and other

 

  56,439

 

 

 

 

 

 

 

 

 

  56,439

 

Income taxes

 

  163,750

 

 

 

 

 

 

(115,866

)

 

 

  47,884

 

Total receivables

 

  300,918

 

 

 

  17,004

 

 

 

(115,866

)

 

 

  202,056

 

Prepaid expenses and other assets

 

  25,822

 

 

 

 

 

 

 

 

 

  25,822

 

Total current assets

 

  338,985

 

 

 

  17,004

 

 

 

(115,866

)

 

 

  240,123

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

  6,356,529

 

 

 

  337,981

 

 

 

 

 

 

  6,694,510

 

Furniture, fixtures and other

 

  21,786

 

 

 

 

 

 

 

 

 

  21,786

 

Total property and equipment

 

  6,378,315

 

 

 

  337,981

 

 

 

 

 

 

  6,716,296

 

Less accumulated depreciation, depletion and amortization

 

  4,461,886

 

 

 

  193,955

 

 

 

 

 

 

  4,655,841

 

Net property and equipment

 

  1,916,429

 

 

 

  144,026

 

 

 

 

 

 

  2,060,455

 

Restricted deposits for asset retirement obligations

 

  28,466

 

 

 

 

 

 

 

 

 

  28,466

 

Deferred income taxes

 

 

 

 

  13,509

 

 

 

(13,509

)

 

 

 

Other assets

 

  442,540

 

 

 

  393,499

 

 

 

(816,096

)

 

 

  19,943

 

Total assets

$

  2,726,420

 

 

$

  568,038

 

 

$

(945,471

)

 

$

  2,348,987

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

  123,792

 

 

$

  93

 

 

$

 

 

$

  123,885

 

Undistributed oil and natural gas proceeds

 

  36,791

 

 

 

  282

 

 

 

 

 

 

  37,073

 

Asset retirement obligations

 

  92,595

 

 

 

 

 

 

  35

 

 

 

  92,630

 

Accrued liabilities

 

  20,755

 

 

 

  116,132

 

 

 

(115,866

)

 

 

  21,021

 

Total current liabilities

 

  273,933

 

 

 

  116,507

 

 

 

(115,831

)

 

 

  274,609

 

Long-term debt

 

  1,087,611

 

 

 

 

 

 

 

 

 

  1,087,611

 

Asset retirement obligations, less current portion

 

  262,524

 

 

 

  28,934

 

 

 

(35

)

 

 

  291,423

 

Deferred income taxes

 

  158,758

 

 

 

 

 

 

(13,509

)

 

 

  145,249

 

Other liabilities

 

  402,407

 

 

 

 

 

 

(393,499

)

 

 

  8,908

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

  1

 

 

 

 

 

 

 

 

 

  1

 

Additional paid-in capital

 

  396,186

 

 

 

  231,759

 

 

 

(231,759

)

 

 

  396,186

 

Retained earnings

 

  169,167

 

 

 

  190,838

 

 

 

(190,838

)

 

 

  169,167

 

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

  541,187

 

 

 

  422,597

 

 

 

(422,597

)

 

 

  541,187

 

Total liabilities and shareholders’ equity

$

  2,726,420

 

 

$

  568,038

 

 

$

(945,471

)

 

$

  2,348,987

 

 

Condensed Consolidating Statement of Income

 

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

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

  195,064

 

 

$

  49,491

 

 

$

 

 

$

  244,555

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

  64,952

 

 

 

  2,394

 

 

 

 

 

 

  67,346

 

Production taxes

 

  1,807

 

 

 

 

 

 

 

 

 

  1,807

 

Gathering and transportation

 

  2,706

 

 

 

  905

 

 

 

 

 

 

  3,611

 

Depreciation, depletion, amortization and accretion

 

  80,230

 

 

 

  23,913

 

 

 

 

 

 

  104,143

 

General and administrative expenses

 

  19,375

 

 

 

  649

 

 

 

 

 

 

  20,024

 

Derivative loss

 

  15,659

 

 

 

 

 

 

 

 

 

