OREANDA-NEWS. Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”) today announced an adjusted net loss(1) (a non-GAAP measure) of $9 million for the first quarter of 2016, or $0.03(1)(2) per diluted share.  On a GAAP basis, the Company recorded a net loss of $185 million, or $0.53 per diluted share.  Adjusted net loss(1) for the first quarter of 2016 differs from the GAAP measure of net loss primarily due to the exclusion of (1) a $256 million ($160 million after tax) write-down of oil and natural gas properties, (2) a $95 million ($59 million after tax) gain on debt extinguishment, and (3) a $95 million ($59 million after tax) loss on noncash fair value adjustments on commodity derivatives(1) (a non-GAAP measure).

Sequential and year-over-year comparisons of selected quarterly financial items are shown in the following table:

    Quarter Ended
($ in millions, except per-share and unit data)   March 31, 2016   Dec. 31, 2015   March 31, 2015
Net loss   $ (185 )   $ (885 )   $ (108 )
Adjusted net income (loss)(1) (non-GAAP measure)   (9 )   (3 )   23  
Net loss per diluted share   (0.53 )   (2.56 )   (0.31 )
Adjusted net income (loss) per diluted share(1)(2) (non-GAAP measure)   (0.03 )   (0.01 )   0.07  
Cash flows from operations(3)   2     165     138  
Adjusted cash flows from operations(1)(4) (non-GAAP measure)   57     129     195  
             
Revenues   $ 194     $ 266     $ 304  
Receipt on settlements of commodity derivatives   72     78     148  
Revenues and commodity derivative settlements combined   $ 266     $ 344     $ 452  
             
Average realized oil price per barrel (excluding derivative settlements)   $ 30.71     $ 40.41     $ 46.02  
Average realized oil price per barrel (including derivative settlements)   42.71     52.67     69.28  
Lease operating expenses per BOE   16.23     19.31     21.08  
             
Total production (BOE/d)   69,351     72,002     74,356  
                   
(1) A non-GAAP measure.  See accompanying schedules that reconcile GAAP to non-GAAP measures along with a statement indicating why the Company believes the non-GAAP measures provide useful information for investors.
(2) Calculated using average diluted shares outstanding of 352.1 million for the three months ended March 31, 2015.
(3)  Includes severance-related payments associated with the 2016 workforce reduction of approximately $9 million during the three months ended March 31, 2016.  Excluding severance-related payments, this amount would have been $66 million.
(4) Adjusted cash flows from operations reflects cash flows from operations before working capital changes.
 

Adjusted net loss(1) for the first quarter of 2016 decreased $6 million on a sequential-quarter basis and $32 million when compared to the prior-year first quarter.  The changes during both comparative periods were primarily driven by lower oil revenues in the first quarter of 2016 as a result of the decline in realized oil prices and a reduction in receipt on settlements from the Company’s derivative contracts.  These decreases were partially offset by reductions in lease operating costs, depletion, depreciation and amortization, general and administrative expenses, and taxes other than income.  Adjusted cash flows from operations(1)(2) (a non-GAAP measure) decreased $72 million on a sequential-quarter basis and decreased $138 million from the level in the prior-year first quarter, primarily as a result of lower revenues and hedging receipts, offset in part by a decrease in many of the Company’s operating expenses.

(1) A non-GAAP measure.  See accompanying schedules that reconcile GAAP to non-GAAP measures along with a statement indicating why the Company believes the non-GAAP measures provide useful information for investors.
(2) Adjusted cash flows from operations reflects cash flows from operations before working capital changes.  
   

MANAGEMENT COMMENT

Phil Rykhoek, Denbury’s President and CEO, commented, “I am very pleased with our first quarter results as we maintained our focus on our core objectives for 2016, which include lowering costs, preserving cash and liquidity, and reducing leverage.  Although the oil commodities market has improved slightly, we are continuing to operate under the assumption that prices could stay low for an extended period of time.

“Most significantly this quarter, our normalized per-barrel operating expenses came down for the ninth consecutive quarter, to $16.23 per barrel of oil equivalent (“BOE”).  This substantial decrease of 16% from the prior quarter is largely due to cost reductions across all of our lease operating expense categories, coupled with the impact of shutting in uneconomic wells during the last part of 2015 and early 2016.  We continue to focus on every aspect of our operations to reduce lease operating expenses, which we expect to average between $17.00 and $18.50 per BOE for 2016, as we anticipate higher workover levels and gradual production declines for the remainder of the year.  In addition, we continued to work on reducing our general and administrative expenses during the first quarter, and expect to see the full magnitude of those savings in the second quarter.  Our costs are definitely moving in the right direction.

“As we stated on our fourth quarter call, we have been actively looking for opportunities to monetize the discount the market has placed on our subordinated debt to improve our balance sheet without sacrificing liquidity.  During the first quarter, we spent approximately $56 million drawn under our bank credit facility to repurchase over $152 million of our outstanding senior subordinated notes on the open market, resulting in a net debt reduction of $97 million.  These repurchases allowed us to extinguish this debt at an average price of 36 cents on the dollar.  This week, we entered into private transactions with a small group of our debt holders, swapping a new second lien note plus equity for their subordinated debt, which will result in additional net debt reduction of $391 million.  This is a significant positive series of transactions, and under our bank credit agreement we still have $469 million of junior lien capacity available for potential future use, depending on market conditions.”

PRODUCTION

Denbury’s total production for the first quarter of 2016 averaged 69,351 BOE per day (“BOE/d”), including 40,464 barrels per day (“Bbls/d”) from tertiary properties and 28,887 BOE/d from non-tertiary properties.  Total production during the first quarter of 2016 decreased 4% sequentially and 7% when compared to the first quarter of 2015.  The decline was primarily due to natural production declines based upon the Company’s current investment level, coupled with production shut-in due to economics, as oil prices declined further during the quarter.  The Company estimated approximately 2,800 BOE/d of production was shut-in as of March 31, 2016 attributable to uneconomic wells, resulting in a decrease to quarterly production of approximately 1,100 BOE/d.  The Company estimates that approximately one-half of the production currently shut-in is profitable at $50 per Bbl, approximately two-thirds at $60 per Bbl, with the remainder requiring an oil price in excess of $60 per Bbl in order to be economic.  These decreases were partially offset by production increases at Bell Creek Field in the Rocky Mountain region.  First quarter of 2016 production was 95% oil, consistent with oil production in the same prior-year period.

Tertiary oil production during the first quarter of 2016 decreased 2%, or 713 Bbls/d, on a sequential-quarter basis and 3%, or 1,363 Bbls/d, from the first quarter of 2015.  On a sequential-quarter basis, the decrease was primarily driven by natural production declines, partially offset by increased production at Bell Creek Field in the Rocky Mountain region.

Non-tertiary oil-equivalent production was down 6%, or 1,938 BOE/d, on a sequential-quarter basis and 11%, or 3,642 BOE/d, from first quarter of 2015.  This decrease was primarily due to wells shut-in for economics as well as natural production declines.

REVIEW OF FINANCIAL RESULTS

Oil and natural gas revenues, excluding the impact of derivative contracts, decreased 37% when comparing the first quarters of 2016 and 2015, primarily due to a 30% decline in realized commodity prices and a 7% decrease in production.  Denbury’s average realized oil price per Bbl, excluding derivative settlements, was $30.71 in the first quarter of 2016, compared to $40.41 in the fourth quarter of 2015 and $46.02 in the prior-year first quarter.  Including derivative settlements, Denbury’s average realized oil price per Bbl was $42.71 in the first quarter of 2016, compared to $52.67 in the fourth quarter of 2015 and $69.28 in the prior-year first quarter.  The oil price realized relative to NYMEX oil prices (the Company’s NYMEX oil price differential) in the first quarter of 2016 was $3.02 per Bbl below NYMEX prices, compared to a differential of $1.74 per Bbl below NYMEX in the fourth quarter of 2015 and $2.81 per Bbl below NYMEX in the first quarter of 2015, largely due to lower premiums associated with production sold at the Light Louisiana Sweet index.

The Company’s total lease operating expenses in the first quarter of 2016 averaged $16.23 per BOE, a decrease of 16% from the $19.31 per-BOE average in the fourth quarter of 2015 and 23% from the $21.08 per-BOE average in the first quarter of 2015.  This reduction in lease operating costs represents decreases across all lease operating expense categories and is primarily due to the Company’s cost reduction initiatives, combined with the impact of shutting in uneconomic wells during the last part of 2015 and early 2016.

Taxes other than income, which includes ad valorem, production, and franchise taxes, decreased $4 million on a sequential-quarter basis and decreased $7 million from the prior-year first quarter level.  The levels of taxes other than income during most periods are generally aligned with fluctuations in oil and natural gas revenues.