  15,659

 

Total costs and expenses

 

  184,729

 

 

 

  27,861

 

 

 

 

 

 

  212,590

 

Operating income

 

  10,335

 

 

 

  21,630

 

 

 

 

 

 

  31,965

 

Earnings of affiliates

 

  14,032

 

 

 

 

 

 

(14,032

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

  21,373

 

 

 

 

 

 

 

 

 

  21,373

 

Capitalized

 

(2,573

)

 

 

 

 

 

 

 

 

(2,573

)

Other income

 

  9,062

 

 

 

 

 

 

 

 

 

  9,062

 

Income before income tax expense

 

  14,629

 

 

 

  21,630

 

 

 

(14,032

)

 

 

  22,227

 

Income tax expense

 

  435

 

 

 

  7,598

 

 

 

 

 

 

  8,033

 

Net income

$

  14,194

 

 

$

  14,032

 

 

$

(14,032

)

 

$

  14,194

 

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

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

  590,492

 

 

$

  148,668

 

 

$

 

 

$

  739,160

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

  184,458

 

 

 

  10,477

 

 

 

 

 

 

  194,935

 

Production taxes

 

  5,375

 

 

 

 

 

 

 

 

 

  5,375

 

Gathering and transportation

 

  10,099

 

 

 

  2,564

 

 

 

 

 

 

  12,663

 

Depreciation, depletion, amortization and accretion

 

  244,597

 

 

 

  68,314

 

 

 

 

 

 

  312,911

 

General and administrative expenses

 

  57,738

 

 

 

  3,241

 

 

 

 

 

 

  60,979

 

Derivative loss

 

  6,186

 

 

 

 

 

 

 

 

 

  6,186

 

Total costs and expenses

 

  508,453

 

 

 

  84,596

 

 

 

 

 

 

  593,049

 

Operating income

 

  82,039

 

 

 

  64,072

 

 

 

 

 

 

  146,111

 

Earnings of affiliates

 

  41,589

 

 

 

 

 

 

(41,589

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

  64,157

 

 

 

 

 

 

 

 

 

  64,157

 

Capitalized

 

(7,537

)

 

 

 

 

 

 

 

 

(7,537

)

Other income

 

  9,075

 

 

 

 

 

 

 

 

 

  9,075

 

Income before income tax expense

 

  76,083

 

 

 

  64,072

 

 

 

(41,589

)

 

 

  98,566

 

Income tax expense

 

  12,875

 

 

 

  22,483

 

 

 

 

 

 

  35,358

 

Net income

$

  63,208

 

 

$

  41,589

 

 

$

(41,589

)

 

$

  63,208

 

 

 

Condensed Consolidating Statement of Income for the Three Months Ended September 30, 2012

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

  141,139

 

 

$

  44,807

 

 

$

 

 

$

  185,946

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

  47,353

 

 

 

  6,058

 

 

 

 

 

 

  53,411

 

Production taxes

 

  1,353

 

 

 

 

 

 

 

 

 

  1,353

 

Gathering and transportation

 

  2,084

 

 

 

  726

 

 

 

 

 

 

  2,810

 

Depreciation, depletion, amortization and accretion

 

  58,744

 

 

 

  18,718

 

 

 

 

 

 

  77,462

 

General and administrative expenses

 

  18,691

 

 

 

 

 

 

 

 

 

  18,691

 

Derivative loss

 

  24,659

 

 

 

 

 

 

 

 

 

  24,659

 

Total costs and expenses

 

  152,884

 

 

 

  25,502

 

 

 

 

 

 

  178,386

 

Operating income (loss)

 

(11,745

)

 

 

  19,305

 

 

 

 

 

 

  7,560

 

Earnings of affiliates

 

  12,551

 

 

 

 

 

 

(12,551

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

  14,791

 

 

 

 

 

 

 

 

 

  14,791

 

Capitalized

 

(3,383

)

 

 

 

 

 

 

 

 

(3,383

)

Other income

 

  202

 

 

 

 

 

 

 

 

 

  202

 

Income (loss) before income tax expense

 