General and administrative expenses were $34 million in the first quarter of 2016, which includes severance-related payments of $9 million associated with a workforce reduction in late-February 2016.  Excluding these severance payments, general and administrative expenses were $25 million ($3.90 per BOE), representing a $22 million (47%) reduction from the prior-year first quarter level.  This reduction is due largely to an approximate 27% reduction in headcount since March 31, 2015, which has resulted in lower employee compensation and related costs.

Interest expense, net of capitalized interest, increased to $42 million in the first quarter of 2016, compared to $40 million in the first quarter of 2015, primarily due to a decrease in capitalized interest during the period which more than offset the decrease in cash interest due to a $290 million decrease in average debt outstanding.  Capitalized interest during the first quarter of 2016 was $6 million, compared to $8 million in the prior-year first quarter, due to reduced development activity.

As a result of the continued decrease in commodity pricing from fourth quarter 2014 levels, the Company recognized full cost pool ceiling test write-downs of $256 million and $146 million during the first quarters of 2016 and 2015, respectively.  In determining these write-downs, the Company is required to use the average rolling first-day-of-the-month oil and natural gas prices for the preceding 12 months, after adjustments for market differentials by field.  The preceding 12-month price averaged $44.03 per Bbl for crude oil and $2.22 per thousand cubic feet (“Mcf”) for natural gas for the period ended March 31, 2016, down from $48.11 per Bbl for crude oil and $2.45 per Mcf for natural gas for the period ended December 31, 2015.

Denbury’s overall depletion, depreciation, and amortization (“DD&A”) rate was $12.26 per BOE in the first quarter of 2016, compared to $22.41 per BOE in the prior-year first quarter and $16.96 per BOE in the fourth quarter of 2015, with the decreases primarily driven by a reduction in depletable costs resulting from the full cost pool ceiling test write-downs recognized during 2015 and an overall reduction in future development costs, partially offset by reductions in proved oil and natural gas reserve quantities.

Receipts on settlements of oil and natural gas derivative contracts were $72 million in the first quarter of 2016, compared to receipts of $78 million in the fourth quarter of 2015 and receipts of $148 million in the prior-year first quarter.  These settlements resulted in an increase in average net realized prices of $11.44 per BOE in the first quarter of 2016, an increase of $11.84 per BOE in the fourth quarter of 2015, and an increase of $22.19 per BOE in the first quarter of 2015.

Denbury’s effective tax rate for the first quarter of 2016 was 33.9%, down from 37.4% in the prior-year first quarter.  The effective tax rate for the first quarter of 2016 was lower than the Company’s statutory rate of 38% primarily due to the impact of a tax shortfall on the Company’s stock-based compensation deduction (e.g., compensation expense recognized in the financial statements was greater than the actual compensation realized, resulting in a shortfall in the income tax deduction for stock awards that vested during the quarter).

2016 CAPITAL BUDGET AND ESTIMATED PRODUCTION

The Company’s 2016 capital budget, excluding acquisitions and capitalized interest, remains unchanged from the previously disclosed amount of $200 million.  The capital budget consists of approximately $145 million of tertiary, non-tertiary, and CO2 supply and pipeline projects, plus approximately $55 million of estimated capitalized costs (including capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs).  Of this combined capital expenditure amount, approximately $52 million (26%) has been incurred through the first quarter of 2016.  Denbury’s estimated 2016 production is also unchanged from previously disclosed estimates of between 64,000 and 68,000 BOE/d.

BANK CREDIT FACILITY AND OTHER LONG-TERM DEBT

As of March 31, 2016, the Company had $310 million outstanding under its senior secured bank credit facility, an increase of $135 million from the level outstanding as of December 31, 2015.  The increase in borrowings includes $56 million utilized to repurchase over $152 million in aggregate principal amount of senior subordinated notes in open-market transactions, with the remainder primarily used for working capital outflows in the first quarter of 2016 associated with accrued compensation, ad valorem taxes and semi-annual interest payments on the Company’s senior subordinated notes.

During the first week of May 2016, the Company entered into privately negotiated exchange agreements to exchange $923 million in aggregate principal amount of its outstanding senior subordinated notes for $531 million in aggregate principal amount of the Company’s new 9% Senior Secured Second Lien Notes due 2021 plus 37 million shares of the Company’s common stock.  These amounts have been updated from the amounts discussed in the Company’s May 3, 2016 press release to reflect additional amounts exchanged by holders who entered into May 3rd exchanges or who needed to complete necessary documentation in process.  Combined with the repurchases of senior subordinated notes in open-market transactions during February and March 2016, these transactions will result in a net reduction of the Company’s debt of approximately $488 million.