(10,400

)

 

 

  19,305

 

 

 

(12,551

)

 

 

(3,646

)

Income tax expense (benefit)

 

(8,929

)

 

 

  6,754

 

 

 

 

 

 

(2,175

)

Net income (loss)

$

(1,471

)

 

$

  12,551

 

 

$

(12,551

)

 

$

(1,471

)

 

Condensed Consolidating Statement of Income for the Nine Months Ended September 30, 2012

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

  473,297

 

 

$

  164,048

 

 

$

 

 

$

  637,345

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

  150,860

 

 

 

  19,489

 

 

 

 

 

 

  170,349

 

Production taxes

 

  4,174

 

 

 

 

 

 

 

 

 

  4,174

 

Gathering and transportation

 

  8,788

 

 

 

  2,352

 

 

 

 

 

 

  11,140

 

Depreciation, depletion, amortization and accretion

 

  189,827

 

 

 

  62,067

 

 

 

 

 

 

  251,894

 

General and administrative expenses

 

  60,200

 

 

 

  2,593

 

 

 

 

 

 

  62,793

 

Derivative loss

 

  14,421

 

 

 

 

 

 

 

 

 

  14,421

 

Total costs and expenses

 

  428,270

 

 

 

  86,501

 

 

 

 

 

 

  514,771

 

Operating income

 

  45,027

 

 

 

  77,547

 

 

 

 

 

 

  122,574

 

Earnings of affiliates

 

  50,395

 

 

 

 

 

 

(50,395

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

  43,409

 

 

 

 

 

 

 

 

 

  43,409

 

Capitalized

 

(9,899

)

 

 

 

 

 

 

 

 

(9,899

)

Other income

 

  210

 

 

 

 

 

 

 

 

 

  210

 

Income before income tax expense

 

  62,122

 

 

 

  77,547

 

 

 

(50,395

)

 

 

  89,274

 

Income tax expense

 

  6,807

 

 

 

  27,152

 

 

 

 

 

 

  33,959

 

Net income

$

  55,315

 

 

$

  50,395

 

 

$

(50,395

)

 

$

  55,315

 

 

Condensed Consolidating Statement of Cash Flows

 

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

 

 

Parent
Company

 

 

Guarantor
Subsidiaries

 

 

Eliminations

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

  63,208

 

 

$

  41,589

 

 

$

(41,589

)

 

$

  63,208

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

  244,597

 

 

 

  68,314

 

 

 

 

 

 

  312,911

 

Amortization of debt issuance costs and premium

 

  1,366

 

 

 

 

 

 

 

 

 

  1,366

 

Share-based compensation

 

  8,457

 

 

 

 

 

 

 

 

 

  8,457

 

Derivative loss

 

  6,186

 

 

 

 

 

 

 

 

 

  6,186

 

Cash payments on derivative settlements

 

(6,855

)

 

 

 

 

 

 

 

 

(6,855

)

Deferred income taxes

 

  22,621

 

 

 

  8,960

 

 

 

 

 

 

  31,581

 

Earnings of affiliates

 

(41,589

)

 

 

 

 

 

  41,589

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

  13,775

 

 

 

(1,264

)

 

 

 

 

 

  12,511

 

Joint interest and other receivables

 

  24,947

 

 

 

 

 

 

 

 

 

  24,947

 

Insurance receivables

 

  5,117

 

 

 

 

 

 

 

 

 

  5,117

 

Income taxes

 

  39,909

 

 

 

  13,524

 

 

 

 

 

 

  53,433

 

Prepaid expenses and other assets

 

(6,823

)

 

 

(52,400

)

 

 

  48,408

 

 

 

(10,815

)

Asset retirement obligation settlements

 

(59,017

)

 

 

(171

)

 

 

 

 

 

(59,188

)

Accounts payable, accrued liabilities and other

 

  81,501

 

 

 

(119

)

 

 

(48,408

)

 

 

  32,974

 

Net cash provided by operating activities

 

  397,400

 

 

 

  78,433

 

 

 

 

 

 