FINANCIAL AND STATISTICAL DATA TABLES AND RECONCILIATION SCHEDULES

Following are unaudited financial highlights for the comparative three month periods ended March 31, 2016 and 2015 and the three month period ended December 31, 2015.  All production volumes and dollars are expressed on a net revenue interest basis with gas volumes converted to equivalent barrels at 6:1.

DENBURY RESOURCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
The following information is based on GAAP reported earnings, with additional required disclosures included in the Company’s Form 10-Q:
 
    Three Months Ended
    March 31,   Dec. 31,
In thousands, except per-share data   2016   2015   2015
Revenues and other income            
Oil sales   $ 184,816     $ 292,270     $ 254,294  
Natural gas sales   2,987     5,200     3,983  
CO2 sales and transportation fees   6,272     6,972     7,358  
Interest income and other income   769     3,207     3,982  
Total revenues and other income   194,844     307,649     269,617  
Expenses            
Lease operating expenses   102,447     141,084     127,887  
Marketing and plant operating expenses   13,194     11,685     15,388  
CO2 discovery and operating expenses   607     947     1,648  
Taxes other than income   20,092     26,679     24,151  
General and administrative expenses   33,901     46,280     27,430  
Interest, net of amounts capitalized of $5,780, $8,409 and $6,918, respectively   42,171     40,099     40,081  
Depletion, depreciation, and amortization   77,366     149,958     112,356  
Commodity derivatives expense (income)   22,826     (83,076 )   (21,821 )
Gain on debt extinguishment   (94,991 )   —     —  
Write-down of oil and natural gas properties   256,000     146,200     1,327,000  
Other expenses   1,544     —     9,599  
Total expenses   475,157     479,856     1,663,719  
Loss before income taxes   (280,313 )   (172,207 )   (1,394,102 )
Income tax provision (benefit)            
Current income taxes   (5 )   1,575     (9,418 )
Deferred income taxes   (95,115 )   (66,036 )   (499,607 )
Net loss   $ (185,193 )   $ (107,746 )   $ (885,077 )
             
Net loss per common share            
Basic   $ (0.53 )   $ (0.31 )   $ (2.56 )
Diluted   $ (0.53 )   $ (0.31 )   $ (2.56 )
             
Dividends declared per common share   $ —     $ 0.0625     $ —  
             
Weighted average common shares outstanding            
Basic   347,235     350,688     345,876  
Diluted   347,235     350,688     345,876  
                   
DENBURY RESOURCES INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES (UNAUDITED)
 
Reconciliation of net loss (GAAP measure) to adjusted net income (loss) (non-GAAP measure)(1):
 
    Three Months Ended
    March 31,   Dec. 31,
In thousands     2016       2015       2015  
Net loss (GAAP measure)   $   (185,193 )   $   (107,746 )   $   (885,077 )
Noncash fair value adjustments on commodity derivatives       95,053         65,389         56,585  
Interest income and other income – noncash fair value adjustment – contingent liability     —       —         (1,250 )
General and administrative expenses – severance       9,315       —       —  
Interest expense – write-off of debt issuance costs       1,044       —       —  
Gain on debt extinguishment     (94,991 )     —       —  
Write-down of oil and natural gas properties       256,000         146,200         1,327,000  
Other expenses – loss on sublease       1,107       —       —  
Other expenses – impairment of assets     —       —         8,705  
Estimated income taxes on above adjustments to net loss and other discrete tax items       (91,432 )       (80,404 )       (508,542 )
Adjusted net income (loss) (non-GAAP measure)   $   (9,097 )   $   23,439     $   (2,579 )
 
(1)  See "Non-GAAP Measures" at the end of this report.
 
Reconciliation of cash flows from operations (GAAP measure) to adjusted cash flows from operations (non-GAAP measure)(1):
 
    Three Months Ended
    March 31,   Dec. 31,
In thousands     2016       2015       2015  
Net loss (GAAP measure)   $   (185,193 )   $   (107,746 )   $   (885,077 )
Adjustments to reconcile to adjusted cash flows from operations            
Depletion, depreciation, and amortization     77,366         149,958         112,356  
Deferred income taxes     (95,115 )       (66,036 )       (499,607 )
Stock-based compensation     859         7,849         7,967  
Noncash fair value adjustments on commodity derivatives       95,053         65,389         56,585  
Gain on debt extinguishment     (94,991 )     —       —  
Write-down of oil and natural gas properties       256,000         146,200         1,327,000  
Other       2,890         (138 )       10,111  
Adjusted cash flows from operations (non-GAAP measure)(2)       56,869         195,476         129,335  
Net change in assets and liabilities relating to operations       (54,840 )       (57,712 )       35,572  
Cash flows from operations (GAAP measure) $   2,029     $   137,764     $   164,907  
 
(1)  See "Non-GAAP Measures" at the end of this report.
(2)  Excluding severance-related payments, adjusted cash flows from operations would have totaled approximately $66 million during the three months ended March 31, 2016.
             
DENBURY RESOURCES INC.            
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES (UNAUDITED)            
             
Reconciliation of commodity derivatives income (expense) (GAAP measure) to noncash fair value adjustments on commodity derivatives (non-GAAP measure)(1):
 
    Three Months Ended
    March 31,   Dec. 31,
In thousands     2016       2015       2015  
Receipt on settlements of commodity derivatives   $   72,227     $   148,465     $   78,406  
Noncash fair value adjustments on commodity derivatives (non-GAAP measure)       (95,053 )       (65,389 )       (56,585 )
Commodity derivatives income (expense) (GAAP measure)   $   (22,826 )   $   83,076     $   21,821  
             
(1)  See "Non-GAAP Measures" at the end of this report.
 
OPERATING HIGHLIGHTS (UNAUDITED)
 
    Three Months Ended
    March 31,   Dec. 31,
    2016   2015   2015
Production (daily – net of royalties)            
Oil (barrels)   66,139     70,564     68,398  
Gas (mcf)   19,270     22,752     21,623  
BOE (6:1)   69,351     74,356     72,002  
Unit sales price (excluding derivative settlements)            
Oil (per barrel)   $ 30.71     $ 46.02     $ 40.41  
Gas (per mcf)   1.70     2.54     2.00  
BOE (6:1)   29.76     44.45     38.99  
Unit sales price (including derivative settlements)            
Oil (per barrel)   $ 42.71     $ 69.28     $ 52.67  
Gas (per mcf)   1.70     2.91     2.64  
BOE (6:1)   41.20     66.64     50.83  
NYMEX differentials            
Gulf Coast region            
Oil (per barrel)   $ (1.95 )   $ (0.29 )   $ (0.87 )
Gas (per mcf)   (0.26 )   (0.24 )   (0.07 )
Rocky Mountain region            
Oil (per barrel)   $ (5.04 )   $ (7.75 )   $ (3.41 )
Gas (per mcf)   (0.34 )   (0.35 )   (0.52 )
Total company            
Oil (per barrel)   $ (3.02 )   $ (2.81 )   $ (1.74 )
Gas (per mcf)   (0.29 )   (0.28 )   (0.23 )
                   
DENBURY RESOURCES INC.
OPERATING HIGHLIGHTS (UNAUDITED)
 
    Three Months Ended
    March 31,   Dec. 31,
Average Daily Volumes (BOE/d) (6:1)   2016   2015   2015
Tertiary oil production            
Gulf Coast region            
Mature properties (1)   9,666     10,801     10,403  
Delhi   3,971     3,551     3,898  
Hastings   5,068     4,694     5,082  
Heidelberg   5,346     6,027     5,635  
Oyster Bayou   5,494     5,861     5,831  
Tinsley   7,899     8,928     7,522  
Total Gulf Coast region   37,444     39,862     38,371  
Rocky Mountain region            
Bell Creek   3,020     1,965     2,806  
Total Rocky Mountain region   3,020     1,965     2,806  
Total tertiary oil production   40,464     41,827     41,177  
Non-tertiary oil and gas production            
Gulf Coast region            
Mississippi   978     1,761     1,800  
Texas   6,148     6,490     6,470  
Other   549     1,006     800  
Total Gulf Coast region   7,675     9,257     9,070  
Rocky Mountain region            
Cedar Creek Anticline   17,778     18,522     17,875  
Other   3,434     4,750     3,880  
Total Rocky Mountain region   21,212     23,272     21,755  
Total non-tertiary production   28,887     32,529     30,825  
Total production   69,351     74,356     72,002  
                   
(1) Total mature properties include Brookhaven, Cranfield, Eucutta, Little Creek, Lockhart Crossing, Mallalieu, Martinville, McComb and Soso fields.
 