  475,833

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(344,659

)

 

 

(78,433

)

 

 

 

 

 

(423,092

)

Proceeds from sales of assets and other, net

 

  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

 

(341,434

)

 

 

(78,433

)

 

 

 

 

 

(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

)

Debt issuance costs

 

(164

)

 

 

 

 

 

 

 

 

(164

)

Dividends to shareholders

 

(19,570

)

 

 

 

 

 

 

 

 

(19,570

)

Other

 

(250

)

 

 

 

 

 

 

 

 

(250

)

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

 

 

 

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2012

 

 

Parent
Company

 

 

 

Guarantor
Subsidiaries

 

 

 

Eliminations

 

 

 

Consolidated
W&T
Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

  55,315

 

 

 

  50,395

 

 

 

(50,395

)

 

$

  55,315

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

  189,827

 

 

 

  62,067

 

 

 

 

 

 

  251,894

 

Amortization of debt issuance costs

 

  2,046

 

 

 

 

 

 

 

 

 

  2,046

 

Share-based compensation

 

  9,137

 

 

 

 

 

 

 

 

 

  9,137

 

Derivative loss

 

  14,421

 

 

 

 

 

 

 

 

 

  14,421

 

Cash payments on derivative settlements

 

(6,960

)

 

 

 

 

 

 

 

 

(6,960

)

Deferred income taxes

 

  42,816

 

 

 

  1,649

 

 

 

 

 

 

  44,465

 

Earnings of affiliates

 

(50,395

)

 

 

 

 

 

  50,395

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

  24,162

 

 

 

  6,158

 

 

 

 

 

 

  30,320

 

Joint interest and other receivables

 

  3,935

 

 

 

 

 

 

 

 

 

  3,935

 

Insurance receivables

 

  500

 

 

 

 

 

 

 

 

 

  500

 

Income taxes

 

(49,830

)

 

 

  25,503

 

 

 

 

 

 

(24,327

)

Prepaid expenses and other assets

 

  669

 

 

 

(101,473

)

 

 

  101,474

 

 

 

  670

 

Asset retirement obligations

 

(63,150

)

 

 

 

 

 

 

 

 

(63,150

)

Accounts payable,  accrued liabilities and other

 

  136,449

 

 

 

(1,752

)

 

 

(101,474

)

 

 

  33,223

 

Net cash provided by operating activities

 

  308,942

 

 

 

  42,547

 

 

 

 

 

 

  351,489

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(269,825

)

 

 

(42,547

)

 

 

 

 

 

(312,372

)

Proceeds from sales of oil and gas properties and equipment

 

  30,453

 

 

 

 

 

 

 

 

 

  30,453

 

Change in restricted cash

 

(24,026

)

 

 

 

 

 

 

 

 

(24,026

)

Deposit for acquisition

 

(22,800

)

 

 

 

 

 

 

 

 

(22,800

)

Purchases of furniture, fixtures and other

 

(2,125

)

 

 

 

 

 

 

 

 

(2,125

)

Net cash used in investing activities

 

(288,323

)

 

 

(42,547

)

 

 

 

 

 

(330,870

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

  316,000

 

 

 

 

 

 

 

 

 

  316,000

 

Repayments of long-term debt – revolving bank credit facility

 

(314,000

)

 

 

 

 

 

 

 

 

(314,000

)

Debt issuance costs

 

(2,081

)

 

 

 

 

 

 

 

 

(2,081

)

Dividends to shareholders

 

(17,848

)

 

 

 

 

 

 

 

 

(17,848

)

Other

 

(209

)

 

 

 

 

 

 

 

 

(209

)

Net cash used in financing activities

 

(18,138

)

 

 

 

 

 

 

 

 

(18,138

)

Increase in cash and cash equivalents

 

  2,481

 

 

 

 

 

 

 

 

 

  2,481

 

Cash and cash equivalents, beginning of period

 

  4,512

 

 

 

 

 

 

 

 

 

  4,512

 

Cash and cash equivalents, end of period

$

  6,993

 

 

 

 

 

 

 

 

$

  6,993