DENBURY RESOURCES INC.
PER-BOE DATA (UNAUDITED)
 
    Three Months Ended
    March 31,   Dec. 31,
    2016   2015   2015
Oil and natural gas revenues   $ 29.76     $ 44.45     $ 38.99  
Receipt on settlements of commodity derivatives   11.44     22.19     11.84  
Lease operating expenses   (16.23 )   (21.08 )   (19.31 )
Production and ad valorem taxes   (2.72 )   (3.42 )   (3.33 )
Marketing expenses, net of third-party purchases, and plant operating expenses   (1.84 )   (1.47 )   (2.02 )
Production netback   20.41     40.67     26.17  
CO2 sales, net of operating and exploration expenses   0.89     0.90     0.86  
General and administrative expenses   (5.37 )   (6.92 )   (4.14 )
Interest expense, net   (6.68 )   (5.99 )   (6.05 )
Other   (0.24 )   0.55     2.68  
Changes in assets and liabilities relating to operations   (8.69 )   (8.62 )   5.37  
Cash flows from operations   0.32     20.59     24.89  
DD&A   (12.26 )   (22.41 )   (16.96 )
Write-down of oil and natural gas properties   (40.56 )   (21.85 )   (200.33 )
Deferred income taxes   15.07     9.87     75.42  
Gain on debt extinguishment   15.05     —     —  
Noncash fair value adjustments on commodity derivatives   (15.06 )   (9.78 )   (8.55 )
Other noncash items   8.10     7.48     (8.08 )
Net loss   $ (29.34 )   $ (16.10 )   $ (133.61 )
                         
CAPITAL EXPENDITURE SUMMARY (UNAUDITED) (1)
 
    Three Months Ended
    March 31,   Dec. 31,
In thousands   2016   2015   2015
Capital expenditures by project            
Tertiary oil fields   $ 31,964     $ 42,900     $ 66,484  
Non-tertiary fields   5,873     30,984     26,468  
Capitalized internal costs (2)   14,473     18,412     16,088  
Oil and natural gas capital expenditures   52,310     92,296     109,040  
CO2 pipelines   —     779     4,309  
CO2 sources (3)   —     9,852     5,957  
Other   8     (238 )   574  
Capital expenditures, before acquisitions and capitalized interest   52,318     102,689     119,880  
Acquisitions of oil and natural gas properties   224     261     3,010  
Capital expenditures, before capitalized interest   52,542     102,950     122,890  
Capitalized interest   5,780     8,409     6,918  
Capital expenditures, total   $ 58,322     $ 111,359     $ 129,808  
                         
(1) Capital expenditure amounts include accrued capital.
(2) Includes capitalized internal acquisition, exploration and development costs and pre-production tertiary startup costs.
(3) Includes capital expenditures related to the Riley Ridge gas processing facility.
 
DENBURY RESOURCES INC.
SELECTED BALANCE SHEET AND CASH FLOW DATA (UNAUDITED) (1)
 
    March 31,   December 31,
In thousands     2016       2015  
Cash and cash equivalents   $   8,252     $   2,812  
Total assets       5,538,547         5,886,364  
         
Borrowings under senior secured bank credit facility $   310,000     $   175,000  
Borrowings under senior subordinated notes (principal only)     2,699,995         2,852,250  
Financing and capital leases     275,216         283,090  
Total debt (principal only) $   3,285,211     $   3,310,340  
         
Total stockholders' equity $   1,081,278     $   1,264,569  
         
(1) Certain amounts as of December 31, 2015 have been reclassified to conform to the current year presentation.  On the Company's Unaudited Condensed Consolidated Balance Sheets, (1) beginning "Other current assets," "Deferred tax liabilities, net," "Paid-in capital in excess of par" and "Accumulated deficit" have been adjusted for changes related to the timing of recognition of excess tax benefits and accounting for forfeitures associated with share-based payment transactions, (2) debt issuance costs associated with the Company's senior subordinated notes have been reclassified from "Other assets" to "Long-term debt, net of current portion" and (3) deferred tax assets have been reclassified from "Deferred tax assets, net" to "Deferred tax liabilities, net."  Such reclassifications were made as a result of the adoption of new accounting pronouncements and had no impact on previously reported net income or cash flows.
         
    Three Months Ended
    March 31,
In thousands     2016       2015  
Cash provided by (used in)            
Operating activities $   2,029     $   137,764  
Investing activities     (66,954 )       (192,578 )
Financing activities     70,365         37,682  
         
Cash dividends paid $   387     $   22,068